Net Lease Office Properties · NYSE:NLOP
Net Lease Office Properties — Investor Presentation (November 2025)
8 slides from Net Lease Office Properties's investor presentation, Nov 7, 2025
Slide 1: NLOP Investor Presentation
November 2025 NLOP Investor Presentation Exhibit 99.2
Slide 2: NLOP Overview
2 NLOP Overview • Net Lease Office Properties (NYSE: NLOP) is a publicly-traded real estate investment trust (REIT) focused on realizing value through the strategic asset management and disposition of its portfolio over time • NLOP is externally managed by W. P. Carey, an advisor with significant ex
Slide 3: NLOP Price Performance: Continued Execution of Stated Plan
3 0.0% 180.3% Nov-23 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 NLOP Price Performance Continued Execution of Stated Plan Jan. 2024 Sales of four properties totaling $43 million announced. May 2024 Sales of three properties totaling $132 million announced. Jun. 2024 Sales of two properties totaling $
Slide 4: NLOP Business Plan Progression
4 NLOP Business Plan Progression # of Properties 59 32 Total Square Footage 9 MM 5 MM Number of Tenants 62 36 ABR ($MM) $145 $73 WALT (1) 5.7 years 4.3 years Geography (US / Europe) (1) 89% / 11% 100% / -- % JPM Senior Loan $335 MM $ -- JPM Mezzanine Loan $120 MM $ -- Existing Mortgage Debt $168 MM
Slide 5: Leasing Activity
5 Leasing Activity Tenant / Lease Guarantor Property Location Square Footage Prior ABR New ABR (1) Rent Recapture Expected TIs LCs Incremental Term BCBSM (2 properties) Eagan, MN 347,472 $5,041 $4,663 92.5% $1,624 $ -- 10.0 years Nokia Krakow, Poland 53,400 1,096 829 75.6% 995 -- 5.0 years Merative
Slide 6: Asset Sale Summary
6 Asset Sale Summary Tenant / Lease Guarantor Primary Tenant Industry Property Location ABR (1) Gross Sales Proceeds Square Footage Closing Date 1 Raytheon Aerospace & Defense Tucson, AZ $1,978 $24,575 143,650 Dec-23 2 Carhartt Apparel, Accessories & Luxury Dearborn, MI 748 9,806 58,722 Dec-23 3 BCB
Slide 7: Remaining Portfolio
7 Remaining Portfolio Tenant / Lease Guarantor Primary Tenant Industry Property Location ABR Square Footage (1) 1 KBR (2)(3) Construction & Engineering Houston, TX $21,288 1,064,788 2 JPMorgan Diversified Banks Fort Worth, TX 4,850 386,154 3 Thermo Fisher Scientific Pharmaceuticals Morrisville, NC 4
Slide 8: Dollars in thousands. Pro rata. As of September 30, 2025. Square Footage 17 Master
8 Dollars in thousands. Pro rata. As of September 30, 2025. Tenant / Lease Guarantor Primary Tenant Industry Property Location ABR Square Footage 17 Master Lock (3)(4) Building Products Oak Creek, WI 1,466 120,883 18 Securitas Electronic (1)(2) Electronic Equipment & Instruments Plymouth, MN 1,218 1
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