Net Lease Office Properties

NLOP

REIT - Office · Real Estate

Price

$11.51

+0.00 (+0.00%)

pre-market:$11.30-1.82%

Market Cap

$170.5M

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 31, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Mixed

Stability

Exceptional

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+3.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 14.3M (2021) → 14.8M (2025)

Winston Score History

The full picture

Net Lease Office Properties is a real estate investment trust (REIT) that owns office buildings leased to single tenants under long-term agreements. Its tenants are typically large companies or government agencies that rent entire buildings, often for 10 years or more. The company was spun off from W. P. Carey in late 2023 with a portfolio focused on U.S. and European office properties.

NLOP makes money by collecting rent from tenants locked into net leases, meaning tenants pay most building expenses like taxes, insurance, and maintenance. The company has been actively selling properties to shrink its portfolio and return cash to shareholders, functioning more as a liquidating entity than a traditional growth REIT. Its small market cap of roughly $200 million reflects this reduced portfolio size. The key risk is that office demand remains under pressure from remote work trends, which could make remaining properties harder to sell or re-lease at attractive terms.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-78.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+92.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.7%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$191M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Net Lease Office Properties's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

82.9%

Premium pricing power — 82.9% gross margin

Profit after running costs

Operating Margin

10.0%

Modest — 10.0% operating margin

Return on the money invested

ROCE

11.5%

Below par — 11.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-34.2%

Shrinking sales (-34.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

59.0%

Converts sales into free cash efficiently (59.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

9.22x

Comfortably covers interest (9.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

194.18%

Healthy income — 194.18% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

Data not available

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