Net Lease Office Properties (NLOP) Balance Sheet
NLOP balance sheet, 2025
December 31, 2025 · U.S. dollars$453.4M assets = $155.5M liabilities + $297.8M equity
Both columns are drawn to the same scale: what NLOP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NLOP financial health
Descriptive bands, not a rating. Fiscal 2025.
NLOP balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.68B2020 | $453.4M2025 | −23.0%/yr | |
| Total liabilities | $624.1M2020 | $155.5M2025 | −24.3%/yr | |
| Shareholders’ equity | $1.05B2020 | $293.9M2025 | −22.5%/yr | |
| Cash & short-term investments | $7.3M2020 | $119.6M2025 | +75.1%/yr | |
| Total debt | $527.7M2020 | $22.3M2025 | −46.9%/yr | |
| Net cash (debt) | −$520.4M2020 | $97.4M2025 | +$617.7M | |
| Working capital | −$36.3M2020 | $100.7M2025 | +$137.0M | |
| Book value per share | $73.812020 | $19.842025 | −23.1%/yr | |
| Current ratio | 0.382020 | 5.602025 | +5.22 | |
| Debt / equity | 0.502020 | 0.082025 | −0.43 | |
| Shares outstanding | 14.3M2020 | 14.8M2025 | +0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NLOP assets
NLOP liabilities and equity
NLOP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NLOP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $119.6M | $25.1M | $16.3M | $4.7M | $4.0M | $7.3M |
| Cash & equivalents | $119.6M | $25.1M | $16.3M | $4.7M | $4.0M | $7.3M |
| Short-term investments | — | — | −$51.6M | $771.8M | $1,000 | — |
| Receivables | $0 | $0 | $10.5M | $14.7M | $15.0M | $15.2M |
| Inventory | $0 | $0 | $67.8M | −$2.7M | −$5.3M | $0 |
| Other current assets | $3.0M | $43.3M | $0 | $4.0M | $10.7M | $0 |
| Total current assets | $122.6M | $68.4M | $67.8M | $20.7M | $24.3M | $22.4M |
| Property, plant & equipment (net) | $0 | $580.3M | $991.0M | $1.10B | $940.7M | $1.19B |
| Goodwill & intangible assets | $45.2M | $97.9M | $170.4M | $292.0M | $266.2M | $405.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $285.6M | $58.5M | $75.9M | $47.9M | $43.6M | $55.3M |
| Total assets | $453.4M | $805.1M | $1.31B | $1.46B | $1.27B | $1.68B |
| Liabilities | ||||||
| Accounts payable | $56.1M | $366,000 | $59.5M | $45.2M | $38.3M | $58.7M |
| Short-term debt | $21.9M | $105.1M | $503,000 | $456.7M | $45.8M | $90.6M |
| Deferred revenue | — | — | −$39.0M | −$456.7M | −$45.8M | −$90.6M |
| Total current liabilities | $21.9M | $148.9M | $60.6M | $45.2M | $38.3M | $58.7M |
| Long-term debt | $21.9M | $169.2M | $542.0M | $276.1M | $250.4M | $527.7M |
| Other long-term liabilities | $111.7M | $0 | $21.1M | $31.4M | $0 | $37.7M |
| Total liabilities | $155.5M | $219.7M | $623.7M | $352.7M | $217.2M | $624.1M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $15,000 | $15,000 | $15,000 | $1.15B | $1.10B | $175,000 |
| Retained earnings (deficit) | −$561.9M | −$234.4M | −$143.0M | −$2.49B | −$2.22B | −$1.85B |
| Accumulated other comprehensive income | −$561.9M | −$274.6M | −$35.6M | −$42.5M | −$41.2M | −$39.5M |
| Minority interest | $3.9M | $4.2M | $4.4M | $1.7M | — | — |
| Total shareholders' equity | $293.9M | $581.2M | $677.0M | $1.11B | $1.06B | $1.05B |
| Key figures | ||||||
| Total debt | $22.3M | $169.5M | $542.0M | $280.8M | $154.4M | $527.7M |
| Net cash (debt) | $97.4M | −$144.3M | −$525.7M | −$276.2M | −$150.4M | −$520.4M |
| Working capital | $100.7M | −$80.5M | $7.2M | −$24.5M | −$14.0M | −$36.3M |
| Tangible book value | $248.8M | $483.3M | $506.6M | $815.7M | $791.3M | $647.4M |
| Book value per share | $19.84 | $39.30 | $46.27 | $77.68 | $74.16 | $73.81 |
| Shares outstanding | 14.8M | 14.8M | 14.6M | 14.3M | 14.3M | 14.3M |
| Current ratio | 5.60 | 0.46 | 1.12 | 0.46 | 0.63 | 0.38 |
| Quick ratio | 5.46 | 0.17 | 0.44 | 0.43 | 0.49 | 0.38 |
| Debt / equity | 0.08 | 0.29 | 0.80 | 0.25 | 0.15 | 0.50 |
| Equity / assets | 64.8% | 72.2% | 51.9% | 75.8% | 83.0% | 62.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $23.7M | $70.6M | $119.6M | $38.7M | $54.1M | $28.2M | $25.1M | $36.1M | $36.2M | $39.8M | $16.3M | $5.1M |
| Cash & equivalents | $23.7M | $70.6M | $119.6M | $38.7M | $54.1M | $28.2M | $25.1M | $36.1M | $36.1M | $39.8M | $16.3M | $5.1M |
| Short-term investments | — | — | — | — | — | — | — | — | $130,000 | $428,000 | $995,000 | $3.3M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.2M | $10.5M | $1.17B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$909,999 | $67.8M | −$3.3M |
| Other current assets | $0 | $0 | $3.0M | $2.4M | $2.0M | $37.6M | $43.3M | $49.4M | $113.5M | $48.3M | $0 | $0 |
| Total current assets | $23.7M | $70.6M | $122.6M | $41.1M | $56.2M | $65.8M | $68.4M | $85.5M | $149.7M | $88.3M | $67.8M | $6.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $355.0M | $441.0M | $571.1M | $580.3M | $0 | $736.4M | $937.0M | $991.0M | $1.09B |
| Goodwill & intangible assets | $40.2M | $41.5M | $45.2M | $68.0M | $79.7M | $92.0M | $97.9M | $238.3M | $119.6M | $1.12B | $1.15B | $255.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $137.1M | $145.9M | $285.6M | $58.4M | $91.8M | $55.3M | $58.5M | $596.1M | $39.0M | $0 | $0 | $64.9M |
| Total assets | $200.9M | $258.0M | $453.4M | $522.6M | $668.7M | $784.1M | $805.1M | $919.9M | $1.04B | $1.23B | $1.31B | $1.42B |
| Liabilities | ||||||||||||
| Accounts payable | $338,000 | $11.2M | $56.1M | $38.5M | $42.7M | $42.8M | $366,000 | $43.8M | $40.0M | $52.5M | $59.5M | $47.3M |
| Short-term debt | $21.9M | $21.9M | $21.9M | $25.2M | $80.5M | $108.8M | $105.1M | $334,000 | $22.6M | $33.9M | $503,000 | $652,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | −$34.9M | −$39.0M | −$652,000 |
| Total current liabilities | $10.0M | $60.0M | $131.7M | $38.5M | $124.0M | $152.4M | $148.9M | $43.8M | $63.4M | $52.5M | $60.6M | $48.0M |
| Long-term debt | $21.9M | $21.9M | $21.9M | $47.1M | $117.2M | $148.5M | $169.2M | $239.4M | $327.4M | $515.2M | $542.0M | $261.0M |
| Other long-term liabilities | $1.3M | $2.1M | $2.0M | $2.7M | $0 | $0 | $0 | $10.6M | $0 | $12.5M | $21.1M | $21.8M |
| Total liabilities | $33.2M | $84.0M | $155.5M | $88.3M | $164.6M | $197.9M | $219.7M | $293.8M | $380.0M | $580.2M | $623.7M | $330.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $1.13B |
| Retained earnings (deficit) | −$692.0M | −$685.8M | −$561.9M | −$425.6M | −$315.5M | −$234.0M | −$234.4M | −$198.7M | −$158.4M | −$170.8M | −$143.0M | −$239 |
| Accumulated other comprehensive income | −$692.0M | −$685.8M | −$561.9M | −$425.6M | −$355.8M | −$273.7M | −$274.6M | −$35.3M | −$195.4M | −$37.6M | −$35.6M | −$41.5M |
| Minority interest | $3.9M | $4.0M | $3.9M | $4.0M | $4.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $163.8M | $170.0M | $293.9M | $430.3M | $500.0M | $582.1M | $581.2M | $621.9M | $660.3M | $647.2M | $677.0M | $1.08B |
| Key figures | ||||||||||||
| Total debt | $21.9M | $21.9M | $21.9M | $47.1M | $117.2M | $148.5M | $169.5M | $239.4M | $327.4M | $515.2M | $542.0M | $261.0M |
| Net cash (debt) | $1.8M | $48.7M | $97.7M | −$8.4M | −$63.0M | −$120.3M | −$144.3M | −$203.3M | −$291.2M | −$475.4M | −$525.7M | −$255.9M |
| Working capital | $13.7M | $10.6M | −$9.0M | $2.7M | −$67.8M | −$86.6M | −$80.5M | $41.7M | $86.4M | $35.9M | $7.2M | −$41.8M |
| Tangible book value | $123.7M | $128.5M | $248.8M | $362.3M | $420.3M | $490.1M | $483.3M | $383.6M | $540.7M | −$474.8M | −$471.6M | $828.0M |
| Book value per share | $11.06 | $11.48 | $19.84 | $29.04 | $33.75 | $39.30 | $39.26 | $42.06 | $44.59 | $43.78 | $46.30 | $75.98 |
| Shares outstanding | 14.8M | 14.8M | 14.8M | 14.8M | 14.8M | 14.8M | 14.8M | 14.8M | 14.8M | 14.8M | 14.6M | 14.3M |
| Current ratio | 2.37 | 1.18 | 0.93 | 1.07 | 0.45 | 0.43 | 0.46 | 1.95 | 2.36 | 1.68 | 1.12 | 0.13 |
| Quick ratio | 2.37 | 1.18 | 0.91 | 1.01 | 0.44 | 0.18 | 0.17 | 0.82 | 0.57 | 0.78 | 0.44 | 24.57 |
| Debt / equity | 0.13 | 0.13 | 0.07 | 0.11 | 0.23 | 0.26 | 0.29 | 0.38 | 0.50 | 0.80 | 0.80 | 0.24 |
| Equity / assets | 81.5% | 65.9% | 64.8% | 82.3% | 74.8% | 74.2% | 72.2% | 67.6% | 63.2% | 52.5% | 51.9% | 76.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
NLOP financial position
At the end of fiscal 2025 (December 31, 2025), Net Lease Office Properties had total assets of $453.4 million (down 43.7% from a year earlier), total liabilities of $155.5 million and shareholders' equity of $293.9 million. It held $119.6 million in cash and short-term investments against $22.3 million of debt, a net cash position of $97.4 million. Its current ratio was 5.60. In the latest quarter (ended June 30, 2026) total assets were $200.9 million and equity $163.8 million.
Related: NLOP income statement, NLOP cash flow statement, NLOP key metrics. See the NLOP stock overview for the latest quote and news.
NLOP balance sheet FAQ
What are Net Lease Office Properties's total assets?
Net Lease Office Properties reported total assets of $453.4 million at the end of fiscal 2025 (December 31, 2025), compared with $805.1 million a year earlier.
How much debt does Net Lease Office Properties have?
Net Lease Office Properties had $22.3 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.08.
How much cash does Net Lease Office Properties have?
Net Lease Office Properties held $119.6 million in cash and short-term investments at the end of fiscal 2025; with $22.3 million of debt that is net cash of $97.4 million.
What is Net Lease Office Properties's book value?
Net Lease Office Properties's shareholders' equity (book value) was $293.9 million at the end of fiscal 2025, or $19.84 per share.
What is Net Lease Office Properties's current ratio?
Net Lease Office Properties had current assets of $122.6 million and current liabilities of $21.9 million, a current ratio of 5.60 (it can cover its short-term obligations).
How much goodwill does Net Lease Office Properties have?
Net Lease Office Properties carried $45.2 million of goodwill and intangible assets, 10.0% of total assets, at the end of fiscal 2025.