Here are the 10-K annual reports from Net Lease Office Properties (NLOP) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NLOP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NLOP filings page.
Net Lease Office Properties reported a larger 2025 net loss while advancing its sell-down and de‑leveraging strategy. Total revenues were $118.9 million versus $142.2 million in 2024, and net loss attributable to NLOP widened to $145.3 million, driven mainly by higher impairments and losses on property sales.
The company sold 14 properties in 2025 for $198.6 million in net proceeds and transferred one international asset in satisfaction of a $45.7 million non‑recourse mortgage. These sales, plus cash flow, allowed full repayment of its mezzanine loan and several mortgages, leaving $21.9 million of debt outstanding at year‑end.
As of December 31, 2025, NLOP owned 24 U.S. office properties totaling about 3.4 million net‑leased square feet, with 79.0% occupancy and annualized base rent of approximately $54.1 million. Cash generation remained solid, with 2025 funds from operations of $60.2 million and adjusted FFO of $73.8 million supporting sizable special cash distributions declared during 2025 and early 2026.