Profile
Sector:
Real EstateIndustry:
OfficeCountry:
United StatesIPO:
02 November 2023Website:
http://www.nloproperties.comNext earnings report:
06 March 2025Last dividends:
15 December 2023Next dividends:
N/APrice
after hours | 14 min agoAnalysts recommendations
Institutional Ownership
NLOP Latest News
Net Lease Office Properties, spun off from W. P. Carey, is undervalued despite a 61% YTD share price increase. NLOP's Q2'24 results showed strong revenue generation from 47 office properties, with significant tenants like JPMorgan & Chase and CVS Health. Asset sales have picked up in Q2, and the REIT achieved good prices. Near-term lease expirations, however, pose a risk.
NEW YORK , Aug. 8, 2024 /PRNewswire/ -- Net Lease Office Properties (NYSE: NLOP) today announced the sale of an office property leased to CVS Health Corporation ("CVS") for gross proceeds of $71.5 million. PrimaryTenant PrimaryTenantIndustry Location ABR(at timeof sale) Gross Sale Proceeds SquareFeet NLOP Collateral Pool CVS Health Care Services 9501 Shea Boulevard, Scottsdale, AZ $4.25 million $71.5 million 354,888 Included Net proceeds after closing costs were used to repay approximately $55 million on J.P.
NEW YORK , June 11, 2024 /PRNewswire/ -- Net Lease Office Properties (NYSE: NLOP) today announced the sale of two office properties leased to BCBSM, Inc. ("Blue Cross Blue Shield") for gross proceeds totaling $60.7 million. PrimaryTenant PrimaryTenantIndustry Locations ABR(at timeof sale) Gross Sale Proceeds SquareFeet NLOPCollateralPool Blue CrossBlue Shield Managed Health Care 1800 and 3400Yankee DoodleRoad, Eagan, MN $4.7 million $60.7 million 347,472 Included Net proceeds after closing costs were used to repay approximately $48 million on J.P.
Net Lease Office Properties had a solid start to the first quarter of 2024 with decent results reported earlier this month. The office REIT's adjusted FFO dropped by 14% compared to the previous year, mainly due to asset sales. Further decreases could be anticipated. Net Lease Office Properties is currently undervalued when considering AFFO and book value, and there is significant potential for upward revaluation.
Seeking Alpha coverage of Net Lease Office Properties lacks analysis of the stated liquidation strategy. NLOP is a liquidation vehicle with the purpose of selling off properties in an orderly manner. My estimated net liquidation value of NLOP is $1.1 billion, offering potentially 100% upside for investors.
Net Lease Office Properties is a recently spun-off office REIT with strong AFFO and an attractive valuation. NLOP sold 4 properties, generating $43.1M in transaction proceeds, proving its ability to create successful liquidity events. The company faces risks with near-term lease expirations and lease concessions, but its low valuation makes it an appealing investment.
What type of business is Net Lease Office Properties?
Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust with a portfolio of 59 high-quality office properties, totaling approximately 8.7 million leasable square feet primarily leased to corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the U.S., with the balance in Europe. The portfolio consists of 62 corporate tenants operating in a variety of industries, generating annualized based rent (ABR) of approximately $145 million. NLOP's business plan is to focus on realizing value for its shareholders primarily through strategic asset management and disposition of its property portfolio over time. Given WPC's extensive knowledge of the portfolio, NLOP is externally managed and advised by wholly owned affiliates of WPC to successfully execute on its business strategy. Over the course of its 50-year history, WPC has developed significant expertise in the single-tenant office real estate sector, including the operation, leasing, acquisition and development of assets through many market cycles, and has a proven track record of execution.
What sector is Net Lease Office Properties in?
Net Lease Office Properties is in the Real Estate sector
What industry is Net Lease Office Properties in?
Net Lease Office Properties is in the Office industry
What country is Net Lease Office Properties from?
Net Lease Office Properties is headquartered in United States
When did Net Lease Office Properties go public?
Net Lease Office Properties initial public offering (IPO) was on 02 November 2023
What is Net Lease Office Properties website?
https://www.nloproperties.com/overview/default.aspx
Is Net Lease Office Properties in the S&P 500?
No, Net Lease Office Properties is not included in the S&P 500 index
Is Net Lease Office Properties in the NASDAQ 100?
No, Net Lease Office Properties is not included in the NASDAQ 100 index
Is Net Lease Office Properties in the Dow Jones?
No, Net Lease Office Properties is not included in the Dow Jones index
When was Net Lease Office Properties the previous earnings report?
No data
When does Net Lease Office Properties earnings report?
The next expected earnings date for Net Lease Office Properties is 06 March 2025