NLOP
Net Lease Office PropertiesReal Estate·REIT - Office
$12.01
$178M market cap
Revenue
$41.2M
Free Cash Flow
$28.2M
Rev Growth
+0.0%
FCF Margin
68.4%
P/FCF
6.3x
EV/FCF
3.8x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust with a portfolio of 59 high-quality office properties, totaling approximately 8.7 million leasable square feet primarily leased to corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the U.S., with the balance in Europe. The portfolio consists of 62 corporate tenants operating in a variety of industries, generating annualized based r
2-Year Price History
$11.86+63.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 9.4 | 28.1 | 3.0 | 25.0 | 8.1 | 7.5 | -0.7 | 70.6 | 0.0 | 14.8 | -- | 72.7x | -- |
| Act | 2025-Q4 | 31.8 | 6.9 | 9.0 | -0.1 | 22.0 | 20.7 | -1.3 | 119.6 | 22.3 | 14.8 | 30.4% | 7.4x | -- |
Valuation & Metrics
Market Stats
Price$12.01
Market Cap$178M
Enterprise Value$107M
P/S Ratio4.3x
P/FCF6.3x
EV/FCF3.8x
FCF Margin (TTM)68.4%
FCF Yield15.8%
Dividend Yield (TTM)186.1%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$41.2M
Net Income$24.9M
Free Cash Flow$28.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin84.8%
Net Margin60.6%
FCF Margin68.4%
CapEx % of Revenue4.6%
SBC % of Revenue0.0%
ROIC30.4%
WC Change % Rev0.0%
Interest Coverage26.6x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.6M
Days to Cover3.9
Change (vs Prior)+6.7%
Need at least 2 settlement dates for chart
Employees
Headcount197
Revenue / Employee$209,041
Gross Profit / Employee$-240,599
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
26.3%(-48.5% YoY)
233 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
25.5%(-46.0% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.3%(-2.2% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $19.0M | $10.13 | +$3.1M | +$3.4M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $10.1M | $11.52 | +$10.1M | +$10.1M | — | $4.04T |
| THOMPSON SIEGEL & WALMSLEY LLC | $6.2M | $10.45 | +$189K | +$4.6M | -0.2% | $5.66B |
| STATE STREET CORPPassive | $6.2M | $6.41 | +$51K | +$205K | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $4.2M | $7.11 | −$684K | −$559K | +2.3% | $1.61T |
| MILLENNIUM MANAGEMENT LLC | $3.5M | $10.09 | +$1.6M | +$3.3M | -0.5% | $127.40B |
| TWO SIGMA INVESTMENTS, LP | $3.3M | $10.85 | +$2.5M | +$2.7M | -0.9% | $117.03B |
| DIMENSIONAL FUND ADVISORS LPPassive | $2.0M | $6.17 | −$253K | −$324K | -0.4% | $480.92B |
| Man Group plc | $2.0M | $10.22 | +$1.3M | +$1.6M | -0.4% | $47.62B |
| K2 PRINCIPAL FUND, L.P. | $1.8M | $8.33 | +$67K | +$234K | +1.7% | $634M |
| VELA Investment Management, LLC | $1.5M | $10.72 | +$454K | +$1.2M | -1.0% | $394M |
| Rangeley Capital, LLC | $1.3M | $10.34 | +$534K | +$55K | -1.4% | $91.1M |
| NORTHERN TRUST CORPPassive | $1.3M | $8.03 | +$60K | −$77K | -0.2% | $755.34B |
| LAZARD ASSET MANAGEMENT LLC | $1.2M | $11.38 | +$1.2M | +$1.2M | -0.3% | $60.69B |
| MORGAN STANLEY | $1.2M | $6.24 | −$8K | −$530K | -0.3% | $1.65T |
| LPL Financial LLC | $1.1M | $9.34 | +$676K | +$771K | -0.2% | $372.65B |
| VANGUARD FIDUCIARY TRUST COPassive | $1.1M | $11.52 | +$1.1M | +$1.1M | — | $395.83B |
| GOLDMAN SACHS GROUP INC | $1.0M | $9.22 | +$534K | +$504K | -0.2% | $760.93B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $1.0M | $9.65 | −$161K | −$163K | +0.1% | $184.72B |
| GABELLI SECURITIES, INC. | $995K | $8.79 | +$101K | −$587K | -1.1% | $674M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.17%
avg per quarter
Holders (ex-self)
-0.18%
excl. this stock
Buyers (this Q)
-0.34%
53 buyers · $0.02B in
Sellers (this Q)
+0.00%
54 sellers · $0.02B out
alpha coverage: 87% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-4.5%
how holders react when this stock falls
On quiet Qs
-0.6%
−10% to +10% baseline
On rallies (+10%+)
-36.0%
how they react when this stock rises
Holders' portfolio flow this Q
+4.9%
inflows — adds are organic
Sellers' portfolio flow this Q
+4.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
Biggest decreases this quarter
Asset Value Investors Ltdexited−$19.7MJ. Goldman & Co LPexited−$13.3MGRAHAM CAPITAL WEALTH MANAGEMENT, LLCexited−$2.2MDRW Securities, LLCexited−$2.1MMarnell Management LLCexited−$1.8MGEODE CAPITAL MANAGEMENT, LLC−$684Kα+2.3Qube Research & Technologies Ltdexited−$612KFulcrum Asset Management LLPexited−$386KCITADEL ADVISORS LLCexited−$376KDIMENSIONAL FUND ADVISORS LP−$253Kα-0.4
New buyers this quarter
Top-5 holders · 49.8%
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
THOMPSON SIEGEL & WALMSLEY LLC--
STATE STREET CORP--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
MORGAN STANLEY106KLong Pond Capital, LP—Asset Value Investors Ltd—J. Goldman & Co LP—THOMPSON SIEGEL & WALMSLEY LLC541KConversant Capital LLC—Castalian Partners, LLC—Anson Funds Management LP—Rangeley Capital, LLC115KGABELLI SECURITIES, INC.86K
Analyst Coverage
Analyst Coverage
Analyst Ratings
1
Buy: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$30K
1 txn · 1 insider · 1,012 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-09-24 | BUY | PINOLA RICHARD J | director | 1,012 | $29.49 | $30K | $390K |
Order Flow (FINRA, ~3w lag)
22.1%retail+3.6pp
18.4%dark-4.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Net Lease Office Properties: A Liquidation Spiral Masked by Special Distributions
Overall Risk
8/10
Fraud
4/10
Dilution
3/10
Insolvency
7/10
Earnings Overstated
6/10
Hidden Liabilities
5/10
Legal
4/10
Audit Warnings
5/10
Hidden Upside
2/10
Contextually Acceptable
3/10