B.Riley FBR analyst Bryan Maher reiterated a Hold rating on NorthStar Realty Europe Corp (NRE) yesterday and set a price target of $18. The company’s shares closed yesterday at $17.14.
Maher observed:
“NRE reported 1Q19 results that came in above our expectations. CAD per share came in at $0.15, above our estimate of $0.12, while adjusted EBITDA came in at $10.8M, above our estimate of $9.5M. The beat to our estimates was driven by property operating expense that came in well below our estimate ($2.9M vs. our estimate of $3.8M), as well as a $1.1M net gain related to settlement of foreign currency derivatives that positively impacted both CAD/share and adjusted EBITDA. NRE also continued to execute on its disposition initiatives, selling three properties thus far in 2019 for ~$44.0M, with another that is currently held for sale (logistics asset in Paris, France) as of quarter end.”
According to TipRanks.com, Maher is a 1-star analyst with an average return of -0.4% and a 49.3% success rate. Maher covers the Financial sector, focusing on stocks such as Industrial Logistics Properties Trust, Senior Housing Properties Trust, and Office Properties Income Trust.
NorthStar Realty Europe Corp has an analyst consensus of Hold, with a price target consensus of $18.
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Based on NorthStar Realty Europe Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $169 million. In comparison, last year the company had a GAAP net loss of $1.28 million.
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NorthStar Realty Europe Corp. is a real estate investment trust focused on prime office properties. It operates through the following business segments: Real Estate Equity, Preferred Equity, and Corporate. The Real Estate Equity segment focuses on European prime office properties located in key cities within Germany, the United Kingdom and France.
