Here are 1-2 brief analogies to describe Net Lease Office Properties (NLOP):

1. It's like Realty Income (O), but specialized exclusively in office properties and their long-term, low-maintenance net leases.
2. Think of it as an office building landlord akin to Boston Properties (BXP), but with a specific focus on "net leases" where the tenants are responsible for most operating expenses.

• Office Property Leasing: Providing office buildings and spaces to tenants under long-term, triple-net lease agreements.

Net Lease Office Properties (NLOP) is a real estate investment trust (REIT) that owns and leases high-quality office properties, primarily under net lease agreements. Therefore, its major customers are the tenant companies that lease space in its properties.

Based on recent investor presentations and filings (e.g., Q4 2023 Earnings Presentation), the company's major customers (tenants) include:

• FedEx Corporation (NYSE: FDX)
• PricewaterhouseCoopers LLP (PwC is a private company)
• CGI Inc. (NYSE: CGI)
• The Bank of New York Mellon Corporation (NYSE: BK)
• Broadridge Financial Solutions, Inc. (NYSE: BR)

The Necessity Retail REIT, Inc. (RTL)

Jason E. Fox Chief Executive Officer & Chair of the Board

Jason E. Fox was appointed Chief Executive Officer of Net Lease Office Properties and Chair of the Board of Trustees in 2023. He also serves as Chief Executive Officer, President, and Board Member of W. P. Carey, which he joined in 2002. During his tenure at W. P. Carey, Mr. Fox has overseen more than $10 billion in acquisitions. Before joining W. P. Carey, he worked at the Spectrem Group, a consulting and M&A advisory firm, and taught mathematics and physics at The Hotchkiss School. Mr. Fox has headed eight different companies, primarily within the W. P. Carey investment structure, including serving as Chairman of Carey Watermark Investors 2, Inc. and President of Corporate Property Associates 15, Inc. W. P. Carey engages in private equity financing for its acquisitions, indicating his involvement with private equity-backed entities.

Toni Sanzone Chief Financial Officer

Toni Sanzone was appointed Chief Financial Officer of Net Lease Office Properties in 2023. She has also served as Chief Financial Officer of W. P. Carey since 2017, having joined the firm in 2013. At W. P. Carey, Ms. Sanzone is responsible for overseeing financial and risk mitigation functions in the U.S. and Europe, including accounting and financial reporting, information technology, internal audit, tax, and treasury. Prior to her time at W. P. Carey, Ms. Sanzone was Corporate Controller at iStar Inc., a publicly traded REIT that was acquired by Safehold in 2023, from 2006 to 2013. She also held various accounting and financial reporting roles at Bed Bath & Beyond Inc. from 2004 to 2006 and worked in assurance and advisory services at Deloitte LLP. She is a Certified Public Accountant licensed in New York.

Brian H. Zander Chief Accounting Officer

Brian H. Zander serves as the Chief Accounting Officer of Net Lease Office Properties. He also holds the position of Chief Accounting Officer at W. P. Carey Inc. He joined W. P. Carey in 2017 as Global Corporate Controller and became Chief Accounting Officer in 2018. Prior to joining W. P. Carey, he was Senior Vice President, Corporate Controller at American Realty Capital Properties (now VEREIT, a Realty Income company). He also held roles as Corporate Controller at New Senior Investment Group Inc. and Assistant Corporate Controller at New York REIT. Mr. Zander began his career in public accounting at KPMG LLP.

John D. Miller Chief Investment Officer

John D. Miller is the Chief Investment Officer of W. P. Carey and is responsible for leading the company's global investment activities. Net Lease Office Properties is externally managed and advised by wholly owned affiliates of W. P. Carey. He joined W. P. Carey in 2004. Prior to this, Mr. Miller was a founder and former President of StarVest Partners, a private equity/venture capital firm. He also served as President of Rothschild Ventures Inc., the private investments unit of Rothschild North America, and was Co-Chair of the Rothschild Recovery Fund L.P. Before joining Rothschild in 1995, he was with two private equity firms, Credit Suisse First Boston's Clipper Group and Starplough Inc.

Jean E. Hoysradt Independent Trustee & Chair of the Nominating and Corporate Governance Committee

Jean E. Hoysradt was appointed as an Independent Trustee, Chair of the Nominating and Corporate Governance Committee, and a member of the Audit and Compensation Committees of Net Lease Office Properties in 2023. She previously served on the W. P. Carey Board of Directors from March 2014 until October 2023.

The clear emerging threat to Net Lease Office Properties (NLOP) is the structural shift in demand for office space due to the widespread adoption of remote and hybrid work models. This trend, accelerated by the COVID-19 pandemic, is leading to companies re-evaluating their office footprint, reducing space requirements, and allowing employees greater flexibility regarding their physical work location. For NLOP, this translates into increased risk at lease expiration, potential difficulty in re-leasing properties at previous rates or sizes, elevated vacancy rates in the broader office market, and a decline in the long-term valuation of office assets. Evidence includes persistently high office vacancy rates in major markets, significant amounts of available sublease space, companies downsizing their physical presence, and a general softening of office market fundamentals across various geographies.

Net Lease Office Properties (NLOP) is a real estate investment trust (REIT) primarily engaged in the acquisition and management of single-tenant office properties under long-term net leases. The company's portfolio predominantly consists of office assets located in the U.S., with some properties in Europe.

The addressable market for NLOP's main products and services, which involves owning and leasing office properties, can be represented by the global office real estate market. This market was estimated at USD 1.64 trillion in 2025 and is projected to reach USD 2.05 trillion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.53% during this period.

Here are 3-5 expected drivers of future revenue growth for Net Lease Office Properties (NLOP) over the next 2-3 years:

1. Rent Increases and Positive Lease Spreads: NLOP aims to generate stable cash flows through its net lease arrangements. As existing leases expire, the company has the opportunity to renew them at higher rates or re-lease vacant space, leading to increased Annualized Base Rent (ABR). Recent investor presentations indicate instances where new or renewed leases have resulted in higher ABR compared to prior lease terms.
2. Improved Occupancy Rates: The company's business model emphasizes "optimizing portfolio occupancy". While the portfolio occupancy was 82.2% as of September 30, 2025, an increase in this rate by successfully leasing currently vacant office spaces would directly contribute to higher rental revenue.
3. Strategic Acquisitions of Net Lease Properties: Despite recent efforts focused on debt reduction through asset dispositions, NLOP's stated long-term strategy includes a "disciplined acquisition strategy designed to diversify its asset base by geography and industry sector" and "sourcing new opportunities" to achieve predictable income streams and long-term growth. Future acquisitions of high-quality, single-tenant office properties under long-term net leases would expand the company's revenue-generating asset base.

Share Repurchases

No information is available regarding share repurchases or authorizations for Net Lease Office Properties since its spin-off.

Share Issuance

• Net Lease Office Properties (NLOP) was formed on November 1, 2023, through a spin-off from W.P. Carey, with WPC shareholders receiving one NLOP common share for every 15 shares of WPC common stock held.
• As of October 31, 2025, approximately 14.8 million common shares of beneficial interest were outstanding.

Inbound Investments

• Net Lease Office Properties was established with a portfolio of 59 office properties, totaling approximately 9.2 million leasable square feet, transferred from W.P. Carey during the November 2023 spin-off.
• NLOP's business strategy is primarily focused on strategic asset management and the disposition of its existing property portfolio over time.

Outbound Investments (Asset Dispositions)

• NLOP's core business plan involves realizing value for shareholders through the disposition of its property portfolio.
• In November and December 2024, the company sold five office properties for total gross proceeds of $43.3 million.
• During Q2 2025, NLOP completed the sale of its JPM Tampa property for $25 million.
• NLOP has also exited its international holdings.

Capital Expenditures

• Net Lease Office Properties reported capital expenditures of $12.0 million for the full fiscal year 2024.
• Capital expenditures for Q2 2025 amounted to $889,000, representing a 45.99% decrease from the same period in the prior year.
• The primary focus of capital expenditures includes maintaining and renovating existing spaces to support leasing and disposition efforts within the challenging office property market.