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NorthStar Realty Finance Corp. Message Board

  • dar200 dar200 Nov 12, 2013 10:06 AM Flag

    OT--buy APTS under 7.75--OT

    Flip or short hold. Small reit---pct growth easy due to small denominator. Just raised div to 16 cents. Loans to apts and own apts.

    New offering at 7.75 today. Buy under offering price for better than 8.25%, probably mostly tax deferred.

    This is an externally managed startup. Not a "forever" hold, imo, but next 12 months = decent tax deferred yield. Book value per share of new assets = high 10s. I expect price to approach book in a couple of quarters.

    Loans too new to be bad, imo.

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    • Will take a fast flip on this one.

      Wanna see why Hamo says internal management better for shareholders? Go read APT's 1-Q, describing related party transactions and the list of fees payable to the management company.

      If I wanted to get raped by management fees, I'd buy Northstar Healthcare before APT

      Still, ex div 16 cents on 12/12 so purchase yesterday has about 10 cents of accreted dividend built in. Despite impressive growth percentages, which yesterday's offering will assist, the fee structure (and ceo crybaby at last cc over price too low), I just don't like this company as a hold.

    • Just finished getting 5,000 at 7.66. Took a while to get filled.

      Watch level 2. Looks like underwriters first defended bid at 7.75 an have just taken a stand at 6.65. Looks like underwriters trading thru AMEX from size of bid.

19.22-0.24(-1.23%)Feb 27 4:06 PMEST

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