(NLOP) Net Lease Office Properties - Overview
Stock: Office, Properties, Net, Leases
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 51.06% |
| Yield on Cost 5y | 159.55% |
| Yield CAGR 5y | 360.18% |
| Payout Consistency | 51.2% |
| Payout Ratio | - |
| Risk 5d forecast | |
|---|---|
| Volatility | 23.9% |
| Relative Tail Risk | -7.92% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.20 |
| Alpha | -12.89 |
| Character TTM | |
|---|---|
| Beta | 0.568 |
| Beta Downside | 0.804 |
| Drawdowns 3y | |
|---|---|
| Max DD | 46.03% |
| CAGR/Max DD | 0.53 |
Description: NLOP Net Lease Office Properties December 27, 2025
Net Lease Office Properties (NYSE: NLOP) is a REIT that owns 37 single-tenant net-lease office buildings (~5.5 MM sq ft) across the U.S. and Europe, serving 41 corporate tenants and generating roughly $88 MM of annualized base rent. The firm is externally managed by affiliates of W. P. Carey (WPC), leveraging more than five decades of single-tenant office expertise to drive shareholder value through active asset management and selective disposals.
Key metrics and sector drivers to watch: (1) Occupancy remains near 99 %-a typical hallmark of high-quality net-lease portfolios-but lease expirations cluster in 2025-2027, creating potential refinancing risk if interest rates stay elevated; (2) The average remaining lease term is about 7.5 years, providing a buffer against short-term market volatility; (3) Industry-wide, remote-work trends are compressing demand for traditional office space, yet net-lease assets tied to essential services (e.g., data centers, healthcare) have shown relative resilience, which could influence NLOP’s tenant mix and rent growth prospects.
For a deeper, data-driven look at NLOP’s valuation and risk profile, consider exploring the analytics available on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income: -181.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA 2.55 > 1.0 |
| NWC/Revenue: 0.19% < 20% (prev 25.91%; Δ -25.71% < -1%) |
| CFO/TA 0.10 > 3% & CFO 52.6m > Net Income -181.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (14.8m) vs 12m ago 0.20% < -2% |
| Gross Margin: 66.45% > 18% (prev 0.78%; Δ 6567 % > 0.5%) |
| Asset Turnover: 16.07% > 50% (prev 17.49%; Δ -1.42% > 0%) |
| Interest Coverage Ratio: -4.13 > 6 (EBITDA TTM -35.9m / Interest Expense TTM 19.4m) |
Altman Z'' -8.46
| A: 0.00 (Total Current Assets 38.7m - Total Current Liabilities 38.5m) / Total Assets 522.6m |
| B: -0.81 (Retained Earnings -425.6m / Total Assets 522.6m) |
| C: -0.11 (EBIT TTM -80.1m / Avg Total Assets 721.2m) |
| D: -4.82 (Book Value of Equity -425.6m / Total Liabilities 88.3m) |
| Altman-Z'' Score: -8.46 = D |
What is the price of NLOP shares?
Over the past week, the price has changed by +0.15%, over one month by -6.42%, over three months by -3.63% and over the past year by -2.20%.
Is NLOP a buy, sell or hold?
- StrongBuy: 0
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the NLOP price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 46 | 135.4% |
| Analysts Target Price | 46 | 135.4% |
| ValueRay Target Price | 107.9 | 452.4% |
NLOP Fundamental Data Overview February 02, 2026
P/B = 0.6704
Revenue TTM = 115.9m USD
EBIT TTM = -80.1m USD
EBITDA TTM = -35.9m USD
Long Term Debt = 47.1m USD (from longTermDebt, last quarter)
Short Term Debt = 105.1m USD (from shortTermDebt, last fiscal year)
Debt = 169.5m USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -38.7m USD (from netDebt column, last quarter)
Enterprise Value = 419.8m USD (289.0m + Debt 169.5m - CCE 38.7m)
Interest Coverage Ratio = -4.13 (Ebit TTM -80.1m / Interest Expense TTM 19.4m)
EV/FCF = 7.98x (Enterprise Value 419.8m / FCF TTM 52.6m)
FCF Yield = 12.54% (FCF TTM 52.6m / Enterprise Value 419.8m)
FCF Margin = 45.42% (FCF TTM 52.6m / Revenue TTM 115.9m)
Net Margin = -156.2% (Net Income TTM -181.0m / Revenue TTM 115.9m)
Gross Margin = 66.45% ((Revenue TTM 115.9m - Cost of Revenue TTM 38.9m) / Revenue TTM)
Gross Margin QoQ = 73.19% (prev 65.76%)
Tobins Q-Ratio = 0.80 (Enterprise Value 419.8m / Total Assets 522.6m)
Interest Expense / Debt = 0.98% (Interest Expense 1.66m / Debt 169.5m)
Taxrate = 21.0% (US default 21%)
NOPAT = -63.3m (EBIT -80.1m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.01 (Total Current Assets 38.7m / Total Current Liabilities 38.5m)
Debt / Equity = 0.39 (Debt 169.5m / totalStockholderEquity, last quarter 430.3m)
Debt / EBITDA = 1.08 (negative EBITDA) (Net Debt -38.7m / EBITDA -35.9m)
Debt / FCF = -0.74 (Net Debt -38.7m / FCF TTM 52.6m)
Total Stockholder Equity = 523.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -25.10% (Net Income -181.0m / Total Assets 522.6m)
RoE = -34.58% (Net Income TTM -181.0m / Total Stockholder Equity 523.4m)
RoCE = -14.05% (EBIT -80.1m / Capital Employed (Equity 523.4m + L.T.Debt 47.1m))
RoIC = -9.83% (negative operating profit) (NOPAT -63.3m / Invested Capital 643.9m)
WACC = 5.33% (E(289.0m)/V(458.5m) * Re(8.01%) + D(169.5m)/V(458.5m) * Rd(0.98%) * (1-Tc(0.21)))
Discount Rate = 8.01% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.66%
[DCF Debug] Terminal Value 85.10% ; FCFF base≈59.3m ; Y1≈52.8m ; Y5≈44.4m
Fair Price DCF = 93.33 (EV 1.34b - Net Debt -38.7m = Equity 1.38b / Shares 14.8m; r=5.90% [WACC]; 5y FCF grow -13.42% → 2.90% )
EPS Correlation: -3.71 | EPS CAGR: 484.0% | SUE: N/A | # QB: 0
Revenue Correlation: -65.24 | Revenue CAGR: -5.76% | SUE: N/A | # QB: 0