$NLOP
Net Lease Office Properties

2024 Q2 Form 10-Q Financial Statement

#000195297624000034 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $39.03M $44.01M $42.66M
YoY Change -54.33% 3.15%
Cost Of Revenue $11.44M $10.26M
YoY Change -35.97%
Gross Profit $27.59M $33.75M
YoY Change -59.19%
Gross Profit Margin 70.69% 76.7%
Selling, General & Admin $1.880M $1.901M
YoY Change -71.51%
% of Gross Profit 6.81% 5.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.100M $7.100M $7.800M
YoY Change -83.27% -8.97%
% of Gross Profit 22.11% 21.04%
Operating Expenses $17.00M $19.89M
YoY Change -60.98%
Operating Profit $10.59M $13.87M
YoY Change -55.93%
Interest Expense -$27.80M $20.80M $7.822M
YoY Change 69.7% 165.92%
% of Operating Profit -262.57% 150.02%
Other Income/Expense, Net $10.26M -$37.40M -$7.810M
YoY Change 20832.65% 378.83%
Pretax Income $12.62M -$27.60M $4.198M
YoY Change 64.11% -757.38%
Income Tax $149.0K $224.0K $437.0K
% Of Pretax Income 1.18% 10.41%
Net Earnings $12.45M -$27.84M $3.743M
YoY Change 64.52% -843.84%
Net Earnings / Revenue 31.9% -63.27% 8.77%
Basic Earnings Per Share $0.84 -$1.88 $0.26
Diluted Earnings Per Share $0.84 -$1.88 $0.26
COMMON SHARES
Basic Shares Outstanding 14.79M shares 14.79M shares 14.62M shares
Diluted Shares Outstanding 14.81M shares 14.79M shares 14.62M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.08M $39.75M
YoY Change 555.96%
Cash & Equivalents $36.08M $39.75M $8.979M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $36.08M $39.75M
YoY Change 555.96%
LONG-TERM ASSETS
Property, Plant & Equipment $924.8M $1.085B
YoY Change -28.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.63M $48.59M
YoY Change
Total Long-Term Assets $1.009B $1.192B
YoY Change -28.75%
TOTAL ASSETS
Total Short-Term Assets $36.08M $39.75M
Total Long-Term Assets $1.009B $1.192B
Total Assets $1.045B $1.232B
YoY Change -26.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.81M $52.47M
YoY Change -16.72%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.81M $52.47M
YoY Change -16.72%
LONG-TERM LIABILITIES
Long-Term Debt $327.4M $515.2M
YoY Change 23.41%
Other Long-Term Liabilities $8.661M $9.202M
YoY Change -33.38%
Total Long-Term Liabilities $336.1M $524.4M
YoY Change 20.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.81M $52.47M
Total Long-Term Liabilities $336.1M $524.4M
Total Liabilities $380.0M $580.2M
YoY Change 11.05%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $15.00K $15.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $660.3M $647.2M
YoY Change
Total Liabilities & Shareholders Equity $1.045B $1.232B
YoY Change -26.49%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $12.45M -$27.84M $3.743M
YoY Change 64.52% -843.84%
Depreciation, Depletion And Amortization $6.100M $7.100M $7.800M
YoY Change -83.27% -8.97%
Cash From Operating Activities $14.69M $26.39M $20.46M
YoY Change -66.01% 29.0%
INVESTING ACTIVITIES
Capital Expenditures $1.646M $5.666M
YoY Change -35.2%
Acquisitions
YoY Change
Other Investing Activities $152.4M $32.42M
YoY Change
Cash From Investing Activities $150.8M $26.76M -$236.0K
YoY Change -6036.46% -11437.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $30.92M $5.134M
YoY Change 502.18%
Cash From Financing Activities -173.1M -$32.04M -$17.18M
YoY Change 328.04% 86.45%
NET CHANGE
Cash From Operating Activities 14.69M $26.39M $20.46M
Cash From Investing Activities 150.8M $26.76M -$236.0K
Cash From Financing Activities -173.1M -$32.04M -$17.18M
Net Change In Cash -7.665M $20.52M $2.981M
YoY Change -3432.61% 588.26%
FREE CASH FLOW
Cash From Operating Activities $14.69M $26.39M $20.46M
Capital Expenditures $1.646M $5.666M
Free Cash Flow $13.05M $20.73M
YoY Change -67.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q4 nlop Stockholders Equity Note Spinoff Transaction Stock Dividend Rate
StockholdersEquityNoteSpinoffTransactionStockDividendRate
0.0667
CY2024Q1 nlop Income From Direct Financing Leases And Loans Receivables
IncomeFromDirectFinancingLeasesAndLoansReceivables
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CY2023Q1 nlop Income From Direct Financing Leases And Loans Receivables
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CY2024Q1 nlop Other Lease Related Income
OtherLeaseRelatedIncome
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CY2023Q1 nlop Other Lease Related Income
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CY2024Q1 us-gaap Revenues
Revenues
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CY2023Q1 us-gaap Revenues
Revenues
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CY2024Q1 us-gaap Depreciation And Amortization
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CY2023Q1 us-gaap Depreciation And Amortization
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CY2024Q1 nlop Reimbursable Tenant Expense
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CY2023Q1 nlop Reimbursable Tenant Expense
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CY2024Q1 us-gaap Impairment Of Real Estate
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CY2023Q1 us-gaap Impairment Of Real Estate
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CY2024Q1 us-gaap Occupancy Net
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CY2023Q1 us-gaap Occupancy Net
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CY2024Q1 us-gaap General And Administrative Expense
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CY2023Q1 us-gaap General And Administrative Expense
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CY2024Q1 nlop Asset Management Fees
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CY2023Q1 nlop Asset Management Fees
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CY2024Q1 us-gaap Business Exit Costs1
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CY2023Q1 us-gaap Business Exit Costs1
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CY2024Q1 us-gaap Costs And Expenses
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CY2023Q1 us-gaap Costs And Expenses
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CY2024Q1 us-gaap Interest Expense
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CY2023Q1 us-gaap Interest Expense
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7822000 usd
CY2024Q1 us-gaap Gain Loss On Sale Of Properties
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CY2023Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
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CY2024Q1 us-gaap Other Nonoperating Gains Losses
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CY2023Q1 us-gaap Other Nonoperating Gains Losses
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12000 usd
CY2024Q1 us-gaap Nonoperating Income Expense
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CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7810000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-27597000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4198000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Profit Loss
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CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2024Q1 us-gaap Earnings Per Share Diluted
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-1.88
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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14785118 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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14620919 shares
CY2024Q1 us-gaap Profit Loss
ProfitLoss
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CY2023Q1 us-gaap Profit Loss
ProfitLoss
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CY2024Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2024Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Comprehensive Income Net Of Tax
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CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2024Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2024Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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212000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1109519000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
3761000 usd
CY2023Q1 nlop Adjustments To Parent Company Investment Transfers
AdjustmentsToParentCompanyInvestmentTransfers
-17375000 usd
CY2023Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
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CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2024Q1 us-gaap Profit Loss
ProfitLoss
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CY2023Q1 us-gaap Profit Loss
ProfitLoss
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CY2024Q1 nlop Depreciation And Amortization Including Intangible Assets And Deferred Financing Costs
DepreciationAndAmortizationIncludingIntangibleAssetsAndDeferredFinancingCosts
24388000 usd
CY2023Q1 nlop Depreciation And Amortization Including Intangible Assets And Deferred Financing Costs
DepreciationAndAmortizationIncludingIntangibleAssetsAndDeferredFinancingCosts
18171000 usd
CY2024Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-15776000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
0 usd
CY2024Q1 us-gaap Impairment Of Real Estate
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4065000 usd
CY2023Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2024Q1 nlop Amortization Of Rent Related Intangibles And Deferred Rental Revenue
AmortizationOfRentRelatedIntangiblesAndDeferredRentalRevenue
-3637000 usd
CY2023Q1 nlop Amortization Of Rent Related Intangibles And Deferred Rental Revenue
AmortizationOfRentRelatedIntangiblesAndDeferredRentalRevenue
976000 usd
CY2024Q1 nlop Realized Gain Loss On Foreign Currency Transactions And Other
RealizedGainLossOnForeignCurrencyTransactionsAndOther
-1342000 usd
CY2023Q1 nlop Realized Gain Loss On Foreign Currency Transactions And Other
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-238000 usd
CY2024Q1 us-gaap Straight Line Rent Adjustments
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777000 usd
CY2023Q1 us-gaap Straight Line Rent Adjustments
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CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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75000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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775000 usd
CY2024Q1 nlop Proceeds From Lease Payment Sales Type And Direct Financing Leases Operating Activity
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CY2023Q1 nlop Proceeds From Lease Payment Sales Type And Direct Financing Leases Operating Activity
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0 usd
CY2024Q1 us-gaap Increase Decrease In Other Operating Capital Net
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-1159000 usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
2361000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
26393000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20459000 usd
CY2024Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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32423000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 usd
CY2024Q1 nlop Payments To Acquire Real Estate Under Construction
PaymentsToAcquireRealEstateUnderConstruction
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CY2023Q1 nlop Payments To Acquire Real Estate Under Construction
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Repayments Of Long Term Debt
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CY2023Q1 us-gaap Repayments Of Long Term Debt
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CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1071000 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
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0 usd
CY2024Q1 us-gaap Payments Of Dividends Minority Interest
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60000 usd
CY2023Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
0 usd
CY2024Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
10000 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
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0 usd
CY2024Q1 nlop Proceeds From Payments For Net Transfers Related To Parent Company Investment
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0 usd
CY2023Q1 nlop Proceeds From Payments For Net Transfers Related To Parent Company Investment
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CY2024Q1 us-gaap Proceeds From Minority Shareholders
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CY2023Q1 us-gaap Proceeds From Minority Shareholders
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2840000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-32037000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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20517000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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2981000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
67829000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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5998000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88346000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8979000 usd
CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
Business and Organization<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the terms of a separation and distribution agreement, W. P. Carey Inc. (“WPC”) spun off a portfolio of 59 office assets into a separate publicly-traded company (the “Spin-Off”). To accomplish this Spin-Off, WPC formed a Maryland real estate investment trust, Net Lease Office Properties (“NLOP”), on October 21, 2022, to own the 59 office assets. Information with respect to number of properties and square footage is unaudited.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 1, 2023, WPC completed the Spin-Off, contributing 59 office properties to NLOP. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded real estate investment trust (“REIT”), and certain wholly-owned affiliates of WPC (our “Advisor”) externally manage NLOP pursuant to certain advisory agreements (the “NLOP Advisory Agreements”). The Spin-Off was accomplished via a pro rata dividend of 1 NLOP common share for every 15 shares of WPC common stock outstanding.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NLOP intends to qualify and elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, commencing with the Company’s taxable year ended December 31, 2023.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NLOP operates as one segment, and through its subsidiaries, owns, operates, and finances office buildings. As of March 31, 2024, NLOP’s portfolio was comprised of full or partial ownership interests in 53 properties, net leased to 55 corporate tenants, totaling approximately 8.6 million leasable square feet (including 0.6 million of operating square footage for a parking garage at a domestic property), with a weighted-average lease term of 5.7 years.</span></div>
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2024Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
53 property
CY2024Q1 nlop Number Of Tenants
NumberOfTenants
55 tenant
CY2024Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
8600000 acre
CY2023 us-gaap Variable Interest Entity Number Of Entities With Unavailability Of Information
VariableInterestEntityNumberOfEntitiesWithUnavailabilityOfInformation
1 vie
CY2024Q1 us-gaap Variable Interest Entity Number Of Entities With Unavailability Of Information
VariableInterestEntityNumberOfEntitiesWithUnavailabilityOfInformation
1 vie
CY2024Q1 us-gaap Other Income
OtherIncome
500000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
39753000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16269000 usd
CY2024Q1 us-gaap Restricted Cash
RestrictedCash
48593000 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
51560000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88346000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
67829000 usd
CY2024Q1 nlop Debt Covenant Cash Requirements
DebtCovenantCashRequirements
45300000 usd
CY2023Q4 nlop Debt Covenant Cash Requirements
DebtCovenantCashRequirements
48400000 usd
CY2024Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
2804000 usd
CY2024Q1 nlop Number Of Jointly Owned Investments
NumberOfJointlyOwnedInvestments
1 investment
CY2024Q1 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
206401000 usd
CY2023Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
213034000 usd
CY2024Q1 nlop Real Estate Investment Property Net Real Estate Leased
RealEstateInvestmentPropertyNetRealEstateLeased
932826000 usd
CY2023Q4 nlop Real Estate Investment Property Net Real Estate Leased
RealEstateInvestmentPropertyNetRealEstateLeased
990957000 usd
CY2024Q1 us-gaap Depreciation
Depreciation
7100000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
7800000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
800000 usd
CY2024Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
31362000 usd
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
33966000 usd
CY2024Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
6952000 usd
CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
7473000 usd
CY2024Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
38314000 usd
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
41439000 usd
CY2024Q1 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
4700000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10800000 usd
CY2023Q1 us-gaap Other Income
OtherIncome
400000 usd
CY2024Q1 us-gaap Sales Type Lease Lease Receivable
SalesTypeLeaseLeaseReceivable
0 usd
CY2023Q4 us-gaap Sales Type Lease Lease Receivable
SalesTypeLeaseLeaseReceivable
10614000 usd
CY2024Q1 nlop Sales Type Lease Net Investment In Lease Excluding Deferred Selling Profit
SalesTypeLeaseNetInvestmentInLeaseExcludingDeferredSellingProfit
0 usd
CY2023Q4 nlop Sales Type Lease Net Investment In Lease Excluding Deferred Selling Profit
SalesTypeLeaseNetInvestmentInLeaseExcludingDeferredSellingProfit
10614000 usd
CY2024Q1 nlop Sales Type Lease Deferred Selling Profit
SalesTypeLeaseDeferredSellingProfit
0 usd
CY2023Q4 nlop Sales Type Lease Deferred Selling Profit
SalesTypeLeaseDeferredSellingProfit
92000 usd
CY2024Q1 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
0 usd
CY2023Q4 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
10522000 usd
CY2024Q1 nlop Number Of Real Estate Properties Reclassified From Direct Financing Lease To Property Plant And Equipment
NumberOfRealEstatePropertiesReclassifiedFromDirectFinancingLeaseToPropertyPlantAndEquipment
4 property
CY2023Q1 us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
400000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
398926000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
250948000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
147978000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
411479000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
245396000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
166083000 usd
CY2024Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
25042000 usd
CY2024Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
15840000 usd
CY2024Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
9202000 usd
CY2023Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
26801000 usd
CY2023Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
16158000 usd
CY2023Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
10643000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
500000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11700000 usd
CY2024Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 usd
CY2023Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
428000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
433000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
212000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
0 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-215000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
0 usd
CY2024Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-2000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
0 usd
CY2024Q1 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
428000 usd
CY2024Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 usd
CY2024Q1 us-gaap Credit Derivative Maximum Exposure Undiscounted
CreditDerivativeMaximumExposureUndiscounted
400000 usd
CY2023Q3 nlop Debt Instrument Extension Term
DebtInstrumentExtensionTerm
P1Y
CY2024Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
343900000 usd
CY2023Q3 nlop Number Of Encumbered Property
NumberOfEncumberedProperty
40 property
CY2024Q1 nlop Number Of Encumbered Property
NumberOfEncumberedProperty
36 property
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
33905000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
383919000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7540000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
114336000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
539700000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
17193000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
7334000 usd
CY2024Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
515173000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
100000 usd
CY2023Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.34
CY2023Q4 us-gaap Stock Dividends Shares
StockDividendsShares
164199 shares
CY2023Q4 us-gaap Payments Of Dividends
PaymentsOfDividends
1100000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27842000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-27842000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3743000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3743000 usd
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14785118 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14785118 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14620919 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14620919 shares
CY2024Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
300000 usd
CY2023Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
800000 usd
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-100000 usd
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-400000 usd
CY2024Q1 us-gaap Revenues
Revenues
44007000 usd
CY2023Q1 us-gaap Revenues
Revenues
42664000 usd
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
1085026000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1171825000 usd

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