MCArmel1
7 years ago
Colony Capital, NorthStar Asset Management Group and NorthStar Realty Finance have Completed the Previously Announced Largest Real Estate Merger of 2016 to Create Colony NorthStar, Inc.
Date(s): 10-Jan-2017 5:13 PM
For a complete listing of our news releases, please click here
A Global, Diversified Real Estate and Investment Management Leader with $58 Billion of Assets Under Management
LOS ANGELES & NEW YORK--(BUSINESS WIRE)--Colony NorthStar, Inc. ("Colony NorthStar" or the "Company") (NYSE:CLNS) today announced the completion of the merger of Colony Capital, Inc. ("Colony") (NYSE: CLNY), NorthStar Asset Management Group Inc. ("NSAM") (NYSE: NSAM) and NorthStar Realty Finance Corp. ("NRF") (NYSE: NRF). Colony NorthStar currently has an equity market capitalization of approximately $9 billion and assets under management of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts ("REIT") and 1940 Act companies. The transaction was originally announced on June 3, 2016 and approved by all three companies' stockholders at their respective special meetings held on December 20, 2016. Colony NorthStar will benefit from:
1.World-Class Real Estate and Investment Management Platform: Global, diversified equity REIT with $58 billion of assets under management, led by a seasoned management team with access to proprietary deal sourcing and a strong track record as a global investor, operator and investment manager.
2.Larger, More Diversified and Stable Investment Portfolio: Well-diversified portfolio of real estate investments with concentration in healthcare, industrial, hospitality and opportunistic equity and debt.
3.Investment Management Leadership/Wider Access to Capital Sources:Unmatched access and fiduciary commitment to global investors targeting real estate investment through Colony NorthStar's institutional private funds management business, retail capital platforms including non-traded REITs and publicly-traded vehicles such as NorthStar Realty Europe Corp. (NYSE: NRE).
4.Stronger Balance Sheet and Improved Liquidity: Approximately $24 billion balance sheet with significant excess liquidity expected from near-term asset monetizations which can be redeployed into new investments, to repurchase stock and/or to deleverage; targeting total debt-to-capitalization ratio of 50% or less with the goal of upgrading corporate credit profile and lowering overall cost of capital.
5.Increased Scale and Market Exposure: Colony NorthStar will trade on the NYSE under the ticker symbol "CLNS" with an equity market capitalization of approximately $9 billion and will be added to the MSCI U.S. REIT Index (RMZ) on January 12, 2017 where it will be in the top quartile by equity market capitalization.
6.Significant Cost Savings: Identified approximately $115 million in total annual cost synergies, consisting of approximately $80 million of cash savings and approximately $35 million of stock-based compensation savings.
7.Best-in-Class Corporate Governance: The ten-member Board of Directors, eight of whom are independent and all of whom stand for election annually and are elected by majority voting standards, opted out of MUTA and adopted significant additional shareholder-focused governance policies.
Thomas J. Barrack, Jr., Executive Chairman of the Board, commented, "We are delighted to complete the merger of these three great companies leading to increased scale, diversity and value creation opportunities for Colony NorthStar and its stockholders. The closing of this transformative transaction represents a milestone in our collective long-term strategy of building a leading global real estate business focused on a core set of real estate verticals in addition to a top-tier institutional and retail investment management business."
David T. Hamamoto, Executive Vice Chairman of the Board, added, "This partnership benefits Colony NorthStar's combined stockholders with an even stronger value proposition through enhanced relationships, substantial efficiencies and synergies and greater scale in established, durable real estate and investment management businesses with broad-based capital access and investment opportunities."
"We couldn't be more excited about our future prospects as we focus on recognizing the strategic benefits from combining three companies that share a singular long-term vision," said Richard B. Saltzman, Chief Executive Officer. "Our transition planning continues to progress well and we look forward to creating a highly competitive, world-class organization that balances a creative entrepreneurial spirit with institutional best practices and risk management. I thank the leadership teams and employees of all three companies for their past efforts and continuing dedication to this transformative merger while looking forward to the significant opportunities that lie ahead for Colony NorthStar."
Leadership and Organization
Thomas J. Barrack Jr. is Executive Chairman of the Board of Directors, David T. Hamamoto is Executive Vice Chairman and Richard B. Saltzman is Chief Executive Officer.
The Company's Board of Directors consists of ten directors in total, eight of whom are independent directors. In addition to Mr. Barrack and Mr. Hamamoto, the Company's Board of Directors includes Nancy A. Curtin, George G.C. Parker, John A. Somers and John L. Steffens, all former directors of Colony; Justin E. Metz, former director of NSAM; and Charles W. Schoenherr, former director of NRF. Douglas Crocker II and Jon A. Fosheim were also elected to the Company's Board of Directors.
Dividends
In accordance with the agreement and plans of merger among Colony, NRF and NSAM, the following dividends shall be paid as soon as reasonably practicable:
A dividend of $0.04444 per share of Colony common stock shall be paid to former Colony stockholders representing a pro rata dividend for the period from January 1, 2017 through January 10, 2017 of the quarterly dividend rate of $0.40 per Colony share.
A dividend of $0.04444 per share of NRF common stock shall be paid to former NRF stockholders representing a pro rata dividend for the period from January 1, 2017 through January 10, 2017 of the quarterly dividend rate of $0.40 per NRF share.
A one-time special dividend of $1.16 per share of NSAM common stock shall be paid to former NSAM stockholders.
Advisors
Colony was advised by BofA Merrill Lynch and received legal counsel from Willkie Farr & Gallagher LLP and Hogan Lovells LLP. Barclays, Credit Suisse, Deutsche Bank Securities, J.P. Morgan and Morgan Stanley also acted as financial advisors to Colony in connection with the transaction. NSAM was advised by Goldman Sachs and received legal counsel from Sullivan & Cromwell LLP, Goodwin Procter LLP as compensation and benefits counsel and Skadden, Arps, Slate, Meagher & Flom LLP and Hunton & Williams LLP as tax counsel. NSAM's Special Committee was advised by Evercore and received legal counsel from Fried, Frank, Harris, Shriver & Jacobson LLP and Morris, Nichols, Arsht & Tunnell LLP. NRF's Special Committee was advised by UBS Investment Bank and received legal counsel from Venable LLP. NRF received legal and tax counsel from Vinson & Elkins LLP.
About Colony NorthStar, Inc.
Colony NorthStar, Inc. (NYSE:CLNS) is a leading global real estate and investment management firm. The Company resulted from the January 2017 merger between Colony Capital, Inc., NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. The Company has significant property holdings in the healthcare, industrial and hospitality sectors, opportunistic equity and debt investments and an embedded institutional and retail investment management business. The Company currently has assets under management in excess of $58 billion and manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded real estate investment trusts and 1940 Act companies. In addition, the Company owns NorthStar Securities, LLC, a captive broker-dealer platform which raises capital in the retail market. The firm maintains principal offices in Los Angeles and New York with more than 500 employees in offices located across 17 cities in ten countries. The Company will elect to be taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.clns.com beginning January 11, 2017.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward looking statements: operating costs and business disruption may be greater than expected; the ability of Colony NorthStar to retain its senior executives and maintain relationships with business partners following the consummation of the merger; the ability to realize substantial efficiencies and synergies as well as anticipated strategic and financial benefits, such as increased scale, diversity and value creation for Colony NorthStar and its stockholders; whether the merger will broaden Colony NorthStar's access to capital and result in an expansion of its relationships and investment opportunities; and the impact of legislative, regulatory and competitive changes. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Colony NorthStar's and each company's respective reports filed from time to time with the Securities and Exchange Commission.
Colony NorthStar cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Colony NorthStar is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Colony NorthStar does not intend to do so.
Contacts
For Colony NorthStar, Inc.:
Sard Verbinnen & Co.
Megan Gavigan / Emily Deissler / Hayley Cook
(212) 687-8080
or
Owen Blicksilver PR, Inc.
Owen Blicksilver
(516) 742-5950
or
Addo Communications, Inc.
Lasse Glassen
(310) 829-5400
lasseg@addocommunications.com
or
Joe Calabrese
Investor Relations
212) 827-3772
MCArmel1
8 years ago
Northstar Realty Finance reports Q3 results
Nov 9 2015, 07:04 ET | About: Northstar Realty Finance ... (NRF) | By: Jignesh Mehta, SA News Editor
Northstar Realty Finance (NYSE:NRF): Q3 EPS of -$0.69
Revenue of $528M (+171.7% Y/Y)
Press Release
http://seekingalpha.com/news/2910256-northstar-realty-finance-reports-q3-results?uprof=45#email_link
NorthStar Realty Finance Announces Third Quarter 2015 Results
2 comments | Mon November 9, 2015 7:00 AM|PR Newswire | About: NRF
NEW YORK, Nov. 9, 2015 /PRNewswire/ --
Third Quarter 2015 Highlights
•Cash available for distribution ("CAD") of $0.85 per share.
•Third quarter 2015 cash dividend of $0.75 per common share.
•In October 2015, completed spin-off of European REIT into a separate publicly-traded company, NorthStar Realty Europe Corp. ("NRE").
•Acquired $870 million of CRE investments in the third quarter 2015, representing $340 million of invested equity.
NorthStar Realty Finance Corp. (NRF) (NYSE (NYX): NRF) today announced its results for the third quarter ended September 30, 2015.
Third Quarter 2015 Results
NorthStar Realty reported CAD for the third quarter 2015 of $157.0 million, or $0.85 per share. Net (loss) to common stockholders for the third quarter 2015 was $(126.1) million, or $(0.69) per diluted share.
For more information and a reconciliation of CAD to net income (loss) to common stockholders, please refer to the tables on the following pages.
Jonathan A. Langer, Chief Executive Officer, commented, "NorthStar Realty continues to diligently execute its disciplined business strategies and remains committed to building a portfolio of diversified commercial real estate assets that we expect will generate long-term, durable cash flows. With the company trading at a significant discount to its net asset value, we believe our stock represents an extremely attractive investment opportunity."
Mr. Langer added, "We continue to maintain an ample amount of liquidity and are well positioned to take advantage of dislocations in the market, including through repurchases of our common stock. In addition, we are actively working to extract value throughout our portfolio by pursuing opportunities to monetize all or portions of certain of our assets, which would generate additional liquidity and provide a means for incremental earnings growth."
Portfolio Results and Performance Metrics
Below are portfolio results and performance metrics for the third quarter 2015. Same-store results are presented for direct real estate properties that NorthStar Realty owned as of September 30, 2014. A substantial portion of our healthcare real estate and multi-tenant office businesses were acquired subsequent to the third quarter 2014 and, accordingly, same-store results will be included beginning the first quarter 2016. For private equity fund investments and financial investments such as loans, securities and CDO equity, information presented represents third quarter 2015 results compared to second quarter 2015 results. For more information and a reconciliation of net operating income ("NOI") to property and other related revenues net of property operating expenses, please refer to the tables on the following pages.
Healthcare Real Estate
•For the third quarter 2015, combined healthcare portfolio NOI was $102.9 million.
Medical Office Buildings
•For the third quarter 2015, NOI was $25.5 million, remaining lease term was 6.7 years and occupancy was 90%.
Independent Living Facilities
•For the third quarter 2015, NOI was $12.4 million and occupancy was 93%.
Senior Housing (SNH) Triple Net Lease
•For the third quarter 2015, NOI was $14.7 million, remaining lease term was 11.4 years and lease (EBITDAR) coverage was 1.6x.
Senior Housing RIDEA
•For the third quarter 2015, NOI was $17.7 million and occupancy was 88%.
Skilled Nursing Facilities
•For the third quarter 2015, NOI was $27.7 million, remaining lease term was 9.0 years and lease (EBITDAR) coverage was 1.5x.
Hospitals
•For the third quarter 2015, NOI was $4.9 million, remaining lease term was 10.8 years and lease (EBITDAR) coverage was 2.6x.
Hotels
•For the third quarter 2015, EBITDA was $80.6 million, RevPAR was $102.2, occupancy was 80% and EBITDA margin was 38%.
•For portfolios owned as of September 30, 2014, EBITDA was $53.5 million, RevPAR was $102.2, occupancy was 79% and EBITDA margin was 38% for the third quarter 2015, compared to EBITDA of $48.4 million, RevPAR of $97.0, occupancy of 78% and EBITDA margin of 36% for the third quarter 2014.
Europe Real Estate
Office
•For the third quarter 2015, NOI was $30.3 million, remaining lease term was 4.8 years and occupancy was 93%. Third quarter 2015 NOI includes a partial quarter of NOI related to the $619 million office property located in Frankfurt, Germany acquired in July 2015.
Other
•For the third quarter 2015, NOI was $2.0 million, remaining lease term was 6.5 years and occupancy was 61%.
Manufactured Housing Communities
•For the third quarter 2015, NOI was $26.4 million, monthly rent was $488.4 and economic occupancy was 85%, compared to NOI of $25.5 million, monthly rent of $469.9 and economic occupancy of 85% for the third quarter 2014.
Net Lease Real Estate
•For the third quarter 2015, NOI was $15.0 million, remaining lease term was 9.0 years and occupancy was 96%, compared to NOI of $15.1 million, remaining lease term of 10.0 years and occupancy of 99% for the third quarter 2014.
Multifamily Real Estate
•For the third quarter 2015, NOI was $6.3 million, occupancy was 93% and monthly rent was $800.9, compared to NOI of $5.6 million, occupancy of 94% and monthly rent of $761.5 for the third quarter 2014.
Multi-tenant Office Real Estate
•For the third quarter 2015, NOI was $2.7 million, remaining lease term was 3.1 years and occupancy was 89%.
Interest in Private Equity Funds
•For the third quarter 2015, aggregate distributions were $182.3 million, of which $55.1 million was income earned and aggregate contributions totaled $2.2 million. As of September 30, 2015, aggregate portfolio net carrying value was $1.11 billion with a yield of 17.0%. For the second quarter 2015, aggregate distributions were $231.5 million, of which $52.4 million was income earned and aggregate contributions were $3.8 million and fundings related to deferred purchase prices were $42.9 million. As of June 30, 2015, aggregate portfolio net carrying value was $1.19 billion with a yield of 18.1%.
Balance Sheet Loans
•For the third quarter 2015, aggregate portfolio income earned on invested equity was $24.6 million. During the third quarter 2015, repayments totaled $7.5 million. Subsequent to the third quarter, we received a payoff of loans from RXR Realty, LLC ("RXR") totaling $215.9 million. As of September 30, 2015, aggregate portfolio carrying value was $805.8 million, net of $65.9 million of credit facility financing (or $589.9 million carrying value net of the RXR loan repayment), with a yield on equity of 11.0% (or 10.9% yield on equity net of the RXR loan repayment). For the second quarter 2015, aggregate portfolio income earned on invested equity was $31.2 million. During the second quarter 2015, repayments totaled $158.6 million. As of June 30, 2015, aggregate portfolio carrying value was $703.4 million, net of $65.9 million of credit facility financing, with a yield on equity of 12.5%.
N-Star CDO Bonds and Other Securities
•For the third quarter 2015, aggregate portfolio income earned was $14.9 million, which includes $3.1 million related to repurchased CDO bonds that are eliminated in consolidation. As of September 30, 2015, the principal amount of the portfolio, excluding repurchased CDO bonds that are eliminated in consolidation, was $497.1 million with an amortized cost of $237.7 million and a yield of 19.1%. As of September 30, 2015, the principal amount of repurchased CDO bonds that are eliminated in consolidation was $135.4 million. For the second quarter 2015, aggregate portfolio income earned was $14.4 million, which includes $2.7 million related to repurchased CDO bonds that are eliminated in consolidation. As of June 30, 2015, the principal amount of the portfolio, excluding repurchased CDO bonds that are eliminated in consolidation, was $508.9 million with an amortized cost of $240.8 million and a yield of 19.9%. As of June 30, 2015, the principal amount of repurchased CDO bonds that are eliminated in consolidation was $107.7 million.
CDO Equity and Other Income
•For the third quarter 2015, aggregate equity distributions and other income was $23.2 million. For the second quarter 2015, aggregate equity distributions and other income was $23.0 million.
Investments
Europe
•During the third quarter 2015, NorthStar Realty acquired a $619 million predominately office property located in Frankfurt, Germany. NorthStar Realty Europe expects to earn an initial current yield of approximately 8% on its $250 million of invested equity.
•The property was contributed to NRE subsequent to the third quarter 2015 at the completion of the spin-off of NRE ("NRE Spin-off").
Hotel Real Estate
•During the third quarter 2015, NorthStar Realty acquired a $143 million hotel portfolio consisting of three premium branded hotels containing over 800 rooms located in close proximity to the Miami International Airport. NorthStar Realty expects to earn an initial current yield of approximately 19% on its $39 million of invested equity.
Manufactured Housing Real Estate
•During the third quarter 2015, NorthStar Realty entered into a definitive agreement to acquire a $141 million portfolio of 13 manufactured housing communities with approximately 4,000 rental pads located across seven states. NorthStar Realty expects to earn an initial current yield of approximately 14% on its $31 million of invested equity. RHP, our existing joint venture partner and operator, will be a 15% joint venture partner in the transaction.
Opportunistic Real Estate Investments
•During the third quarter 2015, NorthStar Realty acquired limited partnership interests in real estate private equity funds with a net asset value of $75 million. NorthStar Realty funded $24 million at closing with an incremental $50 million in purchase price payable in two installments over the two years following closing. NorthStar Realty expects to earn an initial weighted average current yield of approximately 26% on its invested equity.
Repurchased N-Star CDO Bonds
•During the third quarter 2015, repurchased $36 million principal amount of N-Star CDO bonds for $27 million. NorthStar Realty expects to earn an initial weighted average yield to expected maturity of approximately 16%.
•Subsequent to the third quarter 2015, repurchased $27 million principal amount of N-Star CDO bonds for $20 million. NorthStar Realty expects to earn an initial weighted average yield to expected maturity of approximately 17%.
NorthStar Realty Total Assets
•Assets as of September 30, 2015 totaled approximately $17.5 billion, including assets of deconsolidated CDOs and investments that NorthStar Realty acquired or committed to acquire subsequent to the third quarter 2015 and excluding the European real estate assets contributed in the NRE Spin-off (as discussed below).
•Approximately 85% of the $17.5 billion of total assets are comprised of direct and indirect ownership interests in real estate.
Supplemental Disclosure
•Please refer to the supplemental presentation that will be posted on NorthStar Realty's website, www.nrfc.com, which provides substantial additional details regarding NorthStar Realty's investments.
Liquidity, Financing and Capital Markets Highlights
•During the third quarter 2015, N-Star CDO IV was liquidated, the third-party senior bondholders were re-paid in full and NorthStar Realty received aggregate $50 million from its N-Star CDO IV equity interest and owned CDO bonds. In connection with the liquidation, NorthStar Realty acquired $73 million of CRE debt investments which were funded with $48 million of credit facility financing and $25 million of invested equity.
Corporate Debt
•In July 2015, NorthStar Realty completed a private offering of $340 million aggregate principal amount of NRE's 4.625% senior stock-settlable notes due December 2016, which includes $40 million purchased by the underwriters in connection with the exercise of their over-allotment option. These notes were contributed to NRE in the NRE Spin-off.
Common Equity
•Subsequent to the third quarter 2015, NorthStar Realty received net proceeds of $240 million from 7.1 million shares of its common stock through the existing forward sale agreement.
•During the third quarter 2015, NorthStar Realty issued 0.2 million shares of common stock in connection with the exchange of $3 million principal amount of 5.375% notes.
More...
http://seekingalpha.com/pr/15283226-northstar-realty-finance-announces-third-quarter-2015-results
MCArmel1
9 years ago
NorthStar Realty Finance Corp. Announces Record Date and Distribution Date for Spin-Off of NorthStar Realty Europe Corp.
Date(s): 12-Oct-2015 8:01 AM
For a complete listing of our news releases, please click here
NEW YORK, Oct. 12, 2015 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar Realty") announced today that, in connection with the previously announced spin-off of its European real estate business (the "Spin-Off"), its Board of Directors declared a record date of October 22, 2015 and a distribution date of October 31, 2015 for the distribution (the "Distribution") of all the outstanding common stock of NorthStar Realty Europe Corp. ("NRE") to the holders of NorthStar Realty common stock. Immediately following the Distribution, NorthStar Realty expects to conduct a one-for-two reverse stock split of its common stock. In the Distribution, each NorthStar Realty common stockholder will receive shares of NRE common stock on a one-for-six basis, before giving effect to the one-for-two reverse stock split.
The record date for the Distribution will be after the close of regular New York Stock Exchange trading hours on October 22, 2015 and will be completed and effective by 11:59 p.m., New York Time, on October 31, 2015. The reverse stock split will be effective at 12:01 a.m., New York Time, on November 1, 2015. Stockholders that would otherwise own fractional shares of NRE's common stock following the Distribution and NorthStar Realty's common stock following the reverse stock split will receive cash in lieu of fractional shares.
As a result of the reverse stock split, the number of outstanding shares of NorthStar Realty's common stock will be reduced from approximately 382.2 million to 191.1 million (based upon the total number of common shares, LTIPs and RSUs not subject to performance hurdles, expected to be outstanding on the Distribution date).
On November 2, 2015, the first trading day following the Distribution, NRE's common stock will commence trading on the NYSE under the ticker symbol "NRE" and NorthStar Realty's common stock will continue to trade on the NYSE under the ticker symbol "NRF," on a reverse split-adjusted basis.
The Distribution remains subject to the Securities and Exchange Commission ("SEC") declaring NRE's Registration Statement on Form S-11 (Reg. No. 333-205440) effective, which we expect to occur in time to meet the described schedule.
Trading Before the Distribution Date
The NYSE has informed NorthStar Realty that, in connection with the Spin-Off, there will be three trading markets expected from Tuesday, October 20, 2015 through Friday, October 30, 2015:
•In the "regular way" trading market (NYSE: NRF), shares of NorthStar Realty common stock will trade on a pre-reverse stock split basis with the right to the NRE common shares in the Distribution.
•In the "ex-distribution" market (NYSE: NRF WI), shares of NorthStar Realty common stock will trade without the right to receive shares of NRE in the Distribution and on a post NorthStar Realty reverse stock split basis.
•In the "when-issued" market (NYSE: NRE WI), the right to the NRE common shares to be distributed on the Distribution Date.
NorthStar Realty expects the Distribution to be treated for tax purposes as a distribution to NorthStar Realty common stockholders equal to the fair market value of the NRE shares. NorthStar Realty stockholders should consult their financial advisors and tax advisors regarding the particular consequences of the Distribution, including, without limitation, the specific implications of selling NorthStar Realty common stock on or prior to the Distribution date and the applicability and effect of any U.S. federal, state, local or foreign tax laws.
This press release does not constitute an offer of any securities for sale. A registration statement relating to the NRE shares of common stock that will be issued to NorthStar Realty stockholders has been filed with the SEC but has not yet been declared effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. NorthStar Realty stockholders will be mailed a prospectus, when available, relating to the offering of NRE shares.
About NorthStar Realty
NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty Finance is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements, which can be identified by words like "expect," "will," "intend" and similar expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, our ability to complete the reverse stock split of NorthStar Realty common stock and the Distribution, and the timing of effectiveness of NRE's registration statement on Form S-11 (Reg. No. 333-205440). Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NRE's registration statement filed on Form S-11 and NorthStar Realty's other filings with the SEC.
Such forward-looking statements speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
To view the original version on PR Newswire, visit:www.prnewswire.com/news-releases/northstar-realty-finance-corp-announces-record-date-and-distribution-date-for-spin-off-of-northstar-realty-europe-corp-300157771.html
SOURCE NorthStar Realty Finance Corp.
Investor Relations, Joe Calabrese, (212) 827-3772
MCArmel1
9 years ago
NorthStar Asset Management misses by $0.10, beats on revenue
Aug 6 2015, 08:18 ET | About: NorthStar Asset Management... (NSAM) | By: Mamta Mayani, SA News Editor
NorthStar Asset Management (NYSE:NSAM): Q2 EPS of $0.19 misses by $0.10.
Revenue of $119.13M (+264.5% Y/Y) beats by $6.16M.
Press Release
http://seekingalpha.com/news/2703106-northstar-asset-management-misses-by-0_10-beats-on-revenue?uprof=45#email_link
NorthStar Asset Management Group Announces Second Quarter 2015 Results
1 comment | Thu August 6, 2015 8:00 AM|PR Newswire | About: NSAM
NEW YORK, Aug. 6, 2015 /PRNewswire/ --
Second Quarter 2015 Highlights
•Cash available for distribution ("CAD") of $0.29 per share.
•Second quarter 2015 cash dividend of $0.10 per common share.
•Raised $771 million of capital in the non-traded companies year-to-date 2015, including $317 million in the second quarter.
•Total assets of managed companies as of June 30, 2015 of approximately $24.7 billion, including investments under contract or acquired subsequent to the second quarter 2015.
NorthStar Asset Management Group Inc. (NYSE: NSAM) today announced its results for the second quarter ended June 30, 2015.
Second Quarter 2015 Results
NSAM reported CAD for the second quarter 2015 of $57.5 million, or $0.29 per share. Net income to common stockholders for the second quarter 2015 was $38.0 million, or $0.19 per diluted share.
For more information and a reconciliation of CAD to net income (loss) to common stockholders, please refer to the tables on the following pages.
David T. Hamamoto, Executive Chairman, commented, "NSAM completed its first full year as a stand-alone public company with another strong quarter that reflects sustained growth in core profitability and solid momentum in our underlying businesses. NSAM's unique attributes effectively provide for permanent and continuous net inflows, which sets the stage for powerful and continuous earnings growth."
Mr. Hamamoto continued, "Turning to our retail business, our capital raising continues to be strong, with momentum expected to significantly pick up towards the end of 2015. We are excited about our new product offerings, including our $3 billion closed-end fund, NorthStar Global Corporate Income Fund, co-sponsored with Och-Ziff that recently filed its initial registration statement with the SEC (SCUR), and are also pleased to announce that we anticipate filing in the next couple of months an initial registration statement for a new $3 billion closed-end commercial real estate loan fund. Our product pipeline, including capital still to be raised at existing vehicles, will soon stand at approximately $10 billion and we look forward to sharing our potential ideas in the coming months on how we may significantly accelerate our capital raising for these vehicles."
Al Tylis, Chief Executive Officer, commented, "NorthStar Asset Management Group (NSAM) has the potential to grow into one of the great global asset management firms with an extraordinarily durable, one-of-a-kind revenue model. In terms of our buyback program, while our effective ability to repurchase stock in the second quarter was limited to the last couple days of June, we believe allocating our capital to repurchase NSAM stock is compelling at current levels. Given potential timing and other limitations on executing substantial open market purchases of our stock, such as self-imposed blackout periods for potential NSAM acquisitions, we are exploring other alternatives to enhance and leverage our buyback strategy. We are exceedingly optimistic about NSAM and our prospects for creating substantial shareholder value."
NSAM Managed Companies Results
NorthStar Realty (NRF)
•Base asset management fee of $48.2 million earned during the second quarter 2015.
•Incentive fee of $3.5 million earned during the second quarter 2015.
More...
http://seekingalpha.com/pr/14332886-northstar-asset-management-group-announces-second-quarter-2015-results
http://www.prnewswire.com/news-releases/northstar-realty-finance-announces-second-quarter-2015-results-300124814.html
MCArmel1
9 years ago
Northstar Realty Finance reports Q1 results
May 8 2015, 08:04 ET | About: Northstar Realty Financ... (NRF) | By: Mohit Manghnani, SA News Editor
Northstar Realty Finance (NYSE:NRF): Q1 EPS of -$0.10
Revenue of $402.9M (+474.8% Y/Y)
Press Release
http://seekingalpha.com/news/2506796-northstar-realty-finance-reports-q1-results?auth_param=ano5b:1akp9t6:aad87161d3c769576d7e4c1bbacd7bef&uprof=45#email_link
NorthStar Realty Finance Announces First Quarter 2015 Results
Fri May 8, 2015 8:00 AM|PR Newswire | About: NRF
NEW YORK, May 8, 2015 /PRNewswire/ --
First Quarter 2015 Highlights
•Cash available for distribution ("CAD") of $0.44 per share.
•First quarter 2015 cash dividend of $0.40 per common share.
•Announced spin-off of NorthStar Realty's European commercial real estate business into a separate publicly-traded REIT.
•Subsequent to the first quarter 2015, NorthStar Realty (NRF) acquired an approximately ¬1.1 billion pan-European office portfolio and an approximately ¬500 million pan-European predominately office portfolio.
NorthStar Realty Finance Corp. today announced its results for the first quarter ended March 31, 2015.
First Quarter 2015 Results
NorthStar Realty reported CAD for the first quarter 2015 of $136.5 million, or $0.44 per share. Net (loss) to common stockholders for the first quarter 2015 was $(31.6) million, or $(0.10) per diluted share.
For more information and a reconciliation of CAD to net income (loss) to common stockholders, please refer to the tables on the following pages.
David T. Hamamoto, chairman and chief executive officer, commented, "NorthStar Realty is off to a strong start in 2015, including completing the acquisition of approximately $2 billion of high quality, pan-European predominantly office properties. The proposed spin-off of our European real estate business into a separate publicly-traded REIT remains on track for completion during the second half of 2015. In addition, we continue to have an active pipeline of diversified CRE investments that are expected to generate durable cash flows and build long-term value for our shareholders."
Mr. Hamamoto added, "Currently, approximately 84% of our investments are comprised of directly and indirectly owned commercial real estate and we were pleased with the recent change of our 'GICS' code to an equity REIT, which is another step in the direction of further broadening our institutional shareholder base. We believe NorthStar Realty is exceptionally well positioned for the future and we remain committed to exploring all alternatives for creating shareholder value."
Investments
Europe
•Subsequent to the first quarter 2015, NorthStar Realty acquired an approximately ¬1.1 billion pan-European office portfolio (the "SEB Portfolio"). The SEB Portfolio is comprised of 11 Class A office properties located across gateway cities in seven of Europe's top markets: London, U.K.; Paris, France; Hamburg, Germany; Milan, Italy; Brussels, Belgium; Amsterdam and Rotterdam, Netherlands and Gothenburg, Sweden.
•Subsequent to the first quarter 2015, NorthStar Realty acquired an approximately ¬500 million pan-European predominately office portfolio (the "Trias Portfolio") located across eight European countries including the U.K., Germany, France, Belgium, Netherlands, Spain, Portugal and Italy.
• NorthStar Realty expects to earn an initial weighted average current yield of approximately 8.5% on its approximately ¬800 million of invested equity in the SEB and Trias Portfolios, including expected incremental financing and other proceeds.
Healthcare Real Estate
•Subsequent to the first quarter 2015, NorthStar Realty entered into an agreement to acquire an $875 million healthcare real estate portfolio consisting of 32 independent living facilities. The agreement is structured as a joint venture owned 60% by NorthStar Realty and 40% by NorthStar Healthcare Income. NorthStar Realty expects to earn an initial current yield of approximately 11% on its approximately $150 million of invested equity.
Hotel Real Estate
• NorthStar Realty entered into an agreement to acquire a $170 million hotel portfolio consisting of nine upscale extended stay and premium branded select service hotels containing over 1,000 rooms that are in key New England markets located in New Hampshire and Massachusetts. NorthStar Realty expects to earn an initial current yield of approximately 17% on its approximately $44 million of invested equity.
Multi-tenant Office Real Estate
•During the first quarter 2015, NorthStar Realty acquired an aggregate $95 million portfolio of seven multi-tenant office properties located in Denver, Colorado and Thousand Oaks, California. NorthStar Realty expects to earn an initial current yield of approximately 15% on its $28 million of invested equity.
NorthStar Realty Total Assets
•Assets as of March 31, 2015 totaled approximately $19.3 billion, including assets of deconsolidated CDOs and investments that NorthStar Realty acquired or committed to acquire subsequent to the first quarter 2015.
•Approximately 84% of the $19.3 billion of total assets are comprised of direct and indirect ownership interests in real estate, or approximately 82% excluding the European real estate assets expected to be contributed to NRE (as discussed below).
Supplemental Disclosure
•Please refer to the supplemental presentation that will be posted on NorthStar Realty's website, www.nrfc.com, which provides substantial additional details regarding NorthStar Realty's investments.
Liquidity, Financing and Capital Markets Highlights
Common Equity
•During the first quarter 2015, NorthStar Realty issued 7.0 million shares of its common stock through the September 2014 forward sale agreement and received net proceeds of $122 million.
•In March 2015, NorthStar Realty issued 12.0 million shares of its common stock, at a public offering price of $18.65 per share and received net proceeds of $217 million. In connection with the common offering, NorthStar Realty entered into a new forward sale agreement (the "Forward Sale Agreement") with an affiliate of Deutsche Bank Securities Inc. (the "Forward Purchaser"), under which the Forward Purchaser sold 57 million shares of NorthStar Realty's common stock. NorthStar Realty issued 12.3 million shares of its common stock through the Forward Sale Agreement and received net proceeds of $216 million.
•During the first quarter 2015, NorthStar Realty issued 1.4 million shares of common stock in connection with the exchange of $11.7 million principal amount of 5.375% exchangeable senior notes due 2033.
•Subsequent to the first quarter 2015, NorthStar Realty issued 12.5 million shares of its common stock under the Forward Sale Agreement and received net proceeds of $221 million. As of May 6, 2015, 32.3 million shares of common stock remain available for issuance through the Forward Sale Agreement for aggregate net proceeds of $569 million.
Corporate Related
•On February 26, 2015, NorthStar Realty announced that its board of directors unanimously approved a plan to spin-off its European real estate business into a newly-formed publicly-traded REIT, NorthStar Realty Europe Corp., or NRE, expected to be initially listed on the NYSE (NYX). Currently, NorthStar Realty has acquired approximately $2 billion of European real estate (excluding European healthcare assets) comprised of 49 properties spanning across some of Europe's top markets that will be contributed to NRE upon the completion of the proposed European spin-off. An affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM) will manage NRE pursuant to a long-term management agreement substantially consistent with NorthStar Realty's existing management agreement with NSAM. The proposed spin-off is expected to be completed in the second half of 2015. For further details related to the spin-off, please refer to the Investor Presentation posted on NorthStar Realty's website, www.nrfc.com.
•Effective close of business on April 30, 2015, NorthStar Realty Finance's Global Industry Classification Standard (GICS) code was reclassified from "Mortgage REIT" to "Diversified REIT".
More...
http://seekingalpha.com/pr/13444496-northstar-realty-finance-announces-first-quarter-2015-results
MCArmel1
9 years ago
NorthStar Realty agrees to €1.1B European office portfolio purchase
Dec 23 2014, 07:46 ET | By: Stephen Alpher, SA News Editor
The portfolio is comprised of 11 Class A office properties totaling 2M square feet located throughout Europe. The average age of the buildings is just eight years, and they're currently 93% leased with an average remaining lease term of six years. Roughly 50% of the rents comes from properties in London and Paris.
NRF CEO David Hamamoto: "While our base case assumption is that we retain these high quality assets as we expect rents to grow and cap rates to compress in the coming years, we believe the optionality of this portfolio is very valuable, both from an asset level standpoint and from a corporate standpoint given the quality and scale of the portfolio."
Source: Press Release
http://seekingalpha.com/news/2194425-northstar-realty-agrees-to-1_1b-european-office-portfolio-purchase?uide=11264171&uprof=45#email_link
NorthStar Realty Finance Announces Definitive Agreement to Acquire €1.1 Billion Pan European Class A Office Portfolio
Tue December 23, 2014 7:41 AM|PR Newswire | About: NRF
NEW YORK, Dec. 23, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar Realty (NRF)") today announced that it has entered into a definitive agreement to acquire a ¬1.1 billion European office portfolio (the "Portfolio") in cooperation with Cale Street Partners. The Portfolio is comprised of 11 Class A office properties located across gateway cities in seven of Europe's top markets: London, UK; Paris, France; Hamburg, Germany; Milan, Italy; Brussels, Belgium; Amsterdam and Rotterdam, Netherlands; and Gothenburg, Sweden. The Portfolio consists of 186,299 square meters (2 million square feet) with a well-diversified mix of market leading tenants.
Portfolio Highlights:
•The Portfolio includes trophy office buildings such as Condor House and Portman Square House in London, Issy-les-Moulineaux in Paris and Maastoren in Rotterdam.
•The Portfolio has an average age of only eight years and is currently 93% leased with a weighted average remaining lease term of 6 years and with periodic rent reviews.
•Credit tenants and "Big Four" professional service firms such as BNP Paribas (BNPQY), Cushman & Wakefield, Chartis Europe, AIG, Barclays, Invesco UK, Ernst & Young and Deloitte represent approximately 66% of in-place rents.
•Approximately 50% of the Portfolio by rent is derived from properties located in London and Paris.
• NorthStar Realty expects to earn an initial leveraged yield of approximately 13%, based on estimated year-one NOI.
NorthStar Realty's Chairman and Chief Executive Officer, David Hamamoto, commented, "We are extremely pleased to announce this differentiated and rare portfolio acquisition. The size and execution complexity of this transaction, spanning seven countries and three currencies, demonstrates the strength of our investment platform. While our base case assumption is that we retain these high quality assets as we expect rents to grow and cap rates to compress in the coming years, we believe the optionality of this portfolio is very valuable, both from an asset level standpoint and from a corporate standpoint given the quality and scale of the portfolio."
Cale Street Partners, a real estate finance and investment firm backed by flexible sovereign wealth capital, will provide certain financing for the acquisition of the portfolio and assisted in sourcing the transaction.
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "will," "expect" or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, the performance of the Portfolio, the credit of the tenants, NorthStar Realty's ability to close on the Portfolio on the terms anticipated, or at all, NorthStar Realty's ability to obtain financing on favorable terms, or at all, NorthStar Realty's ability to realize estimated NOI and leveraged yield, the ability to realize any optionality of the Portfolio, the growth and compression of cap rates and NorthStar Realty's ability to expand in Europe. Additional factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Realty's Annual Report on Form 10-K for the year ended December 31, 2013 and its other filings with the Securities and Exchange Commission.
Any forward-looking statements contained herein speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
To view the original version on PR Newswire, visit:www.prnewswire.com/news-releases/northstar-realty-finance-announces-definitive-agreement-to-acquire-11-billion-pan-european-class-a-office-portfolio-300013552.html
SOURCE NorthStar Realty Finance Corp.
http://seekingalpha.com/pr/12064295-northstar-realty-finance-announces-definitive-agreement-to-acquire-1_1-billion-pan-european-class-a-office-portfolio
MCArmel1
9 years ago
NorthStar Realty Announces Closing of the $4 billion Acquisition of Griffin-American Healthcare REIT II
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NEW YORK, Dec. 3, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar Realty") today announced that it has completed the acquisition of Griffin-American Healthcare REIT II, Inc. ("Griffin-American") for approximately $4 billion in a combination of common stock and cash. The completion of this acquisition brings NorthStar Realty's owned real estate to approximately 80% of total assets, including a $5.8 billion healthcare portfolio diversified by geography, asset class, tenant/operator and operating model, with a weighted average lease term of 8.5 years.
NorthStar Realty's Chairman and Chief Executive Officer, David Hamamoto, commented, "We are very pleased to have completed the acquisition of this highly desirable healthcare real estate portfolio. We are well positioned to realize substantial multiple expansion and enthusiastic about our prospects of capitalizing on value creation opportunities."
Jay Flaherty, who oversees NorthStar Realty's healthcare real estate business, commented, "The completion of this acquisition creates a best-in-class healthcare real estate portfolio with a high quality mix of diversified assets and stable, long-term cash flows. Since we announced our agreement to acquire this portfolio, we have continued to see meaningful cap rate compression in the healthcare real estate sector, particularly for quality assets such as these."
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "will," "expect" or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, the performance of the approximately $4 billion acquired healthcare portfolio and NorthStar Realty's overall $5.8 billion healthcare portfolio generally and NorthStar Realty's ability to realize substantial multiple expansion and capitalize on value creation opportunities on its healthcare portfolio. Additional factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Realty's Annual Report on Form 10-K for the year ended December 31, 2013, NorthStar Realty's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and its other filings with the Securities and Exchange Commission.
Any forward-looking statements contained herein speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE NorthStar Realty Finance Corp.
RELATED LINKS
www.nrfc.com
http://www.prnewswire.com/news-releases/northstar-realty-announces-closing-of-the-4-billion-acquisition-of-griffin-american-healthcare-reit-ii-300004435.html
MCArmel1
9 years ago
NorthStar Realty closes on $1.1B hotel portfolio purchase
Nov 18 2014, 08:40 ET | By: Stephen Alpher, SA News Editor
With the acquisition (from Inland American Real Estate Trust), NorthStar (NYSE:NRF) now owns a $3B hotel portfolio comprised of 155 upscale extended stay and select hotels with 20,250 rooms. 90% of the portfolio is affiliated with Marriott or Hilton, and management expects it to generate NOI growth in 2015.
Source: Press Release
http://seekingalpha.com/news/2133765-northstar-realty-closes-on-1_1b-hotel-portfolio-purchase?uprof=45#email_link
NorthStar Realty Finance Announces Closing of $1.1 Billion Hotel Portfolio
Tue November 18, 2014 8:30 AM|PR Newswire | About: NRF
NEW YORK, Nov. 18, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NRF) ("NorthStar Realty") today announced that it has closed its acquisition of a $1.1 billion hotel portfolio from Inland American Real Estate Trust. NorthStar Realty now owns a $3 billion hotel portfolio comprised of 155 premier upscale extended stay and select service hotels with 20,250 rooms.
NorthStar Realty's Chairman and Chief Executive Officer, David Hamamoto, commented, "We are extremely pleased to have accumulated one of the largest extended stay and select service portfolios in the public markets. We expect our overall hotel portfolio, 90% of which is affiliated with Marriott or Hilton, to generate substantial NOI growth in 2015."
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "will," "expect" or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, the performance of the $1.1 billion hotel portfolio and NorthStar Realty's hotel portfolio generally and NorthStar Realty's ability to generate substantial NOI growth on its hotel portfolio. Additional factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Realty's Annual Report on Form 10-K for the year ended December 31, 2013 and its other filings with the Securities and Exchange Commission.
Any forward-looking statements contained herein speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE NorthStar Realty Finance Corp.
http://seekingalpha.com/pr/11733445-northstar-realty-finance-announces-closing-of-1_1-billion-hotel-portfolio
MCArmel1
10 years ago
Title: NorthStar Realty Finance Announces Definitive Agreement to Acquire $1.1 Billion Hotel Portfolio
Date(s): 18-Sep-2014 8:00 AM
For a complete listing of our news releases, please click here
NEW YORK, Sept. 18, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar Realty") today announced that it has entered into a definitive agreement to acquire a $1.1 billion hotel portfolio (the "Portfolio") from Inland American Real Estate Trust. The Portfolio is comprised of 52 upscale extended stay and select service hotels with approximately 7,000 rooms. Inclusive of this portfolio and an additional approximately $700 million hotel portfolio that NorthStar Realty expects to close this month, NorthStar Realty will have an approximately $3.2 billion hotel portfolio consisting of 159 hotels and over 20,000 rooms.
NorthStar Realty is acquiring the Portfolio in a joint venture with Chatham Lodging Trust ("Chatham", NYSE: CLDT) where NorthStar Realty will have an approximate 90% ownership interest in the Portfolio and Chatham will own an approximate 10% minority interest. Island Hospitality is expected to manage a substantial majority of the hotels in the Portfolio.
NorthStar Realty's Chairman and Chief Executive Officer, David Hamamoto, commented, "We are excited about the continued expansion of our portfolio of extended stay and limited service hotels and the deepening of our relationship with Chatham and Island Hospitality. This portfolio is expected to generate strong risk-adjusted returns for our shareholders and provides NorthStar Realty with substantial optionality, scale and diversification in a sector that we strongly believe will continue to benefit meaningfully from a growing economy."
Portfolio Highlights
•NorthStar Realty expects to obtain non-recourse financing for approximately 70-75% of the purchase price (including costs) and earn an initial mid-teens cash-on-cash yield, based on estimated year-one NOI.
•The Portfolio is predominately affiliated with the Marriott (63%) and Hilton (32%) brands; NorthStar Realty's entire hotel portfolio, pro-forma for the acquisition of the Portfolio, is 74% affiliated with the Marriott brand and 17% affiliated with the Hilton brand.
•The Portfolio is geographically diverse and located across 21 states, including Texas (19%), New Jersey (13%), New York (10%) and North Carolina (10%).
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a diversified commercial real estate investment company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "will," "expect" or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, the performance of the Portfolio and NorthStar Realty's hotel portfolio generally, NorthStar Realty's ability to close on the Portfolio on the terms anticipated, or at all, NorthStar Realty's ability to obtain financing for approximately 70-75% of the purchase price on favorable terms, or at all, NorthStar Realty's ability to source and complete additional transactions in hotels through the joint venture, the ability of the third party property operators to successfully manage the hotels in the Portfolio, NorthStar Realty's ability to achieve strong current and overall returns on its hotel portfolio, the scalability of NorthStar Realty's hotel platform, the ability to realize estimated NOI, whether acquisition of the Portfolio will provide NorthStar Realty with substantial optionality, scale and diversification and NorthStar Realty's ability to maximize shareholder value. Additional factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Realty's Annual Report on Form 10-K for the year ended December 31, 2013 and its other filings with the Securities and Exchange Commission.
Any forward-looking statements contained herein speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE NorthStar Realty Finance Corp.
Investor Relations, Joe Calabrese, (212) 827-3772
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MCArmel1
10 years ago
NorthStar Realty Finance Corp has added a news release to its Investor Relations website.
Title: NorthStar Realty Finance Announces Second Quarter 2014 Earnings Conference Call
Date(s): 23-Jul-2014 4:05 PM
For a complete listing of our news releases, please click here
NEW YORK, July 23, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) today announced that it will host a conference call to discuss second quarter 2014 financial results on Thursday, August 7, 2014 at 9:00 a.m. Eastern. Hosting the call will be David T. Hamamoto, Chairman and Chief Executive Officer; Albert Tylis, President; Daniel R. Gilbert, Chief Investment and Operating Officer; and Debra A. Hess, Chief Financial Officer. A press release with second quarter 2014 financial results is scheduled to be issued before the market open on August 7, 2014.
The call will be webcast live over the Internet from the Company's website at www.nrfc.com and will be archived on the Company's website. The call can also be accessed live over the phone by dialing 888-427-9419 or, for international callers, by dialing 719-325-2464.
A replay of the call will be available approximately two hour after the call through Thursday, August 14, 2014 by dialing 888-203-1112 or, for international callers, 719-457-0820, using pass code 9583325.
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a diversified commercial real estate investment company that is organized as a REIT. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
SOURCE NorthStar Realty Finance Corp.
Investor Relations, Joe Calabrese, (212) 827-3772
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MCArmel1
10 years ago
NorthStar Realty Finance Corp has added a news release to its Investor Relations website.
Title: NorthStar Realty Finance Corp. Announces Record Date and Distribution Date for Spin-Off of NorthStar Asset Management Group Inc.
Date(s): 24-Jun-2014 6:08 PM
For a complete listing of our news releases, please click here
NEW YORK, June 24, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar Realty") announced today that, in connection with the previously announced spin-off of its asset management business (the "Spin-Off"), its Board of Directors declared a record date and distribution date of June 30, 2014 for the distribution (the "Distribution") of all the outstanding common stock of NorthStar Asset Management Group Inc. ("NSAM") to the holders of NorthStar Realty common stock. In connection with the Distribution, NorthStar Realty is conducting an internal corporate reorganization and a one-for-two reverse stock split of its common stock, pursuant to which NorthStar Realty will merge with and into its subsidiary, NRFC Sub-REIT Corp., and the survivor will be re-named NorthStar Realty Finance Corp, which will be the entity that effects the reverse stock split and the Distribution. In the Distribution, each NorthStar Realty common stockholder will receive shares of NSAM common stock on a one-for-one basis, after giving effect to the one-for-two reverse stock split.
The record date for both the reverse stock split and the Distribution will be after the close of regular New York Stock Exchange trading hours on June 30, 2014 and both transactions will be completed and effective by 11:59 PM, New York City time, on such day. Stockholders that would otherwise own fractional shares of NorthStar Realty's common stock following the reverse stock split will receive cash in lieu of fractional shares.
On July 1, 2014, the first trading day following the Distribution, NSAM common stock will commence trading on the NYSE under the ticker symbol "NSAM" and NorthStar Realty's common stock will continue to trade on the NYSE under the ticker symbol "NRF," but will have a new CUSIP number (66704R 704).
The Distribution remains subject to the satisfaction or waiver of a number of conditions described in NSAM's registration statement on Form 10 (the "Form 10"), filed with the Securities and Exchange Commission ("SEC"), as well as subject to the SEC declaring the Form 10 effective, which NSAM expects to occur in the coming days.
Trading Before the Distribution Date
The NYSE has informed NorthStar Realty that, in connection with the Spin-Off, there will be three trading markets expected on Friday, June 27, 2014 and Monday, June 30, 2014:
•In the "regular way" trading market (NYSE: NRF), shares of NorthStar Realty common stock will trade with the right to the NSAM common shares in the Distribution.
•In the "ex-distribution" market (NYSE: NRF WI), shares of NorthStar Realty common stock will trade without the right to receive shares of NSAM in the Distribution and on a post NorthStar Realty reverse stock split basis.
•In the "when-issued" market (NYSE: NSAM WI), the right to the NSAM common shares to be distributed on the Distribution Date and on a post NorthStar Realty reverse stock split basis.
NorthStar Realty stockholders should consult their financial advisors and tax advisors regarding the particular consequences of the Distribution, including, without limitation, the specific implications of selling NorthStar Realty common stock on or prior to the Distribution date and the applicability and effect of any U.S. federal, state, local or foreign tax laws.
This press release does not constitute an offer of any securities for sale. A registration statement relating to NRFC Sub-REIT Corp. shares that will be issued to NorthStar Realty stockholders has been filed with the SEC but has not yet been declared effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. NorthStar Realty stockholders will be mailed a prospectus, when available, relating to the offering of NRFC Sub-REIT Corp. shares, which will be the survivor of the internal corporate reorganization discussed above.
About NorthStar Realty
NorthStar Realty Finance Corp. is a diversified commercial real estate investment and asset management company that is organized as a REIT. Following the Distribution, NSAM will be an independent public company and will provide asset management and related services to NorthStar Realty, sponsored public non-traded companies and any other companies NSAM may manage in the future, both in the United States and internationally. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements, which can be identified by words like "expect," "will," "intend" and similar expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, our ability to complete the reverse stock split of NorthStar Realty common stock and the Distribution, and the timing of effectiveness of the registration statement on Form 10 and the registration statement relating to NRFC Sub-REIT Corp. Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NSAM's registration statement filed on Form 10 and NorthStar Realty's other filings with the SEC.
Such forward-looking statements speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE NorthStar Realty Finance Corp.
Investor Relations, Joe Calabrese, (212) 827-3772
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MCArmel1
10 years ago
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 12, 2014
NorthStar Realty Finance Corp.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction
of incorporation)
001-32330
(Commission File
Number)
11-3707493
(I.R.S. Employer
Identification No.)
399 Park Avenue, New York, NY 10022
(Address of principal executive offices) (Zip Code)
(212) 547-2600
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
As previously disclosed, on December 10, 2013, NorthStar Realty Finance Corp. (“NorthStar”) announced its plan to spin-off its asset management business
(NorthStar Asset Management Group Inc. or “NSAM”) to its stockholders. NSAM is expected to be publicly traded on the New York Stock Exchange
(“NYSE”). NSAM made an initial filing of a registration statement on Form 10 (the “Form 10”) with the U.S. Securities and Exchange Commission (“SEC”)
on February 5, 2014 and filed amendments to the Form 10 on April 14, 2014 and May 22, 2014, respectively. Prior to the planned spin-off of its asset
management business and as detailed in the Form 10, NorthStar will effect an internal corporate reorganization (the “Reorganization”) pursuant to which
NorthStar’s operating partnership, NorthStar Realty Finance Limited Partnership (the “Operating Partnership”), will merge into NorthStar and then NorthStar
will merge into its subsidiary, NRFC Sub-REIT Corp., a Maryland corporation (“New NorthStar”), which will thereafter rename itself as “NorthStar Realty
Finance Corp.” and the common shares of New NorthStar will continue to be traded on the NYSE under the ticker symbol “NRF”. The Reorganization does
not require the vote of NorthStar stockholders and, following the Reorganization, the stockholders of New NorthStar will have the same rights and privileges
as they currently maintain with NorthStar. Furthermore, following completion of the Reorganization, the assets, liabilities, total equity, net revenue and net
income reflected in the historical financial statements of New NorthStar will be the same as those of NorthStar prior to the Reorganization.
On June 12, 2014, New NorthStar filed a registration statement on Form S-4 (the “Form S-4”) to register the issuance of its common and preferred stock in
connection with the Reorganization described in the Form 10 and above. NorthStar intends to seek to have the Form S-4 declared effective by the SEC
concurrent with the Form 10 in order to complete the spin-off on the schedule previously announced, being at or around the end of the second quarter of
2014.
Safe-Harbor Statement
Certain items in this Current Report on Form 8-K may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995, which can be identified by words like “will,” “expects,” “seek,” “proposed,” “intends” and similar expressions. These statements are based on
management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements; NorthStar can give no assurance that its expectations will be attained. Forward-looking statements are
necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize
or will vary significantly from actual results. Variations of assumptions and results may be material. Factors that could cause actual results to differ
materially from NorthStar’s expectations include, but are not limited to, NorthStar’s ability to complete the spin-off of its asset management business and the
Reorganization on the terms set forth in the information statement, filed as an exhibit to the Form 10 and the S-4 or at all; the timing of effectiveness of the
Form 10 and the S-4; the risk relating to the spin-off of NorthStar’s asset management business and operating its existing company and its asset management
business as separate companies; NorthStar’s ability to realize the benefits of the spin-off, including the tax-free nature of the transaction; and the ability to list
NSAM’s common stock on the NYSE. Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in
NorthStar’s Annual Report on Form 10-K for the year ended December 31, 2013, its Quarterly Report on Form 10-Q for the three months ended March 31,
2014 and its other filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this Current Report on
Form 8-K. NorthStar expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to
reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
NorthStar Realty Finance Corp.
(Registrant)
Date: June 12, 2014 By: /s/ Ronald J. Lieberman
Ronald J. Lieberman
Executive Vice President, General Counsel and Secretary
MCArmel1
10 years ago
NorthStar Realty Finance Corp has added a news release to its Investor Relations website.
Title: NorthStar/RXR New York Metro Income, Inc. Announces Submission of Draft Registration Statement for $2.0 Billion Initial Public Offering
Date(s): 31-Mar-2014 5:14 PM
For a complete listing of our news releases, please click here
NEW YORK, March 31, 2014 /PRNewswire/ -- NorthStar/RXR New York Metro Income, Inc. (the "Company") announced today that it confidentially submitted a draft registration statement on Form S-11 to the United States Securities and Exchange Commission (the "SEC") relating to its proposed $2.0 billion initial public offering of common stock. The Company, which will be structured as a public, non-traded corporation, intends to qualify as a real estate investment trust and is co-sponsored by NorthStar Asset Management Group Inc., a newly formed Delaware corporation organized as the successor to NorthStar Realty Finance Corp.'s (NYSE: NRF) asset management business, and by RXR Realty LLC. The Company plans to use the net proceeds from its initial public offering to make commercial real estate investments located in the New York City metropolitan area. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "intends," "plans," "expects" or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, the Company's completion of the registration process with the SEC and state securities agencies, whether or not the Company's draft registration statement on Form S-11 is declared effective by the SEC, the Company's ability to use the net proceeds of the initial public offering to make investments in commercial real estate located in the New York City metropolitan area and whether or not the Company qualifies as a real estate investment trust. Any forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE NorthStar Realty Finance Corp.; NorthStar/RXR New York Metro Income, Inc.
Joe Calabrese, 212.827.3772, jcalabrese@frbir.com
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MCArmel1
10 years ago
NorthStar Realty Finance Corp has added a news release to its Investor Relations website.
Title: NorthStar Realty Finance Announces Definitive Agreement to Acquire a $1.05 Billion Healthcare Real Estate Portfolio
Date(s): 17-Mar-2014 8:31 AM
For a complete listing of our news releases, please click here
NEW YORK, March 17, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar") today announced that it has entered into a definitive agreement to acquire a $1.05 billion healthcare real estate portfolio (the "Portfolio") from investment partnerships owned and managed by Formation Capital, LLC or its affiliated entities (collectively "Formation") and Safanad Limited. The Portfolio is comprised of 43 primarily private-pay senior housing facilities and 37 skilled nursing facilities. Inclusive of this portfolio, NorthStar has an approximately $1.6 billion healthcare real estate portfolio consisting of over 160 properties.
NorthStar is acquiring the Portfolio in a joint venture with Formation (the "Joint Venture"). Formation is a leading private investment firm focused on senior care real estate and services and post-acute healthcare. NorthStar and its affiliates will contribute approximately 92% of the $430 million of equity to purchase the Portfolio and the Joint Venture will assume in-place financing for the remainder of the purchase price.
NorthStar's Chairman and Chief Executive Officer, David Hamamoto, commented, "We are very pleased to have a diversified, quality portfolio of healthcare properties added to our existing healthcare portfolio that we expect will produce attractive current and overall returns. Since joining our healthcare real estate team only two months ago, Jay Flaherty has sourced an investment pipeline through his relationships in the industry that is adding significant value to the NorthStar franchise."
Flaherty, who oversees NorthStar's healthcare real estate platform, added, "This transaction represents an initial step towards our goal of expanding NorthStar's healthcare portfolio into a preeminent healthcare real estate business. We are enthusiastic that this will be the first of many compelling transactions that we can complete with our partners at Formation Capital."
Portfolio Highlights
•The purchase price for the Portfolio represents a cap rate of 9.4%, an initial unlevered yield of 7.8% and an initial levered current yield of approximately 12%.
•The Portfolio is located across 14 states with the heaviest concentration (35%) in Florida.
•36 of the 43 senior housing facilities will be owned through a RIDEA structure and the remaining facilities, including all 37 skilled nursing facilities, will be owned under triple-net leases across five separate master leases.
•The portion of the Portfolio under triple-net leases is expected to have a year-one aggregate lease coverage ratio of approximately 1.3x and all of the leases have fixed rent escalators between 2-3% annually.
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. ("NorthStar") is a diversified commercial real estate investment and asset management company that is organized as a REIT. NorthStar recently announced a plan to spin-off its asset management business into a separate public company. For more information about NorthStar, please visit www.nrfc.com.
About Formation Capital
Formation Capital is a leading private investment management firm focused on senior housing and post-acute healthcare real estate investments. Since 2002, Formation Capital has invested more than $1.5 billion of equity capital in over 25 investments. For more information regarding Formation Capital, visit www.formationcapital.com.
About Safanad Limited
Safanad is a global principal investment firm that invests in real estate, private equity and public markets. With offices in New York, Dubai, London and Geneva, the firm seeks to identify attractive investment opportunities primarily within the healthcare, education, financial services and retail sectors. For more information regarding Safanad, please visit www.safanad.com.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "will," "expect" or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, the performance of the Portfolio and NorthStar's healthcare real estate portfolio generally, NorthStar's ability to close on the Portfolio, NorthStar's ability to source and complete additional transactions in healthcare real estate through the Joint Venture or other ventures with Formation Capital, the ability to allocate a portion of NorthStar's investment in the Portfolio to an affiliate of NorthStar, including NorthStar's healthcare non-traded REIT, and the amount and timing of such allocation, if any, the ability of the third party property operators to successfully manage the facilities in the Portfolio, NorthStar's ability to achieve strong current and overall returns on its healthcare real estate portfolio, NorthStar's ability to source additional opportunities through its joint venture with Mr. Flaherty, the scalability of NorthStar's healthcare platform, the amount of cash flow generated by the Portfolio, if any, in excess of the lease payments, NorthStar's ability to achieve anticipated levels of year-one coverage, NorthStar's future cash available for distribution and NorthStar's ability to maximize shareholder value. Additional factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar's Annual Report on Form 10-K for the year ended December 31, 2013 and its other filings with the Securities and Exchange Commission.
Any forward-looking statements contained herein speak only as of the date of this press release. NorthStar expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE NorthStar Realty Finance Corp.
Investor Relations, Joe Calabrese, (212) 827-3772
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