NorthStar Realty Finance (NRF), NorthStar Asset Management (NSAM), and Colony Capital (CLNY) finally agreed to the tie-up that they had pre-announced a few weeks ago. The move cures a number of problems at the troubled NorthStar businesses, the most important of which is the company’s own management, who are largely ousted as part of the … Continue reading Good Riddance to NorthStar Management
We finally got an investment bank to write up a balanced synopsis of the situation at NorthStar Realty Finance (NRF). UBS came out with a short report on the REIT, and well, let’s just say it wasn’t the ridiculous “sky is falling” hatchet job that appeared yesterday from KBW and that we subsequently skewered for … Continue reading Finally Some Sense On NorthStar From An Investment Bank
The NorthStar downgrade – where a Keefe Bruyette Woods analyst lowered his price target on NorthStar Realty Finance (NRF) from $23 to $13 per share – must be a joke, right? This downgrade comes from the same analyst we highlighted in November for his arbitrary discount for external management. Now he’s back with more of … Continue reading This NorthStar Downgrade is a Joke, Right?
NorthStar’s decline of 74%? Investors have been right to grouse about the stock performance of NorthStar Realty Finance (NRF). The last year has been abysmal, with the stock down a whopping 74% from its 52-week high. Much of the blame has been leveled at management and its self-serving practices, and investors have attributed management’s lack … Continue reading NorthStar’s Decline — Insiders Don’t Care?
It’s been quite a roller coaster for NorthStar Realty Finance (NRF) and NorthStar Realty Europe (NRE) over the past couple months. Both have plunged as investors have become increasingly concerned about their externally managed structures and, for NorthStar Realty Finance, the sustainability of its dividend. But which is the better buy? In fact, is one … Continue reading Better Buy: NorthStar Realty Finance or NorthStar Realty Europe?
NorthStar Realty Finance (NRF) pays a whopping 18% dividend yield, but should the REIT cut it? I’ve argued in previous posts that the stock continues to trade at a ridiculously low valuation – now at about five times cash available for distribution – because investors are tremendously fearful that the company will cut its dividend. … Continue reading Should NorthStar Realty Finance Cut Its Dividend?
It’s one of the strangest buyback announcements I’ve ever seen. NorthStar Realty Europe (NRE) has authorized the repurchase of $100 million of its common stock. This is tremendously unusual, since companies typically let the market take care of the mispricing of their stock, especially right after a spinoff. Of course, it’s also highly unusual for … Continue reading NorthStar Realty Europe’s Curious Buyback
A couple days ago I lambasted KBW’s analyst for what seemed like a rather arbitrary discount applied to NorthStar Realty Finance (NRF). (You can see the original post here.) The analyst determined a figure of net asset value of $32.08 per share, whereas management reported in its filing last week that it estimated NAV at … Continue reading NorthStar Realty Finance – Where’s the Downgrade, Bro?
It looks like management at NorthStar Realty Finance (NRF) is finally getting serious about moving its stock up. They’ve begun a series of disclosures that probably already should have been in place years ago, such as breaking out NOI by property type in the press release, but now they’ve also included NAV in their latest … Continue reading NorthStar Realty Finally Gets Serious – A Little
Ah, sell-side analysts… All the information but no ability to use it, like a kid in a brothel. I was stunned when I read the recent KBW analysis of NorthStar Realty Finance (NRF) following the third quarter report. I was stunned not so much for its estimate of net asset value, but rather the analyst’s … Continue reading NorthStar Realty Finance – Some Kind of Joke?