Founder, BWS Financial Inc

Hamed Khorsand

Founder

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Equity Bottom-Up

NET Lease Office Properties / Equity Bottom-Up

<ul>
<li>NLOP announced the sale of two more properties bringing the aggregate count of properties sold since fourth quarter 2023 to twelve.   </li>
<li>NLOP has been highly active in selling properties. We believe the motivation has more to do with the interest expense of its mortgage and mezzanine loans.   </li>
<li>The latest two properties sold were materially higher than the company-wide price per square foot NLOP is carrying on its balance sheet.</li>
</ul>


NLOP announced the sale of two more properties bringing the aggregate count of properties sold since fourth quarter 2023 to twelve.   
NLOP has been highly active in selling properties. We believe the motivation has more to do with the interest expense of its mortgage and mezzanine loans.   
The latest two properties sold were materially higher than the company-wide price per square foot NLOP is carrying on its balance sheet.


<ul>
<li>NLOP has continued to reduce the number of properties it owns through further dispositions during the first quarter and so far through the second quarter. </li>
<li>The pace of selling is likely to continue until NLOP has reduced its mezzanine and senior secured mortgage debt to zero. </li>
<li>AFFO was $20.0 million, in the first quarter, which was more than we were expecting.</li>
</ul>


NLOP has continued to reduce the number of properties it owns through further dispositions during the first quarter and so far through the second quarter. 
The pace of selling is likely to continue until NLOP has reduced its mezzanine and senior secured mortgage debt to zero. 
AFFO was $20.0 million, in the first quarter, which was more than we were expecting.


<ul>
<li>We are initiating coverage of Net Lease Office Products (NLOP) with a Buy Rating and $60 target.</li>
<li>NLOP is trading at a fraction of its book value as the Company gets lumped into the negative investor sentiment towards office buildings.</li>
<li>NLOP was created and spun out of W. P. Carey (WPC) to oversee the liquidation of 59 office properties.</li>
</ul>


We are initiating coverage of Net Lease Office Products (NLOP) with a Buy Rating and $60 target.
NLOP is trading at a fraction of its book value as the Company gets lumped into the negative investor sentiment towards office buildings.
NLOP was created and spun out of W. P. Carey (WPC) to oversee the liquidation of 59 office properties.


NLOP: A Contrarian Deep Value Asset Story

<ul>
<li>Net Lease Office Products (NLOP) reported its first quarterly report since being spun off late last year.</li>
<li>The takeaway from the results was how the Company was structuring the balance sheet ahead of more properties being sold.</li>
<li>There were a series of lease signings and extensions within the December quarter. Most notably were the extensions for the property in Poland and Wisconsin</li>
</ul>


Net Lease Office Products (NLOP) reported its first quarterly report since being spun off late last year.
The takeaway from the results was how the Company was structuring the balance sheet ahead of more properties being sold.
There were a series of lease signings and extensions within the December quarter. Most notably were the extensions for the property in Poland and Wisconsin


United States

NET Lease Office Properties operates as a real estate investment trust. The Company owns and manages office properties and certain other assets. NET Lease Office Properties serves customers in the United States.

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NET Lease Office Properties (NLOP US)

NLOP: Debt Declining Affirms Valuation

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NLOP: Sale Process Continues

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NLOP: A Contrarian Deep Value Asset Story

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NLOP: Starting Point for the Year

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