Net Lease Office Properties

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(RULE 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No. )

Notice of Annual Meeting of Shareholders

April 17, 2025

Date and Time

Monday, June 16, 2025

10:00 a.m. Eastern Time

Location

Virtual*

Items of Business

n Elect Two Class I Trustees for a two-year term;

n Ratify the appointment of PricewaterhouseCoopers LLP as Independent Registered Public Accounting Firm for 2025; and

n Transact such other business as may properly come before the meeting and any adjournment or postponement thereof.

Only shareholders who owned shares at the close of business on April 14, 2025 are entitled to vote at the meeting. Net Lease Office Properties ("NLOP" or the "Company") is furnishing the proxy materials for the Annual Meeting electronically using the Internet through the mailing to our shareholders of a Notice of Internet Availability of Proxy Materials, or the Notice and Access Card. The Company first made available the attached Proxy Statement, proxy card and its Annual Report on Form 10-K for the year ended December 31, 2024 ("Annual Report") to shareholders on or about April 23, 2025.

By Order of the Board of Trustees

Susan C. Hyde

Chief Administrative Officer and Corporate Secretary

Net Lease Office Properties

395 9th Avenue, 58th Floor

New York, NY 10001

• The format of our 2025 Annual Meeting of Shareholders will be virtual-only. We are committed to ensuring that shareholders will be afforded the same rights and opportunities to participate as they would at an in-person meeting. To attend, participate in and/or vote at the virtual Annual Meeting at www.virtualshareholdermeeting.com/NLOP2025, shareholders must enter the 16-digit control number found on their proxy card or voting instruction form or notice.

Whether or not you attend, it is important that your shares be represented and voted at the Annual Meeting.

You may vote your shares by using the telephone or through the Internet, as described on the proxy card or voting instruction form or notice. You may also vote your shares by marking your votes on the proxy card or voting instruction form or notice, signing and dating it and mailing it in the business reply envelope provided. If you attend the virtual Annual Meeting, you may withdraw your previously submitted proxy card or voting instruction form or notice and vote virtually.

Additional questions are answered in the Users' Guide on page 26.

This Proxy Statement and the Annual Report to Shareholders are available at www.proxyvote.com.

Table of Contents

We make references herein to various websites, including our website located at www.nloproperties.com, however, the information located on, or accessible from, any website (including our website) is not, and should not be deemed to be, part of this proxy statement or incorporated into any other filing that we submit to the Securities and Exchange Commission.