Net Lease Office Properties Announces Sales of Five Office Properties Totaling $43 Million

Core Insights - Net Lease Office Properties (NLOP) sold five office properties for gross proceeds of $43.3 million in November and December 2024 [1] - The total gross proceeds from office property sales in 2024 reached approximately $364 million, with occupied sales contributing $319 million at a weighted-average disposition cap rate of about 10.5% [3] Company Overview - NLOP is a publicly traded real estate investment trust (REIT) that owns high-quality office properties primarily leased to corporate tenants on a single-tenant net lease basis [4] - The majority of NLOP's properties are located in the U.S., with two properties in Europe [4] Financial Transactions - Net proceeds from the recent property sales were used to repay approximately $30 million on J.P. Morgan's senior secured mortgage and about $5 million on its mezzanine loan [2] - As of December 31, 2024, the full repayment of J.P. Morgan's senior secured mortgage was achieved, leaving an outstanding balance of approximately $61 million on its mezzanine loan [2]