For the twelve months ended Sep 30, 2026, Net Lease Office Properties reported $52.03M of revenue and $18.10M of net income.
NLOP revenue was $5.90M in fiscal Q3 2026 (ended Sep 30, 2026), down 80.2% from a year earlier and down 7.2% from the prior quarter. For the full fiscal 2025 it was $118.92M, down 16.4% from fiscal 2024. It rose in 2 of the last 4 fiscal years.
NLOP net income was -$649.0K in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$64.16M a year earlier. For the full fiscal 2025 it was -$145.26M, compared with -$91.47M in fiscal 2024.
NLOP diluted EPS was -$0.04 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$4.33 a year earlier. For the full fiscal 2025 it was -$9.81, compared with -$6.18 in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $118.92M | $142.25M | $174.97M | $156.21M | $147.91M |
| Selling, general and admin | $7.31M | $7.50M | $13.61M | $11.87M | $10.31M |
| Interest expense | $12.74M | $67.96M | $42.61M | $26.84M | $28.64M |
| Pre-tax income | -$145.00M | -$93.77M | -$131.30M | $16.26M | $3.06M |
| Income tax | $158.0K | -$2.38M | $425.0K | $486.0K | $1.65M |
| Net income | -$145.26M | -$91.47M | -$131.75M | $15.78M | $1.42M |
| EPS, basic | -$9.81 | -$6.18 | -$9.00 | $1.08 | $0.10 |
| EPS, diluted | -$9.81 | -$6.18 | -$9.00 | $1.08 | $0.10 |
| Diluted shares | 14.8M | 14.8M | 14.6M | 14.6M | 14.6M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $119.62M | $68.43M | $16.27M | $6.00M | $9.30M |
| Goodwill | - | - | $0 | $63.58M | $51.96M |
| Total assets | $453.37M | $805.07M | $1.31B | $1.46B | - |
| Total debt | $21.90M | $169.22M | $541.98M | $276.06M | - |
| Total liabilities | $155.55M | $219.67M | $623.66M | $352.68M | - |
| Shareholders' equity | $293.91M | $585.40M | $681.43M | $1.11B | $1.06B |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $64.11M | $71.86M | $70.97M | $84.28M | $75.33M |
| Investing cash flow | $208.24M | $297.75M | $27.69M | -$22.92M | -$4.18M |
| Financing cash flow | -$218.88M | -$367.98M | -$36.78M | -$64.54M | -$77.25M |
| Dividends paid | - | $1.07M | $0 | $0 | - |
| Depreciation and amortization | $35.88M | $56.70M | $75.00M | $63.20M | $58.58M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue growth, YoY | -16.4% | -18.7% | 12.0% | 5.6% | - |
| Net income growth, YoY | - | - | - | 1012.8% | - |
| EPS growth, YoY | - | - | - | 980.0% | - |
| Net margin | -122.2% | -64.3% | -75.3% | 10.1% | 1.0% |
| Return on equity | -49.4% | -15.6% | -19.3% | 1.4% | 0.1% |
| Return on assets | -32.0% | -11.4% | -10.1% | 1.1% | - |
| Debt to equity | 0.07 | 0.29 | 0.80 | 0.25 | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.90M | $6.36M | $9.03M | $30.74M | $29.78M | $29.17M | $29.21M | $27.73M | $31.48M | $39.03M | $44.01M | $46.39M |
| Selling, general and admin | $1.06M | $1.89M | $1.93M | $1.70M | $1.66M | $2.14M | $1.81M | $1.90M | $1.82M | $1.88M | $1.90M | $3.58M |
| Interest expense | $432.0K | $390.0K | $386.0K | $936.0K | $1.66M | $4.40M | $5.75M | $7.62M | $11.74M | $27.80M | $20.80M | $18.18M |
| Pre-tax income | -$539.0K | -$6.13M | $25.06M | -$71.0K | -$64.11M | -$81.42M | $595.0K | -$39.00M | -$39.79M | $12.62M | -$27.60M | -$142.01M |
| Income tax | $67.0K | $23.0K | $17.0K | -$54.0K | $30.0K | $100.0K | $82.0K | -$3.24M | $485.0K | $149.0K | $224.0K | $122.0K |
| Net income | -$649.0K | -$6.19M | $25.00M | -$53.0K | -$64.16M | -$81.54M | $492.0K | -$35.78M | -$40.30M | $12.45M | -$27.84M | -$142.08M |
| EPS, basic | -$0.04 | -$0.42 | $1.69 | -$0.01 | -$4.33 | -$5.50 | $0.03 | -$2.41 | -$2.73 | $0.84 | -$1.88 | -$9.71 |
| EPS, diluted | -$0.04 | -$0.42 | $1.69 | -$0.01 | -$4.33 | -$5.50 | $0.03 | -$2.41 | -$2.73 | $0.84 | -$1.88 | -$9.71 |
| Diluted shares | 14.8M | 14.8M | 14.8M | - | 14.8M | 14.8M | 14.8M | - | 14.8M | 14.8M | 14.8M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $30.64M | $23.66M | $70.61M | $119.62M | $41.13M | $56.19M | $65.75M | $68.43M | $85.47M | $80.71M | $88.35M | $16.27M |
| Goodwill | - | - | - | - | - | - | - | - | - | - | - | $0 |
| Total assets | $180.67M | $200.90M | $257.98M | $453.37M | $522.55M | $668.65M | $784.11M | $805.07M | $919.91M | $1.04B | $1.23B | $1.31B |
| Total debt | - | $21.90M | $21.90M | $21.90M | $47.12M | $117.17M | $148.50M | $169.22M | $239.41M | $327.40M | $515.17M | $541.98M |
| Total liabilities | $13.66M | $33.17M | $84.00M | $155.55M | $88.33M | $164.60M | $197.88M | $219.67M | $293.81M | $380.01M | $580.19M | $623.66M |
| Shareholders' equity | $163.18M | $167.73M | $173.98M | $293.91M | $434.22M | $504.05M | $586.23M | $585.40M | $626.10M | $664.64M | $651.61M | $681.43M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $750.0K | $1.80M | $8.13M | $21.95M | $16.33M | $11.71M | $14.12M | $10.48M | $20.29M | $14.69M | $26.39M | $7.10M |
| Investing cash flow | $26.46M | $492.0K | $118.83M | $146.04M | $39.49M | $14.05M | $8.66M | $43.05M | $77.15M | $150.79M | $26.76M | $32.31M |
| Financing cash flow | -$22.40M | -$48.99M | -$175.55M | -$86.49M | -$70.90M | -$35.73M | -$25.77M | -$69.88M | -$92.93M | -$173.14M | -$32.04M | $22.24M |
| Dividends paid | - | - | - | - | - | $0 | $0 | $1.0K | $0 | $0 | $1.07M | $1.10M |
| Depreciation and amortization | $2.05M | $2.74M | $2.28M | $7.49M | $8.98M | $9.69M | $9.72M | $11.23M | $12.38M | $15.12M | $17.97M | $21.77M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -80.2% | -78.2% | -69.1% | 10.9% | -5.4% | -25.3% | -33.6% | -40.2% | -27.0% | -8.8% | 3.1% | - |
| Net income growth, YoY | - | - | 4980.9% | - | - | - | - | - | - | 225.5% | - | - |
| EPS growth, YoY | - | - | 5533.3% | - | - | - | - | - | - | 223.1% | - | - |
| Net margin | -11.0% | -97.4% | 277.0% | -0.2% | -215.4% | -279.5% | 1.7% | -129.0% | -128.0% | 31.9% | -63.3% | -306.2% |
| Debt to equity | - | 0.13 | 0.13 | 0.07 | 0.11 | 0.23 | 0.25 | 0.29 | 0.38 | 0.49 | 0.79 | 0.80 |
Source: XBRL data Net Lease Office Properties files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| NLOP | $52.03M | -55.1% | $18.10M | 34.8% | $140.4M |
| WELL | $13.79B | +39.2% | $1.67B | 12.1% | $181.46B |
| PLD | $8.95B | +6.7% | $3.71B | 41.5% | $124.09B |
| EQIX | $10.06B | +11.1% | $1.65B | 16.4% | $104.38B |
| AMT | $11.01B | +5.3% | $3.31B | 30.1% | $87.65B |
| SPG | $7.15B | +16.2% | $4.51B | 63.0% | $75.39B |
| DLR | $6.34B | +12.6% | $1.38B | 21.7% | $68.13B |
| PSA | $5.03B | +5.2% | $1.90B | 37.8% | $63.18B |
| O | $6.21B | +10.8% | $1.36B | 21.8% | $56.58B |