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Stock-Based Compensation and Equity
 6 Months Ended
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,
 2025202420252024
Net (loss) income — basic and diluted$(81,540)$12,451 $(81,048)$(15,391)
Weighted-average shares outstanding – basic14,814,075 14,785,118 14,814,075 14,785,118 
Effect of dilutive securities— 22,842 — — 
Weighted-average shares outstanding – diluted14,814,075 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 AdjustmentsTotal
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 InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$(979)$(36,639)$(37,618)
Other comprehensive loss before reclassifications(133)4 (129)
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)539 — 539 
Interest expense166 — 166 
Total705 — 705 
Net current period other comprehensive income572 4 576 
Ending balance$(407)$(36,635)$(37,042)
Six Months Ended June 30, 2025
Foreign Currency Translation AdjustmentsTotal
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 
Total1,113 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 InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$(1,191)$(34,409)$(35,600)
Other comprehensive loss before reclassifications(136)(2,226)(2,362)
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)539 — 539 
Interest expense381 — 381 
Total920 — 920 
Net current period other comprehensive loss784 (2,226)(1,442)
Ending balance$(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.