# EDGAR Filing Document

**Accession Number:** 0001952976
**File Stem:** 0001870300-26-000002
**Filing Date:** 2026-1
**Character Count:** 5333
**Document Hash:** 31f3e4b6e4485aba6029bd01275f157d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001870300-26-000002.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001870300-26-000002

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94251
- **FILM NUMBER:** 26521675

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Asset Value Investors Ltd
- **CENTRAL INDEX KEY:** 0001870300

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 2 CAVENDISH SQUARE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1G 0PU
- **BUSINESS PHONE:** 02076594807

**MAIL ADDRESS:**
- **STREET 1:** 2 CAVENDISH SQUARE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1G 0PU

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Net Lease Office Properties**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**64110Y108**

*(CUSIP Number)*

**Jake Crowhurst**<br>Asset Value Investors Ltd<br>2 Cavendish Square<br>London X0 W1G 0PU<br>442076594807

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**01/08/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **64110Y108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Asset Value Investors Ltd** | Name of reporting person<br>**Asset Value Investors Ltd** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**710013.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**710013.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**710013.00** | Aggregate amount beneficially owned by each reporting person<br>**710013.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.8%** | Percent of class represented by amount in Row (11)<br>**4.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
Net Lease Office Properties

**(c) Address of Issuer's Principal Executive Offices:**
C/O W. P. CAREY INC., ONE MANHATTAN WEST, 395 9TH AVE. 58 FL, NEW YORK, NY, 10001

**Item 4. Purpose of Transaction**

a) The disposal of shares of the issuer

**Item 5. Interest in Securities of the Issuer**

**(a)**
Total shares held is 710,013 shares and represents 4.79% of the shares outstanding based on public data of total shares outstanding of: 14,785,014

**(b)**
Asset Value Investors has the sole power to direct the vote for all shares stated

**(c)**
11/19/25 buy 5,800 shares at 29.438619, 1/8/26 sell 52,315 shares at 20.5065

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

n/a

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Asset Value Investors Ltd

**Signature:** Jake Crowhurst

**Name/Title:** Head of Operations

**Date:** 01/09/2026