Professional
Added to YB: 2024-10-30
Pitch date: 2024-10-28
NLOP [bullish]
Net Lease Office Properties
-10.73%
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 owns commercial real estate properties. The company was incorporated in 2022 and is based in New York, New York.
Market Cap
$421.0M
Pitch Price
$30.37
Price Target
N/A
Dividend
1.20%
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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