Net Lease Office Properties (NLOP) Fair Value & Analysis
Real Estate · US · Market cap $172M
Net Lease Office Properties
NLOP · US
Fair value as of: Jul 27, 2026
From 13 valuation models · updated 14 days ago
Fair value updated Jul 27, 2026, revised from $27.78 to $28.35 (+2.1%) since Jun 26, 2026. Share price +5.0% over the past month.
A solid business, screening 145% undervalued on our models.
What matters now
- The price is below even our cautious bear case ($22.05). The market is more pessimistic than our downside scenario.
- Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 27, 2026.
How to read this chart
33‑month range $3.30 – $13.37 · fair‑value band $22.05 – $34.65 · the $11.57 price screens below the $28.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 27, 2026.
Analysis
Net Lease Office Properties (NLOP) currently trades at $11.57, while our model-based Fair Value estimate is $28.35, implying the stock looks roughly 145.0% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Trailing-twelve-month revenue stands at $86.5M. Revenue declined 70.9% year over year. It earns a return on equity of -31.7%. The balance sheet holds a net cash position of $97.4M. Fundamentals as of Jul 27, 2026
Our scenario range runs from $22.05 (bear case) to $34.65 (bull case); at $11.57, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -20% fair-value upside, at 145%, NLOP screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: Multiples ($59.04) versus Asset-Based ($13.29). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 54
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Net Lease Office Properties is a publicly traded real estate investment trust that owns a portfolio of high-quality, single-tenant properties located in the U.S. and net leased to corporate tenants operating across a variety of industries. Net Lease Office Properties is based in New York, United States.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Net Lease Office Properties reported revenue of $119M in FY2025 versus $148M in FY2021, a compound −5.3%/yr. Reported net income was −$145M in FY2025.
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Peer Group
REIT - Office · 75 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Office median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €6.46 | -58% |
| BXP, Inc BXP | $69.11 | $53.27 | -23% |
| Vornado Realty Trust VNORP | $51.75 | $41.59 | -20% |
| Alexandria Real Estate Equities, Inc ARE | $50.12 | $59.48 | +19% |
| Hudson Pacific Properties, Inc HPP | $15.38 | $4.60 | -70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.28 SGD | 1.14 SGD | -11% |
| Cousins Properties Incorporated CUZ | $32.15 | $17.62 | -45% |
| Kilroy Realty Corporation KRC | $39.42 | $40.37 | +2% |
| Keppel DC REIT AJBU | 2.20 SGD | 1.68 SGD | -24% |
| DEXUS DXS | A$5.64 | A$4.49 | -20% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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