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United States securities and exchange commission logo





                             December 11, 2022

       Jason Fox
       Chief Executive Officer
       Net Lease Office Properties
       One Manhattan West, 395 9th Avenue, 58th Floor
       New York, New York 10001

                                                        Re: Net Lease Office
Properties
                                                            Draft Registration
Statement on Form 10
                                                            CIK No. 0001952976

       Dear Jason Fox:

              We have reviewed your draft registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. If you do not believe our comments apply to your facts and
circumstances or do not
       believe an amendment is appropriate, please tell us why in your
response.

             After reviewing the information you provide in response to these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Draft Registration Statement on Form 10 - Exhibit 99.1

       Summary, page 1

   1.                                                   Please revise page 2
and where appropriate to clarify how you define the term
                                                        "unencumbered," as
compared to unleveraged.
       The Separation and the Distribution
       Separation and Distribution Agreement, page 50

   2.                                                   We note your disclosure
that the Separation and Distribution Agreement identifies the
                                                        assets to be
transferred, the liabilities to be assumed and the contracts to be assigned to
                                                        each of you and WPC as
part of the Separation. Please expand your disclosure to identify
                                                        and quantify the
material liabilities and obligations to be allocated pursuant to
                                                        your Separation and
Distribution Agreement and related agreements. In addition, please
 Jason Fox
FirstName LastNameJason
Net Lease Office Properties Fox
Comapany11,
December  NameNet
              2022 Lease Office Properties
December
Page 2    11, 2022 Page 2
FirstName LastName
         revise to briefly describe these liabilities and obligations in the
summary.
3.       We note your disclosure on page 52 that the Separation and
Distribution Agreement will
         contain provisions that govern your and WPC   s responsibility for
costs and expenses
         incurred prior to the Distribution Date in connection with the
Separation and the
         Distribution. Please quantify the anticipated costs in connection with
the spin-off and
         describe how these costs will be allocated. Please also revise your
summary disclosure to
         briefly describe these arrangements.
Tax Matters Agreement, page 54

4.       Please expand your disclosure here or elsewhere in the filing to
discuss the material terms
         of the tax matters agreement.
Management's Discussion and Analysis, page 69

5.       We note the statement on page 75 regarding the positive impact on rent
collections as
         "businesses recovered from the effects of the COVID-19 pandemic."
However, you do
         not clarify whether or how the COVID-19 pandemic has materially
impacted the results of
         operations. We also note the discussion on page 24 of potential
impacts of
         increasing remote work practices on your results of operations. Please
revise
         Management's Discussion and Analysis to describe known material trends
or uncertainties
         that have had, or that you reasonably expect will have, a material
favorable or unfavorable
         impact on revenue or results of operations. Additionally, we note the
statement in the
         letter to stockholders that the spinoff is expected to allow NLO to
"better assess the
         distinctive merits, performance and future prospects" of the office
properties business as
         compared to the business of WPC. What are the merits, performance
measures and future
         prospects of the office properties business? In addition to the
COVID-19 pandemic and
         remote work trends, it is unclear to what extent increased interest
rates have had or you
         reasonably expect will have a material impact on your results of
operations. With a view
         to disclosure, advise us of the key performance indicators management
uses to manage the
         business. Please revise accordingly. Refer to Item 303(a) of
Regulation S-K and Release
         No. 33-8350.
6.       Please revise the portfolio table on page 71 to include annual changes
to ABR, number of
         properties, total square footage and other material metrics, or advise
us why you believe
         the disclosure is not material.
Liquidity and Capital Resources, page 75

7.       We note that you expect to enter into the NLO Credit Facility and it
appears that you will
         disclose the amount to be available under this facility. Please advise
us if the terms of the
         revolving credit facility will be finalized and disclosed prior to the
Distribution. As
         examples of terms to be disclosed, please clarify amounts available,
related interest rates,
         maturity dates, collateral requirements (if any), and any other
material terms. Also,
         discuss the extent to which financial covenants may restrict your
ability to incur additional
 Jason Fox
Net Lease Office Properties
December 11, 2022
Page 3
      debt to finance uses in the next 12 months, if applicable.
Financial Statements Net Least Office Properties Predecessor
Note 13. Subsequent Events, page F-26

8.    Please tell us whether the eight properties acquired by the Net Lease
Office Properties
      Predecessor are significant to the Predecessor in accordance with Rule
3-14 of Regulation
      S-X and provide the related financial statements if applicable. In your
response please tell
      us the investment in each property used to calculate significance.
General

9.    We note your disclosure on page 37 that the terms of your key agreements
and the
      agreements related to your separation from WPC, including the separation
and advisory
      agreements, may not reflect terms that would have resulted from arm   s
length negotiations
      among unaffiliated third parties. Please revise the background, Certain
Relationships or
      where appropriate to explain how it was decided to explore the separation
of the office
      assets business into a newly created and separately traded public
company. Include
      disclosures related to how the material terms of the spin-off were
determined, including,
      but not limited to the ancillary agreements, and the amounts under the
NLO Credit
      Facility that are expected to be distributed to WPC in accordance with
the Separation and
      Distribution Agreement.
10.   We note multiple sections of your disclosure regarding your management
including the
      terms of your advisory agreements, asset management fees, management and
principal
      shareholder disclosure is yet to be provided. We may have further comment
following the
      review of such disclosure.
11.   Please disclose where appropriate when you will elect to be treated as a
REIT.
       You may contact Jeffrey Lewis at 202-551-6216 or Robert Telewicz at
202-551-3438 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Ruairi Regan at 202-551-3269 or James Lopez at 202-551-3536 with any
other
questions.



                                                            Sincerely,
FirstName LastNameJason Fox
                                                            Division of
Corporation Finance
Comapany NameNet Lease Office Properties
                                                            Office of Real
Estate & Construction
December 11, 2022 Page 3
cc:       Darren Guttenberg
FirstName LastName
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