Net Lease Office Properties Sells Two Office Buildings for $35.2M, Declares $3.30 Special Distribution

Net Lease Office Properties (NYSE: NLOP) has sold two single-tenant office properties in St. Petersburg, Florida and Farmington Hills, Michigan for combined gross proceeds of approximately $35.2 million, the company announced March 19, 2026. The dispositions coincide with the company's board declaring a special cash distribution of $3.30 per common share, totaling approximately $49 million, payable April 14, 2026 to shareholders of record as of March 30, 2026.

Two Office Properties Sold Across Florida and Michigan

The two-property portfolio spans 242,867 square feet and includes a 167,581-square-foot office building in St. Petersburg, Florida — formerly occupied by Bankers Financial — and a 75,286-square-foot property in Farmington Hills, Michigan leased to North American Lighting, an auto parts and equipment tenant.

The St. Petersburg asset, which was vacant at the time of sale, generated gross proceeds of $22.5 million, or approximately $134 per square foot. The Farmington Hills property sold for $12.7 million, or roughly $169 per square foot, and carried an annualized base rent of approximately $1.084 million at the time of closing. The St. Petersburg property had no annualized base rent, reflecting its vacant status.

No buyer was identified in the company's announcement, and no cap rate or financing details were disclosed.

Special Distribution Follows Portfolio Disposition

Net Lease Office Properties said its board declared the special cash distribution in connection with the asset sales. The $3.30 per share payout totals approximately $49 million — a figure that exceeds the $35.2 million in gross sale proceeds from the two properties.

NLOP is a publicly traded real estate investment trust that owns a portfolio of single-tenant office properties in the United States, net leased to corporate tenants across a range of industries. Under a net lease structure, tenants are typically responsible for property operating expenses including taxes and insurance.

About Net Lease Office Properties

Net Lease Office Properties (NYSE: NLOP) is a publicly traded REIT that owns a portfolio of single-tenant office properties located in the United States, net leased to corporate tenants operating across a variety of industries. Investors seeking additional information — including an investor presentation, its latest annual report on Form 10-K, and related filings — can visit the company's website at nloproperties.com. The company's investor relations contacts include institutional investors at 1-212-492-1140 and individual investors at 1-844-NLO REIT (656-7348).