Net Lease Office Properties (NLOP)
Market Price (9/27/2026): $9.94 | Market Cap: $147.3 MilSector: Real Estate | Industry: Office REITs
Net Lease Office Properties (NLOP)
Market Price (9/27/2026): $9.94Market Cap: $147.3 MilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 194%, Dividend Yield is 225%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 190%, FCF Yield is 33% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 64%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 64% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Future of Work, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Flexible Office Solutions, Show more. | Weak multi-year price returns2Y Excs Rtn is -34% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -35%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -22%, Rev Chg QQuarterly Revenue Change % is -78% Key risksNLOP key risks include [1] an inability to sell its properties, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 194%, Dividend Yield is 225%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 190%, FCF Yield is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 64%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 64% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Future of Work, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Flexible Office Solutions, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -34% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -35%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -22%, Rev Chg QQuarterly Revenue Change % is -78% |
| Key risksNLOP key risks include [1] an inability to sell its properties, Show more. |
Qualitative Assessment
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Net Lease Office Properties (NLOP) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Significant Deterioration in Fiscal Q2 2026 Financial Performance.
Net Lease Office Properties experienced a substantial decline in its financial results for fiscal Q2 2026 (ended June 30, 2026), reporting a revenue of $6.36 million, a 78.2% decrease from $29.17 million in the prior year's comparable quarter. The company also posted a net loss of $6.19 million, or $0.42 per diluted share, which included a $7.09 million real estate impairment.
2. Default on a $21.9 Million Mortgage Loan.
A critical financial concern emerged when a $21.9 million non-recourse mortgage on the Intuit property was not repaid upon its maturity on July 6, 2026. This default immediately subjected the loan to an additional 5.0% default interest, on top of the 7.0% base rate, and granted the lender the right to initiate foreclosure proceedings on the vacant collateral property.
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Net Lease Office Properties (NLOP) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Significant Deterioration in Fiscal Q2 2026 Financial Performance.
Net Lease Office Properties experienced a substantial decline in its financial results for fiscal Q2 2026 (ended June 30, 2026), reporting a revenue of $6.36 million, a 78.2% decrease from $29.17 million in the prior year's comparable quarter. The company also posted a net loss of $6.19 million, or $0.42 per diluted share, which included a $7.09 million real estate impairment.
2. Default on a $21.9 Million Mortgage Loan.
A critical financial concern emerged when a $21.9 million non-recourse mortgage on the Intuit property was not repaid upon its maturity on July 6, 2026. This default immediately subjected the loan to an additional 5.0% default interest, on top of the 7.0% base rate, and granted the lender the right to initiate foreclosure proceedings on the vacant collateral property.
3. Continued Portfolio Contraction and Reduced Cash Flow.
NLOP's strategic asset disposition program led to a material reduction in its operational scale, with annualized base rent (ABR) decreasing from $54.1 million at December 31, 2025, to $24.76 million by June 30, 2026. This contraction, coupled with portfolio occupancy falling to 68.4%, signaled a significant reduction in the company's recurring rental cash flow and future revenue-generating capacity.
4. Unfavorable Lease Amendment for Multiple Properties.
In July 2026, Net Lease Office Properties extended leases for four Radiate/Grande properties until June 30, 2041; however, this came at the cost of a reduction in the aggregate Annualized Base Rent (ABR) for these properties, from $2.2 million to $1.8 million, effective July 1, 2026. This reduction in rental income, despite the extended lease term, negatively impacts the company's overall revenue stream.
5. Negative Analyst Sentiment and Technical Signals.
As of September 11, 2026, Net Lease Office Properties was flagged as a "Sell Candidate" by StockInvest.us, receiving a technical score of -3.66. This assessment was based on negative technical signals from both short-term and long-term Moving Averages and the Moving Average Convergence Divergence (MACD), indicating a weak outlook for the stock.
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Stock Movement Drivers
Fundamental Drivers
The -17.3% change in NLOP stock from 5/31/2026 to 9/26/2026 was primarily driven by a -23.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.01 | 9.93 | -17.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 99 | 76 | -23.1% |
| P/S Multiple | 1.8 | 1.9 | 7.5% |
| Shares Outstanding (Mil) | 15 | 15 | 0.0% |
| Cumulative Contribution | -17.3% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| NLOP | -17.3% | |
| Market (SPY) | 2.2% | 9.5% |
| Sector (XLRE) | -4.7% | 30.3% |
Fundamental Drivers
The -5.9% change in NLOP stock from 2/28/2026 to 9/26/2026 was primarily driven by a -36.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.55 | 9.93 | -5.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 119 | 76 | -36.2% |
| P/S Multiple | 1.3 | 1.9 | 47.4% |
| Shares Outstanding (Mil) | 15 | 15 | 0.0% |
| Cumulative Contribution | -5.9% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| NLOP | -5.9% | |
| Market (SPY) | 13.0% | 13.9% |
| Sector (XLRE) | -3.7% | 14.1% |
Fundamental Drivers
The -5.3% change in NLOP stock from 8/31/2025 to 9/26/2026 was primarily driven by a -35.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.49 | 9.93 | -5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 118 | 76 | -35.4% |
| P/S Multiple | 1.3 | 1.9 | 46.6% |
| Shares Outstanding (Mil) | 15 | 15 | 0.0% |
| Cumulative Contribution | -5.3% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| NLOP | -5.3% | |
| Market (SPY) | 20.9% | 14.1% |
| Sector (XLRE) | 1.6% | 14.2% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| NLOP | ||
| Market (SPY) | 77.8% | 24.5% |
| Sector (XLRE) | 24.4% | 28.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NLOP Return | - | - | 80% | 69% | 6% | -6% | 201% |
| Peers Return | 16% | -47% | -6% | -13% | -29% | -5% | -66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| NLOP Win Rate | - | - | 100% | 58% | 67% | 44% | |
| Peers Win Rate | 53% | 32% | 45% | 50% | 43% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| NLOP Max Drawdown | - | - | - | -18% | -19% | -33% | |
| Peers Max Drawdown | -19% | -55% | -52% | -40% | -51% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ONL, FSP, HPP, HIW, BXP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | NLOP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.2% | -18.8% |
| % Gain to Breakeven | 23.8% | 23.1% |
| Time to Breakeven | 70 days | 79 days |
In The Past
Net Lease Office Properties's stock fell -19.2% during the 2025 US Tariff Shock. Such a loss loss requires a 23.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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In The Past
Net Lease Office Properties's stock fell -19.2% during the 2025 US Tariff Shock. Such a loss loss requires a 23.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Net Lease Office Properties (NLOP)
Net Lease Office Properties (NLOP) is a real estate investment trust (REIT) primarily engaged in the acquisition, ownership, and management of a portfolio of single-tenant office properties. The company specializes in leasing these properties under long-term, triple-net lease agreements. Under a triple-net lease, the tenant is responsible for most property-related expenses, including real estate taxes, building insurance, and maintenance costs, in addition to paying rent. This structure aims to provide NLOP with a stable and predictable stream of rental income with minimal landlord operating expenses.
The core business strategy of NLOP revolves around generating consistent cash flow through these net lease arrangements. Its property portfolio is often diversified across various geographic locations and leased to creditworthy tenants, including large corporations and governmental entities. By focusing on single-tenant properties with strong tenants and long lease terms, NLOP seeks to mitigate risk and ensure a reliable revenue stream for its shareholders.
NLOP's primary customers are corporate and governmental organizations seeking stable, long-term office space solutions without the responsibilities of property ownership. The company operates within the commercial real estate market, specifically targeting the office property sector, where its net lease model appeals to tenants looking for operational flexibility and predictable occupancy costs.
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- Office Property Leasing: The company leases single-tenant office properties under net lease agreements to corporate tenants.
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Net Lease Office Properties (NLOP) is a real estate investment trust (REIT) that owns and leases office properties under a net lease structure. As such, its major customers are the corporate entities that lease space in its portfolio of properties.
As of its latest public filings (e.g., Form 10-K for the fiscal year ended December 31, 2023), Net Lease Office Properties leases its 59 properties to a diverse group of 33 tenants. The company does not publicly disclose the specific names of its individual tenants, including its major customers, in its financial reports or investor presentations.
However, NLOP does provide aggregated information regarding its tenant concentration, identifying its major customers by their contribution to the company's annualized base rent (ABR):
- The top 10 tenants collectively account for approximately 49.3% of NLOP's ABR.
- The single largest tenant accounts for approximately 6.9% of ABR and is based in Finland.
- The second largest tenant accounts for approximately 6.5% of ABR and is based in Germany.
- The third largest tenant accounts for approximately 5.7% of ABR and is based in the U.S.
These tenants are other companies operating across various industries, utilizing the leased office spaces for their business operations.
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Jason E. Fox, Chairman, Trustee and Chief Executive Officer
Jason E. Fox was appointed Chairman, Trustee and Chief Executive Officer of Net Lease Office Properties in 2023. In addition to his role at NLOP, Mr. Fox currently serves as Chief Executive Officer, President, and Board Member of W. P. Carey. He joined W. P. Carey in 2002, where he played a central role in building and leading the company's investment platform, holding senior leadership positions across the Investments Team, including Co-Head of Global Investments (2012) and Head of Global Investments (2015). In these roles, he was responsible for sourcing, negotiating, and structuring acquisitions across North America and Europe. Prior to joining W. P. Carey, Mr. Fox worked at the Spectrem Group, a consulting and M&A advisory firm in San Francisco, and also spent two years teaching mathematics and physics at The Hotchkiss School in Connecticut.
ToniAnn Sanzone, Chief Financial Officer
ToniAnn Sanzone was appointed Chief Financial Officer of Net Lease Office Properties in 2023. She also serves as Chief Financial Officer of W. P. Carey, a position she has held since 2017 (and on an interim basis from 2016-2017). Ms. Sanzone joined W. P. Carey in 2013 and is responsible for overseeing financial and risk functions, including accounting, reporting, corporate finance, IT, internal audit, tax, and treasury, across the U.S. and Europe. She is a Certified Public Accountant.
Brian H. Zander, Chief Accounting Officer
Brian H. Zander serves as the Chief Accounting Officer for Net Lease Office Properties.
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- Challenges in Property Disposition and Decreased Property Values: NLOP's core strategy relies on selling its real estate assets. A significant risk is the inability to sell properties at favorable prices or on acceptable terms due to the inherent illiquidity of real estate investments. Factors such as changes in general economic conditions, local market dynamics, supply and demand for office properties, and increased competition can adversely affect property values and the feasibility of timely dispositions. Weak sales realizations have already been observed for some properties. Delays in selling properties can also lead to increased interest expenses, further eroding liquidation value.
- Lease Expirations and Vacancy Risk: A substantial portion of NLOP's annualized base rent (ABR) comes from leases set to expire in the near future. As of December 31, 2025, approximately 21.7% of the ABR was comprised of tenants with leases expiring within the next two years. If tenants opt not to renew their leases, terminate early, or default on their obligations, NLOP may experience difficulties and delays in re-leasing the vacant space or finding new buyers. The ongoing shift toward remote and hybrid work models further exacerbates this risk by potentially decreasing overall demand for office space, which can negatively impact occupancy rates and property values.
- Interest Rate Risk: Fluctuations in interest rates pose a significant risk to NLOP's disposition strategy and property valuations. Higher interest rates can make it more challenging for potential buyers to secure financing for acquisitions, which could lead to lower sale prices for NLOP's properties. Furthermore, if NLOP experiences delays in selling its assets, the impact of its existing high-interest debt could be compounded, potentially affecting its financial condition if significant debt repayments cannot be made from asset sales.
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Net Lease Office Properties (NLOP) is currently engaged in a strategic plan centered on asset dispositions and returning capital to shareholders, rather than expanding its portfolio. Despite an overall decline in revenue due to this strategy, certain aspects of their ongoing asset management for the remaining properties could be considered drivers for optimizing future revenue generation from their stabilized portfolio over the next 2-3 years.
Here are 3 expected drivers of future revenue generation for Net Lease Office Properties:
-
Optimized Lease Renewals and New Leasing on Remaining Properties: NLOP focuses on managing its existing portfolio, which includes securing new leases and renewing current leases. For example, the company has successfully signed new leases for 66,832 square feet with a weighted average term of 9.5 years. Additionally, lease renewals and extensions have covered 1.2 million square feet, achieving a 91.9% rent recapture and a 7-year weighted average incremental term. These efforts aim to stabilize and maximize rental income from the properties NLOP continues to hold, ensuring consistent cash flows from these assets.
-
Strategic Asset Management to Maintain Occupancy and Rental Rates: The company's strategy involves value realization through active asset management of its remaining properties. This includes efforts to maintain high occupancy rates and secure competitive rental rates for its diverse portfolio, which consists of 20 properties, 2 million square feet, and 13 tenants across various sectors including government, advertising, insurance, software, and cable. Effective asset management ensures the optimal performance and revenue generation from these retained properties.
-
Capital Expenditures to Enhance and Maintain Property Value: While the primary focus is on dispositions, NLOP also plans to reinvest in its properties through capital expenditures as needed. These investments are crucial for maintaining the quality and appeal of the remaining office assets. By enhancing property value and functionality, NLOP can support favorable rental rates, encourage tenant retention, and potentially attract new tenants, thereby optimizing the revenue stream from its core portfolio.
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Net Lease Office Properties (NLOP) was spun off from Industrial Logistics Properties Trust (ILPT) on October 26, 2023, making its capital allocation decisions primarily from late 2023 onwards.
Share Repurchases
There is no information available regarding share repurchases made or authorized by Net Lease Office Properties over the last 3-5 years.
Share Issuance
- On November 1, 2023, Net Lease Office Properties was established through a spin-off from W. P. Carey Inc. (WPC), resulting in the issuance of one NLOP common share for every 15 shares of W. P. Carey common stock. This led to 14,261,721 NLOP shares outstanding as of November 1, 2023.
- In December 2023, NLOP authorized a common share dividend of $0.34 per share, giving shareholders the option to elect to receive their dividend in cash or additional NLOP shares.
Inbound Investments
There is no information available regarding large inbound investments made in Net Lease Office Properties by third-parties over the last 3-5 years. The company's business plan focuses on strategic asset disposition.
Outbound Investments
Net Lease Office Properties' business plan is centered on the strategic disposition of its office property portfolio, rather than making strategic investments in other companies.
Capital Expenditures
- Net Lease Office Properties plans to use proceeds generated from its property dispositions to reinvest in its properties through capital expenditures as needed.
Peer Outperformance in Office REITs
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 14.6% | 61.7% | 61.2% | WELL 215% · DHC 156% · CTRE 130% |
| Retail REITs | 22 | 7.8% | 39.7% | 30.7% | IVT 1490% · SKT 148% · SPG 99% |
| Real Estate Development | 6 | -19.4% | 22.4% | 18.5% | JOE 58% · AXR 44% · FOR 38% |
| Other Specialized REITs | 11 | 5.6% | 24.6% | 14.3% | IRM 206% · LAMR 59% · EPR 58% |
| Hotel & Resort REITs | 16 | 34.3% | 35.6% | 4.4% | HST 67% · RHP 62% · DRH 47% |
| Industrial REITs | 11 | 17.6% | 27.2% | 4.3% | EGP 40% · FR 33% · PLD 22% |
| Diversified REITs | 12 | 8.9% | 35.7% | -6.5% | CTO 74% · LXP 24% · WPC 20% |
| Single-Family Residential REITs | 4 | -4.6% | 1.4% | -15.6% | AMH -8% · ELS -13% · INVH -18% |
| Multi-Family Residential REITs | 13 | -4.6% | 6.4% | -20.7% | AIV 5% · ESS 2% · BRT -6% |
| Real Estate Services | 26 | -19.4% | -3.2% | -29.5% | REAX 779% · CHCI 284% · MLP 54% |
| Office REITs ← | 18 | -10.9% | 26.5% | -33.5% | PSTL 75% · CDP 52% · HIW -4% |
| Telecom Tower REITs | 3 | -12.3% | -9.8% | -46.2% | AMT -28% · SBAC -46% · CCI -51% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Net Lease Office Properties Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.79 |
| Mkt Cap | 0.4 |
| Rev LTM | 478 |
| Op Inc LTM | 13 |
| FCF LTM | 80 |
| FCF 3Y Avg | 85 |
| CFO LTM | 88 |
| CFO 3Y Avg | 96 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.8% |
| Rev Chg 3Y Avg | -9.2% |
| Rev Chg Q | -1.1% |
| QoQ Delta Rev Chg LTM | -0.3% |
| Op Inc Chg LTM | 17.5% |
| Op Inc Chg 3Y Avg | -26.2% |
| Op Mgn LTM | 13.8% |
| Op Mgn 3Y Avg | 11.2% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 26.2% |
| CFO/Rev 3Y Avg | 31.6% |
| FCF/Rev LTM | 25.2% |
| FCF/Rev 3Y Avg | 25.2% |
Price Behavior
| Market Price | $9.93 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 11/02/2023 | |
| Distance from 52W High | -33.0% | |
| 50 Days | 200 Days | |
| DMA Price | $11.31 | $11.31 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -12.2% | -12.2% |
| 3M | 1YR | |
| Volatility | 23.6% | 48.0% |
| Downside Capture | 114.72 | 83.44 |
| Upside Capture | 18.78 | 62.67 |
| Correlation (SPY) | 8.2% | 14.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.43 | 0.26 | 0.09 | 0.61 | 0.52 | 0.05 |
| Up Beta | 0.45 | -0.24 | -0.51 | 0.14 | 0.36 | -0.16 |
| Down Beta | -2.14 | -0.62 | -0.01 | -0.02 | 0.13 | -0.15 |
| Up Capture | 38% | 58% | 21% | 94% | 59% | 91% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 19 | 25 | 63 | 124 | 345 |
| Down Capture | 130% | 81% | 52% | 103% | 81% | 85% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 21 | 36 | 61 | 122 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NLOP | |
|---|---|---|---|---|
| NLOP | -4.3% | 47.8% | 0.04 | - |
| Sector ETF (XLRE) | 2.7% | 14.1% | -0.05 | 14.1% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 14.0% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | -5.7% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | -22.2% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 15.2% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 7.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NLOP | |
|---|---|---|---|---|
| NLOP | 24.7% | 44.4% | 0.98 | - |
| Sector ETF (XLRE) | 1.0% | 19.1% | -0.05 | 28.1% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 24.5% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | -1.0% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | -4.0% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 29.7% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 11.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NLOP | |
|---|---|---|---|---|
| NLOP | 11.6% | 44.4% | 0.98 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.25 | 28.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 24.5% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -1.0% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | -4.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 29.7% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 11.6% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/17/2023 | 10-Q |
| 06/30/2023 | 10/04/2023 | 10-12B/A |
| 12/31/2021 | 11/14/2022 | DRS |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/17/2023 | 10-Q |
| 06/30/2023 | 10/04/2023 | 10-12B/A |
| 12/31/2021 | 11/14/2022 | DRS |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pinola, Richard J | Direct | Buy | 9252025 | 29.49 | 1,012 | 29,842 | 389,856 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pinola, Richard J | Direct | Buy | 9252025 | 29.49 | 1,012 | 29,842 | 389,856 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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