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08.11.2016 13:05
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NorthStar Asset Management Group Announces Third Quarter 2016 Results
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PR Newswire
NEW YORK, Nov. 8, 2016
NEW YORK, Nov. 8, 2016 /PRNewswire/ --
Third Quarter 2016 Highlights
- U.S. GAAP net income to common stockholders of $24.8 million, or $0.13 per diluted share and cash available for distribution ("CAD") of $49.1 million, or $0.26 per share
- Third quarter 2016 cash dividend of $0.10 per common share
- Raised $381 million of capital in retail business year-to-date 2016, including $93 million during the third quarter 2016
- Total assets of managed companies as of September 30, 2016 of approximately $39.3 billion, adjusted for sales, acquisitions and commitments to sell or acquire investments by our managed companies subsequent to the third quarter 2016
NorthStar Asset Management Group Inc. (NYSE: NSAM) today announced its results for the third quarter ended September 30, 2016.
Third Quarter 2016 Results
NSAM reported U.S. GAAP net income to common stockholders for the third quarter 2016 of $24.8 million, or $0.13 per diluted share. NSAM reported CAD for the third quarter 2016 of $49.1 million, or $0.26 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 have made great progress on the tri-party merger with NorthStar Realty and Colony Capital and continue to work diligently toward its successful completion and integration in January 2017. We believe that the combination of these companies will result in a world-class real estate and investment management platform with premier institutional and retail distribution channels. This combination positions Colony NorthStar for long-term growth, with the potential to unlock significant shareholder value through increased revenue opportunities, expense savings and multiple expansion."
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Al Tylis, Chief Executive Officer, added, "The tri-party merger provides clarity for our investors and partners on NSAM's strategic direction. We expect this clarity to meaningfully impact our retail capital raising in the coming quarters and allow for Colony NorthStar to realize its full potential."
Proposed Merger - Colony NorthStar, Inc. ("Colony NorthStar")
On June 2, 2016, NSAM, NorthStar Realty Finance Corp. 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 (the "SEC") on July 29, 2016, as may be amended from time to time, and the investor presentation related to the proposed merger, which can be found on NSAM's, NorthStar Realty Finance's and Colony Capital's respective websites. The transaction is expected to close in January 2017, subject to customary closing conditions, including shareholder and regulatory approvals.
NSAM Managed Companies Results
NorthStar Realty (NYSE: NRF)
- Base management fee of $46.8 million earned during the third quarter 2016.
NorthStar Realty Europe (NYSE: NRE)
- Base management fee of $3.5 million earned during the third quarter 2016.
| Annual Base Management Fee Calculation: | NRF | NRE |
| $ in millions | | |
| Annual Base Management Fee as of September 30, 2016 | $ 187.1 | $ 14.2 |
| November 4, 2016 Annual Base Management Fee | 187.1 | 14.2 |
| | | |
| Remaining exchangeable note conversion shares | 0.3 | - |
| Pro forma Annual Base Management Fee | $ 187.4 | $ 14.2 |
Retail Companies
- Total aggregate asset management and other fees of $22.7 million earned during the third quarter 2016.
- Cash available for investment of $530 million as of September 30, 2016.
- Total capital raised of approximately $93 million during the third quarter 2016.
- Total investments of $490 million during the third quarter 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, completed its offering and raised $1.9 billion of total capital.
- During the third quarter 2016, GAHR III acquired $172 million of investments and since inception, GAHR III has acquired $2.4 billion of investments as of September 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 October 7, 2016 had subscriptions in its initial public offering of $58.6 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 | | NorthStar | | NorthStar | | NorthStar/RXR | | Total | |
| | | | | | | | | | | | |
| Capital Raising Status | | Completed | | Completed | | Completed | | Active | | | |
| Primary Strategy | | CRE Debt | | Healthcare Equity | | CRE Debt | | NY Metro Area CRE | | | |
| Offering Size | | $1.2 billion(1) | | $2.1 billion(1) | | $1.65 billion(1) | | $2.0 billion(1) | | $6.95 billion | |
| | | | | | | | | | | | |
| Capital Raised | | | | | | | | | | | |
| | | | | | | | | | | | |
| Q3 2016 | | $ 10.9 | | $ 17.1 | | $ 63.0 | | $ 1.6 | | $ 92.6 | |
| Year-to-date through 11-4-16 | | 40.1 | | 63.0 | | 275.3 | | 2.4 | | 380.8 | |
| Inception-to-date through 11-4-16 | | 1,280.2 | | 1,863.8 | | 1,136.5 | | 4.6 | | 4,285.1 | |
| | | | | | | | | | | | |
| Investments(2) | | | | | | | | | | | |
| | | | | | | | | | | | |
| During Q3 2016 | | $ 26.5 | | $ - | | $ 463.5 | | $ - | | $ 490.0 | |
| As of 9-30-16 | | 1,773.2 | | 3,454.1 | | 1,725.8 | | 4.9 | | 6,958.0 | |
| Cash as of 9-30-16 | | 117.8 | | 141.5 | | 269.1 | | 2.0 | | 530.4 | |
| | | | | | | | | | | | |
| Fees earned during the third quarter | | | | | | | | | | | |
| | | | | | | | | | | | |
| Asset management fees | | $ 5.4 | | $ 8.5 | | $ 4.2 | | $ 0.0 Werbung Mehr Nachrichten zur NorthStar Realty Finance Aktie kostenlos abonnieren
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