Net Lease Office Properties (NLOP) emerged from W. P. Carey Inc. in November 2023 with a focus on single-tenant net-leased office properties largely in the U.S. Since inception, it has significantly reduced its property count from 59 to 24 by shedding international holdings and non-core assets, concentrating on domestic office investments. This repositioning coincides with challenging office market dynamics and tenant concentration risks, particularly with KBR representing nearly a third of lease revenues in 2025. Despite declining revenues and continued net losses, NLOP sustains positive operating cash flow and substantial liquidity, supported by proactive debt reduction and a sizeable special cash distribution to shareholders in early 2026.