Professional
Added to YB: 2024-10-30
Pitch date: 2024-10-28
NLOP [bullish]
Net Lease Office Properties
+26.07%
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 is a publicly traded real estate investment trust that owns a portfolio of high-quality, single-tenant properties located in the U.
Market Cap
$174.5M
Pitch Price
$9.75
Price Target
N/A
Dividend
57.30%
EV/EBITDA
1.22
P/E
-1.20
EV/Sales
0.76
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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