NLOP updates portfolio: 32 properties with $73M ABR, $525M dispositions, debt fully repaid

Net Lease Office Properties

Since spin-out in Nov 2023, sold 27 properties for $525M; fully repaid $455M debt and issued special cash distributions.
Remaining 32 properties with $72.6M ABR; key tenant KBR at Houston property ($21.3M ABR, 91.4% occupied).
Leasing activity: 13 deals with 91.9% rent recapture, 7.0-year weighted average term.
Master Lock lease terminated; received $13M termination fee in October 2025.
Three vacant properties (442K, 168K, 12K sq ft) remain in portfolio.

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