Exhibit 99.1

Net Lease Office Properties

Supplemental Financial Information

Second Quarter 2026

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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”)
ABR			Contractual minimum annualized base rent
NAREIT			National Association of Real Estate Investment Trusts (an industry trade group)
WALT			Weighted-average lease term
CPI			Consumer price index

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.

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Net Lease Office Properties

Supplemental Information – Second Quarter 2026

Table of Contents

Summary Metrics			1
Components of Net Asset Value			2
Consolidated Statement of Operations			3
FFO and AFFO, Consolidated			4
Consolidated Balance Sheets			5
Capitalization and Debt Overview			6
Dispositions			7
Capital Expenditures and Leasing Activity			9
Tenant List			10
Lease Expirations			11
Property List			12
Appendix
Normalized Pro Rata Cash NOI			14
Disclosures Regarding Non-GAAP and Other Metrics			16

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Net Lease Office Properties

Second Quarter 2026

Summary Metrics

As of or for the three months ended June 30, 2026.

Financial Results
Revenues, including reimbursable costs – consolidated ($000s)																					$	6,358
Net loss attributable to NLOP ($000s)																					(6,194)
Net loss attributable to NLOP per diluted share																					(0.42)
Normalized pro rata cash NOI ($000s) (a) (b)																					5,730
AFFO attributable to NLOP ($000s) (a) (b)																					3,254
AFFO attributable to NLOP per diluted share (a) (b)																					0.22
Special cash distributions declared, gross distributions – current quarter (in thousands)																					$	—
Special cash distributions declared per share – current quarter																					—
Total cumulative distributions declared, gross distributions (in thousands)																					$	336,066
Total cumulative distributions declared per share																					22.69
Balance Sheet and Capitalization
Equity market capitalization – based on quarter end share price of $11.13 ($000s)																					$	164,881
Total consolidated debt ($000s)																					21,900
Gross assets ($000s) (c)																					265,963
Total consolidated debt to gross assets																					8.2		%
Advisory Fees and Reimbursements Paid to WPC
Asset management fees (d)																					$	394
Administrative reimbursements (e)																					1,000
Portfolio (Pro Rata) (b)
ABR (in thousands) (f)																					$	24,763
Number of properties																					18
Number of tenants																					10
Occupancy																					68.4		%
Weighted-average lease term (in years)																					2.7
Leasable square footage (in thousands)																					1,875
ABR from investment grade tenants as a % of total ABR (g)																					50.3		%
Dispositions – number of properties sold																					—
Dispositions – gross proceeds (in thousands)																					$	—
Total cumulative dispositions – number of properties sold																					41
Total cumulative dispositions – gross proceeds (in thousands)																					$	812,505

________

(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 $30.9 million and above-market rent intangible assets of $4.3 million.

(d)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 being proportionately reduced following the disposition of each portfolio property.

(e)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. In May 2026, a reduction in the base administrative reimbursement to our Advisor was agreed upon and approved by our Board of Trustees; effective July 1, 2026, the reimbursement is $2.0 million annually instead of $4.0 million annually.

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

(g)Percentage of portfolio is based on ABR, as of June 30, 2026. Includes tenants or guarantors with investment grade ratings (42.8%) and subsidiaries of non-guarantor parent companies with investment grade ratings (7.5%). 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.

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Net Lease Office Properties

Second Quarter 2026

Components of Net Asset Value

In thousands.

			Three Months Ended June 30, 2026
Normalized Pro Rata Cash NOI (a) (b)			$	5,730
Balance Sheet – Selected Information			As of June 30, 2026
Assets
Book value of select real estate (c)			$	19,144
Cash and cash equivalents			23,663
Other assets, net:
Restricted cash, including escrow			$	3,652
Straight-line rent adjustments			3,005
Accounts receivable			1,313
Prepaid expenses			623
Deferred charges			458
Taxes receivable			132
Other			642
Total other assets, net			$	9,825
Liabilities
Non-recourse mortgage (d)			$	21,900
Accounts payable, accrued expenses and other liabilities:
Accounts payable and accrued expenses			$	1,855
Prepaid and deferred rents			1,294
Accrued taxes payable			522
Tenant security deposits			434
Other			5,863
Total accounts payable, accrued expenses and other liabilities			$	9,968

________

(a)Normalized pro rata cash NOI is a non-GAAP measure. 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 they 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)Represents the value of real estate appropriately not captured in normalized pro rata cash NOI, such as vacant assets.

(d)This non-recourse mortgage loan, which has a maturity date of July 6, 2026, has not been repaid as of the date of this report, as described in the Property List section.

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Net Lease Office Properties

Second Quarter 2026

Consolidated Statement of Operations

In thousands, except share and per share amounts.

			Three Months Ended June 30, 2026
Revenues
Lease revenues			$	6,358
			6,358
Operating Expenses
Impairment charges — real estate			7,093
Depreciation and amortization			2,741
General and administrative (a)			1,892
Property expenses, excluding reimbursable tenant costs			488
Asset management fees (b)			394
Reimbursable tenant costs			207
			12,815
Other Income and Expenses
Gain on sale of real estate, net			531
Interest expense			(390)
Other gains and (losses)			189
			330
Loss before income taxes			(6,127)
Provision for income taxes			(23)
Net Loss			(6,150)
Net income attributable to noncontrolling interests			(44)
Net Loss Attributable to NLOP			$	(6,194)
Basic and Diluted Loss Per Share			$	(0.42)
Weighted-Average Shares Outstanding
Basic and Diluted			14,814,075

________

(a)Includes $1.0 million of administrative reimbursements to our Advisor.

(b)Amount comprises fees paid to Advisor for strategic management services, including asset management, property disposition support, and various related services.

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Net Lease Office Properties

Second Quarter 2026

FFO and AFFO, Consolidated

In thousands, except share and per share amounts.

			Three Months Ended June 30, 2026
Net loss attributable to NLOP			$	(6,194)
Adjustments:
Impairment charges — real estate			7,093
Depreciation and amortization of real property			2,741
Gain on sale of real estate, net			(531)
Proportionate share of adjustments for noncontrolling interests (a)			(51)
Total adjustments			9,252
FFO (as defined by NAREIT) Attributable to NLOP (b)			3,058
Adjustments:
Straight-line and other leasing and financing adjustments			153
Other (gains) and losses			29
Other amortization and non-cash items			28
Above- and below-market rent intangible lease amortization, net			(1)
Proportionate share of adjustments for noncontrolling interests (a)			(13)
Total adjustments			196
AFFO Attributable to NLOP (b)			$	3,254
Summary
FFO (as defined by NAREIT) attributable to NLOP (b)			$	3,058
FFO (as defined by NAREIT) attributable to NLOP per diluted share (b)			$	0.21
AFFO attributable to NLOP (b)			$	3,254
AFFO attributable to NLOP per diluted share (b)			$	0.22
Diluted weighted-average shares outstanding			14,814,075

________

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

(b)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.

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Net Lease Office Properties

Second Quarter 2026

Consolidated Balance Sheets

In thousands, except share and per share amounts.

			June 30, 2026						December 31, 2025
Assets
Investments in real estate:
Land, buildings and improvements			$	220,222					$	218,799
Net investments in finance leases			—						41,878
In-place lease intangible assets and other			40,158						45,160
Above-market rent intangible assets			7,314						10,760
Investments in real estate			267,694						316,597
Accumulated depreciation and amortization			(100,279)						(102,926)
Assets held for sale, net			—						96,269
Net investments in real estate			167,415						309,940
Cash and cash equivalents			23,663						119,621
Other assets, net			9,825						23,810
Total assets			$	200,903					$	453,371
Liabilities and Equity
Non-recourse mortgage			$	21,900					$	21,900
Accounts payable, accrued expenses and other liabilities			9,968						56,104
Below-market rent intangible liabilities, net			1,307						1,990
Dividends payable			—						75,552
Total liabilities			33,175						155,546
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued			—						—
Common stock, $0.001 par value, 45,000,000 shares authorized; 14,814,075 shares issued and outstanding			15						15
Additional paid-in capital			855,813						855,813
Distributions in excess of accumulated earnings			(691,995)						(561,917)
Total shareholders' equity			163,833						293,911
Noncontrolling interests			3,895						3,914
Total equity			167,728						297,825
Total liabilities and equity			$	200,903					$	453,371

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Net Lease Office Properties

Second Quarter 2026

Capitalization and Debt Overview

Capitalization

In thousands, except share and per share amounts. As of June 30, 2026.

Total Enterprise Value												Shares						Share Price						Market Value
Equity
Common equity												14,814,075						$	11.13					$	164,881
Total Equity Market Capitalization																								164,881
																								Outstanding Balance
Debt
Non-recourse mortgage																								21,900
Total Debt																								21,900
Less: Cash and cash equivalents																								(23,663)
Net Debt																								(1,763)
Total Enterprise Value																								$	163,118

Debt Overview

Dollars in thousands. Pro rata. As of June 30, 2026.

Maturity Date

Fixed / Floating

Interest Rate

Total Outstanding Balance

Mortgage (Tenant Listed)

Intuit (a)

7/6/2026

Fixed

7.0

%

$

21,900

________

(a)This non-recourse mortgage loan was not repaid on its maturity date of July 6, 2026, and the lender has the right to commence foreclosure proceedings. As of the date of this report, the lender has not exercised such a right. This loan has accrued default interest at an annual rate of 5.0% since the original maturity date, in addition to the base interest rate of 7.0%.

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Net Lease Office Properties

Second Quarter 2026

Dispositions

Dollars in thousands. Pro rata.

Tenant						Property Location(s)						Gross Sale Price						ABR (a)						Closing Date						Gross Square Footage
4Q23
Raytheon						Tucson, AZ						$	24,575					$	1,978					Dec-23						143,650
Carhartt						Dearborn, MI						9,806						748						Dec-23						58,722
BCBSM						Eagan, MN						2,500						298						Dec-23						29,916
AVL						Plymouth, MI						6,200						575						Dec-23						70,000
4Q23 Total												43,081						3,599												302,288
1Q24
Undisclosed – UK insurance company (b)						Newport, United Kingdom						10,497						1,761						Jan-24						80,664
TotalEnergies (b)						Stavanger, Norway						33,072						5,185						Mar-24						275,725
1Q24 Total												43,569						6,946												356,389
2Q24
Exelon (c)						Warrenville, IL						19,830						2,935						Apr-24						146,745
Vacant (formerly AVT Technology Solutions) (c)						Tempe, AZ						13,160						—						Apr-24						132,070
FedEx						Collierville, TN						62,500						5,491						Apr-24						390,380
DMG MORI						Hoffman Estates, IL						35,984						2,458						Apr-24						104,598
BCBSM (2 properties)						Eagan, MN						60,700						4,663						Jun-24						347,472
2Q24 Total												192,174						15,547												1,121,265
3Q24
CVS Health						Scottsdale, AZ						71,500						4,252						Aug-24						354,888
Henniges Automotive (Xileh)						Auburn Hills, MI						9,000						711						Sep-24						55,490
3Q24 Total												80,500						4,963												410,378
4Q24
E.On (b)						Houghton le Spring, United Kingdom						3,924						3,819						Oct-24						217,339
Vacant (formerly BCBSM)						Eagan, MN						11,650						—						Nov-24						227,666
Merative						Hartland, WI						6,750						669						Dec-24						81,082
Charter Communications						Bridgeton, MO						7,350						820						Dec-24						78,080
CVS Caremark						Chandler, AZ						15,000						1,645						Dec-24						183,000
Cofinity / Aetna						Southfield, MI						2,500						1,833						Dec-24						94,453
4Q24 Total												47,174						8,786												881,620
Total 2023-2024 Dispositions												406,498						39,841												3,071,940

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Net Lease Office Properties

Second Quarter 2026

Dispositions (continued)

Dollars in thousands. Pro rata.

Tenant / Lease Guarantor						Property Location(s)						Gross Sale Price						ABR (a)						Closing Date						Gross Square Footage
1Q25
Emerson						Houston, TX						4,180						1,108						Mar-25						52,144
Nokia (b)						Krakow, Poland						5,595						779						Mar-25						53,400
1Q25 Total												9,775						1,887												105,544
2Q25
Vacant (formerly McKesson Corporation)						The Woodlands, TX						16,300						—						May-25						204,063
2Q25 Total												16,300						—												204,063
3Q25
JPMorgan Chase						Tampa, FL						25,180						3,053						Jul-25						176,150
Acosta						Jacksonville, FL						10,550						1,541						Aug-25						88,062
Siemens (b) (c)						Oslo, Norway						45,694						4,842						Sep-25						165,905
MISO						Eagan, MN						11,500						1,148						Sep-25						60,463
3Q25 Total												92,924						10,584												490,580
4Q25
Thermo Fisher Scientific						Morrisville, NC						33,000						4,063						Nov-25						219,812
Securitas						Plymouth, MN						5,654						1,218						Nov-25						182,250
JPMorgan Chase						Tampa, FL						13,650						1,934						Dec-25						135,733
Veritas						Roseville, MN						14,625						2,255						Dec-25						136,125
Vacant (formerly Master Lock)						Oak Creek, WI						2,576						—						Dec-25						120,883
Pioneer Credit Recovery						Moorestown, NJ						6,069						931						Dec-25						65,567
JPMorgan Chase						Fort Worth, TX						33,000						4,850						Dec-25						386,154
Northrop Grumman						Plymouth, MN						25,000						2,679						Dec-25						191,336
4Q25 Total												133,574						17,930												1,437,860
Total 2025 Dispositions												252,573						30,401												2,238,047
1Q26
Google						Venice, CA						39,600						3,108						Jan-26						67,681
KBR						Houston, TX						66,000						21,300						Jan-26						1,064,788
ICF						Martinsville, VA						3,880						1,830						Feb-26						93,333
S&ME						Raleigh, NC						8,743						545						Feb-26						31,120
Vacant (formerly Bankers Financial)						St. Petersburg, FL						22,500						—						Feb-26						167,581
North American Lighting						Farmington Hills, MI						12,711						1,084						Mar-26						75,286
1Q26 Total												153,434						27,867												1,499,789
2Q26 (N/A)
Total 2026 Dispositions												153,434						27,867												1,499,789
Total Dispositions												$	812,505					$	98,109											6,809,776

________

(a)ABR is pro forma for any agreed to and signed future rent restructurings.

(b)Amount reflects the applicable exchange rate on the date of the transaction.

(c)We transferred ownership of these properties and the related non-recourse mortgage loans to the respective mortgage lender or buyer (as applicable). Gross proceeds from these dispositions represent the mortgage principal outstanding on the respective dates of transfer.

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Net Lease Office Properties

Second Quarter 2026

Capital Expenditures and Leasing Activity

Capital Expenditures

Note: There were no capital expenditures during the second quarter of 2026.

Leasing Activity

Note: There was no leasing activity during the second quarter of 2026.

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Net Lease Office Properties

Second Quarter 2026

Tenant List

Dollars in thousands. Pro rata. As of June 30, 2026.

Tenant						State / Country						ABR						ABR %						Square Footage						Number of Properties						Weighted-Average Lease Term (Years)
Iowa Board of Regents						Iowa						$	4,056					16.4		%				191,700						1						4.3
Omnicom						California						3,961						16.0		%				120,000						1						2.3
RRD						Illinois						3,461						14.0		%				167,215						1						1.3
Intuit (a)						Texas						2,577						10.4		%				166,033						1						—
Grande Communications (b)						Texas						2,407						9.7		%				134,009						5						2.2
Cenlar FSB						Pennsylvania						2,158						8.7		%				105,584						1						2.0
iHeart Communications						Texas						2,091						8.4		%				120,147						1						8.6
Arbella Insurance						Massachusetts						1,850						7.5		%				132,160						1						0.9
Safelite						New Mexico						1,555						6.3		%				94,649						1						2.9
APCO						Georgia						647						2.6		%				50,600						1						4.7
Total (c)												$	24,763					100.0		%				1,282,097						14						2.7

________

(a)This property is vacant as of the date of this filing.

(b)In July 2026, we entered into lease amendments with this tenant to (i) extend the leases at four of the five properties it occupies and (ii) terminate the lease early at the fifth property, as described in the Property List section.

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

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Net Lease Office Properties

Second Quarter 2026

Lease Expirations

Dollars in thousands. Pro rata. As of June 30, 2026.

Year of Lease Expiration (a)						Number of Leases Expiring						Number of Tenants with Leases Expiring						ABR						ABR %						Square Footage						Square Footage %
Remaining 2026						1						1						$	2,577					10.4		%				166,033						8.9		%
2027						2						2						5,311						21.5		%				299,375						16.0		%
2028						4						3						8,527						34.4		%				359,593						19.2		%
2029						1						1						1,555						6.3		%				94,649						5.0		%
2030						1						1						4,056						16.4		%				191,700						10.2		%
2031						1						1						646						2.6		%				50,600						2.7		%
2035						1						1						2,091						8.4		%				120,147						6.4		%
Vacant						—						—						—						—		%				593,227						31.6		%
Total (b)						11												$	24,763					100.0		%				1,875,324						100.0		%

________

(a)Assumes tenants do not exercise any renewal options or purchase options.

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

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Net Lease Office Properties

Second Quarter 2026

Property List

Dollars in thousands. Pro rata. As of June 30, 2026.

																																	Encumbered Status
#			Tenant			Industry			Credit (a)			City			State			Square Footage			ABR			Rent Increase Type			Date of Next Increase			WALT (b)			In-Place Mortgage Debt
1			Iowa Board of Regents (c)			Government Related Services			IG			Coralville			Iowa			191,700			$4,056			CPI: 0.0% Floor / No Cap			N/A			4.3			$—
2			Omnicom			Advertising			IG			Playa Vista			California			120,000			$3,961			None			N/A			2.3			$—
3			RRD			Commercial Printing			Non-IG			Warrenville			Illinois			167,215			$3,461			Fixed: 2.00% annually			Sep-26			1.3			$—
4			Intuit (d) (e)			Internet Software & Services			IG			Plano			Texas			166,033			$2,577			Fixed: One-time $2.00/SF in '21			N/A			0.0			$21,900
5			Cenlar FSB			Regional Banks			Non-IG			Yardley			Pennsylvania			105,584			$2,158			Fixed: 2.50% annually			Jan-27			2.0			$—
6			iHeart Communications			Broadcasting			Non-IG			San Antonio			Texas			120,147			$2,091			Fixed: 2.00% annually			Feb-27			8.6			$—
7			Arbella Insurance			Property & Casualty Insurance			IG			Quincy			Massachusetts			132,160			$1,850			Fixed: One-time $1.00/SF in '22			N/A			0.9			$—
8			Safelite			Specialized Consumer Services			Non-IG			Rio Rancho			New Mexico			94,649			$1,555			Fixed: 2.00% annually			Jan-27			2.9			$—
9			Grande Communications (f)			Cable & Satellite			Non-IG			San Marcos			Texas			47,000			$1,101			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.2			$—
10			APCO			Property & Casualty Insurance			Non-IG			Norcross			Georgia			50,600			$647			Fixed: 2.50% annually			Mar-27			4.7			$—
11			Grande Communications (f)			Cable & Satellite			Non-IG			Waco			Texas			30,699			$484			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.2			$—
12			Grande Communications (f)			Cable & Satellite			Non-IG			Corpus Christi			Texas			20,717			$363			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.2			$—
13			Grande Communications (f)			Cable & Satellite			Non-IG			Odessa			Texas			21,193			$242			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.2			$—
14			Grande Communications (g)			Cable & Satellite			Non-IG			San Marcos			Texas			14,400			$217			CPI: 0.0% Floor / 3.0% Cap			Aug-26			2.2			$—
15			Vacant (formerly BCBSM) (d)			N/A			N/A			Eagan			Minnesota			442,542			$0			N/A			N/A			0.0			$—
16			Vacant (formerly Arcfield) (d)			N/A			N/A			King of Prussia			Pennsylvania			88,578			$0			N/A			N/A			0.0			$—
17			Vacant (formerly undisclosed) (d)			N/A			N/A			Houston			Texas			49,821			$0			N/A			N/A			0.0			$—
18			Vacant (formerly BCBSM) (d)			N/A			N/A			Eagan			Minnesota			12,286			$0			N/A			N/A			0.0			$—
Total (h)																		1,875,324			$24,763									2.7			$21,900

________

(a)“IG” refers to investment grade rated tenants.

(b)Assumes parties do not exercise any renewal or purchase options pursuant to their applicable leases.

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

(d)Denotes property that is vacant as of the date of this filing.

(e)The non-recourse mortgage loan encumbering this property was not repaid on its maturity date of July 6, 2026, and the lender has the right to commence foreclosure proceedings. As of the date of this report, the lender has not exercised such a right. This loan has accrued default interest at an annual rate of 5.0% since the original maturity date, in addition to the base interest rate of 7.0%.

(f)In connection with a lease amendment in July 2026, the lease expiration at these properties was extended from August 31, 2028 to June 30, 2041 and aggregate ABR was reduced from $2.2 million to $1.8 million (commencing July 1, 2026). In addition, the rent increase type is changed to 2.50% fixed annual escalations, and the date of the next annual rent increase is July 1, 2027.

(g)In connection with a lease amendment in July 2026, the lease expiration was changed from August 31, 2028 to January 31, 2027.

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

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Net Lease Office Properties

Appendix

Second Quarter 2026

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Net Lease Office Properties

Second Quarter 2026

Normalized Pro Rata Cash NOI

In thousands.

			Three Months Ended June 30, 2026
Consolidated Lease Revenues and Other
Total lease revenues – as reported			$	6,358
Less: Consolidated Reimbursable and Non-Reimbursable Property Expenses
Non-reimbursable property expenses – as reported			488
Reimbursable property expenses – as reported			207
			5,663
Adjustments for Pro Rata Ownership of Real Estate Joint Ventures:
Less: Pro rata share of NOI attributable to noncontrolling interests			(113)
			(113)
			5,550
Adjustments for Pro Rata Non-Cash Items:
Add: Above- and below-market rent intangible lease amortization			(1)
Add: Straight-line and other leasing and financing adjustments			153
Add: Other non-cash items			28
			180
Pro Rata Cash NOI (a)			5,730
Adjustment to normalize for intra-period dispositions (N/A for current quarter) (b)			—
Normalized Pro Rata Cash NOI (a)			$	5,730

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Net Lease Office Properties

Second Quarter 2026

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

			Three Months Ended June 30, 2026
Net Loss Attributable to NLOP
Net loss attributable to NLOP – as reported			$	(6,194)
Adjustments for Consolidated Operating Expenses
Add: Operating expenses – as reported			12,815
Less: Property expenses, excluding reimbursable tenant costs – as reported			(488)
			12,327
Adjustments for Other Consolidated Revenues and Expenses:
Less: Reimbursable property expenses – as reported			(207)
Less: Other income and (expenses) – as reported			(330)
Add: Provision for income taxes – as reported			23
			(514)
Other Adjustments:
Adjustment to normalize for intra-period dispositions (N/A for current quarter) (b)			—
Add: Above- and below-market rent intangible lease amortization			(1)
Add: Straight-line and other leasing and financing adjustments			153
Add: Property expenses, excluding reimbursable tenant costs, non-cash			28
Less: Adjustments for pro rata ownership			(69)
			111
Normalized Pro Rata Cash NOI (a)			$	5,730

________

(a)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.

(b)For properties disposed of during the period, the adjustment eliminates our pro rata share of cash NOI for the period. There were no dispositions during the second quarter of 2026.

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Net Lease Office Properties

Second Quarter 2026

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, 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 because they are not the primary drivers in our decision-making process and excluding these items provides investors with a view of our portfolio performance over time and makes it more comparable to other REITs. AFFO also reflects adjustments for jointly owned investments. We use AFFO as one measure of our operating performance when we formulate corporate goals and evaluate the effectiveness of our strategies.

We believe that AFFO is a useful supplemental measure for investors to consider because we believe it will help them 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 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, alternatives to net cash provided by operating activities computed under GAAP, or 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.

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Net Lease Office Properties

Second Quarter 2026

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. 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.

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