Author Topic: NRE - NorthStar Realty Europe Corp  (Read 1966 times)

writser

  • Hero Member
  • *****
  • Posts: 1720
Re: NRE - NorthStar Realty Europe Corp
« Reply #10 on: March 13, 2019, 04:44:56 AM »
Some tidbits from the Q4 press release and deck:

- As of December 31, 2018, total equity was $678 million (U.S. GAAP depreciated value), or $13.52 per share and EPRA NAV was $20.67 per share, which includes approximately $0.30 per share related to the incentive fee payable to NRE’s Manager for 2018 performance and costs associated with the strategic alternatives process.
-  Since the authorization in March 2018 through December 31, 2018, NRE repurchased a total of 6.1 million shares of common stock for approximately $83.4 million at a weighted average price of $13.73 per share.
- NRE joined the S&P Small Cap 600 index in February 2019.
- On March 1, 2019, NRE completed the disposal of Uhlandstrasse, an office property in Frankfurt, Germany for $41 million, representing a 65% premium to the allocated purchase price including funded capital expenditures and releasing approximately $25 million of net equity after repayment of financing and transaction costs.
- NRE had 50.1 million shares of common stock, operating partnership units and restricted stock units (“RSUs”) not subject to performance hurdles outstanding as of December 31, 2018.
- As of December 31, 2018, the termination fee due to the Manager was $64.6 million. No Incentive Fee will be payable to the Manager for any period after the termination date.

All good, but shares are up quite a bit since the beginning of this topic and are now trading, by my rough calculations, at a ~3% discount to EPRA nav, adjusted for termination & incentive fees. Maybe I sold a bit too soon but at current prices I'm not that interested in getting back in.

No news about the strategic review so far. Maybe the conference call today is interesting.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.