Net Lease Office Properties

This summary highlights information contained in this Proxy Statement. The summary does not contain all of the information you should consider and you should read the entire Proxy Statement carefully before voting.

Ways to Vote

InternetVisit www.proxyvote.com. You will need the 16-digit number included on your proxy card, voter instruction form or notice.

PhoneCall 1-800-690-6903 or the number on your voter instruction form. You will need the 16-digit number included on your proxy card, voter instruction form or notice.

Mail Send your completed and signed proxy card or voter instruction form to the address on your proxy card, voter instruction form or notice.

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Voting Matters and Board Recommendations

Background

On November 1, 2023, W. P. Carey Inc. (“WPC” or our “Advisor”) spun off a portfolio of 59 office assets into a separately publicly-traded company (the “Spin-Off”). To complete this Spin-Off, WPC formed NLOP on October 21, 2022. On November 1, 2023, WPC completed the Spin-Off. The Spin-Off was accomplished via a pro rata dividend of 1 NLOP common share for every 15 shares of WPC common stock outstanding.

Following the Spin-Off, we became a separate, publicly traded company. Our common shares are listed on the New York Stock Exchange (the "NYSE") under the ticker symbol “NLOP.” We are externally managed by our Advisor.

We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2020, and, as such, are allowed to provide more limited information in this proxy statement than an issuer that is not an emerging growth company.

Our business plan is to focus on realizing value for our shareholders primarily through strategic asset management and dispositions of our property portfolio over time.

2025 Proxy Statement 1

Proxy Summary

Governance Highlights

Critical components of our governance profile include:

Trustee Nominee Snapshot

The nominees for our Board of Trustees (the "Board") are comprised of two Class I Trustees who will be elected for a two-year term.

Board Nominee Diversity

Our Board brings a strong mix of real estate expertise, international insights, and public company board and management experience. We believe our trustee nominees have the skills and experience necessary to fulfill the Board's responsibilities for strategic oversight, succession planning, risk management and other fiduciary duties, as well as the knowledge and vision needed for the advancement of our business strategy and objectives.

2 2025 Proxy Statement