$NLOP

Net Lease Office Properties

CIK:0001952976|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Lease revenues	$ 6,358	$ 27,508	$ 13,699	$ 54,900
Income from finance leases	0	0	637	0
Other lease-related income	0	1,666	1,047	3,487
Revenues	6,358	29,174	15,383	58,387
Operating Expenses
Impairment charges — real estate	7,093	81,817	7,093	82,737
Depreciation and amortization	2,741	9,687	5,021	19,412
General and administrative	1,892	2,144	3,825	3,951
Property expenses, excluding reimbursable tenant costs	488	2,244	1,191	4,699
Asset management fees	394	1,209	875	2,469
Reimbursable tenant costs	207	6,537	802	12,677
Total operating expenses	12,815	103,638	18,807	125,945
Other Income and Expenses
Gain (loss) on sale of real estate, net	531	(3,251)	33,151	(4,259)
Interest expense	(390)	(4,400)	(776)	(10,146)
Other gains and (losses)	189	697	(10,020)	1,140
Total other income and expenses	330	(6,954)	22,355	(13,265)
(Loss) income before income taxes	(6,127)	(81,418)	18,931	(80,823)
Provision for income taxes	(23)	(100)	(40)	(182)
Net (Loss) Income	(6,150)	(81,518)	18,891	(81,005)
Net income attributable to noncontrolling interests	(44)	(22)	(87)	(43)
Net (Loss) Income Attributable to NLOP	$ (6,194)	$ (81,540)	$ 18,804	$ (81,048)
Basic (Loss) Earnings Per Share (per share)	$ (0.42)	$ (5.50)	$ 1.27	$ (5.47)
Diluted (Loss) Earnings Per Share (per share)	$ (0.42)	$ (5.50)	$ 1.27	$ (5.47)
Weighted-Average Shares Outstanding
Basic (in shares)	14,814,075	14,814,075	14,814,075	14,814,075
Diluted (in shares)	14,814,075	14,814,075	14,814,075	14,814,075

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows — Operating Activities
Net income (loss)	$ 18,891	$ (81,005)
Adjustments to net income (loss):
(Gain) loss on sale of real estate, net	(33,151)	4,259
Allowance for credit losses	11,035	0
Impairment charges — real estate	7,093	82,737
Depreciation and amortization, including intangible assets and deferred financing costs	5,087	23,079
Amortization of rent-related intangibles and deferred rental revenue	331	(1,196)
Straight-line rent adjustments	316	1,249
Net realized and unrealized (gains) losses on extinguishment of debt, foreign currency exchange rate movements, and other	(2)	803
Proceeds from sales of net investments in sales-type leases	8,017	0
Net changes in other operating assets and liabilities	(7,690)	(4,098)
Net Cash Provided by Operating Activities	9,927	25,828
Cash Flows — Investing Activities
Proceeds from sales of real estate	119,994	25,427
Funding for capital expenditures on real estate	(677)	(2,684)
Value added taxes refunded in connection with sale of real estate	0	(37)
Net Cash Provided by Investing Activities	119,317	22,706
Cash Flows — Financing Activities
Distributions paid	(224,434)	0
Distributions to noncontrolling interest	(106)	(181)
Other financing activities, net	(4)	(8)
Payments of mortgage principal and other debt instruments	0	(61,307)
Net Cash Used in Financing Activities	(224,544)	(61,496)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(17)	725
Net decrease in cash and cash equivalents and restricted cash	(95,317)	(12,237)
Cash and cash equivalents and restricted cash, beginning of period	122,632	68,426
Cash and cash equivalents and restricted cash, end of period	$ 27,315	$ 56,189