Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust with a portfolio of 47 high-quality office properties, totaling approximately 6.9 million leasable square feet primarily leased to corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the U.S., with the balance in Europe. The portfolio consists of 50 corporate tenants operating in a variety of industries, generating annualized based rent (ABR) of approximately $102 million. NLOP’s business plan is to focus on realizing value for its shareholders primarily through strategic asset management and disposition of its property portfolio over time.
Given WPC’s extensive knowledge of the portfolio, NLOP is externally managed and advised by wholly owned affiliates of WPC to successfully execute on its business strategy. Over the course of its 50-year history, WPC has developed significant expertise in the single-tenant office real estate sector, including the operation, leasing, acquisition and development of assets through many market cycles, and has a proven track record of execution.