Andrzej Rostek/iStock via Getty Images Net Lease Office Properties ( NLOP ) is a special situation REIT in the middle of a portfolio liquidation. NLOP was spun off from W. P. Carey ( WPC ) in 2023 and has been steadily selling assets ever since, shrinking its portfolio from 59 to 18. This is the capital being returned to shareholders through the ~50%+ forward yield. In order to understand if NLOP ...
Andrzej Rostek/iStock via Getty Images Net Lease Office Properties ( NLOP ) is a special situation REIT in the middle of a portfolio liquidation. NLOP was spun off from W. P. Carey ( WPC ) in 2023 and has been steadily selling assets ever since, shrinking its portfolio from 59 to 18. This is the capital being returned to shareholders through the ~50%+ forward yield. In order to understand if NLOP is still a buy, we need to ask, what are the remaining 18 properties worth? Based on the current annualized base rent of ~$26M and reasonable market cap rates, these 18 properties appear to support a liquidation value in the $20-22/sh range, well above the current ~$13 price. This gap between the potential asset sale value and the market’s frankly pessimistic outlook creates a cautious buying opportunity. An Overview of NLOP NLOP's stated business plan is "realizing value for our shareholders primarily through strategic asset management and disposition of our property portfolio." At its origin, it had 59 single-tenant office properties generating around $145M in annualized rent. Currently, only 18 properties are left, which yield ~$26M in rent—implying that the higher-value properties were skimmed off in the earlier transactions. Point to remember for valuation later: these 18 should not fetch the same cap rates as the other 41. Anyway, proceeds from those sales were used to repay $455M of debt, and shareholders were paid multiple large special dividends. This gives us our framing—NLOP is a shrinking asset base being converted into cash, and traditional REIT metrics do not apply here. The only thing that matters is what price they can net for these properties and whether that is more than their current equity value. The Remaining 18 Properties These 18 properties have 79% occupancy (Dec 2025 figure ) with a ~3.0-year weighted average lease term. That means this is not a table portfolio, partially vacant, shorter-duration, relatively speaking, and heavily dependent on indivi...
(RTTNews) - Spanish financial services major Banco Santander S.A. (BNC.L, BSBR, SAN) reported Wednesday higher profit in its first quarter with a sindificant disposal gain and growth in total income. Further, the bank reaffirmed its fiscal 2026 targets.
(RTTNews) - Spanish financial services major Banco Santander S.A. (BNC.L, BSBR, SAN) reported Wednesday higher profit in its first quarter with a sindificant disposal gain and growth in total income. Further, the bank reaffirmed its fiscal 2026 targets.
Borealis Foods ( BRLS ) entered into a $17M refinancing agreement with Oxus Capital, using the proceeds to fully repay its existing Frontwell Capital credit facility and strengthen near-term liquidity. The new secured term loan carries a 12% annual interest rate and matures on April 27, 2031. The proceeds of the term loan were used to repay in full all outstanding obligations under the company’s e...
Borealis Foods ( BRLS ) entered into a $17M refinancing agreement with Oxus Capital, using the proceeds to fully repay its existing Frontwell Capital credit facility and strengthen near-term liquidity. The new secured term loan carries a 12% annual interest rate and matures on April 27, 2031. The proceeds of the term loan were used to repay in full all outstanding obligations under the company’s existing credit agreement with Frontwell. In connection to the refinancing, the company also entered a separate conversion agreement that could see roughly $29M of related-party debt convert into equity if the company fails to raise at least $70M in new equity at $9 per share by July 1, 2026. The credit agreement also requires the company to appoint two designees of Oxus to the Board of Directors by May 11, 2026, replacing two existing directors. The stock price traded about 8% higher on Tuesday during after-hours trade. More on Borealis Foods Financial information for Borealis Foods
Hong Kong authorities have pledged to intervene in landlord-tenant disputes preventing residents from retrieving belongings from the fire-ravaged Wang Fuk Court, as packing efforts enter their 10th day. Deputy Chief Secretary Warner Cheuk Wing-hing said on Wednesday that while the government expected agreement on limited entry quotas, authorities were prepared to make “alternative arrangements” to...
Hong Kong authorities have pledged to intervene in landlord-tenant disputes preventing residents from retrieving belongings from the fire-ravaged Wang Fuk Court, as packing efforts enter their 10th day. Deputy Chief Secretary Warner Cheuk Wing-hing said on Wednesday that while the government expected agreement on limited entry quotas, authorities were prepared to make “alternative arrangements” to ensure all residents had a fair chance to retrieve their belongings. “Our stance on this is very...
泡泡玛特欲借家电业务拓展IP形态,短期不会显著影响业绩 泡泡玛特此次发售两款LABUBU联名的121L冰箱,分别名为Home和House of the Monsters,每款全球限量发售999台,每台均拥有限定编号。图:视觉中国 【财新网】 泡泡玛特首款家电产品LABUBU联名小冰箱即将开售,市场传闻有“黄牛”在二手交易平台上挂出最高超过9万元的价格,是官方发售价5999元/台的15倍。 不过财新...
泡泡玛特欲借家电业务拓展IP形态,短期不会显著影响业绩 泡泡玛特此次发售两款LABUBU联名的121L冰箱,分别名为Home和House of the Monsters,每款全球限量发售999台,每台均拥有限定编号。图:视觉中国 【财新网】 泡泡玛特首款家电产品LABUBU联名小冰箱即将开售,市场传闻有“黄牛”在二手交易平台上挂出最高超过9万元的价格,是官方发售价5999元/台的15倍。 不过财新查询多个二手平台,并未发现报价高达9万元的LABUBU冰箱,二手平台闲鱼上的卖家普遍报价在6999—9999元区间,亦有人报价18800元。一名卖家表示,开售后,可以通过“科技手段”百分百抢到该款冰箱,亦有多名卖家表示未抢到会全额退款。“网上传出的9万元报价太过夸张,都可以买车了。”一名二手卖家说。
Deutsche Bank AG saw its fixed income and currencies trading business start “constructively” in the second quarter after some jitters in March, Chief Financial Officer Raja Akram said in an interview. At the end of the first quarter, the lender’s rates trading division got “a little bit under pressure” as banks were caught off guard by the US war on Iran, Akram said on Bloomberg TV. “Credit and FX...
Deutsche Bank AG saw its fixed income and currencies trading business start “constructively” in the second quarter after some jitters in March, Chief Financial Officer Raja Akram said in an interview. At the end of the first quarter, the lender’s rates trading division got “a little bit under pressure” as banks were caught off guard by the US war on Iran, Akram said on Bloomberg TV. “Credit and FX continue to outperform our expectations.” Overall, revenue from trading was roughly in line with the first quarter of last year, despite headwinds from the stronger euro. The war in Iran blindsided some rivals as well, with Goldman Sachs Group Inc. ’s vast rates-trading business taking a hit as interest rates surged in the wake of the US and Israeli attacks. Read More: Goldman Rates Trading Desk Loss Behind Bank’s Earnings Setback Broadly, however, Wall Street banks benefited in the first quarter from the ensuing volatility in commodities and equities, businesses that Deutsche Bank exited years ago. Akram said the lender has no intention to move back into commodities trading. “We don’t do strategy by envy,” he said. The duration of Iran war is key for its impact on inflation in Germany and Europe, he said. A severe scenario would be for prolonged conflict and an energy shock, but so far Deutsche Bank’s “base case would be that the conflict is over, hopefully, in the second quarter.” Akram reiterated that Deutsche Bank is confident about its €26 billion private credit exposure, an asset class whose rapid growth in recent years has raised some concerns in the broader market. “Private credit continues to be a non-story for us,” Akram said. The book was “very well protected” and “we haven’t lost any money in this portfolio ever.”
Classic Football Shirts have been in business for 20 years, selling over one million shirts (so far) and keeping the most iconic match-worn pieces in their temperature-controlled vault. Michael Butler travelled to Manchester to meet the CFS founders Continue reading...
Classic Football Shirts have been in business for 20 years, selling over one million shirts (so far) and keeping the most iconic match-worn pieces in their temperature-controlled vault. Michael Butler travelled to Manchester to meet the CFS founders Continue reading...
Hans Patuwo, CEO of GoTo Group, discusses the Indonesian ride-hailing and food delivery business outlook and growth strategy after it reported its first-ever net income, a major milestone in its turnaround effort. He speaks with Haidi Stroud Watts on "Bloomberg: The Asia Trade". (Source: Bloomberg)
Hans Patuwo, CEO of GoTo Group, discusses the Indonesian ride-hailing and food delivery business outlook and growth strategy after it reported its first-ever net income, a major milestone in its turnaround effort. He speaks with Haidi Stroud Watts on "Bloomberg: The Asia Trade". (Source: Bloomberg)
Roh Yong-seok, Vice Minister of South Korea's SME and Startup Ministry, discusses the country's plans and strategy to support and grow domestic startups and enterprises, from injecting more funding for support and working with regional economies to bolster cooperation. He speaks with Shery Ahn on "Bloomberg: The Asia Trade". (Source: Bloomberg)
Roh Yong-seok, Vice Minister of South Korea's SME and Startup Ministry, discusses the country's plans and strategy to support and grow domestic startups and enterprises, from injecting more funding for support and working with regional economies to bolster cooperation. He speaks with Shery Ahn on "Bloomberg: The Asia Trade". (Source: Bloomberg)