3 unchanged sentences
We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”) effective as of November 1, 2023.
−Removed: The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised of single-tenant office facilities that are critical to our tenants’ operations.
−Removed: As of December 31, 2024, our portfolio was comprised of 39 properties, net-leased to 43 corporate tenants operating in a variety of industries, generating annualized base rent (“ABR”) of approximately $88.1 million.
−Removed: As of December 31, 2024, almost all of our properties were located in the United States, except for two properties located in Europe.
+Added: The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which comprises single-tenant office facilities that are critical to our tenants’ operations.
+Added: As of December 31, 2025, our portfolio comprised 24 properties, net-leased to 26 corporate tenants operating in a variety of industries, generating annualized base rent (“ABR”) of approximately $54.1 million.
+Added: As of December 31, 2025, all of our properties were located in the United States.
+Added: In January and February 2026, we sold four properties, including a property leased to our largest tenant (based on ABR as of December 31, 2025) ( Note 17 ).
Pursuant to the terms of a separation and distribution agreement, W.
9 unchanged sentences
Our Advisor is generally responsible for all aspects of our operations including but not limited to formulating and evaluating the terms of each proposed disposition, arranging and executing the disposition of each asset, negotiating and monitoring the terms of our borrowings, preparing and filing our financial statements and required filings with the SEC, and other management services, under the supervision of our Board of Trustees (our “Board”).
−Removed: We anticipate using the proceeds of dispositions to pay down debt, pay distributions to our shareholders, and reinvest in our properties through capital expenditures, as needed.
+Added: We anticipate using the proceeds of dispositions to pay distributions to our shareholders, pay down debt, and reinvest in our properties through capital expenditures, as needed.
Financing Strategies
1 unchanged sentence
The NLOP Financing Arrangements were initially collateralized by the assignment of certain of our previously unencumbered real estate properties.
−Removed: Following the repayment of the NLOP Mortgage Loan during 2024 (as discussed below), only the NLOP Mezzanine Loan is collateralized by the assignment of such properties.
+Added: The NLOP Mortgage Loan was repaid during 2024 and the NLOP Mezzanine Loan was repaid during 2025 (as discussed below).
The funding of the NLOP Financing Arrangements occurred on November 1, 2023 (the date of the Spin-Off).
2 unchanged sentences
Net Lease Office Properties 2025 10-K – 3
−Removed: The NLOP Financing Arrangements are structured, in part, to provide us with the ability to engage in dispositions of assets as contemplated by our overall strategy.
+Added: The NLOP Financing Arrangements were structured, in part, to provide us with the ability to engage in dispositions of assets as contemplated by our overall strategy.
We fully repaid the NLOP Mortgage Loan during 2024, with proceeds from such dispositions, as well as cash flow from rent on our properties and other sources.
−Removed: We intend to pay down the NLOP Mezzanine Loan with proceeds from dispositions and cash flow from rent on our properties, in accordance with the terms of the NLOP Mezzanine Loan.
−Removed: At December 31, 2024, we had $61.1 million total principal outstanding on the NLOP Mezzanine Loan.
−Removed: As of December 31, 2024, six additional properties were encumbered by outstanding individual mortgages totaling approximately $111.3 million.
−Removed: We intend to repay or refinance these mortgages at maturity.
+Added: We fully repaid the NLOP Mezzanine Loan during 2025, using net proceeds from such dispositions, as well as excess cash flow from operations and other sources, including the application of loan reserves.
+Added: As of December 31, 2025, one additional property was encumbered by an outstanding individual mortgage of $21.9 million.
+Added: We intend to repay or refinance this mortgage at maturity.
We may also consider other options, including other forms of debt, additional mortgages, or leverage when available.
30 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.