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


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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.
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