Net Lease Office Properties
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
NLOP$9.28+2.9%Stored close · as of Nov 6, 2026
Contents
Item 1. Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share amounts)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Investments in real estate: | ||
| Land, buildings and improvements | $1,139,227 | $1,203,991 |
| Net investments in finance leases | — | 10,522 |
| In-place lease intangible assets and other | 345,665 | 357,788 |
| Above-market rent intangible assets | 57,483 | 57,954 |
| Investments in real estate | 1,542,375 | 1,630,255 |
| Accumulated depreciation and amortization | (457,349) | (458,430) |
| Net investments in real estate | 1,085,026 | 1,171,825 |
| Restricted cash | 48,593 | 51,560 |
| Cash and cash equivalents | 39,753 | 16,269 |
| Other assets, net | 58,427 | 65,435 |
| Total assets | $1,231,799 | $1,305,089 |
| Liabilities and Equity | ||
| Debt: | ||
| NLOP Mortgage Loan, net | $259,807 | $266,844 |
| NLOP Mezzanine Loan, net | 108,038 | 106,299 |
| Non-recourse mortgages, net | 147,328 | 168,836 |
| Debt, net | 515,173 | 541,979 |
| Accounts payable, accrued expenses and other liabilities | 52,471 | 59,527 |
| Below-market rent intangible liabilities, net | 9,202 | 10,643 |
| Deferred income taxes | 3,346 | 10,450 |
| Dividends payable | — | 1,060 |
| Total liabilities | 580,192 | 623,659 |
| Commitments and contingencies (Note 10) | ||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued | — | — |
| Common stock, $0.001 par value, 45,000,000 shares authorized; 14,785,118 and 14,620,919 shares, respectively, issued and outstanding | 15 | 15 |
| Additional paid-in capital | 855,641 | 855,554 |
| Distributions in excess of accumulated earnings | (170,813) | (142,960) |
| Accumulated other comprehensive loss | (37,618) | (35,600) |
| Total shareholders’ equity | 647,225 | 677,009 |
| Noncontrolling interests | 4,382 | 4,421 |
| Total equity | 651,607 | 681,430 |
| Total liabilities and equity | $1,231,799 | $1,305,089 |
Net Lease Office Properties 3/31/2024 10-Q –3
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.