Having been out of NCT | NRZ Message Board Posts

New Residential Investment Corp.

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Msg  533 of 1686  at  1/7/2017 12:30:42 PM  by


The following message was updated on 1/7/2017 1:05:13 PM.

Having been out of NCT

now for well over a year someone noted to me they had changed from a REIT to a C Corp, and changed their name. We had speculated a while back that they'd eventually spin off their golf and ski properties into a REIT. Guess not. Here's the info if anyone missed it:
Business Wire


Newcastle Investment Corp. (the “Company”; NYSE:NCT) announced today that its Board of Directors has decided that the Company will not be a Real Estate Investment Trust (“REIT”) beginning in 2017.

This decision was made to further support the Company’s transformation to a leisure company, led by its traditional and entertainment golf businesses. The Company anticipates that the conversion to a C–Corporation (“C-Corp”) will help provide transparency for stockholders. Furthermore, the Company has a substantial amount of net operating losses (“NOLs”) available to offset a large portion of U.S. federal income tax related to future earnings from the go-forward business.

In response to the changes in the business, the Company will change its name to Drive Shack Inc. and will be publicly traded on the New York Stock Exchange under a new ticker “DS”. The Company will begin trading under the ticker “DS” on December 29, 2016.

The Company intends to maintain REIT status through the end of 2016, and the conversion to a C-Corp will be effective as of January 1, 2017.

Commenting on the Company's 2017 plans, Newcastle’s CEO and President, Sarah Watterson said, “Newcastle has demonstrated a track record of driving stockholder value through discovering and executing on investments. The decision to change our name and corporate structure in 2017 demonstrates our continued commitment to pursuing opportunities in the golf and leisure industries.

Anyone still own it and what will their dividend policy be?  TIA.

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Msg # Subject Author Recs Date Posted
534 Re: Having been out of NCT stonergreg 1 1/8/2017 11:47:10 AM
535 Re: Having been out of NCT wekkington5600 1 1/8/2017 1:27:45 PM

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