Their appraisal said the fmv of the non-core properties was 627 million at 12/31 so I doubt they are selling those for 1 billion........a 59% increase from 12/31. I also doubt all of those would be sold in one deal as they are too diverse geographically.
Nevertheless, I have no doubt they are trying to convert non-core properties into stock buybacks. Don't know if NRE is at the plate today but am confident they will be there no later than Monday.
I answered very early this morning, but of course Yahoo deleted the post because it referred to another website. See IV board where they do not censor posts.
Big upsize in offering. Option will be exercised due to demand. Price up in premarket.
I called Fidelity to ask them to get me some offering shares. Sorry, sold out. You have to buy in open market.
fart in a gale wind? You must be from Nebraska. In New England, it's pis$hole in the snow. Same idiom, different locations, but accurate.
I eyeballed about 160,000 based on 4 weeks ending last Fri, but you're in the ballpark and even at max it will have no meaningful effect on weighted average outstanding for the quarter.
While the price rules prevent NRE from raising the price, they can camp on the bid up to the volume limit which would likely prevent a debacle like today.
I think the late reporting was a deliberate stall to push the dividend into 2Q. They had enough info to award robber share bonuses the same day nsam and nrf did about a month ago. Also gave them a stall on 10-K. As a new reporting entity, nre has until 3/30 to file.
I expect no buybacks from nsam and nrf this quarter due to strategic / recombo studies. but I expect maximum buyback effort by NRE beginning Monday if their blackout ends tonight as market is closed tomorrow.
IMO, under 11 is a good one-week flip opportunity.
Yeah, they stole less shares than last year. How this management gets bonuses for destroying the price of the companies and failing miserably to increase value with the nre spinoff is beyond me.
BTW, I agree with maverick. I think the recombo study results in nrf blackout period. NSAM said so on their CC about their strategic study. So if it applies to nsam, it should also apply to nrf.
You start with accounts receivable as of one day (which merely represents 4Q billing) then you switch to the income statement which covers a period of time (the credit admin expense cite).
As an accounting and finance major, I assure you that you cannot determine one from the other.
I do not recall NSAM disclosing the total amount of expenses reimbursed for 2015 by its managed companies, but I did not look for that item when I read nsam's 10-K. IMO, that's the place to start.
If nsam did not disclose the total amount of reimbursed expenses and you really want that number, you have to go to the 10-Ks of the managed companies. I do not recall if NRF disclosed the total amount of expenses they reimbursed nsam, but I was not looking for that number.
Income 1 filed yesterday and did disclose expenses reimbursed as a separate item. Income 2 filed today and also discloses that number. NRF/RXR filed a week or so ago and it is my recollection they had no income or expenses. I don't remember Healthcare and NRE has not filed yet.
Happy hunting if you want to do the work. I don't.
Your words......".....debit receivable and credit cash....."
That records a cash loan to someone. Yeah, you're right, as in constitutional right to be wrong. Go to the back of the class as you flunked Accounting 101.
I can tell you have not taken an accounting course.
NSAM did not capitalize those amounts. It accrued them. Fees are payable in arrears. Fees for the quarter ended 12/31 are payable following billing in January.
As soon as the quarter closes, nsam calculates the fees and expenses due and sends a bill. On its books, it's debit (increase) accounts receivable and credit (increase) revenue. On the managed companies' books, it's debit (increase) fee expense and credit (increase) accounts payable.
When nsam gets paid in January, it debits (increase) cash and credits (decrease) accounts receivable.The managed companies debit (decrease) accounts payable and credit (decrease) cash.
Nothing sinister about it. The 6.8 million increase over 12/31/14 means that fees were more for 4q 15 than they were for 4Q 14.
Income 1 just filed it's 10-K. There is a table showing the breakdown of payments to nsam.
If I recall correctly, management fees were about 24 million and total fees were nearly 41 million.
Income 1 has total assets of about 2 billion and stockholders' equity of about 1 billion. Thus total fees to nsam were more than 2% of assets and 4% of equity. NRE has no complaints compared to Income 1.
Director Piasecki today exercised options to buy stock WAY before the options were set to expire.
He exercised 1,500 which did not expire until 7/28/20 at a 29.54 strike.
Also, 1,500 at 37.35 expiring on 7/27/21.
Why put cash money at risk and pay the income taxes so early when you could wait 4 and 5 years to make the risk decision? Only Piasecki can answer, but obviously he thinks he is better off risking cash and paying taxes today to start the dividend screen, basis and holding period clock than by waiting.
I view early exercise as a positive indicator for the stock.
I know we are both yield hogs, Ken. But we really have to look at total return.
My oldest lot of sui, bought on 6/4/10, has a remaining tax basis of 18.74 per share according to Fidelity which reduces basis for the roc portion of the dividend. According to my trusty present value calculator, a present value of 18.74 which becomes a future value of 70.04 (today's close) in 5.75 years represents an average annual compounded rate of return of 25.77%. Add to this the taxable portion of the dividends and I'd call this lot a great investment.
With the cash dividend, I have no control over the taxability or timing thereof. With share price appreciation, I control the amount and timing of recognized gains. Plus, I can die with the unrealized appreciation and all that latent capital gain goes away for my kids.
I have way more than enough current dividends to pay my bills, so I can afford to have some potential dividend increase strengthen the balance sheet by reducing leverage. The market has liked less leverage as the price appreciation shows. I don't know if you are in a similar cash flow boat, but if you are, I think sui has a proper place in a diversified portfolio.
True to Hamo sneaky form, NRE has pushed the dividend into 2Q. Now watch it get later and later into the fourth month after the end of the quarter.
NorthStar Realty Europe Corp. Declares Fourth Quarter Common Stock Dividend
NEW YORK, March 15, 2016 /PRNewswire/ -- NorthStar Realty Europe Corp. (NYSE: NRE) ("NorthStar Realty Europe") today announced that its Board of Directors has declared a cash dividend of $0.15 per share of common stock, payable with respect to the quarter ended December 31, 2015. The dividend is expected to be paid on April 1, 2016 to shareholders of record as of the close of business on March 28, 2016. NorthStar Realty's common shares will begin trading ex-dividend on March 23, 2016.
The value of the exchange of this information is comparing brokers who buy on the same day. That's why I make the point of stating that Fidelity buys 3 trading days before the pay date and Ameritrade buys the day after the pay date. Others, such as Etrade buy on the pay date.
Schwab is also the day after the pay date. I'm curious to compare them to Ameritrade.
Also, a while ago, while I still had some NRF at AMTD, I checked 8 drips (2 yrs worth). In 7 of those 8 drips I paid more per share at Ameritrade than I did at Fidelity.
Last, it's some trivia info on an otherwise dull day.