Net Lease Office Properties
Leases U.S. office properties to corporate tenants while selling the remaining portfolio.
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Profile
Generates rental income from U.S. office properties leased to corporate tenants under single-tenant net leases. Spun out of W. P. Carey, the REIT is selling its remaining assets and returning sale proceeds to shareholders.
Rental income comes from a single reportable segment: U.S. office properties leased to corporate tenants under single-tenant net leases. Those leases generally place most property operating and maintenance costs with tenants.
Formed for W. P. Carey's 2023 office-property spin-off, the REIT is not pursuing portfolio growth. It seeks to realize shareholder value through strategic asset management, property dispositions, and periodic distributions from net sale proceeds.
Operations rely on remaining corporate leases, the execution of property sales, and management and advisory services from W. P. Carey affiliates. After selling all or substantially all properties, it expects to seek termination and wind up its affairs.
Company facts
Categories
Key statistics
Year to date −44.8% · Average volume (30d) 119.0K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | — | −$0.42 | — | — | $6.4M | — | −0.50% |
| May 7, 2026Q1 FY26 | — | $1.69 | — | — | $9.4M | — | −8.85% |
| Feb 25, 2026Q4 FY25 | — | $0.00 | — | — | $31.8M | — | +2.20% |
| Nov 7, 2025Q3 FY25 | — | −$4.33 | — | — | $29.8M | — | +1.56% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $29.2M | $29.2M | $29.8M | $31.8M | $9.4M | $6.4M | |
| Gross profit | $19.4M | $19.2M | $21.8M | −$49.8M | $2.4M | $5.3M | |
| Operating income | $7.8M | $7.4M | $11.2M | $8.9M | $3.0M | $636.0K | |
| Net income | $492.0K | −$81.5M | −$64.2M | −$53.0K | $25.0M | −$6.2M | |
| Diluted EPS | $0.03 | −$5.50 | −$4.33 | −$0.00 | $1.69 | −$0.42 | |
| Gross margin | 66.3% | 65.8% | 73.2% | -156.3% | 25.2% | 82.9% | |
| Operating margin | 26.8% | 25.2% | 37.5% | 28.1% | 32.4% | 10.0% |
Fiscal years (4-quarter sums)FY22 $170.0M · FY23 $175.0M · FY24 $142.2M · FY25 $120.0M
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $23.7M · Total debt $21.9M · Total assets $200.9M · Shareholders' equity $163.8M
Dividends
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Mar 30, 2026 | Mar 30 | Apr 14 | $3.30 | special dividend |
| Feb 18, 2026 | Jan 30 | $6.75 | special dividend | |
| Jan 2, 2026 | Jan 2 | Jan 20 | $5.10 | special dividend |
| Dec 4, 2025 | Dec 4 | Dec 19 | $4.10 | special dividend |
| Aug 18, 2025 | Aug 18 | Sep 3 | $3.10 | special dividend |
| Dec 15, 2023 | Dec 18 | Jan 29 | $0.34 | special dividend |
Ownership
Shares outstanding 14.81M · Float 14.72M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 1.65M | 11.13% | 13F | Aug 7, 2026 |
| Thompson Siegel & Walmsley LLC | 703.2K | 4.75% | 13F | Aug 11, 2026 |
| Vanguard Capital Management LLC | 654.7K | 4.42% | 13F | Aug 13, 2026 |
| State Street Corp | 450.2K | 3.04% | 13F | Aug 7, 2026 |
| Geode Capital Management, LLC | 386.6K | 2.61% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 24, 2025 | Richard J. Pinola | director | +1,012 | $29.49 |
Peers
- Orion Properties
Single-tenant, net-leased suburban office properties
- Office Properties Income Trust
National office leasing for high-credit-quality tenants
- Piedmont Realty Trust
Class A office properties across major U.S. Sunbelt markets
- Highwoods Properties
Office REIT serving major U.S. business districts
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Net Lease Office Properties | $11.51 | +0.09% | $170.5M | — | — | 2.2 | −78.2% |
| Orion Properties | $2.84 | 0.00% | $161.4M | — | — | 1.1 | −8.0% |
| Office Properties Income Trust | $17.75 | −0.39% | $1.31B | — | — | 3.0 | +2.0% |
| Piedmont Realty Trust | $9.54 | −0.05% | $1.19B | — | — | 2.1 | +2.7% |
| Highwoods Properties | $31.01 | −0.45% | $3.44B | 20.5 | 37.0 | 4.1 | +7.2% |
| Median | 20.5 | 37.0 | 2.5 | +2.4% |