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Colony Capital, Inc.

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Msg  7576 of 8274  at  1/10/2019 11:49:15 AM  by


Not said

Not one word about strategic, liquidation, deferred exchange or formation of Colony Europe. Not one word in today's press release on any of the preceding alternatives, all of which remain in play until future info rules any out, all imo.
What they told us;
49 million of net equity represents a 27% premium to 9/30 NAV (presumably at the same exchange rates), using 12/31 rates.
If 49 million = 127% of 9/30 nav, then this chunk of 9/30 nav was 38.6 million at 9/30. Therefore, the increase in this chunk of equity is about 10 million / 50.1 million shares = approx 20 cents per share.
It also tells us they will have about another 98 cents per share in cash when the German properties close. Roughly 7 bucks per share before this announcement becomes 7.44 at 12/31 and is about 8.00 when Germany closes.
All, some or none of these proceeds could be held by a deferred exchange intermediary. Colony Europe is still alive, imo, with NRE purchasing CLNY assets prior to formation.
Third party sale is still alive, with or without deferred exchanges and with or without a special dividend to reduce excess cash.
Liquidation is still alive as they don't have to pay out 2018 taxable income until next September.
IMO, a good idea to sell lesser UK properties before Brexit vote. 

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