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NorthStar Realty Finance Corp. Message Board

  • newguy7001 newguy7001 Mar 27, 2014 3:54 PM Flag

    If NRF Announces An Offering In the next Day Or So

    I would say there is a pretty big leak in the system..... Hopefully, that is not the case?

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    • I don't think we get an offering until about two weeks before closing on the new healthcare properties. Press release on contract was 3/17 with no mention of closing timetable. Amended registration statement for new notes said closing expected in 2Q. Yeah, yeah, I know 2Q starts next week. But there are 80 properties here and the deal includes assumption of existing debt, which probably requires consent of the lender. I think end of April is earliest closing with first half of May more likely.

      Since nrf had 546 million of unrestricted cash at 2/25, it does not need new offering cash until the new deal closes ( unless Hamo closed undisclosed deals in the interim).

      I suspect today was a profit-taking panic once 16 did not hold as the floor. Too many trying to race the other guy to the door trying to "protect" profits before they run away.

      NRF longs are spoiled with practically weekly price increases with new 52-week highs one after another since early December. Going up ain't a straight line as we were reminded today. Still, we have 15.58 plus a 25 cent div = 15.83 vs 13.45 at 12/31 (up 17.7%) and vs about 10.00 before spin announcement. We ain't doing bad despite today.

    • I have owned one or two stocks (out of hundreds) that were leak-proof. They really kept things locked up tight. But most companies leak like sieves. I guess we'll find out which category NRF belongs too. It IS remarkable that this is the first pull back of any significance in weeks. It could be that the scaled shorts finished their panic covering and then there was a cascade of stoploss selling once the buy-to-cover bids dried up. Guess we'll know for sure one way or another in a couple days. If no secondary, then a quick rebound should occur.

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