- $279mm shares repurchased (average price of $5.79). I estimate accretion of $0.33 to adjusted equity per share (after removal of Northstar goodwill). This is bigger than earnings.
- Industrial and Hospitality results look like they are below the pace of guidance and weaker than peers. Hotels had higher utility costs due to cold weather.
- Healthcare results include $2.2mm benefit from early lease termination
- Other Equity and Debt is 68% of Core FFO and Unallocated is -60% of Core FFO. CLNS is still too complex for investors.
- NRE results look good with NAV up to $20.5 (press release). NRE repurchased 3.5mm shares ytd.
- CLNC had a strong conference call yesterday with participation from major sector analysts.
The author is a shareholder of CLNS CLNC and NRE. The author does not make any recommendation regarding any investment in any company mentioned in this article. Investors are encouraged to check all of the key facts cited here from SEC filings prior to making their own investment decisions.