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Net Lease Office Properties

Supplemental Financial Information

Third Quarter 2025

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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.

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Net Lease Office Properties

Supplemental Information – Third 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 and Debt Overview			6
Dispositions			7
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

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Net Lease Office Properties

Third Quarter 2025

Summary Metrics

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

Financial Results
Revenues, including reimbursable costs – consolidated ($000s)																					$	29,784
Net loss attributable to NLOP ($000s)																					(64,161)
Net loss attributable to NLOP per diluted share																					(4.33)
Normalized pro rata cash NOI ($000s) (a) (b)																					17,169
AFFO attributable to NLOP ($000s) (a) (b)																					19,931
AFFO attributable to NLOP per diluted share (a) (b)																					1.35
Special cash distribution declared per share – August 2025 (c)																					$	3.10
Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $29.66 ($000s)																					$	439,385
Total consolidated debt ($000s)																					47,120
Gross assets ($000s) (d)																					647,333
Total consolidated debt to gross assets																					7.3		%
Advisory Fees and Reimbursements Paid to WPC
Asset management fees (e)																					$	1,121
Administrative reimbursements (f)																					1,000
Portfolio (Pro Rata) (b)
ABR (in thousands) (g)																					$	72,612
Number of properties																					32
Number of tenants																					36
Occupancy																					82.2		%
Weighted-average lease term (in years)																					4.3
Leasable square footage (in thousands) (h)																					4,813
ABR from investment grade tenants as a % of total ABR (i)																					40.9		%
Dispositions – number of properties sold																					4
Dispositions – gross proceeds (in thousands) (j)																					$	92,924

________

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

(d)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 $124.8 million and above-market rent intangible assets of $16.7 million.

(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 September 30, 2025. Includes tenants or guarantors with investment grade ratings (28.3%) and subsidiaries of non-guarantor parent companies with investment grade ratings (12.6%). 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)Includes $64.3 million of gross proceeds used to extinguish certain non-recourse mortgage loans in connection with these dispositions.

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Net Lease Office Properties

Third Quarter 2025

Components of Net Asset Value

In thousands.

			Three Months Ended September 30, 2025
Normalized Pro Rata Cash NOI (a) (b)			$	17,169
Balance Sheet – Selected Information			As of September 30, 2025
Assets
Book value of select real estate (c)			$	25,740
Cash and cash equivalents			38,689
Restricted cash, including escrow			2,442
Other assets, net:
Straight-line rent adjustments			$	17,990
Accounts receivable			5,599
Prepaid expenses			2,567
Deferred charges			1,919
Taxes receivable			222
Other			2,708
Total other assets, net			$	31,005
Liabilities
Non-recourse mortgages, net			$	47,120
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses			$	12,213
Prepaid and deferred rents			6,345
Tenant security deposits			814
Accrued taxes payable			631
Operating lease liabilities			177
Other			18,288
Total accounts payable, accrued expenses and other liabilities			$	38,468

________

(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.

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Net Lease Office Properties

Third Quarter 2025

Consolidated Statement of Operations

In thousands, except share and per share amounts.

			Three Months Ended September 30, 2025
Revenues
Lease revenues			$	24,099
Other lease-related income			5,685
			29,784
Operating Expenses
Impairment charges — real estate			50,892
Depreciation and amortization			8,978
Reimbursable tenant costs			4,931
Property expenses, excluding reimbursable tenant costs			1,933
General and administrative (a)			1,658
Asset management fees (b)			1,121
			69,513
Other Income and Expenses
Loss on sale of real estate, net (c)			(23,693)
Interest expense			(1,657)
Other gains and (losses)			969
			(24,381)
Loss before income taxes			(64,110)
Provision for income taxes			(30)
Net Loss			(64,140)
Net income attributable to noncontrolling interests			(21)
Net Loss Attributable to NLOP			$	(64,161)
Basic and Diluted Loss Per Share			$	(4.33)
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 a loss on sale of real estate of $40.5 million comprising foreign currency translation adjustments reclassified from accumulated other comprehensive income to net loss since we exited all investments denominated in the Norwegian krone during the third quarter of 2025 (disposition of the Siemens property located in Oslo, Norway).

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Net Lease Office Properties

Third Quarter 2025

FFO and AFFO, Consolidated

In thousands, except share and per share amounts.

			Three Months Ended September 30, 2025
Net loss attributable to NLOP			$	(64,161)
Adjustments:
Impairment charges — real estate			50,892
Loss on sale of real estate, net (a)			23,693
Depreciation and amortization of real property			8,977
Proportionate share of adjustments for noncontrolling interests (b)			(51)
Total adjustments			83,511
FFO (as defined by NAREIT) Attributable to NLOP (c)			19,350
Adjustments:
Straight-line and other leasing and financing adjustments			632
Other (gains) and losses			(361)
Above- and below-market rent intangible lease amortization, net			202
Other amortization and non-cash items			111
Amortization of deferred financing costs			10
Proportionate share of adjustments for noncontrolling interests (b)			(13)
Total adjustments			581
AFFO Attributable to NLOP (c)			$	19,931
Summary
FFO (as defined by NAREIT) attributable to NLOP (c)			$	19,350
FFO (as defined by NAREIT) attributable to NLOP per diluted share (c)			$	1.31
AFFO attributable to NLOP (c)			$	19,931
AFFO attributable to NLOP per diluted share (c)			$	1.35
Diluted weighted-average shares outstanding			14,814,075

________

(a)Includes a loss on sale of real estate of $40.5 million comprising foreign currency translation adjustments reclassified from accumulated other comprehensive income to net loss since we exited all investments denominated in the Norwegian krone during the third quarter of 2025 (disposition of the Siemens property located in Oslo, Norway).

(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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Net Lease Office Properties

Third Quarter 2025

Consolidated Balance Sheets

In thousands, except share and per share amounts.

			September 30, 2025						December 31, 2024
Assets
Investments in real estate:
Land, buildings and improvements			$	477,947					$	730,345
In-place lease intangible assets and other			185,125						209,968
Above-market rent intangible assets			26,188						30,512
Investments in real estate			689,260						970,825
Accumulated depreciation and amortization			(266,244)						(292,679)
Assets held for sale, net			27,399						29,297
Net investments in real estate			450,415						707,443
Cash and cash equivalents			38,689						25,121
Restricted cash			2,442						43,305
Other assets, net			31,005						29,200
Total assets			$	522,551					$	805,069
Liabilities and Equity
Debt:
Non-recourse mortgages, net			$	47,120					$	111,259
NLOP Mezzanine Loan, net			—						57,957
Debt, net			47,120						169,216
Accounts payable, accrued expenses and other liabilities			38,468						44,145
Below-market rent intangible liabilities, net			2,743						6,305
Total liabilities			88,331						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 shares issued and outstanding			15						15
Additional paid-in capital			855,813						855,813
Distributions in excess of accumulated earnings			(425,576)						(234,443)
Accumulated other comprehensive loss			—						(40,157)
Total shareholders' equity			430,252						581,228
Noncontrolling interests			3,968						4,175
Total equity			434,220						585,403
Total liabilities and equity			$	522,551					$	805,069

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Net Lease Office Properties

Third Quarter 2025

Capitalization and Debt Overview

Capitalization

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

Total Enterprise Value												Shares						Share Price						Market Value
Equity
Common equity												14,814,075						$	29.66					$	439,385
Total Equity Market Capitalization																								439,385
																								Outstanding Balance
Debt
Non-recourse mortgages																								47,120
Total Debt																								47,120
Less: Cash and cash equivalents																								(38,689)
Net Debt																								8,431
Total Enterprise Value																								$	447,816

Debt Overview

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

						Maturity Date						Fixed / Floating						Interest Rate						Total Outstanding Balance						% of Total
Mortgages (Tenant Listed)
Northrop Grumman Systems Corporation (a)						1/6/2025						Fixed						9.2		%				$	25,220					53.5		%
Intuit Inc.						7/6/2026						Fixed						7.0		%				21,900						46.5		%
Total Debt Outstanding																		8.2		%				$	47,120					100.0		%

________

(a)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).

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Net Lease Office Properties

Third 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
Total 2023-2024 Dispositions												$	406,498					$	39,841											3,071,940

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Net Lease Office Properties

Third Quarter 2025

Dispositions (continued)

Dollars in thousands. Pro rata.

Tenant / Lease Guarantor						Property Location(s)						Gross Sale Price						ABR (a)						Closing Date						Gross Square Footage
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
3Q25
JPMorgan Chase Bank, N.A.						Tampa, FL						25,180						3,053						Jul-25						176,150
Acosta, Inc.						Jacksonville, FL						10,550						1,541						Aug-25						88,062
Siemens AS (b) (c)						Oslo, Norway						45,694						4,842						Sep-25						165,905
Midcontinent Independent Stm Op Inc.						Eagan, MN						11,500						1,148						Sep-25						60,463
3Q25 Total												92,924						10,584												490,580
Total 2025 Dispositions												118,999						12,471												800,187
Total Dispositions												$	525,497					$	52,312											3,872,127

________

(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 lender or buyer (as applicable). Gross proceeds from these dispositions represent the mortgage principal outstanding on the respective dates of transfer.

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Net Lease Office Properties

Third Quarter 2025

Capital Expenditures and Leasing Activity

Capital Expenditures

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

Tenant Improvements and Leasing Costs
Tenant Improvements			$	—
Leasing Costs (Tenant Listed)
Midcontinent Independent Stm Op Inc.			605
ICU MEDICAL, INC.			24
			629
Tenant Improvements and Leasing Costs			629
Maintenance Capital Expenditures (Tenant Listed)
KBR, Inc.			57
Thermo Fisher Scientific Inc.			25
JPMorgan Chase Bank, N.A.			19
			101
Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures			$	730

Leasing Activity

Dollars in thousands. For the three months ended September 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
North American Lighting, Inc.						Farmington Hills, MI						75,286						$	1,084					$	979					90.3		%				$	3,171					$	541					15.0 years
Total / Weighted Average (c)												75,286						$	1,084					$	979					90.3		%				$	3,171					$	541					15.0 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

Third Quarter 2025

Top Ten Tenants

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

Tenant / Lease Guarantor						State / Country						ABR						ABR %						Square Footage						Number of Properties						Weighted-Average Lease Term (Years)
KBR, Inc. (a)						Texas						$	20,158					27.8		%				913,713						1						4.7
JPMorgan Chase Bank, N.A.						Florida, Texas						6,713						9.2		%				490,719						2						3.9
Thermo Fisher Scientific Inc.						North Carolina						4,063						5.6		%				219,812						1						8.2
Omnicom Group, Inc.						California						3,961						5.4		%				120,000						1						3.0
R.R. Donnelley & Sons Company						Illinois						3,461						4.8		%				167,215						1						2.0
Board of Regents, State of Iowa						Iowa						3,254						4.5		%				191,700						1						5.1
Google, LLC						California						3,018						4.2		%				67,681						1						5.1
Northrop Grumman Systems Corporation						Minnesota						2,679						3.7		%				191,336						1						4.2
Intuit Inc.						Texas						2,577						3.5		%				166,033						1						0.7
Radiate Holdings, L.P.						Texas						2,407						3.3		%				134,009						5						2.9
Total (b)												$	52,291					72.0		%				2,662,218						15						4.3

________

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

(b)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

Third Quarter 2025

Lease Expirations

Dollars in thousands. Pro rata. As of September 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						5						5						$	2,547					3.5		%				191,345						4.0		%
2026						7						7						5,156						7.1		%				341,531						7.1		%
2027						6						5						7,406						10.2		%				411,509						8.5		%
2028						7						6						10,609						14.6		%				476,036						9.9		%
2029						4						3						4,597						6.3		%				304,613						6.3		%
2030						6						6						31,669						43.6		%				1,596,473						33.2		%
2031						1						1						631						0.9		%				50,600						1.1		%
2032						1						1						2,255						3.1		%				136,125						2.8		%
2033						1						1						4,063						5.6		%				219,812						4.6		%
2035						1						1						2,050						2.8		%				120,147						2.5		%
2037						1						1						545						0.8		%				31,120						0.6		%
2041						1						1						1,084						1.5		%				75,286						1.6		%
Vacant						—						—						—						—		%				858,376						17.8		%
Total (c)						41												$	72,612					100.0		%				4,812,973						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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Net Lease Office Properties

Third Quarter 2025

Property List

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

NLOP 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			$21,288			Fixed: One-time 7.78%			Jan-27			4.6			$—
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			4.4			$—
3			Thermo Fisher Scientific Inc.			Pharmaceuticals			IG			Morrisville			North Carolina			219,812			$4,063			Fixed: 2.00% annually			Oct-25			8.2			$—
4			Omnicom Group, Inc.			Advertising			IG			Playa Vista			California			120,000			$3,961			None			N/A			3.0			$—
5			R.R. Donnelley & Sons Company			Commercial Printing			Non-IG			Warrenville			Illinois			167,215			$3,461			Fixed: 2.00% annually			Sep-26			2.0			$—
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			5.1			$—
7			Google, LLC			Internet Software & Services			IG			Venice			California			67,681			$3,018			Fixed: 3.00% annually			Nov-25			5.1			$—
8			Northrop Grumman Systems Corporation			Aerospace & Defense			IG			Plymouth			Minnesota			191,336			$2,679			Fixed: 2.00% annually			Dec-25			4.2			$25,220
9			Intuit Inc.			Internet Software & Services			IG			Plano			Texas			166,033			$2,577			Fixed: One-time $2.00/SF in '21			N/A			0.7			$21,900
10			Cohesity Inc.			Systems Software			Non-IG			Roseville			Minnesota			136,125			$2,255			Fixed: 2.00% annually			Dec-25			7.2			$—
11			Cenlar FSB			Regional Banks			Non-IG			Yardley			Pennsylvania			105,584			$2,105			Fixed: 2.50% annually			Jan-26			2.7			$—
12			iHeartCommunications, Inc.			Broadcasting			Non-IG			San Antonio			Texas			120,147			$2,050			Fixed: 2.00% annually			Feb-26			9.3			$—
13			JPMorgan Chase Bank, N.A. (d) (e)			Diversified Banks			IG			Tampa			Florida			135,733			$1,934			CPI: 0.0% Floor / 2.0% Cap			Mar-26			2.4			$—
14			Arbella Service Company, Inc.			Property & Casualty Insurance			IG			Quincy			Massachusetts			132,160			$1,850			Fixed: One-time $1.00/SF in '22			N/A			1.7			$—
15			ICF Consulting Group, Inc.			IT Consulting & Other Services			Non-IG			Martinsville			Virginia			93,333			$1,830			CPI: 0.0% Floor / No Cap			Jan-26			1.3			$—
16			Safelite Group, Inc.			Specialized Consumer Services			Non-IG			Rio Rancho			New Mexico			94,649			$1,527			Fixed: 2.00% annually			Jan-26			3.7			$—
17			Master Lock Company, LLC (g) (h)			Building Products			Non-IG			Oak Creek			Wisconsin			120,883			$1,466			Fixed: 2.00% annually			N/A			0.1			$—
18			Securitas Electronic, Security, Inc (d) (e)			Electronic Equipment & Instruments			IG			Plymouth			Minnesota			182,250			$1,218			Fixed: 3.25% annually			N/A			0.5			$—
19			Radiate Holdings, L.P.			Cable & Satellite			Non-IG			San Marcos			Texas			47,000			$1,101			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.9			$—
20			North American Lighting, Inc. (i)			Auto Parts & Equipment			Non-IG			Farmington Hills			Michigan			75,286			$1,084			Fixed: 2.50% annually			Apr-27			15.5			$—
21			Arcfield Acquisition Corporation			Aerospace & Defense			Non-IG			King of Prussia			Pennsylvania			88,578			$1,000			Fixed: One-time 17.50% in '23			N/A			0.3			$—
22			Pioneer Credit Recovery, Inc. (d)			Diversified Support Services			Non-IG			Moorestown			New Jersey			65,567			$931			Fixed: 2.50% annually			Jan-26			2.4			$—
23			APCO Holdings, Inc.			Property & Casualty Insurance			Non-IG			Norcross			Georgia			50,600			$631			Fixed: 2.50% annually			Mar-26			5.4			$—
24			Undisclosed – multi-national provider of industrial gases			Industrial Gases			IG			Houston			Texas			49,821			$629			Fixed: 2.00% annually			N/A			0.3			$—
25			S&ME, Inc.			Environmental & Facilities Services			Non-IG			Raleigh			North Carolina			31,120			$544			Fixed: 2.75% annually			Mar-26			11.4			$—
26			Radiate Holdings, L.P.			Cable & Satellite			Non-IG			Waco			Texas			30,699			$484			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.9			$—

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27			Radiate Holdings, L.P.			Cable & Satellite			Non-IG			Corpus Christi			Texas			20,717			$363			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.9			$—
28			Radiate Holdings, L.P.			Cable & Satellite			Non-IG			Odessa			Texas			21,193			$242			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.9			$—
29			Radiate Holdings, L.P.			Cable & Satellite			Non-IG			San Marcos			Texas			14,400			$217			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.9			$—
30			Vacant (formerly BCBSM, Inc.) (g)			N/A			N/A			Eagan			Minnesota			442,542			$0			N/A			N/A			0.0			$—
31			Vacant (formerly Bankers Financial Corporation) (g)			N/A			N/A			St. Petersburg			Florida			167,581			$0			N/A			N/A			0.0			$—
32			Vacant (formerly BCBSM, Inc.) (g)			N/A			N/A			Eagan			Minnesota			12,286			$0			N/A			N/A			0.0			$—
Total (j)																		4,812,973			$72,612									4.3			$47,120

________

(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 filing.

(h)In September 2025, we entered into a lease termination agreement with the tenant to terminate the lease on October 31, 2025 (the previous lease expiration date was May 31, 2032). In connection with the agreement, the tenant paid us a lease termination fee of $13.0 million in October 2025.

(i)In September 2025, we entered into a lease amendment with the tenant to extend the term beyond its prior lease expiration of March 2026. Rent will reset to $1.0 million effective April 2026, with 2.50% annual rent increases beginning April 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

Third Quarter 2025

						Net Lease Office Properties | 14

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Net Lease Office Properties

Third Quarter 2025

Normalized Pro Rata Cash NOI

In thousands.

			Three Months Ended September 30, 2025
Consolidated Lease Revenues and Other
Total lease revenues – as reported			$	24,099
Parking garage revenues (a)			445
Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported			4,931
Non-reimbursable property expenses – as reported			1,933
			17,680
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Less: Pro rata share of NOI attributable to noncontrolling interests			(90)
			(90)
			17,590
Adjustments for Pro Rata Non-Cash Items:
Add: Straight-line and other leasing and financing adjustments			632
Add: Above- and below-market rent intangible lease amortization			202
Add: Other non-cash items			110
			944
Pro Rata Cash NOI (b)			18,534
Adjustment to normalize for intra-period dispositions (c)			(1,365)
Normalized Pro Rata Cash NOI (b)			$	17,169

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Net Lease Office Properties

Third Quarter 2025

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

			Three Months Ended September 30, 2025
Net Loss Attributable to NLOP
Net loss attributable to NLOP – as reported			$	(64,161)
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported			69,513
Less: Property expenses, excluding reimbursable tenant costs – as reported			(1,933)
			67,580
Adjustments for Other Consolidated Revenues and Expenses:
Less: Other lease-related income (excluding parking garage revenues)			(5,240)
Less: Reimbursable property expenses – as reported			(4,931)
Add: Other income and (expenses) – as reported			24,381
Add: Provision for income taxes – as reported			30
			14,240
Other Adjustments:
Adjustment to normalize for intra-period dispositions (c)			(1,365)
Add: Straight-line and other leasing and financing adjustments			632
Add: Above- and below-market rent intangible lease amortization			202
Add: Property expenses, excluding reimbursable tenant costs, non-cash			110
Less: Adjustments for pro rata ownership			(69)
			(490)
Normalized Pro Rata Cash NOI (b)			$	17,169

________

(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

Third 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

Third 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. 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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