NLOP Fundamental Analysis - NET LEASE OFFICE PROPERTY

Fundamental Rating

We assign a fundamental rating of 3 out of 10 to NLOP. NLOP was compared to 129 industry peers in the Diversified REITs industry. NLOP scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. NLOP is valued expensive and it does not seem to be growing.

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1. Profitability

1.1 Basic Checks

NLOP had negative earnings in the past year.

NLOP had a positive operating cash flow in the past year.

The reported net income has been mixed in the past 5 years: NLOP reported negative net income in multiple years.

NLOP had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

NLOP has a worse Return On Assets (-23.50%) than 96.90% of its industry peers.

With a Return On Equity value of -31.42%, NLOP is not doing good in the industry: 89.92% of the companies in the same industry are doing better.

NLOP's Return On Invested Capital of 3.17% is fine compared to the rest of the industry. NLOP outperforms 61.24% of its industry peers.

The Average Return On Invested Capital over the past 3 years for NLOP is in line with the industry average of 3.04%.

The 3 year average ROIC (2.84%) for NLOP is below the current ROIC(3.17%), indicating increased profibility in the last year.

		Industry Rank	Sector Rank
ROA	-23.5%
ROE	-31.42%
ROIC	3.17%

ROA(3y)-6.79%

ROA(5y)-3.86%

ROE(3y)-11.26%

ROE(5y)-6.42%

ROIC(3y)2.84%

ROIC(5y)2.82%

1.3 Margins

NLOP has a Operating Margin of 21.34%. This is comparable to the rest of the industry: NLOP outperforms 49.61% of its industry peers.

NLOP's Operating Margin has declined in the last couple of years.

NLOP has a Gross Margin (64.44%) which is in line with its industry peers.

In the last couple of years the Gross Margin of NLOP has declined.

		Industry Rank	Sector Rank
OM	21.34%
PM (TTM)	N/A
GM	64.44%

OM growth 3Y-9.93%

OM growth 5Y-6.37%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-4.53%

GM growth 5Y-2.94%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NLOP is destroying value.

The number of shares outstanding for NLOP remains at a similar level compared to 1 year ago.

NLOP has a better debt/assets ratio than last year.

2.2 Solvency

Based on the Altman-Z score of 1.22, we must say that NLOP is in the distress zone and has some risk of bankruptcy.

Looking at the Altman-Z score, with a value of 1.22, NLOP belongs to the top of the industry, outperforming 83.72% of the companies in the same industry.

NLOP has a debt to FCF ratio of 2.38. This is a good value and a sign of high solvency as NLOP would need 2.38 years to pay back of all of its debts.

With an excellent Debt to FCF ratio value of 2.38, NLOP belongs to the best of the industry, outperforming 99.22% of the companies in the same industry.

NLOP has a Debt/Equity ratio of 0.23. This is a healthy value indicating a solid balance between debt and equity.

NLOP's Debt to Equity ratio of 0.23 is amongst the best of the industry. NLOP outperforms 97.67% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.23
Debt/FCF	2.38
Altman-Z	1.22

ROIC/WACC0.45

WACC7.02%

2.3 Liquidity

A Current Ratio of 1.25 indicates that NLOP should not have too much problems paying its short term obligations.

NLOP's Current ratio of 1.25 is in line compared to the rest of the industry. NLOP outperforms 57.36% of its industry peers.

A Quick Ratio of 1.25 indicates that NLOP should not have too much problems paying its short term obligations.

NLOP has a Quick ratio (1.25) which is comparable to the rest of the industry.

		Industry Rank	Sector Rank
Current Ratio	1.25
Quick Ratio	1.25

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The earnings per share for NLOP have decreased by -0.68% in the last year.

Looking at the last year, NLOP shows a very negative growth in Revenue. The Revenue has decreased by -31.84% in the last year.

The Revenue has been decreasing by -4.00% on average over the past years.

EPS 1Y (TTM)-0.68%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-754.64%

Revenue 1Y (TTM)-31.84%

Revenue growth 3Y-1.29%

Revenue growth 5Y-4%

Sales Q2Q%-25.25%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.

No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.

EPS Next YN/A

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next YearN/A

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.

No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for NLOP. In the last year negative earnings were reported.

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, NLOP is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.

93.02% of the companies in the same industry are more expensive than NLOP, based on the Price/Free Cash Flow ratio.

		Industry Rank	Sector Rank
P/FCF	8.96
EV/EBITDA	6.37

4.3 Compensation for Growth

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2YN/A

EPS Next 3YN/A

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 10.47%, NLOP is a good candidate for dividend investing.

Compared to an average industry Dividend Yield of 6.14, NLOP pays a better dividend. On top of this NLOP pays more dividend than 92.25% of the companies listed in the same industry.

Compared to an average S&P500 Dividend Yield of 2.32, NLOP pays a better dividend.

		Industry Rank	Sector Rank
Dividend Yield	10.47%

5.2 History

NLOP does not have a reliable dividend history as it only pays dividend since a couple or years.

Dividend Growth(5Y)N/A

Div Incr Years0

Div Non Decr Years0

5.3 Sustainability

The earnings of NLOP are negative and hence is the payout ratio. NLOP will probably not be able to sustain this dividend level.

DP0%

EPS Next 2YN/A

EPS Next 3YN/A

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NET LEASE OFFICE PROPERTY

NYSE:NLOP (9/2/2025, 10:09:12 AM)

29.775

+0.15 (+0.52%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)N/A N/A

Earnings (Next)N/A N/A

Inst Owners58.06%

Inst Owner Change-1.53%

Ins Owners0.65%

Ins Owner Change0%

Market Cap440.97M

Analysts82.86

Price Target46.92 (57.58%)

Short Float %1.86%

Short Ratio2.67

Dividend

		Industry Rank	Sector Rank
Dividend Yield	10.47%

Yearly Dividend0.07

Dividend Growth(5Y)N/A

DP0%

Div Incr Years0

Div Non Decr Years0

Ex-Date08-18 2025-08-18 (3.1)

Surprises & Revisions

EPS beat(2)N/A

Avg EPS beat(2)N/A

Min EPS beat(2)N/A

Max EPS beat(2)N/A

EPS beat(4)N/A

Avg EPS beat(4)N/A

Min EPS beat(4)N/A

Max EPS beat(4)N/A

EPS beat(8)N/A

Avg EPS beat(8)N/A

EPS beat(12)N/A

Avg EPS beat(12)N/A

EPS beat(16)N/A

Avg EPS beat(16)N/A

Revenue beat(2)N/A

Avg Revenue beat(2)N/A

Min Revenue beat(2)N/A

Max Revenue beat(2)N/A

Revenue beat(4)N/A

Avg Revenue beat(4)N/A

Min Revenue beat(4)N/A

Max Revenue beat(4)N/A

Revenue beat(8)N/A

Avg Revenue beat(8)N/A

Revenue beat(12)N/A

Avg Revenue beat(12)N/A

Revenue beat(16)N/A

Avg Revenue beat(16)N/A

PT rev (1m)0%

PT rev (3m)0%

EPS NQ rev (1m)N/A

EPS NQ rev (3m)N/A

EPS NY rev (1m)N/A

EPS NY rev (3m)N/A

Revenue NQ rev (1m)N/A

Revenue NQ rev (3m)N/A

Revenue NY rev (1m)N/A

Revenue NY rev (3m)N/A

Valuation

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A
P/S	3.75
P/FCF	8.96
P/OCF	7.79
P/B	0.88
P/tB	0.88
EV/EBITDA	6.37

EPS(TTM)-10.61

EYN/A

EPS(NY)N/A

Fwd EYN/A

FCF(TTM)3.32

FCFY11.16%

OCF(TTM)3.82

OCFY12.84%

SpS7.94

BVpS33.76

TBVpS33.76

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	-23.5%
ROE	-31.42%
ROCE	4.01%
ROIC	3.17%
ROICexc	3.47%
ROICexgc	3.66%
OM	21.34%
PM (TTM)	N/A
GM	64.44%
FCFM	41.86%

ROA(3y)-6.79%

ROA(5y)-3.86%

ROE(3y)-11.26%

ROE(5y)-6.42%

ROIC(3y)2.84%

ROIC(5y)2.82%

ROICexc(3y)2.9%

ROICexc(5y)2.86%

ROICexgc(3y)3.06%

ROICexgc(5y)3.06%

ROCE(3y)3.6%

ROCE(5y)3.57%

ROICexcg growth 3Y3.88%

ROICexcg growth 5YN/A

ROICexc growth 3Y5.46%

ROICexc growth 5YN/A

OM growth 3Y-9.93%

OM growth 5Y-6.37%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-4.53%

GM growth 5Y-2.94%

F-Score5

Asset Turnover0.18

Health

		Industry Rank	Sector Rank
Debt/Equity	0.23
Debt/FCF	2.38
Debt/EBITDA	1.49
Cap/Depr	13.73%
Cap/Sales	6.27%
Interest Coverage	250
Cash Conversion	71.84%
Profit Quality	N/A
Current Ratio	1.25
Quick Ratio	1.25
Altman-Z	1.22

F-Score5

WACC7.02%

ROIC/WACC0.45

Cap/Depr(3y)22.59%

Cap/Depr(5y)16.46%

Cap/Sales(3y)10.42%

Cap/Sales(5y)7.44%

Profit Quality(3y)N/A

Profit Quality(5y)N/A

High Growth Momentum

Growth

EPS 1Y (TTM)-0.68%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-754.64%

EPS Next YN/A

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)-31.84%

Revenue growth 3Y-1.29%

Revenue growth 5Y-4%

Sales Q2Q%-25.25%

Revenue Next YearN/A

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1Y-38.03%

EBIT growth 3Y-11.09%

EBIT growth 5Y-10.12%

EBIT Next YearN/A

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y-21.38%

FCF growth 3Y-5.6%

FCF growth 5Y27.04%

OCF growth 1Y-36.45%

OCF growth 3Y-1.56%

OCF growth 5Y-2.85%

NET LEASE OFFICE PROPERTY (NLOP) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

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5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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