Still putting cash to work, Newcastle income drops

Core earnings of $23.9M are off 17.6% from a year ago. Core EPS of $0.08 is off 27%.

Had $120M of average uninvested cash been invested the entire quarter and if the Gatehouse deal had been moved up, earnings would have been another $11M or $0.04 per share higher.

Senior Housing invested $101M in equity to acquire $301M of senior housing assets, with Newcastle targeting a 3-year return of 20%.

CC at 8:30 ET.

NCT no trades premarket.

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