Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Net Lease Office Properties files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2023
FY2024
FY2025
Revenue
148
156
175
142
119
General and administrative
10.3
11.9
13.6
7.5
7.31
Interest expense
28.6
26.8
42.6
68
12.7
Other non-operating income
-45.9
-26.8
-45.8
-49.9
-44.3
Pre-tax income
3.06
16.3
-131
-93.8
-145
Income tax
1.65
0.49
0.43
-2.38
0.16
Net income to minority interests
0
-0
0.02
0.09
0.1
Net income
1.42
15.8
-132
-91.5
-145
EPS, basic
1.08
-9.00
-6.18
-9.81
EPS, diluted
1.08
-9.00
-6.18
-9.81
Shares, basic (weighted)
14.6
14.6
14.6
14.8
14.8
Shares, diluted (weighted)
14.6
14.6
14.6
14.8
14.8
Dividend per share
0.00
0.34
0.34
12.30
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
3.97
4.67
16.3
25.1
120
Goodwill
52
63.6
0
Intangible assets
166
97.9
15.7
Total assets
1,462
1,305
805
453
Total liabilities
353
624
220
156
Total debt
276
542
169
21.9
Paid-in capital
0
856
856
856
Retained earnings
0
Other comprehensive income
-42.5
-35.6
-40.2
0
Shareholders' equity
1,108
677
581
294
Minority interests
1.74
4.42
4.18
3.91
Total equity
1,058
1,110
681
585
298
Total liabilities and equity
1,462
1,305
805
453
Shares outstanding
0
14.6
14.8
14.8
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
1.42
15.8
-132
-91.4
-145
Depreciation and amortization
58.6
63.2
75
56.7
35.9
Stock-based compensation
2.4
3.16
2.9
0.25
0
Deferred income tax
-0.23
-1.04
-1.2
-3.27
0
Cash from operations
75.3
84.3
71
71.9
64.1
Acquisitions
0
-21
0
0
Cash from investing
-4.18
-22.9
27.7
298
208
Debt issued
0
0
317
0
0
Debt repaid
-39.9
-63.7
-367
-111
Dividends paid
0
0
-1.07
Cash from financing
-77.2
-64.5
-36.8
-368
-219
Exchange rate effect
0.02
-0.12
-0.05
-1.03
0.74
Net change in cash
-6.08
-3.3
61.8
0.6
54.2
Interest paid
28.6
26.8
39.3
41.3
9.2
Income taxes paid
1.1
1.8
2.7
0.7
0.7
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.93 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
-59.6%
Pre-tax income / revenue.
Net margin
-59.8%
Net income / revenue.
Operating cash flow margin
63.5%
Cash from operations / revenue.
Return on equity (ROE)
-27.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-22.6%
Net income / average total assets.
D&A / revenue
28.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-16.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-8.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-10.8%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
-8.7%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y
3,518.0%
Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-49.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-35.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-43.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-32.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
0.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
0.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$5.12
Revenue / diluted weighted shares.
Operating cash flow per share
$3.25
Cash from operations / diluted weighted shares.
Book value per share
$11.06
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.94x
Market cap / revenue.
P/B
0.90x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.97x
Market cap / tangible book value, when positive.
P/OCF
3.05x
Market cap / cash from operations, when positive.
EV/Sales
1.63x
Enterprise value / revenue.
Earnings yield
-30.9%
Net income / market cap (the inverse of P/E).
What was Net Lease Office Properties's revenue in fiscal 2025?
Net Lease Office Properties reported revenue of $118.9M for fiscal 2025, 16.4% lower than the year before.
Was Net Lease Office Properties profitable in fiscal 2025?
No. It reported a net loss of $145.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.