Exhibit 99.1

Net Lease Office Properties

Supplemental Financial Information

Second 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
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 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 – Second 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

Second Quarter 2025


Summary Metrics

As of or for the three months ended June 30, 2025.


Financial Results
Revenues, including reimbursable costs – consolidated ($000s)	$	29,174
Net loss attributable to NLOP ($000s)	(81,540)
Net loss attributable to NLOP per diluted share	(5.50)
Normalized pro rata cash NOI ($000s) (a) (b)	20,375
AFFO attributable to NLOP ($000s) (a) (b)	16,909
AFFO attributable to NLOP per diluted share (a) (b)	1.14



Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $32.55 ($000s)	$	482,198

Total consolidated debt ($000s)	117,170
Gross assets ($000s) (c)	811,531
Total consolidated debt to gross assets	14.4		%

Advisory Fees and Reimbursements Paid to WPC
Asset management fees (d)	$	1,209
Administrative reimbursements (e)	1,000

Portfolio (Pro Rata) (b)
ABR (in thousands) (f)	$	87,987
Number of properties	36
Number of tenants	39
Occupancy	88.1		%
Weighted-average lease term (in years)	4.0
Leasable square footage (in thousands) (g)	5,304
ABR from investment grade tenants as a % of total ABR (h)	44.0		%

Dispositions – number of properties sold	1
Dispositions – gross proceeds (in thousands)	$	16,300

Subsequent to Quarter End
Dispositions – number of properties sold	1
Dispositions – gross proceeds (in thousands)	$	25,180

Special cash distribution – gross distributions (in thousands) (i)	$	45,924
Special cash distribution – per share (i)	3.10

________

(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 $121.2 million and above-market rent intangible assets of $18.9 million.

(d)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.

(e)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.

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

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

(h)Percentage of portfolio is based on ABR, as of June 30, 2025. Includes tenants or guarantors with investment grade ratings (28.1%) and subsidiaries of non-guarantor parent companies with investment grade ratings (15.9%). 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.

(i)In August 2025, our Board of Trustees declared a special cash distribution of $3.10 per share, totaling approximately $45.9 million. The distribution is payable on September 3, 2025 to shareholders of record as of August 18, 2025.


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Second Quarter 2025


Components of Net Asset Value

In thousands.


	Three Months Ended June 30, 2025
Normalized Pro Rata Cash NOI (a) (b)	$	20,375

Balance Sheet – Selected Information	As of June 30, 2025
Assets
Book value of select real estate (c)	$	13,230
Cash and cash equivalents	54,146
Restricted cash, including escrow	2,043
Other assets, net:
Straight-line rent adjustments	$	18,808
Prepaid expenses	3,608
Deferred charges	2,494
Accounts receivable	1,349
Taxes receivable	194
Other	3,512
Total other assets, net	$	29,965

Liabilities
Non-recourse mortgages, net (d)	$	117,102
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses	$	11,234
Prepaid and deferred rents	9,133
Accrued taxes payable	999
Tenant security deposits	814
Operating lease liabilities	222
Other	21,047
Total accounts payable, accrued expenses and other liabilities	$	43,449

________

(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)Excludes unamortized premium, net totaling $0.1 million as of June 30, 2025.


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Second Quarter 2025


Consolidated Statement of Operations

In thousands, except share and per share amounts.


	Three Months Ended June 30, 2025
Revenues
Lease revenues	$	27,508
Other lease-related income	1,666
	29,174
Operating Expenses
Impairment charges — real estate (a)	81,817
Depreciation and amortization	9,687
Reimbursable tenant costs	6,537
Property expenses, excluding reimbursable tenant costs	2,244
General and administrative (b)	2,144
Asset management fees (c)	1,209
	103,638
Other Income and Expenses
Interest expense (d)	(4,400)
Loss on sale of real estate, net	(3,251)
Other gains and (losses)	697
	(6,954)
Loss before income taxes	(81,418)
Provision for income taxes	(100)
Net Loss	(81,518)
Net income attributable to noncontrolling interests	(22)
Net Loss Attributable to NLOP	$	(81,540)

Basic and Diluted Loss Per Share	$	(5.50)

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

________

(a)Primarily comprised of an impairment charge of $81.6 million recognized on the KBR, Inc. property in Houston, Texas.

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

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

(d)Includes $2.9 million of non-cash amortization of deferred financing costs.


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Second Quarter 2025


FFO and AFFO, Consolidated

In thousands, except share and per share amounts.


	Three Months Ended June 30, 2025
Net loss attributable to NLOP	$	(81,540)
Adjustments:
Impairment charges — real estate (a)	81,817
Depreciation and amortization of real property	9,688
Loss on sale of real estate, net	3,251
Proportionate share of adjustments for noncontrolling interests (b)	(52)
Total adjustments	94,704
FFO (as defined by NAREIT) Attributable to NLOP (c)	13,164
Adjustments:
Amortization of deferred financing costs	2,900
Straight-line and other leasing and financing adjustments	726
Above- and below-market rent intangible lease amortization, net	316
Other (gains) and losses	(293)
Other amortization and non-cash items	109
Proportionate share of adjustments for noncontrolling interests (b)	(13)
Total adjustments	3,745
AFFO Attributable to NLOP (c)	$	16,909

Summary
FFO (as defined by NAREIT) attributable to NLOP (c)	$	13,164
FFO (as defined by NAREIT) attributable to NLOP per diluted share (c)	$	0.89
AFFO attributable to NLOP (c)	$	16,909
AFFO attributable to NLOP per diluted share (c)	$	1.14
Diluted weighted-average shares outstanding	14,814,075

________

(a)Primarily comprised of an impairment charge of $81.6 million recognized on the KBR, Inc. property in Houston, Texas.

(b)Adjustments disclosed elsewhere in this reconciliation are on a consolidated basis. This adjustment reflects our FFO or AFFO on a pro rata basis.

(c)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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Second Quarter 2025


Consolidated Balance Sheets

In thousands, except share and per share amounts.



	June 30, 2025		December 31, 2024
Assets
Investments in real estate:
Land, buildings and improvements	$	581,913	$	730,345
In-place lease intangible assets and other	191,977		209,968
Above-market rent intangible assets	29,742		30,512
Investments in real estate	803,632		970,825
Accumulated depreciation and amortization	(282,999)		(292,679)
Assets held for sale, net	61,868		29,297
Net investments in real estate	582,501		707,443
Cash and cash equivalents	54,146		25,121
Restricted cash	2,043		43,305
Other assets, net	29,965		29,200
Total assets	$	668,655	$	805,069

Liabilities and Equity
Debt:
Non-recourse mortgages, net	$	117,170	$	111,259
NLOP Mezzanine Loan, net	—		57,957
Debt, net	117,170		169,216
Accounts payable, accrued expenses and other liabilities	43,449		44,145
Below-market rent intangible liabilities, net	3,985		6,305
Total liabilities	164,604		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	(315,491)		(234,443)
Accumulated other comprehensive loss	(40,323)		(40,157)
Total shareholders' equity	500,014		581,228
Noncontrolling interests	4,037		4,175
Total equity	504,051		585,403
Total liabilities and equity	$	668,655	$	805,069


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Second Quarter 2025


Capitalization

In thousands, except share and per share amounts. As of June 30, 2025.


Total Enterprise Value	Shares	Share Price		Market Value
Equity
Common equity	14,814,075	$	32.55	$	482,198
Total Equity Market Capitalization				482,198

				Outstanding Balance (a)
Debt
Non-recourse mortgages				117,102
Total Debt				117,102
Less: Cash and cash equivalents				(54,146)
Net Debt				62,956

Total Enterprise Value				$	545,154

________

(a)Excludes unamortized premium, net totaling $0.1 million as of June 30, 2025.


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Second Quarter 2025


Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2025.


	Maturity Date	Fixed / Floating	Interest Rate		Total Outstanding Balance (a)		% of Total
Mortgages (Tenant Listed)
Northrop Grumman Systems Corporation (b)	1/6/2025	Fixed	9.2	%	$	25,220	21.5	%
Acosta, Inc.	8/6/2025	Fixed	4.4	%	9,768		8.3	%
Siemens AS (c)	12/15/2025	Floating	4.9	%	45,451		38.9	%
Midcontinent Independent Stm Op Inc.	3/6/2026	Fixed	7.0	%	8,796		7.5	%
North American Lighting, Inc.	5/6/2026	Fixed	6.3	%	5,967		5.1	%
Intuit Inc.	7/6/2026	Fixed	7.0	%	21,900		18.7	%
Total Debt Outstanding			6.4	%	$	117,102	100.0	%

________

(a)Excludes unamortized premium, net totaling $0.1 million as of June 30, 2025.

(b)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 commence foreclosure proceedings. 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).

(c)This non-recourse mortgage loan is in a loan-to-value covenant breach as of June 30, 2025, and the lender has the right to commence foreclosure proceedings. As of the date of this report, the lender has not exercised such a right.


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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

2Q25
Vacant (formerly McKesson Corporation)	The Woodlands, TX	16,300		—		May-25	204,063
2Q25 Total		16,300		—			204,063

Total Dispositions (d)		$	432,573	$	41,728		3,381,547

________

(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.

(d)In July 2025, we disposed of one property, as described in the Summary Metrics section.


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Capital Expenditures and Leasing Activity

Capital Expenditures

In thousands. For the three months ended June 30, 2025.


Tenant Improvements and Leasing Costs
Tenant Improvements (Tenant Listed)
S&ME, Inc.	$	303
	303

Leasing Costs (Tenant Listed)
JPMorgan Chase Bank, N.A.	572
	572

Tenant Improvements and Leasing Costs	875

Maintenance Capital Expenditures (Tenant Listed)
JPMorgan Chase Bank, N.A.	195
Pioneer Credit Recovery, Inc.	182
Thermo Fisher Scientific Inc.	129
KBR, Inc.	113
	619

Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures	$	1,494

Leasing Activity

Dollars in thousands. For the three months ended June 30, 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
Midcontinent Independent Stm Op Inc. (c)	Eagan, MN	60,463	$	1,148	$	937	81.6	%	$	—	$	605	10.0 years
Total / Weighted Average (d)		60,463	$	1,148	$	937	81.6	%	$	—	$	605	10.0 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)New rent commences in March 2026.

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


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Top Ten Tenants

Dollars in thousands. Pro rata. As of June 30, 2025.


Tenant / Lease Guarantor	State / Country	ABR		ABR %		Square Footage	Number of Properties	Weighted-Average Lease Term (Years)
KBR, Inc. (a)	Texas	$	20,156	22.9	%	913,713	1	5.0
JPMorgan Chase Bank, N.A. (b)	Florida, Texas	9,766		11.1	%	666,869	3	4.3
Siemens AS (c)	Norway	4,842		5.5	%	165,905	1	0.5
Thermo Fisher Scientific Inc.	North Carolina	4,063		4.6	%	219,812	1	8.4
Omnicom Group, Inc.	California	3,961		4.5	%	120,000	1	3.3
R.R. Donnelley & Sons Company	Illinois	3,393		3.9	%	167,215	1	2.3
Board of Regents, State of Iowa	Iowa	3,254		3.7	%	191,700	1	5.3
Bankers Financial Corporation	Florida	3,228		3.7	%	111,357	1	0.1
Google, LLC	California	3,018		3.4	%	67,681	1	5.3
Northrop Grumman Systems Corporation	Minnesota	2,679		3.0	%	191,336	1	4.4
Total (d)		$	58,360	66.3	%	2,815,588	12	4.2

________

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

(b)A property in Tampa, Florida, was sold in July 2025, as described in the Summary Metrics section.

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

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


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Lease Expirations

Dollars in thousands. Pro rata. As of June 30, 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	7	7	$	12,142	13.8	%	571,125	10.8	%
2026	6	6	4,940		5.6	%	308,997	5.8	%
2027	7	6	8,879		10.1	%	499,571	9.4	%
2028	7	6	10,551		12.0	%	476,036	9.0	%
2029	4	3	4,597		5.2	%	304,613	5.7	%
2030	7	6	34,720		39.5	%	1,772,623	33.4	%
2031	1	1	631		0.7	%	50,600	1.0	%
2032	2	2	3,721		4.2	%	257,008	4.8	%
2033	1	1	4,063		4.6	%	219,812	4.2	%
2035	1	1	2,050		2.4	%	120,147	2.3	%
2036	1	1	1,148		1.3	%	60,463	1.1	%
2037	1	1	545		0.6	%	31,120	0.6	%
Vacant	—	—	—		—	%	631,438	11.9	%
Total (c)	45		$	87,987	100.0	%	5,303,553	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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Property List

Dollars in thousands. Pro rata. As of June 30, 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)	In-Place Mortgage Debt
1	KBR, Inc. (d) (e)	Construction & Engineering	Non-IG	Houston	Texas	1,064,788	$21,286	Fixed: One-time 7.78%	Jan-27	4.9	$—
2	JPMorgan Chase Bank, N.A.	Diversified Banks	IG	Fort Worth	Texas	386,154	$4,850	CPI: 0.0% Floor / 2.0% Cap	Mar-26	4.7	$—
3	Thermo Fisher Scientific Inc.	Pharmaceuticals	IG	Morrisville	North Carolina	219,812	$4,063	Fixed: 2.00% annually	Oct-25	8.4	$—
4	Omnicom Group, Inc.	Advertising	IG	Playa Vista	California	120,000	$3,961	None	N/A	3.3	$—
5	R.R. Donnelley & Sons Company	Commercial Printing	Non-IG	Warrenville	Illinois	167,215	$3,393	Fixed: 2.00% annually	Sep-25	2.3	$—
6	Board of Regents, State of Iowa (f)	Government Related Services	IG	Coralville	Iowa	191,700	$3,254	CPI: 0.0% Floor / No Cap	Nov-25	5.3	$—
7	Bankers Financial Corporation (d) (g)	Property & Casualty Insurance	Non-IG	St. Petersburg	Florida	167,581	$3,228	Fixed: 2.50% annually	N/A	0.1	$—
8	JPMorgan Chase Bank, N.A. (sold on 7/18/25)	Diversified Banks	IG	Tampa	Florida	176,150	$3,053	CPI: 0.0% Floor / 2.0% Cap	Mar-26	4.7	$—
9	Google, LLC	Internet Software & Services	IG	Venice	California	67,681	$3,018	Fixed: 3.00% annually	Nov-25	5.3	$—
10	ICU MEDICAL, INC. (d) (h)	Health Care Supplies	Non-IG	Plymouth	Minnesota	182,250	$2,909	Fixed: 3.25% annually	N/A	0.3	$—
11	Northrop Grumman Systems Corporation	Aerospace & Defense	IG	Plymouth	Minnesota	191,336	$2,679	Fixed: 2.00% annually	Dec-25	4.4	$25,220
12	Intuit Inc.	Internet Software & Services	IG	Plano	Texas	166,033	$2,577	Fixed: One-time $2.00/SF in '21	N/A	1.0	$21,900
13	Cohesity Inc.	Systems Software	Non-IG	Roseville	Minnesota	136,125	$2,255	Fixed: 2.00% annually	Dec-25	7.4	$—
14	Cenlar FSB	Regional Banks	Non-IG	Yardley	Pennsylvania	105,584	$2,105	Fixed: 2.50% annually	Jan-26	3.0	$—
15	iHeartCommunications, Inc.	Broadcasting	Non-IG	San Antonio	Texas	120,147	$2,050	Fixed: 2.00% annually	Feb-26	9.6	$—
16	JPMorgan Chase Bank, N.A. (d) (e)	Diversified Banks	IG	Tampa	Florida	135,733	$1,932	CPI: 0.0% Floor / 2.0% Cap	Mar-26	2.6	$—
17	Arbella Service Company, Inc.	Property & Casualty Insurance	IG	Quincy	Massachusetts	132,160	$1,850	Fixed: One-time $1.00/SF in '22	N/A	1.9	$—
18	ICF Consulting Group, Inc.	IT Consulting & Other Services	Non-IG	Martinsville	Virginia	93,333	$1,830	CPI: 0.0% Floor / No Cap	Jan-26	1.6	$—
19	Acosta, Inc.	Advertising	Non-IG	Jacksonville	Florida	88,062	$1,541	Fixed: $0.50/SF annually	Jul-25	2.1	$9,768
20	Safelite Group, Inc.	Specialized Consumer Services	Non-IG	Rio Rancho	New Mexico	94,649	$1,527	Fixed: 2.00% annually	Jan-26	3.9	$—
21	Master Lock Company, LLC	Building Products	Non-IG	Oak Creek	Wisconsin	120,883	$1,466	Fixed: 2.00% annually	Jun-26	6.9	$—
22	Midcontinent Independent Stm Op Inc. (i)	Electric Utilities	IG	Eagan	Minnesota	60,463	$1,148	Fixed: 2.50% annually	Mar-27	10.7	$8,796
23	North American Lighting, Inc.	Auto Parts & Equipment	Non-IG	Farmington Hills	Michigan	75,286	$1,084	Fixed: 2.50% annually	N/A	0.8	$5,967
24	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	San Marcos	Texas	47,000	$1,074	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.2	$—
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	0.4	$—
26	Pioneer Credit Recovery, Inc. (d)	Diversified Support Services	Non-IG	Moorestown	New Jersey	65,567	$931	Fixed: 2.50% annually	Jan-26	2.6	$—
27	APCO Holdings, Inc.	Property & Casualty Insurance	Non-IG	Norcross	Georgia	50,600	$631	Fixed: 2.50% annually	Mar-26	5.7	$—


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28	Undisclosed – multi-national provider of industrial gases	Industrial Gases	IG	Houston	Texas	49,821	$629	Fixed: 2.00% annually	N/A	0.5	$—
29	S&ME, Inc.	Environmental & Facilities Services	Non-IG	Raleigh	North Carolina	31,120	$545	Fixed: 2.75% annually	Mar-26	11.7	$—
30	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Waco	Texas	30,699	$473	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.2	$—
31	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Corpus Christi	Texas	20,717	$355	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.2	$—
32	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	Odessa	Texas	21,193	$236	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.2	$—
33	Radiate Holdings, L.P.	Cable & Satellite	Non-IG	San Marcos	Texas	14,400	$212	CPI: 0.0% Floor / 3.0% Cap	Aug-25	3.2	$—
34	Vacant (formerly BCBSM, Inc.) (g)	N/A	N/A	Eagan	Minnesota	442,542	$0	N/A	N/A	0.0	$—
35	Vacant (formerly BCBSM, Inc.) (g)	N/A	N/A	Eagan	Minnesota	12,286	$0	N/A	N/A	0.0	$—
U.S. Total (j)						5,137,648	$83,145			4.2	$71,651

European Asset:

Encumbered Status

Primary Tenant

Industry

Credit (a)

City

Country

Square Footage

ABR

Rent Increase Type

Date of Next Increase

WALT (c)

In-Place Mortgage Debt

Siemens AS

Industrial Conglomerates

Oslo

Norway

165,905

$4,842

CPI: 0.0% Floor / No Cap

N/A

0.5

$45,451

European Total (j)

165,905

$4,842

0.5

$45,451

________

_ Indicates an asset that was disposed of in July 2025, as described in the Summary Metrics 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, 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)In July 2025, we entered into a lease amendment with the primary tenant (ICU MEDICAL INC.), taking back a majority of the space for a ten-month lease extension. As of the date of this report, the property is partially leased to two tenants with total ABR of $1.0 million and coterminous lease expirations of May 31, 2026.

(i)In May 2025, we entered into a lease amendment with the tenant to extend the term beyond its current lease expiration of February 2026. ABR during the extension period will reset to $0.9 million, with 2.50% annual rent increases beginning February 2027.

(j)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

Appendix

Second Quarter 2025


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Net Lease Office Properties

Second Quarter 2025


Normalized Pro Rata Cash NOI

In thousands.


	Three Months Ended June 30, 2025
Consolidated Lease Revenues and Other
Total lease revenues – as reported	$	27,508
Parking garage revenues (a)	495

Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	6,537
Non-reimbursable property expenses – as reported	2,244
	19,222

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

	19,132

Adjustments for Pro Rata Non-Cash Items:
Add: Straight-line and other leasing and financing adjustments	726
Add: Above- and below-market rent intangible lease amortization	316
Add: Other non-cash items	109
	1,151

Pro Rata Cash NOI (b)	20,283

Adjustment to normalize for intra-period dispositions (c)	92

Normalized Pro Rata Cash NOI (b)	$	20,375


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Net Lease Office Properties

Second Quarter 2025

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


	Three Months Ended June 30, 2025
Net Loss Attributable to NLOP
Net loss attributable to NLOP – as reported	$	(81,540)
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	103,638
Less: Property expenses, excluding reimbursable tenant costs – as reported	(2,244)
	101,394

Adjustments for Other Consolidated Revenues and Expenses:
Less: Other lease-related income (excluding parking garage revenues)	(1,171)
Less: Reimbursable property expenses – as reported	(6,537)
Add: Other income and (expenses) – as reported	6,954
Add: Provision for income taxes – as reported	100
	(654)

Other Adjustments:
Add: Straight-line and other leasing and financing adjustments	726
Add: Above- and below-market rent intangible lease amortization	316
Add: Property expenses, excluding reimbursable tenant costs, non-cash	109
Adjustment to normalize for intra-period dispositions (c)	92
Less: Adjustments for pro rata ownership	(68)
	1,175

Normalized Pro Rata Cash NOI (b)	$	20,375

________

(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.


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Net Lease Office Properties

Second 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.


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Net Lease Office Properties

Second 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 June 30, 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.


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Net Lease Office Properties 8-K