1.Sales and profit
See section β- Net Lease Office Properties had $119M of revenue in fiscal 2025, down 16.4% on the year before.
- Net Lease Office Properties lost $145M in fiscal 2025.
Net Lease Office Properties
NLOP NYSE Real Estate Investment Trusts Financials FY2021βFY2025
Net Lease Office Properties had $119M of revenue in fiscal 2025, down 16.4% on the year before.
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$9.62
0.9%KIRAβs summary AI analyst
Hi! I read Net Lease Office Propertiesβs latest annual report (fiscal 2025). Here is what stands out:
1 strength 2 to watch
2.Cash and shareholders
See section β- No open-market insider trades in the last 12 months.
3.Financial health
See section β- Net Lease Office Properties has $97.7M more cash than debt.
- Net Lease Office Properties passes 4 of 7 financial health tests (Piotroski F-score).
Net Lease Office Properties in 30 seconds
Good So-so Weak
Weak
Are sales growing?
β16.4%
No. Sales fell 16.4% last year.
Weak
Does it make a profit?
β122.2%
No. It lost money last year.
So-so
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$143M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$3.07 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Net Lease Office Properties did it, and the next one. Share prices often move a lot on those days.
Next results
November 6, 2026
Friday Β· in 11 days
- Time
- Time not announced
- Covers
- Period ended Sep 30, 2026
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 5, 2026 | Q2 '26 | After the market closes | 10-Q β |
| May 7, 2026 | Q1 '26 | After the market closes | 10-Q β |
| Feb 25, 2026 | Q4 '25 | After the market closes | 10-K β |
| Nov 7, 2025 | Q3 '25 | After the market closes | 10-Q β |
| Aug 6, 2025 | Q2 '25 | After the market closes | 10-Q β |
| May 8, 2025 | Q1 '25 | After the market closes | 10-Q β |
| Feb 27, 2025 | Q4 '24 | After the market closes | 10-K β |
| Nov 6, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· Net Lease Office Properties had $119M of revenue in fiscal 2025, down 16.4% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY21
Revenue $148M
FY22
Revenue $156M
FY23
Revenue $175M
FY24
Revenue $142M
FY25
Revenue $119M
Revenue
Q3 '23
Revenue $43.1M
Q4 '23
Revenue $46.4M
Q1 '24
Revenue $44.0M
Q2 '24
Revenue $39.0M
Q3 '24
Revenue $31.5M
Q4 '24
Revenue $27.7M
Q1 '25
Revenue $29.2M
Q2 '25
Revenue $29.2M
Q3 '25
Revenue $29.8M
Q4 '25
Revenue $30.7M
Q1 '26
Revenue $9.0M
Q2 '26
Revenue $6.4M
Margins, % of revenue
FY21
Gross β
Operating β
Net 1.0%
FCF β
FY22
Gross β
Operating β
Net 10.1%
FCF β
FY23
Gross β
Operating β
Net β75.3%
FCF β
FY24
Gross β
Operating β
Net β64.3%
FCF β
FY25
Gross β
Operating β
Net β122.2%
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net 6.4%
FCF β
Q4 '23
Gross β
Operating β
Net β306.2%
FCF β
Q1 '24
Gross β
Operating β
Net β63.3%
FCF β
Q2 '24
Gross β
Operating β
Net 31.9%
FCF β
Q3 '24
Gross β
Operating β
Net β128.0%
FCF β
Q4 '24
Gross β
Operating β
Net β129.0%
FCF β
Q1 '25
Gross β
Operating β
Net 1.7%
FCF β
Q2 '25
Gross β
Operating β
Net β279.5%
FCF β
Q3 '25
Gross β
Operating β
Net β215.4%
FCF β
Q4 '25
Gross β
Operating β
Net β0.2%
FCF β
Q1 '26
Gross β
Operating β
Net 277.0%
FCF β
Q2 '26
Gross β
Operating β
Net β97.4%
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Net Lease Office Properties lost $145M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY21
Net income $1.4M
FY22
Net income $15.8M
FY23
Net income β$132M
FY24
Net income β$91.5M
FY25
Net income β$145M
Net income
Q3 '23
Net income $2.8M
Q4 '23
Net income β$142M
Q1 '24
Net income β$27.8M
Q2 '24
Net income $12.5M
Q3 '24
Net income β$40.3M
Q4 '24
Net income β$35.8M
Q1 '25
Net income $0.5M
Q2 '25
Net income β$81.5M
Q3 '25
Net income β$64.2M
Q4 '25
Net income β$0.1M
Q1 '26
Net income $25.0M
Q2 '26
Net income β$6.2M
Diluted EPS
FY21
Diluted EPS β
FY22
Diluted EPS $1.08
FY23
Diluted EPS β$9.00
FY24
Diluted EPS β$6.18
FY25
Diluted EPS β$9.81
Diluted EPS
Q3 '23
Diluted EPS $0.19
Q4 '23
Diluted EPS β$9.71
Q1 '24
Diluted EPS β$1.88
Q2 '24
Diluted EPS $0.84
Q3 '24
Diluted EPS β$2.73
Q4 '24
Diluted EPS β$2.41
Q1 '25
Diluted EPS $0.03
Q2 '25
Diluted EPS β$5.50
Q3 '25
Diluted EPS β$4.33
Q4 '25
Diluted EPS β$0.01
Q1 '26
Diluted EPS $1.69
Q2 '26
Diluted EPS β$0.42
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
Cash from operations vs capital spending
FY21
Cash from operations $75.3M
Capital spending β
FY22
Cash from operations $84.3M
Capital spending β
FY23
Cash from operations $71.0M
Capital spending β
FY24
Cash from operations $71.9M
Capital spending β
FY25
Cash from operations $64.1M
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations $20.6M
Capital spending β
Q4 '23
Cash from operations $7.1M
Capital spending β
Q1 '24
Cash from operations $26.4M
Capital spending β
Q2 '24
Cash from operations $14.7M
Capital spending β
Q3 '24
Cash from operations $20.3M
Capital spending β
Q4 '24
Cash from operations $10.5M
Capital spending β
Q1 '25
Cash from operations $14.1M
Capital spending β
Q2 '25
Cash from operations $11.7M
Capital spending β
Q3 '25
Cash from operations $16.3M
Capital spending β
Q4 '25
Cash from operations $22.0M
Capital spending β
Q1 '26
Cash from operations $8.1M
Capital spending β
Q2 '26
Cash from operations $1.8M
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY21
Dividends β
Buybacks β
FY22
Dividends $0.0M
Buybacks β
FY23
Dividends $0.0M
Buybacks β
FY24
Dividends $1.1M
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends $0.0M
Buybacks β
Q4 '23
Dividends $1.1M
Buybacks β
Q1 '24
Dividends $1.1M
Buybacks β
Q2 '24
Dividends $0.0M
Buybacks β
Q3 '24
Dividends $0.0M
Buybacks β
Q4 '24
Dividends $0.0M
Buybacks β
Q1 '25
Dividends $0.0M
Buybacks β
Q2 '25
Dividends $0.0M
Buybacks β
Q3 '25
Dividends β
Buybacks β
Q4 '25
Dividends β
Buybacks β
Q1 '26
Dividends β
Buybacks β
Q2 '26
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Net Lease Office Properties has $97.7M more cash than debt.
Cash, debt and the ratios that show how comfortably Net Lease Office Properties can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY21
Cash $4.0M
Debt β
FY22
Cash $4.7M
Debt $276M
FY23
Cash $16.3M
Debt $542M
FY24
Cash $25.1M
Debt $169M
FY25
Cash $120M
Debt $21.9M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.0M | $4.7M | $16.3M | $25.1M | $120M |
| Debt incl. finance leases | β | $276M | $542M | $169M | $21.9M |
| Debt / equity | β | 0.2x | 0.8x | 0.3x | 0.1x |
| Total assets | β | $1.5B | $1.3B | $805M | $453M |
| Total liabilities | β | $353M | $624M | $220M | $156M |
| Shareholders' equity | $1.1B | $1.1B | $677M | $581M | $294M |
| Net debt (β = net cash) | β | $271M | $526M | $144M | β$97.7M |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY21
Return on capital β
Return on equity 0.1%
Return on assets β
FY22
Return on capital β
Return on equity 1.5%
Return on assets 1.1%
FY23
Return on capital β
Return on equity β14.8%
Return on assets β9.5%
FY24
Return on capital β
Return on equity β14.5%
Return on assets β8.7%
FY25
Return on capital β
Return on equity β33.2%
Return on assets β23.1%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Net Lease Office Properties passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β |
| F-score | β / 3 | β / 4 | 3 / 7 | 4 / 7 | 4 / 7 |
| Accruals ratio | β | β4.7% | β14.7% | β15.5% | β33.3% |
| Altman Z'' | β | β | β | β | β |
All figures
Every number, year by year.
5 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $148M | $156M | $175M | $142M | $119M |
| Provision for credit losses | β | β | $0.0M | $0.0M | $4.8M |
| Interest expense | $28.6M | $26.8M | $42.6M | $68.0M | $12.7M |
| Pretax income | $3.1M | $16.3M | β$131M | β$93.8M | β$145M |
| Income tax | $1.6M | $0.5M | $0.4M | β$2.4M | $0.2M |
| Net income | $1.4M | $15.8M | β$132M | β$91.5M | β$145M |
| Net income to common | $1.4M | $15.8M | β$132M | β$91.5M | β$145M |
| Diluted EPS | β | $1.08 | β$9.00 | β$6.18 | β$9.81 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | |||||
| Cash from operations | $75.3M | $84.3M | $71.0M | $71.9M | $64.1M |
| Depreciation and amortization | $58.6M | $63.2M | $75.0M | $56.7M | $35.9M |
| Stock-based compensation | $2.4M | $3.2M | $2.9M | $0.3M | $0.0M |
| Dividends paid | β | $0.0M | $0.0M | $1.1M | β |
| Dividends and buybacks | β | $0.0M | $0.0M | $1.1M | β |
| Balance sheet | |||||
| Cash and short-term investments | $4.0M | $4.7M | $16.3M | $25.1M | $120M |
| Total debt | β | $276M | $542M | $169M | $21.9M |
| Goodwill | $52.0M | $63.6M | $0.0M | β | β |
| Intangible assets | β | β | $166M | $97.9M | $15.7M |
| Total assets | β | $1.5B | $1.3B | $805M | $453M |
| Total liabilities | β | $353M | $624M | $220M | $156M |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $1.1B | $1.1B | $677M | $581M | $294M |
| Margins | |||||
| Net margin | 1.0% | 10.1% | β75.3% | β64.3% | β122.2% |
| Returns | |||||
| Return on equity | 0.1% | 1.5% | β14.8% | β14.5% | β33.2% |
| Return on assets | β | 1.1% | β9.5% | β8.7% | β23.1% |
| Return on tangible equity | 0.1% | 1.5% | β25.8% | β18.9% | β52.2% |
| Growth | |||||
| Revenue growth | β | 5.6% | 12.0% | β18.7% | β16.4% |
| Net income growth | β | 1,012.8% | β934.9% | β | β |
| EPS growth | β | β | β933.3% | β | β |
| Share count change | β | 0.0% | 0.1% | 1.1% | 0.2% |
| Financial health | |||||
| Debt / equity | β | 0.2x | 0.8x | 0.3x | 0.1x |
| Capital allocation | |||||
| Stock comp / revenue | 1.6% | 2.0% | 1.7% | 0.2% | 0.0% |
| Quality scores | |||||
| Piotroski F-score | β | β | 3.0 | 4.0 | 4.0 |
| Accruals ratio | β | β4.7% | β14.7% | β15.5% | β33.3% |
Source: SEC EDGAR XBRL filings (CIK 0001952976). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.