Net Lease Office Properties (NLOP) said Wednesday it has fully repaid its mezzanine loan from JPMorgan Chase (JPM), which had an outstanding balance of approximately $36 million.
Having repaid its senior secured mortgage to JP Morgan in December 2024, the company has now fully discharged all debt obligations under its JP Morgan financing arrangements by utilizing asset sale proceeds and other sources, including loan reserves, to settle its mezzanine loan, the company said.
In March, the company sold two office properties, leased to Emerson Electric (EMR) in Houston, and Nokia (NOK) in Krakow, Poland, for $9.8 million, leaving the company with a portfolio of 37 office properties, including 36 in the US and one in Europe.
Net Lease Office Properties said its board plans to assess the possibility of special distributions to shareholders from future sale proceeds, but the timing and amounts have yet to be determined.
Shares of the company were up more than 3% in recent Wednesday trading.
Price: 29.43, Change: +0.87, Percent Change: +3.05
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