NorthStar Realty Finance Corp.NYSE
NorthStar Realty Forces The Market To Sum Its Parts
Dane Bowler • 49 Comments
Dane Bowler • 49 Comments
Mon, Nov. 14, 10:08 PM
- Baupost Group new positions as of Sept. 30: 4.4M shares of Colony Capital (NYSE:CLNY), 5.5M of Northstar Realty Finance (NYSE:NRF), 9.9M of Northstar Asset Management (NYSE:NSAM), 13M of Office Depot (NYSE:ODP), and 17.6M of Synchrony Financial (NYSE:SYF).
- Klarman also raised his stake in 21st Century Fox (NASDAQ:FOXA) to 7.7M shares, and eliminated holdings of Avis Budget (NASDAQ:CAR), Och-Ziff (NYSE:OZM), and the common stock of Citigroup (NYSE:C) (he still holds 102M TARP warrants).
- SEC Form 13F
Tue, Nov. 8, 7:02 AM
Fri, Nov. 4, 5:37 PM
Tue, Nov. 1, 5:29 PM
Fri, Oct. 21, 7:32 AM
- The deal with Colony Capital (NYSE:CLNY) is "all but done," says analyst Jessica Levi-Ribner, upgrading NorthStar (NYSE:NRF) to Outperform, and boosting the price target to $16 from $12.75. The stock closed last night at $12.90.
- Previously: NorthStar and Colony amend merger agreement to win shareholder support (Oct. 17)
Mon, Oct. 17, 9:25 AM
- Among the changes are the addition of two independent directors to the combined company's board, and that all board members will stand for election annually.
- NorthStar Asset Management (NYSE:NSAM) owners will now get a special, pre-closing cash dividend of $228M ($1.16 per share) vs. the previous $128M.
- Top executives have agreed to a more shareholder-friendly severance deal.
- Along with NSAM, NorthStar Realty (NYSE:NRF) and Colony (NYSE:CLNY) plan to hold special meetings before year-end in the hopes of closing the merger in January. At closing, a quarterly dividend at an annualized rate of $1.08 per share will commence.
- MSD Capital and MSA Partners - together owning 10.2% of NSAM's stock - have agreed to vote in favor of the deal. Jonathan Litt hasn't yet been heard from.
Thu, Aug. 4, 7:19 AM
Tue, Aug. 2, 5:53 PM
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, 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.
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.
Wed, Jun. 1, 10:23 AM
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, 7:04 AM
- NorthStar Realty Finance (NYSE:NRF): Q1 EPS of -$0.79
- Revenue of $463.39M (+15.7% Y/Y)
Fri, May 6, 5:37 PM
Fri, May 6, 4:19 PM
- After a week of sleepy trading, NorthStar Asset Management (NYSE:NSAM) has leapt 16% after hours on news that Colony Capital (NYSE:CLNY) may be close to a deal to acquire it.
- That deal may come by way of partnering with NorthStar Realty Finance (NYSE:NRF), according to chatter.
- NorthStar Asset Management has been under activist pressure this year and formed a special committee in March to examine alternatives including a recombination with NorthStar Realty Finance.
- NSAM was spun off from NRF in 2013.
- Now read NorthStar Realty Finance - NorthStar Realty Europe Spin: Buy, Sell Or Hold After Q4 Earnings? »