# EDGAR Filing Document

**Accession Number:** 0001952976
**File Stem:** 0001952976-26-000013
**Filing Date:** 2026-2
**Character Count:** 66816
**Document Hash:** e00bd954b0e3fc213aa2e5578e279e60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001952976-26-000013.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001952976-26-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Net Lease Office Properties
- **CENTRAL INDEX KEY:** 0001952976
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 920887849
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41812
- **FILM NUMBER:** 26678678

**BUSINESS ADDRESS:**
- **STREET 1:** C/O W. P. CAREY INC.
- **STREET 2:** ONE MANHATTAN WEST, 395 9TH AVE. 58 FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** (844) 656-7348

**MAIL ADDRESS:**
- **STREET 1:** C/O W. P. CAREY INC.
- **STREET 2:** ONE MANHATTAN WEST, 395 9TH AVE. 58 FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

?xml version='1.0' encoding='ASCII'? nlop-20260225

**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): February 25, 2026

![NLOP_Logo_Color.jpg](nlop-20260225_g1.jpg)

**Net Lease Office Properties** 

(Exact Name of Registrant as Specified in its Charter)

---

| | | | |
|:---|:---|:---|:---|
| **Maryland** | **Maryland** | **001-41812** | **92-0887849** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| **One Manhattan West, 395 9th Avenue, 58th Floor** | **One Manhattan West, 395 9th Avenue, 58th Floor** | | |
| **New York,** | **New York** | | **10001** |
| (Address of principal executive offices) | (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 February 25, 2026, Net Lease Office Properties (the "<u>Company</u>") made available certain unaudited supplemental financial information at December 31, 2025. 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 "<u>Exchange Act</u>"), 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 "<u>Securities Act</u>"), or the Exchange Act.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Supplemental financial information of the Company at December 31, 2025.](nlop2025q4supplementalexh9.htm)</u> |
| 99.2 | <u>[Investor presentation by the Company.](nlopinvestorpresentation.htm)</u> |
| 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: | February 25, 2026 | By: | /s/ ToniAnn Sanzone |
|  |  |  | ToniAnn Sanzone |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Net Lease Office Properties**

*Supplemental Financial Information*

*Fourth Quarter 2025*

![financialdocumentcoverslid.jpg](financialdocumentcoverslid.jpg)

------

***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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> 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 – Fourth Quarter 2025*

**Table of Contents**

---

| | |
|:---|:---|
| <u>[Summary Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_10)</u> | <u>[1](#i9a3c91e90ec840ad9c6d813ce924a6b5_10)</u> |
| <u>[Components of Net Asset Value](#i9a3c91e90ec840ad9c6d813ce924a6b5_13)</u> | <u>[2](#i9a3c91e90ec840ad9c6d813ce924a6b5_13)</u> |
| <u>[Consolidated Statement of Operations](#i9a3c91e90ec840ad9c6d813ce924a6b5_16)</u> | <u>[3](#i9a3c91e90ec840ad9c6d813ce924a6b5_16)</u> |
| <u>[FFO and AFFO, Consolidated](#i9a3c91e90ec840ad9c6d813ce924a6b5_19)</u> | <u>[4](#i9a3c91e90ec840ad9c6d813ce924a6b5_19)</u> |
| <u>[Consolidated Balance Sheets](#i9a3c91e90ec840ad9c6d813ce924a6b5_22)</u> | <u>[5](#i9a3c91e90ec840ad9c6d813ce924a6b5_22)</u> |
| <u>[Capitalization and Debt Overview](#i9a3c91e90ec840ad9c6d813ce924a6b5_25)</u> | <u>[6](#i9a3c91e90ec840ad9c6d813ce924a6b5_25)</u> |
| <u>[Dispositions](#i9a3c91e90ec840ad9c6d813ce924a6b5_28)</u> | <u>[7](#i9a3c91e90ec840ad9c6d813ce924a6b5_28)</u> |
| <u>[Capital Expenditures and Leasing Activity](#i9a3c91e90ec840ad9c6d813ce924a6b5_31)</u> | <u>[9](#i9a3c91e90ec840ad9c6d813ce924a6b5_31)</u> |
| <u>[Top Ten Tenants](#i9a3c91e90ec840ad9c6d813ce924a6b5_34)</u> | <u>[10](#i9a3c91e90ec840ad9c6d813ce924a6b5_34)</u> |
| <u>[Lease Expirations](#i9a3c91e90ec840ad9c6d813ce924a6b5_37)</u> | <u>[11](#i9a3c91e90ec840ad9c6d813ce924a6b5_37)</u> |
| <u>[Property List](#i9a3c91e90ec840ad9c6d813ce924a6b5_40)</u> | <u>[12](#i9a3c91e90ec840ad9c6d813ce924a6b5_40)</u> |
| **Appendix** |  |
| <u>[Normalized Pro Rata Cash NOI](#i9a3c91e90ec840ad9c6d813ce924a6b5_46)</u> | <u>[15](#i9a3c91e90ec840ad9c6d813ce924a6b5_46)</u> |
| <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> | <u>[17](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> |

---

------

*Net Lease Office Properties* 

*Fourth Quarter 2025*

**Summary Metrics**

 *As of or for the three months ended December 31, 2025.*

---

| | |
|:---|:---|
| **Financial Results** | |
| Revenues, including reimbursable costs – consolidated ($000s) | $30744 |
| Net loss attributable to NLOP ($000s) | (53) |
| Net loss attributable to NLOP per diluted share | 0.00 |
| Normalized pro rata cash NOI ($000s) <sup>(a) (b)</sup> | 12360 |
| AFFO attributable to NLOP ($000s) <sup>(a) (b)</sup> | 22004 |
| AFFO attributable to NLOP per diluted share <sup>(a)</sup> <sup>(b)</sup> | 1.49 |
| Special cash distributions declared, gross distributions – current quarter (in thousands) <sup>(c)</sup> | $136289 |
| Special cash distributions declared per share – current quarter <sup>(c)</sup> | 9.20 |
| **Balance Sheet and Capitalization** |  |
| Equity market capitalization – based on quarter end share price of $25.79 ($000s) | $382055 |
| Total consolidated debt ($000s) | 21900 |
| Gross assets ($000s) <sup>(d)</sup> | 516029 |
| Total consolidated debt to gross assets | 4.2% |
| **Advisory Fees and Reimbursements Paid to WPC** |  |
| Asset management fees <sup>(e)</sup> | $987 |
| Administrative reimbursements <sup>(f)</sup> | 1000 |
| **Portfolio (Pro Rata)** <sup>(b)</sup> |  |
| ABR (in thousands) <sup>(g)</sup> | $54122 |
| Number of properties | 24 |
| Number of tenants | 26 |
| Occupancy | 79.0% |
| Weighted-average lease term (in years) | 3.9 |
| Leasable square footage (in thousands) <sup>(h)</sup> | 3375 |
| ABR from investment grade tenants as a % of total ABR <sup>(i)</sup> | 30.3% |
| Dispositions – number of properties sold | 8 |
| Dispositions – gross proceeds (in thousands) <sup>(j)</sup> | $133574 |
| **Subsequent to Quarter End** |  |
| Dispositions – number of properties sold | 4 |
| Dispositions – gross proceeds (in thousands) | $118223 |
| Special cash distribution – gross distributions (in thousands) <sup>(k)</sup> | $99995 |
| Special cash distribution – per share <sup>(k)</sup> | 6.75 |

---

________

*(a)Normalized pro rata cash NOI and AFFO are non-GAAP measures. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> 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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> section in the Appendix for a description of pro rata.*

*(c)In November 2025, our Board of Trustees declared a special cash distribution of $4.10 per share, totaling approximately $60.7 million. This distribution was paid on December 19, 2025 to shareholders of record as of December 4, 2025. In addition, in December 2025, our Board of Trustees declared a special cash distribution of $5.10 per share, totaling approximately $75.6 million. This distribution was paid on January 20, 2026 to shareholders of record as of January 2, 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 $33.1 million and above-market rent intangible assets of $7.2 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.*

*(g)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> section in the Appendix for a description of ABR.*

*(h)Excludes 570,999 of operating square footage for a parking garage at a domestic property.*

*(i)Percentage of portfolio is based on ABR, as of December 31, 2025. Includes tenants or guarantors with investment grade ratings (19.5%) and subsidiaries of non-guarantor parent companies with investment grade ratings (10.8%). 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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> section in the Appendix for a description of ABR.*

*(j)Includes $24.8 million of gross proceeds used to repay a non-recourse mortgage loan in connection with a disposition.*

*(k)In January 2026, our Board of Trustees declared a special cash distribution of $6.75 per share, totaling approximately $100 million. This distribution was paid on February 17, 2026 to shareholders of record as of January 30, 2026.*

 Net Lease Office Properties \| 1

------

*Net Lease Office Properties* 

*Fourth Quarter 2025*

**Components of Net Asset Value**

 *In thousands.*

---

| | |
|:---|:---|
| | **Three Months Ended December 31, 2025** |
| **Normalized Pro Rata Cash NOI** <sup>(a) (b)</sup> | $12360 |
| **<u>Balance Sheet – Selected Information</u>** | **As of December 31, 2025** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Book value of select real estate <sup>(c)</sup> | $25647 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 119621 |
| &nbsp;&nbsp;&nbsp;Restricted cash, including escrow | 3011 |
| &nbsp;&nbsp;&nbsp;Other assets, net: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments | $13274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred charges | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes receivable | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 3291 |
| &nbsp;&nbsp;&nbsp;Total other assets, net | $20799 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Non-recourse mortgages, net | $21900 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 75552 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-refundable deposit <sup>(d)</sup> | $20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 8455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and deferred rents | 5732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant security deposits | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes payable | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 21018 |
| &nbsp;&nbsp;&nbsp;Total accounts payable, accrued expenses and other liabilities | $56104 |

---

________

*(a)Normalized pro rata cash NOI is a non-GAAP measure. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> 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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> section in the Appendix for a description of pro rata.*

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

*(d)Represents a non-refundable deposit for the sale of the KBR property in Houston, Texas, which was completed in January 2026, as described in the <u>[Summary Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_10)</u> section.*

 Net Lease Office Properties \| 2

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Consolidated Statement of Operations**

 *In thousands, except share and per share amounts.*

---

| | |
|:---|:---|
| | **Three Months Ended December 31, 2025** |
| **Revenues** | |
| &nbsp;&nbsp;&nbsp;Lease revenues | $20263 |
| &nbsp;&nbsp;&nbsp;Income from finance leases | 610 |
| &nbsp;&nbsp;&nbsp;Other lease-related income | 9871 |
|  | **30744** |
| **Operating Expenses** |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 7488 |
| &nbsp;&nbsp;&nbsp;Impairment charges — real estate | 7185 |
| &nbsp;&nbsp;&nbsp;Reimbursable tenant costs | 4843 |
| &nbsp;&nbsp;&nbsp;Property expenses, excluding reimbursable tenant costs | 1956 |
| &nbsp;&nbsp;&nbsp;General and administrative <sup>(a)</sup> | 1700 |
| &nbsp;&nbsp;&nbsp;Asset management fees <sup>(b)</sup> | 987 |
|  | **24159** |
| **Other Income and Expenses** |  |
| &nbsp;&nbsp;&nbsp;Other gains and (losses) <sup>(c)</sup> | (4666) |
| &nbsp;&nbsp;&nbsp;Loss on sale of real estate, net | (1054) |
| &nbsp;&nbsp;&nbsp;Interest expense | (936) |
|  | **(6656)** |
| &nbsp;&nbsp;&nbsp;Loss before income taxes | (71) |
| &nbsp;&nbsp;&nbsp;Benefit from income taxes | 54 |
| **Net Loss** | **(17)** |
| &nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | (36) |
| **Net Loss Attributable to NLOP** | $**(53)** |
| **Basic and Diluted Loss Per Share** | $0.00 |
| **Weighted-Average Shares Outstanding** |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted | 14814075 |

---

________

*(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 $4.8 million.*

 Net Lease Office Properties \| 3

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**FFO and AFFO, Consolidated**

 *In thousands, except share and per share amounts.* 

---

| | |
|:---|:---|
| | **Three Months Ended December 31, 2025** |
| Net loss attributable to NLOP | $(53) |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real property | 7488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges — real estate | 7185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of real estate, net | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for noncontrolling interests <sup>(a)</sup> | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 15675 |
| **FFO (as defined by NAREIT) Attributable to NLOP** <sup>(b)</sup> | **15622** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (gains) and losses <sup>(c)</sup> | 5321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line and other leasing and financing adjustments | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above- and below-market rent intangible lease amortization, net | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other amortization and non-cash items | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportionate share of adjustments for noncontrolling interests <sup>(a)</sup> | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 6382 |
| **AFFO Attributable to NLOP** <sup>(b)</sup> | $**22004** |
| **Summary** |  |
| FFO (as defined by NAREIT) attributable to NLOP <sup>(b)</sup> | $15622 |
| FFO (as defined by NAREIT) attributable to NLOP per diluted share <sup>(b)</sup> | $1.05 |
| AFFO attributable to NLOP <sup>(b)</sup> | $22004 |
| AFFO attributable to NLOP per diluted share <sup>(b)</sup> | $1.49 |
| Diluted weighted-average shares outstanding | 14814075 |

---

________

*(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 <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> 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 $4.8 million.*

 Net Lease Office Properties \| 4

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Consolidated Balance Sheets**

 *In thousands, except share and per share amounts.* 

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| Investments in real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Land, buildings and improvements | $218799 | $730345 |
| &nbsp;&nbsp;&nbsp;Net investments in finance leases | 41878 |  |
| &nbsp;&nbsp;&nbsp;In-place lease intangible assets and other | 45160 | 209968 |
| &nbsp;&nbsp;&nbsp;Above-market rent intangible assets | 10760 | 30512 |
| Investments in real estate | 316597 | 970825 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (102926) | (292679) |
| &nbsp;&nbsp;&nbsp;Assets held for sale, net | 96269 | 29297 |
| Net investments in real estate | 309940 | 707443 |
| Cash and cash equivalents | 119621 | 25121 |
| Restricted cash | 3011 | 43305 |
| Other assets, net | 20799 | 29200 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**453371** | $**805069** |
| **Liabilities and Equity** |  |  |
| Debt: |  |  |
| &nbsp;&nbsp;&nbsp;Non-recourse mortgages, net | $21900 | $111259 |
| &nbsp;&nbsp;&nbsp;NLOP Mezzanine Loan, net |  | 57957 |
| Debt, net | 21900 | 169216 |
| Accounts payable, accrued expenses and other liabilities | 56104 | 44145 |
| Below-market rent intangible liabilities, net | 1990 | 6305 |
| Dividends payable | 75552 |  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **155546** | **219666** |
| 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 | 855813 | 855813 |
| Distributions in excess of accumulated earnings | (561917) | (234443) |
| Accumulated other comprehensive loss |  | (40157) |
| Total shareholders' equity | 293911 | 581228 |
| Noncontrolling interests | 3914 | 4175 |
| &nbsp;&nbsp;&nbsp;**Total equity** | **297825** | **585403** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**453371** | $**805069** |

---

 Net Lease Office Properties \| 5

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Capitalization and Debt Overview**

***<u>Capitalization</u>***

*In thousands, except share and per share amounts. As of December 31, 2025.*

---

| | | | |
|:---|:---|:---|:---|
| **Total Enterprise Value** | **Shares** | **Share Price** | **Market Value** |
| **Equity** | | | |
| Common equity | 14814075 | $25.79 | $382055 |
| &nbsp;&nbsp;&nbsp;**Total Equity Market Capitalization** |  |  | **382055** |
|  |  |  | **Outstanding Balance** |
| **Debt** |  |  |  |
| Non-recourse mortgages |  |  | 21900 |
| &nbsp;&nbsp;&nbsp;**Total Debt** |  |  | **21900** |
| Less: Cash and cash equivalents |  |  | (119621) |
| &nbsp;&nbsp;&nbsp;**Net Debt** |  |  | **(97721)** |
| &nbsp;&nbsp;&nbsp;**Total Enterprise Value** |  |  | $**284334** |

---

***<u>Debt Overview</u>***

*Dollars in thousands. Pro rata. As of December 31, 2025.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturity Date** | **Fixed / Floating** | **Interest Rate** | **Total Outstanding Balance** |
| **Mortgages (Tenant Listed)** | | | | |
| &nbsp;&nbsp;&nbsp;Intuit | 7/6/2026 | Fixed | 7.0% | $21900 |

---

 Net Lease Office Properties \| 6

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Dispositions**

 *Dollars in thousands. Pro rata.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tenant** | **Property Location(s)** | **Gross Sale Price** | **ABR** <sup>(a)</sup> | **Closing Date** | **Gross Square Footage** |
| **4Q23** | | | | | |
| Raytheon | Tucson, AZ | $24575 | $1978 | Dec-23 | 143650 |
| Carhartt | Dearborn, MI | 9806 | 748 | Dec-23 | 58722 |
| BCBSM | Eagan, MN | 2500 | 298 | Dec-23 | 29916 |
| AVL | Plymouth, MI | 6200 | 575 | Dec-23 | 70000 |
| &nbsp;&nbsp;&nbsp;**4Q23 Total** |  | **43081** | **3599** |  | **302288** |
| **1Q24** |  |  |  |  |  |
| Undisclosed – UK insurance company <sup>(b)</sup> | Newport, United Kingdom | 10497 | 1761 | Jan-24 | 80664 |
| TotalEnergies <sup>(b)</sup> | Stavanger, Norway | 33072 | 5185 | Mar-24 | 275725 |
| &nbsp;&nbsp;&nbsp;**1Q24 Total** |  | **43569** | **6946** |  | **356389** |
| **2Q24** |  |  |  |  |  |
| Exelon <sup>(c)</sup> | Warrenville, IL | 19830 | 2935 | Apr-24 | 146745 |
| Vacant (formerly AVT Technology Solutions) <sup>(c)</sup> | Tempe, AZ | 13160 |  | Apr-24 | 132070 |
| FedEx | Collierville, TN | 62500 | 5491 | Apr-24 | 390380 |
| DMG MORI | Hoffman Estates, IL | 35984 | 2458 | Apr-24 | 104598 |
| BCBSM (2 properties) | Eagan, MN | 60700 | 4663 | Jun-24 | 347472 |
| &nbsp;&nbsp;&nbsp;**2Q24 Total** |  | **192174** | **15547** |  | **1121265** |
| **3Q24** |  |  |  |  |  |
| CVS Health | Scottsdale, AZ | 71500 | 4252 | Aug-24 | 354888 |
| Henniges Automotive (Xileh) | Auburn Hills, MI | 9000 | 711 | Sep-24 | 55490 |
| &nbsp;&nbsp;&nbsp;**3Q24 Total** |  | **80500** | **4963** |  | **410378** |
| **4Q24** |  |  |  |  |  |
| E.On <sup>(b)</sup> | Houghton le Spring, United Kingdom | 3924 | 3819 | Oct-24 | 217339 |
| Vacant (formerly BCBSM) | Eagan, MN | 11650 |  | Nov-24 | 227666 |
| Merative | Hartland, WI | 6750 | 669 | Dec-24 | 81082 |
| Charter Communications | Bridgeton, MO | 7350 | 820 | Dec-24 | 78080 |
| CVS Caremark | Chandler, AZ | 15000 | 1645 | Dec-24 | 183000 |
| Cofinity / Aetna | Southfield, MI | 2500 | 1833 | Dec-24 | 94453 |
| &nbsp;&nbsp;&nbsp;**4Q24 Total** |  | **47174** | **8786** |  | **881620** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 2023-2024 Dispositions** | &nbsp;&nbsp;&nbsp;&nbsp;**Total 2023-2024 Dispositions** | $**406498** | $**39841** |  | **3071940** |

---

 Net Lease Office Properties \| 7

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Dispositions (continued)**

 *Dollars in thousands. Pro rata.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tenant / Lease Guarantor** | **Property Location(s)** | **Gross Sale Price** | **ABR** <sup>(a)</sup> | **Closing Date** | **Gross Square Footage** |
| **1Q25** | | | | | |
| Emerson | Houston, TX | 4180 | 1108 | Mar-25 | 52144 |
| Nokia <sup>(b)</sup> | Krakow, Poland | 5595 | 779 | Mar-25 | 53400 |
| &nbsp;&nbsp;&nbsp;**1Q25 Total** |  | **9775** | **1887** |  | **105544** |
| **2Q25** |  |  |  |  |  |
| Vacant (formerly McKesson Corporation) | The Woodlands, TX | 16300 |  | May-25 | 204063 |
| &nbsp;&nbsp;&nbsp;**2Q25 Total** |  | **16300** | **—** |  | **204063** |
| **3Q25** |  |  |  |  |  |
| JPMorgan Chase | Tampa, FL | 25180 | 3053 | Jul-25 | 176150 |
| Acosta | Jacksonville, FL | 10550 | 1541 | Aug-25 | 88062 |
| Siemens <sup>(b) (c)</sup> | Oslo, Norway | 45694 | 4842 | Sep-25 | 165905 |
| MISO | Eagan, MN | 11500 | 1148 | Sep-25 | 60463 |
| &nbsp;&nbsp;&nbsp;**3Q25 Total** |  | **92924** | **10584** |  | **490580** |
| **4Q25** |  |  |  |  |  |
| Thermo Fisher Scientific | Morrisville, NC | 33000 | 4063 | Nov-25 | 219812 |
| Securitas | Plymouth, MN | 5654 | 1218 | Nov-25 | 182250 |
| JPMorgan Chase | Tampa, FL | 13650 | 1934 | Dec-25 | 135733 |
| Veritas | Roseville, MN | 14625 | 2255 | Dec-25 | 136125 |
| Vacant (formerly Master Lock) | Oak Creek, WI | 2576 |  | Dec-25 | 120883 |
| Pioneer Credit Recovery | Moorestown, NJ | 6069 | 931 | Dec-25 | 65567 |
| JPMorgan Chase | Fort Worth, TX | 33000 | 4850 | Dec-25 | 386154 |
| Northrop Grumman | Plymouth, MN | 25000 | 2679 | Dec-25 | 191336 |
| &nbsp;&nbsp;&nbsp;**4Q25 Total** |  | **133574** | **17930** |  | **1437860** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 2025 Dispositions** | &nbsp;&nbsp;&nbsp;&nbsp;**Total 2025 Dispositions** | **252573** | **30401** |  | **2238047** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Dispositions** <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**Total Dispositions** <sup>(d)</sup> | $**659071** | $**70242** |  | **5309987** |

---

________

*(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.*

*(d)In January and February 2026, we disposed of four properties, as described in the <u>[Summary Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_10)</u> section.*

 Net Lease Office Properties \| 8

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Capital Expenditures and Leasing Activity**

***<u>Capital Expenditures</u>***

*In thousands. For the three months ended December 31, 2025.*

---

| | |
|:---|:---|
| **<u>Tenant Improvements and Leasing Costs</u>** | |
| **Tenant Improvements (Tenant Listed)** | |
| &nbsp;&nbsp;&nbsp;Securitas | $20 |
|  | 20 |
| **Leasing Costs (Tenant Listed)** |  |
| &nbsp;&nbsp;&nbsp;North American Lighting | 541 |
| &nbsp;&nbsp;&nbsp;Arcfield | 23 |
|  | 564 |
| **Tenant Improvements and Leasing Costs** | **584** |
| **<u>Maintenance Capital Expenditures (Tenant Listed)</u>** |  |
| &nbsp;&nbsp;&nbsp;North American Lighting | 715 |
| &nbsp;&nbsp;&nbsp;KBR | 255 |
| &nbsp;&nbsp;&nbsp;Pioneer Credit Recovery | 182 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 61 |
| &nbsp;&nbsp;&nbsp;Google | 18 |
|  | **1231** |
| **Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures** | $**1815** |

---

***<u>Leasing Activity</u>***

*Dollars in thousands. For the three months ended December 31, 2025, except ABR. Pro rata.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Expected Tenant Improvements ($000s)** | **Leasing Commissions ($000s)** | |
| | | | |<br>**ABR** | **Expected Tenant Improvements ($000s)** | **Leasing Commissions ($000s)** | |
| **<u>New Leases</u>**<br>**Tenant** |<br>**Location** |<br>**Square Feet** |<br>**Number of Leases** | **New Lease ($000s)** <sup>(a)</sup> | **Expected Tenant Improvements ($000s)** | **Leasing Commissions ($000s)** |<br>**New Lease Term** |
| Five Labs <sup>(b)</sup> | Tampa, FL | 25317 | 1 | $684 | $1013 | $470 | 10.2 years |
| **Total / Weighted Average** <sup>(c)</sup> |  | **25317** | **1** | $**684** | $**1013** | $**470** | **10.2 years** |

---

_______

*(a)New lease amounts are based on in-place rents at time of lease commencement and exclude any free rent periods.*

*(b)This multi-tenant property was sold in December 2025.*

*(c)Weighted average refers to the new lease term.*

 Net Lease Office Properties \| 9

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Top Ten Tenants**

 *Dollars in thousands. Pro rata. As of December 31, 2025.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tenant** | **State / Country** | **ABR** | **ABR %** | **Square Footage** | **Number of Properties** | **Weighted-Average Lease Term (Years)** |
| KBR <sup>(a) (b)</sup> | Texas | $20158 | 37.2% | 913713 | 1 | 4.5 |
| Iowa Board of Regents | Iowa | 4056 | 7.5% | 191700 | 1 | 4.8 |
| Omnicom | California | 3961 | 7.3% | 120000 | 1 | 2.7 |
| RRD | Illinois | 3461 | 6.4% | 167215 | 1 | 1.7 |
| Google <sup>(b)</sup> | California | 3108 | 5.7% | 67681 | 1 | 4.8 |
| Intuit | Texas | 2577 | 4.8% | 166033 | 1 | 0.5 |
| Grande Communications | Texas | 2407 | 4.5% | 134009 | 5 | 2.7 |
| Cenlar FSB | Pennsylvania | 2105 | 3.9% | 105584 | 1 | 2.5 |
| iHeart Communications | Texas | 2050 | 3.8% | 120147 | 1 | 9.1 |
| Arbella Insurance | Massachusetts | 1850 | 3.4% | 132160 | 1 | 1.4 |
| &nbsp;&nbsp;**Total** <sup>(c)</sup> |  | $**45733** | **84.5%** | **2118242** | **14** | **3.9** |

---

*________*

*(a)Excludes 570,999 of operating square footage for a parking garage associated with the KBR property in Houston, Texas.*

*(b)These properties were sold in January 2026, as described in the <u>[Summary Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_10)</u> section.*

*(c)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> section in the Appendix for a description of pro rata.*

 Net Lease Office Properties \| 10

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Lease Expirations**

 *Dollars in thousands. Pro rata. As of December 31, 2025.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year of Lease Expiration** <sup>(a)</sup> | **Number of Leases Expiring** | **Number of Tenants with Leases Expiring** | **ABR** | **ABR %** | **Square Footage** <sup>(b)</sup> | **Square Footage %** |
| 2026 | 7 | 7 | $6188 | 11.4% | 409351 | 12.1% |
| 2027 | 5 | 4 | 5586 | 10.3% | 318176 | 9.4% |
| 2028 | 6 | 5 | 8745 | 16.2% | 371471 | 11.0% |
| 2029 | 3 | 2 | 1918 | 3.5% | 113277 | 3.4% |
| 2030 | 5 | 5 | 27375 | 50.6% | 1175257 | 34.8% |
| 2031 | 1 | 1 | 631 | 1.2% | 50600 | 1.5% |
| 2035 | 1 | 1 | 2050 | 3.8% | 120147 | 3.6% |
| 2037 | 1 | 1 | 545 | 1.0% | 31120 | 0.9% |
| 2041 | 1 | 1 | 1084 | 2.0% | 75286 | 2.3% |
| Vacant |  |  |  | —% | 710428 | 21.0% |
| **Total** <sup>(c)</sup> | **30** |  | $**54122** | **100.0%** | **3375113** | **100.0%** |

---

![chart-393e9c8663724424af4.jpg](chart-393e9c8663724424af4.jpg)

________

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

*(b)Excludes 570,999 of operating square footage for a garage at a domestic property.*

*(c)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> section in the Appendix for a description of pro rata.*

 Net Lease Office Properties \| 11

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Property List**

 *Dollars in thousands. Pro rata. As of December 31, 2025.*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | **Encumbered Status** |
|<br>**#** |<br>**Primary Tenant** |<br>**Industry** |<br>**Credit** <sup>(a)</sup> |<br>**City** |<br>**State** |<br>**Square Footage** <sup>(b)</sup> |<br>**ABR** |<br>**Rent Increase Type** |<br>**Date of Next Increase** |<br>**WALT** <sup>(c)</sup> | **In-Place Mortgage Debt** |
| 1 | KBR **(sold on 1/15/26)** <sup>(d) (e)</sup> | Construction & Engineering | Non-IG | Houston | Texas | 1064788 | $21300 | Fixed: One-time 7.78% | Jan-27 | 4.4 | $— |
| 2 | Iowa Board of Regents <sup>(f)</sup> | Government Related Services | IG | Coralville | Iowa | 191700 | $4056 | CPI: 0.0% Floor / No Cap | N/A | 4.8 | $— |
| 3 | Omnicom | Advertising | IG | Playa Vista | California | 120000 | $3961 |  | N/A | 2.7 | $— |
| 4 | RRD | Commercial Printing | Non-IG | Warrenville | Illinois | 167215 | $3461 | Fixed: 2.00% annually | Sep-26 | 1.7 | $— |
| 5 | Google **(sold on 1/8/26)** | Internet Software & Services | IG | Venice | California | 67681 | $3108 | Fixed: 3.00% annually | Nov-26 | 4.8 | $— |
| 6 | Intuit | Internet Software & Services | IG | Plano | Texas | 166033 | $2577 | Fixed: 'One-time $2.00/SF in '21 | N/A | 0.5 | $21900 |
| 7 | Cenlar FSB | Regional Banks | Non-IG | Yardley | Pennsylvania | 105584 | $2105 | Fixed: 2.50% annually | Jan-26 | 2.5 | $— |
| 8 | iHeart Communications | Broadcasting | Non-IG | San Antonio | Texas | 120147 | $2051 | Fixed: 2.00% annually | Feb-26 | 9.1 | $— |
| 9 | Arbella Insurance | Property & Casualty Insurance | IG | Quincy | Massachusetts | 132160 | $1850 | Fixed: 'One-time $1.00/SF in '22 | N/A | 1.4 | $— |
| 10 | ICF **(sold on 2/2/26)** | IT Consulting & Other Services | Non-IG | Martinsville | Virginia | 93333 | $1830 | CPI: 0.0% Floor / No Cap | Jan-26 | 1.1 | $— |
| 11 | Safelite | Specialized Consumer Services | Non-IG | Rio Rancho | New Mexico | 94649 | $1527 | Fixed: 2.00% annually | Jan-26 | 3.4 | $— |
| 12 | Grande Communications | Cable & Satellite | Non-IG | San Marcos | Texas | 47000 | $1101 | CPI: 0.0% Floor / 3.0% Cap | Aug-26 | 2.7 | $— |
| 13 | North American Lighting | Auto Parts & Equipment | Non-IG | Farmington Hills | Michigan | 75286 | $1084 | Fixed: 2.50% annually | Apr-27 | 15.2 | $— |
| 14 | Arcfield <sup>(g)</sup> | Aerospace & Defense | Non-IG | King of Prussia | Pennsylvania | 88578 | $1000 | Fixed: One-time 17.50% in '23 | N/A | 0.1 | $— |
| 15 | APCO | Property & Casualty Insurance | Non-IG | Norcross | Georgia | 50600 | $631 | Fixed: 2.50% annually | Mar-26 | 5.2 | $— |
| 16 | Undisclosed – multi-national provider of industrial gases <sup>(h)</sup> | Industrial Gases | IG | Houston | Texas | 49821 | $629 | Fixed: 2.00% annually | N/A | 0.0 | $— |
| 17 | S&ME **(sold on 2/24/26)** | Environmental & Facilities Services | Non-IG | Raleigh | North Carolina | 31120 | $545 | Fixed: 2.75% annually | Mar-26 | 11.2 | $— |
| 18 | Grande Communications | Cable & Satellite | Non-IG | Waco | Texas | 30699 | $484 | CPI: 0.0% Floor / 3.0% Cap | Aug-26 | 2.7 | $— |
| 19 | Grande Communications | Cable & Satellite | Non-IG | Corpus Christi | Texas | 20717 | $363 | CPI: 0.0% Floor / 3.0% Cap | Aug-26 | 2.7 | $— |
| 20 | Grande Communications | Cable & Satellite | Non-IG | Odessa | Texas | 21193 | $242 | CPI: 0.0% Floor / 3.0% Cap | Aug-26 | 2.7 | $— |
| 21 | Grande Communications | Cable & Satellite | Non-IG | San Marcos | Texas | 14400 | $217 | CPI: 0.0% Floor / 3.0% Cap | Aug-26 | 2.7 | $— |
| 22 | Vacant (formerly BCBSM) <sup>(h)</sup> | N/A | N/A | Eagan | Minnesota | 442542 | $0 | N/A | N/A | 0.0 | $— |
| 23 | Vacant (formerly Bankers Financial) <sup>(h)</sup> | N/A | N/A | St. Petersburg | Florida | 167581 | $0 | N/A | N/A | 0.0 | $— |
| 24 | Vacant (formerly BCBSM) <sup>(h)</sup> | N/A | N/A | Eagan | Minnesota | 12286 | $0 | N/A | N/A | 0.0 | $— |
| **Total** <sup>(i)</sup> | **Total** <sup>(i)</sup> | **Total** <sup>(i)</sup> |  |  |  | **3375113** | **$54122** |  |  | **3.9** | **$21900** |

---

 Net Lease Office Properties \| 12

------

________

_*&nbsp;&nbsp;&nbsp;&nbsp;Indicates an asset that was disposed of in January or February 2026, as described in the <u>[Summary Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_10)</u> section.*

*(a)"IG" refers to investment grade rated tenants.*

*(b)Excludes 570,999 of operating square footage for a parking garage associated with the KBR property in Houston, Texas.*

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

*(d)Denotes multi-tenant property. Primary tenant generating largest percentage of ABR shown. Industry, credit, rent increase type and next rent increase are for primary tenant.*

*(e)Denotes leased property that is not 100% occupied.*

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

*(g)In January 2026, we entered into a side letter with the tenant to extend the lease term two months beyond its prior lease expiration of January 2026.*

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

*(i)See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> section in the Appendix for a description of pro rata.*

 Net Lease Office Properties \| 13

------

**Net Lease Office Properties**

*Appendix*

*Fourth Quarter 2025* 

![financialdocumentcoverslida.jpg](financialdocumentcoverslida.jpg)

 Net Lease Office Properties \| 14

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**Normalized Pro Rata Cash NOI**

 *In thousands.*

---

| | |
|:---|:---|
| | **Three Months Ended December 31, 2025** |
| **Consolidated Lease Revenues and Other** | |
| &nbsp;&nbsp;&nbsp;Total lease revenues – as reported | $20263 |
| &nbsp;&nbsp;&nbsp;Income from finance leases – as reported | 610 |
| &nbsp;&nbsp;&nbsp;Parking garage revenues <sup>(a)</sup> | 443 |
| **Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses** |  |
| &nbsp;&nbsp;&nbsp;Reimbursable property expenses – as reported | 4843 |
| &nbsp;&nbsp;&nbsp;Non-reimbursable property expenses – as reported | 1956 |
|  | **14517** |
| **Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:** |  |
| &nbsp;&nbsp;&nbsp;Less: Pro rata share of NOI attributable to noncontrolling interests | (105) |
|  | (105) |
|  | **14412** |
| **Adjustments for Pro Rata Non-Cash Items:** |  |
| &nbsp;&nbsp;&nbsp;Add: Straight-line and other leasing and financing adjustments | 651 |
| &nbsp;&nbsp;&nbsp;Add: Above- and below-market rent intangible lease amortization | 312 |
| &nbsp;&nbsp;&nbsp;Add: Other non-cash items | 111 |
|  | 1074 |
| **Pro Rata Cash NOI** <sup>(b)</sup> | **15486** |
| Adjustment to normalize for intra-period dispositions <sup>(c)</sup> | (3126) |
| **Normalized Pro Rata Cash NOI** <sup>(b)</sup> | $**12360** |

---

 Net Lease Office Properties \| 15

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

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

---

| | |
|:---|:---|
| | **Three Months Ended December 31, 2025** |
| **Net Loss Attributable to NLOP** | |
| &nbsp;&nbsp;&nbsp;Net loss attributable to NLOP – as reported | $(53) |
| **Adjustments for Consolidated Operating Expenses** |  |
| &nbsp;&nbsp;&nbsp;Add: Operating expenses – as reported | 24159 |
| &nbsp;&nbsp;&nbsp;Less: Property expenses, excluding reimbursable tenant costs – as reported | (1956) |
|  | **22203** |
| **Adjustments for Other Consolidated Revenues and Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Less: Other lease-related income (excluding parking garage revenues) | (9428) |
| &nbsp;&nbsp;&nbsp;Less: Reimbursable property expenses – as reported | (4843) |
| &nbsp;&nbsp;&nbsp;Add: Other income and (expenses) – as reported | 6656 |
| &nbsp;&nbsp;&nbsp;Add: Benefit from income taxes – as reported | (54) |
|  | **(7669)** |
| **Other Adjustments:** |  |
| &nbsp;&nbsp;&nbsp;Adjustment to normalize for intra-period dispositions <sup>(c)</sup> | (3126) |
| &nbsp;&nbsp;&nbsp;Add: Straight-line and other leasing and financing adjustments | 651 |
| &nbsp;&nbsp;&nbsp;Add: Above- and below-market rent intangible lease amortization | 312 |
| &nbsp;&nbsp;&nbsp;Add: Property expenses, excluding reimbursable tenant costs, non-cash | 111 |
| &nbsp;&nbsp;&nbsp;Less: Adjustments for pro rata ownership | (69) |
|  | **(2121)** |
| **Normalized Pro Rata Cash NOI** <sup>(b)</sup> | $**12360** |

---

________

*(a)Amount comprises revenues from a parking garage at a domestic property and is included in Other lease-related income on our consolidated statements of operations.*

*(b)Pro rata cash NOI and normalized pro rata cash NOI are non-GAAP measures. See the <u>[Disclosures Regarding Non-GAAP and Other Metrics](#i9a3c91e90ec840ad9c6d813ce924a6b5_49)</u> 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.*

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

 Net Lease Office Properties \| 16

------

*Net Lease Office Properties*

*Fourth Quarter 2025*

**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 \| 17

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*Net Lease Office Properties*

*Fourth Quarter 2025*

**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 \| 18

## Exhibit 99.2

![](nlopinvestorpresentation001.jpg)

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 Property: Omnicom February 2026 NLOP Investor Presentation Exhibit 99.2

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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 2 NLOP Overview 1. Distributions paid by NLOP will be authorized and determined by NLOP's Board of Trustees, in its sole discretion, and will be dependent upon a number of factors. • Net Lease Office Properties (NYSE: NLOP) is a publicly-traded real estate investment trust (REIT) focused on realizing value through the strategic asset management and disposition of its portfolio over time • NLOP is externally managed by W. P. Carey, an advisor with significant expertise and a proven track record of repositioning, leasing and disposing of net lease office assets • Initially spun out of W. P. Carey in 2023, NLOP's portfolio consisted of 59 net lease office properties, with annualized base rent (ABR) of ~$145 million, almost all of which were located in the U.S. • Since inception, NLOP has successfully disposed of 39 properties with $97 million of ABR and today has a portfolio of 20 properties with $27 million of ABR • Excess proceeds from dispositions completed to date have primarily been used to fully repay $455 million of debt originated at spin and for special cash distributions • Consistent with its strategic plan, on February 17, 2026, NLOP paid a special cash distribution of $6.75 per share, or ~$100 million, for total distributions since formation of $19.39 per share, or ~$287 million 1

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![](nlopinvestorpresentation003.jpg)

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 3 0.0% 213.1% Nov-23 Mar-24 Aug-24 Dec-24 May-25 Oct-25 Feb-26 NLOP Total Return Continued Execution of Stated Plan Note: Market data as of February 24, 2026. Jan. 2024 Sales of four properties totaling $43 million announced. May 2024 Sales of three properties totaling $132 million announced. Jun. 2024 Sales of two properties totaling $61 million announced. Aug. 2024 Sale of one property for $72 million announced. Jan. 2025 Repayment in full of J.P. Morgan senior secured mortgage and sales of five properties totaling $43 million announced. Apr. 2025 Repayment in full of J.P. Morgan mezzanine loan and sales of two properties totaling $10 million announced. Nov. 2023 NLOP begins trading regular way on NYSE. Aug. 2025 Special cash distribution totaling $3.10 per share ($46 million) announced. Dec. 2023 Cash and stock distribution totaling $0.34 per share ($5 million) announced. Nov. 2025 Special cash distribution totaling $4.10 per share ($61 million) and sale of one property for $33 million announced. Dec. 2025 Special cash distribution totaling $5.10 per share ($76 million) and sales of six properties totaling $76 million announced. Jan. 2026 Special cash distribution totaling $6.75 per share ($100 million) and sales of three properties totaling $131 million announced.

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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 4 NLOP Business Plan Progression 1. Pro forma for January 2026 sales of Google and KBR, and February 2026 sales of ICF and S&ME. 2. Figures are based on September 30, 2023 and December 31, 2025 ABR, respectively. # of Properties 59 20 Total Square Footage 9 MM 2 MM Number of Tenants 62 13 ABR ($MM) $145 $27 WALT 2 5.7 years 3.5 years Geography (US / Europe) 2 89% / 11% 100% / -- % JPM Senior Loan $335 MM $-- JPM Mezzanine Loan $120 MM $-- Existing Mortgage Debt $168 MM $22 MM Wtd. Avg. Interest Rate 9.6% 7.0% P o rt fo li o B a la n c e S h e e t At Spin Today 1 QUINCY, MA CORALVILLE, IA

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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 5 Leasing Activity Note: Excludes lease extensions for a period of one year or less. 1. New lease amounts are based on in-place rents at time of lease commencement and exclude any free rent periods. 2. Reflects a reduction in square footage leased by the tenant. 3. Pioneer Credit Recovery, Inc. and Lincoln Technical Institute, Inc. are tenants at our multi-tenant property in Moorestown, New Jersey. 4. Lease renewal period commenced on November 1, 2025. 5. New rent commences in March 2026. 6. Weighted average refers to the incremental and new lease terms. 7. Phoenix Data Systems and CT Logic were tenants at our multi-tenant property in Southfield, Michigan, prior to that property's disposition in December 2024. 8. This multi-tenant property was sold in December 2025. Tenant / Lease Guarantor Property Location Square Footage Prior ABR New ABR 1 Rent Recapture Expected TIs LCs Incremental Term BCBSM (2 properties) Eagan, MN 347,472 $5,041 $4,663 92.5% $1,624 $-- 10.0 years Nokia Krakow, Poland 53,400 1,096 829 75.6% 995 -- 5.0 years Merative Hartland, WI 81,082 909 669 73.6% 1,650 559 10.0 years Northrop Grumman Plymouth, MN 191,336 3,821 2,679 70.1% -- -- 5.0 years Caremark 2 Chandler, AZ 65,860 1,839 1,645 89.5% -- 415 5.4 years Charter Bridgeton, MO 78,080 820 859 104.8% -- -- 5.0 years S&ME Raleigh, NC 31,120 430 545 126.7% 1,556 305 12.4 years Pioneer Credit 3 Moorestown, NJ 30,000 527 540 102.5% -- -- 1.5 years Lincoln Technical 3 Moorestown, NJ 35,567 397 391 98.5% -- -- 5.0 years Google 4 Venice, CA 67,681 3,018 3,108 103.0% -- 357 5.0 years JPMorgan Tampa, FL 104,565 1,321 1,864 141.1% -- 576 3.0 years MISO Inc. 5 Eagan, MN 60,463 1,148 937 81.6% -- 605 10.0 years North American Lighting, Inc. Farmington Hills, MI 75,286 1,084 979 90.3% 3,171 541 15.0 years Total / Wtd. Avg. 6 1,221,912 $21,451 $19,708 91.9% $8,996 $3,358 7.0 years Dollars in thousands. Pro rata. As of December 31, 2025. Lease Renewals and Extensions Tenant / Lease Guarantor Property Location Square Footage Number of Leases New ABR 1 Expected TIs LCs New Term Phoenix Data Systems 7 Southfield, MI 6,431 1 $72 $-- $-- 5.0 years CT Logic 7 Southfield, MI 1,668 1 24 -- -- 3.0 years Five Labs 8 Tampa, FL 25,317 1 684 1,013 470 10.2 years Total / Wtd. Avg. 6 33,416 3 $780 $1,013 $470 9.5 years Dollars in thousands. Pro rata. As of December 31, 2025. New Leases

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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, Inc. 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 Total $97,025 $777,294 6,566,909 Dollars in thousands. Pro rata. As of February 24, 2026. 34 U.S. Properties 5 European Properties $777 Million Gross Sales Proceeds

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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 7 Remaining Portfolio Note: Pro forma for January 2026 sales of Google and KBR, and February 2026 sales of ICF and S&ME. 1. NLOP owns a 90% controlling interest in this consolidated property. 2. In January 2026, NLOP entered into a side letter with the tenant to extend the lease term two months beyond its prior lease expiration of January 2026. 3. Denotes property that is vacant as of the date of this report. Tenant / Lease Guarantor Tenant Industry Property Location ABR Square Footage 11 Arcfield 2 Aerospace & Defense King of Prussia, PA 1,000 88,578 12 APCO Property & Casualty Insurance Norcross, GA 631 50,600 13 Undisclosed 3 Industrial Gases Houston, TX 629 49,821 14 Grande Cable & Satellite Waco, TX 484 30,699 15 Grande Cable & Satellite Corpus Christi, TX 363 20,717 16 Grande Cable & Satellite Odessa, TX 242 21,193 17 Grande Cable & Satellite San Marcos, TX 217 14,400 18 Vacant (fmr. BCBSM) 3 N/A Eagan, MN – 442,542 19 Vacant (fmr. Bankers) 3 N/A St. Petersburg, FL – 167,581 20 Vacant (fmr. BCBSM) 3 N/A Eagan, MN – 12,286 Total $27,339 2,118,191 Tenant / Lease Guarantor Tenant Industry Property Location ABR Square Footage 1 Iowa Board of Regents 1 Government Related Services Coralville, IA $4,056 191,700 2 Omnicom Advertising Playa Vista, CA 3,961 120,000 3 R.R. Donnelley Commercial Printing Warrenville, IL 3,461 167,215 4 Intuit Internet Software & Services Plano, TX 2,577 166,033 5 Cenlar Regional Banks Yardley, PA 2,105 105,584 6 iHeartCommunications Broadcasting San Antonio, TX 2,051 120,147 7 Arbella Property & Casualty Insurance Quincy, MA 1,850 132,160 8 Safelite Specialized Consumer Services Rio Rancho, NM 1,527 94,649 9 Grande Cable & Satellite San Marcos, TX 1,101 47,000 10 NA Lighting Auto Parts & Equipment Farmington Hills, MI 1,084 75,286 Dollars in thousands. Pro rata. As of December 31, 2025.

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