Income Statement Net Lease Office Properties

Stocks

NLOP

US64110Y1082

Commercial REITs

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05-07	Net Lease Office Properties Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
03-19	Net Lease Office Properties Sells 2 Properties for $35 Million, Declares Special Dividend	MT

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Published financial data: NET LEASE OFFICE PROPERTIES

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	144M	151M	166M	129M	99.26M
Interest and Investment Income, Total (Revenue Block)	1.71M	1.74M	1.19M	89K	610K
Other Revenues, Total	2.24M	3.22M	7.74M	13.3M	6.04M
Total Revenues	148M	156M	175M	142M	106M
Property Expenses	-	-	-	17.14M	13.16M
Selling General & Admin Expenses, Total	16.74M	19.62M	23.5M	7.5M	7.31M
Depreciation & Amortization - (IS) - (Collected)	58.58M	63.2M	75M	56.7M	35.88M
Other Operating Expenses	23.65M	24.25M	27.96M	26.52M	22.45M
Total Operating Expenses	98.97M	107M	126M	108M	78.8M
Operating Income (REIT / Utility Template)	48.94M	49.14M	48.51M	34.38M	27.11M
Interest Expense, Total	-28.64M	-26.84M	-42.61M	-68.96M	-12.74M
Interest and Investment Income	-	-	-	2.3M	2.1M
Net Interest Expenses	-28.64M	-26.84M	-42.61M	-66.66M	-10.64M
Currency Exchange Gains (Loss)	-	-	456K	-800K	-
Other Non Operating Income (Expenses)	-	-	-	-3.25M	-4.36M
EBT, Excl. Unusual Items	20.3M	22.3M	6.36M	-36.33M	12.12M
Total Merger & Related Restructuring Charges	-	-6.02M	-8.45M	-	-
Impairment of Goodwill	-	-	-62.46M	-	-
Gain (Loss) on Sale of Assets	-	-	-3.61M	20.22M	-29.01M
Asset Writedown	-	-	-63.14M	-78.24M	-141M
Other Unusual Items	-17.23M	-7K	-	584K	12.7M
EBT, Incl. Unusual Items	3.06M	16.26M	-131M	-93.77M	-145M
Income Tax Expense	1.65M	486K	425K	-2.38M	158K
Earnings From Continuing Operations	1.42M	15.78M	-132M	-91.39M	-145M
Net Income to Company	1.42M	15.78M	-132M	-91.39M	-145M
Minority Interest	-	-	-24K	-85K	-100K
Net Income - (IS)	1.42M	15.78M	-132M	-91.47M	-145M
Net Income to Common Incl Extra Items	1.42M	15.78M	-132M	-91.47M	-145M
Net Income to Common Excl. Extra Items	1.42M	15.78M	-132M	-91.47M	-145M
Per Share Items
Net EPS - Basic	-	-	-9	-6.18	-9.81
Basic EPS - Continuing Operations	-	-	-9	-6.18	-9.81
Basic Weighted Average Shares Outstanding	-	-	14.63M	14.79M	14.81M
Net EPS - Diluted	-	-	-9	-6.18	-9.81
Diluted EPS - Continuing Operations	-	-	-9	-6.18	-9.81
Diluted Weighted Average Shares Outstanding	-	-	14.63M	14.79M	14.81M
Normalized Basic EPS	-	-	0.27	-1.54	0.5
Normalized Diluted EPS	-	-	0.27	-1.54	0.5
Dividend Per Share	-	-	0.34	-	-
Payout Ratio	-	-	-	-1.17	-73.43
Supplemental Items
EBITDA	108M	114M	130M	113M	65.91M
EBITA	80.74M	85.14M	92.02M	69.78M	46.58M
EBIT	48.94M	49.14M	48.51M	34.38M	27.11M
EBITDAR	115M	123M	139M	114M	66.04M
Total Revenues (As Reported)	148M	156M	175M	142M	119M
Effective Tax Rate - (Ratio)	53.72	2.99	-0.32	2.54	-0.11
Current Domestic Taxes	420K	469K	415K	253K	29K
Current Foreign Taxes	1.45M	1.06M	1.21M	636K	129K
Total Current Taxes	1.87M	1.53M	1.63M	889K	158K
Deferred Foreign Taxes	-227K	-1.04M	-1.2M	-3.27M	-
Total Deferred Taxes	-227K	-1.04M	-1.2M	-3.27M	-
Normalized Net Income	12.69M	13.93M	3.95M	-22.79M	7.47M
Supplemental Operating Expense Items
General and Administrative Expenses	10.31M	11.87M	14.86M	7.5M	7.31M
Net Rental Expense, Total	6.96M	8.33M	9.27M	302K	126K
Imputed Operating Lease Interest Expense	-	8.22M	7.64M	465K	134K
Imputed Operating Lease Depreciation	-	110K	1.63M	-163K	-8.07K
Stock-Based Comp., G&A Exp. (Total)	2.4M	3.16M	2.9M	250K	-
Total Stock-Based Compensation	2.4M	3.16M	2.9M	250K	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	1.1B	1.29B	1.21B	732M	219M
Accumulated Depreciation	-164M	-191M	-213M	-152M	-62.66M
Net Property Plant And Equipment	941M	1.1B	995M	580M	156M
Total Real Estate Assets	941M	1.1B	995M	580M	156M
Cash And Equivalents	3.97M	4.67M	16.27M	25.12M	120M
Accounts Receivable, Total	14.96M	14.73M	10.52M	-	41.88M
Goodwill	51.96M	63.58M	-	-	-
Other Intangibles, Total	214M	228M	166M	97.89M	15.65M
Restricted Cash	5.33M	1.33M	51.56M	43.3M	3.01M
Trading Asset Securities, Total	-	-	433K	10K	-
Other Long-Term Assets, Total	43.62M	47.93M	65M	58.49M	117M
Total Assets	1.27B	1.46B	1.31B	805M	453M
Liabilities
Current Portion of Long-Term Debt	-	3.28M	39.01M	105M	21.9M
Current Portion of Leases	-	506K	503K	99K	13K
Long-Term Debt	150M	273M	503M	64.26M	-
Long-Term Leases	4.48M	4.26M	4.18M	160K	165K
Accounts Payable, Total	38.29M	45.18M	54.85M	366K	376K
Accrued Expenses, Total	-	-	-	469K	294K
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	-	43.05M	55.26M
Deferred Tax Liability Non-Current	8.36M	12M	10.45M	-	-
Other Non Current Liabilities	16.18M	14.67M	11.7M	6.3M	77.54M
Total Liabilities	217M	353M	624M	220M	156M
Common Stock, Total	1.1B	1.15B	15K	15K	15K
Additional Paid In Capital	-	-	856M	856M	856M
Distributions In Excess Of Earnings	-	-	-143M	-234M	-562M
Comprehensive Income and Other	-41.23M	-42.46M	-35.6M	-40.16M	-
Total Common Equity	1.06B	1.11B	677M	581M	294M
Minority Interest	-	1.74M	4.42M	4.18M	3.91M
Total Equity	1.06B	1.11B	681M	585M	298M
Total Liabilities And Equity	1.27B	1.46B	1.31B	805M	453M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	-	14.79M	14.81M	14.81M
ECS Total Common Shares Outstanding	-	-	14.62M	14.81M	14.81M
Book Value / Share	-	-	46.3	39.23	19.84
Tangible Book Value	791M	816M	511M	483M	278M
Tangible Book Value Per Share	-	-	34.94	32.63	18.78
Total Debt	154M	281M	547M	169M	22.08M
Net Debt	150M	276M	530M	144M	-97.54M
Debt Equivalent Oper. Leases	55.68M	66.61M	74.18M	2.42M	1.01M
Minority Interest, Total (Incl. Fin. Div)	-	1.74M	4.42M	4.18M	3.91M
Account Code - Inventory Valuation	-	3	3	3	3
Land - (BS)	1.1B	178M	168M	94.12M	26.95M
Buildings, Total	-	1.11B	1.04B	636M	192M
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	4.82M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.42M	15.78M	-132M	-91.47M	-145M
Depreciation, Depletion & Amortization	27.61M	29.16M	37.89M	43.54M	19.34M
Amortization of Goodwill and Intangible Assets - (CF)	31.8M	36M	43.5M	35.4M	19.46M
Total Depreciation, Depletion & Amortization	59.41M	65.16M	81.4M	78.94M	38.8M
Amortization of Deferred Charges, Total	1.75M	1.07M	-	-	-
(Gain) Loss On Sale of Asset - (CF)	-	-	3.61M	-20.22M	29.01M
Total Asset Writedown	-	-	126M	78.24M	141M
Stock-Based Compensation (CF)	2.4M	3.16M	2.9M	250K	-
Provision and Write-off of Bad Debts	-	-	-	-	4.82M
Change in Other Net Operating Assets (Collected)	-2.67M	1.08M	-8.93M	13.16M	-7.99M
Other Operating Activities	13.03M	-1.96M	-1.86M	12.96M	3.93M
Cash from Operations	75.34M	84.28M	70.97M	71.86M	64.11M
Acquisition of Real Estate Assets, Total	-4.18M	-4.72M	-11.16M	-12M	-4.03M
Sale of Real Estate Assets, Total	-	-	38.86M	310M	192M
Net Sale / Acquisition of Real Estate Assets	-4.18M	-4.72M	27.69M	298M	188M
Cash Acquisitions	-	-20.97M	-	-	-
Other Investing Activities, Total	-	2.77M	-	-	20M
Cash from Investing	-4.18M	-22.92M	27.69M	298M	208M
Long-Term Debt Issued, Total	-	-	431M	-	-
Total Debt Issued	-	-	431M	-	-
Long-Term Debt Repaid, Total	-264M	-39.94M	-63.7M	-367M	-111M
Total Debt Repaid	-264M	-39.94M	-63.7M	-367M	-111M
Common Dividends Paid	-	-	-	-1.07M	-107M
Common & Preferred Stock Dividends Paid	-	-	-	-1.07M	-107M
Other Financing Activities, Total	187M	-24.6M	-404M	-316K	-745K
Cash from Financing	-77.24M	-64.54M	-36.78M	-368M	-219M
Foreign Exchange Rate Adjustments	19K	-123K	-50K	-1.03M	738K
Net Change in Cash	-6.08M	-3.3M	61.83M	597K	54.21M
Supplemental Items
Cash Interest Paid	28.6M	26.8M	39.3M	41.3M	9.2M
Net Debt Issued / Repaid	-264M	-39.94M	367M	-367M	-111M
Levered Free Cash Flow	-	94.46M	51.63M	65.39M	58.24M
Unlevered Free Cash Flow	-	110M	78.26M	108M	66.2M
Change In Net Working Capital	-	-11.13M	36.36M	-7.81M	-10.46M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-	2.24	2.19	2.04	2.69
Return on Total Capital	-	2.36	2.32	2.17	3.15
Return On Equity %	-	1.46	-14.71	-14.43	-32.87
Return on Common Equity	-	1.46	-14.76	-14.54	-33.2
Margin Analysis
Gross Profit Margin %	100	100	100	87.95	87.57
SG&A Margin	11.32	12.56	13.43	5.27	6.9
EBITDA Margin %	73.26	73.17	74.25	79.67	62.23
EBITA Margin %	54.59	54.5	52.59	49.06	43.97
EBIT Margin %	33.09	31.45	27.73	24.17	25.6
Income From Continuing Operations Margin %	0.96	10.1	-75.28	-64.24	-137.06
Net Income Margin %	0.96	10.1	-75.3	-64.3	-137.15
Net Avail. For Common Margin %	0.96	10.1	-75.3	-64.3	-137.15
Normalized Net Income Margin	8.58	8.92	2.26	-16.02	7.06
Levered Free Cash Flow Margin	-	60.47	29.51	45.97	54.99
Unlevered Free Cash Flow Margin	-	70.52	44.73	76.27	62.5
Asset Turnover
Asset Turnover	-	0.11	0.13	0.13	0.17
Fixed Assets Turnover	-	0.15	0.17	0.18	0.29
Receivables Turnover (Average Receivables)	-	10.19	13.15	-	-
Short Term Liquidity
Current Ratio	0.63	0.42	0.83	0.46	2.11
Quick Ratio	0.49	0.4	0.29	0.17	2.07
Operating Cash Flow to Current Liabilities	1.97	1.72	0.75	0.48	0.82
Days Sales Outstanding (Average Receivables)	-	35.82	27.75	-	-
Average Days Payable Outstanding	-	-	-	11.12	10.29
Long Term Solvency
Total Debt/Equity	14.6	25.31	80.22	28.95	7.41
Total Debt / Total Capital	12.74	20.2	44.51	22.45	6.9
LT Debt/Equity	14.6	24.97	74.42	11	0.06
Long-Term Debt / Total Capital	12.74	19.93	41.3	8.53	0.05
Total Liabilities / Total Assets	17.04	24.12	47.79	27.29	34.31
EBIT / Interest Expense	1.71	1.83	1.14	0.5	2.13
EBITDA / Interest Expense	4.03	4.57	3.27	1.65	5.18
(EBITDA - Capex) / Interest Expense	4.03	4.57	3.27	1.65	5.18
Total Debt / EBITDA	1.34	2.29	3.93	1.49	0.33
Net Debt / EBITDA	1.3	2.25	3.81	1.27	-1.48
Total Debt / (EBITDA - Capex)	1.34	2.29	3.93	1.49	0.33
Net Debt / (EBITDA - Capex)	1.3	2.25	3.81	1.27	-1.48
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.17	5.62	12	-18.7	-25.54
Gross Profit, 1 Yr. Growth %	2.17	5.62	12	-24.22	-25.86
EBITDA, 1 Yr. Growth %	0.49	5.49	12.6	-12.77	-41.84
EBITA, 1 Yr. Growth %	-1.05	5.45	8.08	-24.16	-33.26
EBIT, 1 Yr. Growth %	-1.72	0.4	-1.27	-29.12	-21.15
Earnings From Cont. Operations, 1 Yr. Growth %	-91.15	1.01K	-934.9	-30.62	58.84
Net Income, 1 Yr. Growth %	-91.15	1.01K	-934.95	-30.57	58.81
Diluted EPS Before Extra, 1 Yr. Growth %	-	-	-934.35	-31.31	58.54
Normalized Net Income, 1 Yr. Growth %	14.96	9.84	-71.66	-677.23	-132.79
Net Property, Plant and Equip., 1 Yr. Growth %	-	17.1	-9.65	-41.7	-73.09
Accounts Receivable, 1 Yr. Growth %	-	-1.56	-28.56	-	-
Total Assets, 1 Yr. Growth %	-	14.71	-10.74	-38.31	-43.69
Common Equity, 1 Yr. Growth %	-	4.75	-38.89	-14.15	-49.43
Tangible Book Value, 1 Yr. Growth %	-	3.09	-37.37	-5.4	-42.43
Cash From Operations, 1 Yr. Growth %	2.28	11.88	-15.8	1.26	-10.78
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-45.34	26.66	-10.94
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-29.64	38.63	-38.98
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	3.88	8.76	-4.58	-22.2
Gross Profit, 2 Yr. CAGR %	-	3.88	8.76	-8.2	-25.04
EBITDA, 2 Yr. CAGR %	-	2.96	8.62	-0.89	-28.77
EBITA, 2 Yr. CAGR %	-	2.15	6.76	-9.46	-30.42
EBIT, 2 Yr. CAGR %	-	-0.66	-0.44	-16.35	-25.24
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-0.75	863.81	140.67	4.98
Net Income, 2 Yr. CAGR %	-	-0.75	863.9	140.77	5
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	863.56	139.39	4.35
Normalized Net Income, 2 Yr. CAGR %	-	12.37	-44.21	27.9	37.57
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	2.86	-27.42	-60.39
Accounts Receivable, 2 Yr. CAGR %	-	-	-16.14	-	99.5
Total Assets, 2 Yr. CAGR %	-	-	1.18	-25.8	-41.06
Common Equity, 2 Yr. CAGR %	-	-	-19.99	-27.57	-34.11
Tangible Book Value, 2 Yr. CAGR %	-	-	-19.65	-23.03	-26.2
Cash From Operations, 2 Yr. CAGR %	-	6.97	-2.94	-7.66	-4.95
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-16.8	6.21
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-1.24	-8.03
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	6.52	-1.29	-12.15
Gross Profit, 3 Yr. CAGR %	-	-	6.52	-5.43	-14.51
EBITDA, 3 Yr. CAGR %	-	-	6.41	0.97	-17.02
EBITA, 3 Yr. CAGR %	-	-	4.09	-4.74	-18.21
EBIT, 3 Yr. CAGR %	-	-	-0.87	-11.1	-17.98
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	101.85	300.93	109.54
Net Income, 3 Yr. CAGR %	-	-	101.86	301.05	109.58
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	299.52	108.67
Normalized Net Income, 3 Yr. CAGR %	-	-	-29.01	21.57	-18.75
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	-14.87	-47.86
Accounts Receivable, 3 Yr. CAGR %	-	-	-	-	41.67
Total Assets, 3 Yr. CAGR %	-	-	-	-14.2	-32.32
Common Equity, 3 Yr. CAGR %	-	-	-	-18.09	-35.74
Tangible Book Value, 3 Yr. CAGR %	-	-	-	-15.15	-30.13
Cash From Operations, 3 Yr. CAGR %	-	-	-1.23	-1.56	-8.72
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	-14.89
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	-15.88
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	-6.06
Gross Profit, 5 Yr. CAGR %	-	-	-	-	-8.52
EBITDA, 5 Yr. CAGR %	-	-	-	-	-9.37
EBITA, 5 Yr. CAGR %	-	-	-	-	-10.61
EBIT, 5 Yr. CAGR %	-	-	-	-	-11.45
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	55.4
Net Income, 5 Yr. CAGR %	-	-	-	-	55.42
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	-7.5
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	-2.74