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10.05.2016 13:05
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NorthStar Asset Management Group Announces First Quarter 2016 Results
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PR Newswire
NEW YORK, May 10, 2016
NEW YORK, May 10, 2016 /PRNewswire/ --
First Quarter 2016 Highlights
- Cash available for distribution ("CAD") of $0.31 per share
- First quarter 2016 cash dividend of $0.10 per common share
- In January 2016, acquired an approximately 84% interest in The Townsend Group ("Townsend") for $383 million, a leading global provider of investment management and advisory services focused on real assets
- Raised $177 million of capital in retail business year-to-date 2016
- Total assets of managed companies as of March 31, 2016 of approximately $35.5 billion, including investments under contract, acquired or sold by our managed companies subsequent to the first quarter 2016 and including Townsend
NorthStar Asset Management Group Inc. (NYSE: NSAM) today announced its results for the first quarter ended March 31, 2016.
First Quarter 2016 Results
NSAM reported CAD for the first quarter 2016 of $59.7 million, or $0.31 per share. Net income to common stockholders for the first quarter 2016 was $17.6 million, or $0.09 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, "We are pleased with NSAM's consistent operating performance and first quarter results. We look forward to enhancing our earnings power with our recent acquisition of Townsend and the sustained growth in our retail business, which continues to generate very attractive fee revenue for our company. Our retail capital raised to date in 2016 represents sales only from our $1.65 billion NorthStar Income II product which, with the introduction of a new trailing commission structure, continues to pick up strong sales momentum as we look to close out this offering later this year. With the addition of our recently effective and soon to be effective retail companies targeting $9 billion of capital in market friendly structures and the recent issuance of a more flexible than anticipated Department of Labor rule, we expect significant additional momentum in our retail business as we move through 2016."
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Al Tylis, Chief Executive Officer, added, "NSAM continues to deliver strong results, including improved operating margins during the first quarter. Since commencing the strategic alternatives process in January, Management and the Board, including the special committee and its advisors, have focused on evaluating all alternatives to maximize shareholder value. To that end, and as announced last Friday, we are currently in exclusive negotiations on a three-way business combination with Colony Capital and NRF."
NSAM Managed Companies Results
NorthStar Realty (NYSE: NRF)
- Base management fee of $46.5 million earned during the first quarter 2016.
NorthStar Realty Europe (NYSE: NRE)
- Base management fee of $3.5 million earned during the first quarter 2016.
| Annual Base Management Fee Calculation: | NRF | NRE |
| $ in millions | | |
| Annual Base Management Fee as of March 31, 2016 | $ 186.1 | $ 14.0 |
| May 5, 2016 Annual Base Management Fee | 186.1 | 14.0 |
| | | |
| Remaining exchangeable note conversion shares | 0.3 | - |
| Pro forma Annual Base Management Fee | $ 186.4 | $ 14.0 |
Retail Companies
- Total aggregate asset management and other fees of $34.2 million earned during the first quarter 2016.
- Cash available for investment of $465 million as of March 31, 2016.
- Total capital raised of approximately $123 million during the first quarter 2016.
- NorthStar Healthcare Income, Inc. successfully completed its follow-on public offering on January 19, 2016, raising $1.8 billion of capital since inception.
- NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR New York Metro"), a non-traded REIT focused on commercial real estate in the New York metro area and co-sponsored by NSAM and RXR Realty LLC, began raising capital in early 2016.
- Griffin-American Healthcare REIT III, Inc. ("GAHR III"), a healthcare focused non-traded REIT co-sponsored by American Healthcare Investors, LLC ("AHI"), of which NSAM owns a 43% interest, has completed its offering and raised $1.9 billion of total capital.
- During the first quarter 2016, GAHR III acquired approximately $90 million of investments and since inception, GAHR III has acquired approximately $2.1 billion of investments, as of March 31, 2016.
- In February 2016, Griffin-American Healthcare REIT IV, Inc. ("GAHR IV"), announced that its registration statement pertaining to its initial public offering of approximately $3.15 billion in common stock was declared effective by the Securities and Exchange Commission ("SEC"). GAHR IV also announced it met the conditions of its minimum offering on April 12, 2016, and had subscriptions in its initial public offering of approximately $2.1 million, excluding shares of its common stock pursuant to its distribution reinvestment plan. GAHR IV is a healthcare focused non-traded REIT co-sponsored by AHI, of which NSAM owns a 43% interest. This information does not constitute an offer of any securities for sale.
NorthStar Sponsored and Co-sponsored Retail Company Summary Financial Information:
| (amounts in millions) | NorthStar Income | | NorthStar Healthcare | | NorthStar Income II | | Total | |
| | | | | | | | | |
| Capital Raising Status | Completed July 2013 | | Completed January 2016 | | Active | | | |
| | | | | | | | | |
| Primary Strategy | CRE Debt | | Healthcare Equity and Debt | | CRE Debt | | | |
| | | | | | | | | |
| Offering Size | $1.2 billion(1) | | $2.1 billion(1) | | $1.65 billion(1) | | $4.95 billion | |
| | | | | | | | | |
| Capital Raised | | | | | | | | |
| | | | | | | | | |
| Q1 2016 | $ 11.0 | | $ 17.5 | | $ 94.1 | | $ 122.6 | |
| Year-to-date through 5-5-16 | 18.4 | | 28.8 | | 129.7 | | 176.9 | |
| Inception-to-date through 5-5-16 | 1,258.5 | | 1,829.6 | | 991.2 | | 4,079.3 | |
| | | | | | | | | |
| Investments(2) | | | | | | | | |
| | | | | | | | | |
| During Q1 2016 | $ 238.3 | | $ 546.5 | | $ 114.4 | | $ 899.2 | |
| As of 3-31-16 | 1,840.1 | | 3,376.8 | | 1,484.1 | | 6,701.0 | |
| Cash as of 3-31-16 | 119.6 | | 179.0 | | 166.8 | | 465.4 | |
| | | | | | | | | |
| Fees earned during the first quarter | | | | | | | | |
| | | | | | | | | |
| Asset management fees | $ 5.4 | | $ 7.5 | | $ 4.6 | | $ 17.5 | |
| Acquisition fees | 2.0 | | 12.2 | | 0.6 | | 14.8 | |
| Disposition fees | 1.3 | | - | | 0.6 | | 1.9 | |
| Total fees Werbung Mehr Nachrichten zur NorthStar Realty Finance Aktie kostenlos abonnieren
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