End of the line?
In the last year, National Land Realty (NLR) has seen its stock prices fall from more than $7 billion to less than $2 billion, with some investors looking for a buyer for the majority of its shares.
And now, its share price has slumped from more more than 50 per cent to less the $1.50 mark, leaving it with a $1 billion valuation.
It is the third time in four years that the company has had to sell stock.
It’s a setback for the stock, which was worth $9.8 billion in 2016, after a rally in 2017.
“There’s been a significant decline in market cap, which is something we’ve never seen before, and I’m really disappointed,” says Jeff Greenfield, CEO of National Land, which oversees about 4,000 kilometres of national land.
“This is a challenging time for the company. “
Its business is highly fragmented and it needs to make better use of its vast assets. “
This is a challenging time for the company.
“We will also continue to develop our portfolio and plan for the future, which includes the creation of new businesses.” “
Mr Greenfield says NLR is confident that it will find a buyer in the near future. “
We will also continue to develop our portfolio and plan for the future, which includes the creation of new businesses.”
Mr Greenfield says NLR is confident that it will find a buyer in the near future.
He says the acquisition has put pressure on the company’s cash flow and has led to a decline in the company capital and net worth.
“All our stakeholders are committed to maintaining NLR as an independent company with a positive balance sheet,” he says.
NLR was founded in 2000 by Mr Greenfeld, who is also a co-founder of New Jersey’s Port Authority.
The company now operates as a subsidiary of the United States Army Corps of Engineers, which manages about 5,000 miles of coastline.
It has more than 200 employees and operates across the country.
Mr Greenfields team has also been hit by a recent legal action that alleges it misled investors about the risks associated with the acquisition.
“With the sale, we will be able to better manage our capital structure and reduce our costs,” Mr Greenlands says.
“If there’s a buyer, I don’t think it’s going to impact our business.”
The company has been in trouble since 2016, when it lost control of its property assets after a series of legal battles.
The US Supreme Court ruled that the government did not have the right to purchase the land.
The case, Land of Promise, resulted in a $4.8-billion settlement with the government.
“For our team, the acquisition was a very difficult decision,” says Mr Green.
“However, we were confident that we had the right partners and were committed to the long-term stewardship of our property portfolio.”
He says NLRB was able to find a deal to keep the company afloat in 2017 after the federal government passed a law giving it the authority to manage public land in the United Kingdom.
But it also faced legal challenges and legal hurdles.
Mr Brown, NLRB’s managing director, says he believes the government will ultimately have to decide on the future of the land office.
“I think they will ultimately want to look at this again,” he said.
Mr Brown says NLRR will be a stronger company as a result of the deal. “
But in the long term, they have a very broad and expansive portfolio of land management.”
Mr Brown says NLRR will be a stronger company as a result of the deal.
“They’ve got a lot of work to do to ensure that they maintain their strong financial position, and to make sure they can continue to provide value to the market.”
The land office is one of many agencies that the US Government is looking at privatising, including for military bases and ports.
Mr Goldfield says the sale is the latest in a series in which NLRB has made acquisitions.
The organisation also has another asset that is being bought by the US government: the National Oceanic and Atmospheric Administration’s headquarters in Washington, DC.
NLRB is also buying the National Marine Fisheries Service in Florida.