NorthStar Realty Europe (NRE) Reports Q2 EPS of $0.66 on Revenues of $31.01M

NorthStar Realty Europe (NYSE: NRE) reported Q2 EPS of $0.66. Revenue for the quarter came in at $31.01 million.

• U.S. GAAP net income attributable to common stockholders: $36.0 million, or $0.66 per diluted share for the second quarter 2018. U.S. GAAP total equity was $555.3 million, or $10.88 per share as of June 30, 2018
• Cash available for distribution ("CAD"): $11.5 million, or $0.22 per share
• Net operating income ("NOI") of $24.4 million and same store NOI of $23.0 million, representing an increase of $1.8 million, or 8.5%, year-over-year
• Over 17% of the portfolio, or 48,000 rentable square meters, was leased or extended during and subsequent to the second quarter, increasing portfolio occupancy from 84% to 94%
• $2.1 billion independent mid-year portfolio valuation by Cushman & Wakefield LLP1, reflecting an increase of $64 million during the first half of 2018 and contributing to the increase in EPRA2 net asset value ("NAV") to $20.95 per share
• Half year 2018 expense savings of $1.6 million in line with guidance of $2-3 million for full year 2018
• From the authorization in March 2018 through August 3, 2018, NRE repurchased 6.0 million shares of common stock for approximately $82 million
• Cash dividend of $0.15 per share declared for the second quarter 2018

Mahbod Nia, Chief Executive Officer and President, commented: "We are pleased to report a highly active period during which we leased, or extended leases on over 17% of the portfolio, increasing overall occupancy by 10%, further enhancing the portfolio value and NAV, and generating an expected $1 million of same store NOI in the second half of 2018, or $2 million on an annualized basis."

Mahbod Nia continued: "We also continued to make progress with our expense saving and refinancing initiatives, further reducing our operational costs and weighted average cost of debt while simultaneously extending our debt maturity profile."

For earnings history and earnings-related data on NorthStar Realty Europe (NRE) click here.

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