Seeking Alpha

More on Newcastle Q4 results

  • Core earnings of $26.8M or $0.08 per share compares to $23.9M and $0.08 in Q3. GAAP book value of $3.14 per share compares to $2.74. There was an average of $150M of uninvested capital throughout the quarter
  • About $434M of capital was invested during quarter, with Senior Housing division investing $331M to acquire $1.1B of assets.
  • In CDOs and other, there was the New Media deal and also the restructuring of National Golf Properties in which Newcastle invested $49M and acquired the equity of NGP and its affiliated American Golf Corporation. The businesses own, lease, or manage a portfolio of 92 gold courses in 15 U.S. states.
  • Subsequent to the end of the year, Newcastle invested $9M to acquire 2 managed senior housing properties for a total price of $26M. The company has another 11 properties under contract for a total purchase price of $273M (will require equity investment of $92M).
  • Justine Cheng comes over from Fortress to become the new CFO and COO, effective March 4.
  • CC at 10 ET
  • Press release, Q4 results
  • NCT no trades premarket
Comments (2)
  • crl1603
    , contributor
    Comments (269) | Send Message
    anyone have any thoughts as to whether nct is under priced , fairly price or over priced here.
    28 Feb 2014, 09:08 AM Reply Like
  • James_B
    , contributor
    Comments (190) | Send Message
    I own NCT and have owned it since October 2012. I think NCT is fairly valued, their 85% ownership in NEWM is overlooked/underapprec... since NEWM will have a high dividend and will immediately increase NCTs EPS going forward. The golf course company acquisition is interesting, it will probably lead to another spin-off, that's my guess anyway, because I've seen this story before.
    28 Feb 2014, 11:47 AM Reply Like
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