NLOP — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• •During the three months ended March 31, 2026, we sold six properties for total proceeds, net of selling costs, of $127.5 million (Note 12). These proceeds exclude a $20.0 million deposit received during the fourth of quarter of 2025 related to the disposition of a property in January 2026 located i…

• •In January 2026, our Board of Trustees declared a special cash distribution of $6.75 per share, totaling approximately $100.0 million. The distribution was paid on February 17, 2026 to shareholders of record as of January 30, 2026 (Note 10).

• •In March 2026, our Board of Trustees declared a special cash distribution of $3.30 per share, totaling approximately $49.0 million. The distribution was paid on April 14, 2026 to shareholders of record as of March 30, 2026 (Note 10).

• •Future special cash distributions will be at the discretion of our Board of Trustees and will depend upon, among other things, our actual and anticipated results of operations and liquidity, which will be affected by various factors, including the timely receipt of rental income from our portfolio;…

• Funds from operations attributable to NLOP (FFO)(5,394)12,093

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• •During the nine months ended September 30, 2025, we sold six properties for total proceeds, net of selling costs, of $71.3 million (Note 12).

• •In September 2025, we disposed of an international property by transferring ownership to a buyer, in satisfaction of the non-recourse mortgage loan encumbering the property for $45.7 million (Note 12).

• •In September 2025, we entered into a lease termination agreement with a tenant at a property located in Oak Creek, Wisconsin, to terminate the lease on October 31, 2025 (the previous lease expiration date was May 31, 2032). In connection with the agreement, the tenant was obligated to pay us a leas…

• •During the nine months ended September 30, 2025, we fully repaid the NLOP Mezzanine Loan, which had $61.1 million of outstanding principal as of December 31, 2024, using net proceeds from certain dispositions, as well as excess cash flow from operations and other sources, including the application …

• •During the nine months ended September 30, 2025, we prepaid three non-recourse mortgage loans totaling $24.5 million with a weighted-average interest rate of 5.8% (Note 8).

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Our debt obligations are more fully described in Note 8 and Liquidity and Capital Resources — Summary of Financing in Item 2 above. The following table presents principal cash flows based upon the expected maturity date of our debt obligation outstanding at March 31, 2026 (in thousands):

• •12% related to our tenant KBR (property sold in January 2026), 11% related to our tenant ICF (property sold in February 2026), 11% related to our tenant Omnicom, and 11% related to our tenant Iowa Board of Regents; and

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• At September 30, 2025, fixed-rate debt comprises 100% of our debt.

• Our debt obligations are more fully described in Note 8 and Liquidity and Capital Resources — Summary of Financing in Item 2 above. The following table presents principal cash flows based upon expected maturity dates of our debt obligations outstanding at September 30, 2025 (in thousands):

• We sold all of our international investments during the nine months ended September 30, 2025 (Note 2, Note 12).

• •27% related to our tenant KBR, Inc. and 13% related to our tenant JPMorgan Chase Bank, N.A.; and

• In addition, for the three months ended September 30, 2025, the KBR, Inc. property in Houston, Texas, generated Lease revenues of $6.9 million, Reimbursable tenant costs of $(2.1) million, and Property expenses, excluding reimbursable tenant costs of $(0.8) million. These amounts exclude the impact …