Overview Dividends

(NLOP) Net Lease Office Properties - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US64110Y1082

Office, Properties, Net, Leases

Diversified REITs
Market Cap in USD: 301m
IPO / Inception: 2023-11-02
Return 12m vs S&P 500: -9.88%

EPS (Earnings per Share)

EPS (Earnings per Share) of NLOP over the last years for every Quarter: "2020-12": null, "2021-12": null, "2022-03": null, "2022-06": null, "2022-09": null, "2022-12": null, "2023-03": null, "2023-06": null, "2023-09": null, "2023-12": -9.7174, "2024-03": -1.8831, "2024-06": 0.8408, "2024-09": -2.7254, "2024-12": -2.42, "2025-03": 0.03, "2025-06": -5.5042, "2025-09": -4.3311,
EPS CAGR: 483.96%
EPS Trend: -3.7%
Qual. Beats: 0

Revenue

Revenue of NLOP over the last years for every Quarter: 2020-12: null, 2021-12: null, 2022-03: 36.657, 2022-06: 36.657, 2022-09: 40.301, 2022-12: 56.411, 2023-03: 42.664, 2023-06: 42.803, 2023-09: 43.106, 2023-12: 46.394, 2024-03: 44.007, 2024-06: 39.029, 2024-09: 31.481, 2024-12: 27.73, 2025-03: 29.213, 2025-06: 29.174, 2025-09: 29.784,
Rev. CAGR: -5.76%
Rev. Trend: -65.2%
Qual. Beats: 0

Dividends

Dividend Yield 61.50%
Yield on Cost 5y 103.02%
Yield CAGR 5y 360.18%
Payout Consistency 51.2%
Payout Ratio -
Risk via 5d forecast
Volatility 25.1%
Value at Risk 5%th 37.9%
Relative Tail Risk -8.20%
Reward TTM
Sharpe Ratio 0.37
Alpha -4.80
CAGR/Max DD 0.58
Character TTM
Hurst Exponent 0.356
Beta 0.591
Beta Downside 0.770
Drawdowns 3y
Max DD 46.03%
Mean DD 6.58%
Median DD 4.72%

Description: NLOP Net Lease Office Properties December 27, 2025

Net Lease Office Properties (NYSE: NLOP) is a REIT that owns 37 single-tenant net-lease office buildings (~5.5 MM sq ft) across the U.S. and Europe, serving 41 corporate tenants and generating roughly $88 MM of annualized base rent. The firm is externally managed by affiliates of W. P. Carey (WPC), leveraging more than five decades of single-tenant office expertise to drive shareholder value through active asset management and selective disposals.

Key metrics and sector drivers to watch: (1) Occupancy remains near 99 %-a typical hallmark of high-quality net-lease portfolios-but lease expirations cluster in 2025-2027, creating potential refinancing risk if interest rates stay elevated; (2) The average remaining lease term is about 7.5 years, providing a buffer against short-term market volatility; (3) Industry-wide, remote-work trends are compressing demand for traditional office space, yet net-lease assets tied to essential services (e.g., data centers, healthcare) have shown relative resilience, which could influence NLOP’s tenant mix and rent growth prospects.

For a deeper, data-driven look at NLOP’s valuation and risk profile, consider exploring the analytics available on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 3.0

Net Income (-181.0m TTM) > 0 and > 6% of Revenue (6% = 6.95m TTM)
FCFTA 0.10 (>2.0%) and ΔFCFTA 2.55pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue 0.19% (prev 25.91%; Δ -25.71pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA 0.10 (>3.0%) and CFO 52.6m > Net Income -181.0m (YES >=105%, WARN >=100%)
NO Net Debt/EBITDA fails (EBITDA <= 0)
Current Ratio 1.01 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (14.8m) change vs 12m ago 0.20% (target <= -2.0% for YES)
Gross Margin 66.45% (prev 77.62%; Δ -11.17pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 16.07% (prev 17.49%; Δ -1.42pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio -4.13 (EBITDA TTM -35.9m / Interest Expense TTM 19.4m) >= 6 (WARN >= 3)

Altman Z'' -8.46

(A) 0.00 = (Total Current Assets 38.7m - Total Current Liabilities 38.5m) / Total Assets 522.6m
(B) -0.81 = Retained Earnings (Balance) -425.6m / Total Assets 522.6m
(C) -0.11 = EBIT TTM -80.1m / Avg Total Assets 721.2m
(D) -4.82 = Book Value of Equity -425.6m / Total Liabilities 88.3m
Total Rating: -8.46 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 44.50

1. Piotroski 3.0pt
2. FCF Yield 12.20%
3. FCF Margin 45.42%
4. Debt/Equity 0.39
5. Debt/Ebitda 1.08
6. ROIC - WACC (= -17.98)%
7. RoE -34.58%
8. Rev. Trend -65.24%
9. EPS Trend -3.71%

What is the price of NLOP shares?

As of January 10, 2026, the stock is trading at USD 20.00 with a total of 177,950 shares traded.
Over the past week, the price has changed by -3.98%, over one month by -1.77%, over three months by -0.48% and over the past year by +9.02%.

Is NLOP a buy, sell or hold?

Net Lease Office Properties has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy NLOP.
  • Strong Buy: 0
  • Buy: 1
  • Hold: 0
  • Sell: 0
  • Strong Sell: 0

What are the forecasts/targets for the NLOP price?

Issuer Target Up/Down from current
Wallstreet Target Price 46 130%
Analysts Target Price 46 130%
ValueRay Target Price 78.5 292.5%

NLOP Fundamental Data Overview January 10, 2026

P/S = 2.5934
P/B = 0.6986
Beta = 0.304
Revenue TTM = 115.9m USD
EBIT TTM = -80.1m USD
EBITDA TTM = -35.9m USD
Long Term Debt = 47.1m USD (from longTermDebt, last quarter)
Short Term Debt = 105.1m USD (from shortTermDebt, last fiscal year)
Debt = 169.5m USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -38.7m USD (from netDebt column, last quarter)
Enterprise Value = 431.4m USD (300.6m + Debt 169.5m - CCE 38.7m)
Interest Coverage Ratio = -4.13 (Ebit TTM -80.1m / Interest Expense TTM 19.4m)
FCF Yield = 12.20% (FCF TTM 52.6m / Enterprise Value 431.4m)
FCF Margin = 45.42% (FCF TTM 52.6m / Revenue TTM 115.9m)
Net Margin = -156.2% (Net Income TTM -181.0m / Revenue TTM 115.9m)
Gross Margin = 66.45% ((Revenue TTM 115.9m - Cost of Revenue TTM 38.9m) / Revenue TTM)
Gross Margin QoQ = 73.19% (prev 65.76%)
Tobins Q-Ratio = 0.83 (Enterprise Value 431.4m / Total Assets 522.6m)
Interest Expense / Debt = 0.98% (Interest Expense 1.66m / Debt 169.5m)
Taxrate = -0.05% (negative due to tax credits) (30.0k / -64.1m)
NOPAT = -80.2m (EBIT -80.1m * (1 - -0.05%)) [loss with tax shield] [negative tax rate / tax credits]
Current Ratio = 1.01 (Total Current Assets 38.7m / Total Current Liabilities 38.5m)
Debt / Equity = 0.39 (Debt 169.5m / totalStockholderEquity, last quarter 430.3m)
Debt / EBITDA = 1.08 (negative EBITDA) (Net Debt -38.7m / EBITDA -35.9m)
Debt / FCF = -0.74 (Net Debt -38.7m / FCF TTM 52.6m)
Total Stockholder Equity = 523.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -25.10% (Net Income -181.0m / Total Assets 522.6m)
RoE = -34.58% (Net Income TTM -181.0m / Total Stockholder Equity 523.4m)
RoCE = -14.05% (EBIT -80.1m / Capital Employed (Equity 523.4m + L.T.Debt 47.1m))
RoIC = -12.45% (negative operating profit) (NOPAT -80.2m / Invested Capital 643.9m)
WACC = 5.53% (E(300.6m)/V(470.1m) * Re(8.09%) + D(169.5m)/V(470.1m) * Rd(0.98%) * (1-Tc(-0.00)))
Discount Rate = 8.09% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.66%
[DCF Debug] Terminal Value 85.10% ; FCFF base≈59.3m ; Y1≈52.8m ; Y5≈44.4m
Fair Price DCF = 93.33 (EV 1.34b - Net Debt -38.7m = Equity 1.38b / Shares 14.8m; r=5.90% [WACC]; 5y FCF grow -13.42% → 2.90% )
EPS Correlation: -3.71 | EPS CAGR: 484.0% | SUE: N/A | # QB: 0
Revenue Correlation: -65.24 | Revenue CAGR: -5.76% | SUE: N/A | # QB: 0

Additional Sources for NLOP Stock

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