Exhibit 99.1

Net Lease Office Properties

Supplemental Financial Information

For the year ended December 31, 2023

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”)
Spin-Off	The spin-off of 59 office properties owned by WPC into NLOP, a separate publicly-traded REIT, which was completed on November 1, 2023
U.S.	United States
ABR	Contractual minimum annualized base rent
SEC	Securities and Exchange Commission
NAREIT	National Association of Real Estate Investment Trusts (an industry trade group)
WALT	Weighted-average lease term
NLOP Mortgage Loan	Our $335.0 million senior secured mortgage loan
NLOP Mezzanine Loan	Our $120.0 million mezzanine loan facility
NLOP Financing Arrangements	The NLOP Mortgage Loan and NLOP Mezzanine Loan, which are collateralized by the assignment of certain of our previously unencumbered real estate properties
SOFR	Secured Overnight Financing Rate

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.

Results of operations for periods after November 1, 2023 (the date of the Spin-Off) include the results of NLOP. Results of operations for periods before November 1, 2023 include the results of a combination of entities under common control that have been “carved-out” of WPC.

Net Lease Office Properties

Supplemental Information –Fourth Quarter 2023

Table of Contents

Summary Metrics	1
Statement of Income	2
FFO and AFFO	3
Consolidated Balance Sheet	4
Capitalization	5
Debt Overview	6
Dispositions	7
Capital Expenditures and Leasing Activity	8
Top Ten Tenants	9
Lease Expirations	10
Property List	11
Appendix
Normalized Pro Rata Cash NOI	15
Disclosures Regarding Non-GAAP and Other Metrics	17

Net Lease Office Properties

Fourth Quarter 2023

Summary Metrics

As of or for the year ended December 31, 2023.

Financial Results
Revenues, including reimbursable costs – consolidated ($000s)	$	174,965
Net income attributable to NLOP ($000s)	(131,746)
Net loss attributable to NLOP per diluted share	(9.00)
Normalized pro rata cash NOI ($000s) (a) (b)	132,605
AFFO attributable to NLOP ($000s) (a) (b)	93,928
AFFO attributable to NLOP per diluted share (a)(b)	6.42
Dividends declared per share – December 2023	$	0.34
Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $18.48 ($000s)	$	270,195
Total consolidated debt ($000s)	541,979
Gross assets ($000s) (c)	1,518,123
Total consolidated debt to gross assets	35.7		%
NLOP Mortgage Loan principal outstanding (as a % of original principal) (d)	86.2		%
NLOP Mezzanine Loan principal outstanding (as a % of original principal) (d)	95.3		%
Advisory Fees and Reimbursements Paid to WPC
Asset management fees (e)	$	1,245
Administrative reimbursements (f)	667
Portfolio (Pro Rata) (b)
ABR (in thousands) (g)	$	142,438
Number of properties	55
Number of tenants	59
Occupancy	97.0		%
Weighted-average lease term (in years)	5.8
Leasable square footage (in thousands) (h)	8,379
ABR from investment grade tenants as a % of total ABR (i)	64.9		%
Dispositions – number of properties sold	4
Dispositions – gross proceeds (in thousands)	$	43,081

________

(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 $212.5 million and above-market rent intangible assets of $32.9 million.

(d)Original principal outstanding for the NLOP Mortgage Loan was $335.0 million. Original principal outstanding for the NLOP Mezzanine Loan was $120.0 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 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 December 31, 2023. Includes tenants or guarantors with investment grade ratings (43.4%) and subsidiaries of non-guarantor parent companies with investment grade ratings (21.5%). 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.

 Net Lease Office Properties | 1

Net Lease Office Properties

Fourth Quarter 2023

Statement of Income

In thousands, except share and per share amounts.

	Year Ended December 31, 2023
Revenues
Lease revenues	$	166,034
Income from finance leases	1,189
Other lease-related income	7,742
	174,965
Operating Expenses
Depreciation and amortization	74,998
Impairment charges — real estate (a)	63,143
Impairment charges — goodwill (b)	62,456
Reimbursable tenant costs	27,957
General and administrative (c)	13,610
Property expenses, excluding reimbursable tenant costs	8,642
Separation and distribution related costs and other (d)	8,446
Asset management fees (e)	1,245
	260,497
Other Income and Expenses
Interest expense	(42,613)
Loss on sale of real estate, net	(3,608)
Other gains and (losses)	456
	(45,765)
Loss before income taxes	(131,297)
Provision for income taxes	(425)
Net Loss	(131,722)
Net income attributable to noncontrolling interests	(24)
Net Loss Attributable to NLOP	$	(131,746)
Basic and Diluted Loss Per Share	$	(9.00)
Weighted-Average Shares Outstanding
Basic and Diluted	14,631,265
Dividends Declared Per Share	$	0.34

________

(a)Represents impairment charges recognized on five properties.

(b)Represents an impairment charge to reduce the carrying value of goodwill to zero, since the Company’s trading value as a public company subsequent to the completion of the Spin-Off resulted in a market capitalization that was significantly below the carrying value of our net assets.

(c)Includes $0.7 million of administrative reimbursements to our Advisor.

(d)Amount is comprised of costs incurred in connection with the Spin-Off.

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

 Net Lease Office Properties | 2

Net Lease Office Properties

Fourth Quarter 2023

FFO and AFFO, Combined and Consolidated

In thousands, except share and per share amounts.

	Year Ended December 31, 2023
Net loss attributable to NLOP	$	(131,746)
Adjustments:
Depreciation and amortization of real property	74,998
Impairment charges — real estate (a)	63,143
Impairment charges — goodwill (b)	62,456
Loss on sale of real estate, net	3,608
Proportionate share of adjustments for noncontrolling interests (c)	(206)
Total adjustments	203,999
FFO (as defined by NAREIT) Attributable to NLOP (d)	72,253
Adjustments:
Separation and distribution related costs and other (e)	8,446
Amortization of deferred financing costs	7,672
Above- and below-market rent intangible lease amortization, net	4,335
Stock-based compensation	2,904
Tax benefit – deferred and other	(1,200)
Straight-line and other leasing and financing adjustments	(631)
Other amortization and non-cash items	547
Other (gains) and losses	(337)
Proportionate share of adjustments for noncontrolling interests (c)	(61)
Total adjustments	21,675
AFFO Attributable to NLOP (d)	$	93,928
Summary
FFO (as defined by NAREIT) attributable to NLOP (d)	$	72,253
FFO (as defined by NAREIT) attributable to NLOP per diluted share (d)	$	4.94
AFFO attributable to NLOP (d)	$	93,928
AFFO attributable to NLO per diluted share (d)	$	6.42
Diluted weighted-average shares outstanding	14,631,265

________

(a)Represents impairment charges recognized on five properties.

(b)Represents an impairment charge to reduce the carrying value of goodwill to zero, since the Company’s trading value as a public company subsequent to the completion of the Spin-Off resulted in a market capitalization that was significantly below the carrying value of our net assets.

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

(d)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.

(e)Amount is comprised of costs incurred in connection with the Spin-Off.

 Net Lease Office Properties | 3

Net Lease Office Properties

Fourth Quarter 2023

Consolidated Balance Sheet

In thousands, except share and per share amounts.

	December 31, 2023
Assets
Investments in real estate:
Land, buildings and improvements	$	1,203,991
Net investments in finance leases	10,522
In-place lease intangible assets and other	357,788
Above-market rent intangible assets	57,954
Investments in real estate	1,630,255
Accumulated depreciation and amortization	(458,430)
Net investments in real estate	1,171,825
Restricted cash	51,560
Cash and cash equivalents	16,269
Other assets, net	65,435
Total assets	$	1,305,089
Liabilities and Equity
Debt:
NLOP Mortgage Loan, net	$	266,844
NLOP Mezzanine Loan, net	106,299
Non-recourse mortgages, net	168,836
Debt, net	541,979
Accounts payable, accrued expenses and other liabilities	59,527
Below-market rent intangible liabilities, net	10,643
Deferred income taxes	10,450
Dividends payable	1,060
Total liabilities	623,659
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued	—
Common stock, $0.001 par value, 45,000,000 shares authorized; 14,620,919 shares issued and outstanding	15
Additional paid-in capital	855,554
Distributions in excess of accumulated earnings	(142,960)
Accumulated other comprehensive loss	(35,600)
Total shareholders' equity	677,009
Noncontrolling interests	4,421
Total equity	681,430
Total liabilities and equity	$	1,305,089

 Net Lease Office Properties | 4

Net Lease Office Properties

Fourth Quarter 2023

Capitalization

In thousands, except share and per share amounts. As of December 31, 2023.

Total Enterprise Value	Shares	Share Price		Market Value
Equity
Common equity	14,620,919	$	18.48	$	270,195
Total Equity Market Capitalization				270,195
				Outstanding Balance (a)
Debt
NLOP Mortgage Loan				288,895
NLOP Mezzanine Loan				114,336
Non-recourse mortgages, net				169,526
Total Debt				572,757
Less: Cash and cash equivalents				(16,269)
Net Debt				556,488
Total Enterprise Value				$	826,683

________

(a)Excludes unamortized discount, net totaling $21.6 million and unamortized deferred financing costs totaling $9.2 million as of December 31, 2023.

 Net Lease Office Properties | 5

Net Lease Office Properties

Fourth Quarter 2023

Debt Overview

Dollars in thousands. Pro rata. As of December 31, 2023.

	Maturity Date	Fixed / Floating	Interest Rate		Total Outstanding Balance (a)		% of Total
NLOP Financing Arrangements
NLOP Mortgage Loan (b)	11/9/2025	Floating	10.4	%	$	288,895	50.4	%
NLOP Mezzanine Loan (c)	11/9/2028	Fixed	14.5	%	114,336		20.0	%
Other Mortgages (Tenant Listed)
AVT Technology Solutions LLC (d)	1/6/2024	Fixed	5.1	%	13,184		2.3	%
Exelon Generation Company, LLC	3/10/2024	Fixed	6.5	%	19,906		3.5	%
Orbital ATK, Inc.	1/6/2025	Fixed	4.2	%	25,754		4.5	%
Midcontinent Independent Stm Op Inc	5/6/2025	Fixed	4.0	%	9,123		1.6	%
Intuit Inc.	5/6/2025	Fixed	4.1	%	21,900		3.8	%
Acosta, Inc.	8/6/2025	Fixed	4.4	%	10,062		1.8	%
Google, LLC (e)	11/1/2025	Fixed	5.2	%	18,984		3.3	%
Siemens AS	12/15/2025	Floating	4.8	%	42,446		7.4	%
Merative L.P.	4/1/2026	Fixed	5.7	%	1,953		0.3	%
North American Lighting, Inc.	5/6/2026	Fixed	4.8	%	6,214		1.1	%
Total Debt Outstanding			9.5	%	$	572,757	100.0	%

________

(a)Excludes unamortized discount, net totaling $21.6 million and unamortized deferred financing costs totaling $9.2 million as of December 31, 2023.

(b)The NLOP Mortgage Loan bears interest at an annual rate of one-month forward-looking term rate based on SOFR, subject to a floor of 3.85%, plus 5.0%. In addition, we entered into an interest rate cap agreement that limits our SOFR rate exposure at 5.35% under the terms set forth under the NLOP Mortgage Loan. The NLOP Mortgage Loan is subject to two separate one-year extension options.

(c)The NLOP Mezzanine Loan bears interest at an annual rate of 14.5% (10.0% of which is required to be paid current on a monthly basis, and 4.5% of which is a payment-in-kind accrual, on a quarterly basis).

(d)This non-recourse mortgage loan has not been repaid as of the date of this report.

(e)In connection with the Spin-Off, the lender of this non-recourse mortgage loan did not release WPC as guarantor on the loan.

 Net Lease Office Properties | 6

Net Lease Office Properties

Fourth Quarter 2023

Dispositions

Dollars in thousands. Pro rata. For the year ended December 31, 2023.

Tenant / Lease Guarantor	Property Location(s)	Gross Sale Price		ABR		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
Year-to-Date Total Dispositions		$	43,081	$	3,599		302,288

 Net Lease Office Properties | 7

Net Lease Office Properties

Fourth Quarter 2023

Capital Expenditures and Leasing Activity

Capital Expenditures

In thousands. For the three months ended December 31, 2023.

Tenant Improvements and Leasing Costs
Tenant Improvements (Tenant Listed)
CVS Health Corporation	$	819
Xileh Holding, Inc.	15
	834
Leasing Costs	—
Tenant Improvements and Leasing Costs	834
Maintenance Capital Expenditures (Tenant Listed)
KBR, Inc.	371
Exelon Generation Company, LLC	67
Other	36
	474
Total: Tenant Improvements and Leasing Costs, and Maintenance Capital Expenditures	$	1,308

Leasing Activity

For the three months ended December 31, 2023, 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
BCBSM, Inc. (2 properties)	Eagan, MN	347,472	$	5,041	$	4,663	92.5	%	$	1,624	$	—	10.0 years
Nokia Corporation	Krakow, Poland	53,400	1,096		829		75.6	%	995		—		5.0 years
Merative L.P.	Hartland, WI	81,082	909		669		73.6	%	1,650		559		10.0 years
Total / Weighted Average (c)		481,954	$	7,046	$	6,161	87.4	%	$	4,269	$	559	9.4 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.

 Net Lease Office Properties | 8

Net Lease Office Properties

Fourth Quarter 2023

Top Ten Tenants

Dollars in thousands. Pro rata. As of December 31, 2023.

Tenant / Lease Guarantor	State / Country	ABR		ABR %		Square Footage (a)	Number of Properties	Weighted-Average Lease Term (Years)
KBR, Inc.	Texas	$	20,156	14.2	%	913,713	1	6.5
BCBSM, Inc.	Minnesota	13,007		9.1	%	1,029,966	5	5.4
JPMorgan Chase Bank, N.A.	Florida, Texas	8,891		6.2	%	666,869	3	5.4
FedEx Corporation	Tennessee	5,491		3.9	%	390,380	1	15.9
Total E&P Norge AS (b)	Norway	5,185		3.6	%	275,725	1	7.5
Siemens AS (b)	Norway	4,503		3.2	%	165,905	1	2.0
McKesson Corporation (US Oncology) (c)	Texas	4,406		3.1	%	204,063	1	0.1
CVS Health Corporation	Arizona	4,300		3.0	%	354,888	1	15.0
Pharmaceutical Product Development, LLC	North Carolina	3,983		2.8	%	219,812	1	9.9
Omnicom Group, Inc.	California	3,961		2.8	%	120,000	1	4.8
Total (d)		$	73,883	51.9	%	4,341,321	16	6.9

________

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

(b)ABR amounts are subject to fluctuations in foreign currency exchange rates.

(c)This tenant vacated the property it was occupying upon lease expiration in the first quarter of 2024.

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

 Net Lease Office Properties | 9

Net Lease Office Properties

Fourth Quarter 2023

Lease Expirations

Dollars in thousands. Pro rata. As of December 31, 2023.

Year of Lease Expiration (a)	Number of Leases Expiring	Number of Tenants with Leases Expiring	ABR		ABR %		Square Footage (b)	Square Footage %
2024	11	8	$	19,081	13.4	%	1,199,405	14.3	%
2025	13	13	17,158		12.0	%	859,031	10.2	%
2026	8	8	9,361		6.6	%	574,783	6.9	%
2027	7	6	8,652		6.1	%	499,571	6.0	%
2028	7	6	13,800		9.7	%	627,627	7.5	%
2029	5	4	6,768		4.8	%	358,013	4.3	%
2030	5	4	31,005		21.8	%	1,669,375	19.9	%
2031	2	2	5,785		4.1	%	326,325	3.9	%
2032	2	2	3,620		2.5	%	257,008	3.1	%
2033	1	1	3,983		2.8	%	219,812	2.6	%
2034	1	1	1,761		1.2	%	80,664	1.0	%
2035	2	2	2,911		2.0	%	201,229	2.4	%
2037	2	2	5,735		4.0	%	402,962	4.8	%
2038	2	2	7,327		5.1	%	459,486	5.5	%
2039	1	1	5,491		3.9	%	390,380	4.6	%
Vacant	—	—	—		—	%	253,791	3.0	%
Total (c)	69		$	142,438	100.0	%	8,379,462	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.

 Net Lease Office Properties | 10

Net Lease Office Properties

Fourth Quarter 2023

Property List

Dollars in thousands. Pro rata. As of December 31, 2023.

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)

NLOP Mortgage Loan

Other Mortgages

1

KBR, Inc. (d) (e)

Construction & Engineering

Non-IG

Houston

Texas

1,064,788

$21,280

Fixed: One-time 7.78%

Jan-27

6.4

✓

$—

2

FedEx Corporation

Air Freight & Logistics

IG

Collierville

Tennessee

390,380

$5,491

Fixed: 0.75% annually

Oct-24

15.9

✓

$—

3

BCBSM, Inc.

Managed Health Care

IG

Eagan

Minnesota

442,542

$4,952

Fixed: 2.00% annually

Feb-24

0.5

✓

$—

4

JPMorgan Chase Bank, N.A.

Diversified Banks

IG

Fort Worth

Texas

386,154

$4,661

CPI: 0.0% Floor / 2.0% Cap

Mar-24

6.2

✓

$—

5

McKesson Corporation (US Oncology) (f)

Health Care Distributors

IG

The Woodlands

Texas

204,063

$4,406

Fixed: 4.88% every 3 yrs

N/A

0.1

✓

$—

6

CVS Health Corporation

Health Care Services

IG

Scottsdale

Arizona

354,888

$4,300

Fixed: 2.00% annually

Est. 2025 (g)

15.0

✓

$—

7

Pharmaceutical Product Development, LLC

Pharmaceuticals

IG

Morrisville

North Carolina

219,812

$3,983

Fixed: 2.00% annually

Oct-24

9.9

✓

$—

8

Omnicom Group, Inc.

Advertising

IG

Playa Vista

California

120,000

$3,961

None

N/A

4.8

✓

$—

9

Orbital ATK, Inc.

Aerospace & Defense

IG

Plymouth

Minnesota

191,336

$3,821

Fixed: 2.00% annually

Dec-24

5.9

$25,754

10

R.R. Donnelley & Sons Company

Commercial Printing

Non-IG

Warrenville

Illinois

167,215

$3,327

Fixed: 2.00% annually

Sep-24

3.7

✓

$—

11

Caremark RX, L.L.C. (d) (e)

Health Care Services

IG

Chandler

Arizona

183,000

$3,271

Fixed: $0.50/SF annually

N/A

0.4

✓

$—

12

Board of Regents, State of Iowa (h)

Government Related Services

IG

Coralville

Iowa

191,700

$3,254

CPI: 0.0% Floor / No Cap

Nov-25

6.8

$—

13

Bankers Financial Corporation (d) (e)

Property & Casualty Insurance

Non-IG

St. Petersburg

Florida

167,581

$3,150

Fixed: 2.50% annually

Aug-24

4.6

✓

$—

14

DMG MORI SEIKI U.S.A., INC.

Industrial Machinery

IG

Hoffman Estates

Illinois

104,598

$3,027

Fixed: 3.00% annually

Jan-24

15.0

✓

$—

15

Exelon Generation Company, LLC

Electric Utilities

IG

Warrenville

Illinois

146,745

$2,935

Fixed: $0.50/SF annually

Jul-24

2.5

$19,906

16

JPMorgan Chase Bank, N.A.

Diversified Banks

IG

Tampa

Florida

176,150

$2,934

CPI: 0.0% Floor / 2.0% Cap

Mar-24

6.2

✓

$—

17

BCBSM, Inc.

Managed Health Care

IG

Eagan

Minnesota

202,608

$2,924

Fixed: 2.00% annually

Jan-24

13.1

✓

$—

18

Google, LLC

Internet Software & Services

IG

Venice

California

67,681

$2,844

Fixed: 3.00% annually

Jan-24

1.8

$18,984

19

BCBSM, Inc.

Managed Health Care

IG

Eagan

Minnesota

227,666

$2,831

Fixed: 2.00% annually

Feb-24

0.5

✓

$—

20

ICU MEDICAL, INC. (d)

Health Care Supplies

Non-IG

Plymouth

Minnesota

182,250

$2,770

Fixed: 3.25% annually

Feb-24

3.7

✓

$—

21

Intuit Inc.

Internet Software & Services

IG

Plano

Texas

166,033

$2,577

Fixed: 'One-time $2.00/SF in '21

N/A

2.5

$21,900

22

AVT Technology Solutions LLC (f)

Technology Distributors

IG

Tempe

Arizona

132,070

$2,405

Fixed: 3.00% annually

N/A

0.1

$13,184

23

Veritas Bermuda, LTD

Systems Software

Non-IG

Roseville

Minnesota

136,125

$2,211

Fixed: 2.00% annually

Dec-24

8.9

✓

$—

 Net Lease Office Properties | 11

24

BCBSM, Inc.

Managed Health Care

IG

Eagan

Minnesota

144,864

$2,117

Fixed: 2.00% annually

Jan-24

13.1

✓

$—

25

Cenlar FSB

Regional Banks

Non-IG

Yardley

Pennsylvania

105,584

$2,000

Fixed: 2.70% annually

Jan-24

4.5

✓

$—

26

iHeartCommunications, Inc.

Broadcasting

Non-IG

San Antonio

Texas

120,147

$1,971

Fixed: 2.00% annually

Feb-24

11.1

✓

$—

27

Cofinity, Inc./Aetna Life Insurance Co. (d) (e)

Multi-line Insurance

IG

Southfield

Michigan

94,453

$1,907

Fixed: One-time 6.90% in '23

N/A

1.1

✓

$—

28

Arbella Service Company, Inc.

Property & Casualty Insurance

IG

Quincy

Massachusetts

132,160

$1,850

Fixed: 'One-time $1.00/SF in '22

N/A

3.4

✓

$—

29

ICF Consulting Group, Inc.

IT Consulting & Other Services

Non-IG

Martinsville

Virginia

93,333

$1,725

CPI: 0.0% Floor / No Cap

Jan-24

3.1

✓

$—

30

Acosta, Inc.

Advertising

Non-IG

Jacksonville

Florida

88,062

$1,497

Fixed: $0.50/SF annually

Jul-24

3.6

$10,062

31

Safelite Group, Inc.

Specialized Consumer Services

Non-IG

Rio Rancho

New Mexico

94,649

$1,473

Fixed: 2.00% annually

Jan-24

5.4

✓

$—

32

Master Lock Company, LLC

Building Products

Non-IG

Oak Creek

Wisconsin

120,883

$1,409

Fixed: 2.00% annually

Jun-24

8.4

✓

$—

33

JPMorgan Chase Bank, N.A. (d) (e)

Diversified Banks

IG

Tampa

Florida

135,733

$1,361

CPI: 0.0% Floor / 2.0% Cap

Mar-24

1.2

✓

$—

34

Midcontinent Independent Stm Op Inc.

Electric Utilities

IG

Eagan

Minnesota

60,463

$1,118

Fixed: $0.25/SF annually

Mar-24

2.2

$9,123

35

Emerson Electric Co.

Industrial Machinery

IG

Houston

Texas

52,144

$1,082

Fixed: $0.50/SF annually

Nov-24

1.8

✓

$—

36

Radiate Holdings, L.P.

Cable & Satellite

Non-IG

San Marcos

Texas

47,000

$1,043

CPI: 0.0% Floor / 3.0% Cap

Aug-24

4.7

✓

$—

37

North American Lighting, Inc.

Auto Parts & Equipment

Non-IG

Farmington Hills

Michigan

75,286

$1,032

Fixed: 2.50% annually

Apr-24

2.2

$6,214

38

Arcfield Acquisition Corporation

Aerospace & Defense

Non-IG

King of Prussia

Pennsylvania

88,578

$1,000

Fixed: One-time 17.50% in '23

N/A

2.6

✓

$—

39

Merative L.P.

IT Consulting & Other Services

Non-IG

Hartland

Wisconsin

81,082

$940

CPI: 0.0% Floor / No Cap

Dec-24

11.9

$1,953

40

Pioneer Credit Recovery, Inc. (d)

Diversified Support Services

Non-IG

Moorestown

New Jersey

65,567

$899

Fixed: 2.50% annually

Jan-24

1.1

✓

$—

41

Charter Communications Operating, LLC

Cable & Satellite

Non-IG

Bridgeton

Missouri

78,080

$781

Fixed: $0.50/SF annually

Apr-24

1.2

✓

$—

42

Xileh Holding Inc.

Multi-Sector Holdings

IG

Auburn Hills

Michigan

55,490

$694

Fixed: 2.50% annually

Jan-24

14.0

✓

$—

43

Undisclosed – multi-national provider of industrial gases

Industrial Gases

IG

Houston

Texas

49,821

$605

Fixed: 2.00% annually

Jan-24

2.0

✓

$—

44

APCO Holdings, Inc.

Property & Casualty Insurance

Non-IG

Norcross

Georgia

50,600

$600

Fixed: 2.50% annually

Mar-24

7.2

✓

$—

45

Radiate Holdings, L.P.

Cable & Satellite

Non-IG

Waco

Texas

30,699

$459

CPI: 0.0% Floor / 3.0% Cap

Aug-24

4.7

$—

46

S&ME, Inc.

Environmental & Facilities Services

Non-IG

Raleigh

North Carolina

27,770

$430

Fixed: 3.00% annually

N/A

0.8

✓

$—

47

Radiate Holdings, L.P.

Cable & Satellite

Non-IG

Corpus Christi

Texas

20,717

$344

CPI: 0.0% Floor / 3.0% Cap

Aug-24

4.7

$—

48

Radiate Holdings, L.P.

Cable & Satellite

Non-IG

Odessa

Texas

21,193

$230

CPI: 0.0% Floor / 3.0% Cap

Aug-24

4.7

$—

49

Radiate Holdings, L.P.

Cable & Satellite

Non-IG

San Marcos

Texas

14,400

$205

CPI: 0.0% Floor / 3.0% Cap

Aug-24

4.7

$—

50

BCBSM, Inc.

Managed Health Care

IG

Eagan

Minnesota

12,286

$183

Fixed: 2.00% annually

Feb-24

0.5

✓

$—

U.S. Total (i)

7,586,429

$126,271

5.9

 Net Lease Office Properties | 12

European Assets:

Encumbered Status

#

Primary Tenant

Industry

Credit (a)

City

Country

Square Footage

ABR

Rent Increase Type

Date of Next Increase

WALT (c)

NLOP Mortgage Loan

Other Mortgages

1

Total E&P Norge AS

Oil & Gas Exploration & Production

IG

Stavanger

Norway

275,725

$5,185

Fixed: 2.50% annually

Jan-24

7.5

$—

2

Siemens AS

Industrial Conglomerates

IG

Oslo

Norway

165,905

$4,503

CPI: 0.0% Floor / No Cap

Jan-24

2.0

$42,446

3

E.On UK PLC

Internet Retail

IG

Houghton le Spring

United Kingdom

217,339

$3,623

CPI: 2.0% Floor / 4.0% Cap

N/A

1.6

$—

4

Undisclosed – UK insurance company (j)

Property & Casualty Insurance

IG

Newport

United Kingdom

80,664

$1,761

CPI: 2.0% Floor / 4.0% Cap

Jun-24

10.4

$—

5

Nokia Corporation

Communications Equipment

IG

Krakow

Poland

53,400

$1,096

CPI: 0.0% Floor / No Cap

Sep-24

5.7

$—

European Total (i)

793,033

$16,167

4.8

________

✓Indicates an asset that is in the NLOP Financing Arrangements collateral pool.

(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 structure and next rent increase are for primary tenant.

(e)Denotes leased property that is not 100% occupied.

(f)Denotes property that is vacant as of the date of this report.

(g)Fixed rent increase structure with 2.00% annual bumps commences upon completion of an in-process renovation, which is anticipated to occur in 2024. The first rent increase will be one year after completion of the renovation.

(h)We own a 90% controlling interest in this consolidated property.

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

(j)This property was sold in January 2024.

 Net Lease Office Properties | 13

Net Lease Office Properties

Appendix

For the year ended December 31, 2023

 Net Lease Office Properties | 14

Net Lease Office Properties

Fourth Quarter 2023

Normalized Pro Rata Cash NOI

In thousands.

	Year Ended December 31, 2023
Consolidated Lease Revenues and Other
Total lease revenues – as reported	$	166,034
Income from finance leases	1,189
Parking garage revenues (a)	1,799
Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Reimbursable property expenses – as reported	27,957
Non-reimbursable property expenses – as reported	8,642
	132,423
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Less: Pro rata share of NOI attributable to noncontrolling interests	(361)
	(361)
	132,062
Adjustments for Pro Rata Non-Cash Items:
Less: Straight-line and other leasing and financing adjustments	(631)
Add: Above- and below-market rent intangible lease amortization	4,335
Add: Other non-cash items	385
	4,089
Pro Rata Cash NOI (b)	136,151
Adjustment to normalize for intra-period dispositions (c)	(3,546)
Normalized Pro Rata Cash NOI (b)	$	132,605

 Net Lease Office Properties | 15

Net Lease Office Properties

Fourth Quarter 2023

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

	Year Ended December 31, 2023
Net Income attributable to NLOP
Net income attributable to NLOP – as reported	$	(131,746)
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported	260,497
Less: Property expenses, excluding reimbursable tenant costs – as reported	(8,642)
	251,855
Adjustments for Other Consolidated Revenues and Expenses:
Less: Other lease-related income (excluding parking garage revenues)	(5,943)
Less: Reimbursable property expenses – as reported	(27,957)
Add: Other income and (expenses)	45,765
Add: Provision for income taxes	425
	12,290
Other Adjustments:
Less: Straight-line and other leasing and financing adjustments	(631)
Add: Above- and below-market rent intangible lease amortization	4,335
Add: Adjustments for pro rata ownership	(335)
Adjustment to normalize for intra-period dispositions (c)	(3,546)
Add: Property expenses, excluding reimbursable tenant costs, non-cash	383
	206
Normalized Pro Rata Cash NOI (b)	$	132,605

________

(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 income statements.

(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.

 Net Lease Office Properties | 16

Net Lease Office Properties

Fourth Quarter 2023

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 (other than those realized on the settlement of foreign currency derivatives), 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 that are currently not engaged in acquisitions, mergers and restructuring, which are not part of our normal business operations. AFFO also reflects adjustments for jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies and determine executive compensation.

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 exchange rate 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.

 Net Lease Office Properties | 17

Net Lease Office Properties

Fourth Quarter 2023

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 December 31, 2023. 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.

 Net Lease Office Properties | 18