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Donnerstag, 04.08.2016 13:05 von | Aufrufe: 87

NorthStar Asset Management Group Announces Second Quarter 2016 Results

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PR Newswire

NEW YORK, Aug. 4, 2016

NEW YORK, Aug. 4, 2016 /PRNewswire/ --

Second Quarter 2016 Highlights

  • U.S. GAAP net income to common stockholders of $10.9 million, or $0.06 per diluted share and cash available for distribution ("CAD") of $54.0 million, or $0.28 per share
  • Second quarter 2016 cash dividend of $0.10 per common share
  • Announced a tri-party merger with NRF and Colony Capital, Inc. to create a world-class diversified real estate and investment management platform with $58 billion of AUM
  • Raised $273 million of capital in retail business year-to-date 2016, including $107 million during the second quarter 2016
  • Total assets of managed companies as of June 30, 2016 of approximately $40.2 billion, adjusted for sales, acquisitions and commitments to sell or acquire investments by our managed companies subsequent to the second quarter 2016

NorthStar Asset Management Group Inc. (NYSE: NSAM) today announced its results for the second quarter ended June 30, 2016.

Second Quarter 2016 Results

NSAM reported U.S. GAAP net income to common stockholders for the second quarter 2016 of $10.9 million, or $0.06 per diluted share. NSAM reported CAD for the second quarter 2016 of $54.0 million, or $0.28 per 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 the conclusion of our strategic alternatives review and the resulting tri-party merger with NRF and Colony to create a global real estate and asset management leader. We anticipate this combination of well-established institutions will unlock significant value and generate substantially enhanced long-term returns for our shareholders. Furthermore, the announced merger provides clarity for our investors and partners on NSAM's corporate strategic direction, which we expect to enhance our retail platform and accelerate our capital raising, particularly with the recently announced closing of NorthStar Income II and our new offerings that are already effective or expected to come to the retail market in the second half of 2016."


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Al Tylis, Chief Executive Officer, added, "The process for reviewing strategic alternatives was exhaustive and I believe that the resulting conclusion of the NSAM Board of Directors to merge with NRF and Colony was the correct course of action. I believe the combined company has immense potential and look forward to helping the company achieve its objectives."

Proposed Merger - Colony NorthStar, Inc. ("Colony NorthStar")

On June 2, 2016, NSAM, NRF and Colony Capital, Inc. entered into a definitive agreement to create a world-class, internally-managed, diversified real estate and investment management platform.  For additional information regarding the proposed merger, please refer to the registration statement on Form S-4 filed by Colony NorthStar, Inc. with the Securities and Exchange Commission on July 29, 2016 and the investor presentation related to the proposed merger, which can be found on NSAM's, NRF's and Colony Capital's websites.

NSAM Managed Companies Results

NorthStar Realty (NYSE: NRF)

  • Base management fee of $46.7 million earned during the second quarter 2016.

NorthStar Realty Europe (NYSE: NRE)

  • Base management fee of $3.5 million earned during the second quarter 2016.
  • During the second quarter 2016, NSAM acquired 0.2 million shares of NRE common stock for $2.3 million.


Annual Base Management Fee Calculation:

NRF

NRE

$ in millions


Annual Base Management Fee as of June 30, 2016

$    186.6

$      14.0

August 2, 2016 Annual Base Management Fee

186.6

14.0




Remaining exchangeable note conversion shares

0.2

-

Pro forma Annual Base Management Fee

$   186.8

$     14.0




 

Retail Companies

  • Total aggregate asset management and other fees of $22.1 million earned during the second quarter 2016.
  • Cash available for investment of $609 million as of June 30, 2016.
  • Total capital raised of approximately $107 million during the second quarter 2016.
  • NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR New York Metro") completed its initial investment and acquired a $4.9 million minority interest in a Class-A office building located in midtown Manhattan, New York City.
  • 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, completed its offering and raised $1.9 billion of total capital.
    • During the second quarter 2016, GAHR III acquired approximately $179 million of investments and since inception, GAHR III has acquired approximately $2.3 billion of investments as of June 30, 2016.
  • Griffin-American Healthcare REIT IV, Inc. ("GAHR IV"), a healthcare focused non-traded REIT co-sponsored by AHI, of which NSAM owns a 43% interest, announced it met the conditions of its minimum offering on April 12, 2016, and as of July 8, 2016 had subscriptions in its initial public offering of approximately $20.5 million, excluding shares of its common stock pursuant to its distribution reinvestment plan.  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

NorthStar/RXR NY Metro Real Estate

Total 
















Capital Raising Status

Completed July
2013

Completed
January 2016

Active

Active Beginning in
First Quarter 2016




Primary Strategy

CRE Debt

Healthcare Equity
and Debt

CRE Debt

NY Metro Area CRE
Equity and Debt




Offering Size

$1.2 billion(1)

$2.1 billion(1)

$1.65 billion(1)

$2.0 billion(1)

$6.95 billion
















Capital Raised












Q2 2016

$           11.0

$               17.0

$              78.6

$                         0.5

$                107.1


Year-to-date through 8-2-16

29.3

45.9

197.4

0.8

273.4


Inception-to-date through 8-2-16

1,269.5

1,846.7

1,058.8

2.8

4,177.8
















Investments(2)












During Q2 2016

$               64.8

$                    -

$              65.7

$                         4.9

$                135.4


As of 6-30-16

1,858.3

3,426.2

1,326.8

4.9

6,616.2


Cash as of 6-30-16

71.9

144.2

391.7

0.7

608.5
















Fees earned during the second quarter










Asset management fees

$                 5.6

$                8.3

$                4.0

$                            -

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