NLOP
Unloved QualityNet Lease Office Properties · Real Estate · United States · $143M cap · $1.6M/day traded
$9.57 +0.4% · close 12 Nov · scored 13 Nov
Score up 1.5 since 12 Nov.
Unloved Quality: Strong and cheap, but the market has not warmed to it.
As of 13 Nov 2026, the MoatMap Score for Net Lease Office Properties (NLOP) is 50/100, ranked against 25,000+ stocks in 38 markets (Quality 58, Value 60, Momentum 26, each scored against its sector).
Does the score work? Each tenth of the ranking, tracked monthly. See the record →
ABOUT NET LEASE OFFICE PROPERTIES
Read
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 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 156.2M | 175.0M | 142.2M | 118.9M | -8.7% | 47.2M |
| EPS | 1.08 | -9.00 | -6.18 | -9.81 | — | 1.22 |
| Shares | 14.3M | 14.6M | 14.8M | 14.8M | +3.9% | 14.8M |
| 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% | 32.6M |
| Inv CF | -22.9M | 27.7M | 297.7M | 208.2M | — | — |
| Fin CF | -64.5M | -36.8M | -368.0M | -218.9M | — | — |
Made a new 52-week low 7 trading days ago, 29% below its 52-week high. The fall has not stopped yet.
Calmer than 84% of stocks we rank over the past year (volatility 25% a year).
How this is worked out
The Price check reads only the chart, the price side of the Momentum score in words; it is not the MoatMap Score.
- Still falling (this stock): It set a new 52-week low in the last two weeks, after a deep fall.
- Finding a floor: It fell hard, but has set no new low for more than two weeks.
- Turning up: It has climbed off its low and is back above a rising 50-day average.
- In an uptrend: It is near its 52-week high and above its 200-day average.
- No clear trend: None of the above: no recent deep fall and no steady climb.
- No read yet: Not enough price history yet: it needs a year of trading.
In past US falls, waiting for Turning up cut the chance of another 20% drop from 42% to 33%. Returns were no better, and 33% of turns failed.
The exact rules
Still falling is a new 52-week low in the last two weeks, at least 25% below the high, with the low set after the high. Finding a floor is the same fall with no new low in the last two weeks. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average, with the 50-day average above the 200-day, and within 15% of the high. No clear trend is everything else. No read yet is under 252 trading days of history, or missing data. A new state shows once it has held for three trading days.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn (the Turning up rule above) cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: how much the price moved day to day over the past year, scaled to a yearly figure (annualised volatility) and ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
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 | Score |
|---|---|---|---|
| NLOP | Net Lease Office Properties(you) | $143M | 50 |
| ONL | Orion Properties Inc. | $125M | 37 |
| BDN | Brandywine Realty Trust | $510M | 47 |
| HPP | Hudson Pacific Properties, Inc. | $597M | 35 |
| PDM | Piedmont Realty Trust, Inc. | $1.2B | 48 |
| OPI | Office Properties Income Trust | $266M | 18 |
| FSP | Franklin Street Properties Corp. | $53M | 23 |
| ESBA | Empire State Realty OP, L.P. | $1.3B | 48 |
| DEA | Easterly Government Properties, Inc. | $1.1B | 63 |
| PSTL | Postal Realty Trust, Inc. | $872M | 70 |
Peer medians: ROE 4.2% · P/E 24.0x · Gross margin 65.4%
Company Deep Dive
A 10,000-word report: the business and its segments, what management promised on earnings calls and whether it delivered, the competition, and how things could turn out.