Net Lease Office Properties (NLOP) Q4 2025 earnings summary

Executive summary

• Portfolio reduced to 20 properties with $27 million ABR as of December 31, 2025, following the sale of 39 properties since inception.

• Strategic focus on asset management and disposition, with excess proceeds used to repay $455 million of debt and fund special cash distributions totaling $287 million since formation.

• Special cash distributions of $4.10 and $5.10 per share declared in Q4 2025, and $6.75 per share declared in January 2026.

Financial highlights

• Q4 2025 revenues were $30.7 million; normalized pro rata cash NOI was $12.4 million.

• AFFO attributable to NLOP was $22.0 million ($1.49 per diluted share); FFO was $15.6 million ($1.05 per diluted share).

• Net loss attributable to NLOP was $53,000 (essentially breakeven) for the quarter.

• Equity market capitalization at quarter end was $382.1 million; total consolidated debt was $21.9 million.

Outlook and guidance

• Continued execution of the plan to dispose of assets and return capital to shareholders, with further property sales and special distributions expected.