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NorthStar Realty Finance (NorthStar Realty Finance) Owner Earnings per Share (TTM) : 0.00 (As of Jun. 2016)


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What is NorthStar Realty Finance Owner Earnings per Share (TTM)?

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

NorthStar Realty Finance's Owner Earnings per Share (TTM) ended in Jun. 2016 was $0.00. It's Price-to-Owner-Earnings ratio for today is 0.


The historical rank and industry rank for NorthStar Realty Finance's Owner Earnings per Share (TTM) or its related term are showing as below:


During the past 13 years, the highest Price-to-Owner-Earnings ratio of NorthStar Realty Finance was 2.46. The lowest was 0.00. And the median was 0.33.


NRFPRD.PFD's Price-to-Owner-Earnings is not ranked *
in the REITs industry.
Industry Median: 14.495
* Ranked among companies with meaningful Price-to-Owner-Earnings only.

NorthStar Realty Finance's Earnings per Share (Diluted) for the three months ended in Sep. 2016 was $0.00. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Sep. 2016 was $0.00. It's PE Ratio ratio for today is N/A.

NorthStar Realty Finance's EPS without NRI for the three months ended in Sep. 2016 was $0.00. Its EPS without NRI for the trailing twelve months (TTM) ended in Sep. 2016 was $0.00. It's PE Ratio without NRI ratio for today is N/A.


NorthStar Realty Finance Owner Earnings per Share (TTM) Historical Data

The historical data trend for NorthStar Realty Finance's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

NorthStar Realty Finance Owner Earnings per Share (TTM) Chart

NorthStar Realty Finance Annual Data
Trend Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15
Owner Earnings per Share (TTM)
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NorthStar Realty Finance Quarterly Data
Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16
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Competitive Comparison of NorthStar Realty Finance's Owner Earnings per Share (TTM)

For the REIT - Retail subindustry, NorthStar Realty Finance's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


NorthStar Realty Finance's Price-to-Owner-Earnings Distribution in the REITs Industry

For the REITs industry and Real Estate sector, NorthStar Realty Finance's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where NorthStar Realty Finance's Price-to-Owner-Earnings falls into.



NorthStar Realty Finance Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

NorthStar Realty Finance's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 0.00
Depreciation, Depletion and Amortization 0.00
Change In Deferred Tax 0.00
5Y Average of Maintenance Capital Expenditure 1,364.58
Change In Working Capital 0.00
Shares Outstanding (Diluted Average) 0.00

1. Start with "Net Income" from income statement. NorthStar Realty Finance's Net Income for the trailing twelve months (TTM) ended in Jun. 2016 was $0.00 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. NorthStar Realty Finance's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jun. 2016 was $0.00 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. NorthStar Realty Finance's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2016 was $0.00 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $1,364.58 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

NorthStar Realty Finance's 5-Year Average Maintenance Capital Expenditure = $1,364.58 Mil

5. "Change In Working Capital" is from cashflow statement. NorthStar Realty Finance's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2016 was $0.00 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. NorthStar Realty Finance's Shares Outstanding (Diluted Average) for the months ended in Jun. 2016 was Mil.

NorthStar Realty Finance's Onwer Earnings Per Share for Jun. 2016 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( ++
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-1364.5784145198+)/
=0.00

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=25.65/0.00
=0

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


NorthStar Realty Finance Owner Earnings per Share (TTM) Related Terms

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NorthStar Realty Finance (NorthStar Realty Finance) Business Description

Traded in Other Exchanges
N/A
Address
Northstar Realty Finance Corp is a Maryland corporation formed in October 2003. The Company is an internally managed REIT, and is a diversified commercial real estate investment and asset management company. NorthStar Realty Finance Limited Partnership holds all of the Company's assets and conducts its operation directly or indirectly. The Company invests in multiple asset classes across commercial real estate. These investments are in the form of acquiring real estate, originating or acquiring senior or subordinate loans, as well as CRE investments, both in the United States and internationally. The asset management business is focused on raising and managing capital on a fee basis from alternative sources, which includes non-traded real estate investment trusts, and sponsoring other companies through joint ventures and partnerships, such as RXR Realty, LLC, or RXR Realty. The Company's commercial real estate debt business is focused on originating, structuring, acquiring and managing senior and subordinate debt investments secured by commercial real estate, including first mortgage loans, subordinate interests, mezzanine loans, credit tenant loans and other loans, including preferred equity interests in borrowers who own such properties. The Company competes with many third parties engaged in real estate investment activities including publicly-traded REITs, non-traded REITs, insurance companies, commercial and investment banking firms, private equity funds. The Company is subject to supervision and regulation by state and federal governmental authorities and is subject to various laws and judicial and administrative decisions imposing various requirements and restrictions.
Executives
Gregory Z Rush director 399 PARK AVENUE, 18TH FLOOR, NEW YORK NY 10022
Jonathan A Langer officer: CEO and President C/O GOLDMAN, SACHS & CO., 85 BROAD STREET, NEW YORK NY 10004
Charles W Schoenherr director C/O DIAMONDHEAD HOLDINGS CORP., 250 PARK AVE., 7TH FLOOR, NEW YORK NY 10177
Ronald J. Lieberman officer: EVP & General Counsel NORTHSTAR REALTY FINANCE CORP., 399 PARK AVENUE, 18TH FLOOR, NEW YORK NY 10022
Debra Ann Hess officer: Chief Financial Officer C/O NORTHSTAR REALTY FINANCE CORP., 399 PARK AVENUE, 18TH FLOOR, NEW YORK NY 10022
Lisa Meyer officer: Chief Accounting Officer C/O NORTHSTAR REALTY FINANCE CORP., 399 PARK AVENUE, 18TH FLOOR, NEW YORK NY 10022
Sridhar Sambamurthy director C/O NORTHSTAR REALTY FINANCE CORP., 399 PARK AVENUE, 18TH FLOOR, NEW YORK NY 10022
Oscar Junquera director C/O COLONY NORTHSTAR, INC., 590 MADISON AVENUE, 34TH FLOOR, NEW YORK NY 10022
Stephen E Cummings director
Albert Tylis officer: EVP, GC and Secretary C/O NORTHSTAR REALTY FINANCE CORP., 399 PARK AVENUE, 18TH FLOOR, NEW YORK NY 10022
Daniel D Raffe officer: EVP 527 MADISON AVENUE, 16TH FLOOR, NEW YORK NY 10022
Andrew C Richardson officer: EVP and CFO 527 MADISON AVENUE, 16TH FLOOR, NEW YORK NY 10022
Louis J Paglia director C/O UIL HOLDINGS CORP, 157 CHURCH STREET, NEW HAVEN CT 06506
Sab Overseas Master Fund, L.p. other: Former 10% Owner 767 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10153
Sab Overseas Capital Management Lp 10 percent owner 712 FIFTH AVE, NEW YORK NY 10019