— Original Sender: ****** DELETE, DAIWA CAPITAL MKTS —
—> Daiwa New Issue Credit Color: NorthStar Realty Finance <—
* REIT focused on commercial real estate assets, debt, and asset management.
* PF Cash $685mm PF Debt $3996mm LTM EBITDA $402mm
LTM FCF $(295)mm Debt/Cap 65% Mkt Cap $1650mm
* NRF has been growing portfolio aggressively from $7.4bn at ye to $8.7bn 1Q13. Portfolio comprised of CRE Debt (31%), real estate (29%), CRE sec (28%), and asset mgmt (12%). Within real estate have been acquiring heavily in mfg homes which accnt for nearly half (14% total port). CRE sec are primarily CMBS. Raised $474mm 1Q13 from common & pfd stk offerings. 80%+ of debt is secured. Dividend steadily increasing.
* Our assigned spread —>L+700<— Src: Bloomberg, Co Filings