Net Lease Office Properties's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Net Lease Office Properties (NLOP) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Net Lease Office Properties vs Its Competitors
- TTM: Trailing 12-month revenue of 76M vs 14,840M combined for tracked competitors (0.5% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-66.5% annualized vs trailing 12 months), vs accelerating (+3.1%) for its tracked peer group.
- Growth: Net Lease Office Properties generated -78.2% revenue growth year over year in Q2 2026, vs 9.0% for its tracked competitors combined.
- Profitability: Its -96.7% net margin compares with 35.7% for the peer group.
- Scale: Net Lease Office Properties ranks #151 of 189 companies by market capitalization in the Real Estate Investment Trusts industry, holding 0.0% of industry market cap.
- Peer revenue share: Net Lease Office Properties accounted for 0.2% of combined revenue among its tracked peer group, down from 0.8% a year earlier.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NLOP Sales vs. its Competitors, Q2 2026
Net Lease Office Properties reported revenue contraction of 78.21 % year on year in Q2 2026, below its competitors' combined revenue growth of 9.04 %.
With a net margin of -96.73 %, Net Lease Office Properties reported lower profitability than its competitors (35.69 %).
Net Lease Office Properties generated 0.17 % of the combined sales of its peer group, down from 0.82 % a year earlier.
Net Lease Office Properties vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Net Lease Office Properties and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Net Lease Office Properties | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Net Lease Office Properties's competitor groups requires a Commercial License.
For context: the Real Estate Investment Trusts industry grew revenue -0.8% year over year, combined, vs -78.2% for Net Lease Office Properties. Net Lease Office Properties's share of combined industry revenue moved from 0.04% to 0.01%, a loss of 0.03 percentage points.
Net Lease Office Properties's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Net Lease Office Properties | No | No | No | - |
| Competitors combined (6) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NLOP Stock Performance relative to its Competitors
NLOP Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Store Capital Llc | 282.9% | Outperformed |
| 2 | Nnn Reit Inc | 282.9% | Outperformed |
| 3 | W P Carey Inc | 282.9% | Outperformed |
| 4 | Realty Income Corporation | 282.9% | Outperformed |
| 5 | Essential Properties Realty Trust Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Net Lease Office Properties's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Net Lease Office Properties
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Net Lease Office Properties | 148.14 | 75.91 |
| Realty Income Corporation | 51,733.54 | 6,054.93 |
| Vici Properties Inc | 25,288.04 | 4,097.60 |
| W P Carey Inc | 14,955.30 | 1,791.42 |
| Nnn Reit Inc | 7,850.27 | 953.25 |
| Essential Properties Realty Trust Inc | 5,753.06 | 615.49 |
| SUBTOTAL | 105,728.35 | 14,916.02 |
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Sources: Net Lease Office Properties's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Net Lease Office Properties versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Net Lease Office Properties's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Net Lease Office Properties | 148 | - | - |
| Realty Income Corporation | 51,734 | 11,130,390 | 2,409,482 |
| Vici Properties Inc | 25,288 | 146,343,000 | 100,327,714 |
| W P Carey Inc | 14,955 | 9,002,126 | 3,306,241 |
| Nnn Reit Inc | 7,850 | 11,214,671 | 4,525,471 |
| Essential Properties Realty Trust Inc | 5,753 | 10,990,875 | 4,791,375 |
| PEERS TOTAL | 105,580 | 14,366,031 | 5,510,049 |
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Net Lease Office Properties's Position in Industry Market Structure
Market-capitalization share and concentration across all 182 companies in Net Lease Office Properties's industry classification, broader than the peer set above. Market cap in millions of $.Net Lease Office Properties ranks #151 of 182 companies by market capitalization in its industry, holding 0.01 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 416, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Welltower Inc | 169,188 | 11.85 % |
| 2 | Prologis Inc | 126,819 | 8.89 % |
| 3 | Equinix Inc | 100,233 | 7.02 % |
| 4 | American Tower Corporation | 78,333 | 5.49 % |
| 5 | Simon Property Group inc | 1,234 | 5.2% |
| 6 | Digital Realty Trust Inc | 1,234 | 5.2% |
| 7 | Realty Income Corporation | 1,234 | 5.2% |
| 8 | Public Storage | 1,234 | 5.2% |
| 9 | Ventas inc | 1,234 | 5.2% |
| 10 | Iron Mountain Inc | 1,234 | 5.2% |
| 151 | Net Lease Office Properties | 148 | 0.01 % |
Market cap and industry share for the rest of Net Lease Office Properties's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Net Lease Office Properties's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 146 | Strawberry Fields Reit Inc | 176 | 9.88 % |
| 147 | Seven Hills Realty Trust | 162 | -31.53 % |
| 148 | Site Centers Corp | 160 | -65.06 % |
| 149 | First Real Estate Investment Trust Of New Jersey Inc | 159 | - |
| 150 | Elme Communities | 1,234 | 12.3% |
| 151 | Net Lease Office Properties | 148 | -65.88 % |
| 152 | Orion Properties Inc | 1,234 | 12.3% |
| 153 | Braemar Hotels and Resorts Inc | 1,234 | 12.3% |
| 154 | Cherry Hill Mortgage Investment Corporation | 1,234 | 12.3% |
| 155 | Sunrise Realty Trust Inc | 1,234 | 12.3% |
| 156 | Leishen Energy Holding Co Ltd | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Net Lease Office Properties's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Net Lease Office Properties's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Real Estate Investment Trusts industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (194 companies). See the full Real Estate Investment Trusts industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 71.22 % (avg) | - |
| Operating Margin | - | industry median | - |
| EBITDA Margin | -46.01 % | 37.42 % (avg) | -83.4 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 23.97 % (avg) | -24.0 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Net Lease Office Properties's Valuation vs Competitive Position
Valuation multiples vs the Real Estate Investment Trusts industry average (194 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Real Estate Investment Trusts industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 33.2x | - |
| EV / EBITDA | - | 17.6x | - |
| P/B | 0.6x | 2.0x | -1.4x |
| Return on Equity | -16.86 % | industry aggregate | -22.81 % |
| Return on Invested Capital | - | 1.99 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Net Lease Office Properties's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | - | -18.70 % | -16.40 % |
| Operating Margin | - | -18.78 % | -73.61 % |
| Return on Invested Capital | - | -1.52 % | -7.98 % |
| P/E | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Net Lease Office Properties's BCG Growth-Share Matrix
Relative market share (vs Net Lease Office Properties's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Net Lease Office Properties falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 1.9% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Net Lease Office Properties's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 416 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 23.97 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Net Lease Office Properties's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Net Lease Office Properties's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Net Lease Office Properties's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Net Lease Office Properties falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Net Lease Office Properties's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Return on equity 22.8 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-66.5% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Net Lease Office Properties's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Net Lease Office Properties | 2.18 | 2.23 | 0.13 |
| Realty Income Corporation | 0.30 | 1.20 | 0.06 |
| Vici Properties Inc | 2.26 | 2.36 | 0.59 |
| W P Carey Inc | 0.31 | 0.78 | 1.05 |
| Nnn Reit Inc | 0.25 | 0.27 | 0.35 |
| Essential Properties Realty Trust Inc | 0.51 | 15.90 | 0.59 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Net Lease Office Properties's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Net Lease Office Properties | Q2 2026 | -78.2 % | - |
| Realty Income Corporation | Q2 2026 | +9.7 % | +86.2 % |
| Vici Properties Inc | Q2 2026 | +5.7 % | -39.1 % |
| W P Carey Inc | Q2 2026 | +7.0 % | +261.8 % |
| Nnn Reit Inc | Q2 2026 | +7.7 % | -2.6 % |
| Essential Properties Realty Trust Inc | Q2 2026 | +18.1 % | +17.2 % |
| PEERS TOTAL | +8.3 % | +9.7 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Net Lease Office Properties's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Net Lease Office Properties | Q2 2026 | - | - |
| Realty Income Corporation | Q2 2026 | +10.3 % | +85.4 % |
| Vici Properties Inc | Q2 2026 | +11.7 % | +24,334.5 % |
| W P Carey Inc | Q2 2026 | - | +96.1 % |
| Nnn Reit Inc | Q2 2026 | - | - |
| Essential Properties Realty Trust Inc | Q2 2026 | -27.8 % | - |
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Net Lease Office Properties's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Net Lease Office Properties | - | - | - |
| Realty Income Corporation | 1.78% | 1.77% | 3.23% |
| Vici Properties Inc | 5.96% | 5.90% | 9.81% |
| W P Carey Inc | 3.61% | 3.67% | 7.89% |
| Nnn Reit Inc | 4.06% | 4.66% | 8.70% |
| Essential Properties Realty Trust Inc | 3.82% | 3.84% | 6.35% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Net Lease Office Properties's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Net Lease Office Properties | - | 1.95 |
| Realty Income Corporation | 40.11 | 8.54 |
| Vici Properties Inc | 8.99 | 6.17 |
| W P Carey Inc | 22.49 | 8.35 |
| Nnn Reit Inc | 20.29 | 8.24 |
| Essential Properties Realty Trust Inc | 20.47 | 9.35 |
| PEERS AVERAGE | 18.72 | 7.09 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.