Northstar Realty Europe Announces Fourth Quarter and Full Year 2017 Results

$2.3 billion portfolio market value³ ("Portfolio Market Value") comprising $2.3 billion real estate portfolio value based on the 2017 independent year-end valuation by Cushman & Wakefield LLP and a $35 million preferred equity investment.

Real Estate Portfolio Leasing Activity^4,5

As of December 31, 2017, NRE's real estate portfolio included 25 properties located across five European countries with approximately 323,000 rentable square meters, 86% weighted average occupancy and a 6.4 year weighted average remaining lease term to expiry ("WALT").

• The office portfolio is comprised of 20 properties with 246,000 rentable square meters and has a 96% weighted average occupancy and a 6.4 year WALT as of December 31, 2017.
• The non-office portfolio includes 5 properties representing 4% of the fourth quarter 2017 portfolio NOI with 77,000 rentable square meters (including a 59,000 rentable square meters logistics asset) and has a 55% weighted average occupancy and a 5.6 year WALT as of December 31, 2017.

Same Store Net Operating Income

In the fourth quarter 2017, same store sequential quarter-over-quarter rental income increased by $0.7 million, or 2.7%, driven by recent leasing activity including Deutsche Bundesbank commencing occupation in the Trianon Tower (full occupation as of January 2018). In the fourth quarter 2017, same store sequential quarter-over-quarter NOI increased by $0.2 million, or 0.7%. Fourth quarter 2017 same store NOI included a $0.9 million write-off of straight-line rent (included in Properties - operating expenses) related to an early tenant termination at Portman Square in connection with the expansion of Invesco's occupancy.

Same store portfolio year-over-year rental income for the three months ended December 31, 2017 increased by $1.3 million, or 5.4%, and same store year-over-year NOI increased by $1.1 million, or 4.7%, primarily as a result of the 2017 leasing activity and rent reviews completed during the year, partially offset by a $0.9 million write-off of straight-line rent (included in Properties - operating expenses) related to an early tenant termination at Portman Square.

In 2017, NRE signed 50,000 rentable square meters (16% of the portfolio) of new leases or lease renewals, which are expected to add approximately $3 million per year to same store NOI in 2018 (compared to the fourth quarter 2017) as the leases commence.

Dispositions

In 2017, NRE sold six properties for $138 million. As of December 31, 2017, two properties, Office 123 located in Portugal and Maastoren located in the Netherlands, were classified as held-for-sale.

In February 2018, NRE signed a definitive sale and purchase agreement to sell the Maastoren property, NRE's largest non-core asset, for approximately $190 million, slightly above the independent year-end valuation and at a 20% premium to the independent mid-year valuation preceding lease extensions completed in the second half of 2017. NRE expects to release approximately $60 million of net equity after repayment of financing (including release premium) and transaction costs. The closing is subject to customary closing conditions and is expected to close in the second quarter of 2018.

Cash Expense Savings

Management has commenced implementation of cost saving initiatives that are expected to result in approximately $4-5 million per annum ($0.07 - $0.09 per share) of net run rate savings in other expenses and general and administrative expenses from the end of 2018, related to the internalization of certain asset management, accounting and other services and a reduction of corporate costs. Other expenses and CAD for the three months ended December 31, 2017 include approximately $0.9 million of one-time termination costs related to certain service providers.

Liquidity and Financing

As of December 31, 2017, leverage was 52.3% based on the Portfolio Market Value, down from 56.2% as of December 31, 2016⁶.

In March 2018, NRE amended its revolving credit facility with Bank of America Merrill Lynch through a new commitment provided by Deutsche Bank AG New York, increasing the size to $70 million and extending the term until April 2020 with a one year extension option. The facility includes an accordion feature, providing for the ability to increase the facility to $105 million.

As of March 9, 2018, total liquidity was $132 million, comprised of $62 million of unrestricted cash and $70 million of availability under NRE's revolving credit facility. The following table presents our liquidity (dollars in millions):

Stockholder's Equity

NRE had 55.8 million shares of common stock, operating partnership units and restricted stock units ("RSUs") not subject to performance hurdles outstanding as of December 31, 2017.

As of December 31, 2017, total equity was $624 million (U.S. GAAP depreciated value), or $11.18 per diluted share. EPRA net asset value, or EPRA NAV, was $19.85 per diluted share as of December 31, 2017, based on the Portfolio Market Value compared to $17.77 per share as of September 30, 2017. For more information and a reconciliation of EPRA NAV to total equity, please refer to the tables on the following pages.

Share Repurchase Program

On March 12, 2018, the board of directors (the "Board") of NRE authorized the repurchase of up to $100 million of its outstanding common stock. The repurchases will occur from time to time in the open market or in privately negotiated transactions as market conditions permit. The authorization will expire in 12 months, unless otherwise extended by the Board. The repurchase program will be utilized at management's discretion and in accordance with the requirements of the Securities and Exchange Commission.  The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate requirements and other conditions.

Fourth Quarter Disclosure Supplement Presentation

A fourth quarter 2017 disclosure supplement presentation and corporate presentations will be posted on NRE's website, www.nrecorp.com, which provides additional details regarding NRE's operations and portfolio.

Fourth Quarter 2017 Conference Call

NRE will conduct a conference call to discuss the results on Tuesday, March 13, 2018 at 9:00 a.m. ET. Hosting the call will be Mahbod Nia, Chief Executive Officer, Keith Feldman, Chief Financial Officer and Trevor Ross, General Counsel.

To participate in the event by telephone, please dial +1-866-966-5335 (U.S. Toll Free), or +44(0)-20-3003-2666 (International) or +44(0)808-109-0700 (U.K. Toll Free), using passcode NorthStar.

The call will also be broadcast live over the internet and can be accessed from NRE's website at www.nrecorp.com. For those unable to participate during the live call, a replay of the call will be available approximately two hours after the call through April 11, 2018 by dialing +1 866 583 1039 (U.S. Toll Free), or +44 (0) 20 8196 1998 (International) or 0800 633 8453 (UK Toll Free), using passcode 2901878.

About NorthStar Realty Europe Corp.

NorthStar Realty Europe Corp. is a European focused commercial real estate company with predominately prime office properties within key cities in Germany, the United Kingdom and France, organized as a REIT and managed by an affiliate of Colony NorthStar, Inc. (NYSE: CLNS), a leading global equity REIT with an embedded investment management platform. For more information about NorthStar Realty Europe Corp., please visit www.nrecorp.com.

NorthStar Realty Europe Corp.
Consolidated Balance Sheet
($ in thousands, except per share data)
Unaudited
	December 31, 2017				December 31,  2016
Assets
Operating real estate, gross	$	1,606,890			$	1,614,432
Less: accumulated depreciation	(95,356)				(63,585)
Operating real estate, net	1,511,534				1,550,847
Preferred equity investments	35,347				—
Cash and cash equivalents	64,665				66,308
Restricted cash	6,917				10,242
Receivables, net of allowance of $747 and $553 as of December 31, 2017 and December 31, 2016, respectively	9,048				6,015
Assets held for sale	169,082				28,208
Derivative assets, at fair value	7,024				13,729
Intangible assets, net	114,185				148,403
Other assets, net	23,115				21,640
Total assets	$	1,940,917			$ Werbung Mehr Nachrichten zur NOBAO RENEWABLE ENERGY HOLDI Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 23.04.24 - PR Newswire Capital Gearing Trust Plc - Transaction in Own Shares 23.04.24 - PR Newswire Invesco Bond Income Plus Ltd - Issue of Equity Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59