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Development of Business Net Lease Office Properties ( NLOP or the Company ) is a Maryland real estate investment trust that, together with our consolidated subsidiaries, owns a diversified portfolio of office properties that are primarily leased to corporate tenants on a single-tenant, net-lease basis. Our net leases generally specify a base rent with rent increases and require the tenant to pa…
The business is unprofitable at the operating level (-92.48% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 19.8% YoY. Margins deteriorated 61.6pp alongside, both lines moving the wrong way.
ROIC dropped from -3.51% to -15.63%, capital efficiency is deteriorating. Operating margin contracted 61.6pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$83M
▼ -19.8% YoY
Net Income (TTM)
-$121M
▼ -58.8% YoY
Op. Margin
-145.31%
▼ -61.6pp YoY
ROIC
-23.75%
▼ -12.1pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$58M
▼ -10.8% YoY
Net Debt
-$49M
Net Cash Position
Cash & Equiv.
$71M
3Y CAGR: -9.9%
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