On Friday, Shares of NorthStar Realty Finance Corp. (NYSE:NRF), gained 0.28% to $18.14.
On May 8, NorthStar Asset Management Group declared its results for the first quarter ended March 31, 2015.
First Quarter 2015 Results
NSAM stated CAD for the first quarter 2015 of $38.8 million, or $0.20 per share. Net income to common stockholders for the first quarter 2015 was $21.8 million, or $0.11 per diluted share.
David T. Hamamoto, Chairman and Chief Executive Officer, commented, “NSAM began 2015 with continued substantial growth in our fee earning asset base with $1.3 billion of common equity raised at NorthStar Realty and over $450 million of capital raised in our non-traded REITs, bringing total equity raised to $4.4 billion in just ten months since our listing. While we are happy with our capital raising and with our pipeline of external growth initiatives, NSAM’s first quarter CAD does not reflect the full earnings power of our business. Based only on capital raised to date and investments of managed companies already closed or in execution, we expect second quarter fees from our managed companies to be about $30 million higher than in the first quarter. Furthermore, Griffin-American Healthcare REIT III, Inc. had un-invested cash of over $1 billion at the end of the first quarter, and NSAM will receive its proportionate share of all fees generated through its 45% ownership interest in its co-sponsor, American Healthcare Investors, LLC.”
Mr. Hamamoto continued, “I am also happy to declare that we anticipate filing in the next few months a registration statement for a new $3.0 billion closed-end credit fund co-sponsored with Och-Ziff Capital Administration Group, LLC. We believe that our product offerings and managed vehicles are in their infancy and look forward to substantial growth in the months and years ahead.”
NorthStar Realty Finance Corp., a real estate investment trust (REIT), operates as a commercial real estate (CRE) investment and asset administration company in the United States. It focuses on originating, structuring, acquiring, and managing senior and subordinate debt investments secured primarily by commercial, multifamily, and healthcare properties, which comprise first mortgage loans, subordinate mortgage interests, mezzanine loans, credit tenant loans, and other loans, such as preferred equity interests in borrowers who own such properties.
On Friday, Technology stocks were moderately lower, with shares of technology companies in the S&P 500 declining about 0.4% in afternoon trade.
Among Technology stocks, Shares of EMC Corporation (NYSE:EMC), declined -0.68% to $26.34, during its last trading session. The company exchanged hands with 22,175,944 shares as compared to its average daily volume of 16,070,800 shares. The company has the market capitalization of 51.15B.
EMC Corporation develops, delivers, and supports information infrastructure and virtual infrastructure technologies, solutions, and services. It offers enterprise storage systems and software deployed in storage area networks (SAN), networked attached storage (NAS), unified storage combining NAS and SAN, object storage, and/or direct attached storage environments, in addition to provides a portfolio of backup products that support a range of enterprise application workloads.
At the end of Friday’s trade, Shares of Boston Scientific Corporation (NYSE:BSX), settled at $18.27, hitting its highest level.
A Delaware jury on Thursday ordered Boston Scientific to pay $100 million to a woman who said she was injured by transvaginal mesh, a device that is the subject of more than 25,000 lawsuits against the company, according to Reuters.
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. The company operates in three segments: Cardiovascular, Rhythm Administration, and MedSurg.
Finally, McDermott International Inc. (NYSE:MDR), ended its last trade with -0.36% loss, and closed at $5.46.
The company said it was awarded a large offshore construction contract by oil and gas giant Saudi Aramco.
The Houston-based engineering and construction company will work on twelve jackets, or structural parts for rigs, for offshore oil and gas fields in Saudi Arabian waters.
Work is planned for completion by the end of the first quarter of 2016 and will be comprised of in the company’s second-quarter 2015 backlog. The company didn’t specify a dollar amount for the contract. AP Reports.
McDermott International, Inc. operates as an engineering, procurement, construction, and installation company worldwide. The company operates through three segments: Asia Pacific, Americas, and the Middle East. It focuses on designing and executing offshore oil and gas projects.
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