First Quarter 2025 Supplemental Report

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): May 8, 2025

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 May 8, 2025, Net Lease Office Properties (the "Company") made available certain unaudited supplemental financial information at March 31, 2025. 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 Sup p lemental financial information of the Company at March 31, 2025.

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, thereunto duly authorized.

Net Lease Office Properties

Date: May 8, 2025 By: /s/ ToniAnn Sanzone

ToniAnn Sanzone Chief Financial Officer

‌Exhibit 99.1

Net Lease Office Properties

Supplemental Financial Information

First Quarter 2025

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:

WPC W. P. Carey Inc., a net-lease REIT (also our "Advisor")

ABR Contractual minimum annualized base rent

WALT Weighted-average lease term

NLOP Mortgage Loan

Our $335.0 million senior secured mortgage loan, which was fully repaid during the year ended December 31, 2024

NLOP Mezzanine Loan Our $120.0 million mezzanine loan facility, which was fully repaid in April 2025

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 Metricssection in the Appendix for a description of these non-GAAP financial measures and other metrics.

Amounts may not sum to totals due to rounding.

‌Table of Contents

Summary Metrics1

Components of Net Asset Value2

Consolidated Statement of Operations3

FFO and AFFO, Consolidated4

Consolidated Balance Sheets5

Capitalization6

Debt Overview7

Dispositions8

Capital Expenditures and Leasing Activity9

Top Ten Tenants10

Lease Expirations11

Property List12

Appendix

Normalized Pro Rata Cash NOI15

Disclosures Regarding Non-GAAP and Other Metrics17

‌Summary Metrics

As of or for the three months ended March 31, 2025.

Financial Results
Revenues, including reimbursable costs - consolidated ($000s)	$ 29,213
Net income attributable to NLOP ($000s)	492
Net income attributable to NLOP per diluted share	0.03
Normalized pro rata cash NOI ($000s) (a)(b)	19,842
AFFO attributable to NLOP ($000s) (a)(b)	14,965
AFFO attributable to NLOP per diluted share (a) (b)	1.01

Balance Sheet and Capitalization
Equity market capitalization - based on quarter end share price of $31.38 ($000s)	$ 464,866
Total consolidated debt ($000s)	148,498
Gross assets ($000s) (c)	936,444
Total consolidated debt to gross assets	15.9 %
NLOP Mezzanine Loan principal outstanding ($000s) (d)	$ 35,614

Advisory Fees and Reimbursements Paid to WPC

Asset management fees (e)$ 1,260

Administrative reimbursements (f)1,000

Portfolio (Pro Rata) (b)
ABR (in thousands) (g)	$ 87,730
Number of properties	37
Number of tenants	41
Occupancy	84.9 %
Weighted-average lease term (in years)	4.1
Leasable square footage (in thousands) (h)	5,508
ABR from investment grade tenants as a % of total ABR (i)	43.9 %
Dispositions - number of properties sold	2
Dispositions - gross proceeds (in thousands)	$ 9,775

Subsequent to Quarter End

NLOP Mezzanine Loan principal outstanding as of the date of this report ($000s) (j)$ -

1. Normalized pro rata cash NOI and AFFO are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of our non-GAAP measures and for details on how certain non-GAAP measures are calculated.

2. Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of pro rata.

3. 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 $127.1 million and above-market rent intangible assets of $18.4 million.

4. Original principal outstanding for the NLOP Mezzanine Loan was $120.0 million. NLOP Mezzanine Loan principal outstanding (as a % of original principal) was 29.7% as of March 31, 2025. In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.

5. 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 each month following the disposition of each portfolio property.

6. 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.

7. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of ABR.

8. Excludes 570,999 of operating square footage for a parking garage at a domestic property.

9. Percentage of portfolio is based on ABR, as of March 31, 2025. Includes tenants or guarantors with investment grade ratings (23.6%) and subsidiaries of non-guarantor parent companies with investment grade ratings (20.3%). 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 Metricssection in the Appendix for a description of ABR.

10. In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.

Net Lease Office Properties | 1

Components of Net Asset Value
In thousands.
	Three Months Ended March 31, 2025
Normalized Pro Rata Cash NOI (a)(b)	$ 19,842
Balance Sheet - Selected Information	As of March 31, 2025
Assets
Book value of select real estate (c)	$ 29,493
Cash and cash equivalents	28,153
Restricted cash, including escrow (d)	37,597
Other assets, net:
Straight-line rent adjustments	$ 19,603
Deferred charges	2,303
Accounts receivable	1,303
Prepaid expenses	1,061
Taxes receivable	285
Other	1,459
Total other assets, net	$ 26,014
Liabilities
Non-recourse mortgages, net (e)	$	114,668
NLOP Mezzanine Loan (f) (g)		35,614
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	11,234
Prepaid and deferred rents		9,944
Accrued taxes payable		2,438
Tenant security deposits		814
Operating lease liabilities		243
Other		18,903
Total accounts payable, accrued expenses and other liabilities	$	43,576

1. Normalized pro rata cash NOI is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of our non-GAAP measures and for details on how they are calculated.

2. Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of pro rata.

3. Represents the value of real estate not appropriately captured in normalized pro rata cash NOI, such as vacant assets.

4. Comprised of approximately $35.8 million related to certain reserve requirements for debt service, capital improvements, and real estate taxes pursuant to the NLOP Financing Arrangements. Approximately $1.8 million is related to certain reserve requirements for other loan agreements.

5. Excludes unamortized premium, net totaling $0.7 million as of March 31, 2025.

6. Excludes unamortized discount, net totaling $1.7 million and unamortized deferred financing costs totaling $0.7 million as of March 31, 2025.

7. In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.

Net Lease Office Properties | 2

Consolidated Statement of Operations
In thousands, except share and per share amounts.
		Three Months Ended March 31, 2025
Revenues
Lease revenues	$	27,392
Other lease-related income		1,821
		29,213
Operating Expenses
Depreciation and amortization		9,725
Reimbursable tenant costs		6,140
Property expenses, excluding reimbursable tenant costs		2,455
General and administrative (a)		1,807
Asset management fees (b)		1,260
Impairment charges - real estate		920
		22,307
Other Income and Expenses
Interest expense (c)		(5,746)
Loss on sale of real estate, net		(1,008)
Other gains and (losses)		443
		(6,311)
Income before income taxes		595
Provision for income taxes		(82)
Net Income		513
Net income attributable to noncontrolling interests		(21)
Net Income Attributable to NLOP	$	492
Basic and Diluted Earnings Per Share	$	0.03
Weighted-Average Shares Outstanding
Basic and Diluted		14,814,075
(a) Includes $1.0 million of administrative reimbursements to our Advisor.
(b) Amount is comprised of fees paid to Advisor for strategic management services, including asset management, property disposition support, and various related	services.
(c) Includes $2.1 million of non-cash amortization of deferred financing costs.

‌Net Lease Office Properties | 3

‌FFO and AFFO, Consolidated

In thousands, except share and per share amounts.

Three Months Ended March 31, 2025

Adjustments:

Depreciation and amortization of real property	9,725
Loss on sale of real estate, net	1,008
Impairment charges - real estate	920
Proportionate share of adjustments for noncontrolling interests (a)	(52)
Total adjustments	11,601
FFO (as defined by NAREIT) Attributable to NLOP (b)	12,093
Adjustments:
Amortization of deferred financing costs		2,060
Straight-line and other leasing and financing adjustments		514
Above- and below-market rent intangible lease amortization, net		250
Other amortization and non-cash items		108
Other (gains) and losses		(47)
Proportionate share of adjustments for noncontrolling interests (a)		(13)
Total adjustments		2,872
AFFO Attributable to NLOP (b)	$	14,965
Summary
FFO (as defined by NAREIT) attributable to NLOP (b)	$	12,093
FFO (as defined by NAREIT) attributable to NLOP per diluted share (b)	$	0.82
AFFO attributable to NLOP (b)	$	14,965
AFFO attributable to NLOP per diluted share (b)	$	1.01
Diluted weighted-average shares outstanding		14,814,075

1. Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.

2. FFO and AFFO are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of our non-GAAP measures.

Net Lease Office Properties | 4

Consolidated Balance Sheets
In thousands, except share and per share amounts.		March 31, 2025		December 31, 2024
Assets
Investments in real estate:
Land, buildings and improvements	$	721,448	$	730,345
In-place lease intangible assets and other		208,933		209,968
Above-market rent intangible assets		30,508		30,512
Investments in real estate		960,889		970,825
Accumulated depreciation and amortization		(297,845)		(292,679)
Assets held for sale, net		29,297		29,297
Net investments in real estate		692,341		707,443
Restricted cash		37,597		43,305
Cash and cash equivalents		28,153		25,121
Other assets, net		26,014		29,200
Total assets	$	784,105	$	805,069

Debt:

Non-recourse mortgages, net	$	115,327	$	111,259
NLOP Mezzanine Loan, net		33,171		57,957
Debt, net		148,498		169,216
Accounts payable, accrued expenses and other liabilities		43,576		44,145
Below-market rent intangible liabilities, net		5,802		6,305
Total liabilities		197,876		219,666
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 and 14,814, and outstanding	075 shares, respectively, issued	15		15
Additional paid-in capital		855,813		855,813
Distributions in excess of accumulated earnings		(233,951)		(234,443)
Accumulated other comprehensive loss		(39,754)		(40,157)
Total shareholders' equity		582,123		581,228
Noncontrolling interests		4,106		4,175
Total equity		586,229		585,403
Total liabilities and equity	$	784,105	$	805,069

Net Lease Office Properties | 5

Capitalization
In thousands, except share and per share amounts. As of March 31, 2025. Total Enterprise Value	Shares		Share Price		Market Value
Equity
Common equity	14,814,075	$	31.38	$	464,866
Total Equity Market Capitalization					464,866
	Outstandi(na)g Balance
Debt
Non-recourse mortgages	114,668
NLOP Mezzanine Loan (b)	35,614
Total Debt	150,282
Less: Cash and cash equivalents	(28,153)
Net Debt	122,129
Total Enterprise Value	$ 586,995

1. Excludes unamortized discount, net totaling $1.0 million and unamortized deferred financing costs totaling $0.7 million as of March 31, 2025.

2. In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.

Net Lease Office Properties | 6

Debt Overview
Dollars in thousands. Pro rata. As of March 31, 2025.
	Maturity Date	Fixed / Floating	Interest Rate	Total Outstanding Balance (a)	% of Total
NLOP Mezzanine Loan
NLOP Mezzanine Loan (b)	11/9/2028	Fixed	14.5 %	$ 35,614	23.7 %
Other Mortgages (Tenant Listed)
Northrop Grumman Systems Corporation (c)	1/6/2025	Fixed	9.2 %	25,220	16.8 %
Midcontinent Independent Stm Op Inc (d)	5/6/2025	Fixed	4.0 %	8,882	5.9 %
Intuit Inc. (e)	5/6/2025	Fixed	4.0 %	21,900	14.6 %
Acosta, Inc.	8/6/2025	Fixed	4.4 %	9,818	6.5 %
Siemens AS (f)	12/15/2025	Floating	4.9 %	42,839	28.5 %
North American Lighting, Inc.	5/6/2026	Fixed	6.3 %	6,009	4.0 %
Total Debt Outstanding			7.7 %	$ 150,282	100.0 %

1. Excludes unamortized discount, net totaling $1.0 million and unamortized deferred financing costs totaling $0.7 million as of March 31, 2025.

2. The NLOP Mezzanine Loan bore interest at an annual rate of 14.5% (10.0% of which was required to be paid current on a monthly basis, and 4.5% of which was a payment-in-kind accrual, on a quarterly basis). In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.

3. We are in default of this non-recourse mortgage loan, as the loan was not repaid on the maturity date and the lender has the right to demand payment in full. As of the date of this report, the lender has not exercised such a right. Since we are in default, our interest rate is 9.2% (5.0% default rate plus 4.2% base interest rate).

4. Subsequent to quarter end, the maturity date of this loan was extended to March 6, 2026, with a 7.0% interest rate during the extension period.

5. Subsequent to quarter end, the maturity date of this loan was extended to July 6, 2026, with a 7.0% interest rate during the extension period.

6. This non-recourse mortgage loan is in a loan-to-value covenant breach as of March 31, 2025, and the lender has the right to demand payment in full. As of the date of this report, the lender has not exercised such a right.

Net Lease Office Properties | 7

‌Dispositions

Dollars in thousands. Pro rata.

Tenant / Lease Guarantor Property Location(s) Gross Sale Price ABR (a)

Closing Date

Gross Square Footage

4Q23
Raytheon Company	Tucson, AZ	$ 24,575	$	1,978	Dec-23	143,650
Carhartt, Inc.	Dearborn, MI	9,806		748	Dec-23	58,722
BCBSM, Inc.	Eagan, MN	2,500		298	Dec-23	29,916
AVL Michigan Holding Corporation	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
Total E&P Norge AS (b)	Stavanger, Norway	33,072	5,185		Mar-24	275,725
1Q24 Total		43,569	6,946			356,389

2Q24
Exelon Generation Company, LLC (c)	Warrenville, IL	19,830	2,935	Apr-24	146,745
Vacant (formerly AVT Technology Solutions LLC) (c)	Tempe, AZ	13,160	-	Apr-24	132,070
FedEx Corporation	Collierville, TN	62,500	5,491	Apr-24	390,380
DMG MORI SEIKI U.S.A., INC.	Hoffman Estates, IL	35,984	2,458	Apr-24	104,598
BCBSM, Inc. (2 properties)	Eagan, MN	60,700	4,663	Jun-24	347,472
2Q24 Total		192,174	15,547		1,121,265

3Q24
CVS Health Corporation	Scottsdale, AZ	71,500	4,252		Aug-24	354,888
Xileh Holding Inc.	AubuHills, MI	9,000	711		Sep-24	55,490
3Q24 Total		80,500	4,963			410,378
4Q24
E.On UK PLC (b)	Houghton le Spring, United Kingdom	3,924	3,819		Oct-24	217,339
Vacant (formerly BCBSM, Inc.)	Eagan, MN	11,650	-		Nov-24	227,666
Merative L.P.	Hartland, WI	6,750	669		Dec-24	81,082
Charter Communications Operating, LLC	Bridgeton, MO	7,350	820		Dec-24	78,080
Caremark RX, L.L.C.	Chandler, AZ	15,000	1,645		Dec-24	183,000
Cofinity, Inc./ Aetna Life Insurance Co.	Southfield, MI	2,500	1,833		Dec-24	94,453
4Q24 Total		47,174	8,786			881,620
1Q25
Emerson Electric Co.	Houston, TX	4,180	1,108		Mar-25	52,144
Nokia Corporation (b)	Krakow, Poland	5,595	779		Mar-25	53,400
1Q25 Total		9,775	1,887			105,544
Total Dispositions		$ 416,273	$ 41,728			3,177,484

1. ABR is pro forma for any agreed to and signed future rent restructurings.

2. Amount reflects the applicable exchange rate on the date of the transaction.

3. We transferred ownership of these properties and the related non-recourse mortgage loans to the respective mortgage lenders. Gross proceeds from these dispositions represent the mortgage principal outstanding on the respective dates of transfer.

Net Lease Office Properties | 8

‌Capital Expenditures and Leasing Activity

Capital Expenditures

In thousands. For the three months ended March 31, 2025.

Tenant Improvements and Leasing Costs

Tenant Improvements (Tenant Listed)
S&ME, Inc.	$	806
Nokia Corporation		468
		1,274
Leasing Costs		-
Tenant Improvements and Leasing Costs		1,274
Maintenance Capital Expenditures (Tenant Listed)
KBR, Inc.		224
JPMorgan Chase Bank, N.A.		211
Pharmaceutical Product Development, LLC		40
		475
Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures	$	1,749
Leasing Activity Dollars in thousands. For the three months ended March 31, 2025, except ABR. Pro rata.
Lease Renewals and Extensions(a)

Tenant Location Square Feet

Prior Lease ($000s)

ABR

New Lease ($000s) (b)

Rent Recapture

Expected Tenant Improvements ($000s)

Leasing Commissions ($000s)

Incremental Lease Term

JPMorgan Chase Bank, N.A.

Tampa, FL

104,565 $

1,321 $

1,864

141.1 % $

- $

576

3.0 years

Total / Weighted Average (c)

104,565 $ 1,321 $ 1,864 141.1 % $ - $ 576 3.0 years

1. Excludes lease extensions for a period of one year or less.

2. New lease amounts are based on in-place rents at time of lease commencement and exclude any free rent periods.

3. Weighted average refers to the incremental lease term.

Net Lease Office Properties | 9

‌Top Ten Tenants

Dollars in thousands. Pro rata. As of March 31, 2025.

Square

Number of

Weighted-Average

Tenant / Lease Guarantor	State / Country	ABR	ABR %	Footage	Properties		Lease Term (Years)
KBR, Inc. (a)	Texas	$ 20,156	23.0 %	913,713		1	5.2
JPMorgan Chase Bank, N.A.	Florida, Texas	9,766	11.1 %	666,869		3	4.5
Siemens AS (b)	Norway	4,633	5.3 %	165,905		1	0.7
Pharmaceutical Product Development, LLC	North Carolina	4,063	4.6 %	219,812		1	8.7
Omnicom Group, Inc.	California	3,961	4.5 %	120,000		1	3.5
R.R. Donnelley & Sons Company	Illinois	3,393	3.9 %	167,215		1	2.5
Board of Regents, State of Iowa	Iowa	3,254	3.7 %	191,700		1	5.6
Bankers Financial Corporation	Florida	3,228	3.7 %	111,357		1	0.3
Google, LLC	California	3,018	3.4 %	67,681		1	5.6
Northrop Grumman Systems Corporation	Minnesota	2,679	3.1 %	191,336		1	4.7
Total (c)	$		58,151	66.3 %	2,815,588	12	4.5

1. Excludes 570,999 of operating square footage for a parking garage associated with the KBR, Inc. property in Houston, Texas.

2. ABR amount is subject to fluctuations in foreign currency exchange rates.

3. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of pro rata.

Net Lease Office Properties | 10

‌Lease Expirations

Dollars in thousands. Pro rata. As of March 31, 2025.

Number of Leases

Number of Tenants with Leases

Year of Lease Expiration (a)	Expiring	Expiring	ABR	ABR %	Square Footage (b)	Square Footage %
Remaining 2025	11	10	$ 11,960	13.6 %	573,353	10.4 %
2026	7	7	6,043	6.9 %	369,460	6.7 %
2027	7	6	8,879	10.1 %	499,571	9.1 %
2028	6	5	10,544	12.0 %	476,012	8.6 %
2029	4	3	4,597	5.3 %	304,613	5.5 %
2030	7	6	34,727	39.6 %	1,772,623	32.2 %
2031	1	1	631	0.7 %	50,600	0.9 %
2032	2	2	3,692	4.2 %	257,008	4.7 %
2033	1	1	4,063	4.6 %	219,812	4.0 %
2035	1	1	2,050	2.4 %	120,147	2.2 %
2037	1	1	544	0.6 %	31,120	0.6 %
Vacant	-	-	-	- %	833,297	15.1 %
Total (c)	48		$ 87,730	100.0 %	5,507,616	100.0 %

1. Assumes tenants do not exercise any renewal options or purchase options.

2. Excludes 570,999 of operating square footage for a garage at a domestic property.

3. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of pro rata.

Net Lease Office Properties | 11

Property List

Dollars in thousands. Pro rata. As of March 31, 2025.

U.S. Assets:

Encumbered Status

#

Primary Tenant

Industry

Credit (a)

City

State

Square Footage (b)

ABR

Rent Increase Type

Date of Next Increase

WALT (c)

NLOP Mezzanine Loan

Other Mortgages

1

KBR, Inc. (d) (e)

Construction & Engineering

Non-IG

Houston

Texas

1,064,788

$21,306

Fixed: One-time 7.78%

Jan-27

5.1

✓

$-

2

JPMorgan Chase Bank, N.A.

Diversified Banks

IG

Fort Worth

Texas

386,154

$4,850

CPI: 0.0% Floor / 2.0% Cap

Mar-26

4.9

✓

$-

Pharmaceutical 3 Product Development, Pharmaceuticals IG Morrisville North Carolina 219,812 $4,063 Fixed: 2.00% Oct-25 8.7 ✓ $- LLC annually

4

Omnicom Group, Inc.

Advertising

IG

Playa Vista

California

120,000

$3,961

None

N/A

3.5

$-

5

R.R. Donnelley & Sons Company

Commercial Printing Non-IG Warrenville Illinois 167,215 $3,393 Fixed: 2.00%

Sep-25 2.5 ✓ $-

annually

6

7 Bankers Financial

Board of Regents, State of Iowa (f)

Corporation (d) (e)

Government Related Services

Property & Casualty

Insurance

IG Coralville Iowa 191,700 $3,254 CPI: 0.0% Floor /

No Cap

Non-IG St. Petersburg Florida 167,581 $3,228 Fixed: 2.50%

annually

Nov-25 5.6 $-

N/A 0.3

$-

✓

8 JPMorgan Chase Diversified Banks	IG	Tampa	Florida	176,150	$3,053
9 Google, LLC Internet Software & Services	IG	Venice	California	67,681	$3,018
10 ICU MEDICAL, INC. (d) Health Care Supplies	Non-IG	Plymouth	Minnesota	182,250	$2,890
11 Northrop Grumman Aerospace & Defense	IG	Plymouth	Minnesota	191,336	$2,679
12 Intuit Inc. Internet Software & Services	IG	Plano	Texas	166,033	$2,577
13 Cohesity Inc. Systems Software	Non-IG	Roseville	Minnesota	136,125	$2,255
14 Cenlar FSB Regional Banks	Non-IG	Yardley	Pennsylvania	105,584	$2,105
15 iHeartCommunications, Broadcasting	Non-IG	San Antonio	Texas	120,147	$2,050
Bank, N.A. (d)(e)	IG	Tampa	Florida	135,733	$1,932

Bank, N.A.

Systems Corporation

Inc.

16 JPMorgan Chase

Diversified Banks

CPI: 0.0% Floor / 2.0% Cap

Fixed: 3.00% annually

Fixed: 3.25% annually

Fixed: 2.00% annually

Fixed: One-time

$2.00/SF in '21

Fixed: 2.00% annually

Fixed: 2.50% annually

Fixed: 2.00% annually

CPI: 0.0% Floor /

2.0% Cap

Mar-26 4.9 ✓ $-

Nov-25 5.6 $-

N/A 0.5 ✓ $-

Dec-25 4.7 $25,220

N/A 1.2 $21,900

Dec-25 7.7 ✓ $-

Jan-26 3.2 ✓ $-

Feb-26 9.8 ✓ $-

Mar-26 2.9

$-

✓

17

18	ICF Consulting Group, Inc.	IT Consulting & Other Services	Non-IG	Martinsville	Virginia	93,333	$1,830 CPI: 0.0 No
19	Acosta, Inc.	Advertising	Non-IG	Jacksonville	Florida	88,062	$1,541 Fixed: $ ann

Arbella Service Company, Inc.

Property & Casualty Insurance

20 Safelite Group, Inc. Specialized Consumer	Non-IG	Rio Rancho	New Mexico	94,649	$1,527 Fixed: ann
21 Master Lock Company, Building Products	Non-IG	Oak Creek	Wisconsin	120,883	$1,437 Fixed: ann
Midcontinent 22	IG	Eagan	Minnesota	60,463	$1,148 Fixed: $ ann

Services

IG Quincy Massachusetts 132,160 $1,850 Fixed: One-time

$1.00/SF in '22

% Floor / Cap

0.50/SF

ually

2.00%

ually

N/A 2.2 ✓ $-

Jan-26 1.8 ✓ $-

Jul-25 2.3 $9,818

ually

Jan-26 4.2 ✓ $-

LLC

2.00%

ually

Jun-25

7.2

✓

$-

Independent Stm Op Inc.

Electric Utilities

0.25/SF N/A 0.9 $8,882

Net Lease Office Properties | 12

3.0% Cap

Aug-25	3.4	$-
Apr-25	1.0	$6,009
N/A	0.7	$-
Jan-26	2.9	$-
Mar-26	5.9	$-
N/A	0.8	$-
Mar-26	11.9	$-
Aug-25	3.4	$-
Aug-25	3.4	$-
Aug-25	3.4	$-
Aug-25	3.4	$-

23 Radiate Holdings, L.P. Cable & Satellite Non-IG San Marcos Texas 47,000 $1,074 CPI: 0.0% Floor /

24

17.50% in '23

North American Lighting, Inc.

Auto Parts & Equipment Non-IG Farmington

Michigan 75,286 $1,058 Fixed: 2.50%

Hills

annually

25

Arcfield Acquisition Corporation

26

Pioneer Credit Recovery, Inc. (d)

Aerospace & Defense Non-IG King of Prussia Pennsylvania 88,578 $1,000 Fixed: One-time Diversified Support Services Non-IG Moorestown New Jersey 65,567 $937 Fixed: 2.50%

annually

Insurance

27 APCO Holdings, Inc. Property & Casualty

Undisclosed - multi-

28

Non-IG Norcross Georgia 50,600 $631 Fixed: 2.50%

annually

Fixed: 2.00%

29 S&ME, Inc. E	nvironmental & Facilitie Services	s Non-IG	Raleigh N	orth Carolina	31,120	$545 Fixed: ann
30 Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Waco	Texas	30,699	$473 CPI: 0.0 3.0%
31 Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Corpus Christi	Texas	20,717	$355 CPI: 0.0 3.0%
32 Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Odessa	Texas	21,193	$236 CPI: 0.0 3.0%
33 Radiate Holdings, L.P.	Cable & Satellite	Non-IG	San Marcos	Texas	14,400	$212 CPI: 0.0 3.0%

national provider of industrial gases

Vacant (formerly

35

The

✓

34 Vacant (formerly

BCBSM, Inc.) (g)

Industrial Gases IG Houston Texas 49,821 $629

annually

2.75%

ually

% Floor / Cap

% Floor / Cap

% Floor / Cap

% Floor / Cap

N/A N/A Eagan Minnesota 442,542 $0 N/A N/A 0.0

$-

✓

McKesson N/A N/A Woodlands Texas (g)	204,063	$0	N/A	N/A	0.0	$-
Corporation)

BCBSM, Inc.) (g)	N/A	Eagan	Minnesota	12,286	$0	N/A	N/A	0.0	$-
U.S. Total (h)				5,341,711	$83,097			4.3	$71,829

36 Vacant (formerly

N/A

European Asset:

Date of

Encumbered Status NLOP

# Primary Tenant Industry Credit (a)

City Country

Square

Footage ABR Rent Increase Type

Next

Increase WALT (c)

Mezzanine

Loan

Other

Mortgages

1

Siemens AS

Industrial Conglomerates

IG

Oslo

Norway

165,905

$4,633

CPI: 0.0% Floor / No Cap

N/A

0.7

$42,839

European Total (h)165,905 $4,633 0.7 $42,839

• Indicates an asset that was in the NLOP Mezzanine Loan collateral pool as of March 31, 2025. In April 2025, we fully repaid the NLOP Mezzanine Loan.

1. "IG" refers to investment grade rated tenants.

2. Excludes 570,999 of operating square footage for a parking garage associated with the KBR, Inc. property in Houston, Texas.

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

4. Denotes multi-tenant property. Primary tenant generating largest percentage of ABR shown. Industry, credit, rent increase type and next rent increase are for primary tenant.

5. Denotes leased property that is not 100% occupied.

6. We own a 90% controlling interest in this consolidated property.

7. Denotes property that is vacant as of the date of this report.

8. See the Disclosures Regarding Non-GAAP and Other Metricssection in the Appendix for a description of pro rata.

Net Lease Office Properties | 13

‌Net Lease Office Properties

Appendix

First Quarter 2025

Net Lease Office Properties | 14

Normalized Pro Rata Cash NOI

In thousands.

Three Months Ended March 31, 2025

Total lease revenues - as reported $ 27,392

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses - as reported		6,140
Non-reimbursable property expenses - as reported		2,455
		19,258
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Less: Pro rata share of NOI attributable to noncontrolling interests		(90)
		(90)
		19,168
Adjustments for Pro Rata Non-Cash Items:
Add: Straight-line and other leasing and financing adjustments		514
Add: Above- and below-market rent intangible lease amortization		250
Add: Other non-cash items		108
		872
Pro Rata Cash NOI (b)		20,040
Adjustment to normalize for intra-period dispositions (c)		(198)
Normalized Pro Rata Cash NOI (b)	$	19,842

Net Lease Office Properties | 15

The following table presents a reconciliation from Net loss attributable to NLOP to Normalized pro rata cash NOI:
		Three Months Ended March 31, 2025
Net Income Attributable to NLOP
Net income attributable to NLOP - as reported	$	492
Adjustments for Consolidated Operating Expenses
Add: Operating expenses - as reported		22,307
Less: Property expenses, excluding reimbursable tenant costs - as reported		(2,455)
		19,852
Adjustments for Other Consolidated Revenues and Expenses:
Less: Other lease-related income (excluding parking garage revenues)		(1,360)
Less: Reimbursable property expenses - as reported		(6,140)
Add: Other income and (expenses) - as reported		6,311
Add: Provision for income taxes - as reported		82
		(1,107)
Other Adjustments:
Add: Straight-line and other leasing and financing adjustments		514
Add: Above- and below-market rent intangible lease amortization		250
Add: Property expenses, excluding reimbursable tenant costs, non-cash		108
Less: Adjustments for pro rata ownership		(69)
Adjustment to normalize for intra-period dispositions (c)		(198)
		605
Normalized Pro Rata Cash NOI (b)	$	19,842

1. Amount is comprised of revenues from a parking garage at a domestic property and is included in Other lease-related income on our consolidated statements of operations.

2. Pro rata cash NOI and normalized pro rata cash NOI are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metricssection 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.

3. For properties disposed of during the period, the adjustment eliminates our pro rata share of cash NOI for the period.

Net Lease Office Properties | 16

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 as they are not the primary drivers in our decision-making process and excluding these items provides investors 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 as we believe it will help them to 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, or as alternatives to net cash provided by operating activities computed under GAAP, or as 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 | 17

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 and reflects exchange rates as of March 31, 2025. 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 | 18

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Net Lease Office Properties published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 21:26 UTC.