NRF shot up after announcing that they will be spinning off the management part of the business, which is fee based and should yield about 5-6% rather than the 9% yield NRF had at the time. They have also been raising the dividend greatly over the last year, unlike RSO.
NEW YORK (TheStreet) - At the Harbor Investment Conference on Wednesday, Philip Hilal of Kingdon Capital Management pitched Energy Transfer Equity (ETE_), Stephen J. Errico of Locust Wood Capital Advisers spoke about NorthStar Realty Finance (NRF_), Liberty Interactive (LINTA_) and WMI Holdings and Blackstone's Jonathan Gray explained the PE giant's push into U.S. real estate.
Stephen Errico of Locust Wood Capital presented three stock picks: Northstar Realty Finance, Liberty Interactive and WMI Holdings. He said Northstar Realty's prospective spinoff of its asset management arm isn't being fully appreciated by investors. Meanwhile, Errico said he believes the firm's healthcare real estate investment trust, run by Jay Flaherty the former head of Healthcare Partners, may become far larger than the market expects.