Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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 (NLOP) reported $21.285 million in revenue for the nine months ended September 30, 2026, versus $88.171 million a year earlier, reflecting property dispositions and lower other lease-related income. It recorded $18.155 million of net income attributable to NLOP, compared with a $145.209 million loss, as lower impairment charges, larger gains on property sales and lower interest expense outweighed disposition-related revenue reductions and an $11.0 million non-cash credit-loss allowance. Net cash provided by operating activities was $10.677 million, down from $42.157 million.
NLOP sold eight properties for $154.4 million of proceeds net of selling costs during the nine-month period, and had 16 properties, nine tenants and 68.9% occupancy at September 30, 2026. It repaid its final non-recourse mortgage on August 31, 2026; the loan had $21.9 million outstanding at December 31, 2025. On November 4, 2026, NLOP declared a $1.50-per-share special cash distribution, approximately $22.2 million total, payable December 1, 2026, to holders of record November 16, 2026. A July 2026 amendment extended four Grande Communications leases to 2041 while reducing ABR from $2.2 million to $1.8 million.
Net Lease Office Properties reported $6.4 million in Q2 2026 revenue and a net loss attributable to NLOP of $6.2 million, while six‑month revenue was $15.4 million and net income $18.8 million, driven largely by property sales and lower impairment and interest expenses.
Total assets fell to $200.9 million at June 30, 2026 from $453.4 million at year‑end 2025, and shareholders’ equity declined to $163.8 million after $224.4 million of special cash distributions year‑to‑date. Since January 1, 2025 the company has sold 21 properties for $340.3 million, including six in the first half of 2026 for $128.0 million of proceeds and $33.2 million of gains. As of June 30, 2026 the portfolio comprised 18 properties with annualized base rent of $24.8 million, occupancy of 68.4%, 31.6% of square footage vacant, and a weighted‑average lease term of 2.7 years. Debt now consists of a single $21.9 million non‑recourse mortgage at 7.0% interest that was not repaid at its July 6, 2026 maturity, is accruing an additional 5.0% default interest, and is secured by a property that is vacant as of the report date.
Net Lease Office Properties reported first-quarter 2026 net income attributable to NLOP of $24.998 million, or $1.69 per share, up from $0.492 million a year earlier, mainly from a $32.6 million gain on property sales. Total revenues fell to $9.0 million from $29.2 million as the company sold assets and its portfolio shrank.
During the quarter NLOP sold six properties for net proceeds of $127.5 million, contributing to a portfolio of 18 properties with $25.8 million in annualized base rent, 73.1% occupancy, and a 2.9-year weighted-average lease term. Funds from operations turned negative at $(5.4) million, and AFFO declined to $6.1 million, reflecting lower rental income and a non-cash credit loss allowance.
NLOP paid sizable special cash distributions, including $6.75 and $3.30 per share declared in January and March 2026, totaling about $149 million this quarter. At March 31, 2026, the company held $70.6 million of cash and a single non-recourse mortgage of $21.9 million at a 7.0% rate maturing in July 2026. The board later approved cutting the annual base administrative reimbursement to its external advisor from $4.0 million to $2.0 million, effective July 1, 2026.
Net Lease Office Properties (NLOP) reported Q3 2025 results showing continued portfolio repositioning and de‑leveraging alongside impairments. Total revenue was $29.8 million (vs. $31.5 million a year ago). The company recorded a net loss of $64.2 million, driven by $50.9 million of impairment charges and a $23.7 million loss on sale of real estate.
For the nine months, revenue was $88.2 million with a net loss of $145.2 million, including $133.6 million of impairments. Interest expense declined to $11.8 million from $60.3 million as NLOP fully repaid its mezzanine loan during the period. Operating cash flow was $42.2 million, investing cash inflow $62.2 million, and financing outflow $132.4 million.
NLOP exited international holdings, reclassifying $40.5 million of currency translation losses into loss on sale. The Board declared a special cash distribution of $3.10 per share (~$45.9 million). The portfolio stood at 32 properties, 82.2% occupancy, and a 4.3‑year weighted‑average lease term; ABR was $72.6 million. A lease termination in Oak Creek generated a $13.0 million payment (with $4.8 million recognized in Q3).