Exhibit 99.1

Net Lease Office Properties

Supplemental Financial Information

First Quarter 2025

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
NLOP Mortgage Loan			Our $335.0 million senior secured mortgage loan, which was fully repaid during the year ended December 31, 2024
NLOP Mezzanine Loan			Our $120.0 million mezzanine loan facility, which was fully repaid in April 2025
NLOP Financing Arrangements			The NLOP Mortgage Loan and NLOP Mezzanine Loan

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 Disclosures Regarding Non-GAAP and Other Metrics 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 – First Quarter 2025


Table of Contents


Summary Metrics			1
Components of Net Asset Value			2
Consolidated Statement of Operations			3
FFO and AFFO, Consolidated			4
Consolidated Balance Sheets			5
Capitalization			6
Debt Overview			7
Dispositions			8
Capital Expenditures and Leasing Activity			9
Top Ten Tenants			10
Lease Expirations			11
Property List			12

Appendix
Normalized Pro Rata Cash NOI			15
Disclosures Regarding Non-GAAP and Other Metrics			17

Net Lease Office Properties

First Quarter 2025


Summary Metrics

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


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)	$	29,213
Net income attributable to NLOP ($000s)	492
Net income attributable to NLOP per diluted share	0.03
Normalized pro rata cash NOI ($000s) (a) (b)	19,842
AFFO attributable to NLOP ($000s) (a) (b)	14,965
AFFO attributable to NLOP per diluted share (a) (b)	1.01



Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $31.38 ($000s)	$	464,866

Total consolidated debt ($000s)	148,498
Gross assets ($000s) (c)	936,444
Total consolidated debt to gross assets	15.9		%

NLOP Mezzanine Loan principal outstanding ($000s) (d)	$	35,614

Advisory Fees and Reimbursements Paid to WPC
Asset management fees (e)	$	1,260
Administrative reimbursements (f)	1,000

Portfolio (Pro Rata) (b)
ABR (in thousands) (g)	$	87,730
Number of properties	37
Number of tenants	41
Occupancy	84.9		%
Weighted-average lease term (in years)	4.1
Leasable square footage (in thousands) (h)	5,508
ABR from investment grade tenants as a % of total ABR (i)	43.9		%

Dispositions – number of properties sold	2
Dispositions – gross proceeds (in thousands)	$	9,775

Subsequent to Quarter End
NLOP Mezzanine Loan principal outstanding as of the date of this report ($000s) (j)	$	—

________

(a)Normalized pro rata cash NOI and AFFO are non-GAAP measures. See the Disclosures Regarding Non-GAAP and Other Metrics 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 Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.

(c)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 $127.1 million and above-market rent intangible assets of $18.4 million.

(d)Original principal outstanding for the NLOP Mezzanine Loan was $120.0 million. NLOP Mezzanine Loan principal outstanding (as a % of original principal) was 29.7% as of March 31, 2025. In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.

(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 each month 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 Disclosures Regarding Non-GAAP and Other Metrics 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 March 31, 2025. Includes tenants or guarantors with investment grade ratings (23.6%) and subsidiaries of non-guarantor parent companies with investment grade ratings (20.3%). 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 Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of ABR.

(j)In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.


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Net Lease Office Properties

First Quarter 2025


Components of Net Asset Value

In thousands.


	Three Months Ended March 31, 2025
Normalized Pro Rata Cash NOI (a) (b)	$	19,842

Balance Sheet – Selected Information	As of March 31, 2025
Assets
Book value of select real estate (c)	$	29,493
Cash and cash equivalents	28,153
Restricted cash, including escrow (d)	37,597
Other assets, net:
Straight-line rent adjustments	$	19,603
Deferred charges	2,303
Accounts receivable	1,303
Prepaid expenses	1,061
Taxes receivable	285
Other	1,459
Total other assets, net	$	26,014

Liabilities
Non-recourse mortgages, net (e)	$	114,668
NLOP Mezzanine Loan (f) (g)	35,614
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	11,234
Prepaid and deferred rents	9,944
Accrued taxes payable	2,438
Tenant security deposits	814
Operating lease liabilities	243
Other	18,903
Total accounts payable, accrued expenses and other liabilities	$	43,576

________

(a)Normalized pro rata cash NOI is a non-GAAP measure. See the Disclosures Regarding Non-GAAP and Other Metrics 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 Disclosures Regarding Non-GAAP and Other Metrics 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)Comprised of approximately $35.8 million related to certain reserve requirements for debt service, capital improvements, and real estate taxes pursuant to the NLOP Financing Arrangements. Approximately $1.8 million is related to certain reserve requirements for other loan agreements.

(e)Excludes unamortized premium, net totaling $0.7 million as of March 31, 2025.

(f)Excludes unamortized discount, net totaling $1.7 million and unamortized deferred financing costs totaling $0.7 million as of March 31, 2025.

(g)In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.


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Net Lease Office Properties

First Quarter 2025


Consolidated Statement of Operations

In thousands, except share and per share amounts.


	Three Months Ended March 31, 2025
Revenues
Lease revenues	$	27,392
Other lease-related income	1,821
	29,213
Operating Expenses
Depreciation and amortization	9,725
Reimbursable tenant costs	6,140
Property expenses, excluding reimbursable tenant costs	2,455
General and administrative (a)	1,807
Asset management fees (b)	1,260
Impairment charges — real estate	920
	22,307
Other Income and Expenses
Interest expense (c)	(5,746)
Loss on sale of real estate, net	(1,008)
Other gains and (losses)	443
	(6,311)
Income before income taxes	595
Provision for income taxes	(82)
Net Income	513
Net income attributable to noncontrolling interests	(21)
Net Income Attributable to NLOP	$	492

Basic and Diluted Earnings Per Share	$	0.03

Weighted-Average Shares Outstanding
Basic and Diluted	14,814,075

________

(a)Includes $1.0 million of administrative reimbursements to our Advisor.

(b)Amount is comprised of fees paid to Advisor for strategic management services, including asset management, property disposition support, and various related services.

(c)Includes $2.1 million of non-cash amortization of deferred financing costs.


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Net Lease Office Properties

First Quarter 2025


FFO and AFFO, Consolidated

In thousands, except share and per share amounts.


	Three Months Ended March 31, 2025
Net income attributable to NLOP	$	492
Adjustments:
Depreciation and amortization of real property	9,725
Loss on sale of real estate, net	1,008
Impairment charges — real estate	920
Proportionate share of adjustments for noncontrolling interests (a)	(52)
Total adjustments	11,601
FFO (as defined by NAREIT) Attributable to NLOP (b)	12,093
Adjustments:
Amortization of deferred financing costs	2,060
Straight-line and other leasing and financing adjustments	514
Above- and below-market rent intangible lease amortization, net	250
Other amortization and non-cash items	108
Other (gains) and losses	(47)
Proportionate share of adjustments for noncontrolling interests (a)	(13)
Total adjustments	2,872
AFFO Attributable to NLOP (b)	$	14,965

Summary
FFO (as defined by NAREIT) attributable to NLOP (b)	$	12,093
FFO (as defined by NAREIT) attributable to NLOP per diluted share (b)	$	0.82
AFFO attributable to NLOP (b)	$	14,965
AFFO attributable to NLOP per diluted share (b)	$	1.01
Diluted weighted-average shares outstanding	14,814,075

________

(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 Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of our non-GAAP measures.


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Net Lease Office Properties

First Quarter 2025


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	March 31, 2025		December 31, 2024
Assets
Investments in real estate:
Land, buildings and improvements	$	721,448	$	730,345
In-place lease intangible assets and other	208,933		209,968
Above-market rent intangible assets	30,508		30,512
Investments in real estate	960,889		970,825
Accumulated depreciation and amortization	(297,845)		(292,679)
Assets held for sale, net	29,297		29,297
Net investments in real estate	692,341		707,443
Restricted cash	37,597		43,305
Cash and cash equivalents	28,153		25,121
Other assets, net	26,014		29,200
Total assets	$	784,105	$	805,069

Liabilities and Equity
Debt:
Non-recourse mortgages, net	$	115,327	$	111,259
NLOP Mezzanine Loan, net	33,171		57,957
Debt, net	148,498		169,216
Accounts payable, accrued expenses and other liabilities	43,576		44,145
Below-market rent intangible liabilities, net	5,802		6,305
Total liabilities	197,876		219,666

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 and 14,814,075 shares, respectively, issued and outstanding	15		15
Additional paid-in capital	855,813		855,813
Distributions in excess of accumulated earnings	(233,951)		(234,443)
Accumulated other comprehensive loss	(39,754)		(40,157)
Total shareholders' equity	582,123		581,228
Noncontrolling interests	4,106		4,175
Total equity	586,229		585,403
Total liabilities and equity	$	784,105	$	805,069


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Net Lease Office Properties

First Quarter 2025


Capitalization

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


Total Enterprise Value	Shares	Share Price		Market Value
Equity
Common equity	14,814,075	$	31.38	$	464,866
Total Equity Market Capitalization				464,866

				Outstanding Balance (a)
Debt
Non-recourse mortgages				114,668
NLOP Mezzanine Loan (b)				35,614
Total Debt				150,282
Less: Cash and cash equivalents				(28,153)
Net Debt				122,129

Total Enterprise Value				$	586,995

________

(a)Excludes unamortized discount, net totaling $1.0 million and unamortized deferred financing costs totaling $0.7 million as of March 31, 2025.

(b)In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.


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Net Lease Office Properties

First Quarter 2025


Debt Overview

Dollars in thousands. Pro rata. As of March 31, 2025.


	Maturity Date	Fixed / Floating	Interest Rate		Total Outstanding Balance (a)		% of Total
NLOP Mezzanine Loan
NLOP Mezzanine Loan (b)	11/9/2028	Fixed	14.5	%	$	35,614	23.7	%
Other Mortgages (Tenant Listed)
Northrop Grumman Systems Corporation (c)	1/6/2025	Fixed	9.2	%	25,220		16.8	%
Midcontinent Independent Stm Op Inc (d)	5/6/2025	Fixed	4.0	%	8,882		5.9	%
Intuit Inc. (e)	5/6/2025	Fixed	4.0	%	21,900		14.6	%
Acosta, Inc.	8/6/2025	Fixed	4.4	%	9,818		6.5	%
Siemens AS (f)	12/15/2025	Floating	4.9	%	42,839		28.5	%
North American Lighting, Inc.	5/6/2026	Fixed	6.3	%	6,009		4.0	%
Total Debt Outstanding			7.7	%	$	150,282	100.0	%

________

(a)Excludes unamortized discount, net totaling $1.0 million and unamortized deferred financing costs totaling $0.7 million as of March 31, 2025.

(b)The NLOP Mezzanine Loan bore interest at an annual rate of 14.5% (10.0% of which was required to be paid current on a monthly basis, and 4.5% of which was a payment-in-kind accrual, on a quarterly basis). In April 2025, we fully repaid the NLOP Mezzanine Loan using excess cash from operations and other sources, including loan reserves.

(c)We are in default of this non-recourse mortgage loan, as the loan was not repaid on the maturity date and the lender has the right to demand payment in full. As of the date of this report, the lender has not exercised such a right. Since we are in default, our interest rate is 9.2% (5.0% default rate plus 4.2% base interest rate).

(d)Subsequent to quarter end, the maturity date of this loan was extended to March 6, 2026, with a 7.0% interest rate during the extension period.

(e)Subsequent to quarter end, the maturity date of this loan was extended to July 6, 2026, with a 7.0% interest rate during the extension period.

(f)This non-recourse mortgage loan is in a loan-to-value covenant breach as of March 31, 2025, and the lender has the right to demand payment in full. As of the date of this report, the lender has not exercised such a right.


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Net Lease Office Properties

First Quarter 2025


Dispositions

Dollars in thousands. Pro rata.


Tenant / Lease Guarantor	Property Location(s)	Gross Sale Price		ABR (a)		Closing Date	Gross Square Footage
4Q23
Raytheon Company	Tucson, AZ	$	24,575	$	1,978	Dec-23	143,650
Carhartt, Inc.	Dearborn, MI	9,806		748		Dec-23	58,722
BCBSM, Inc.	Eagan, MN	2,500		298		Dec-23	29,916
AVL Michigan Holding Corporation	Plymouth, MI	6,200		575		Dec-23	70,000
4Q23 Total		43,081		3,599			302,288

1Q24
Undisclosed – UK insurance company (b)	Newport, United Kingdom	10,497		1,761		Jan-24	80,664
Total E&P Norge AS (b)	Stavanger, Norway	33,072		5,185		Mar-24	275,725
1Q24 Total		43,569		6,946			356,389

2Q24
Exelon Generation Company, LLC (c)	Warrenville, IL	19,830		2,935		Apr-24	146,745
Vacant (formerly AVT Technology Solutions LLC) (c)	Tempe, AZ	13,160		—		Apr-24	132,070
FedEx Corporation	Collierville, TN	62,500		5,491		Apr-24	390,380
DMG MORI SEIKI U.S.A., INC.	Hoffman Estates, IL	35,984		2,458		Apr-24	104,598
BCBSM, Inc. (2 properties)	Eagan, MN	60,700		4,663		Jun-24	347,472
2Q24 Total		192,174		15,547			1,121,265

3Q24
CVS Health Corporation	Scottsdale, AZ	71,500		4,252		Aug-24	354,888
Xileh Holding Inc.	Auburn Hills, MI	9,000		711		Sep-24	55,490
3Q24 Total		80,500		4,963			410,378

4Q24
E.On UK PLC (b)	Houghton le Spring, United Kingdom	3,924		3,819		Oct-24	217,339
Vacant (formerly BCBSM, Inc.)	Eagan, MN	11,650		—		Nov-24	227,666
Merative L.P.	Hartland, WI	6,750		669		Dec-24	81,082
Charter Communications Operating, LLC	Bridgeton, MO	7,350		820		Dec-24	78,080
Caremark RX, L.L.C.	Chandler, AZ	15,000		1,645		Dec-24	183,000
Cofinity, Inc./ Aetna Life Insurance Co.	Southfield, MI	2,500		1,833		Dec-24	94,453
4Q24 Total		47,174		8,786			881,620

1Q25
Emerson Electric Co.	Houston, TX	4,180		1,108		Mar-25	52,144
Nokia Corporation (b)	Krakow, Poland	5,595		779		Mar-25	53,400
1Q25 Total		9,775		1,887			105,544

Total Dispositions		$	416,273	$	41,728		3,177,484

________

(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 lenders. Gross proceeds from these dispositions represent the mortgage principal outstanding on the respective dates of transfer.


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Net Lease Office Properties

First Quarter 2025


Capital Expenditures and Leasing Activity

Capital Expenditures

In thousands. For the three months ended March 31, 2025.


Tenant Improvements and Leasing Costs
Tenant Improvements (Tenant Listed)
S&ME, Inc.	$	806
Nokia Corporation	468
	1,274

Leasing Costs	—

Tenant Improvements and Leasing Costs	1,274

Maintenance Capital Expenditures (Tenant Listed)
KBR, Inc.	224
JPMorgan Chase Bank, N.A.	211
Pharmaceutical Product Development, LLC	40
	475

Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures	$	1,749

Leasing Activity

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


Lease Renewals and Extensions (a)									Expected Tenant Improvements ($000s)		Leasing Commissions ($000s)
			ABR
Tenant	Location	Square Feet	Prior Lease ($000s)		New Lease ($000s) (b)		Rent Recapture						Incremental Lease Term
JPMorgan Chase Bank, N.A.	Tampa, FL	104,565	$	1,321	$	1,864	141.1	%	$	—	$	576	3.0 years
Total / Weighted Average (c)		104,565	$	1,321	$	1,864	141.1	%	$	—	$	576	3.0 years

_______

(a)Excludes lease extensions for a period of one year or less.

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

(c)Weighted average refers to the incremental lease term.


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Net Lease Office Properties

First Quarter 2025


Top Ten Tenants

Dollars in thousands. Pro rata. As of March 31, 2025.


Tenant / Lease Guarantor	State / Country	ABR		ABR %		Square Footage	Number of Properties	Weighted-Average Lease Term (Years)
KBR, Inc. (a)	Texas	$	20,156	23.0	%	913,713	1	5.2
JPMorgan Chase Bank, N.A.	Florida, Texas	9,766		11.1	%	666,869	3	4.5
Siemens AS (b)	Norway	4,633		5.3	%	165,905	1	0.7
Pharmaceutical Product Development, LLC	North Carolina	4,063		4.6	%	219,812	1	8.7
Omnicom Group, Inc.	California	3,961		4.5	%	120,000	1	3.5
R.R. Donnelley & Sons Company	Illinois	3,393		3.9	%	167,215	1	2.5
Board of Regents, State of Iowa	Iowa	3,254		3.7	%	191,700	1	5.6
Bankers Financial Corporation	Florida	3,228		3.7	%	111,357	1	0.3
Google, LLC	California	3,018		3.4	%	67,681	1	5.6
Northrop Grumman Systems Corporation	Minnesota	2,679		3.1	%	191,336	1	4.7
Total (c)		$	58,151	66.3	%	2,815,588	12	4.5

________

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

(b)ABR amount is subject to fluctuations in foreign currency exchange rates.

(c)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


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Net Lease Office Properties

First Quarter 2025


Lease Expirations

Dollars in thousands. Pro rata. As of March 31, 2025.


Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage (b)	Square Footage %
Remaining 2025	11	10	$	11,960	13.6	%	573,353	10.4	%
2026	7	7	6,043		6.9	%	369,460	6.7	%
2027	7	6	8,879		10.1	%	499,571	9.1	%
2028	6	5	10,544		12.0	%	476,012	8.6	%
2029	4	3	4,597		5.3	%	304,613	5.5	%
2030	7	6	34,727		39.6	%	1,772,623	32.2	%
2031	1	1	631		0.7	%	50,600	0.9	%
2032	2	2	3,692		4.2	%	257,008	4.7	%
2033	1	1	4,063		4.6	%	219,812	4.0	%
2035	1	1	2,050		2.4	%	120,147	2.2	%
2037	1	1	544		0.6	%	31,120	0.6	%
Vacant	—	—	—		—	%	833,297	15.1	%
Total (c)	48		$	87,730	100.0	%	5,507,616	100.0	%

________

(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 Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


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First Quarter 2025


Property List

Dollars in thousands. Pro rata. As of March 31, 2025.

U.S. Assets:

Encumbered Status

Primary Tenant

Industry

Credit (a)

City

State

Square Footage (b)

ABR

Rent Increase Type

Date of Next Increase

WALT (c)

NLOP Mezzanine Loan

Other Mortgages

KBR, Inc. (d) (e)

Construction & Engineering

Non-IG

Houston

Texas

1,064,788

$21,306

Fixed: One-time 7.78%

Jan-27

5.1

✓

$—

JPMorgan Chase Bank, N.A.

Diversified Banks

Fort Worth

Texas

386,154

$4,850

CPI: 0.0% Floor / 2.0% Cap

Mar-26

4.9

✓

$—

Pharmaceutical Product Development, LLC

Pharmaceuticals

Morrisville

North Carolina

219,812

$4,063

Fixed: 2.00% annually

Oct-25

8.7

✓

$—

Omnicom Group, Inc.

Advertising

Playa Vista

California

120,000

$3,961

None

N/A

3.5

✓

$—

R.R. Donnelley & Sons Company

Commercial Printing

Non-IG

Warrenville

Illinois

167,215

$3,393

Fixed: 2.00% annually

Sep-25

2.5

✓

$—

Board of Regents, State of Iowa (f)

Government Related Services

Coralville

Iowa

191,700

$3,254

CPI: 0.0% Floor / No Cap

Nov-25

5.6

$—

Bankers Financial Corporation (d) (e)

Property & Casualty Insurance

Non-IG

St. Petersburg

Florida

167,581

$3,228

Fixed: 2.50% annually

N/A

0.3

✓

$—

JPMorgan Chase Bank, N.A.

Diversified Banks

Tampa

Florida

176,150

$3,053

CPI: 0.0% Floor / 2.0% Cap

Mar-26

4.9

✓

$—

Google, LLC

Internet Software & Services

Venice

California

67,681

$3,018

Fixed: 3.00% annually

Nov-25

5.6

$—

ICU MEDICAL, INC. (d)

Health Care Supplies

Non-IG

Plymouth

Minnesota

182,250

$2,890

Fixed: 3.25% annually

N/A

0.5

✓

$—

Northrop Grumman Systems Corporation

Aerospace & Defense

Plymouth

Minnesota

191,336

$2,679

Fixed: 2.00% annually

Dec-25

4.7

$25,220

Intuit Inc.

Internet Software & Services

Plano

Texas

166,033

$2,577

Fixed: One-time $2.00/SF in '21

N/A

1.2

$21,900

Cohesity Inc.

Systems Software

Non-IG

Roseville

Minnesota

136,125

$2,255

Fixed: 2.00% annually

Dec-25

7.7

✓

$—

Cenlar FSB

Regional Banks

Non-IG

Yardley

Pennsylvania

105,584

$2,105

Fixed: 2.50% annually

Jan-26

3.2

✓

$—

iHeartCommunications, Inc.

Broadcasting

Non-IG

San Antonio

Texas

120,147

$2,050

Fixed: 2.00% annually

Feb-26

9.8

✓

$—

JPMorgan Chase Bank, N.A. (d) (e)

Diversified Banks

Tampa

Florida

135,733

$1,932

CPI: 0.0% Floor / 2.0% Cap

Mar-26

2.9

✓

$—

Arbella Service Company, Inc.

Property & Casualty Insurance

Quincy

Massachusetts

132,160

$1,850

Fixed: One-time $1.00/SF in '22

N/A

2.2

✓

$—

ICF Consulting Group, Inc.

IT Consulting & Other Services

Non-IG

Martinsville

Virginia

93,333

$1,830

CPI: 0.0% Floor / No Cap

Jan-26

1.8

✓

$—

Acosta, Inc.

Advertising

Non-IG

Jacksonville

Florida

88,062

$1,541

Fixed: $0.50/SF annually

Jul-25

2.3

$9,818

Safelite Group, Inc.

Specialized Consumer Services

Non-IG

Rio Rancho

New Mexico

94,649

$1,527

Fixed: 2.00% annually

Jan-26

4.2

✓

$—

Master Lock Company, LLC

Building Products

Non-IG

Oak Creek

Wisconsin

120,883

$1,437

Fixed: 2.00% annually

Jun-25

7.2

✓

$—

Midcontinent Independent Stm Op Inc.

Electric Utilities

Eagan

Minnesota

60,463

$1,148

Fixed: $0.25/SF annually

N/A

0.9

$8,882


						Net Lease Office Properties \| 12


23	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	San Marcos	Texas	47,000	$1,074	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.4		$—
24	North American Lighting, Inc.	Auto Parts & Equipment	Non-IG	Farmington Hills	Michigan	75,286	$1,058	Fixed: 2.50% annually	Apr-25	1.0		$6,009
25	Arcfield Acquisition Corporation	Aerospace & Defense	Non-IG	King of Prussia	Pennsylvania	88,578	$1,000	Fixed: One-time 17.50% in '23	N/A	0.7	✓	$—
26	Pioneer Credit Recovery, Inc. (d)	Diversified Support Services	Non-IG	Moorestown	New Jersey	65,567	$937	Fixed: 2.50% annually	Jan-26	2.9	✓	$—
27	APCO Holdings, Inc.	Property & Casualty Insurance	Non-IG	Norcross	Georgia	50,600	$631	Fixed: 2.50% annually	Mar-26	5.9	✓	$—
28	Undisclosed – multi-national provider of industrial gases	Industrial Gases	IG	Houston	Texas	49,821	$629	Fixed: 2.00% annually	N/A	0.8	✓	$—
29	S&ME, Inc.	Environmental & Facilities Services	Non-IG	Raleigh	North Carolina	31,120	$545	Fixed: 2.75% annually	Mar-26	11.9	✓	$—
30	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Waco	Texas	30,699	$473	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.4		$—
31	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Corpus Christi	Texas	20,717	$355	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.4		$—
32	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Odessa	Texas	21,193	$236	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.4		$—
33	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	San Marcos	Texas	14,400	$212	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.4	✓	$—
34	Vacant (formerly BCBSM, Inc.) (g)	N/A	N/A	Eagan	Minnesota	442,542	$0	N/A	N/A	0.0	✓	$—
35	Vacant (formerly McKesson Corporation) (g)	N/A	N/A	The Woodlands	Texas	204,063	$0	N/A	N/A	0.0	✓	$—
36	Vacant (formerly BCBSM, Inc.) (g)	N/A	N/A	Eagan	Minnesota	12,286	$0	N/A	N/A	0.0	✓	$—
U.S. Total (h)						5,341,711	$83,097			4.3		$71,829

European Asset:

Encumbered Status

Primary Tenant

Industry

Credit (a)

City

Country

Square Footage

ABR

Rent Increase Type

Date of Next Increase

WALT (c)

NLOP Mezzanine Loan

Other Mortgages

Siemens AS

Industrial Conglomerates

Oslo

Norway

165,905

$4,633

CPI: 0.0% Floor / No Cap

N/A

0.7

$42,839

European Total (h)

165,905

$4,633

0.7

$42,839

________

✓ Indicates an asset that was in the NLOP Mezzanine Loan collateral pool as of March 31, 2025. In April 2025, we fully repaid the NLOP Mezzanine Loan.

(a)“IG” refers to investment grade rated tenants.

(b)Excludes 570,999 of operating square footage for a parking garage associated with the KBR, Inc. 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)Denotes property that is vacant as of the date of this report.

(h)See the Disclosures Regarding Non-GAAP and Other Metrics section in the Appendix for a description of pro rata.


						Net Lease Office Properties \| 13

Net Lease Office Properties

Appendix

First Quarter 2025


						Net Lease Office Properties \| 14

Net Lease Office Properties

First Quarter 2025


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended March 31, 2025
Consolidated Lease Revenues and Other
Total lease revenues – as reported	$	27,392
Parking garage revenues (a)	461

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	6,140
Non-reimbursable property expenses – as reported	2,455
	19,258

Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Less: Pro rata share of NOI attributable to noncontrolling interests	(90)
	(90)

	19,168

Adjustments for Pro Rata Non-Cash Items:
Add: Straight-line and other leasing and financing adjustments	514
Add: Above- and below-market rent intangible lease amortization	250
Add: Other non-cash items	108
	872

Pro Rata Cash NOI (b)	20,040

Adjustment to normalize for intra-period dispositions (c)	(198)

Normalized Pro Rata Cash NOI (b)	$	19,842


						Net Lease Office Properties \| 15

Net Lease Office Properties

First Quarter 2025

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


	Three Months Ended March 31, 2025
Net Income Attributable to NLOP
Net income attributable to NLOP – as reported	$	492
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	22,307
Less: Property expenses, excluding reimbursable tenant costs – as reported	(2,455)
	19,852

Adjustments for Other Consolidated Revenues and Expenses:
Less: Other lease-related income (excluding parking garage revenues)	(1,360)
Less: Reimbursable property expenses – as reported	(6,140)
Add: Other income and (expenses) – as reported	6,311
Add: Provision for income taxes – as reported	82
	(1,107)

Other Adjustments:
Add: Straight-line and other leasing and financing adjustments	514
Add: Above- and below-market rent intangible lease amortization	250
Add: Property expenses, excluding reimbursable tenant costs, non-cash	108
Less: Adjustments for pro rata ownership	(69)
Adjustment to normalize for intra-period dispositions (c)	(198)
	605

Normalized Pro Rata Cash NOI (b)	$	19,842

________

(a)Amount is comprised of 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 Disclosures Regarding Non-GAAP and Other Metrics 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

First 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 as they are not the primary drivers in our decision-making process and excluding these items provides investors 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 as we believe it will help them to 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, or as alternatives to net cash provided by operating activities computed under GAAP, or as 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

Net Lease Office Properties

First 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 and reflects exchange rates as of March 31, 2025. 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

Net Lease Office Properties 8-K