Newcastle Investment Corp. (NYSE: NCT) is a real estate investment trust that focuses on investing in, and actively managing, real estate related assets and primarily invests in: (1) Senior Housing Assets (2) Real Estate Debt and (3) Golf & Other Investments.
Our primary investment areas are summarized below.
We endeavor to create value for our stakeholders by actively seeking undervalued segments of the real estate landscape where we are able to leverage our manager, Fortress’s, experience and expertise to invest accretively. We have been focused on opportunities in the senior housing sector, where we believe the return profile is particularly compelling.
As of June 2014, we are one of the largest publicly traded owners of senior housing properties, owning 95 properties across 27 states. We believe the growing demands of a rapidly aging population – combined with limited new supply – will drive the need for high-quality senior living facilities. Furthermore, we believe that within the highly fragmented senior housing industry a significant opportunity to create value through consolidation exists.
In addition to senior housing, we also invest in real estate and other related debt throughout over a decade of dynamic market conditions.
We actively manage CDOs and several other real estate investments. To enhance our returns, we seek to opportunistically buy back our liabilities at a significant discount, and to execute on other niche opportunities, such as collapsing our CDOs.
In December, Newcastle completed the restructuring of an existing debt investment in National Golf Properties. Through the transaction, Newcastle acquired the equity of National Golf Properties and its affiliate, American Golf Corporation (together the “Golf Business”), and Newcastle invested $49 million, which consisted of an approximately $47 million senior loan and $2 million of equity.
As of June 2014, we are the third largest operator and fourth largest owner of golf courses in the U.S. - operating or owning a portfolio of 90 golf courses across 15 states.
More detailed information about our business is included in our reports filed with the Securities and Exchange Commission (SEC). These reports describe, among other things, certain risks that could have a material adverse impact on our ability to achieve our business objectives, realize our expected investment returns, and pay dividends. We urge you to review these risks and the other information in our SEC reports.