Form 8-K

8-K — Net Lease Office Properties

Accession: 0001952976-26-000032

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001952976

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — nlop-20260507.htm (Primary)

EX-99.1 (nlop2026q1supplementalexh9.htm)

EX-99.2 (nlopinvestorpresentation.htm)

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8-K

8-K (Primary)

Filename: nlop-20260507.htm · Sequence: 1

nlop-20260507

0001952976false00019529762026-05-072026-05-07

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 7, 2026

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 7, 2026, Net Lease Office Properties (the “Company”) made available certain unaudited supplemental financial information at March 31, 2026. 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

Supplemental financial information of the Company at March 31, 2026.

99.2

Investor presentation by the Company.

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, hereunto duly authorized.

Net Lease Office Properties

Date: May 7, 2026 By: /s/ ToniAnn Sanzone

ToniAnn Sanzone

Chief Financial Officer

EX-99.1

Filename: nlop2026q1supplementalexh9.htm · Sequence: 2

Document

Exhibit 99.1

Net Lease Office Properties

Supplemental Financial Information

First Quarter 2026

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:

REIT Real estate investment trust

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

U.S. United States

ABR Contractual minimum annualized base rent

NAREIT National Association of Real Estate Investment Trusts (an industry trade group)

WALT Weighted-average lease term

CPI Consumer price index

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

Amounts may not sum to totals due to rounding.

Net Lease Office Properties

Supplemental Information – First Quarter 2026

Table of Contents

Summary Metrics

Components of Net Asset Value

Consolidated Statement of Income

FFO and AFFO, Consolidated

Consolidated Balance Sheets

Capitalization and Debt Overview

Dispositions

Capital Expenditures and Leasing Activity

Tenant List

Lease Expirations

Property List

Appendix

Normalized Pro Rata Cash NOI

Disclosures Regarding Non-GAAP and Other Metrics

Net Lease Office Properties

First Quarter 2026

Summary Metrics

As of or for the three months ended March 31, 2026.

Financial Results

Revenues, including reimbursable costs – consolidated ($000s) $ 9,025

Net income attributable to NLOP ($000s) 24,998

Net income attributable to NLOP per diluted share 1.69

Normalized pro rata cash NOI ($000s) (a) (b)

5,994

AFFO attributable to NLOP ($000s) (a) (b)

6,124

AFFO attributable to NLOP per diluted share (a) (b)

0.41

Special cash distributions declared, gross distributions – current quarter (in thousands) (c)

$ 148,881

Special cash distributions declared per share – current quarter (c)

10.05

Balance Sheet and Capitalization

Equity market capitalization – based on quarter end share price of $11.52 ($000s) $ 170,658

Total consolidated debt ($000s) 21,900

Gross assets ($000s) (d)

321,511

Total consolidated debt to gross assets 6.8 %

Advisory Fees and Reimbursements Paid to WPC

Asset management fees (e)

$ 481

Administrative reimbursements (f)

1,000

Portfolio (Pro Rata) (b)

ABR (in thousands) (g)

$ 25,763

Number of properties 18

Number of tenants 11

Occupancy 73.1 %

Weighted-average lease term (in years) 2.9

Leasable square footage (in thousands) 1,875

ABR from investment grade tenants as a % of total ABR (h)

48.3 %

Dispositions – number of properties sold 6

Dispositions – gross proceeds (in thousands) $ 153,434

________

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

(b)Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)In January 2026, our Board of Trustees declared a special cash distribution of $6.75 per share, totaling approximately $100.0 million. The distribution was paid on February 17, 2026 to shareholders of record as of January 30, 2026. In March 2026, our Board of Trustees declared a special cash distribution of $3.30 per share, totaling approximately $49.0 million. The distribution was paid on April 14, 2026 to shareholders of record as of March 30, 2026.

(d)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 $29.8 million and above-market rent intangible assets of $4.1 million.

(e)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 following the disposition of each portfolio property.

(f)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. In May 2026, our Board of Trustees approved a reduction in the base administrative reimbursement to our Advisor from $4.0 million annually to $2.0 million annually, effective July 1, 2026.

(g)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

(h)Percentage of portfolio is based on ABR, as of March 31, 2026. Includes tenants or guarantors with investment grade ratings (41.1%) and subsidiaries of non-guarantor parent companies with investment grade ratings (7.2%). 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 Metrics section in the Appendix for a description of ABR.

Net Lease Office Properties | 1

Net Lease Office Properties

First Quarter 2026

Components of Net Asset Value

In thousands.

Three Months Ended March 31, 2026

Normalized Pro Rata Cash NOI (a) (b)

$ 5,994

Balance Sheet – Selected Information

As of March 31, 2026

Assets

Book value of select real estate (c)

$ 15,771

Cash and cash equivalents 70,609

Other assets, net:

Restricted cash, including escrow $ 3,413

Straight-line rent adjustments 3,165

Accounts receivable 1,322

Deferred charges 491

Prepaid expenses 334

Taxes receivable 141

Other 566

Total other assets, net $ 9,432

Liabilities

Non-recourse mortgage $ 21,900

Dividends payable 48,886

Accounts payable, accrued expenses and other liabilities:

Accounts payable and accrued expenses $ 2,020

Prepaid and deferred rents 1,708

Accrued taxes payable 759

Tenant security deposits 434

Other 6,236

Total accounts payable, accrued expenses and other liabilities $ 11,157

________

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

(b)Presented on a pro rata basis. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

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

Net Lease Office Properties | 2

Net Lease Office Properties

First Quarter 2026

Consolidated Statement of Income

In thousands, except share and per share amounts.

Three Months Ended March 31, 2026

Revenues

Lease revenues $ 7,341

Income from finance leases 637

Other lease-related income 1,047

9,025

Operating Expenses

Depreciation and amortization 2,280

General and administrative (a)

1,933

Property expenses, excluding reimbursable tenant costs 703

Reimbursable tenant costs 595

Asset management fees (b)

481

5,992

Other Income and Expenses

Gain on sale of real estate, net 32,620

Other gains and (losses) (c)

(10,209)

Interest expense (386)

22,025

Income before income taxes 25,058

Provision for income taxes (17)

Net Income 25,041

Net income attributable to noncontrolling interests (43)

Net Income Attributable to NLOP $ 24,998

Basic and Diluted Earnings Per Share $ 1.69

Weighted-Average Shares Outstanding

Basic and Diluted 14,814,075

________

(a)Includes $1.0 million of administrative reimbursements to our Advisor.

(b)Amount comprises fees paid to Advisor for strategic management services, including asset management, property disposition support, and various related services.

(c)Amount includes a non-cash allowance for credit loss recorded on a net investment in a sales-type lease of $11.0 million.

Net Lease Office Properties | 3

Net Lease Office Properties

First Quarter 2026

FFO and AFFO, Consolidated

In thousands, except share and per share amounts.

Three Months Ended March 31, 2026

Net income attributable to NLOP $ 24,998

Adjustments:

Gain on sale of real estate, net (32,620)

Depreciation and amortization of real property 2,280

Proportionate share of adjustments for noncontrolling interests (a)

(52)

Total adjustments (30,392)

FFO (as defined by NAREIT) Attributable to NLOP (b)

(5,394)

Adjustments:

Other (gains) and losses (c)

10,998

Above- and below-market rent intangible lease amortization, net

332

Straight-line and other leasing and financing adjustments 163

Other amortization and non-cash items 38

Proportionate share of adjustments for noncontrolling interests (a)

(13)

Total adjustments 11,518

AFFO Attributable to NLOP (b)

$ 6,124

Summary

FFO (as defined by NAREIT) attributable to NLOP (b)

$ (5,394)

FFO (as defined by NAREIT) attributable to NLOP per diluted share (b)

$ (0.36)

AFFO attributable to NLOP (b)

$ 6,124

AFFO attributable to NLOP per diluted share (b)

$ 0.41

Diluted weighted-average shares outstanding 14,814,075

________

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

(b)FFO and AFFO are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures.

(c)Amount includes a non-cash allowance for credit loss recorded on a net investment in a sales-type lease of $11.0 million.

Net Lease Office Properties | 4

Net Lease Office Properties

First Quarter 2026

Consolidated Balance Sheets

In thousands, except share and per share amounts.

March 31, 2026 December 31, 2025

Assets

Investments in real estate:

Land, buildings and improvements $ 226,533 $ 218,799

Net investments in finance leases — 41,878

In-place lease intangible assets and other 41,519 45,160

Above-market rent intangible assets 7,314 10,760

Investments in real estate 275,366 316,597

Accumulated depreciation and amortization (97,425) (102,926)

Assets held for sale, net — 96,269

Net investments in real estate 177,941 309,940

Cash and cash equivalents 70,609 119,621

Other assets, net 9,432 23,810

Total assets $ 257,982 $ 453,371

Liabilities and Equity

Non-recourse mortgage $ 21,900 $ 21,900

Accounts payable, accrued expenses and other liabilities 11,157 56,104

Below-market rent intangible liabilities, net 2,055 1,990

Dividends payable 48,886 75,552

Total liabilities 83,998 155,546

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 shares issued and outstanding

15 15

Additional paid-in capital 855,813 855,813

Distributions in excess of accumulated earnings (685,801) (561,917)

Total shareholders' equity 170,027 293,911

Noncontrolling interests 3,957 3,914

Total equity 173,984 297,825

Total liabilities and equity $ 257,982 $ 453,371

Net Lease Office Properties | 5

Net Lease Office Properties

First Quarter 2026

Capitalization and Debt Overview

Capitalization

In thousands, except share and per share amounts. As of March 31, 2026.

Total Enterprise Value Shares Share Price Market Value

Equity

Common equity 14,814,075 $ 11.52 $ 170,658

Total Equity Market Capitalization 170,658

Outstanding Balance

Debt

Non-recourse mortgage 21,900

Total Debt 21,900

Less: Cash and cash equivalents (70,609)

Net Debt (48,709)

Total Enterprise Value $ 121,949

Debt Overview

Dollars in thousands. Pro rata. As of March 31, 2026.

Maturity Date Fixed / Floating Interest Rate Total Outstanding Balance

Mortgage (Tenant Listed)

Intuit 7/6/2026 Fixed 7.0 % $ 21,900

Net Lease Office Properties | 6

Net Lease Office Properties

First Quarter 2026

Dispositions

Dollars in thousands. Pro rata.

Tenant Property Location(s) Gross Sale Price

ABR (a)

Closing Date Gross Square Footage

4Q23

Raytheon Tucson, AZ $ 24,575 $ 1,978 Dec-23 143,650

Carhartt Dearborn, MI 9,806 748 Dec-23 58,722

BCBSM Eagan, MN 2,500 298 Dec-23 29,916

AVL 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

TotalEnergies (b)

Stavanger, Norway 33,072 5,185 Mar-24 275,725

1Q24 Total 43,569 6,946 356,389

2Q24

Exelon (c)

Warrenville, IL 19,830 2,935 Apr-24 146,745

Vacant (formerly AVT Technology Solutions) (c)

Tempe, AZ 13,160 — Apr-24 132,070

FedEx Collierville, TN 62,500 5,491 Apr-24 390,380

DMG MORI Hoffman Estates, IL 35,984 2,458 Apr-24 104,598

BCBSM (2 properties) Eagan, MN 60,700 4,663 Jun-24 347,472

2Q24 Total 192,174 15,547 1,121,265

3Q24

CVS Health Scottsdale, AZ 71,500 4,252 Aug-24 354,888

Henniges Automotive (Xileh) Auburn Hills, MI 9,000 711 Sep-24 55,490

3Q24 Total 80,500 4,963 410,378

4Q24

E.On (b)

Houghton le Spring, United Kingdom

3,924 3,819 Oct-24 217,339

Vacant (formerly BCBSM) Eagan, MN 11,650 — Nov-24 227,666

Merative Hartland, WI 6,750 669 Dec-24 81,082

Charter Communications Bridgeton, MO 7,350 820 Dec-24 78,080

CVS Caremark Chandler, AZ 15,000 1,645 Dec-24 183,000

Cofinity / Aetna Southfield, MI 2,500 1,833 Dec-24 94,453

4Q24 Total 47,174 8,786 881,620

Total 2023-2024 Dispositions 406,498 39,841 3,071,940

Net Lease Office Properties | 7

Net Lease Office Properties

First Quarter 2026

Dispositions (continued)

Dollars in thousands. Pro rata.

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

ABR (a)

Closing Date Gross Square Footage

1Q25

Emerson Houston, TX 4,180 1,108 Mar-25 52,144

Nokia (b)

Krakow, Poland 5,595 779 Mar-25 53,400

1Q25 Total 9,775 1,887 105,544

2Q25

Vacant (formerly McKesson Corporation) The Woodlands, TX 16,300 — May-25 204,063

2Q25 Total 16,300 — 204,063

3Q25

JPMorgan Chase Tampa, FL 25,180 3,053 Jul-25 176,150

Acosta Jacksonville, FL 10,550 1,541 Aug-25 88,062

Siemens (b) (c)

Oslo, Norway 45,694 4,842 Sep-25 165,905

MISO Eagan, MN 11,500 1,148 Sep-25 60,463

3Q25 Total 92,924 10,584 490,580

4Q25

Thermo Fisher Scientific Morrisville, NC 33,000 4,063 Nov-25 219,812

Securitas Plymouth, MN 5,654 1,218 Nov-25 182,250

JPMorgan Chase Tampa, FL 13,650 1,934 Dec-25 135,733

Veritas Roseville, MN 14,625 2,255 Dec-25 136,125

Vacant (formerly Master Lock) Oak Creek, WI 2,576 — Dec-25 120,883

Pioneer Credit Recovery Moorestown, NJ 6,069 931 Dec-25 65,567

JPMorgan Chase Fort Worth, TX 33,000 4,850 Dec-25 386,154

Northrop Grumman Plymouth, MN 25,000 2,679 Dec-25 191,336

4Q25 Total 133,574 17,930 1,437,860

Total 2025 Dispositions 252,573 30,401 2,238,047

1Q26

Google Venice, CA 39,600 3,108 Jan-26 67,681

KBR Houston, TX 66,000 21,300 Jan-26 1,064,788

ICF Martinsville, VA 3,880 1,830 Feb-26 93,333

S&ME Raleigh, NC 8,743 545 Feb-26 31,120

Vacant (formerly Bankers Financial) St. Petersburg, FL 22,500 — Feb-26 167,581

North American Lighting Farmington Hills, MI 12,711 1,084 Mar-26 75,286

1Q26 Total 153,434 27,867 1,499,789

Total 2026 Dispositions 153,434 27,867 1,499,789

Total Dispositions $ 812,505 $ 98,109 6,809,776

________

(a)ABR is pro forma for any agreed to and signed future rent restructurings.

(b)Amount reflects the applicable exchange rate on the date of the transaction.

(c)We transferred ownership of these properties and the related non-recourse mortgage loans to the respective mortgage lender or buyer (as applicable). Gross proceeds from these dispositions represent the mortgage principal outstanding on the respective dates of transfer.

Net Lease Office Properties | 8

Net Lease Office Properties

First Quarter 2026

Capital Expenditures and Leasing Activity

Capital Expenditures

In thousands. For the three months ended March 31, 2026.

Tenant Improvements and Leasing Costs (none during the first quarter of 2026)

Maintenance Capital Expenditures (Tenant Listed)

North American Lighting $ 570

KBR 74

644

Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures $ 644

Leasing Activity

Note: There was no leasing activity during the first quarter of 2026.

Net Lease Office Properties | 9

Net Lease Office Properties

First Quarter 2026

Tenant List

Dollars in thousands. Pro rata. As of March 31, 2026.

Tenant State / Country ABR ABR % Square Footage Number of Properties Weighted-Average Lease Term (Years)

Iowa Board of Regents Iowa $ 4,056 15.7 % 191,700 1 4.6

Omnicom California 3,961 15.4 % 120,000 1 2.5

RRD Illinois 3,461 13.4 % 167,215 1 1.5

Intuit Texas 2,577 10.0 % 166,033 1 0.2

Grande Communications Texas 2,407 9.4 % 134,009 5 2.4

Cenlar FSB Pennsylvania 2,158 8.4 % 105,584 1 2.3

iHeart Communications Texas 2,091 8.1 % 120,147 1 8.8

Arbella Insurance Massachusetts 1,850 7.2 % 132,160 1 1.2

Safelite New Mexico 1,555 6.0 % 94,649 1 3.2

Arcfield (a)

Pennsylvania 1,000 3.9 % 88,578 1 0.0

APCO Georgia 647 2.5 % 50,600 1 4.9

Total (b)

$ 25,763 100.0 % 1,370,675 15 2.9

________

(a)This property is vacant as of the date of this filing.

(b)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

Net Lease Office Properties | 10

Net Lease Office Properties

First Quarter 2026

Lease Expirations

Dollars in thousands. Pro rata. As of March 31, 2026.

Year of Lease Expiration (a)

Number of Leases Expiring Number of Tenants with Leases Expiring ABR ABR % Square Footage Square Footage %

Remaining 2026 2 2 $ 3,577 13.9 % 254,611 13.6 %

2027 2 2 5,311 20.6 % 299,375 16.0 %

2028 4 3 8,527 33.1 % 359,593 19.2 %

2029 1 1 1,555 6.0 % 94,649 5.0 %

2030 1 1 4,056 15.8 % 191,700 10.2 %

2031 1 1 646 2.5 % 50,600 2.7 %

2035 1 1 2,091 8.1 % 120,147 6.4 %

Vacant — — — — % 504,649 26.9 %

Total (b)

12 $ 25,763 100.0 % 1,875,324 100.0 %

________

(a)Assumes tenants do not exercise any renewal options or purchase options.

(b)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

Net Lease Office Properties | 11

Net Lease Office Properties

First Quarter 2026

Property List

Dollars in thousands. Pro rata. As of March 31, 2026.

Encumbered Status

# Tenant Industry

Credit (a)

City State Square Footage ABR Rent Increase Type Date of Next Increase

WALT (b)

In-Place Mortgage Debt

Iowa Board of Regents (c)

Government Related Services IG Coralville Iowa 191,700 $4,056 CPI: 0.0% Floor / No Cap N/A 4.6 $—

2 Omnicom Advertising IG Playa Vista California 120,000 $3,961 None N/A 2.5 $—

3 RRD Commercial Printing Non-IG Warrenville Illinois 167,215 $3,461 Fixed: 2.00% annually Sep-26 1.5 $—

4 Intuit Internet Software & Services IG Plano Texas 166,033 $2,577 Fixed: 'One-time $2.00/SF in '21 N/A 0.2 $21,900

5 Cenlar FSB Regional Banks Non-IG Yardley Pennsylvania 105,584 $2,158 Fixed: 2.50% annually Jan-27 2.3 $—

6 iHeart Communications Broadcasting Non-IG San Antonio Texas 120,147 $2,091 Fixed: 2.00% annually Feb-27 8.8 $—

7 Arbella Insurance Property & Casualty Insurance IG Quincy Massachusetts 132,160 $1,850 Fixed: 'One-time $1.00/SF in '22 N/A 1.2 $—

8 Safelite Specialized Consumer Services Non-IG Rio Rancho New Mexico 94,649 $1,555 Fixed: 2.00% annually Jan-27 3.2 $—

9 Grande Communications Cable & Satellite Non-IG San Marcos Texas 47,000 $1,101 CPI: 0.0% Floor / 3.0% Cap Aug-26 2.4 $—

Arcfield (d)

Aerospace & Defense Non-IG King of Prussia Pennsylvania 88,578 $1,000 Fixed: One-time 17.50% in '23 N/A 0.0 $—

11 APCO Property & Casualty Insurance Non-IG Norcross Georgia 50,600 $647 Fixed: 2.50% annually Mar-27 4.9 $—

12 Grande Communications Cable & Satellite Non-IG Waco Texas 30,699 $484 CPI: 0.0% Floor / 3.0% Cap Aug-26 2.4 $—

13 Grande Communications Cable & Satellite Non-IG Corpus Christi Texas 20,717 $363 CPI: 0.0% Floor / 3.0% Cap Aug-26 2.4 $—

14 Grande Communications Cable & Satellite Non-IG Odessa Texas 21,193 $242 CPI: 0.0% Floor / 3.0% Cap Aug-26 2.4 $—

15 Grande Communications Cable & Satellite Non-IG San Marcos Texas 14,400 $217 CPI: 0.0% Floor / 3.0% Cap Aug-26 2.4 $—

Vacant (formerly BCBSM) (d)

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

Vacant (formerly undisclosed) (d)

N/A N/A Houston Texas 49,821 $0 N/A N/A 0.0 $—

Vacant (formerly BCBSM) (d)

N/A N/A Eagan Minnesota 12,286 $0 N/A N/A 0.0 $—

Total (e)

1,875,324 $25,763 2.9 $21,900

________

(a)“IG” refers to investment grade rated tenants.

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

(c)We own a 90% controlling interest in this consolidated property.

(d)Denotes property that is vacant as of the date of this filing.

(e)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

Net Lease Office Properties | 12

Net Lease Office Properties

Appendix

First Quarter 2026

Net Lease Office Properties | 13

Net Lease Office Properties

First Quarter 2026

Normalized Pro Rata Cash NOI

In thousands.

Three Months Ended March 31, 2026

Consolidated Lease Revenues and Other

Total lease revenues – as reported $ 7,341

Income from finance leases – as reported 637

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses

Non-reimbursable property expenses – as reported 703

Reimbursable property expenses – as reported 595

6,680

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:

Less: Pro rata share of NOI attributable to noncontrolling interests (133)

(133)

6,547

Adjustments for Pro Rata Non-Cash Items:

Add: Above- and below-market rent intangible lease amortization 332

Add: Straight-line and other leasing and financing adjustments 163

Add: Other non-cash items 39

534

Pro Rata Cash NOI (a)

7,081

Adjustment to normalize for intra-period dispositions (b)

(1,087)

Normalized Pro Rata Cash NOI (a)

$ 5,994

Net Lease Office Properties | 14

Net Lease Office Properties

First Quarter 2026

The following table presents a reconciliation from Net income attributable to NLOP to Normalized pro rata cash NOI:

Three Months Ended March 31, 2026

Net Income Attributable to NLOP

Net income attributable to NLOP – as reported $ 24,998

Adjustments for Consolidated Operating Expenses

Add: Operating expenses – as reported 5,992

Less: Property expenses, excluding reimbursable tenant costs – as reported (703)

5,289

Adjustments for Other Consolidated Revenues and Expenses:

Less: Other lease-related income – as reported (1,047)

Less: Reimbursable property expenses – as reported (595)

Less: Other income and (expenses) – as reported (22,025)

Add: Provision for income taxes – as reported 17

(23,650)

Other Adjustments:

Adjustment to normalize for intra-period dispositions (b)

(1,087)

Add: Above- and below-market rent intangible lease amortization 332

Add: Straight-line and other leasing and financing adjustments 163

Add: Property expenses, excluding reimbursable tenant costs, non-cash 39

Less: Adjustments for pro rata ownership (90)

(643)

Normalized Pro Rata Cash NOI (a)

$ 5,994

________

(a)Pro rata cash NOI and normalized pro rata cash NOI are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics section 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.

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

Net Lease Office Properties | 15

Net Lease Office Properties

First Quarter 2026

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 because they are not the primary drivers in our decision-making process and excluding these items provides investors with 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 because we believe it will help them 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, alternatives to net cash provided by operating activities computed under GAAP, or 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 | 16

Net Lease Office Properties

First Quarter 2026

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. 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 | 17

EX-99.2

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nlopinvestorpresentation

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NLOP Brand Colors & Order R:101 G:28 B:50 | Hex: #651C32 R:0 G:119 B:73 | Hex: #007749 R:29 G:66 B:137 | Hex: #1D4289 R:172 G:20 B:90 | Hex: #AC145A R:124 G:125 B:142 | Hex: #7C878E R:51 G:63 B:72 | Hex: #333F48 R:244 G:54 B:76 | Hex: #F4364C R:200 G:16 B:46 | Hex: #C8102E R:0 G:93 B:212 | Hex: #00C1D4 R:67 G:176 B:42 | Hex: #43B02A R:255 G:209 B:0 | Hex: #FFD100 R:242 G:169 B:0 | Hex: #F2A900 R:0 G:193 B:169 | Hex: #0097A9 R:58 G:145 B:63 | Hex: #3A913F R:245 G:126 B:182 | Hex: #F57EB6 R:233 G:60 B:172 | Hex: #E93CAC 6 Asset Sale Summary 1. ABR is pro forma for any agreed to and signed future rent restructurings. 2. Excludes 570,999 of operating square footage for a parking garage associated with the KBR property in Houston, Texas. 3. Amount reflects the applicable exchange rate on the date of the transaction. 4. NLOP transferred ownership of these properties and the related non-recourse mortgage loans to the respective mortgage lender or buyer (as applicable). Gross proceeds from these dispositions represent the mortgage principal outstanding on the respective dates of transfer. Tenant / Lease Guarantor Primary Tenant Industry Property Location ABR 1 Gross Sales Proceeds Square Footage 2 Closing Date 1 Raytheon Aerospace & Defense Tucson, AZ $1,978 $24,575 143,650 Dec-23 2 Carhartt Apparel, Accessories & Luxury Dearborn, MI 748 9,806 58,722 Dec-23 3 BCBSM Managed Health Care Eagan, MN 298 2,500 29,916 Dec-23 4 AVL Auto Parts & Equipment Plymouth, MI 575 6,200 70,000 Dec-23 5 Undisclosed 3 Property & Casualty Insurance Newport, United Kingdom 1,761 10,497 80,664 Jan-24 6 TotalEnergies 3 Oil & Gas Exploration & Production Stavanger, Norway 5,185 33,072 275,725 Mar-24 7 Exelon 4 Electric Utilities Warrenville, IL 2,935 19,830 146,745 Apr-24 8 Vacant (formerly AVT) 4 N/A Tempe, AZ -- 13,160 132,070 Apr-24 9 FedEx Air Freight & Logistics Collierville, TN 5,491 62,500 390,380 Apr-24 10 DMG MORI Industrial Machinery Hoffman Estates, IL 2,458 35,984 104,598 Apr-24 11/12 BCBSM (2 properties) Managed Health Care Eagan, MN 4,663 60,700 347,472 Jun-24 13 CVS Health Healthcare Services Scottsdale, AZ 4,252 71,500 354,888 Aug-24 14 Henniges Automotive (Xileh) Multi-Sector Holdings Auburn Hills, MI 711 9,000 55,490 Sep-24 15 E.On 3 Internet Retail Houghton le Spring, United Kingdom 3,819 3,924 217,339 Oct-24 16 Vacant (formerly BCBSM) N/A Eagan, MN -- 11,650 227,666 Nov-24 17 Merative IT Consulting & Other Services Hartland, WI 669 6,750 81,082 Dec-24 18 Charter Communications Cable & Satellite Bridgeton, MO 820 7,350 78,080 Dec-24 19 CVS Caremark Health Care Services Chandler, AZ 1,645 15,000 183,000 Dec-24 20 Cofinity / Aetna Multi-line Insurance Southfield, MI 1,833 2,500 94,453 Dec-24 21 Emerson Industrial Machinery Houston, TX 1,108 4,180 52,144 Mar-25 22 Nokia 3 Communications Equipment Krakow, Poland 779 5,595 53,400 Mar-25 23 Vacant (formerly McKesson) N/A The Woodlands, TX -- 16,300 204,063 May-25 24 JPMorgan Chase Diversified Banks Tampa, FL 3,053 25,180 176,150 Jul-25 25 Acosta Advertising Jacksonville, FL 1,541 10,550 88,062 Aug-25 26 Siemens 3 4 Industrial Conglomerates Oslo, Norway 4,842 45,694 165,905 Sep-25 27 MISO Electric Utilities Eagan, MN 1,148 11,500 60,463 Sep-25 28 Thermo Fisher Scientific Pharmaceuticals Morrisville, NC 4,063 33,000 219,812 Nov-25 29 Securitas Electronic Equipment & Instruments Plymouth, MN 1,218 5,654 182,250 Nov-25 30 JPMorgan Chase Diversified Banks Tampa, FL 1,934 13,650 135,733 Dec-25 31 Vacant (formerly Master Lock) Building Products Oak Creek, WI -- 2,576 120,883 Dec-25 32 Veritas Systems Software Roseville, MN 2,255 14,625 136,125 Dec-25 33 Pioneer Credit Recovery Diversified Support Services Moorestown, NJ 931 6,069 65,567 Dec-25 34 JPMorgan Chase Diversified Banks Fort Worth, TX 4,850 33,000 386,154 Dec-25 35 Northrop Grumman Aerospace & Defense Plymouth, MN 2,679 25,000 191,336 Dec-25 36 Google Internet Software & Services Venice, CA 3,108 39,600 67,681 Jan-26 37 KBR Construction & Engineering Houston, TX 21,300 66,000 1,064,788 Jan-26 38 ICF IT Consulting & Other Services Martinsville, VA 1,830 3,880 93,333 Feb-26 39 S&ME Environmental & Facilities Services Raleigh, NC 545 8,743 31,120 Feb-26 40 Vacant (fmr. Bankers) N/A St. Petersburg, FL -- 22,500 167,581 Feb-26 41 NA Lighting Auto Parts & Equipment Farmington Hills, MI 1,084 12,711 75,286 Mar-26 Total $98,109 $812,505 6,809,776 Dollars in thousands. Pro rata. As of March 31, 2026. 36 U.S. Properties 5 European Properties $813 Million Gross Sales Proceeds

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