Net Lease Office Properties (NLOP): $24.19 a Share Declared, 15 Properties Left on November 4, 2026

From a CPA:18 share to NLOP shares, step by step

Two of W. P. Carey's deals sit in the history of one NLOP position. Our page on what happened to the W. P. Carey CPA REITs covers every CPA merger. This page follows the one that matters for NLOP, CPA:18, and then the spin-off.

The chain for 1,000 original CPA:18 shares, using only those inputs:

Read it as a map of what happened, not as a return. It leaves out WPC's own quarterly dividends, the value of the WPC shares, the $0.34 January 2024 dividend (paid mostly in new NLOP shares), the cash paid for the 0.52 fraction, and anything you did with the shares afterward. Your broker's records decide your numbers. The same arithmetic works for any holder of WPC shares on October 19, 2023: divide by 15.

What NLOP has paid out

NLOP's first dividend was $0.34 a share, which holders could take in cash or shares with cash capped at 20 percent of the total; it issued 164,199 shares and paid $1.1 million in cash for it. Every payment since has been a special cash distribution funded by property sales.

Two things stand out. The amounts track the sales: the $6.75 was declared in January 2026, the month NLOP closed the sale of the KBR building in Houston, which the January 20, 2026 8-K reports at a contract price of $66.0 million (1,064,788 square feet). And the pace is slowing, because the sales are. In the nine months to September 30, 2026 NLOP sold eight properties for $154.4 million net, but only two of them, for $26.4 million, in the third quarter. The $1.50 follows $34.4 million of gross sales across Plano, King of Prussia and Quincy (our arithmetic from the presentation's three lines).

What is left, quarter by quarter

The company's own count since the spin-off is 44 properties sold with $100 million of rent attached; 15 remain with about $20 million of rent (November 2026 presentation, pro forma for the October sale). At September 30, 2026 the 16 properties carried a book value of $139.5 million and shareholders' equity was $163.2 million, or about $11.02 a share on 14,814,075 shares (our arithmetic). That is accounting book value after impairments of $13.6 million this year. It is not a liquidation value, and neither the 10-Q nor the presentation gives one.

Revenue shows how far the company has shrunk: $5.9 million in the third quarter of 2026 against $29.8 million a year earlier. AFFO, the company's non-GAAP cash-earnings measure, was $12.4 million for nine months against $51.8 million. Net income attributable to NLOP was $18.2 million for nine months, but that includes $38.6 million of gains on sales; the third quarter alone was a $0.6 million loss.

Who still pays rent, and when it ends

Lease expirations, assuming no renewals: four leases worth $6.25 million (28.5 percent of rent) end in 2027 and two worth $6.12 million (27.9 percent) in 2028, together 56.4 percent (our arithmetic). Vacant space is 504,649 of 1,621,313 square feet, or 31.1 percent. In July 2026 NLOP extended four of Grande's five Texas leases to June 30, 2041 while cutting that rent from $2.2 million to $1.8 million, and ended the fifth effective January 31, 2027. In September 2026 a tenant in Norcross, Georgia agreed to end its lease on August 1, 2027 and paid a $1.7 million termination fee, collected in October. The filings do not say how much a buyer will pay for a building with a year of lease left; the January sale of the KBR building and the 44 completed sales show prices only after the fact.

What the company says about timing

The wording matters, because a holder reads “liquidation” as a date and the documents do not give one.

• The plan: in the April 16, 2026 proxy statement the board wrote: “We currently expect to sell properties throughout 2026 and in 2027; however, property sales may occur sooner or later than our current expectations.” The Q3 10-Q does not restate or change that sentence.
• The authority: the June 25, 2026 vote (9,931,786 for, 138,589 against, 63,932 abstaining) lets the board terminate NLOP “at a future date to be determined by our Board of Trustees when we have sold all or substantially all of our properties.” It does not obligate the board to terminate by a date or at all.
• The end state: the proxy says remaining assets and liabilities may be placed in a liquidating entity, “commonly taking the form of a liquidating trust,” with interests distributed to shareholders, and that the company expects to delist and deregister the shares when it terminates. No termination fee is payable to the advisor on dissolution.
• The money in between: future special distributions are “at the discretion of our Board of Trustees” with “no assurance as to the amount or timing.” The 10-Q expects distributions and operating costs to be funded from property sales and operations.
• The cost of waiting: W. P. Carey's affiliates still manage NLOP. The asset management fee began at $7.5 million a year and shrinks with each sale ($1.25 million for the first nine months of 2026), and the administrative reimbursement fell from $4.0 million to $2.0 million a year on July 1, 2026. NLOP also had 6,830 registered holders of record in February 2026, a count that excludes shares held at brokers.

Our page on W. P. Carey stock covers the same vote and the W. P. Carey side of the spin-off through the second quarter; this page carries NLOP's later, third-quarter numbers.

Your tax paperwork

The spin-off was reported as a taxable distribution, so the NLOP shares started with a basis equal to fair market value on the distribution date, which W. P. Carey set at $11.44; the holding period began the next day. The 2025 10-K reports that all of NLOP's 2024 dividend ($0.34 per share) and 2025 dividends ($7.20) were return of capital. Return of capital lowers your basis instead of being taxed as income. Using only those figures, a holder of an NLOP share at the spin-off had $3.90 of basis left after 2025 ($11.44 less $7.54, our arithmetic), before the $15.15 per share paid in 2026 through April 14 and the $1.50 due December 1. NLOP has not published how 2026 distributions are classified. Under IRC Section 301(c)(3), a distribution above basis is generally taxed as capital gain, so the Form 1099-DIV for 2026 is the document to wait for. Our page on return of capital in REIT distributions explains the mechanics. Your WPC shares also lost basis on November 1, 2023: the Form 8937 lists a reduction of $0.13134310 per WPC share for that date.

What a reader can do with this

This is analysis of public documents, not investment, legal or tax advice.

1. Find your lot. Check whether your NLOP shares came from the November 2023 distribution (basis $11.44 per share, less return of capital), from the January 2024 share dividend, or from a purchase. Brokers often show spin-off lots with a missing or zero cost basis.
2. Match the dates to your statement. The $1.50 goes to whoever owns the shares on November 16, 2026 and is scheduled to be paid on December 1, 2026. The company's 8-K and 10-Q give the dates; your broker's ex-dividend date is not in the filings we read.
3. Separate three questions. What the filings say (a shrinking property list, no debt, a $1.50 payout), what the shares trade for (not in the filings, and not quoted here), and what you owe in tax (decided by your basis and the classification NLOP reports). Only the first is answered here.
4. Read the next filings for the numbers that move. The 8-K announcing each sale or distribution, the 10-K for 2026 (the 2025 one was filed on February 25, 2026), and any proxy or 8-K about a liquidating entity. A new plan of dissolution or a liquidating trust would appear in an 8-K or proxy statement before it happens.
5. Compare with other exits. Listed shares that come out of a non-traded REIT exit often trade away from the NAV they replaced; see what non-traded REITs fetch when they list.

Dates to watch

FAQ

All figures are from SEC filings and a company tax form read on November 13, 2026. Net Lease Office Properties (CIK 1952976): Form 10-Q for September 30, 2026 (0001952976-26-000064) and Form 10-Q for June 30, 2026 (0001952976-26-000057); 8-K of November 4, 2026 with the supplemental report and investor presentation (0001952976-26-000065); 8-Ks of January 20, 2026 (0001952976-26-000005), June 12, 2026 (0001952976-26-000042) and June 25, 2026 (0001952976-26-000050); DEF 14A of April 16, 2026 (0001952976-26-000024); Forms 10-K for 2025 (0001952976-26-000012) and 2023 (0001952976-24-000019); 8-K of December 8, 2023 (0001952976-23-000005); Form 10-12B/A information statement (0001628280-23-033769). W. P. Carey Inc. (CIK 1025378): 8-K of September 21, 2023 (0001104659-23-102585) and 8-K of November 1, 2023 (0001104659-23-113522); W. P. Carey's 2023 Form 8937, signed January 30, 2024. Corporate Property Associates 18 - Global (CIK 1558235): 8-K of August 1, 2022 (0001104659-22-086124). Sums, per-1,000-share figures and shares of rent are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.