The business behind the dividend
| Measure | NLOP | Median | Formula |
|---|---|---|---|
| Return on equity | -49.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -45.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | -121.9% | 14.3% | Operating income ÷ revenue |
| Net margin | -122.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.07x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -11.38x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -46.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Free cash flow, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | Median |
|---|---|---|---|---|---|---|
| Return on equity | -49.4% | -15.7% | -19.5% | 1.4% | 0.1% | -15.7% |
| Return on capital employed | -45.9% | -12.5% | -10.8% | 1.2% | — | -10.8% |
| Operating margin | -121.9% | -65.9% | -75.0% | 10.4% | 2.1% | -65.9% |
| Net margin | -122.2% | -64.3% | -75.3% | 10.1% | 1.0% | -64.3% |
| Debt to equity | 0.07x | 0.29x | 0.80x | 0.25x | — | 0.29x |
| Cash conversion | — | — | — | 5.34x | — | 5.34x |
How it compares in real estate
Among the 20 real estate companies here measured on operating cash flow, Net Lease Office Properties pays out less than 1 of them. The median for that group is 152.3%, against this company’s 284.2%.
Closest on operating cash flow
- Dynex Capital (DX) 204.1%
- Armour Residential REIT (ARR) 218.5%
- Ellington Credit (EARN) 243.8%
- AGNC Investment (AGNC) 245.2%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →