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Visual21 Nov 2025
Data center suppliers
Net Lease Office Properties (NLOP) investor relations material
Net Lease Office Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Sold six properties for $71.3 million and disposed of an international property to satisfy a $45.7 million non-recourse mortgage loan during the nine months ended September 30, 2025.
Disposed of 27 properties since 2023, reducing the portfolio from 59 to 32 properties and ABR from $145M to $73M as of September 30, 2025.
Fully repaid the NLOP Mezzanine Loan ($61.1 million principal) and $455M of debt using proceeds from dispositions and excess cash flow.
Declared and paid a special cash distribution of $3.10 per share, totaling $45.9 million.
Entered a lease termination agreement resulting in a $13.0 million payment, impacting future cash flows.
Financial highlights
Total revenues for the nine months ended September 30, 2025 were $88.2 million, down from $114.5 million year-over-year.
Q3 2025 revenues: $29.8M; normalized pro rata cash NOI: $17.2M; AFFO: $19.9M ($1.35/share).
Net loss attributable to NLOP was $145.2 million for the nine months, compared to $55.7 million in the prior year period; Q3 2025 net loss was $(64.2)M.
Funds from operations (FFO) for the nine months were $44.6 million, up from $14.8 million year-over-year; adjusted funds from operations (AFFO) were $51.8 million, up from $50.5 million.
Equity market capitalization: $439.4M; total consolidated debt: $47.1M; gross assets: $647.3M.
Outlook and guidance
Future special cash distributions will depend on results of operations, liquidity, rental income, asset sales, and other factors.
Continued execution of asset disposition plan, with focus on maximizing value and returning capital to shareholders.
Liquidity could be affected by refinancing at higher rates or disruptions in operating cash flow.
Remaining portfolio is 100% U.S.-based, with weighted average lease term (WALT) of 4.3 years.
Northrop Grumman loan default resolution plan
Recent lease renewal rent recapture trends
Foreign currency impact on disposition proceeds
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Next Net Lease Office Properties earnings date
Q4 202526 Feb, 2026
Next Net Lease Office Properties earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Net Lease Office Properties is a publicly traded real estate investment trust (REIT) specializing in the ownership and management of high-quality office properties. These properties are primarily located in the United States, with some assets in Europe, and are leased mainly to corporate tenants on a single-tenant net lease basis. NLOP focuses on strategic asset management and aims to generate value for shareholders through the efficient operation and eventual disposition of its properties. The company is headquartered in New York, NY, and its shares are listed on the NYSE.
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