Net Lease Office Properties

Development of Business Net Lease Office Properties ( NLOP or the Company ) is a Maryland real estate investment trust that, together with our consolidated subsidiaries, owns a diversified portfolio of office properties that are primarily leased to corporate tenants on a single-tenant, net-lease basis. Our net leases generally specify a base rent with rent increases and require the tenant to pay substantially all costs associated with operating and maintaining the property. We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the Code ) effective as of November 1, 2023. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which comprises single-tenant office facilities that are critical to our tenants’ operations. As of December 31, 2025, our portfolio comprised 24 properties, net-leased to 26 corporate tenants operating in a variety of industries, generating annualized base rent ( ABR ) of approximately $54.1 million. As of December 31, 2025, all of our properties were located in the United States. In January and February 2026, we sold four properties, including a property leased to our largest tenant (based on ABR as of December 31, 2025) ( Note 17 ). Pursuant to the terms of a separation and distribution agreement, W. P. Carey Inc. ( WPC ), a leading net-lease REIT listed on the New York Stock Exchange ( NYSE ) under the ticker symbol WPC, spun off a portfolio of 59 office assets into a separate publicly-traded company (the Spin-Off ).