Net Lease Office Properties (NLOP) holding cut by Asset Value Investors

Rhea-AI Filing Summary

Asset Value Investors Ltd, a UK-based investment management firm, reported its position in Net Lease Office Properties common stock. The firm beneficially owns 710,013 shares, representing about 4.8% of the company’s outstanding 14,785,014 shares based on public data. Asset Value Investors has sole voting and dispositive power over all of these shares and funded the investment with working capital.

The stated purpose of the recent activity is the disposal of shares of the issuer. Recent trades include buying 5,800 shares on 11/19/2025 at $29.438619 per share and selling 52,315 shares on 01/08/2026 at $20.5065 per share. The filing is signed by Jake Crowhurst, Head of Operations at Asset Value Investors Ltd.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Net Lease Office Properties

(Name of Issuer)

Common Stock

(Title of Class of Securities)

64110Y108

(CUSIP Number)

Jake Crowhurst
Asset Value Investors Ltd, 2 Cavendish Square
London, X0, W1G 0PU
442076594807

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/08/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 64110Y108

1

Name of reporting person

Asset Value Investors Ltd

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 710,013.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 710,013.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

710,013.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Net Lease Office Properties
(c)	Address of Issuer's Principal Executive Offices: C/O W. P. CAREY INC., ONE MANHATTAN WEST, 395 9TH AVE. 58 FL, NEW YORK, NEW YORK , 10001.
Item 2.	Identity and Background
(a)	Asset Value Investors Ltd
(b)	Asset Value Investors Ltd, 2 Cavendish Square, London, W1G 0PU
(c)	Investment Management firm, London, United Kingdom
(d)	NO
(e)	NO
(f)	United Kingdom
Item 3.	Source and Amount of Funds or Other Consideration
	Working Capital
Item 4.	Purpose of Transaction
	a) The disposal of shares of the issuer
Item 5.	Interest in Securities of the Issuer
(a)	Total shares held is 710,013 shares and represents 4.79% of the shares outstanding based on public data of total shares outstanding of: 14,785,014
(b)	Asset Value Investors has the sole power to direct the vote for all shares stated
(c)	11/19/25 buy 5,800 shares at 29.438619, 1/8/26 sell 52,315 shares at 20.5065
(d)	n/a
(e)	01/08/2026
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	n/a
Item 7.	Material to be Filed as Exhibits.
	n/a

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Asset Value Investors Ltd

Signature:	Jake Crowhurst
Name/Title:	Head of Operations
Date:	01/09/2026

FAQ

How many Net Lease Office Properties (NLOP) shares does Asset Value Investors Ltd own?

Asset Value Investors Ltd beneficially owns 710,013 shares of Net Lease Office Properties common stock, according to the filing.

What percentage of Net Lease Office Properties does Asset Value Investors Ltd hold?

The filing states that Asset Value Investors Ltd’s 710,013 shares represent about 4.79%–4.8% of the outstanding common stock, based on 14,785,014 shares outstanding.

What recent share transactions in NLOP did Asset Value Investors Ltd report?

The filing notes two key trades: a purchase of 5,800 shares on 11/19/2025 at $29.438619 per share and a sale of 52,315 shares on 01/08/2026 at $20.5065 per share.

What is the stated purpose of Asset Value Investors Ltd’s transaction in NLOP?

Under “Purpose of Transaction,” the filing states that the purpose is the disposal of shares of the issuer.

How did Asset Value Investors Ltd fund its Net Lease Office Properties position?

The source of funds is listed as working capital, meaning the firm used its own internal capital for the investment.

Does Asset Value Investors Ltd control voting and sale decisions for its NLOP shares?

Yes. The filing reports sole voting power and sole dispositive power over all 710,013 shares, with no shared voting or dispositive power.

Who signed the Net Lease Office Properties ownership filing for Asset Value Investors Ltd?

The statement is signed by Jake Crowhurst, who is identified as Head of Operations at Asset Value Investors Ltd, dated 01/09/2026.