[Form 4] Net Lease Office Properties Insider Trading Activity

Rhea-AI Filing Summary

Net Lease Office Properties director Richard J. Pinola purchased 1,012 shares of the company on 09/24/2025 at a weighted average price of $29.4882 per share, executed in multiple trades at prices ranging from $29.435 to $29.600. After the transaction Pinola beneficially owned 13,220.74 shares, which includes 44.74 shares previously acquired under a dividend reinvestment program. The Form 4 was filed as a single reporting person filing and was signed by attorney-in-fact Stephen Gardella on 09/25/2025.

Positive

• Director Richard J. Pinola purchased 1,012 shares, increasing his beneficial ownership to 13,220.74 shares

Negative

• None.

Insights

Financial Analyst

TL;DR: A director purchased 1,012 NLOP shares at a weighted average $29.4882, modestly increasing insider ownership.

The reported purchase is a straightforward open-market acquisition by a director. The filing discloses the exact share count, weighted average price and a small component from a dividend reinvestment program. Transaction size (1,012 shares) and the resulting ownership (13,220.74 shares) are explicitly stated, with execution in multiple trades at prices between $29.435 and $29.600. The information provided allows verification of the purchase price distribution on request as noted in the filing.

Corporate Governance Expert

TL;DR: Director-level insider reported a routine purchase; filing is properly executed and includes price-range disclosure.

The Form 4 indicates compliance with Section 16 reporting: relationship to issuer is checked as Director, the transaction date and filing date are provided, and the form is signed by an attorney-in-fact. The explanation clarifies multiple-trade execution and inclusion of dividend reinvestment shares. No amendments or additional related-party details are present in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

PINOLA RICHARD J

(Last) (First) (Middle)

NLOP C/O W. P. CAREY INC.

395 9TH AVENUE, 58TH FLOOR

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Net Lease Office Properties [ NLOP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/24/2025		P		1,012	A	$29.4882(1)	13,220.74(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $29.435 to $29.600. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

2. Includes 44.74 shares previously acquired under a dividend reinvestment program.

Remarks:

	/s/ Stephen Gardella, Attorney-in-fact	09/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the NLOP Form 4 filed for Richard J. Pinola report?

The Form 4 reports a purchase of 1,012 shares on 09/24/2025 at a weighted average price of $29.4882 per share.

How many shares does Richard J. Pinola beneficially own after the transaction?

The filing shows beneficial ownership of 13,220.74 shares, which includes 44.74 shares from a dividend reinvestment program.

At what prices were the shares acquired according to the filing?

The shares were executed in multiple trades at prices ranging from $29.435 to $29.600; the reported price is the weighted average $29.4882.

Who signed the Form 4 and when was it signed?

The signature on the filing is by Stephen Gardella, Attorney-in-fact, dated 09/25/2025.

Was this Form 4 filed by a single reporting person or a group?

The filing indicates it was a Form filed by One Reporting Person.