Professional
Added to YB: 2024-10-30
Pitch date: 2024-10-28
NLOP [bullish]
Net Lease Office Properties
+9.5%
current return
Author Info
Alluvial Capital is an investment manager with a focus on overlooked and obscure securities around the world. Sign up for the newsletter.
Company Info
Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust with a portfolio of 37 high-quality office properties, totaling approximately 5.
Market Cap
$497.9M
Pitch Price
$27.53
Price Target
N/A
Dividend
1.01%
Sector
Office REITs
Category
value
Alluvial Capital Management Portfolio Holding: Net Lease Office Properties
NLOP: Reduced term loan to $74M & mezzanine to $81M after $71.5M property sale. $300M debt reduction in <1yr. Few more sales to clear debt. Expect majority investment return 2025. EV $615M, NOI $94M (15.3% cap rate). $96/sqft vs. $130/sqft est. $45/share NAV post-debt.
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