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PR Newswire (Feb 27, 2014)
PR Newswire (Feb 26, 2014)
PR Newswire (Feb 7, 2014)
NorthStar Realty Finance Declares Dividend On Series A, Series B, Series C And Series D Preferred SharesPR Newswire (Jan 29, 2014)
NRF vs. ETF Alternatives
Thursday, Apr 102:57 PM
Thursday, Apr 102:57 PM| 5 Comments
- Particularly hard hit in a red BDC sector (BIZD -1%) is American Capital (ACAS -3.2%). The stock had run up sharply two weeks ago on hopes for a spinoff of the asset management business, but receptive public markets are necessary for such a move. With today's decline, the shares have given back about all of those gains.
- Also struggling over the past couple of weeks is Northstar Realty Finance (NRF -3.4%) which is spinning off its asset management unit.
Monday, Mar 1710:45 AM
Monday, Mar 1710:45 AM| Comment!
- NorthStar Realty Finance (NRF -0.4%) agrees to buy a healthcare real estate portfolio consisting of 43 private-pay senior housing facilities and 37 skilled nursing facilities from two private groups for $1.05B. The deal had been talked about during Northstar's Q4 earnings call last month, and - when closed - will grow the company's healthcare property portfolio value by about 65%.
- CEO David Hamamoto: "Since joining our healthcare real estate team only two months ago, Jay Flaherty has sourced an investment pipeline through his relationships in the industry that is adding significant value to the NorthStar franchise."
- From January: Ousted HCP chief Jay Flaherty joins Northstar to build healthcare real estate operation.
Friday, Feb 282:59 PM
Friday, Feb 282:59 PM| Comment!
- The quarterly results are nice, says analyst Daniel Altscher, reiterating NorthStar Realty Finance (NRF -0.7%) with a Buy and boosting the price target to $18, but "it's all about the upcoming spinoff for NorthStar Asset Management."
- The raised quarterly dividend (to $0.25 from $0.21) is especially significant as Altscher feels investors will value NorthStar on a yield basis post-spin.
- He also notes the partnership with Jay Flaherty as already paying major dividends with the upcoming purchase of a $1.05B healthcare property portfolio, setting up potential for a future spinoff later this year or in 2015.
Thursday, Feb 2710:57 AM
Thursday, Feb 2710:57 AM| Comment!
- "Our partnership with (departed HCP CEO) Jay Flaherty is already adding value and his relationships in the industry were instrumental in landing this negotiated transaction." says NorthStar Realty Finance (NRF +4.4%) CEO David Hamamoto in the Q4 earnings release, noting the company is in the process of closing a $1.05B healthcare real estate portfolio purchase comprised of more than 8.5K beds (boosting its real estate portfolio by about one third).
- The spinoff of NorthStar Asset Management remains on track to be completed in Q2.
- In other news, the company announces an exchange offer for its 7.50% notes due in 2031, to be exchanged with 3% paper maturing in September. The new notes will - at Company's election - be paid off with cash or common stock.
- Q4 results
- NRF +4.4%
Thursday, Feb 277:33 AM
Thursday, Feb 2712:05 AM|Thursday, Feb 2712:05 AM| Comment!
Wednesday, Feb 265:30 PM|Wednesday, Feb 265:30 PM| 1 Comment
Wednesday, Feb 264:51 PM|Wednesday, Feb 264:51 PM| Comment!
Tuesday, Feb 113:22 PM
Tuesday, Feb 113:22 PM| 2 Comments
- Noting American Capital Asset Management seems to be rather conservatively valued on American Capital's (ACAS -6.8%) balance sheet, FSI Group's Eric Stein - on the company's earnings call (transcript) - asks management if it would consider spinning the business off.
- CEO Malon Wilkus responds that his team is keeping close track of the public market valuations of asset managers. " That possibly presents an opportunity for us. It's extremely -- it's safe. It's something that we're extremely interested in and paying a great deal of attention to."
- Wells' Jonathan Bock follows up, noting there is a recent comp in the form of NorthStar Realty (NRF) which has soared following the plan to spinoff its asset management unit.
- Earlier earnings coverage
Wednesday, Jan 224:34 PM
Wednesday, Jan 224:34 PM| Comment!
- NorthStar Realty Finance (NRF) and recently-departed HCP CEO Jay Flaherty enter into a long-term partnership to build a healthcare real estate operation. Flaherty will oversee and seek to grow NorthStar's on-balance sheet healthcare portfolio, raise institutional capital, and become CEO of NorthStar's healthcare real estate non-traded REIT, NorthStar Healthcare Income.
- NorthStar expects the partnership will be transferred to the Asset Management unit as part of the previously-announced spinoff of the business.
- Press release
Thursday, Jan 21:27 PM
Thursday, Jan 21:27 PM| Comment!
- Maybe hoping for a repeat of the success of Alitsource Asset Management (AAMC -1.8%), Christian Leone's Luxor Capital shows a 5.7% stake in Northstar Realty Financial (NRF +2.2%). Luxor is an owner of AAMC as well.
- Perhaps trying to pull off an Altisource-like move, Northstar last month announced the planned spinoff of its asset management business. The stock's higher by about 40% since. Altisource is ahead by nearly 4,000% since being spun out of Alitsource Portfolio Solutions a little more than a year ago.
Tuesday, Dec 242013, 9:14 AM
Tuesday, Dec 242013, 9:14 AM| Comment!
- NorthStar Realty Finance (NRF) closes the on the purchase of $345M of an approximate $400M manufactured housing portfolio comprised of 16 communities and about 5.9K pad rental sites mostly in Denver, Austin, and Dallas. With this portfolio, NorthStar has accumulated about $1.6B of manufactured housing since 2012.
- CEO David Hamamoto: "The manufactured housing space has consistently demonstrated stable cash flows, steady rental growth, very low turn-over rates and minimal capital expenditures."
- Press release
Monday, Dec 232013, 8:15 AM
Monday, Dec 232013, 8:15 AM| Comment!
- The strategic $340M investment in RXR Realty is a combination of corporate debt, preferred equity, and common stock, with NorthStar (NRF) now owning about a 30% stake in the business.
- RXR is a real estate operating and investment management company focused on the NYC Tri-State area.
- "In connection with the recently announced planned spin-off of NorthStar Asset Management, we will be evaluating alternatives for including NorthStar's portion of RXR's asset management business as part of the assets that NorthStar Asset Management will receive in the spin-off," says NorthStar CEO David Hamamoto.
- Press release
Thursday, Dec 122013, 9:06 AM
Thursday, Dec 122013, 9:06 AM| Comment!
- NorthStar Realty Finance (NRF) pulls off a whopper of a secondary, pricing 50M shares at $11.65 each, just 2.5% below yesterday's close.
- The offering, of course, came right on the heels of the plan to spin off the company's asset management business and a 20% jump in the stock yesterday.
- Shares -2.3% to $11.68 premarket
- Press release
Wednesday, Dec 112013, 4:16 PM
Wednesday, Dec 112013, 4:16 PM| 2 Comments
- NorthStar Realty Finance (NRF) takes advantage of today's 20% moonshot in the stock, launching a 50M share secondary. Part of the proceeds will fund the cash portion of an approximately $400M portfolio of manufactured housing communities under contract. The rest will be for other potential investments.
- Shares -4.2% AH
- Press release
Wednesday, Dec 112013, 11:46 AM
Wednesday, Dec 112013, 11:46 AM| 1 Comment
- "We believe the separation of the asset management business will create value for shareholders, as the management company will trade at higher multiples than the traditional mortgage REIT and real estate business," says analyst Stephen Laws, reiterating his Buy rating on NorthStar Realty (NRF +16.2%) after the announced spinoff plan for the asset management business.
- His $12.50 price target is a "conservative valuation" given it values the asset management business at 12x 2014 cash available for distribution - the low end of a likely range of 12-18x. He also believes CAD is likely to show continued expansion thanks to growth in the non-listed REIT business as well as potential new income streams from managing additional funds.
- Earlier coverage
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