What were NLOP’s funds from operations (FFO) and AFFO per share in Q2 2026?

For Q2 2026, NLOP reported FFO attributable to the company of $3.06 million ( $0.21 per diluted share ) and AFFO of $3.25 million , or $0.22 per diluted share . These non-GAAP metrics adjust net loss for depreciation, impairments and other non-cash or non-core items.

Net Lease Office Properties (NYSE: NLOP) Q2 results, asset sales

Q: What were the key Q2 2026 financial results for Net Lease Office Properties (NLOP)?

Net Lease Office Properties reported $6.36 million of revenue and a net loss of $6.19 million , or $0.42 per share , for Q2 2026. Results included a $7.09 million real-estate impairment, partially offset by normalized pro rata cash NOI of $5.73 million .

Q: How large is Net Lease Office Properties’ current portfolio and occupancy level?

As of June 30, 2026, NLOP’s portfolio comprised 18 properties and 10 tenants , generating $24.76 million of annualized base rent. Occupancy was 68.4% across 1,875,324 leasable square feet, with 593,227 square feet classified as vacant space.

Q: What is the status of NLOP’s non-recourse mortgage on the Intuit property?

The Intuit property is encumbered by a $21.9 million non-recourse mortgage that reached maturity on July 6, 2026 and was not repaid. It now accrues 5.0% default interest in addition to the 7.0% base rate, and the lender may commence foreclosure proceedings.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Net Lease Office Properties, a net-lease office REIT, released unaudited supplemental data for the quarter ended June 30, 2026. Revenue was $6.36 million, with a net loss attributable to NLOP of $6.19 million, or $0.42 per share, driven largely by $7.09 million of real-estate impairment. Normalized pro rata cash NOI was $5.73 million, while AFFO totaled $3.25 million, or $0.22 per share.

The portfolio now comprises 18 properties and 10 tenants, generating annualized base rent of $24.76 million, with occupancy at 68.4% and a weighted-average lease term of 2.7 years; 593,227 square feet are vacant. About 50.3% of ABR comes from tenants or guarantors with investment-grade credit.

Leverage is low, with total consolidated debt of $21.9 million versus gross assets of $265.96 million and cash and cash equivalents of $23.66 million. Since formation, asset sales have produced $812.51 million of gross proceeds, supporting cumulative shareholder distributions of $336.07 million, or $22.69 per share. A $21.9 million non-recourse mortgage on the Intuit property matured on July 6, 2026 and has not been repaid; it now accrues 5.0% default interest in addition to the 7.0% base rate, and the lender may commence foreclosure. Effective July 1, 2026, the annual administrative reimbursement to the external advisor was reduced from approximately $4.0 million to $2.0 million.

Positive

The company reports using asset sale proceeds to fully repay $455 million of spin-originated debt and fund cumulative shareholder distributions of $336.07 million ($22.69 per share), indicating substantial capital returned to investors alongside de-leveraging.

Negative

A non-recourse mortgage of $21.9 million on the Intuit property was not repaid at its July 6, 2026 maturity and now accrues an additional 5.0% default interest on top of the 7.0% base rate, while the lender has the right to initiate foreclosure.

Filing Explained

Four Grande leases were extended to 2041 at lower rent, while a fifth ends in January 2027, changing the portfolio’s contracted rent and timing.

The company furnished unaudited supplemental information as of June 30, 2026; the package records July lease amendments that change Grande Communications’ contracted rent and lease expirations.

As an Item 7.01 disclosure, the information and Exhibit 99.1 are furnished rather than treated as filed under Section 18 or incorporated by reference into other filings.

In July, four of Grande’s five leases were extended from August 31, 2028 to June 30, 2041, while the fifth was shortened to January 31, 2027; aggregate ABR for the extended properties was reduced from $2.2 million to $1.8 million, effective July 1, 2026.

ABR means contractual minimum annualized base rent, so the amendment combines a longer stated term for four leases with lower contracted rent and an earlier expiration for the fifth.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue (including reimbursable costs): $6,358,000 Net loss attributable to NLOP: $6,194,000 AFFO attributable to NLOP: $3,254,000 +5 more

8 metrics

Revenue (including reimbursable costs) $6,358,000 Three months ended June 30, 2026 consolidated revenues

Net loss attributable to NLOP $6,194,000 Net loss and $(0.42) per diluted share for Q2 2026

AFFO attributable to NLOP $3,254,000 Adjusted funds from operations for Q2 2026; $0.22 per diluted share

Normalized pro rata cash NOI $5,730,000 Normalized pro rata cash net operating income for Q2 2026

Annualized base rent (ABR) $24,763,000 Portfolio ABR on a pro rata basis as of June 30, 2026

Total consolidated debt $21,900,000 Outstanding non-recourse mortgage debt as of June 30, 2026

Cumulative distributions declared $336,066,000 Total gross distributions since formation; $22.69 per share

Total dispositions gross proceeds $812,505,000 Aggregate gross proceeds from 41 property sales through Q1 2026

Key Terms

Normalized pro rata cash NOI, Funds from operations, Adjusted funds from operations, Non-recourse mortgage, +2 more

6 terms

Normalized pro rata cash NOI financial

"Normalized pro rata cash NOI ($000s) (a) (b) ... 5,730"

Funds from operations financial

"includes certain “non-GAAP” supplemental measures ... funds from operations (“FFO”)"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

Adjusted funds from operations financial

"including funds from operations (“FFO”); adjusted funds from operations (“AFFO”)"

Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.

Non-recourse mortgage financial

"This non-recourse mortgage loan ... has a maturity date of July 6, 2026"

Annualized base rent financial

"ABR represents contractual minimum annualized base rent for our properties."

Annualized base rent is the total fixed rent a tenant is contractually required to pay over a year, based on the agreed monthly or periodic rate and excluding variable charges like utilities or percentage rent. For investors it acts like a predictable paycheck from a property lease, helping assess steady income, cash flow stability, and the value of real estate holdings much like knowing a subscription’s guaranteed yearly revenue.

Weighted-average lease term financial

"Weighted-average lease term (in years) ... 2.7"

Weighted-average lease term is the average remaining time on all active leases in a property portfolio, where each lease is counted according to its economic importance (commonly by rent revenue or leased area). Think of it like averaging the months left on a group of subscriptions but giving larger subscriptions more influence. Investors use it to gauge income stability and near-term vacancy or renewal risk—longer averages mean steadier, more predictable cash flow.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 08/05/2026 - 04:08 PM Accepted by SEC EDGAR 08/05/2026 - 04:06 PM

FAQ

What were the key Q2 2026 financial results for Net Lease Office Properties (NLOP)?

Net Lease Office Properties reported $6.36 million of revenue and a net loss of $6.19 million, or $0.42 per share, for Q2 2026. Results included a $7.09 million real-estate impairment, partially offset by normalized pro rata cash NOI of $5.73 million.

How large is Net Lease Office Properties’ current portfolio and occupancy level?

As of June 30, 2026, NLOP’s portfolio comprised 18 properties and 10 tenants, generating $24.76 million of annualized base rent. Occupancy was 68.4% across 1,875,324 leasable square feet, with 593,227 square feet classified as vacant space.

What is the status of NLOP’s non-recourse mortgage on the Intuit property?

The Intuit property is encumbered by a $21.9 million non-recourse mortgage that reached maturity on July 6, 2026 and was not repaid. It now accrues 5.0% default interest in addition to the 7.0% base rate, and the lender may commence foreclosure proceedings.

How much has NLOP returned to shareholders through distributions since formation?

Since its formation, NLOP has declared total cumulative distributions of $336.07 million, equal to $22.69 per share. This includes multiple special cash distributions, such as a $3.30 per share payment on April 14, 2026 funded largely from asset sale proceeds.

What volume of property dispositions has NLOP completed and at what proceeds?

From 2023 through the first quarter of 2026, NLOP completed dispositions of 41 properties totaling $812.51 million in gross proceeds and $98.11 million of annualized base rent. These sales reduced the portfolio from 59 to 18 properties and helped repay spin-related debt.

How has NLOP adjusted its advisory and administrative cost structure in 2026?

Under its advisory agreements, NLOP reimburses its advisor for administrative services. In May 2026, the board approved reducing this base administrative reimbursement from about $4.0 million annually to $2.0 million, effective July 1, 2026, lowering ongoing corporate overhead.

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): August 5, 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 August 5, 2026, Net Lease Office Properties (the “Company”) made available certain unaudited supplemental financial information at June 30, 2026. 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 June 30, 2026.

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:	August 5, 2026	By:	/s/ ToniAnn Sanzone
			ToniAnn Sanzone
			Chief Financial Officer

Exhibit 99.1

Net Lease Office Properties

Supplemental Financial Information

Second Quarter 2026

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”)
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 – Second Quarter 2026


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
Tenant List			10
Lease Expirations			11
Property List			12

Appendix
Normalized Pro Rata Cash NOI			14
Disclosures Regarding Non-GAAP and Other Metrics			16

Net Lease Office Properties

Second Quarter 2026


Summary Metrics

As of or for the three months ended June 30, 2026.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)	$	6,358
Net loss attributable to NLOP ($000s)	(6,194)
Net loss attributable to NLOP per diluted share	(0.42)
Normalized pro rata cash NOI ($000s) (a) (b)	5,730
AFFO attributable to NLOP ($000s) (a) (b)	3,254
AFFO attributable to NLOP per diluted share (a) (b)	0.22

Special cash distributions declared, gross distributions – current quarter (in thousands)	$	—
Special cash distributions declared per share – current quarter	—

Total cumulative distributions declared, gross distributions (in thousands)	$	336,066
Total cumulative distributions declared per share	22.69

Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $11.13 ($000s)	$	164,881

Total consolidated debt ($000s)	21,900
Gross assets ($000s) (c)	265,963
Total consolidated debt to gross assets	8.2		%

Advisory Fees and Reimbursements Paid to WPC
Asset management fees (d)	$	394
Administrative reimbursements (e)	1,000

Portfolio (Pro Rata) (b)
ABR (in thousands) (f)	$	24,763
Number of properties	18
Number of tenants	10
Occupancy	68.4		%
Weighted-average lease term (in years)	2.7
Leasable square footage (in thousands)	1,875
ABR from investment grade tenants as a % of total ABR (g)	50.3		%

Dispositions – number of properties sold	—
Dispositions – gross proceeds (in thousands)	$	—

Total cumulative dispositions – number of properties sold	41
Total cumulative dispositions – gross proceeds (in thousands)	$	812,505

________

(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)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 $30.9 million and above-market rent intangible assets of $4.3 million.

(d)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.

(e)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. In May 2026, a reduction in the base administrative reimbursement to our Advisor was agreed upon and approved by our Board of Trustees; effective July 1, 2026, the reimbursement is $2.0 million annually instead of $4.0 million annually.

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

(g)Percentage of portfolio is based on ABR, as of June 30, 2026. Includes tenants or guarantors with investment grade ratings (42.8%) and subsidiaries of non-guarantor parent companies with investment grade ratings (7.5%). 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.


						Net Lease Office Properties \| 1

Net Lease Office Properties

Second Quarter 2026


Components of Net Asset Value

In thousands.


	Three Months Ended June 30, 2026
Normalized Pro Rata Cash NOI (a) (b)	$	5,730

Balance Sheet – Selected Information	As of June 30, 2026
Assets
Book value of select real estate (c)	$	19,144
Cash and cash equivalents	23,663
Other assets, net:
Restricted cash, including escrow	$	3,652
Straight-line rent adjustments	3,005
Accounts receivable	1,313
Prepaid expenses	623
Deferred charges	458
Taxes receivable	132
Other	642
Total other assets, net	$	9,825

Liabilities
Non-recourse mortgage (d)	$	21,900

Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	1,855
Prepaid and deferred rents	1,294
Accrued taxes payable	522
Tenant security deposits	434
Other	5,863
Total accounts payable, accrued expenses and other liabilities	$	9,968

________

(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 appropriately not captured in normalized pro rata cash NOI, such as vacant assets.

(d)This non-recourse mortgage loan, which has a maturity date of July 6, 2026, has not been repaid as of the date of this report, as described in the Property List section.


						Net Lease Office Properties \| 2

Net Lease Office Properties

Second Quarter 2026


Consolidated Statement of Operations

In thousands, except share and per share amounts.


	Three Months Ended June 30, 2026
Revenues
Lease revenues	$	6,358


	6,358
Operating Expenses
Impairment charges — real estate	7,093
Depreciation and amortization	2,741
General and administrative (a)	1,892
Property expenses, excluding reimbursable tenant costs	488
Asset management fees (b)	394
Reimbursable tenant costs	207
	12,815
Other Income and Expenses
Gain on sale of real estate, net	531
Interest expense	(390)
Other gains and (losses)	189
	330
Loss before income taxes	(6,127)
Provision for income taxes	(23)
Net Loss	(6,150)
Net income attributable to noncontrolling interests	(44)
Net Loss Attributable to NLOP	$	(6,194)

Basic and Diluted Loss Per Share	$	(0.42)

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.


						Net Lease Office Properties \| 3

Net Lease Office Properties

Second Quarter 2026


FFO and AFFO, Consolidated

In thousands, except share and per share amounts.


	Three Months Ended June 30, 2026
Net loss attributable to NLOP	$	(6,194)
Adjustments:
Impairment charges — real estate	7,093
Depreciation and amortization of real property	2,741
Gain on sale of real estate, net	(531)
Proportionate share of adjustments for noncontrolling interests (a)	(51)
Total adjustments	9,252
FFO (as defined by NAREIT) Attributable to NLOP (b)	3,058
Adjustments:
Straight-line and other leasing and financing adjustments	153
Other (gains) and losses	29
Other amortization and non-cash items	28
Above- and below-market rent intangible lease amortization, net	(1)
Proportionate share of adjustments for noncontrolling interests (a)	(13)
Total adjustments	196
AFFO Attributable to NLOP (b)	$	3,254

Summary
FFO (as defined by NAREIT) attributable to NLOP (b)	$	3,058
FFO (as defined by NAREIT) attributable to NLOP per diluted share (b)	$	0.21
AFFO attributable to NLOP (b)	$	3,254
AFFO attributable to NLOP per diluted share (b)	$	0.22
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.


						Net Lease Office Properties \| 4

Net Lease Office Properties

Second Quarter 2026


Consolidated Balance Sheets

In thousands, except share and per share amounts.


	June 30, 2026		December 31, 2025
Assets
Investments in real estate:
Land, buildings and improvements	$	220,222	$	218,799
Net investments in finance leases	—		41,878
In-place lease intangible assets and other	40,158		45,160
Above-market rent intangible assets	7,314		10,760
Investments in real estate	267,694		316,597
Accumulated depreciation and amortization	(100,279)		(102,926)
Assets held for sale, net	—		96,269
Net investments in real estate	167,415		309,940
Cash and cash equivalents	23,663		119,621
Other assets, net	9,825		23,810
Total assets	$	200,903	$	453,371

Liabilities and Equity
Non-recourse mortgage	$	21,900	$	21,900
Accounts payable, accrued expenses and other liabilities	9,968		56,104
Below-market rent intangible liabilities, net	1,307		1,990
Dividends payable	—		75,552
Total liabilities	33,175		155,546

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	(691,995)		(561,917)
Total shareholders' equity	163,833		293,911
Noncontrolling interests	3,895		3,914
Total equity	167,728		297,825
Total liabilities and equity	$	200,903	$	453,371


						Net Lease Office Properties \| 5

Net Lease Office Properties

Second Quarter 2026


Capitalization and Debt Overview

Capitalization

In thousands, except share and per share amounts. As of June 30, 2026.


Total Enterprise Value	Shares	Share Price		Market Value
Equity
Common equity	14,814,075	$	11.13	$	164,881
Total Equity Market Capitalization				164,881

				Outstanding Balance
Debt
Non-recourse mortgage				21,900
Total Debt				21,900
Less: Cash and cash equivalents				(23,663)
Net Debt				(1,763)

Total Enterprise Value				$	163,118

Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2026.

Maturity Date

Fixed / Floating

Interest Rate

Total Outstanding Balance

Mortgage (Tenant Listed)

Intuit (a)

7/6/2026

Fixed

7.0

21,900

________

(a)This non-recourse mortgage loan was not repaid on its maturity date of July 6, 2026, and the lender has the right to commence foreclosure proceedings. As of the date of this report, the lender has not exercised such a right. This loan has accrued default interest at an annual rate of 5.0% since the original maturity date, in addition to the base interest rate of 7.0%.


						Net Lease Office Properties \| 6

Net Lease Office Properties

Second Quarter 2026


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

Second Quarter 2026


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

1Q26
Google	Venice, CA	39,600		3,108		Jan-26	67,681
KBR	Houston, TX	66,000		21,300		Jan-26	1,064,788
ICF	Martinsville, VA	3,880		1,830		Feb-26	93,333
S&ME	Raleigh, NC	8,743		545		Feb-26	31,120
Vacant (formerly Bankers Financial)	St. Petersburg, FL	22,500		—		Feb-26	167,581
North American Lighting	Farmington Hills, MI	12,711		1,084		Mar-26	75,286
1Q26 Total		153,434		27,867			1,499,789

2Q26 (N/A)

Total 2026 Dispositions		153,434		27,867			1,499,789


Total Dispositions		$	812,505	$	98,109		6,809,776

________

(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.


						Net Lease Office Properties \| 8

Net Lease Office Properties

Second Quarter 2026


Capital Expenditures and Leasing Activity

Capital Expenditures

Note: There were no capital expenditures during the second quarter of 2026.

Leasing Activity

Note: There was no leasing activity during the second quarter of 2026.


						Net Lease Office Properties \| 9

Net Lease Office Properties

Second Quarter 2026


Tenant List

Dollars in thousands. Pro rata. As of June 30, 2026.


Tenant	State / Country	ABR		ABR %		Square Footage	Number of Properties	Weighted-Average Lease Term (Years)
Iowa Board of Regents	Iowa	$	4,056	16.4	%	191,700	1	4.3
Omnicom	California	3,961		16.0	%	120,000	1	2.3
RRD	Illinois	3,461		14.0	%	167,215	1	1.3
Intuit (a)	Texas	2,577		10.4	%	166,033	1	—
Grande Communications (b)	Texas	2,407		9.7	%	134,009	5	2.2
Cenlar FSB	Pennsylvania	2,158		8.7	%	105,584	1	2.0
iHeart Communications	Texas	2,091		8.4	%	120,147	1	8.6
Arbella Insurance	Massachusetts	1,850		7.5	%	132,160	1	0.9
Safelite	New Mexico	1,555		6.3	%	94,649	1	2.9
APCO	Georgia	647		2.6	%	50,600	1	4.7
Total (c)		$	24,763	100.0	%	1,282,097	14	2.7

________

(a)This property is vacant as of the date of this filing.

(b)In July 2026, we entered into lease amendments with this tenant to (i) extend the leases at four of the five properties it occupies and (ii) terminate the lease early at the fifth property, as described in the Property List 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

Second Quarter 2026


Lease Expirations

Dollars in thousands. Pro rata. As of June 30, 2026.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage	Square Footage %
Remaining 2026	1	1	$	2,577	10.4	%	166,033	8.9	%
2027	2	2	5,311		21.5	%	299,375	16.0	%
2028	4	3	8,527		34.4	%	359,593	19.2	%
2029	1	1	1,555		6.3	%	94,649	5.0	%
2030	1	1	4,056		16.4	%	191,700	10.2	%
2031	1	1	646		2.6	%	50,600	2.7	%
2035	1	1	2,091		8.4	%	120,147	6.4	%
Vacant	—	—	—		—	%	593,227	31.6	%
Total (b)	11		$	24,763	100.0	%	1,875,324	100.0	%

________

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

(b)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

Second Quarter 2026


Property List

Dollars in thousands. Pro rata. As of June 30, 2026.


											Encumbered Status
#	Tenant	Industry	Credit (a)	City	State	Square Footage	ABR	Rent Increase Type	Date of Next Increase	WALT (b)	In-Place Mortgage Debt
1	Iowa Board of Regents (c)	Government Related Services	IG	Coralville	Iowa	191,700	$4,056	CPI: 0.0% Floor / No Cap	N/A	4.3	$—
2	Omnicom	Advertising	IG	Playa Vista	California	120,000	$3,961	None	N/A	2.3	$—
3	RRD	Commercial Printing	Non-IG	Warrenville	Illinois	167,215	$3,461	Fixed: 2.00% annually	Sep-26	1.3	$—
4	Intuit (d) (e)	Internet Software & Services	IG	Plano	Texas	166,033	$2,577	Fixed: One-time $2.00/SF in '21	N/A	0.0	$21,900
5	Cenlar FSB	Regional Banks	Non-IG	Yardley	Pennsylvania	105,584	$2,158	Fixed: 2.50% annually	Jan-27	2.0	$—
6	iHeart Communications	Broadcasting	Non-IG	San Antonio	Texas	120,147	$2,091	Fixed: 2.00% annually	Feb-27	8.6	$—
7	Arbella Insurance	Property & Casualty Insurance	IG	Quincy	Massachusetts	132,160	$1,850	Fixed: One-time $1.00/SF in '22	N/A	0.9	$—
8	Safelite	Specialized Consumer Services	Non-IG	Rio Rancho	New Mexico	94,649	$1,555	Fixed: 2.00% annually	Jan-27	2.9	$—
9	Grande Communications (f)	Cable & Satellite	Non-IG	San Marcos	Texas	47,000	$1,101	CPI: 0.0% Floor / 3.0% Cap	Aug-26	2.2	$—
10	APCO	Property & Casualty Insurance	Non-IG	Norcross	Georgia	50,600	$647	Fixed: 2.50% annually	Mar-27	4.7	$—
11	Grande Communications (f)	Cable & Satellite	Non-IG	Waco	Texas	30,699	$484	CPI: 0.0% Floor / 3.0% Cap	Aug-26	2.2	$—
12	Grande Communications (f)	Cable & Satellite	Non-IG	Corpus Christi	Texas	20,717	$363	CPI: 0.0% Floor / 3.0% Cap	Aug-26	2.2	$—
13	Grande Communications (f)	Cable & Satellite	Non-IG	Odessa	Texas	21,193	$242	CPI: 0.0% Floor / 3.0% Cap	Aug-26	2.2	$—
14	Grande Communications (g)	Cable & Satellite	Non-IG	San Marcos	Texas	14,400	$217	CPI: 0.0% Floor / 3.0% Cap	Aug-26	2.2	$—
15	Vacant (formerly BCBSM) (d)	N/A	N/A	Eagan	Minnesota	442,542	$0	N/A	N/A	0.0	$—
16	Vacant (formerly Arcfield) (d)	N/A	N/A	King of Prussia	Pennsylvania	88,578	$0	N/A	N/A	0.0	$—
17	Vacant (formerly undisclosed) (d)	N/A	N/A	Houston	Texas	49,821	$0	N/A	N/A	0.0	$—
18	Vacant (formerly BCBSM) (d)	N/A	N/A	Eagan	Minnesota	12,286	$0	N/A	N/A	0.0	$—
Total (h)						1,875,324	$24,763			2.7	$21,900

________

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

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

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

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

(e)The non-recourse mortgage loan encumbering this property was not repaid on its maturity date of July 6, 2026, and the lender has the right to commence foreclosure proceedings. As of the date of this report, the lender has not exercised such a right. This loan has accrued default interest at an annual rate of 5.0% since the original maturity date, in addition to the base interest rate of 7.0%.

(f)In connection with a lease amendment in July 2026, the lease expiration at these properties was extended from August 31, 2028 to June 30, 2041 and aggregate ABR was reduced from $2.2 million to $1.8 million (commencing July 1, 2026). In addition, the rent increase type is changed to 2.50% fixed annual escalations, and the date of the next annual rent increase is July 1, 2027.

(g)In connection with a lease amendment in July 2026, the lease expiration was changed from August 31, 2028 to January 31, 2027.

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


						Net Lease Office Properties \| 12

Net Lease Office Properties

Appendix

Second Quarter 2026


						Net Lease Office Properties \| 13

Net Lease Office Properties

Second Quarter 2026


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended June 30, 2026
Consolidated Lease Revenues and Other
Total lease revenues – as reported	$	6,358


Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Non-reimbursable property expenses – as reported	488
Reimbursable property expenses – as reported	207
	5,663

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Less: Pro rata share of NOI attributable to noncontrolling interests	(113)
	(113)

	5,550

Adjustments for Pro Rata Non-Cash Items:
Add: Above- and below-market rent intangible lease amortization	(1)
Add: Straight-line and other leasing and financing adjustments	153
Add: Other non-cash items	28
	180

Pro Rata Cash NOI (a)	5,730

Adjustment to normalize for intra-period dispositions (N/A for current quarter) (b)	—

Normalized Pro Rata Cash NOI (a)	$	5,730


						Net Lease Office Properties \| 14

Net Lease Office Properties

Second Quarter 2026

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


	Three Months Ended June 30, 2026
Net Loss Attributable to NLOP
Net loss attributable to NLOP – as reported	$	(6,194)
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	12,815
Less: Property expenses, excluding reimbursable tenant costs – as reported	(488)
	12,327

Adjustments for Other Consolidated Revenues and Expenses:

Less: Reimbursable property expenses – as reported	(207)
Less: Other income and (expenses) – as reported	(330)
Add: Provision for income taxes – as reported	23
	(514)

Other Adjustments:
Adjustment to normalize for intra-period dispositions (N/A for current quarter) (b)	—
Add: Above- and below-market rent intangible lease amortization	(1)
Add: Straight-line and other leasing and financing adjustments	153
Add: Property expenses, excluding reimbursable tenant costs, non-cash	28
Less: Adjustments for pro rata ownership	(69)
	111

Normalized Pro Rata Cash NOI (a)	$	5,730

________

(a)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.

(b)For properties disposed of during the period, the adjustment eliminates our pro rata share of cash NOI for the period. There were no dispositions during the second quarter of 2026.


						Net Lease Office Properties \| 15

Net Lease Office Properties

Second Quarter 2026


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 \| 16

Net Lease Office Properties

Second Quarter 2026

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 \| 17

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 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 40 Vacant (fmr. Bankers) N/A St. Petersburg, FL -- 22,500 167,581 Feb-26 41 NA Lighting Auto Parts & Equipment Farmington Hills, MI 1,084 12,711 75,286 Mar-26 Total $98,109 $812,505 6,809,776 Dollars in thousands. Pro rata. As of June 30, 2026. 36 U.S. Properties 5 European Properties $813 Million Gross Sales Proceeds

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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Net Lease Office Properties (NYSE: NLOP) Q2 results, asset sales

Rhea-AI Filing Summary

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Filing Explained

8-K Event Classification

Key Figures

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