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NET LEASE OFFICE PROPERTIES (NLOP)

Real Estate · Net Lease Office REIT · NYSE

A net lease office REIT that owns and leases office properties, though currently facing significant headwinds from declining occupancy and shifting work patterns.

What NET LEASE OFFICE PROPERTIES does

Net Lease Office Properties (NLOP) is a real estate investment trust (REIT) that owns and operates a portfolio of net lease office properties. The company generates revenue primarily through long-term lease agreements with commercial tenants. NLOP was recently spun off from WPC (Whitestone Property Corp) as a separate publicly traded entity. The company's business model centers on acquiring, managing, and disposing of office real estate while maintaining REIT qualification and making regular distributions to shareholders.

Themes: Office real estate, Net lease investing, Commercial property management, REIT dividend distributions

Fundamentals

  • Price$11.61 as of 2026-08-21 close
  • Market cap$172M as of 2026-08-21
  • 1-year return-60.6% 2025-08-21 close $29.49 → 2026-08-21 close $11.61
  • P/En/a negative earnings
  • Net margin-122.3% as of 2026-08-24
  • Gross margin+72.1% as of 2026-08-24
  • ROE-34.6% as of 2026-08-24
  • Debt / equity0.13 as of 2026-08-24
  • Revenue growth (YoY)-22.5% as of 2026-08-24
  • Revenue CAGR (3y)-8.7% SEC XBRL
  • Beta0.92 as of 2026-08-24
  • Last reported earningsn/a no earnings announcement (Form 8-K, Item 2.02) has been filed in our data yet

Dividend: yield n/a — an indicated yield this high is not a forward yield — a stale or one-off dividend over the current price; 2-year non-decreasing per-share dividend streak (SEC XBRL).

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How NLOP compares in its sector

  • net profit marginbottom 10% 161 covered Real Estate peers, as of 2026-08-24
  • operating marginbottom 10% 161 covered Real Estate peers, as of 2026-08-24
  • gross marginmiddle range 156 covered Real Estate peers, as of 2026-08-24
  • return on equitybottom 10% 162 covered Real Estate peers, as of 2026-08-24
  • 3-year revenue CAGRbottom 10% 155 covered Real Estate peers

Position among covered Real Estate companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.

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Dividend coverage (FY2025)

Covered by reported results. In FY2025, NLOP's dividend was covered by reported results (operating-cash-flow payout 72%). This describes past coverage, not a forecast.

  • Earnings payoutnot assessable earnings were not positive that year
  • Operating-cash-flow payout72% dividends / operating cash flow — capital spending was not reported, so this does not subtract it

Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.

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How NET LEASE OFFICE PROPERTIES looks technically

NET LEASE OFFICE PROPERTIES (NLOP) is trading 31.9% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed below its 200-day average about 222 trading days ago — a "death cross", a bearish long-term signal. There is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 12, below the 25 that marks a real trend). Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 51, neither overbought (above 70) nor oversold (below 30). MACD, a trend-momentum gauge, turned bearish about 10 trading days ago (its momentum flipped negative). It made a new 20-day high about 19 trading days ago. It is 66.1% below its highest point of the past year. Day-to-day price swings are unusually narrow versus its own recent history — a "Bollinger squeeze" (in the tightest 2% of the past ~6 months), which often precedes a bigger move. Trading volume is unusually light — only about 50% of its 30-day average.

Trend

8
Distance from the 200-dayit is trading 31.9% below its 200-day average, the long-term trend line — a long-term downtrend-31.9%
50-day moving averageits average price over the last 50 trading days — a short-term trend line — is $11.52$11.52
200-day moving averageits average price over the last 200 trading days — the long-term trend line — is $17.06$17.06
Swing structureeach recent peak has been lower than the one before it and each dip deeper — the pattern chart-watchers call a downtrend, which describes where price has already been and not where it goes nextlower highs and lower lows
Last swing turnits last significant turn was a swing high 18 calendar days ago — the swings before that are what the structure reading is measured on18 sessions
Wave structureits recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 3 of five; the labelling fails if price closes above 12.12. It is one of several labellings that fit, and it describes the swings already printed, not what comes next. The same swings also read as a three-part correction in leg C.possible downward five-wave sequence, in wave 3 (one of several readings)
Since the 50/200 crossits 50-day average crossed below its 200-day average about 222 trading days ago — a "death cross", a bearish long-term signal222 sessions
Trend strength (14-day ADX)there is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 12, below the 25 that marks a real trend)11.9

Momentum

3
14-day RSImomentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 51, neither overbought (above 70) nor oversold (below 30)50.5
Position in its 14-day rangeit is trading in the lower half of its 14-day range ($11.30 to $12.01) — its "stochastic" reading is 44 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been climbing within that range over the last few sessions.43.7
Since the MACD crossed zeroMACD, a trend-momentum gauge, turned bearish about 10 trading days ago (its momentum flipped negative)10 sessions

Range

12
52-week highits highest closing price over the past year (about 252 trading days) was $34.24$34.24
From the 52-week highit is 66.1% below its 52-week high (its highest price of the past year)-66.1%
Above the 52-week lowit is 6.1% above its 52-week low (its lowest price of the past year)+6.1%
Below the 52-week highit is 66.1% below its highest point of the past year66.1%
Since a 20-day breakoutit made a new 20-day high about 19 trading days ago19 sessions
Since a 55-day breakoutit made a new 55-day low about 35 trading days ago35 sessions
All-time highits highest closing price on record is $34.53 (set on 2025-07-15)$34.53
Given back of the 52-week moveover the past year its closes ranged ($11.01 to $33.61), and it has recovered only a small part of its fall from last year’s high — 3% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $24.98 to $25.70. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast.2.6%
From the all-time highit is 66.4% below its all-time high-66.4%
Nearest price levelit is trading 3.2% above a support level at $11.24 — a price it turned at twice since 2026-03-30, most recently on 2026-05-19. Since 2024-08-21 it has 1 such level below the current price and 10 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go.-3.2%
All-time lowits lowest closing price on record is $9.50 (set on 2023-11-02)$9.50
Above the all-time lowit is 22.2% above its all-time low+22.2%

Volatility

5
Band width vs its own 6 monthsday-to-day price swings are unusually narrow versus its own recent history — a "Bollinger squeeze" (in the tightest 2% of the past ~6 months), which often precedes a bigger move2nd percentile
Typical daily rangein a typical session it travels about $0.2858 between its high and its low — about 2.5% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was$0.2858
Bollinger bands (20-day, ±2σ)most of its recent trading has stayed between about $11.30 and $12.03 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles$11.30 – $11.66 – $12.03
Typical daily range (% of price)its price moves about 2.5% in a typical session — calmer than most companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price2.5%
Stretch from the 200-day averageit is trading 19.1 daily ranges below its 200-day average price (31.9% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale19.1 daily ranges below its 200-day average

Volume

1
Volume vs its 30-day averagetrading volume is unusually light — only about 50% of its 30-day average0.50×

Candlestick patterns

2
Since a doji7 sessions ago it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level7 sessions ago
Since a bearish engulfing5 sessions ago it opened above the previous session's close and finished below that session's open — a "bearish engulfing" pair, where one down day more than undid the up day before it5 sessions ago

Price gaps

1
Gap at the openit opened on 2026-08-21 at essentially the same price it closed at the session before — no meaningful overnight gap-0.1%

Price streaks

1
Closing streakit has closed higher 2 sessions in a row, a +1.31% move over the run — an unbroken run of up days, which describes what has already happened and says nothing about the next session2 sessions up

Relative strength

4
vs market, 1 monthover the past 1 month this stock lagged the market by 4.1 percentage points (the stock lost 1.8% while the market gained 2.3%)-4.1%
vs market, 3 monthsover the past 3 months this stock lagged the market by 4.9 percentage points (the stock lost 1.8% while the market gained 3.1%)-4.9%
vs market, 6 monthsover the past 6 months this stock lagged the market by 26.0 percentage points (the stock lost 14.9% while the market gained 11.1%)-26.0%
vs market, 12 monthsover the past 12 months this stock lagged the market by 81.1 percentage points (the stock lost 60.6% while the market gained 20.5%)-81.1%

Signal agreement

2
Bullish technical signals0 of the 9 technical signals we can compute for it are currently in a bullish state — these describe past price behaviour, not a forecast0 of 9
Bearish technical signals4 of the 9 technical signals we can compute for it are currently in a bearish state: a "death cross" — its 50-day average is below its 200-day, trading below its 200-day average, MACD momentum is negative, lagging the market over 6 months — these describe past price behaviour, not a forecast4 of 9

Trend (Ichimoku cloud)

1
Vs the Ichimoku cloudtrading inside the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-07-16 and projected forward over today's price, the zone traders read as unresolved — neither side has established a trend, and the band is where that gets settled. The band itself is moderate, spanning 6.7% of the share price.0.0%

Volume-weighted price

1
Vs this year’s average price paidthe price is 20% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $14.51 — a volume-weighted average of daily closes over 154 sessions, not a true tick-by-tick VWAP.-20.0%

Price levels it has turned at before

NLOP last closed at $11.61 on 2026-08-21. Since 2024-08-21 it has turned at 1 price below its last close and 10 above; the nearest below and the 3 nearest above are listed, nearest first.

LevelSideDistanceEvidence
$11.24Support3.2% below the last closeturned there twice · 2026-03-30 to 2026-05-19
$12.19Resistance5.0% above the last closeturned there twice · 2026-05-27 to 2026-08-03
$20.21Resistance74.1% above the last closeturned there twice · 2026-01-21 to 2026-02-17
$26.14Resistance125.2% above the last closeturned there twice · 2025-04-09 to 2025-12-31

A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.

Wave structure

Its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 3 of five.

This labelling fails — stops being a possible reading at all — if it closes above $12.12.

This is one of several labellings that fit the same swings, so treat it as a reading rather than the reading. It was chosen from 2 labellings that survived the rules, counting shorter readings of the same bars.

On past moves of this shape the leg has usually ended somewhere between $9.99 and $10.80 — that is where it has tended to end if the count holds, not a forecast of where the price goes.

Alternate reading: The same swings also read as a three-part correction in leg C, which fails on a close above $12.12.

This labelling was already in place when we began recording count changes on 2026-08-13, so how long it has stood is not something we can say yet.

Read from daily closes as of 2026-08-21.

An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.

Based on daily closing prices as of 2026-08-21. Describes past price behavior only — informational, not financial advice.

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Key risks (from latest filing)

["Concentration risk and reliance on office property market performance.","Sensitivity to interest rate fluctuations and general economic conditions.","Risks associated with tenant creditworthiness and ability to meet lease obligations."]

See NLOP's biggest risks from its latest 10-Q →

What changed in the latest 10-Q

AI-assisted comparison of NLOP's 10-Q filed 2026-05-07 against the prior one filed 2025-11-07.

Management's Discussion & Analysis (MD&A)

  • Added:
    • Reference to '2025 Annual Report' (newer filing filed 2026-05-07)
    • Financial Highlights section now covers 'three months ended March 31, 2026' period
    • Dispositions bullet: Six properties sold for $127.5 million net proceeds in Q1 2026, with separate disclosure of $20.0 million deposit from Houston/KBR property sold in January 2026
    • Special Cash Distributions: January 2026 special distribution of $6.75 per share (~$100.0 million)
    • Special Cash Distributions: March 2026 special distribution of $3.30 per share (~$49.0 million)
    • Summary Results table now shows 'Three Months Ended March 31, 2026 vs 2025' comparison
    • Summary Results: March 31, 2026 total revenues $9,025 thousand; March 31, 2025 total revenues $29,213 thousand
    • Summary Results: March 31, 2026 net income $24,998 thousand; March 31, 2025 net income $492 thousand
    • Summary Results: March 31, 2026 dividends declared $148,882 thousand; March 31, 2025 dividends declared $0
    • Summary Results: March 31, 2026 FFO $(5,394) thousand; March 31, 2025 FFO $12,093 thousand
    • Summary Results: March 31, 2026 AFFO $6,124 thousand; March 31, 2025 AFFO $14,965 thousand
    • Footnote (a) disclosure regarding $8.0 million from sale of net investment in sales-type lease for Q1 2026
    • Disclosure: Since January 1, 2025, 21 properties disposed for $339.8 million total net proceeds
    • Revenue narrative: 'Total revenues decreased for the three months ended March 31, 2026 as compared to the same period in 2025, primarily due to the impact of disposition activity'
    • Net Income narrative mentions 'higher gain on sale of real estate and lower interest expense' and 'non-cash allowance for credit loss recorded on a net investment in a sales-type lease'
    • FFO narrative includes reference to 'non-cash allowance for credit loss recorded on a net investment in a sales-type lease'
    • AFFO narrative: 'AFFO decreased for the three months ended March 31, 2026 as compared to the same period in 2025' (text appears truncated)
  • Removed:
    • Reference to '2024 Annual Report' (replaced with '2025 Annual Report')
    • Financial Highlights period changed from 'nine months ended September 30, 2025' to 'three months ended March 31, 2026'
    • Dispositions bullet about six properties sold for $71.3 million in nine months ended September 30, 2025 (replaced with Q1 2026 data)
    • Dispositions bullet about international property transferred for $45.7 million in September 2025
    • Leasing Activity section regarding Oak Creek, Wisconsin lease termination agreement from September 2025
    • Financing section disclosing NLOP Mezzanine Loan repayment of $61.1 million
    • Financing section disclosing prepayment of three non-recourse mortgage loans totaling $24.5 million
    • Special Cash Distribution from August 2025 ($3.10 per share, ~$45.9 million)
    • Summary Results table comparing 'Three Months Ended September 30, 2025 vs 2024' and 'Nine Months Ended September 30, 2025 vs 2024'
    • Summary Results: September 30, 2025 three-month revenues $29,784 thousand; September 30, 2024 $31,481 thousand
    • Summary Results: September 30, 2025 nine-month revenues $88,171 thousand; September 30, 2024 $114,517 thousand
    • Summary Results: September 30, 2025 net loss figures (both three-month and nine-month periods)
    • Summary Results: September 30, 2024 operating and investing/financing cash flow figures
    • Summary Results: September 30, 2025 FFO and AFFO figures (both three-month and nine-month periods)
    • Footnote (a) disclosure regarding $10.3 million from sale of net investment in sales-type lease for nine months ended September 30, 2024
    • Revenue narrative comparing September 30, 2025 vs 2024 results mentioning 'disposition activity and tenant vacancies' and 'higher other lease-related income'
  • Reworded:
    • Financial reporting period: changed from 'nine months ended September 30, 2025' to 'three months ended March 31, 2026'
    • Annual report reference: changed from 'read in conjunction with the 2024 Annual Report' to 'read in conjunction with the 2025 Annual Report'
    • Special distributions disclosure restructured from single bullet point (August 2025) to multiple bullet points (January 2026 and March 2026) with expanded forward-looking language
    • Summary Results table structure: changed from multi-period comparison (three months and nine months) to single period comparison (three months only)
  • Notes:
    • Newer filing text appears truncated at end of AFFO narrative ('primarily due to the impact of'); comparison may be incomplete for that section
    • Older filing text also appears truncated in final Revenues narrative; full context of that comparison unavailable
    • Different reporting periods (Q1 2026 in newer vs Q3 2025 in older) limits period-to-period consistency in comparison

Risk Factors

  • Added:
    • Reference to 2025 Annual Report filed February 25, 2026 (newer filing, filed 2026-05-07)
    • Financial data for March 31, 2026 quarter-end period
    • Net investments in finance leases of $0 thousand at March 31, 2026
    • Assets held for sale, net of $0 thousand at March 31, 2026
    • Gain on sale of real estate, net of $32,620 thousand for Q1 2026
    • Allowance for credit losses of $11,035 thousand in Q1 2026 cash flows
    • Proceeds from sales of net investments in sales-type leases of $8,017 thousand in Q1 2026
    • Distributions declared of $10.05 per share for Q1 2026
    • Basic and Diluted Earnings Per Share of $1.69 for Q1 2026
    • Net income of $24,998 thousand attributable to NLOP for Q1 2026
  • Removed:
    • Reference to 2024 Annual Report filed February 27, 2025 (older filing, filed 2025-11-07)
    • Financial data for September 30, 2025 quarter-end and nine-month period
    • Net investments in finance leases of $0 thousand (no line item in older period)
    • Impairment charges — real estate of $50,892 thousand (Q3 2025) and $133,629 thousand (nine months 2025)
    • Loss on sale of real estate, net of $(23,693) thousand for Q3 2025
    • Foreign currency translation adjustments of $40,323 thousand in Q3 2025
    • Accumulated other comprehensive loss line item in equity statements
    • Loss before income taxes of $(64,110) thousand for Q3 2025
    • Basic and Diluted Loss Per Share of $(4.33) for Q3 2025
    • Net loss of $(64,161) thousand attributable to NLOP for Q3 2025
    • Distributions declared of $3.10 per share for Q3 2025
  • Reworded:
    • Statement name changed from 'CONSOLIDATED STATEMENTS OF OPERATIONS' (older) to 'CONSOLIDATED STATEMENTS OF INCOME' (newer)
    • Statement name changed from 'CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS' (older) to 'CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME' (newer)
  • Notes:
    • The two filings cover different reporting periods (Q1 2026 vs Q3 2025 with nine-month comparisons), making direct financial comparisons not directly applicable
    • The older filing includes nine-month comparative data; the newer filing shows only single quarter data
    • The newer filing reflects a transition from net losses to net income and different financial position
    • Both filings maintain the same boilerplate language regarding risk factors and forward-looking statements

AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.

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Insider activity (SEC Form 4)

No open-market insider purchases or sales recorded in the last 90 days.

Most recent open-market transaction: 2025-09-24. As of 2026-08-25.

View full insider trading history → View SEC Form 3/4/5 filings

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Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.

Short interest (FINRA)

NLOP had 836,753 shares of reported short interest as of the 2026-07-31 FINRA settlement date (delayed, bi-monthly; not real-time).

NLOP had 5.65% of its shares outstanding sold short as of the 2026-07-31 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 5.57 days to cover at the same settlement.

  • Reported short interest (shares) 836,753
  • Short interest (% of shares outstanding) 5.65%
  • Prior settlement (shares) 1,134,722
  • Reported change -26.26%
  • Days to cover (reported) 5.57

Reported to FINRA as of the 2026-07-31 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.

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Competitors & peers

AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.

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Frequently asked questions

What does NET LEASE OFFICE PROPERTIES (NLOP) do?

Net Lease Office Properties (NLOP) is a real estate investment trust (REIT) that owns and operates a portfolio of net lease office properties. The company generates revenue primarily through long-term lease agreements with commercial tenants. NLOP was recently spun off from WPC (Whitestone Property Corp) as a separate publicly traded entity.

What sector is NET LEASE OFFICE PROPERTIES (NLOP) in?

NET LEASE OFFICE PROPERTIES (NLOP) is classified in the Real Estate sector. Its industry is Net Lease Office REIT. It trades on NYSE.

Does NLOP pay a dividend?

Yes — NET LEASE OFFICE PROPERTIES (NLOP) pays a dividend, with 2-year non-decreasing per-share dividend streak (SEC EDGAR XBRL) (market data, as of 2026-08-24). Informational only — not financial advice.

Who are NET LEASE OFFICE PROPERTIES's (NLOP) competitors?

Notable peers of NET LEASE OFFICE PROPERTIES (NLOP) include W. P. Carey, Office Properties Income Trust, SL Green Realty, Vornado Realty Trust and Boston Properties. This peer set is informational only — not financial advice.

Is NET LEASE OFFICE PROPERTIES (NLOP) overbought or oversold right now?

NET LEASE OFFICE PROPERTIES (NLOP) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 51, in the neutral middle (as of 2026-08-21). RSI describes recent price momentum, not a forecast — informational only, not financial advice.

Where does stocks-llm's data on NLOP come from?

Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.

Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.

Last updated 2026-08-21.

Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.

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