Net Lease Office Properties (NLOP) Investor presentation summary

Strategic focus and management

• Focuses on value realization through strategic asset management and disposition of net lease office properties.

• Externally managed by an advisor with expertise in repositioning, leasing, and asset sales.

• Spun out in 2023 with 59 properties and $145 million ABR, nearly all in the U.S.

• Portfolio reduced to 18 properties and $25 million ABR through significant dispositions.

• Proceeds from sales used to repay $455 million in debt and fund special cash distributions.

Disposition and distribution activity

• Disposed of 41 properties since inception, generating $813 million in gross sales proceeds.

• Multiple special cash distributions paid, totaling $22.69 per share or ~$336 million since formation.

• Major distributions include $5.10, $6.75, $3.10, $4.10, and $3.30 per share between Dec. 2025 and Apr. 2026.

• Debt fully repaid by Apr. 2025, including senior and mezzanine loans.

Portfolio and balance sheet evolution

• Initial portfolio: 59 properties, 9 million sq. ft., 62 tenants, $145 million ABR, 5.7-year WALT.

• Current portfolio: 18 properties, 2 million sq. ft., 10 tenants, $25 million ABR, 2.7-year WALT.

• U.S. exposure increased to 100% as of June 2026.

• Only $22 million in mortgage debt remains, with a weighted average interest rate of 7.0%.

• One property (Intuit) in default, with lender able to commence foreclosure.