NorthStar Realty Finance Corp. (NRF) - NYSE
  • Tue, Jun. 7, 3:01 PM
    • The combination of NorthStar Realty Finance (NYSE:NRF), NorthStar Asset Management (NYSE:NSAM), and Colony Capital (NYSE:CLNY) is likely to result in an entity with a significantly higher debt-to-adjusted EBITDA ratio than what NSAM currently sports (less than 1.5x), says S&P.
    • The current BBB- rating could be cut by one or more notches. For now, S&P will keep things on watch, and resolve the rating once the deal is completed (expected Q1 2017).
    | Tue, Jun. 7, 3:01 PM | 12 Comments
  • Tue, Jun. 7, 7:58 AM
    • "We strongly believe that the announced transaction price and consideration for NorthStar Asset Management (NYSE:NSAM) does not fully reflect its intrinsic value today,” says Land & Buildings' Jonathan Litt, noting NSAM owners will receive relatively small accretion to their shares, while senior executives will reap $180M thanks to a change-of-control payment (even though they get to keep their jobs!).
    • Colony Capital (NYSE:CLNY), says Litt, is likely to receive 30% or more earnings accretion per share, highlighting the value of the merger for CLNY owners, but not so much for NSAM holders.
    • Litt sees a valuation closer to $20 per share as appropriate for NSAM (last night's close was $11.81). He's demanding a meeting with the special committee members of the board.
    | Tue, Jun. 7, 7:58 AM | 16 Comments
  • Fri, Jun. 3, 7:23 AM
    • Upon completion of the all-stock deal, NorthStar Asset Management (NYSE:NSAM) shareholders will own 32.25% of the new Colony NorthStar, Colony Capital (NYSE:CLNY) shareholders will own 33.25%, and NorthStar Realty Finance (NYSE:NRF) shareholders 33.9%.
    • NSAM owners, in addition to the regular quarterly dividend, will receive a special cash dividend of $128M.
    • Colony's Thomas Barrack will be Executive Chairman of the board, NorthStar's David Hamamoto will be Executive Vice Chairman, and Colony's Richard Saltzman will be CEO.
    • The companies expect about $115M in annual cost savings, $80M in cash and $35M in stock-based compensation.
    • Terms: NSAM shareholders will own one share of the new company for each share of NSAM they hold; Colony shareholders will receive 1.4663 shares of the new company stock for each share of CLNY they hold; NRF shareholders will receive 1.0996 shares of the new company stock for each share of NRF they hold.
    • Closing is expected in Q1 of next year.
    • A conference call is set for 10 ET.
    • Source: Press Release
    | Fri, Jun. 3, 7:23 AM | 65 Comments
  • Wed, Jun. 1, 10:23 AM
    • Previously a bull on both NorthStar Realty Finance (NRF -2.4%) and NorthStar Asset Management (NSAM -2.4%), FBR downgrades the duo to Market Perform from Outperform.
    | Wed, Jun. 1, 10:23 AM | 9 Comments
  • Tue, May 10, 7:27 AM
    • Q1 cash available for distribution of $107.1M or $0.58 per share vs. $118M and $0.63 in Q4. Distribution is $0.40.
    • Company has agreed to sell its manufactured housing portfolio for $2.04B, generating an IRR of roughly 20%. Sales leave the company will more than $900M in liquidity, and another $700M to come (including the manufactured housing sale).
    • Roughly $50M of stock bought back during quarter.
    • Earnings call at 9 ET
    • Previously: NorthStar Realty Finance reports Q1 results (May 10)
    • NRF +3.1% in thin premarket action.
    | Tue, May 10, 7:27 AM | 6 Comments
  • Tue, May 10, 7:04 AM
    • NorthStar Realty Finance (NYSE:NRF): Q1 EPS of -$0.79
    • Revenue of $463.39M (+15.7% Y/Y)
    • Press Release
    | Tue, May 10, 7:04 AM
  • Fri, May 6, 5:37 PM
    • Top gainers, as of 5.25 p.m.: NSAM +6.5%. NRF +5.8%. HLF +2.7%. APOL +2.7%. CPA +2.3%.
    • Top losers, as of 5.25p.m.: AZN -4.8%. CS -2.3%. INOV -1.8%. SYNC -1.5%. ETSY -1.3%.
    | Fri, May 6, 5:37 PM
  • Fri, May 6, 4:19 PM
    | Fri, May 6, 4:19 PM | 28 Comments
  • Wed, May 4, 5:35 PM
    • NorthStar Realty Finance (NYSE:NRF) declares $0.40/share quarterly dividend, in line with previous.
    • Forward yield 12.69%
    • Payable May 20; for shareholders of record May 16; ex-div May 12.
    | Wed, May 4, 5:35 PM | 1 Comment
  • Mon, Mar. 21, 11:20 AM
    • The previous special committee formed to explore strategic alternatives included three independent directors who were not also on the board of NorthStar Realty Finance (NRF +1.7%).
    • It appears that the iteration announced today has the special committee being made up only with those three independent board members. The special committee has hired Evercore Partners as financial advisor. It had already previously engaged a separate legal adviser.
    • NorthStar, of course, is under some activist pressure to ensure a fair process.
    • Source: Press Release
    • Previously: NorthStar flies on strategic plans (Feb. 25)
    • Previously: NorthStar Responds to Land and Buildings (Jan. 29)
    • NSAM +1.3%
    | Mon, Mar. 21, 11:20 AM | 10 Comments
  • Fri, Feb. 26, 9:17 AM
    | Fri, Feb. 26, 9:17 AM | 7 Comments
  • Fri, Feb. 26, 7:52 AM
    | Fri, Feb. 26, 7:52 AM
  • Fri, Feb. 26, 7:34 AM
    • Northstar Realty Finance (NYSE:NRF): Q4 CAD of $0.63 misses by $0.05.
    • Revenue of $474.36M (+60.8% Y/Y)
    • Press Release
    | Fri, Feb. 26, 7:34 AM
  • Thu, Feb. 25, 5:30 PM
  • Thu, Feb. 25, 12:48 PM
    | Thu, Feb. 25, 12:48 PM
  • Thu, Feb. 25, 10:01 AM
    • Alongside a big cut in the dividend to $0.40 per share quarterly from $0.75 (to help fund buybacks, see below), NorthStar Realty Finance (NRF +20.1%) has hired UBS to advise on potentially recombining with NorthStar Asset Management (NSAM +6.1%).
    • As for other strategic initiatives, the company continues 1) sales or all or portions of its healthcare, manufactured housing, multifamily and net lease real estate; 2) sales or accelerated repayments of CRE loans, corporate debt investments, and real estate securities; 3) sales of all or a portion of real estate P-E fund interests.
    • Proceeds from those sales alongside money not sent out as dividends will be used to repurchase stock which management feels is trading at a dramatic discount to underlying value. The company intends to complete its existing $500M buyback authorization and then consider a new one (it bought back $118M of stock through year-end). Recourse debt (currently about $600M) will also be paid down.
    • Source: Press Release
    • NRE +4.5%
    | Thu, Feb. 25, 10:01 AM | 22 Comments
Company Description
NorthStar Realty Finance Corp. is a diversified commercial real estate company. The company originates, acquires and manages portfolios of commercial real estate debt, commercial real estate securities and net lease properties. It is also engaged in the asset management and other activities... More
Sector: Financial
Industry: REIT - Retail
Country: United States