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Freitag, 26.02.2016 13:35 von | Aufrufe: 50

NorthStar Asset Management Group Announces Fourth Quarter 2015 Results

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PR Newswire

NEW YORK, Feb. 26, 2016

NEW YORK, Feb. 26, 2016 /PRNewswire/ --

Fourth Quarter 2015 Highlights

  • Cash available for distribution ("CAD") of $0.27 per share.
  • Fourth quarter 2015 cash dividend of $0.10 per common share.
  • Repurchased approximately $100 million of NSAM common stock.
  • Acquired approximately $50 million of NRF common stock.
  • 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 $1.4 billion of capital in the retail companies in 2015, including approximately $450 million in the fourth quarter. Raised $71 million of capital year-to-date 2016.  In early 2016, NorthStar/RXR New York Metro Real Estate, Inc. began raising capital and NorthStar Corporate Income Fund was recently declared effective by the SEC.
  • Total assets of managed companies as of December 31, 2015 of approximately $37.0 billion, including investments under contract, acquired or sold by our managed companies subsequent to the fourth quarter 2015 and including Townsend.

NorthStar Asset Management Group Inc. (NYSE: NSAM) today announced its results for the fourth quarter ended December 31, 2015.

Fourth Quarter 2015 Results

NSAM reported CAD for the fourth quarter 2015 of $52.3 million, or $0.27 per share. Net income to common stockholders for the fourth quarter 2015 was $18.8 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, Executive Chairman, commented, "NSAM completed 2015 with another quarter of strong operating performance and profitability, and in January we further diversified our business with the addition of Townsend.  We enter 2016 with solid fundamentals in our business and are well-positioned, particularly in volatile markets, as an asset-manager with effectively only continuous capital inflows and no outflows.  In addition, we anticipate being able to drive further operating efficiencies and higher margins as we look towards 2016."


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Al Tylis, Chief Executive Officer, commented, "Despite fundamental strength in our core businesses, we believe our current share price undervalues the Company.  As a result, NSAM announced that it is exploring strategic alternatives and has engaged Goldman Sachs as its financial advisor.  Our Board and management are committed to maximizing shareholder value and we are currently in the midst of this formal process."

NSAM Managed Companies Results

NorthStar Realty (NYSE: NRF)

  • Base management fee of $47.4 million earned during the fourth quarter 2015.
  • Acquired approximately $50 million of NRF common stock during the fourth quarter 2015.

NorthStar Realty Europe (NYSE: NRE)

  • Base management fee of $2.3 million earned during the fourth quarter 2015.

Annual Base Management Fee Calculation:

NRF

NRE

$ in millions

Annual Base Management Fee as of December 31, 2015

$    185.6

$      14.0



February 23, 2016 Annual Base Management Fee

185.6

14.0



Remaining exchangeable note conversion shares

0.3

-

Pro forma Annual Base Management Fee

$   185.9

$     14.0

Retail Companies

  • Total aggregate asset management and other fees of $27.6 million earned during the fourth quarter 2015.
  • Cash available for investment of $662 million as of December 31, 2015.
  • Total capital raised of approximately $450 million during the fourth quarter 2015 and approximately $1.4 billion during 2015, an approximately 20% year-over-year increase.
  • 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 fourth quarter 2015, GAHR III acquired $908.7 million of investments and since inception, GAHR III has acquired approximately $2.1 billion of investments, based on aggregate purchase price as of February 1, 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 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.

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






















Q4 2015

$                         11.0

$                        348.5

$                        89.3

$                    448.8


Full year 2015

43.8

824.3

553.3

1,421.4


Year-to-date through 2-23-16

7.5

6.4

56.7

70.6


Inception-to-date through 2-23-16

1,247.7

1,807.2

918.2

3,973.1














Investments(2)






















During Q4 2015

$                        16.1

$                        337.3

$                      243.2

$                  596.6


As of 12-31-15

1,789.0

2,835.0

1,410.5

6,034.5


Cash as of 12-31-15

127.9

354.2

179.9

662.0














Fees earned during the fourth quarter






















Asset management fees

$                           5.7

$                            6.5

$                           4.1

$                    16.3


Acquisition fees 

-

7.6

2.2

9.8


Disposition fees

1.5

-

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