Net Lease Office Properties (NYSE: NLOP) details Q4 cash flow, asset sales and special distributions

Rhea-AI Filing Summary

Net Lease Office Properties furnished supplemental data for the quarter ended December 31, 2025, highlighting continued execution of its asset-disposition strategy and large shareholder payouts. Quarterly revenues were $30.7 million, with a small net loss attributable to NLOP of $53 thousand, effectively breakeven on a per‑share basis.

Funds from operations attributable to NLOP were $15.6 million, while AFFO reached $22.0 million, or $1.49 per diluted share, supported by normalized pro rata cash NOI of $12.4 million. During the quarter, the company declared special cash distributions totaling $136.3 million, or $9.20 per share, and subsequently declared an additional special cash distribution of $6.75 per share, or about $100 million, paid in February 2026.

NLOP continued to shrink and reposition its portfolio, completing 2025 property dispositions with gross proceeds of $252.6 million and total dispositions of $659.1 million since inception, while paying down debt. As of December 31, 2025, total consolidated debt was $21.9 million versus gross assets of $516.0 million and an equity market capitalization of about $382.1 million.

Insights

REIT and real estate capital markets analyst

NLOP shows strong cash generation, heavy asset sales, and large special distributions while running with very low debt.

Net Lease Office Properties is methodically liquidating a legacy office portfolio and returning capital. In Q4 2025 it generated FFO of $15.6M and AFFO of $22.0M, against normalized pro rata cash NOI of $12.4M, indicating solid cash earnings from remaining leases.

The company has sold properties producing ABR of $97.0M for total gross proceeds of $777.3M since inception, using excess cash to fully repay $455M of J.P. Morgan debt and other obligations. As of December 31, 2025, only $21.9M of non‑recourse mortgage debt remains, with gross assets of $516.0M.

Distributions are central: cumulative special and other distributions have reached $19.39 per share, or about $287M, including a $6.75 per‑share special paid on February 17, 2026. Future outcomes will depend on pricing and timing of remaining asset sales, lease renewals, and managing vacancies disclosed in the portfolio tables, as the plan emphasizes continued dispositions and capital returns.

0001952976false00019529762026-02-252026-02-25

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 25, 2026

Net Lease Office Properties

(Exact Name of Registrant as Specified in its Charter)

Maryland						001-41812			92-0887849
(State or other jurisdiction of incorporation)						(Commission File Number)			(IRS Employer Identification No.)
One Manhattan West, 395 9th Avenue, 58th Floor
New York,			New York						10001
(Address of principal executive offices)									(Zip Code)

Registrant’s telephone number, including area code: (844) 656-7348

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares of Beneficial Interest, par value $0.001 per share

NLOP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On February 25, 2026, Net Lease Office Properties (the “Company”) made available certain unaudited supplemental financial information at December 31, 2025. A copy of this supplemental information is attached as Exhibit 99.1.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description
99.1						Supplemental financial information of the Company at December 31, 2025.
99.2						Investor presentation by the Company.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

									Net Lease Office Properties
Date:			February 25, 2026			By:			/s/ ToniAnn Sanzone
									ToniAnn Sanzone
									Chief Financial Officer

Exhibit 99.1

Net Lease Office Properties

Supplemental Financial Information

Fourth Quarter 2025

Terms and Definitions

As used in this supplemental package, the terms “Net Lease Office Properties,” “NLOP,” “we,” “us” and “our” include Net Lease Office Properties, its consolidated subsidiaries and its predecessors, unless otherwise indicated. Other terms and definitions are as follows:

REIT			Real estate investment trust
WPC			W. P. Carey Inc., a net-lease REIT (also our “Advisor”)
U.S.			United States
ABR			Contractual minimum annualized base rent
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
WALT			Weighted-average lease term
CPI			Consumer price index

Important Note Regarding Non-GAAP Financial Measures

This supplemental package includes certain “non-GAAP” supplemental measures that are not defined by generally accepted accounting principles (“GAAP”), including funds from operations (“FFO”); adjusted funds from operations (“AFFO”); pro rata cash net operating income (“pro rata cash NOI”); and normalized pro rata cash NOI. FFO is a non-GAAP measure defined by NAREIT. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are provided within this supplemental package. In addition, refer to the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of these non-GAAP financial measures and other metrics.

Amounts may not sum to totals due to rounding.

Net Lease Office Properties

Supplemental Information – Fourth Quarter 2025

Table of Contents

Summary Metrics			1
Components of Net Asset Value			2
Consolidated Statement of Operations			3
FFO and AFFO, Consolidated			4
Consolidated Balance Sheets			5
Capitalization and Debt Overview			6
Dispositions			7
Capital Expenditures and Leasing Activity			9
Top Ten Tenants			10
Lease Expirations			11
Property List			12
Appendix
Normalized Pro Rata Cash NOI			15
Disclosures Regarding Non-GAAP and Other Metrics			17

Net Lease Office Properties

Fourth Quarter 2025

Summary Metrics

As of or for the three months ended December 31, 2025.

Financial Results
Revenues, including reimbursable costs – consolidated ($000s)																					$	30,744
Net loss attributable to NLOP ($000s)																					(53)
Net loss attributable to NLOP per diluted share																					0.00
Normalized pro rata cash NOI ($000s) (a) (b)																					12,360
AFFO attributable to NLOP ($000s) (a) (b)																					22,004
AFFO attributable to NLOP per diluted share (a) (b)																					1.49
Special cash distributions declared, gross distributions – current quarter (in thousands) (c)																					$	136,289
Special cash distributions declared per share – current quarter (c)																					9.20
Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $25.79 ($000s)																					$	382,055
Total consolidated debt ($000s)																					21,900
Gross assets ($000s) (d)																					516,029
Total consolidated debt to gross assets																					4.2		%
Advisory Fees and Reimbursements Paid to WPC
Asset management fees (e)																					$	987
Administrative reimbursements (f)																					1,000
Portfolio (Pro Rata) (b)
ABR (in thousands) (g)																					$	54,122
Number of properties																					24
Number of tenants																					26
Occupancy																					79.0		%
Weighted-average lease term (in years)																					3.9
Leasable square footage (in thousands) (h)																					3,375
ABR from investment grade tenants as a % of total ABR (i)																					30.3		%
Dispositions – number of properties sold																					8
Dispositions – gross proceeds (in thousands) (j)																					$	133,574
Subsequent to Quarter End
Dispositions – number of properties sold																					4
Dispositions – gross proceeds (in thousands)																					$	118,223
Special cash distribution – gross distributions (in thousands) (k)																					$	99,995
Special cash distribution – per share (k)																					6.75

________

(a)Normalized pro rata cash NOI and AFFO are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures and for details on how certain non-GAAP measures are calculated.

(b)Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)In November 2025, our Board of Trustees declared a special cash distribution of $4.10 per share, totaling approximately $60.7 million. This distribution was paid on December 19, 2025 to shareholders of record as of December 4, 2025. In addition, in December 2025, our Board of Trustees declared a special cash distribution of $5.10 per share, totaling approximately $75.6 million. This distribution was paid on January 20, 2026 to shareholders of record as of January 2, 2026.

(d)Gross assets represent consolidated total assets before accumulated depreciation on buildings and improvements. Gross assets are net of accumulated amortization on in-place lease intangible assets of $33.1 million and above-market rent intangible assets of $7.2 million.

(e)Pursuant to certain advisory agreements, our Advisor provides us with strategic management services, including asset management, property disposition support, and various related services. We pay our Advisor an asset management fee that was initially set at an annual amount of $7.5 million and is being proportionately reduced following the disposition of each portfolio property.

(f)Pursuant to certain advisory agreements, we will reimburse our Advisor a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters.

(g)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

(h)Excludes 570,999 of operating square footage for a parking garage at a domestic property.

(i)Percentage of portfolio is based on ABR, as of December 31, 2025. Includes tenants or guarantors with investment grade ratings (19.5%) and subsidiaries of non-guarantor parent companies with investment grade ratings (10.8%). Investment grade refers to an entity with a rating of BBB- or higher from Standard & Poor’s Ratings Services or Baa3 or higher from Moody’s Investors Service. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

(j)Includes $24.8 million of gross proceeds used to repay a non-recourse mortgage loan in connection with a disposition.

(k)In January 2026, our Board of Trustees declared a special cash distribution of $6.75 per share, totaling approximately $100 million. This distribution was paid on February 17, 2026 to shareholders of record as of January 30, 2026.

 Net Lease Office Properties | 1

Net Lease Office Properties

Fourth Quarter 2025

Components of Net Asset Value

In thousands.

			Three Months Ended December 31, 2025
Normalized Pro Rata Cash NOI (a) (b)			$	12,360
Balance Sheet – Selected Information			As of December 31, 2025
Assets
Book value of select real estate (c)			$	25,647
Cash and cash equivalents			119,621
Restricted cash, including escrow			3,011
Other assets, net:
Straight-line rent adjustments			$	13,274
Accounts receivable			1,827
Deferred charges			1,064
Prepaid expenses			1,193
Taxes receivable			150
Other			3,291
Total other assets, net			$	20,799
Liabilities
Non-recourse mortgages, net			$	21,900
Dividends payable			75,552
Accounts payable, accrued expenses and other liabilities:
Non-refundable deposit (d)			$	20,000
Accounts payable and accrued expenses			8,455
Prepaid and deferred rents			5,732
Tenant security deposits			438
Accrued taxes payable			283
Operating lease liabilities			178
Other			21,018
Total accounts payable, accrued expenses and other liabilities			$	56,104

________

(a)Normalized pro rata cash NOI is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures and for details on how they are calculated.

(b)Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)Represents the value of real estate not appropriately captured in normalized pro rata cash NOI, such as vacant assets.

(d)Represents a non-refundable deposit for the sale of the KBR property in Houston, Texas, which was completed in January 2026, as described in the Summary Metrics section.

 Net Lease Office Properties | 2

Net Lease Office Properties

Fourth Quarter 2025

Consolidated Statement of Operations

In thousands, except share and per share amounts.

			Three Months Ended December 31, 2025
Revenues
Lease revenues			$	20,263
Income from finance leases			610
Other lease-related income			9,871
			30,744
Operating Expenses
Depreciation and amortization			7,488
Impairment charges — real estate			7,185
Reimbursable tenant costs			4,843
Property expenses, excluding reimbursable tenant costs			1,956
General and administrative (a)			1,700
Asset management fees (b)			987
			24,159
Other Income and Expenses
Other gains and (losses) (c)			(4,666)
Loss on sale of real estate, net			(1,054)
Interest expense			(936)
			(6,656)
Loss before income taxes			(71)
Benefit from income taxes			54
Net Loss			(17)
Net income attributable to noncontrolling interests			(36)
Net Loss Attributable to NLOP			$	(53)
Basic and Diluted Loss Per Share			$	0.00
Weighted-Average Shares Outstanding
Basic and Diluted			14,814,075

________

(a)Includes $1.0 million of administrative reimbursements to our Advisor.

(b)Amount comprises fees paid to Advisor for strategic management services, including asset management, property disposition support, and various related services.

(c)Amount includes a non-cash allowance for credit loss recorded on a net investment in a sales-type lease of $4.8 million.

 Net Lease Office Properties | 3

Net Lease Office Properties

Fourth Quarter 2025

FFO and AFFO, Consolidated

In thousands, except share and per share amounts.

			Three Months Ended December 31, 2025
Net loss attributable to NLOP			$	(53)
Adjustments:
Depreciation and amortization of real property			7,488
Impairment charges — real estate			7,185
Loss on sale of real estate, net			1,054
Proportionate share of adjustments for noncontrolling interests (a)			(52)
Total adjustments			15,675
FFO (as defined by NAREIT) Attributable to NLOP (b)			15,622
Adjustments:
Other (gains) and losses (c)			5,321
Straight-line and other leasing and financing adjustments			651
Above- and below-market rent intangible lease amortization, net			312
Other amortization and non-cash items			111
Proportionate share of adjustments for noncontrolling interests (a)			(13)
Total adjustments			6,382
AFFO Attributable to NLOP (b)			$	22,004
Summary
FFO (as defined by NAREIT) attributable to NLOP (b)			$	15,622
FFO (as defined by NAREIT) attributable to NLOP per diluted share (b)			$	1.05
AFFO attributable to NLOP (b)			$	22,004
AFFO attributable to NLOP per diluted share (b)			$	1.49
Diluted weighted-average shares outstanding			14,814,075

________

(a)Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.

(b)FFO and AFFO are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures.

(c)Amount includes a non-cash allowance for credit loss recorded on a net investment in a sales-type lease of $4.8 million.

 Net Lease Office Properties | 4

Net Lease Office Properties

Fourth Quarter 2025

Consolidated Balance Sheets

In thousands, except share and per share amounts.

			December 31,
			2025						2024
Assets
Investments in real estate:
Land, buildings and improvements			$	218,799					$	730,345
Net investments in finance leases			41,878						—
In-place lease intangible assets and other			45,160						209,968
Above-market rent intangible assets			10,760						30,512
Investments in real estate			316,597						970,825
Accumulated depreciation and amortization			(102,926)						(292,679)
Assets held for sale, net			96,269						29,297
Net investments in real estate			309,940						707,443
Cash and cash equivalents			119,621						25,121
Restricted cash			3,011						43,305
Other assets, net			20,799						29,200
Total assets			$	453,371					$	805,069
Liabilities and Equity
Debt:
Non-recourse mortgages, net			$	21,900					$	111,259
NLOP Mezzanine Loan, net			—						57,957
Debt, net			21,900						169,216
Accounts payable, accrued expenses and other liabilities			56,104						44,145
Below-market rent intangible liabilities, net			1,990						6,305
Dividends payable			75,552						—
Total liabilities			155,546						219,666
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued			—						—
Common stock, $0.001 par value, 45,000,000 shares authorized; 14,814,075 shares issued and outstanding			15						15
Additional paid-in capital			855,813						855,813
Distributions in excess of accumulated earnings			(561,917)						(234,443)
Accumulated other comprehensive loss			—						(40,157)
Total shareholders' equity			293,911						581,228
Noncontrolling interests			3,914						4,175
Total equity			297,825						585,403
Total liabilities and equity			$	453,371					$	805,069

 Net Lease Office Properties | 5

Net Lease Office Properties

Fourth Quarter 2025

Capitalization and Debt Overview

Capitalization

In thousands, except share and per share amounts. As of December 31, 2025.

Total Enterprise Value												Shares						Share Price						Market Value
Equity
Common equity												14,814,075						$	25.79					$	382,055
Total Equity Market Capitalization																								382,055
																								Outstanding Balance
Debt
Non-recourse mortgages																								21,900
Total Debt																								21,900
Less: Cash and cash equivalents																								(119,621)
Net Debt																								(97,721)
Total Enterprise Value																								$	284,334

Debt Overview

Dollars in thousands. Pro rata. As of December 31, 2025.

Maturity Date

Fixed / Floating

Interest Rate

Total Outstanding Balance

Mortgages (Tenant Listed)

Intuit

7/6/2026

Fixed

7.0

%

$

21,900

 Net Lease Office Properties | 6

Net Lease Office Properties

Fourth Quarter 2025

Dispositions

Dollars in thousands. Pro rata.

Tenant						Property Location(s)						Gross Sale Price						ABR (a)						Closing Date						Gross Square Footage
4Q23
Raytheon						Tucson, AZ						$	24,575					$	1,978					Dec-23						143,650
Carhartt						Dearborn, MI						9,806						748						Dec-23						58,722
BCBSM						Eagan, MN						2,500						298						Dec-23						29,916
AVL						Plymouth, MI						6,200						575						Dec-23						70,000
4Q23 Total												43,081						3,599												302,288
1Q24
Undisclosed – UK insurance company (b)						Newport, United Kingdom						10,497						1,761						Jan-24						80,664
TotalEnergies (b)						Stavanger, Norway						33,072						5,185						Mar-24						275,725
1Q24 Total												43,569						6,946												356,389
2Q24
Exelon (c)						Warrenville, IL						19,830						2,935						Apr-24						146,745
Vacant (formerly AVT Technology Solutions) (c)						Tempe, AZ						13,160						—						Apr-24						132,070
FedEx						Collierville, TN						62,500						5,491						Apr-24						390,380
DMG MORI						Hoffman Estates, IL						35,984						2,458						Apr-24						104,598
BCBSM (2 properties)						Eagan, MN						60,700						4,663						Jun-24						347,472
2Q24 Total												192,174						15,547												1,121,265
3Q24
CVS Health						Scottsdale, AZ						71,500						4,252						Aug-24						354,888
Henniges Automotive (Xileh)						Auburn Hills, MI						9,000						711						Sep-24						55,490
3Q24 Total												80,500						4,963												410,378
4Q24
E.On (b)						Houghton le Spring, United Kingdom						3,924						3,819						Oct-24						217,339
Vacant (formerly BCBSM)						Eagan, MN						11,650						—						Nov-24						227,666
Merative						Hartland, WI						6,750						669						Dec-24						81,082
Charter Communications						Bridgeton, MO						7,350						820						Dec-24						78,080
CVS Caremark						Chandler, AZ						15,000						1,645						Dec-24						183,000
Cofinity / Aetna						Southfield, MI						2,500						1,833						Dec-24						94,453
4Q24 Total												47,174						8,786												881,620
Total 2023-2024 Dispositions												$	406,498					$	39,841											3,071,940

 Net Lease Office Properties | 7

Net Lease Office Properties

Fourth Quarter 2025

Dispositions (continued)

Dollars in thousands. Pro rata.

Tenant / Lease Guarantor						Property Location(s)						Gross Sale Price						ABR (a)						Closing Date						Gross Square Footage
1Q25
Emerson						Houston, TX						4,180						1,108						Mar-25						52,144
Nokia (b)						Krakow, Poland						5,595						779						Mar-25						53,400
1Q25 Total												9,775						1,887												105,544
2Q25
Vacant (formerly McKesson Corporation)						The Woodlands, TX						16,300						—						May-25						204,063
2Q25 Total												16,300						—												204,063
3Q25
JPMorgan Chase						Tampa, FL						25,180						3,053						Jul-25						176,150
Acosta						Jacksonville, FL						10,550						1,541						Aug-25						88,062
Siemens (b) (c)						Oslo, Norway						45,694						4,842						Sep-25						165,905
MISO						Eagan, MN						11,500						1,148						Sep-25						60,463
3Q25 Total												92,924						10,584												490,580
4Q25
Thermo Fisher Scientific						Morrisville, NC						33,000						4,063						Nov-25						219,812
Securitas						Plymouth, MN						5,654						1,218						Nov-25						182,250
JPMorgan Chase						Tampa, FL						13,650						1,934						Dec-25						135,733
Veritas						Roseville, MN						14,625						2,255						Dec-25						136,125
Vacant (formerly Master Lock)						Oak Creek, WI						2,576						—						Dec-25						120,883
Pioneer Credit Recovery						Moorestown, NJ						6,069						931						Dec-25						65,567
JPMorgan Chase						Fort Worth, TX						33,000						4,850						Dec-25						386,154
Northrop Grumman						Plymouth, MN						25,000						2,679						Dec-25						191,336
4Q25 Total												133,574						17,930												1,437,860
Total 2025 Dispositions												252,573						30,401												2,238,047
Total Dispositions (d)												$	659,071					$	70,242											5,309,987

________

(a)ABR is pro forma for any agreed to and signed future rent restructurings.

(b)Amount reflects the applicable exchange rate on the date of the transaction.

(c)We transferred ownership of these properties and the related non-recourse mortgage loans to the respective mortgage lender or buyer (as applicable). Gross proceeds from these dispositions represent the mortgage principal outstanding on the respective dates of transfer.

(d)In January and February 2026, we disposed of four properties, as described in the Summary Metrics section.

 Net Lease Office Properties | 8

Net Lease Office Properties

Fourth Quarter 2025

Capital Expenditures and Leasing Activity

Capital Expenditures

In thousands. For the three months ended December 31, 2025.

Tenant Improvements and Leasing Costs
Tenant Improvements (Tenant Listed)
Securitas			$	20
			20
Leasing Costs (Tenant Listed)
North American Lighting			541
Arcfield			23
			564
Tenant Improvements and Leasing Costs			584
Maintenance Capital Expenditures (Tenant Listed)
North American Lighting			715
KBR			255
Pioneer Credit Recovery			182
JPMorgan Chase			61
Google			18
			1,231
Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures			$	1,815

Leasing Activity

Dollars in thousands. For the three months ended December 31, 2025, except ABR. Pro rata.

New Leases																														Expected Tenant Improvements ($000s)						Leasing Commissions ($000s)
																								ABR
Tenant						Location						Square Feet						Number of Leases						New Lease ($000s) (a)																		New Lease Term
Five Labs (b)						Tampa, FL						25,317						1						$	684					$	1,013					$	470					10.2 years
Total / Weighted Average (c)												25,317						1						$	684					$	1,013					$	470					10.2 years

_______

(a)New lease amounts are based on in-place rents at time of lease commencement and exclude any free rent periods.

(b)This multi-tenant property was sold in December 2025.

(c)Weighted average refers to the new lease term.

 Net Lease Office Properties | 9

Net Lease Office Properties

Fourth Quarter 2025

Top Ten Tenants

Dollars in thousands. Pro rata. As of December 31, 2025.

Tenant						State / Country						ABR						ABR %						Square Footage						Number of Properties						Weighted-Average Lease Term (Years)
KBR (a) (b)						Texas						$	20,158					37.2		%				913,713						1						4.5
Iowa Board of Regents						Iowa						4,056						7.5		%				191,700						1						4.8
Omnicom						California						3,961						7.3		%				120,000						1						2.7
RRD						Illinois						3,461						6.4		%				167,215						1						1.7
Google (b)						California						3,108						5.7		%				67,681						1						4.8
Intuit						Texas						2,577						4.8		%				166,033						1						0.5
Grande Communications						Texas						2,407						4.5		%				134,009						5						2.7
Cenlar FSB						Pennsylvania						2,105						3.9		%				105,584						1						2.5
iHeart Communications						Texas						2,050						3.8		%				120,147						1						9.1
Arbella Insurance						Massachusetts						1,850						3.4		%				132,160						1						1.4
Total (c)												$	45,733					84.5		%				2,118,242						14						3.9

________

(a)Excludes 570,999 of operating square footage for a parking garage associated with the KBR property in Houston, Texas.

(b)These properties were sold in January 2026, as described in the Summary Metrics section.

(c)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

 Net Lease Office Properties | 10

Net Lease Office Properties

Fourth Quarter 2025

Lease Expirations

Dollars in thousands. Pro rata. As of December 31, 2025.

Year of Lease Expiration (a)						Number of Leases Expiring						Number of Tenants with Leases Expiring						ABR						ABR %						Square Footage (b)						Square Footage %
2026						7						7						$	6,188					11.4		%				409,351						12.1		%
2027						5						4						5,586						10.3		%				318,176						9.4		%
2028						6						5						8,745						16.2		%				371,471						11.0		%
2029						3						2						1,918						3.5		%				113,277						3.4		%
2030						5						5						27,375						50.6		%				1,175,257						34.8		%
2031						1						1						631						1.2		%				50,600						1.5		%
2035						1						1						2,050						3.8		%				120,147						3.6		%
2037						1						1						545						1.0		%				31,120						0.9		%
2041						1						1						1,084						2.0		%				75,286						2.3		%
Vacant						—						—						—						—		%				710,428						21.0		%
Total (c)						30												$	54,122					100.0		%				3,375,113						100.0		%

________

(a)Assumes tenants do not exercise any renewal options or purchase options.

(b)Excludes 570,999 of operating square footage for a garage at a domestic property.

(c)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

 Net Lease Office Properties | 11

Net Lease Office Properties

Fourth Quarter 2025

Property List

Dollars in thousands. Pro rata. As of December 31, 2025.

																																	Encumbered Status
#			Primary Tenant			Industry			Credit (a)			City			State			Square Footage (b)			ABR			Rent Increase Type			Date of Next Increase			WALT (c)			In-Place Mortgage Debt
1			KBR (sold on 1/15/26) (d) (e)			Construction & Engineering			Non-IG			Houston			Texas			1,064,788			$21,300			Fixed: One-time 7.78%			Jan-27			4.4			$—
2			Iowa Board of Regents (f)			Government Related Services			IG			Coralville			Iowa			191,700			$4,056			CPI: 0.0% Floor / No Cap			N/A			4.8			$—
3			Omnicom			Advertising			IG			Playa Vista			California			120,000			$3,961			None			N/A			2.7			$—
4			RRD			Commercial Printing			Non-IG			Warrenville			Illinois			167,215			$3,461			Fixed: 2.00% annually			Sep-26			1.7			$—
5			Google (sold on 1/8/26)			Internet Software & Services			IG			Venice			California			67,681			$3,108			Fixed: 3.00% annually			Nov-26			4.8			$—
6			Intuit			Internet Software & Services			IG			Plano			Texas			166,033			$2,577			Fixed: 'One-time $2.00/SF in '21			N/A			0.5			$21,900
7			Cenlar FSB			Regional Banks			Non-IG			Yardley			Pennsylvania			105,584			$2,105			Fixed: 2.50% annually			Jan-26			2.5			$—
8			iHeart Communications			Broadcasting			Non-IG			San Antonio			Texas			120,147			$2,051			Fixed: 2.00% annually			Feb-26			9.1			$—
9			Arbella Insurance			Property & Casualty Insurance			IG			Quincy			Massachusetts			132,160			$1,850			Fixed: 'One-time $1.00/SF in '22			N/A			1.4			$—
10			ICF (sold on 2/2/26)			IT Consulting & Other Services			Non-IG			Martinsville			Virginia			93,333			$1,830			CPI: 0.0% Floor / No Cap			Jan-26			1.1			$—
11			Safelite			Specialized Consumer Services			Non-IG			Rio Rancho			New Mexico			94,649			$1,527			Fixed: 2.00% annually			Jan-26			3.4			$—
12			Grande Communications			Cable & Satellite			Non-IG			San Marcos			Texas			47,000			$1,101			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.7			$—
13			North American Lighting			Auto Parts & Equipment			Non-IG			Farmington Hills			Michigan			75,286			$1,084			Fixed: 2.50% annually			Apr-27			15.2			$—
14			Arcfield (g)			Aerospace & Defense			Non-IG			King of Prussia			Pennsylvania			88,578			$1,000			Fixed: One-time 17.50% in '23			N/A			0.1			$—
15			APCO			Property & Casualty Insurance			Non-IG			Norcross			Georgia			50,600			$631			Fixed: 2.50% annually			Mar-26			5.2			$—
16			Undisclosed – multi-national provider of industrial gases (h)			Industrial Gases			IG			Houston			Texas			49,821			$629			Fixed: 2.00% annually			N/A			0.0			$—
17			S&ME (sold on 2/24/26)			Environmental & Facilities Services			Non-IG			Raleigh			North Carolina			31,120			$545			Fixed: 2.75% annually			Mar-26			11.2			$—
18			Grande Communications			Cable & Satellite			Non-IG			Waco			Texas			30,699			$484			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.7			$—
19			Grande Communications			Cable & Satellite			Non-IG			Corpus Christi			Texas			20,717			$363			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.7			$—
20			Grande Communications			Cable & Satellite			Non-IG			Odessa			Texas			21,193			$242			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.7			$—
21			Grande Communications			Cable & Satellite			Non-IG			San Marcos			Texas			14,400			$217			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.7			$—
22			Vacant (formerly BCBSM) (h)			N/A			N/A			Eagan			Minnesota			442,542			$0			N/A			N/A			0.0			$—
23			Vacant (formerly Bankers Financial) (h)			N/A			N/A			St. Petersburg			Florida			167,581			$0			N/A			N/A			0.0			$—
24			Vacant (formerly BCBSM) (h)			N/A			N/A			Eagan			Minnesota			12,286			$0			N/A			N/A			0.0			$—
Total (i)																		3,375,113			$54,122									3.9			$21,900

 Net Lease Office Properties | 12

________

_    Indicates an asset that was disposed of in January or February 2026, as described in the Summary Metrics section.

(a)“IG” refers to investment grade rated tenants.

(b)Excludes 570,999 of operating square footage for a parking garage associated with the KBR property in Houston, Texas.

(c)Assumes parties do not exercise any renewal or purchase options pursuant to their applicable leases.

(d)Denotes multi-tenant property. Primary tenant generating largest percentage of ABR shown. Industry, credit, rent increase type and next rent increase are for primary tenant.

(e)Denotes leased property that is not 100% occupied.

(f)We own a 90% controlling interest in this consolidated property.

(g)In January 2026, we entered into a side letter with the tenant to extend the lease term two months beyond its prior lease expiration of January 2026.

(h)Denotes property that is vacant as of the date of this filing.

(i)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

 Net Lease Office Properties | 13

Net Lease Office Properties

Appendix

Fourth Quarter 2025

 Net Lease Office Properties | 14

Net Lease Office Properties

Fourth Quarter 2025

Normalized Pro Rata Cash NOI

In thousands.

			Three Months Ended December 31, 2025
Consolidated Lease Revenues and Other
Total lease revenues – as reported			$	20,263
Income from finance leases – as reported			610
Parking garage revenues (a)			443
Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported			4,843
Non-reimbursable property expenses – as reported			1,956
			14,517
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Less: Pro rata share of NOI attributable to noncontrolling interests			(105)
			(105)
			14,412
Adjustments for Pro Rata Non-Cash Items:
Add: Straight-line and other leasing and financing adjustments			651
Add: Above- and below-market rent intangible lease amortization			312
Add: Other non-cash items			111
			1,074
Pro Rata Cash NOI (b)			15,486
Adjustment to normalize for intra-period dispositions (c)			(3,126)
Normalized Pro Rata Cash NOI (b)			$	12,360

 Net Lease Office Properties | 15

Net Lease Office Properties

Fourth Quarter 2025

The following table presents a reconciliation from Net loss attributable to NLOP to Normalized pro rata cash NOI:

			Three Months Ended December 31, 2025
Net Loss Attributable to NLOP
Net loss attributable to NLOP – as reported			$	(53)
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported			24,159
Less: Property expenses, excluding reimbursable tenant costs – as reported			(1,956)
			22,203
Adjustments for Other Consolidated Revenues and Expenses:
Less: Other lease-related income (excluding parking garage revenues)			(9,428)
Less: Reimbursable property expenses – as reported			(4,843)
Add: Other income and (expenses) – as reported			6,656
Add: Benefit from income taxes – as reported			(54)
			(7,669)
Other Adjustments:
Adjustment to normalize for intra-period dispositions (c)			(3,126)
Add: Straight-line and other leasing and financing adjustments			651
Add: Above- and below-market rent intangible lease amortization			312
Add: Property expenses, excluding reimbursable tenant costs, non-cash			111
Less: Adjustments for pro rata ownership			(69)
			(2,121)
Normalized Pro Rata Cash NOI (b)			$	12,360

________

(a)Amount comprises revenues from a parking garage at a domestic property and is included in Other lease-related income on our consolidated statements of operations.

(b)Pro rata cash NOI and normalized pro rata cash NOI are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics section that follows for a description of our non-GAAP measures and for details on how pro rata cash NOI and normalized pro rata cash NOI are calculated.

(c)For properties disposed of during the period, the adjustment eliminates our pro rata share of cash NOI for the period.

 Net Lease Office Properties | 16

Net Lease Office Properties

Fourth Quarter 2025

Disclosures Regarding Non-GAAP and Other Metrics

Non-GAAP Financial Disclosures

FFO and AFFO

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a non-GAAP measure known as FFO, which we believe to be an appropriate supplemental measure, when used in addition to and in conjunction with results presented in accordance with GAAP, to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental non-GAAP measure. FFO is not equivalent to, nor a substitute for, net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as restated in December 2018. The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from the sale of certain real estate, impairment charges on real estate or other assets incidental to the company’s main business, gains or losses on changes in control of interests in real estate, and depreciation and amortization from real estate assets; and after adjustments for unconsolidated partnerships and jointly owned investments. Adjustments for unconsolidated partnerships and jointly owned investments are calculated to reflect FFO on the same basis.

We also modify the NAREIT computation of FFO to adjust GAAP net income for certain non-cash charges, such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rent and related reserves, other non-cash rent adjustments, non-cash allowance for credit losses on finance leases, stock-based compensation, non-cash environmental accretion expense, amortization of discounts and premiums on debt, and amortization of deferred financing costs. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but have no impact on cash flows. Additionally, we exclude non-core income and expenses, such as gains or losses from extinguishment of debt, merger and acquisition expenses, and spin-off expenses. We also exclude realized and unrealized gains/losses on foreign currency exchange rate movements, which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income to arrive at AFFO because they are not the primary drivers in our decision-making process and excluding these items provides investors with a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals and evaluate the effectiveness of our strategies.

We believe that AFFO is a useful supplemental measure for investors to consider because we believe it will help them better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net income computed under GAAP, alternatives to net cash provided by operating activities computed under GAAP, or indicators of our ability to fund our cash needs.

Pro Rata Cash NOI

Cash net operating income (“cash NOI”) is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define cash NOI as cash rents from our properties less non-reimbursable property expenses. Cash NOI excludes amortization of intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We present cash NOI on a pro rata basis (“pro rata cash NOI”) to account for our share of income related to noncontrolling interests. We believe that pro rata cash NOI is a helpful measure that both investors and management can use to evaluate the financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Pro rata cash NOI should not be considered as an alternative to net income as an indication of our financial performance or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present cash NOI and/or pro rata cash NOI may not be directly comparable to the way other REITs present such metrics.

Normalized Pro Rata Cash NOI

Normalized pro rata cash NOI is pro rata cash NOI as defined above adjusted primarily to exclude our pro rata share of cash NOI from properties disposed of during the most recent quarter. We believe this measure provides a helpful representation of our net operating income from our in-place leased properties.

 Net Lease Office Properties | 17

Net Lease Office Properties

Fourth Quarter 2025

Other Metrics

Pro Rata Metrics

This supplemental package contains certain metrics prepared on a pro rata basis. We refer to these metrics as pro rata metrics. We have one investment in which our economic ownership is less than 100%. On a full consolidation basis, we report 100% of the assets, liabilities, revenues and expenses of this investment that is deemed to be under our control, even though our ownership is less than 100%. On a pro rata basis, we generally present our proportionate share, based on our economic ownership of this jointly owned investment, of the assets, liabilities, revenues and expenses of this investment. Multiplying our jointly owned investment’s financial statement line items by our percentage ownership and adding or subtracting those amounts from our totals, as applicable, may not accurately depict the legal and economic implications of holding an ownership interest of less than 100% in our jointly owned investment.

ABR

ABR represents contractual minimum annualized base rent for our properties. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. ABR is presented on a pro rata basis.

 Net Lease Office Properties | 18

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NLOP Brand Colors & Order R:101 G:28 B:50 | Hex: #651C32 R:0 G:119 B:73 | Hex: #007749 R:29 G:66 B:137 | Hex: #1D4289 R:172 G:20 B:90 | Hex: #AC145A R:124 G:125 B:142 | Hex: #7C878E R:51 G:63 B:72 | Hex: #333F48 R:244 G:54 B:76 | Hex: #F4364C R:200 G:16 B:46 | Hex: #C8102E R:0 G:93 B:212 | Hex: #00C1D4 R:67 G:176 B:42 | Hex: #43B02A R:255 G:209 B:0 | Hex: #FFD100 R:242 G:169 B:0 | Hex: #F2A900 R:0 G:193 B:169 | Hex: #0097A9 R:58 G:145 B:63 | Hex: #3A913F R:245 G:126 B:182 | Hex: #F57EB6 R:233 G:60 B:172 | Hex: #E93CAC Property: Omnicom February 2026 NLOP Investor Presentation Exhibit 99.2

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NLOP Brand Colors & Order R:101 G:28 B:50 | Hex: #651C32 R:0 G:119 B:73 | Hex: #007749 R:29 G:66 B:137 | Hex: #1D4289 R:172 G:20 B:90 | Hex: #AC145A R:124 G:125 B:142 | Hex: #7C878E R:51 G:63 B:72 | Hex: #333F48 R:244 G:54 B:76 | Hex: #F4364C R:200 G:16 B:46 | Hex: #C8102E R:0 G:93 B:212 | Hex: #00C1D4 R:67 G:176 B:42 | Hex: #43B02A R:255 G:209 B:0 | Hex: #FFD100 R:242 G:169 B:0 | Hex: #F2A900 R:0 G:193 B:169 | Hex: #0097A9 R:58 G:145 B:63 | Hex: #3A913F R:245 G:126 B:182 | Hex: #F57EB6 R:233 G:60 B:172 | Hex: #E93CAC 2 NLOP Overview 1. Distributions paid by NLOP will be authorized and determined by NLOP's Board of Trustees, in its sole discretion, and will be dependent upon a number of factors. • Net Lease Office Properties (NYSE: NLOP) is a publicly-traded real estate investment trust (REIT) focused on realizing value through the strategic asset management and disposition of its portfolio over time • NLOP is externally managed by W. P. Carey, an advisor with significant expertise and a proven track record of repositioning, leasing and disposing of net lease office assets • Initially spun out of W. P. Carey in 2023, NLOP’s portfolio consisted of 59 net lease office properties, with annualized base rent (ABR) of ~$145 million, almost all of which were located in the U.S. • Since inception, NLOP has successfully disposed of 39 properties with $97 million of ABR and today has a portfolio of 20 properties with $27 million of ABR • Excess proceeds from dispositions completed to date have primarily been used to fully repay $455 million of debt originated at spin and for special cash distributions • Consistent with its strategic plan, on February 17, 2026, NLOP paid a special cash distribution of $6.75 per share, or ~$100 million, for total distributions since formation of $19.39 per share, or ~$287 million 1

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NLOP Brand Colors & Order R:101 G:28 B:50 | Hex: #651C32 R:0 G:119 B:73 | Hex: #007749 R:29 G:66 B:137 | Hex: #1D4289 R:172 G:20 B:90 | Hex: #AC145A R:124 G:125 B:142 | Hex: #7C878E R:51 G:63 B:72 | Hex: #333F48 R:244 G:54 B:76 | Hex: #F4364C R:200 G:16 B:46 | Hex: #C8102E R:0 G:93 B:212 | Hex: #00C1D4 R:67 G:176 B:42 | Hex: #43B02A R:255 G:209 B:0 | Hex: #FFD100 R:242 G:169 B:0 | Hex: #F2A900 R:0 G:193 B:169 | Hex: #0097A9 R:58 G:145 B:63 | Hex: #3A913F R:245 G:126 B:182 | Hex: #F57EB6 R:233 G:60 B:172 | Hex: #E93CAC 3 0.0% 213.1% Nov-23 Mar-24 Aug-24 Dec-24 May-25 Oct-25 Feb-26 NLOP Total Return Continued Execution of Stated Plan Note: Market data as of February 24, 2026. Jan. 2024 Sales of four properties totaling $43 million announced. May 2024 Sales of three properties totaling $132 million announced. Jun. 2024 Sales of two properties totaling $61 million announced. Aug. 2024 Sale of one property for $72 million announced. Jan. 2025 Repayment in full of J.P. Morgan senior secured mortgage and sales of five properties totaling $43 million announced. Apr. 2025 Repayment in full of J.P. Morgan mezzanine loan and sales of two properties totaling $10 million announced. Nov. 2023 NLOP begins trading regular way on NYSE. Aug. 2025 Special cash distribution totaling $3.10 per share ($46 million) announced. Dec. 2023 Cash and stock distribution totaling $0.34 per share ($5 million) announced. Nov. 2025 Special cash distribution totaling $4.10 per share ($61 million) and sale of one property for $33 million announced. Dec. 2025 Special cash distribution totaling $5.10 per share ($76 million) and sales of six properties totaling $76 million announced. Jan. 2026 Special cash distribution totaling $6.75 per share ($100 million) and sales of three properties totaling $131 million announced.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NLOP Brand Colors & Order R:101 G:28 B:50 | Hex: #651C32 R:0 G:119 B:73 | Hex: #007749 R:29 G:66 B:137 | Hex: #1D4289 R:172 G:20 B:90 | Hex: #AC145A R:124 G:125 B:142 | Hex: #7C878E R:51 G:63 B:72 | Hex: #333F48 R:244 G:54 B:76 | Hex: #F4364C R:200 G:16 B:46 | Hex: #C8102E R:0 G:93 B:212 | Hex: #00C1D4 R:67 G:176 B:42 | Hex: #43B02A R:255 G:209 B:0 | Hex: #FFD100 R:242 G:169 B:0 | Hex: #F2A900 R:0 G:193 B:169 | Hex: #0097A9 R:58 G:145 B:63 | Hex: #3A913F R:245 G:126 B:182 | Hex: #F57EB6 R:233 G:60 B:172 | Hex: #E93CAC 4 NLOP Business Plan Progression 1. Pro forma for January 2026 sales of Google and KBR, and February 2026 sales of ICF and S&ME. 2. Figures are based on September 30, 2023 and December 31, 2025 ABR, respectively. # of Properties 59 20 Total Square Footage 9 MM 2 MM Number of Tenants 62 13 ABR ($MM) $145 $27 WALT 2 5.7 years 3.5 years Geography (US / Europe) 2 89% / 11% 100% / -- % JPM Senior Loan $335 MM $ -- JPM Mezzanine Loan $120 MM $ -- Existing Mortgage Debt $168 MM $22 MM Wtd. Avg. Interest Rate 9.6% 7.0% P o rt fo li o B a la n c e S h e e t At Spin Today 1 QUINCY, MA CORALVILLE, IA

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NLOP Brand Colors & Order R:101 G:28 B:50 | Hex: #651C32 R:0 G:119 B:73 | Hex: #007749 R:29 G:66 B:137 | Hex: #1D4289 R:172 G:20 B:90 | Hex: #AC145A R:124 G:125 B:142 | Hex: #7C878E R:51 G:63 B:72 | Hex: #333F48 R:244 G:54 B:76 | Hex: #F4364C R:200 G:16 B:46 | Hex: #C8102E R:0 G:93 B:212 | Hex: #00C1D4 R:67 G:176 B:42 | Hex: #43B02A R:255 G:209 B:0 | Hex: #FFD100 R:242 G:169 B:0 | Hex: #F2A900 R:0 G:193 B:169 | Hex: #0097A9 R:58 G:145 B:63 | Hex: #3A913F R:245 G:126 B:182 | Hex: #F57EB6 R:233 G:60 B:172 | Hex: #E93CAC 5 Leasing Activity Note: Excludes lease extensions for a period of one year or less. 1. New lease amounts are based on in-place rents at time of lease commencement and exclude any free rent periods. 2. Reflects a reduction in square footage leased by the tenant. 3. Pioneer Credit Recovery, Inc. and Lincoln Technical Institute, Inc. are tenants at our multi-tenant property in Moorestown, New Jersey. 4. Lease renewal period commenced on November 1, 2025. 5. New rent commences in March 2026. 6. Weighted average refers to the incremental and new lease terms. 7. Phoenix Data Systems and CT Logic were tenants at our multi-tenant property in Southfield, Michigan, prior to that property’s disposition in December 2024. 8. This multi-tenant property was sold in December 2025. Tenant / Lease Guarantor Property Location Square Footage Prior ABR New ABR 1 Rent Recapture Expected TIs LCs Incremental Term BCBSM (2 properties) Eagan, MN 347,472 $5,041 $4,663 92.5% $1,624 $ -- 10.0 years Nokia Krakow, Poland 53,400 1,096 829 75.6% 995 -- 5.0 years Merative Hartland, WI 81,082 909 669 73.6% 1,650 559 10.0 years Northrop Grumman Plymouth, MN 191,336 3,821 2,679 70.1% -- -- 5.0 years Caremark 2 Chandler, AZ 65,860 1,839 1,645 89.5% -- 415 5.4 years Charter Bridgeton, MO 78,080 820 859 104.8% -- -- 5.0 years S&ME Raleigh, NC 31,120 430 545 126.7% 1,556 305 12.4 years Pioneer Credit 3 Moorestown, NJ 30,000 527 540 102.5% -- -- 1.5 years Lincoln Technical 3 Moorestown, NJ 35,567 397 391 98.5% -- -- 5.0 years Google 4 Venice, CA 67,681 3,018 3,108 103.0% -- 357 5.0 years JPMorgan Tampa, FL 104,565 1,321 1,864 141.1% -- 576 3.0 years MISO Inc. 5 Eagan, MN 60,463 1,148 937 81.6% -- 605 10.0 years North American Lighting, Inc. Farmington Hills, MI 75,286 1,084 979 90.3% 3,171 541 15.0 years Total / Wtd. Avg. 6 1,221,912 $21,451 $19,708 91.9% $8,996 $3,358 7.0 years Dollars in thousands. Pro rata. As of December 31, 2025. Lease Renewals and Extensions Tenant / Lease Guarantor Property Location Square Footage Number of Leases New ABR 1 Expected TIs LCs New Term Phoenix Data Systems 7 Southfield, MI 6,431 1 $72 $ -- $ -- 5.0 years CT Logic 7 Southfield, MI 1,668 1 24 -- -- 3.0 years Five Labs 8 Tampa, FL 25,317 1 684 1,013 470 10.2 years Total / Wtd. Avg. 6 33,416 3 $780 $1,013 $470 9.5 years Dollars in thousands. Pro rata. As of December 31, 2025. New Leases

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NLOP Brand Colors & Order R:101 G:28 B:50 | Hex: #651C32 R:0 G:119 B:73 | Hex: #007749 R:29 G:66 B:137 | Hex: #1D4289 R:172 G:20 B:90 | Hex: #AC145A R:124 G:125 B:142 | Hex: #7C878E R:51 G:63 B:72 | Hex: #333F48 R:244 G:54 B:76 | Hex: #F4364C R:200 G:16 B:46 | Hex: #C8102E R:0 G:93 B:212 | Hex: #00C1D4 R:67 G:176 B:42 | Hex: #43B02A R:255 G:209 B:0 | Hex: #FFD100 R:242 G:169 B:0 | Hex: #F2A900 R:0 G:193 B:169 | Hex: #0097A9 R:58 G:145 B:63 | Hex: #3A913F R:245 G:126 B:182 | Hex: #F57EB6 R:233 G:60 B:172 | Hex: #E93CAC 6 Asset Sale Summary 1. ABR is pro forma for any agreed to and signed future rent restructurings. 2. Excludes 570,999 of operating square footage for a parking garage associated with the KBR, Inc. property in Houston, Texas. 3. Amount reflects the applicable exchange rate on the date of the transaction. 4. NLOP transferred ownership of these properties and the related non-recourse mortgage loans to the respective mortgage lender or buyer (as applicable). Gross proceeds from these dispositions represent the mortgage principal outstanding on the respective dates of transfer. Tenant / Lease Guarantor Primary Tenant Industry Property Location ABR 1 Gross Sales Proceeds Square Footage 2 Closing Date 1 Raytheon Aerospace & Defense Tucson, AZ $1,978 $24,575 143,650 Dec-23 2 Carhartt Apparel, Accessories & Luxury Dearborn, MI 748 9,806 58,722 Dec-23 3 BCBSM Managed Health Care Eagan, MN 298 2,500 29,916 Dec-23 4 AVL Auto Parts & Equipment Plymouth, MI 575 6,200 70,000 Dec-23 5 Undisclosed 3 Property & Casualty Insurance Newport, United Kingdom 1,761 10,497 80,664 Jan-24 6 TotalEnergies 3 Oil & Gas Exploration & Production Stavanger, Norway 5,185 33,072 275,725 Mar-24 7 Exelon 4 Electric Utilities Warrenville, IL 2,935 19,830 146,745 Apr-24 8 Vacant (formerly AVT) 4 N/A Tempe, AZ -- 13,160 132,070 Apr-24 9 FedEx Air Freight & Logistics Collierville, TN 5,491 62,500 390,380 Apr-24 10 DMG MORI Industrial Machinery Hoffman Estates, IL 2,458 35,984 104,598 Apr-24 11/12 BCBSM (2 properties) Managed Health Care Eagan, MN 4,663 60,700 347,472 Jun-24 13 CVS Health Healthcare Services Scottsdale, AZ 4,252 71,500 354,888 Aug-24 14 Henniges Automotive (Xileh) Multi-Sector Holdings Auburn Hills, MI 711 9,000 55,490 Sep-24 15 E.On 3 Internet Retail Houghton le Spring, United Kingdom 3,819 3,924 217,339 Oct-24 16 Vacant (formerly BCBSM) N/A Eagan, MN -- 11,650 227,666 Nov-24 17 Merative IT Consulting & Other Services Hartland, WI 669 6,750 81,082 Dec-24 18 Charter Communications Cable & Satellite Bridgeton, MO 820 7,350 78,080 Dec-24 19 CVS Caremark Health Care Services Chandler, AZ 1,645 15,000 183,000 Dec-24 20 Cofinity / Aetna Multi-line Insurance Southfield, MI 1,833 2,500 94,453 Dec-24 21 Emerson Industrial Machinery Houston, TX 1,108 4,180 52,144 Mar-25 22 Nokia 3 Communications Equipment Krakow, Poland 779 5,595 53,400 Mar-25 23 Vacant (formerly McKesson) N/A The Woodlands, TX -- 16,300 204,063 May-25 24 JPMorgan Chase Diversified Banks Tampa, FL 3,053 25,180 176,150 Jul-25 25 Acosta Advertising Jacksonville, FL 1,541 10,550 88,062 Aug-25 26 Siemens 3 4 Industrial Conglomerates Oslo, Norway 4,842 45,694 165,905 Sep-25 27 MISO Electric Utilities Eagan, MN 1,148 11,500 60,463 Sep-25 28 Thermo Fisher Scientific Pharmaceuticals Morrisville, NC 4,063 33,000 219,812 Nov-25 29 Securitas Electronic Equipment & Instruments Plymouth, MN 1,218 5,654 182,250 Nov-25 30 JPMorgan Chase Diversified Banks Tampa, FL 1,934 13,650 135,733 Dec-25 31 Vacant (formerly Master Lock) Building Products Oak Creek, WI -- 2,576 120,883 Dec-25 32 Veritas Systems Software Roseville, MN 2,255 14,625 136,125 Dec-25 33 Pioneer Credit Recovery Diversified Support Services Moorestown, NJ 931 6,069 65,567 Dec-25 34 JPMorgan Chase Diversified Banks Fort Worth, TX 4,850 33,000 386,154 Dec-25 35 Northrop Grumman Aerospace & Defense Plymouth, MN 2,679 25,000 191,336 Dec-25 36 Google Internet Software & Services Venice, CA 3,108 39,600 67,681 Jan-26 37 KBR Construction & Engineering Houston, TX 21,300 66,000 1,064,788 Jan-26 38 ICF IT Consulting & Other Services Martinsville, VA 1,830 3,880 93,333 Feb-26 39 S&ME Environmental & Facilities Services Raleigh, NC 545 8,743 31,120 Feb-26 Total $97,025 $777,294 6,566,909 Dollars in thousands. Pro rata. As of February 24, 2026. 34 U.S. Properties 5 European Properties $777 Million Gross Sales Proceeds

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NLOP Brand Colors & Order R:101 G:28 B:50 | Hex: #651C32 R:0 G:119 B:73 | Hex: #007749 R:29 G:66 B:137 | Hex: #1D4289 R:172 G:20 B:90 | Hex: #AC145A R:124 G:125 B:142 | Hex: #7C878E R:51 G:63 B:72 | Hex: #333F48 R:244 G:54 B:76 | Hex: #F4364C R:200 G:16 B:46 | Hex: #C8102E R:0 G:93 B:212 | Hex: #00C1D4 R:67 G:176 B:42 | Hex: #43B02A R:255 G:209 B:0 | Hex: #FFD100 R:242 G:169 B:0 | Hex: #F2A900 R:0 G:193 B:169 | Hex: #0097A9 R:58 G:145 B:63 | Hex: #3A913F R:245 G:126 B:182 | Hex: #F57EB6 R:233 G:60 B:172 | Hex: #E93CAC 7 Remaining Portfolio Note: Pro forma for January 2026 sales of Google and KBR, and February 2026 sales of ICF and S&ME. 1. NLOP owns a 90% controlling interest in this consolidated property. 2. In January 2026, NLOP entered into a side letter with the tenant to extend the lease term two months beyond its prior lease expiration of January 2026. 3. Denotes property that is vacant as of the date of this report. Tenant / Lease Guarantor Tenant Industry Property Location ABR Square Footage 11 Arcfield 2 Aerospace & Defense King of Prussia, PA 1,000 88,578 12 APCO Property & Casualty Insurance Norcross, GA 631 50,600 13 Undisclosed 3 Industrial Gases Houston, TX 629 49,821 14 Grande Cable & Satellite Waco, TX 484 30,699 15 Grande Cable & Satellite Corpus Christi, TX 363 20,717 16 Grande Cable & Satellite Odessa, TX 242 21,193 17 Grande Cable & Satellite San Marcos, TX 217 14,400 18 Vacant (fmr. BCBSM) 3 N/A Eagan, MN – 442,542 19 Vacant (fmr. Bankers) 3 N/A St. Petersburg, FL – 167,581 20 Vacant (fmr. BCBSM) 3 N/A Eagan, MN – 12,286 Total $27,339 2,118,191 Tenant / Lease Guarantor Tenant Industry Property Location ABR Square Footage 1 Iowa Board of Regents 1 Government Related Services Coralville, IA $4,056 191,700 2 Omnicom Advertising Playa Vista, CA 3,961 120,000 3 R.R. Donnelley Commercial Printing Warrenville, IL 3,461 167,215 4 Intuit Internet Software & Services Plano, TX 2,577 166,033 5 Cenlar Regional Banks Yardley, PA 2,105 105,584 6 iHeartCommunications Broadcasting San Antonio, TX 2,051 120,147 7 Arbella Property & Casualty Insurance Quincy, MA 1,850 132,160 8 Safelite Specialized Consumer Services Rio Rancho, NM 1,527 94,649 9 Grande Cable & Satellite San Marcos, TX 1,101 47,000 10 NA Lighting Auto Parts & Equipment Farmington Hills, MI 1,084 75,286 Dollars in thousands. Pro rata. As of December 31, 2025.

FAQ

How did Net Lease Office Properties (NLOP) perform financially in Q4 2025?

Net Lease Office Properties reported revenues of $30.7 million and a net loss attributable to NLOP of only $53 thousand, essentially breakeven per share. Funds from operations were $15.6 million and AFFO reached $22.0 million, or $1.49 per diluted share.

What special cash distributions has NLOP recently paid or declared?

In Q4 2025, NLOP declared special cash distributions totaling $136.3 million, or $9.20 per share. In January 2026, it declared an additional special cash distribution of $6.75 per share, about $100 million, which was paid on February 17, 2026.

How much property disposition activity has NLOP completed through 2025?

For 2025 alone, NLOP completed property dispositions generating gross proceeds of $252.6 million and ABR of $30.4 million. Cumulatively, total dispositions reached $659.1 million in gross proceeds and $70.2 million of ABR, covering 5.31 million square feet.

What is NLOP’s leverage and capitalization at December 31, 2025?

At December 31, 2025, NLOP reported total consolidated debt of $21.9 million and gross assets of $516.0 million. With a quarter‑end share price of $25.79, equity market capitalization was about $382.1 million, resulting in total consolidated debt to gross assets of 4.2%.

What are NLOP’s key portfolio metrics as of December 31, 2025?

On a pro rata basis, NLOP had 24 properties, 26 tenants, and occupancy of 79.0% across 3.38 million leasable square feet. Annualized base rent was $54.1 million, with a weighted‑average lease term of 3.9 years and 30.3% of ABR from investment‑grade tenants.

How much capital has NLOP returned to shareholders since its formation?

The investor presentation states NLOP has paid total distributions of $19.39 per share since formation, equating to approximately $287 million. These distributions include multiple special cash payouts funded largely by disposition proceeds and debt repayment progress.

What is NLOP’s current business focus following its spin-off?

NLOP is a REIT focused on realizing value through strategic asset management and disposition of its net lease office portfolio over time. Externally advised by W. P. Carey, it has reduced its holdings from 59 to 20 properties and cut ABR from about $145 million to $27 million.

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