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Newcastle Investment ditching REIT status, changing name

Dec. 07, 2016 8:52 PM ETDrive Shack Inc. (DSHK) StockBy: Stephen Alpher, SA News Editor21 Comments
  • More of a golf and entertainment company at this point, Newcastle Investment (NCT) will become Drive Shack, Inc. and begin trading under the ticker symbol "DS" on Dec. 29.
  • It will also convert from a REIT to a C-Corp as of Jan. 1.
  • While the conversion to a corporation means the company will be subject to federal income tax, Newcastle currently has significant NOLs that it should be able to take advantage of in future years.
  • Some fancy footwork will be necessary to preserve the NOLs amid the conversion.
  • A conference call is set for tomorrow at 10 ET.

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