NLOP · Net Lease Office Properties

This transaction was executed in multiple trades at prices ranging from $29.435 to $29.600. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

Includes 44.74 shares previously acquired under a dividend reinvestment program.

The dividend equivalents were converted into, and paid in the form of, shares of the issuer's common stock on a one-for-one basis in connection with the vesting of restricted stock units to which the dividend equivalents relate.

The dividend equivalents were converted into, and paid in the form of, shares of the issuer's common stock on a one-for-one basis in connection with the vesting of restricted stock units to which the dividend equivalents relate.

The dividend equivalents were converted into, and paid in the form of, shares of the issuer's common stock on a one-for-one basis in connection with the vesting of restricted stock units to which the dividend equivalents relate.

The dividend equivalents were converted into, and paid in the form of, shares of the issuer's common stock on a one-for-one basis in connection with the vesting of restricted stock units to which the dividend equivalents relate.

The dividend equivalents were converted into, and paid in the form of, shares of the issuer's common stock on a one-for-one basis in connection with the vesting of restricted stock units to which the dividend equivalents relate.

The dividend equivalents were converted into, and paid in the form of, shares of the issuer's common stock on a one-for-one basis in connection with the vesting of restricted stock units to which the dividend equivalents relate.

On December 8, 2023, the Issuer declared a dividend of $0.34 per share to all shareholders of record as of the close of business on December 18, 2023 (the "Share Dividend"). Shareholders could elect to receive their dividend in the form of cash or shares. The aggregate amount of cash to be distributed by the Issuer was limited to a maximum of 20% of the total dividend. This Reporting Person received 100% of their dividend in shares based on their election. The value of the shares to be distributed is based upon the volume weighted average trading prices of the Issuer's common shares on the New York Stock Exchange between January 18, 2024 and January 19, 2024 which was $23.82. The dividend is payable on January 29, 2024.

Represents dividend equivalent rights accrued in connection with the Share Dividend on restricted stock units issued on November 2, 2023. Each dividend equivalent is the economic equivalent of one share of NLOP.

Represents dividend equivalent rights accrued in connection with the Share Dividend on restricted stock units issued on November 2, 2023. Each dividend equivalent is the economic equivalent of one share of NLOP.

On December 8, 2023, the Issuer declared a dividend of $0.34 per share to all shareholders of record as of the close of business on December 18, 2023 (the "Share Dividend"). Shareholders could elect to receive their dividend in the form of cash or shares. The aggregate amount of cash to be distributed by the Issuer was limited to a maximum of 20% of the total dividend. This Reporting Person received 100% of their dividend in shares based on their election. The value of the shares to be distributed is based upon the volume weighted average trading prices of the Issuer's common shares on the New York Stock Exchange between January 18, 2024 and January 19, 2024 which was $23.82. The dividend is payable on January 29, 2024.

On December 8, 2023, the Issuer declared a dividend of $0.34 per share to all shareholders of record as of the close of business on December 18, 2023 (the "Share Dividend"). Shareholders could elect to receive their dividend in the form of cash or shares. The aggregate amount of cash to be distributed by the Issuer was limited to a maximum of 20% of the total dividend. This Reporting Person received 100% of their dividend in shares based on their election. The value of the shares to be distributed is based upon the volume weighted average trading prices of the Issuer's common shares on the New York Stock Exchange between January 18, 2024 and January 19, 2024 which was $23.82. The dividend is payable on January 29, 2024.

On December 8, 2023, the Issuer declared a dividend of $0.34 per share to all shareholders of record as of the close of business on December 18, 2023 (the "Share Dividend"). Shareholders could elect to receive their dividend in the form of cash or shares. The aggregate amount of cash to be distributed by the Issuer was limited to a maximum of 20% of the total dividend. This Reporting Person received 100% of their dividend in shares based on their election. The value of the shares to be distributed is based upon the volume weighted average trading prices of the Issuer's common shares on the New York Stock Exchange between January 18, 2024 and January 19, 2024 which was $23.82. The dividend is payable on January 29, 2024.

Includes 2 shares previously acquired under a dividend reinvestment program.

On December 8, 2023, the Issuer declared a dividend of $0.34 per share to all shareholders of record as of the close of business on December 18, 2023 (the "Share Dividend"). Shareholders could elect to receive their dividend in the form of cash or shares. The aggregate amount of cash to be distributed by the Issuer was limited to a maximum of 20% of the total dividend. This Reporting Person received 100% of their dividend in shares based on their election. The value of the shares to be distributed is based upon the volume weighted average trading prices of the Issuer's common shares on the New York Stock Exchange between January 18, 2024 and January 19, 2024 which was $23.82. The dividend is payable on January 29, 2024.

On December 8, 2023, the Issuer declared a dividend of $0.34 per share to all shareholders of record as of the close of business on December 18, 2023 (the "Share Dividend"). Shareholders could elect to receive their dividend in the form of cash or shares. The aggregate amount of cash to be distributed by the Issuer was limited to a maximum of 20% of the total dividend. This Reporting Person received 100% of their dividend in shares based on their election. The value of the shares to be distributed is based upon the volume weighted average trading prices of the Issuer's common shares on the New York Stock Exchange between January 18, 2024 and January 19, 2024 which was $23.82. The dividend is payable on January 29, 2024.

On December 8, 2023, the Issuer declared a dividend of $0.34 per share to all shareholders of record as of the close of business on December 18, 2023 (the "Share Dividend"). Shareholders could elect to receive their dividend in the form of cash or shares. The aggregate amount of cash to be distributed by the Issuer was limited to a maximum of 20% of the total dividend. This Reporting Person's dividend was subject to proration based on their election. The value of the shares to be distributed is based upon the volume weighted average trading prices of the Issuer's common shares on the New York Stock Exchange between January 18, 2024 and January 19, 2024 which was $23.82. The dividend is payable on January 29, 2024.

On December 8, 2023, the Issuer declared a dividend of $0.34 per share to all shareholders of record as of the close of business on December 18, 2023 (the "Share Dividend"). Shareholders could elect to receive their dividend in the form of cash or shares. The aggregate amount of cash to be distributed by the Issuer was limited to a maximum of 20% of the total dividend. This Reporting Person received 100% of their dividend in shares based on their election. The value of the shares to be distributed is based upon the volume weighted average trading prices of the Issuer's common shares on the New York Stock Exchange between January 18, 2024 and January 19, 2024 which was $23.82. The dividend is payable on January 29, 2024.

Represents dividend equivalent rights accrued in connection with the Share Dividend on restricted stock units issued on November 2, 2023. Each dividend equivalent is the economic equivalent of one share of NLOP.

Represents restricted stock units awarded to the Reporting Person pursuant to the Issuer's equity plan, which vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer through such date.

Represents restricted stock units awarded to the Reporting Person pursuant to the Issuer's equity plan, which vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer through such date.

Represents restricted stock units awarded to the Reporting Person pursuant to the Issuer's equity plan, which vest in full on the first anniversary of the grant date, subject to the Reporting Person's continued service with the Issuer through such date.

Represents common shares of beneficial interest of the Issuer withheld to cover the Reporting Person's tax withholding obligation.

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.

In connection with the Spin-Off and following the Issuance, on November 1, 2023, W. P. Carey distributed 100% of the outstanding Common Shares of the Issuer to the holders of record of W. P. Carey common stock as of the close of business on October 19, 2023, the record date for the Spin-Off.

In connection with the spin-off (the "Spin-Off") of the Issuer by W. P. Carey Inc. ("W. P. Carey"), on November 1, 2023, the Issuer issued (the "Issuance") to W. P. Carey, its sole shareholder, 14,620,919 common shares of beneficial interest, par value $0.001 per share, of the Issuer ("Common Shares").

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.

Represents common shares of beneficial interest of the Issuer withheld to cover the Reporting Person's tax withholding obligation.

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.

Represents common shares of beneficial interest of the Issuer received in connection with the pro rata distribution by W. P. Carey Inc. of all of the Issuer's common shares on November 1, 2023.