Colony Northstar Credit Real Estate Might Not Be A Disaster

Several things could go right for Colony Northstar Credit Real Estate (CLNC) in coming months: Release of year-end results and conference call will provide an opportunity for the company to introduce itself to investors. $300mm share repurchase plan can begin after results are out.  At a price of $20/share, the plan could acquire over 18% … Continue reading Colony Northstar Credit Real Estate Might Not Be A Disaster

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February 2018 NBS Price Data in Leading Chinese Cities With Home Price Restrictions

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The segregation of “15 First-tier Cities and Hot Second-tier Cities” in the NBS report implies that they will be the primary focus of government policy: Intense market restrictions kept prices flat in 2017: NBS data show that rapid price increases are … Continue reading February 2018 NBS Price Data in Leading Chinese Cities With Home Price Restrictions

Colony Northstar Merger Math 2+2+2=3

The merger of Colony Capital, Northstar Realty, and Northstar Asset Management combined 3 companies with a market cap of about $2Bn into one company whose market cap has fallen to $3Bn. Operating performance has fallen far short of expectations and far short of the partners premerger earnings. Most of the acquired Northstar assets have been … Continue reading Colony Northstar Merger Math 2+2+2=3

Colony – A Cry For Help, A Hint of Anesthesia

The market is giving an initial thumbs down to Colony Northstar's 4Q17 results.  A few observations: Book value per share of $12.52 ($6.8Bn common equity, 543mm shares) Tangible book value per share of $8.43 ($6.8Bn common equity, $1.5Bn goodwill, $0.9Bn intangibles, -0.2Bn minority interest intangibles, 543mm shares) $300mm repurchase plan was completed in 4Q so … Continue reading Colony – A Cry For Help, A Hint of Anesthesia