Net Lease Office Properties Announces Sales of Five Office Properties Totaling $43 Million
Net Lease Office Properties Announces Sales of Five Office Properties Totaling $43 Million |
| [10-January-2025] |
J.P. Morgan Senior Secured Mortgage Repaid in Full NEW YORK, Jan. 10, 2025 /PRNewswire/ -- Net Lease Office Properties (NYSE: NLOP) today announced the sale of the following five office properties in November and December for gross proceeds totaling $43.3 million.
Net proceeds after closing costs for the collateral pool assets were used to repay approximately $30 million on J.P. Morgan's senior secured mortgage and approximately $5 million on its mezzanine loan, in accordance with terms of those facilities. In conjunction with approximately $23 million of funds from other sources, this resulted in the full repayment of J.P. Morgan's senior secured mortgage and an outstanding balance of approximately $61 million on its mezzanine loan as of December 31, 2024. Office property sales during the fourth quarter brought total gross proceeds from dispositions completed during 2024 to approximately $364 million, including occupied sales of $319 million at a weighted-average disposition cap rate of approximately 10.5%**. As of December 31, 2024, NLOP owned 39 office properties, comprising 37 properties in the U.S. and two in Europe. ** Excludes two assets transferred to the mortgagee and the sale of one vacant asset. Net Lease Office Properties Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust that owns a portfolio of high-quality office properties primarily leased to corporate tenants on a single-tenant net lease basis. Tenants operate across a variety of industries and the vast majority of properties are located in the U.S., with two located in Europe. Institutional Investors: Individual Investors: Press Contact:
SOURCE Net Lease Office Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: NYSE:NLOP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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