Net Lease Office Properties
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $118.9M | $142.2M | $175.0M | $156.2M | $147.9M |
| Interest expense | $12.7M | $68.0M | $42.6M | $26.8M | $28.6M |
| Pretax income | -$145.0M | -$93.8M | -$131.3M | $16.3M | $3.1M |
| Income tax expense | $158,000 | -$2.4M | $425,000 | $486,000 | $1.6M |
| Net income | -$145.3M | -$91.5M | -$131.7M | $15.8M | $1.4M |
| Balance Sheet | |||||
| Cash and equivalents | $119.6M | $25.1M | $16.3M | $4.7M | $4.0M |
| Total assets | $453.4M | $805.1M | $1.3B | $1.5B | — |
| Total liabilities | $155.5M | $219.7M | $623.7M | $352.7M | — |
| Total debt | $21.9M | $169.2M | $542.0M | — | — |
| Stockholders' equity | $293.9M | $581.2M | $677.0M | $1.1B | $1.1B |
| Cash Flow Statement | |||||
| Cash from operations | $64.1M | $71.9M | $71.0M | $84.3M | $75.3M |
| Depreciation and amortization | $14.9M | $23.6M | $31.2M | $28.9M | $27.5M |
| Stock-based compensation | $0 | $250,000 | $2.9M | $3.2M | $2.4M |
| Capital expenditure | — | $2.5M | $2.0M | — | — |
| Free cash flow | — | $69.4M | $69.0M | — | — |
| Dividends paid | $182.2M | $1.1M | $0 | $0 | — |
| Impairments | $0 | $0 | $62.5M | $0 | $0 |
Shares outstanding 14.8M · Free float 99.3%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.