NorthStar Realty Europe (NRE) Reports Q1 EPS of $0.22

NorthStar Realty Europe (NYSE: NRE) reported Q1 EPS of $0.22, versus ($0.02) reported last year. Revenue for the quarter came in at $19.17 million, versus $33.57 million reported last year.

• U.S. GAAP net income attributable to common stockholders: $11.1 million, or $0.22 per diluted share for the first quarter 2019
• Cash available for distribution (“CAD”): $7.4 million, or $0.15 per share for the quarter despite significant sale activity in 2018 and lower corporate loan to value (“LTV”)1
• During the first quarter, NRE sold three assets for a total consideration of $44 million, releasing $23 million of net equity and crystallizing an approximate 14% IRR2 and an aggregate 17% IRR over the last twelve months
• $2.6 million of first quarter 2019 annualized cash expense savings compared to full year 2018, ahead of the $2 million stated target for 2019 and the overall target of $5 million
• In April 2019, NRE repaid $81 million Cale Street preferred equity reducing overall LTV to 36%
• Cash dividend of $0.15 per share declared for the first quarter 2019

Mahbod Nia, Chief Executive Officer and President, commented: “I am pleased to announce that during the quarter, we completed the sale of three assets, realizing an approximate 14% IRR. During the past year we have sold ten assets, crystallizing an aggregate 17% IRR for stockholders.”

Mr. Nia added: “We also further reduced our leverage and continued to make progress with our expense saving initiatives that we anticipate being ahead of our stated targets.”

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

You May Also Be Interested In

• Citi agrees to acquire rewards platform Kard Financial
• CaliberCos Inc (CWD) Misses Q2 EPS by 43c; Offers Guidance
• LogicBio Therapeutics (LOGC) Misses Q2 EPS by 10c