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Stock-Based Compensation and Equity | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Stock-Based Compensation and Equity | Stock-Based Compensation and Equity Stock-Based Compensation We maintain a stock-based compensation plan, which is more fully described in the 2024 Annual Report. The total compensation expense for awards issued under this plan was less than $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, which was included in General and administrative expenses in the consolidated financial statements. There were no stock-based compensation awards outstanding as of June 30, 2025 and December 31, 2024.
Equity Common Shares During the fourth quarter of 2023, our Board of Trustees declared a dividend of $0.34 per share, which was paid on January 29, 2024 to shareholders of record as of December 18, 2023. Shareholders had the option to elect to receive their dividend in the form of cash or additional NLOP shares, with the aggregate amount of cash distributed by NLOP limited to a maximum of 20% of the total dividend. The total number of shares issued in the share dividend was 164,199 shares. Cash paid in connection with the share dividend totaled $1.1 million, which includes cash paid in lieu of fractional shares. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net (loss) income — basic and diluted | $ | (81,540) |  |  | $ | 12,451 |  |  | $ | (81,048) |  |  | $ | (15,391) |
Weighted-average shares outstanding – basic | 14,814,075 |  |  | 14,785,118 |  |  | 14,814,075 |  |  | 14,785,118 |
Effect of dilutive securities | — |  |  | 22,842 |  |  | — |  |  | — |
Weighted-average shares outstanding – diluted | 14,814,075 |  |  | 14,807,960 |  |  | 14,814,075 |  |  | 14,785,118 |
For the three and six months ended June 30, 2025, there were no potentially dilutive securities. Therefore, basic net income per share equals diluted net income per share for the three and six months ended June 30, 2025. For the three months ended June 30, 2024, diluted earnings per share reflects potentially dilutive securities using the treasury stock method. For the six months ended June 30, 2024, we recognized net loss. Therefore, all potentially dilutive securities were antidilutive and accordingly, basic net loss per share equals diluted net loss per share for the six months ended June 30, 2024. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
|  |  | Three Months Ended June 30, 2025
|  |  | Foreign Currency Translation Adjustments |  | Total
Beginning balance |  |  | $ | (39,754) |  |  | $ | (39,754) |
Net current period other comprehensive loss |  |  | (569) |  |  | (569) |
Ending balance |  |  | $ | (40,323) |  |  | $ | (40,323) |
| Three Months Ended June 30, 2024
| Gains and (Losses) on Derivative Instruments |  | Foreign Currency Translation Adjustments |  | Total
Beginning balance | $ | (979) |  |  | $ | (36,639) |  |  | $ | (37,618) |
Other comprehensive loss before reclassifications | (133) |  |  | 4 |  |  | (129) |
Amounts reclassified from accumulated other comprehensive loss to: |  |  |  |  |
Other gains and (losses) | 539 |  |  | — |  |  | 539 |
Interest expense | 166 |  |  | — |  |  | 166 |
Total | 705 |  |  | — |  |  | 705 |
Net current period other comprehensive income | 572 |  |  | 4 |  |  | 576 |
Ending balance | $ | (407) |  |  | $ | (36,635) |  |  | $ | (37,042) |
|  |  | Six Months Ended June 30, 2025
|  |  | Foreign Currency Translation Adjustments |  | Total
Beginning balance |  |  | $ | (40,157) |  |  | $ | (40,157) |
Other comprehensive loss before reclassifications |  |  | (1,279) |  |  | (1,279) |
Amounts reclassified from accumulated other comprehensive loss to: |  |  |  |  |
(Loss) gain on sale of real estate, net (Note 12) |  |  | 1,113 |  |  | 1,113 |
Total |  |  | 1,113 |  |  | 1,113 |
Net current period other comprehensive loss |  |  | (166) |  |  | (166) |
Ending balance |  |  | $ | (40,323) |  |  | $ | (40,323) |
| Six Months Ended June 30, 2024
| Gains and (Losses) on Derivative Instruments |  | Foreign Currency Translation Adjustments |  | Total
Beginning balance | $ | (1,191) |  |  | $ | (34,409) |  |  | $ | (35,600) |
Other comprehensive loss before reclassifications | (136) |  |  | (2,226) |  |  | (2,362) |
Amounts reclassified from accumulated other comprehensive loss to: |  |  |  |  |
Other gains and (losses) | 539 |  |  | — |  |  | 539 |
Interest expense | 381 |  |  | — |  |  | 381 |
Total | 920 |  |  | — |  |  | 920 |
Net current period other comprehensive loss | 784 |  |  | (2,226) |  |  | (1,442) |
Ending balance | $ | (407) |  |  | $ | (36,635) |  |  | $ | (37,042) |
See Note 7 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.

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