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Newcastle Investment Corp. Message Board

  • deanmortensen deanmortensen Nov 20, 2013 11:23 AM Flag

    As I had hoped, Newcastle has clinched a sizable deal...

    ...to buy senior living assets for over $1 billion. Apparently, this is the (potential) deal in the $150-250 million of equity range that Wes Edens alluded to on the 3Q conference call. It's been my experience that when Mr. Edens hints that some kind of deal may be in the offing, a deal usually materializes. Newcastle could have bulked up by doing many smaller acquisitions, but this deal accelerates Newcastle's transition to being primarily focused on senior living assets. Assuming that Newcastle management is able to keep the IRR within the parameters discussed on the call, this deal should be very accretive. Over the last couple of years, Newcastle has consistently met or exceeded its IRR projections.

    Sentiment: Strong Buy

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