- "What we are seeing gives us confidence that the company will likely meet our $800M capital raising forecast for 2014, though there could be room to exceed," says FBR's Daniel Altscher, going through the latest filing concerning NorthStar Realty Finances' (NRF +0.2%) spinoff of NorthStar Asset Management (NSAM).
- He estimates NorthStar raised $150M in Q1, not only ahead of his $125M estimate, but a near-doubling in the pace of sales over the past few quarters. "This is an important data point because we have argued that the pace of sales for individual non-traded REIT products generally accelerates as the product 'ages' and as the sales force on the front line ramps up its efforts. Given the Q1 average sales pace of around $2.5 million per day (better than the $2.0 million per day previously), we are seeing this in full action."
- His team maintains its Outperform rating and $18 price target.
NorthStar capital raising ahead of pace, says FBR
From other sites
at Nasdaq.com (Mar 4, 2015)
at Nasdaq.com (Feb 4, 2015)
at Nasdaq.com (Jan 28, 2015)
at Nasdaq.com (Jan 12, 2015)
at Benzinga.com (Dec 26, 2014)
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