The company has successfully achieved a zero debt-to-equity ratio as of 2026Q1, down from 0.80 in 2023Q4, through the aggressive disposition of its office asset base.
| Total Assets | 257.98M | 453.37M | 805.07M | 1.31B | 1.46B | 1.27B | 1.68B |
| Asset Growth % | -189.97% | -43.69% | -38.31% | -10.74% | 14.71% | -23.97% | - |
| Real Estate & Other Assets | 0 | -213.67M | 58.49M | 75.96M | 47.93M | 43.62M | 55.27M |
| PP&E (Net) | 0 | 0 | 580.26M | 990.96M | 1.1B | 940.65M | 1.19B |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 70.61M | 119.62M | 68.44M | 67.83M | 20.73M | 24.26M | 22.45M |
| Cash & Equivalents | 70.61M | 119.62M | 25.12M | 16.27M | 4.67M | 3.97M | 7.28M |
| Receivables | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 43.3M | 41.04M | 1.33M | 5.33M | 0 |
| Intangible Assets | 41.52M | 45.16M | 97.89M | 170.35M | 228.44M | 214.23M | 324.88M |
| Total Liabilities | 84M | 155.55M | 219.67M | 623.66M | 352.68M | 217.21M | 624.11M |
| Total Debt | 0 | 22.26M | 169.47M | 541.98M | 280.83M | 154.38M | 527.66M |
| Net Debt | -70.61M | -97.36M | 144.35M | 525.71M | 276.16M | 150.41M | 520.38M |
| Long-Term Debt | 0 | 178K | 64.26M | 541.98M | 276.06M | 149.9M | 527.66M |
| Short-Term Borrowings | 0 | 21.9M | 104.96M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 178K | 178K | 259K | 503K | 4.77M | 4.48M | 0 |
| Total Current Liabilities | 0 | 21.9M | 148.94M | 60.59M | 45.18M | 38.29M | 58.75M |
| Accounts Payable | 0 | 0 | 366K | 59.53M | 45.18M | 38.29M | 58.75M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 84M | 133.19M | 6.3M | 10.64M | 26.67M | 24.54M | 20.35M |
| Total Equity | 173.98M | 297.82M | 585.4M | 681.43M | 1.11B | 1.06B | 1.05B |
| Equity Growth % | -174.26% | -49.12% | -14.09% | -38.58% | 4.92% | 0.48% | - |
| Shareholders Equity | 170.03M | 293.91M | 581.23M | 677.01M | 1.11B | 1.06B | 1.05B |
| Minority Interest | 3.96M | 3.91M | 4.17M | 4.42M | 1.74M | 0 | 0 |
| Common Stock | 15K | 15K | 15K | 15K | 1.15B | 1.1B | 0 |
| Additional Paid-in Capital | 0 | 855.81M | 855.81M | 855.55M | 0 | 0 | 0 |
| Retained Earnings | 0 | -561.92M | 0 | -142.96M | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -25.39% | -23.09% | -8.67% | -9.52% | 1.15% | 0.1% | 0.96% |
| Return on Equity (ROE) | -34.26% | -32.89% | -14.44% | -14.71% | 1.46% | 0.13% | 1.52% |
| Debt / Assets | 0% | 4.91% | 21.05% | 41.53% | 19.21% | 12.11% | 31.47% |
| Debt / Equity | 0.00x | 0.07x | 0.29x | 0.80x | 0.25x | 0.15x | 0.50x |
| Net Debt / EBITDA | -1.18x | -1.31x | 1.27x | 4.33x | 2.53x | 1.37x | 4.78x |
| Book Value per Share | 11.74 | 20.10 | 39.58 | 46.57 | 77.81 | 74.16 | 73.81 |
Asset Liquidation Execution Risk
As reported in financial statements, NLOP has aggressively reduced its debt burden, with total debt falling from $542.0 million in 2023Q4 to zero by 2026Q1, signaling a successful execution of its mandate to prioritize capital return over the maintenance of a permanent real estate portfolio.
The rapid transition to a debt-free balance sheet suggests that management is prioritizing the retirement of obligations over reinvestment, which is consistent with a liquidation-focused strategy. Investors should monitor whether this trajectory continues to yield sufficient net proceeds to offset the inherent loss of recurring rental income.
Based on the company's reported figures, the debt-to-equity ratio has plummeted from 0.80 in 2023Q4 to zero in 2026Q1, indicating that the firm has effectively neutralized its interest rate risk by clearing all outstanding debt obligations through the systematic disposition of its office assets.
The absence of debt on the balance sheet appears to insulate the company from the volatility of the current interest rate environment, which is a significant departure from traditional REITs that rely on leverage to enhance returns. This shift suggests that the firm is now essentially a cash-holding vehicle awaiting final asset liquidation.
According to recent SEC filings, the company's cash position reached $70.6 million in 2026Q1, reflecting a strategic pivot where the balance sheet is increasingly composed of liquid assets rather than the illiquid, mission-critical office properties that defined the portfolio at the time of the spin-off.
The accumulation of cash suggests that the firm is successfully converting its real estate holdings into liquid capital, though the declining asset base may eventually lead to higher relative G&A costs. This liquidity profile warrants investigation into the timing and structure of potential future capital distributions to shareholders.
As indicated by the total assets dropping from $1.3 billion in 2023Q4 to $258.0 million in 2026Q1, the company is rapidly exhausting its asset base, which raises concerns regarding the quality and marketability of the remaining properties that have yet to be successfully divested.
The rapid decline in total assets may imply that the most desirable properties were sold first, leaving behind a 'stub' portfolio that could be significantly harder to monetize. Investors should monitor whether the remaining assets require substantial capital investment to maintain occupancy, which could erode the net proceeds available for distribution.
Quick answers to the most common questions about buying NLOP stock.
As of 2025, Net Lease Office Properties (NLOP) had total assets of $453.4M including $119.6M in current assets.
Net Lease Office Properties (NLOP) carries total debt of $22.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Net Lease Office Properties (NLOP) has total shareholders' equity (book value) of $293.9M ($20.10 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Net Lease Office Properties (NLOP) reported a current ratio of 5.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.