<SEC-DOCUMENT>0001870300-26-000002.txt : 20260109
<SEC-HEADER>0001870300-26-000002.hdr.sgml : 20260109
<ACCEPTANCE-DATETIME>20260109103117
ACCESSION NUMBER:		0001870300-26-000002
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260109
DATE AS OF CHANGE:		20260109

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Net Lease Office Properties
		CENTRAL INDEX KEY:			0001952976
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				920887849
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94251
		FILM NUMBER:		26521675

	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:		(844) 656-7348

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Asset Value Investors Ltd
		CENTRAL INDEX KEY:			0001870300
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D

	BUSINESS ADDRESS:	
		STREET 1:		2 CAVENDISH SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1G 0PU
		BUSINESS PHONE:		02076594807

	MAIL ADDRESS:	
		STREET 1:		2 CAVENDISH SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1G 0PU
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13D</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001870300</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <dateOfEvent>01/08/2026</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001952976</issuerCIK>
        <issuerCUSIP>64110Y108</issuerCUSIP>
        <issuerName>Net Lease Office Properties</issuerName>
        <address>
          <com:street1>C/O W. P. CAREY INC.</com:street1>
          <com:street2>ONE MANHATTAN WEST, 395 9TH AVE. 58 FL</com:street2>
          <com:city>NEW YORK</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10001</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Jake Crowhurst</personName>
          <personPhoneNum>442076594807</personPhoneNum>
          <personAddress>
            <com:street1>Asset Value Investors Ltd</com:street1>
            <com:street2>2 Cavendish Square</com:street2>
            <com:city>London</com:city>
            <com:stateOrCountry>X0</com:stateOrCountry>
            <com:zipCode>W1G 0PU</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001870300</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Asset Value Investors Ltd</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X0</citizenshipOrOrganization>
        <soleVotingPower>710013.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>710013.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>710013.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>4.8</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock</securityTitle>
        <issuerName>Net Lease Office Properties</issuerName>
        <issuerPrincipalAddress>
          <com:street1>C/O W. P. CAREY INC.</com:street1>
          <com:street2>ONE MANHATTAN WEST, 395 9TH AVE. 58 FL</com:street2>
          <com:city>NEW YORK</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10001</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>Asset Value Investors Ltd</filingPersonName>
        <principalBusinessAddress>Asset Value Investors Ltd, 2 Cavendish Square, London, W1G 0PU</principalBusinessAddress>
        <principalJob>Investment Management firm, London, United Kingdom</principalJob>
        <hasBeenConvicted>NO</hasBeenConvicted>
        <convictionDescription>NO</convictionDescription>
        <citizenship>United Kingdom</citizenship>
      </item2>
      <item3>
        <fundsSource>Working Capital</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>a) The disposal of shares of the issuer</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Total shares held is 710,013 shares and represents 4.79% of the shares outstanding based on public data of total shares outstanding of: 14,785,014</percentageOfClassSecurities>
        <numberOfShares>Asset Value Investors has the sole power to direct the vote for all shares stated</numberOfShares>
        <transactionDesc>11/19/25 buy 5,800 shares at 29.438619, 1/8/26 sell 52,315 shares at 20.5065</transactionDesc>
        <listOfShareholders>n/a</listOfShareholders>
        <date5PercentOwnership>01/08/2026</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>n/a</contractDescription>
      </item6>
      <item7>
        <filedExhibits>n/a</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Asset Value Investors Ltd</signatureReportingPerson>
        <signatureDetails>
          <signature>Jake Crowhurst</signature>
          <title>Head of Operations</title>
          <date>01/09/2026</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
