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NorthStar Realty Finance Corp. Message Board

  • dar200 dar200 Sep 20, 2013 12:23 PM Flag

    Income 2 broke escrow

    From Supplement 3:

    On September 18, 2013, following the authorization of our board of directors, we satisfied the minimum offering amount of our continuous public offering of up to $1.65 billion in shares of our common stock as a result of the purchase of $2.0 million in shares of our common stock by an affiliate of NorthStar Realty Finance Corp., or our sponsor, for $9.00 per share (reflecting that no selling commissions or dealer manager fees were paid), or the initial purchase.

    This means they are ready to start selling to the public. Income 2 used the proceeds to buy a 2 million interest in a loan nrf had previously made. As more money comes in Income 2 will buy more pieces of this (or other) loan so its collected capital is immediately put to work.

    3Q earnings report should say how many registered reps have been signed for the two pending nontraded reits .The fact that income 1 is making more than its dividend payout should help to sell Income 2 as well as Healthcare.

    3Q nontraded reit capital raised will stink relative to 1H due to slow start to peddling Healthcare and Income 2.
    Nevertheless, I think "over 40 million" of 2013 management fees is in the bag.

    Just sit back and wait. With time, the cad growth as well as the dividend growth will show up in the rear view mirror. Hamo must be really frustrated......price at 10.11 (ex div) with 95 cent estimated 2013 cad midpoint and now languishing in the low 9s on 1.06 estimated midpoint which does not include estimated cad on 376 million of new common cash. I'm sure it will be accretive, but not until it is put to work. I expect the new common will be slightly dilutive to 3Q (2 to 3 cents) but accretive to 4Q (and 2014) once it is fully deployed.

    Sentiment: Strong Buy

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    • Briefing picked it up.

      8:05 am Northstar Realty: NorthStar Real Estate Income announced that it made its initial investment by purchasing a $2.0 million pari passu participation interest in a $25.5 mln senior loan from an affiliate of NRF. (NRF) : NorthStar Real Estate Income announced that it made its initial investment by purchasing a $2.0 million pari passu participation interest in a $25.5 mln senior loan from an affiliate of NRF. its sponsor. The loan is secured by a 264-unit, class-A multifamily property located in Savannah, Georgia. NorthStar Income II purchased the participation at the sponsors cost with proceeds from its continuous initial public offering, which recently satisfied the minimum offering amount through an investment from its sponsor

    • Thanks for the info and insight,

 
NRF
12.79-0.21(-1.62%)Apr 29 4:03 PMEDT