Spin-off - Net Lease Office Properties

Form Type: DEF 14A

Filing Date: 2025-04-17

Corporate Action: Spin-off

Type: Update

Accession Number: 000195297625000015

Filing Summary: On April 17, 2025, Net Lease Office Properties (NLOP) will hold its Annual Meeting of Shareholders virtually. Key items on the agenda include the election of two Class I Trustees for a two-year term and the ratification of PricewaterhouseCoopers LLP as the Independent Registered Public Accounting Firm for 2025. Shareholders eligible to vote must own shares as of April 14, 2025. Following a significant corporate event, on November 1, 2023, W. P. Carey Inc. completed a spin-off of NLOP, in which shareholders were given one NLOP common share for every 15 shares of WPC stock held. NLOP's common shares are now traded on the NYSE under the symbol 'NLOP'. The newly established company aims to manage its asset portfolio effectively and is categorized as an emerging growth company, allowing it to provide limited information in the proxy statement. The company emphasizes governance, highlighting the independence of trustees, shareholder rights, and the absence of a shareholder rights plan. It also has provisions for shareholders to propose amendments to the bylaws and nominations for board members, consistent with standard corporate governance practices.