Company Deep Dive
Business segments breakdown, earnings transcript analysis, management credibility scoring, competitive landscape, and scenario modelling.
NLOP
STRONG BUYREMOVENet Lease Office Properties · Real Estate · United States · $172M · Avg Vol: $2M/d
Net Lease Office Properties is an office REIT spin-off. The office sector faces structural work-from-home headwinds, making this a turnaround/value play that violates our Terry Smith lens of avoiding broken business models.
COMPANY DESCRIPTION
Net Lease Office Properties is a real estate investment trust (REIT) focused on managing a portfolio of high-quality, single-tenant office properties leased to corporate tenants. The company operates under long-term, triple-net lease agreements, which transfer operating expenses to tenants and provide stable cash flows. Its competitive moat is supported by the creditworthiness of its tenant base and a strategic focus on asset monetization.
FINANCIAL SUMMARY (USD)
| Year | 2022 | 2023 | 2024 | 2025 | CAGR |
|---|---|---|---|---|---|
| Revenue | 156.2M | 175.0M | 142.2M | 118.9M | -8.7% |
| EPS | 1.08 | -9.00 | -6.18 | -9.81 | — |
| Shares | 14.3M | 14.6M | 14.8M | 14.8M | +3.9% |
| Debt | 276.1M | 542.0M | 169.2M | 21.9M | -57.0% |
| Equity | 1.1B | 677.0M | 581.2M | 293.9M | -35.7% |
| Op CF | 84.3M | 71.0M | 71.9M | 64.1M | -8.7% |
| Inv CF | -22.9M | 27.7M | 297.7M | 208.2M | — |
| Fin CF | -64.5M | -36.8M | -368.0M | -218.9M | — |
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Real Estate, ranked by industry match, size, and score similarity. Cross-listings of NLOP are excluded.
| Ticker | Company | Mkt Cap | StockRank | Signal |
|---|---|---|---|---|
| NLOP | Net Lease Office Properties(you) | $172M | 89 | STRONG BUY |
| PSTL | Postal Realty Trust, Inc. | $824M | 83 | STRONG BUY |
| DEA | Easterly Government Properties, Inc. | $1.1B | 74 | BUY |
| FSP | Franklin Street Properties Corp. | $60M | 54 | HOLD |
| PDM | Piedmont Realty Trust, Inc. | $1.1B | 62 | HOLD |
| CDP | COPT Defense Properties | $3.9B | 82 | STRONG BUY |
| HIW | Highwoods Properties, Inc. | $3.3B | 75 | BUY |
| BDN | Brandywine Realty Trust | $540M | 36 | HOLD |
| CUZ | Cousins Properties Incorporated | $4.7B | 63 | HOLD |
| VNO | Vornado Realty Trust | $7.7B | 73 | BUY |
Peer medians: ROE 5.7% · P/E 26.5x · Gross margin 67.5%