Net Lease Office Properties (NLOP)

NYSE · Real Estate Investment Trusts

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

39 entities across 2 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-25 — see the exhibit.

Which other public companies file entities in the same places:

Subsidiaries of Net Lease Office Properties as disclosed in its SEC filing
Entity	Jurisdiction	Note
(CA) ADS, LLC	Delaware
Jefferson Manager (DE) LLC	Delaware
Jefferson Tower (TX) LLC	Delaware
ADS2 (CA) LLC (fka ADS2 (CA) QRS 11-41, Inc.)	Delaware
AIRLIQ (TX) LLC	Delaware
AUTOPRO (GA) LLC	Delaware
Call LLC	Delaware
GRC GP (TX) LLC (fka GRC (TX) QRS 15-47, Inc.)	Delaware
GRC (TX) Limited Partnership	Delaware
GRC-II (TX) LLC (fka GRC-II (TX) QRS 15-80, Inc.)	Delaware
GRC-II (TX) Limited Partnership	Delaware
Hawk (IA) LLC	Delaware
Hawk JV Landlord (IA) LLC	Delaware
Hawk Landlord (IA) LLC	Delaware
Health Landlord (MN) LLC	Delaware
ICALL BTS (VA) LLC	Delaware
MEDI (PA) LLC	Delaware
NLO Holding B.V. (fka WPC REIT Fau 42 B.V.)	Netherlands
NLO Holding Company LLC	Delaware
NLO International Holding LP	Delaware
NLO International Holding GP TRS LLC	Delaware
NLO MB TRS LLC	Delaware
NLO Mezzanine Borrower LLC	Delaware
NLO OP LLC	Delaware
NLO Pledgor LLC	Delaware
NLO SubREIT LLC	Delaware
Orlando Storage 17 (FL) LLC	Delaware
Popcorn (TX) LLC (fka Popcorn (TX) QRS 14-43, Inc.)	Delaware
Roosevelt Blvd North (FL) LLC	Delaware
RRD (IL) LLC	Delaware
Spring Forest Road (NC) LLC	Delaware
Stone Oak 17 (TX) LLC	Delaware
Turbo Headquarters (TX) LLC	Delaware
Turbo Headquarters (TX) Transferee LLC	Delaware
Vandenburg Blvd (PA) LLC	Delaware
Venice (CA) LP	Delaware
Venice (CA) Transferee LLC	Delaware
Venice (CA) Transferee Principal LLC	Delaware
WPC Crown Colony (MA) LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

FAILReturn on assets positiveROA -32.0%
PASSOperating cash flow positiveOCF 64M
FAILReturn on assets improving-11.4% → -32.0%
PASSCash flow exceeds earningsOCF 64M vs NI -145M
PASSLong-term debt ratio falling21.0% → 4.8% of assets
FAILCurrent ratio improvingno data
FAILNo share dilution15M → 15M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.18× → 0.26×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2021	$147.9M	$1.4M	—	—	14,620,919
FY2022	$156.2M	$15.8M	—	—	14,620,919
FY2023	$175.0M	−$131.7M	—	—	14,631,265
FY2024	$142.2M	−$91.5M	—	—	14,789,514
FY2025	$118.9M	−$145.3M	—	—	14,814,075

Ownership flow

11 institutions tracked — 8 added, 3 reduced.

Institutional holders of Net Lease Office Properties and their share-count change
Manager	Kind	Shares	Change	Value
CITADEL ADVISORS LLC	Hedge fund	100,449	+52,949	$1.1M
Point72 Asset Management, L.P.	Hedge fund	61,880	+49,983	$688,724
STATE STREET CORP	Index	450,213	+30,811	$5.0M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	101,979	+30,705	$1.1M
BANK OF AMERICA CORP /DE/	Active fund	22,536	−24,406	$250,826
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	87,275	+16,668	$972,000
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	46,900	−11,500	$521,997
FMR LLC	Active fund	31,751	+3,857	$353,378
MORGAN STANLEY	Active fund	103,308	−2,538	$1.1M
JPMORGAN CHASE & CO	Active fund	11,428	+2,247	$128,229
BlackRock, Inc.	Index	1,649,290	+1,982	$18.4M

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Dividend per share

2026Q1: $3.30
2025Q4: $5.10
2025Q3: $3.10
2023Q4: $0.34

Identity

CIK: 0001952976
SIC: 6798 · Real Estate Investment Trusts
Incorporated: MD
Headquarters: NEW YORK, NY

Ownership

Institutional: 59.1%
Institutions: 331
Insiders: 0.7%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other real estate investment trusts companies

Net Lease Office Properties files under SIC 6798 — all 80 real estate investment trusts companies compared on assets and F-score.

Prologis, Inc.PLD Blackstone Real Estate Income Trust, Inc.BSTT WELLTOWER INC.WELL AMERICAN TOWER CORP /MA/AMT Rithm Capital Corp.RITM VICI PROPERTIES INC.VICI

Questions about Net Lease Office Properties

How many subsidiaries does Net Lease Office Properties file with the SEC?: 39, listed in its most recent exhibit 21. They are incorporated across 2 jurisdictions (Delaware, Netherlands). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Net Lease Office Properties financially healthy?: Net Lease Office Properties scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Net Lease Office Properties?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), MORGAN STANLEY (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

39 entities across 2 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-25 — see the exhibit.

Which other public companies file entities in the same places:

Delaware38 Netherlands1

Entity

Jurisdiction

Note

(CA) ADS, LLC

Delaware

Jefferson Manager (DE) LLC

Delaware

Jefferson Tower (TX) LLC

Delaware

ADS2 (CA) LLC (fka ADS2 (CA) QRS 11-41, Inc.)

Delaware

AIRLIQ (TX) LLC

Delaware

AUTOPRO (GA) LLC

Delaware

Call LLC

Delaware

GRC GP (TX) LLC (fka GRC (TX) QRS 15-47, Inc.)

Delaware

GRC (TX) Limited Partnership

Delaware

GRC-II (TX) LLC (fka GRC-II (TX) QRS 15-80, Inc.)

Delaware

GRC-II (TX) Limited Partnership

Delaware

Hawk (IA) LLC

Delaware

Hawk JV Landlord (IA) LLC

Delaware

Hawk Landlord (IA) LLC

Delaware

Health Landlord (MN) LLC

Delaware

ICALL BTS (VA) LLC

Delaware

MEDI (PA) LLC

Delaware

NLO Holding B.V. (fka WPC REIT Fau 42 B.V.)

Netherlands

NLO Holding Company LLC

Delaware

NLO International Holding LP

Delaware

NLO International Holding GP TRS LLC

Delaware

NLO MB TRS LLC

Delaware

NLO Mezzanine Borrower LLC

Delaware

NLO OP LLC

Delaware

NLO Pledgor LLC

Delaware

NLO SubREIT LLC

Delaware

Orlando Storage 17 (FL) LLC

Delaware

Popcorn (TX) LLC (fka Popcorn (TX) QRS 14-43, Inc.)

Delaware

Roosevelt Blvd North (FL) LLC

Delaware

RRD (IL) LLC

Delaware

Spring Forest Road (NC) LLC

Delaware

Stone Oak 17 (TX) LLC

Delaware

Turbo Headquarters (TX) LLC

Delaware

Turbo Headquarters (TX) Transferee LLC

Delaware

Vandenburg Blvd (PA) LLC

Delaware

Venice (CA) LP

Delaware

Venice (CA) Transferee LLC

Delaware

Venice (CA) Transferee Principal LLC

Delaware

WPC Crown Colony (MA) LLC

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

FAILReturn on assets positiveROA -32.0%
PASSOperating cash flow positiveOCF 64M
FAILReturn on assets improving-11.4% → -32.0%
PASSCash flow exceeds earningsOCF 64M vs NI -145M
PASSLong-term debt ratio falling21.0% → 4.8% of assets
FAILCurrent ratio improvingno data
FAILNo share dilution15M → 15M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.18× → 0.26×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2021

$147.9M

$1.4M

—

14,620,919

FY2022

$156.2M

$15.8M

—

14,620,919

FY2023

$175.0M

−$131.7M

—

14,631,265

FY2024

$142.2M

−$91.5M

—

14,789,514

FY2025

$118.9M

−$145.3M

—

14,814,075

Ownership flow

11 institutions tracked — 8 added, 3 reduced.

Institutional holders of Net Lease Office Properties and their share-count change
Manager	Kind	Shares	Change	Value
CITADEL ADVISORS LLC	Hedge fund	100,449	+52,949	$1.1M
Point72 Asset Management, L.P.	Hedge fund	61,880	+49,983	$688,724
STATE STREET CORP	Index	450,213	+30,811	$5.0M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	101,979	+30,705	$1.1M
BANK OF AMERICA CORP /DE/	Active fund	22,536	−24,406	$250,826
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	87,275	+16,668	$972,000
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	46,900	−11,500	$521,997
FMR LLC	Active fund	31,751	+3,857	$353,378
MORGAN STANLEY	Active fund	103,308	−2,538	$1.1M
JPMORGAN CHASE & CO	Active fund	11,428	+2,247	$128,229
BlackRock, Inc.	Index	1,649,290	+1,982	$18.4M

Questions about Net Lease Office Properties

How many subsidiaries does Net Lease Office Properties file with the SEC?

39, listed in its most recent exhibit 21. They are incorporated across 2 jurisdictions (Delaware, Netherlands). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Net Lease Office Properties financially healthy?

Net Lease Office Properties scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Net Lease Office Properties?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), STATE STREET CORP (adding), MORGAN STANLEY (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.