3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Net Lease Office Properties's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 0.58%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Net Lease Office Properties's 3-Year ROIIC % or its related term are showing as below:
NLOP's 3-Year ROIIC % is ranked worse than 67.63% of 692
companies
in the REITs industry
Industry Median: 3.555
vs NLOP: 0.58
Net Lease Office Properties (NYSE:NLOP) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Net Lease Office Properties 3-Year ROIIC % Related Terms
Net Lease Office Properties 3-Year ROIIC % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the REIT - Office subindustry, Net Lease Office Properties's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Net Lease Office Properties 3-Year ROIIC % vs REITs Industry
For the REITs industry and Real Estate sector, Net Lease Office Properties's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Net Lease Office Properties's 3-Year ROIIC % falls into.
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 35.312 (Dec. 2025) - 41.8219811 (Dec. 2022) )
/
( 330.739 (Dec. 2025) - 1456.203 (Dec. 2022) )
=
-6.5099811
/
-1125.464
=
0.58%***
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Net Lease Office Properties (NLOP) has a 3-Year ROIIC % of 0.58 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Net Lease Office Properties and its competitors. This is near median its historical median of 0.58. According to the industry distribution chart, Net Lease Office Properties ranks #468 out of 692 companies in the REITs industry, placing it in the top 67.6%.
Is Net Lease Office Properties' 3-Year ROIIC % too high?
Net Lease Office Properties' current 3-Year ROIIC % of 0.58 is near median its 10-year median of 0.58. The REITs industry median 3-Year ROIIC % is 3.56. Net Lease Office Properties' value of 0.58 is 83.7% below this industry median. Based on the distribution chart, Net Lease Office Properties ranks #468 out of 692 companies in the REITs industry, which is below the industry midpoint. Overall, Net Lease Office Properties has a GF Score™ of 42/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Net Lease Office Properties' 3-Year ROIIC % compare to ONL and FSP?
According to the REITs industry distribution chart, Net Lease Office Properties ranks #468 out of 692 companies for 3-Year ROIIC %. This places Net Lease Office Properties in the lower half of its industry. The industry median 3-Year ROIIC % is 3.56. Net Lease Office Properties' value of 0.58 is 83.7% below this benchmark. While the company's 10-year median is 0.58 vs. the industry median of 3.56, Net Lease Office Properties has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a REITs company?
The median 3-Year ROIIC % among REITs companies is 3.56, based on 692 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Net Lease Office Properties's current 3-Year ROIIC % of 0.58 is 83.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Net Lease Office Properties and its competitors. For the REITs industry, the median 3-Year ROIIC % is 3.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Net Lease Office Properties's current 3-Year ROIIC % is 0.58, which is near median its own 10-year median of 0.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Net Lease Office Properties stock overvalued right now?
Based on GuruFocus' analysis, Net Lease Office Properties (NLOP) is currently considered Possible Value Trap. The stock's GF Value™ is $16.60, compared to a current price of $11.20 — trading 32.5% below its estimated fair value. The current 3-Year ROIIC % is 0.58, which is near median its 10-year median of 0.58 and 83.7% below the REITs industry median of 3.56. Net Lease Office Properties' overall GF Score™ is 42/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Net Lease Office Properties (NLOP), the current 3-Year ROIIC % is 0.58 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Net Lease Office Properties (NLOP) Overvalued in 2026?
Based on GuruFocus' analysis, Net Lease Office Properties stock appears to be undervalued.
The current stock price of $11.20 is trading 32.5% below its estimated GF Value™ of $16.60.
GuruFocus considers Net Lease Office Properties to be Possible Value Trap.
Key valuation signals for NLOP:
3-Year ROIIC %: 0.58 (near median its 10-year median of 0.58)
GF Value™: $16.60 vs. price of $11.20 (32.5% below fair value)
Industry Position: 83.7% below the REITs median (#468 of 692)
No single metric tells the full story. See the NLOP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Net Lease Office Properties is a Maryland real estate investment trust that, together with its consolidated subsidiaries, owns, operates, and finances a diversified portfolio of office properties mainly leased to corporate tenants on a single-tenant, net-lease basis. The company operates as a single operating and reportable segment focused on owning and managing office properties that generate revenue mainly from long-term lease agreements with tenants.
42GF Score
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