<SEC-DOCUMENT>0001104659-23-107529.txt : 20231006
<SEC-HEADER>0001104659-23-107529.hdr.sgml : 20231006
<ACCEPTANCE-DATETIME>20231006165008
ACCESSION NUMBER:		0001104659-23-107529
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20231006
FILED AS OF DATE:		20231006
DATE AS OF CHANGE:		20231006

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sanzone ToniAnn
		CENTRAL INDEX KEY:			0001646363

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41812
		FILM NUMBER:		231314729

	MAIL ADDRESS:	
		STREET 1:		C/O W. P. CAREY INC.
		STREET 2:		ONE MANHATTAN WEST, 395 9TH AVE., 58 FL
		CITY:			NEW YORK, NEW YORK
		STATE:			NY
		ZIP:			10001

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Net Lease Office Properties
		CENTRAL INDEX KEY:			0001952976
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				920887849
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		C/O W. P. CAREY INC.
		STREET 2:		ONE MANHATTAN WEST, 395 9TH AVE. 58 FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
		BUSINESS PHONE:		(212) 492-1140

	MAIL ADDRESS:	
		STREET 1:		C/O W. P. CAREY INC.
		STREET 2:		ONE MANHATTAN WEST, 395 9TH AVE. 58 FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
</SEC-HEADER>
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<TYPE>3
<SEQUENCE>1
<FILENAME>tm2327285-4_3seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2023-10-06</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001952976</issuerCik>
        <issuerName>Net Lease Office Properties</issuerName>
        <issuerTradingSymbol>NLOP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001646363</rptOwnerCik>
            <rptOwnerName>Sanzone ToniAnn</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NET LEASE OFFICE PROPERTIES</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MANHATTAN WEST, 395 9TH AVE, 58TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10001</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CHIEF FINANCIAL OFFICER</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>Exhibit List: Exhibit 24 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Sapna Sanagavarapu, Attorney-in-fact</signatureName>
        <signatureDate>2023-10-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>tm2327285d4_ex24.htm
<DESCRIPTION>EXHIBIT 24
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #131313"><B>Exhibit
24</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">POWER
OF ATTORNEY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">Know
all by these presents, that the undersigned hereby constitutes and appoints each of Sapna Sanagavarapu, Gena Panter, Susan Hyde, Robin
Gersten and Taylor Upchurch, signing singly, the undersigned's true and lawful attorney in fact to:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">(1)&nbsp;
prepare, execute in the undersigned's name and on the undersigned's behalf, and submit to the U.S. Securities and Exchange Commission
(the &quot;SEC&quot;) a Form ID, including amendments thereto, and any other documents necessary or appropriate to obtain codes and passwords
enabling the undersigned to make electronic filings with the SEC of reports required by Section 16(a) of the Securities Exchange Act of
1934 or any rule or regulation of the SEC;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">(2)&nbsp;
execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director of Net Lease Office Properties
(including its successor-in-interest, the &quot;Company&quot;), Forms 3, 4, and 5 in accordance with Section 16(a) of the Securities Exchange
Act of 1934 and the rules thereunder, and any other forms or reports the undersigned may be required to file in connection with the undersigned's
ownership, acquisition, or disposition of securities of the Company;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; color: #131313; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> (3) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4, or 5, or other form or report, and timely file such form or report with the United States Securities and Exchange Commission and any stock exchange or similar authority; and</P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">(4)&nbsp;
take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney in fact, may be of
benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such
attorney in fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and
conditions as such attorney in fact may approve in such attorney in fact's discretion.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">The
undersigned hereby grants to each such attorney in fact full power and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and
purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and
confirming all that such attorney in fact, or such attorney in fact's substitute or substitutes, shall lawfully do or cause to be done
by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys
in fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's
responsibilities to comply with Section 16 of the Securities Exchange Act of 1934.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">This
Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5 with respect
to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a
signed writing delivered to the foregoing attorneys in fact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #131313">IN WITNESS WHEREOF,
the undersigned has caused this Power of Attorney to be executed as of 18<SUP>th</SUP> day of September 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: #131313">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ ToniAnn Sanzone</TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313">Signature</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313">ToniAnn Sanzone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313">Print Name</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"></P>

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