NorthStar Realty Finance (NRF) Stock Falls After Earnings Report
NEW YORK (TheStreet) -- Shares of NorthStar Realty Finance (NRF) were falling 8.1% to $19.17 on Monday after the real estate investment trust reported its third quarter earnings report.
NorthStare Realty Finance reported revenue of $528.2 million for the third quarter, which represented a 171.8% increase from the year-ago quarter, but fell below analysts' estimates of $477.19 million.
The REIT reported a loss of 69 cents a share for the quarter, though it may not be comparable to analysts' estimates of a profit of 10 cents a share following the October spin-off of NorthStar Realty Europe (NRE).
The company said it acquired $840 million of CRE investments in the third quarter, which represent $340 million of invested equity.
"NorthStar Realty continues to diligently execute its disciplined business strategies and remains committed to building a portfolio of diversified commercial real estate assets that we expect will generate long-term, durable cash flows," CEO Jonathan A. Langer said in a statement. "With the company trading at a significant discount to its net asset value, we believe our stock represents an extremely attractive investment opportunity."
NRF data by YCharts
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.