NEW YORK, Aug. 5, 2016 /PRNewswire/ -- NorthStar
Realty Europe Corp. (NYSE: NRE) ("NorthStar Realty Europe" or
"NRE"), a prime European office REIT, today announced its results
for the second quarter ended June 30, 2016.
Highlights
- U.S. GAAP net (loss) to common stockholders of $(33.9) million, or $(0.57) per diluted share and cash available for
distribution ("CAD") of $13.4
million, or $0.22 per
share
- Second quarter 2016 cash dividend of $0.15 per share
- Capital recycling plan underway with 9 primarily
non-strategic properties sold in 2016 for a combined sales price in
excess of $300 million, reflecting a
4% premium to the year end 2015 valuation by Cushman &
Wakefield LLP ("C&W")
- $80 million of 4.625% senior
stock-settable notes repurchased and canceled in June 2016
- Reduced leverage to 55% LTV1 and weighted average
debt margin from 2.2% to 2.0%
- C&W issued an independent third party mid-year
valuation2 of approximately $2.2
billion for NorthStar Realty Europe's real estate portfolio,
excluding $300 million of properties
sold in 2016, which implies a proforma NAV of $17 per share
- $48 million of NorthStar
Realty Europe common stock repurchased and canceled since
November 2015
Second Quarter 2016 Results
NorthStar Realty Europe reported net income (loss) to
common stockholders for the second quarter 2016 of $(33.9)
million, or $(0.57) per diluted share. CAD for the second
quarter 2016 was $13.4 million,
or $0.22 per share.
For more information and a reconciliation of CAD to net income
(loss) attributable to common stockholders, please refer to the
tables on the following pages.
Mahbod Nia, Chief Executive
Officer, commented, "We are pleased to report strong results as we
continue to deliver on our stated strategy. Our capital recycling
program is progressing well, having sold approximately $300 million of non-strategic properties year to
date at a slight premium to their year end valuation. The team has
also been very active deploying various asset management
initiatives across the portfolio."
Mr. Nia continued: "The sale of these properties at a slight
premium to the Cushman & Wakefield LLP independent valuation
provides further validation of the implied NAV per share, which now
stands at $17 per share. We remain
committed to unlocking this embedded value for our
shareholders."
Portfolio Results and Performance Metrics
Below are portfolio results and performance metrics for the
second quarter 2016. For more information and a reconciliation of
net operating income ("NOI") to net income (loss) attributable to
common stockholders, please refer to the tables on the following
pages.
- As of June 30, 2016, adjusted for
sales through August 4, 2016,
NorthStar Realty Europe's portfolio was 85% occupied with a 7 year
weighted average remaining lease term through to contractual
term.3
- As of June 30, 2016, our core
portfolio4 of predominantly prime office properties
represented 84% of the overall portfolio market value based on the
C&W independent mid-year valuation and 79% of rental
income.3 Our core portfolio was 93% occupied with a 7
year weighted average remaining lease term through to contract
term.3
- For the second quarter 2016, NOI was $33
million.
Assets
- Total assets as of June 30, 2016
of approximately $2.4 billion
comprising of real estate ($1.9
billion), assets held for sale ($0.3
billion), cash ($0.1 billion)
and other assets ($0.1 billion).
- As of August 4, 2016, NorthStar
Realty Europe owned 40 properties across 8 countries.
- C&W issued an estimated real estate portfolio value of
approximately $2.2 billion for
NorthStar Realty Europe's real estate portfolio (excluding
$0.3 billion of properties sold in
2016), in line with C&W's year end 2015 valuation. This
valuation implies a proforma NAV of approximately $17 per share.
Property Disposals
- The capital recycling plan announced by NorthStar Realty Europe
in the first quarter 2016 is progressing well. Through August 4, 2016, NorthStar Realty Europe sold 9
primarily non-strategic properties during 2016 for a combined sale
price of approximately $300 million,
with the weighted average sales price 4% above the C&W year end
2015 valuation.
- One non-strategic property is currently under contract with
further properties being in various stages of the marketing
process.
Liquidity, Financing and Capital Markets
Highlights
Unrestricted Cash
- Unrestricted cash as of June 30,
2016 was approximately $125
million. Unrestricted cash as of August 3, 2016 was approximately $166 million.
Corporate Debt
- In June 2016, NorthStar Realty
Europe repurchased approximately $80
million of its 4.625% senior stock-settable notes due
December 2016 (the "Senior Notes").
Approximately $110 million of the
Senior Notes remain outstanding as of August
4, 2016.
- On May 10, 2016, NorthStar Realty
Europe entered into a revolving credit facility with Merrill Lynch,
Pierce, Fenner & Smith Incorporated as sole lead arranger and
sole bookrunner and Bank of America, N.A. as administrative agent
and a lender. The revolving credit facility has a one year term
with a one year extension at NRE's election, so long as NRE remains
in compliance with the terms of the revolving credit facility.
Amounts drawn under the revolving credit facility accrue interest
at a rate per annum equal to LIBOR plus a margin of 2.75%. The
proceeds of the revolving credit facility may be used for general
corporate and working capital purposes including the repayment of
indebtedness. As of August 4, 2016,
there were no borrowings under the revolving credit facility.
Stockholders' Equity
- On November 23, 2015, the board
of directors of NorthStar Realty Europe authorized the repurchase
of up to $100 million of the
company's outstanding common stock. The repurchases will occur from
time to time in the open market and/or in privately negotiated
transactions. The authorization expires in November 2016, unless otherwise extended by
NorthStar Realty Europe's board of directors. Since November 2015, NorthStar Realty Europe
repurchased approximately $48 million
of its common stock pursuant to this stock repurchase program with
$52 million remaining under the
plan.
- As of June 30, 2016, NorthStar
Realty Europe had 61.2 million total common shares outstanding,
including LTIPs and RSUs not subject to performance hurdles.
Supplemental Disclosure
Please refer to the supplemental presentation that will be
posted on NorthStar Realty
Europe's website, www.nrecorp.com, which provides
additional details regarding NorthStar Realty
Europe's portfolio.
Earnings Conference Call
NorthStar Realty Europe will host a conference call to discuss
second quarter 2016 financial results on Friday, August 5, 2016 at 9:00 a.m. Eastern. Hosting the call will be
Mahbod Nia, Chief Executive Officer,
Scott Berry, Chief Financial Officer
and Trevor Ross, General
Counsel.
The call will be webcast live over the Internet from the
NorthStar Realty Europe's website at www.nrecorp.com and will
be archived on the NorthStar Realty Europe's website. The call can
also be accessed live over the phone by dialling 866-290-0883 (U.S.
Toll Free), or +1 913-312-0670 (International) or +44 (0)
20-8150-0795 (United Kingdom), and
using passcode 8441672.
A replay of the call will be available approximately two hours
after the call through August 11,
2016 by dialling 888-203-1112 (U.S. Toll Free), or +1
719-457-0820 (International), or +44 (0) 20-7660-0134 (United Kingdom), and using passcode
8441672.
About NorthStar Realty Europe Corp.
NorthStar Realty Europe Corp. is a European focused
commercial real estate company with predominately prime office
properties within key cities in Germany, the United
Kingdom and France, organized as a REIT and managed by an
affiliate of NorthStar Asset Management Group Inc. (NYSE:
NSAM), a global asset management firm. For more information
about NorthStar Realty Europe Corp., please
visit www.nrecorp.com.
NorthStar Realty
Europe Corp.
|
Combined
Consolidated Statements of Operations
|
($ in thousands,
except for per share data)
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
|
2016(1)
|
|
2015(1)
|
|
Revenues
|
|
|
|
|
Rental
income
|
$
|
33,990
|
|
|
$
|
28,344
|
|
|
Escalation
income
|
5,908
|
|
|
3,213
|
|
|
Other
revenue
|
46
|
|
|
67
|
|
|
Total
revenues
|
39,944
|
|
|
31,624
|
|
|
Expenses
|
|
|
|
|
Properties -
operating expenses
|
8,540
|
|
|
5,423
|
|
|
Interest
expense
|
11,641
|
|
|
6,072
|
|
|
Transaction
costs
|
1,652
|
|
|
79,120
|
|
|
Impairment
losses
|
27,468
|
|
|
—
|
|
|
Management fee,
related party(2)
|
3,500
|
|
|
—
|
|
|
Other
expenses
|
3,041
|
|
|
2,799
|
|
|
General and
administrative expenses
|
1,502
|
|
|
306
|
|
|
Compensation
expense
|
3,766
|
|
|
—
|
|
|
Depreciation and
amortization
|
18,404
|
|
|
14,694
|
|
|
Total
expenses
|
79,514
|
|
|
108,414
|
|
|
Other income
(loss)
|
|
|
|
|
Unrealized gain
(loss) on investments and other
|
383
|
|
|
3,629
|
|
|
Realized gain (loss)
on investments and other
|
5,398
|
|
|
41
|
|
|
Income (loss)
before income tax benefit (expense)
|
(33,789)
|
|
|
(73,120)
|
|
|
Income tax benefit
(expense)
|
(520)
|
|
|
11,379
|
|
|
Net income
(loss)
|
(34,309)
|
|
|
(61,741)
|
|
|
Net (income) loss
attributable to non-controlling interests
|
400
|
|
|
30
|
|
|
Net income (loss)
attributable to NorthStar Realty Europe Corp. common
stockholders
|
$
|
(33,909)
|
|
|
$
|
(61,711)
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
Basic
|
$
|
(0.57)
|
|
|
$
|
(0.98)
|
|
(3)
|
Diluted
|
$
|
(0.57)
|
|
|
$
|
(0.98)
|
|
(3)
|
|
|
|
|
(1) The combined consolidated
financial statements for the three months ended June 30, 2016
represent NRE's
results of
operations following its spin-off from NorthStar Realty Finance
Corp. on October 31, 2015.
The combined
consolidated financial statements for the three months ended
June 30, 2015 represent:
(i) NRE's
results of operations of the European real estate business as if
the transferred business was
the
business for the periods in which common control was present; and
(ii) an allocation of costs related to
NRE. As
a result, results of operations for the three months ended
June 30, 2016 may not be comparable to
the
NRE's results of operations reported for the prior period
presented.
|
(2) NRE began paying fees on
November 1, 2015, in connection with the management agreement with
NSAM.
|
(3) Basic and diluted
earnings per common share for the three months ended June 30,
2015 was calculated
using
the common stock distributed on November 1, 2015 in connection with
the spin-off.
|
NorthStar Realty
Europe Corp.
|
Combined
Consolidated Balance Sheets
|
($ in
thousands)
|
|
|
June 30, 2016
(Unaudited)
|
|
December 31,
2015
|
Assets
|
|
|
|
Operating real
estate, gross
|
$
|
1,765,653
|
|
|
$
|
2,120,460
|
|
Less: accumulated
depreciation
|
(48,615)
|
|
|
(35,303)
|
|
Operating real estate,
net
|
1,717,038
|
|
|
2,085,157
|
|
Cash and cash
equivalents
|
125,102
|
|
|
283,844
|
|
Restricted
cash
|
13,913
|
|
|
20,871
|
|
Receivables, net of
allowance of $399 and $115 as of June 30, 2016 and December 31,
2015,
respectively
|
9,214
|
|
|
9,663
|
|
Unbilled rent
receivable
|
8,418
|
|
|
5,869
|
|
Assets held for
sale
|
299,953
|
|
|
6,094
|
|
Derivative assets, at
fair value
|
11,672
|
|
|
23,792
|
|
Intangible assets,
net
|
173,139
|
|
|
241,519
|
|
Other assets,
net
|
9,817
|
|
|
6,241
|
|
Total
assets
|
$
|
2,368,266
|
|
|
$
|
2,683,050
|
|
Liabilities
|
|
|
|
Mortgage and other
notes payable, net
|
$
|
1,377,584
|
|
|
$
|
1,424,610
|
|
Senior notes,
net
|
109,233
|
|
|
333,798
|
|
Credit
facility
|
58,642
|
|
|
—
|
|
Accounts payable and
accrued expenses
|
27,678
|
|
|
39,964
|
|
Derivative
liabilities, at fair value
|
1,221
|
|
|
—
|
|
Due to related
party
|
3,606
|
|
|
3,995
|
|
Intangible
liabilities, net
|
36,075
|
|
|
40,718
|
|
Liabilities held for
sale
|
10,565
|
|
|
—
|
|
Other
liabilities
|
33,600
|
|
|
42,654
|
|
Total
liabilities
|
1,658,204
|
|
|
1,885,739
|
|
Commitments and
contingencies
|
|
|
|
Redeemable
non-controlling interest
|
1,598
|
|
|
1,569
|
|
Equity
|
|
|
|
NorthStar Realty
Europe Corp. Stockholders' Equity
|
|
|
|
Preferred stock,
$0.01 par value, 200,000,000 shares authorized, no shares issued
and outstanding
as of June 30, 2016 and December 31, 2015
|
—
|
|
|
—
|
|
Common stock, $0.01
par value, 1,000,000,000 shares authorized, 60,418,459 and
59,325,730
shares issued and outstanding as of June 30, 2016 and December 31,
2015, respectively
|
604
|
|
|
593
|
|
Additional paid-in
capital
|
968,871
|
|
|
968,662
|
|
Retained earnings
(accumulated deficit)
|
(266,915)
|
|
|
(186,246)
|
|
Accumulated other
comprehensive income (loss)
|
(2,955)
|
|
|
2,560
|
|
Total NorthStar
Realty Europe Corp. stockholders' equity
|
699,605
|
|
|
785,569
|
|
Non-controlling
interests
|
8,859
|
|
|
10,173
|
|
Total
equity
|
708,464
|
|
|
795,742
|
|
Total liabilities
and equity
|
$
|
2,368,266
|
|
|
$
|
2,683,050
|
|
Non-GAAP Financial Measures
Included in this press release is Cash Available for
Distribution, or CAD, Net Asset Value, or NAV, and net operating
income, or NOI, each a "non-GAAP financial measure," which
measures NorthStar Realty Europe's historical or future
financial performance that is different from measures calculated
and presented in accordance with accounting principles generally
accepted in the United
States, or U.S. GAAP, within the meaning of the
applicable Securities and Exchange Commission, or SEC,
rules. NorthStar Realty Europe believes these metrics can
be a useful measure of its performance which is further defined
below.
Cash Available for Distribution
We believe that CAD provides investors and management with a
meaningful indicator of operating performance. We also
believe that CAD is useful because it adjusts for a variety of
items that are consistent with presenting a measure of operating
performance (such as transaction costs, depreciation and
amortization, equity-based compensation, realized gain (loss) on
investments, asset impairment and non-recurring bad debt
expense). We adjust for transaction costs because these costs
are not a meaningful indicator of our operating performance.
For instance, these transaction costs include costs such as
professional fees associated with new investments, which are
expenses related to specific transactions. Management also
believes that quarterly distributions are principally based on
operating performance and our board of directors includes CAD as
one of several metrics it reviews to determine quarterly
distributions to stockholders. The definition of CAD
may be adjusted from time to time for our reporting purposes in our
discretion, acting through our audit committee or otherwise.
CAD may fluctuate from period to period based upon a variety of
factors, including, but not limited to, the timing and amount of
investments, repayments and asset sales, capital raised, use of
leverage, changes in the expected yield of investments and the
overall conditions in commercial real estate and the economy
generally.
We calculate CAD by subtracting from or adding to net income
(loss) attributable to common stockholders, non-controlling
interests and the following items: depreciation and amortization
items including straight-line rental income or expense (excluding
amortization of rent free periods), amortization of above/below
market leases, amortization of deferred financing costs,
amortization of discount on financings and other and equity-based
compensation; unrealized gain (loss) from the change in fair value;
realized gain (loss) on investments and other (excluding
accelerated amortization related to sales of investments);
impairment on depreciable property; non-recurring bad debt expense;
acquisition gains or losses; transaction costs; foreign currency
gains (losses); impairment on goodwill and other intangible assets;
and one-time events pursuant to changes in U.S. GAAP and certain
other non-recurring items. These items, if applicable,
include any adjustments for unconsolidated ventures.
CAD should not be considered as an alternative to net income
(loss) attributable to common stockholders, determined in
accordance with U.S. GAAP, as an indicator of operating
performance. In addition, our methodology for calculating CAD
involves subjective judgment and discretion and may differ from the
methodologies used by other comparable companies, including other
REITs, when calculating the same or similar supplemental financial
measures and may not be comparable with these
companies.
The following table presents a reconciliation of CAD to net
income (loss) attributable to common stockholders for the three
months ended June 30, 2016 (dollars in thousands):
Net income (loss)
attributable to common stockholders
|
$
|
(33,909)
|
|
Non-controlling
interests
|
(400)
|
|
|
|
Adjustments:
|
|
Depreciation and
amortization items(1)
|
25,134
|
|
Impairment
losses
|
27,468
|
|
Unrealized (gain)
loss from fair value adjustments(2)
|
(1,159)
|
|
Realized (gain) loss
on investments(3)
|
(5,398)
|
|
Transaction costs and
other(4)
|
1,623
|
|
CAD
|
$
|
13,359
|
|
|
|
CAD per
share(5)
|
$
|
0.22
|
|
|
|
(1) Represents an
adjustment to exclude depreciation and amortization of $18.4
million, amortization of
above/below
market leases of $1.2 million, amortization of deferred financing
costs of $2.0 million
and
amortization of equity-based compensation of $3.8
million.
|
(2) Excludes unrealized
loss relating to cash payment on derivatives.
|
(3) Represents an
adjustment to exclude a $7.8 million net gain related to the sale
of real estate
investment
and $2.4 million loss related to the write-off of the deferred
financing costs associated
with the
repurchase of the Senior Notes.
|
(4) Represents an
adjustment to exclude $1.6 million of transaction costs.
|
(5) Based on a weighted
average number of shares of 61.4 million (common shares
outstanding,
including
LTIPs and RSUs not subject to performance hurdles) for the
three months ending
June
30, 2016.
|
Net Asset Value (NAV)
NAV is a non-GAAP (generally accepted accounting principles)
measure calculated as the value of total assets less the value of
total liabilities divided by the total number of shares of common
stock outstanding (common stock, long term incentive plan (LTIPs)
and restricted stock unites (RSUs) not subject to performance
hurdles, outstanding) as at a specific date. The term NAV
does not have any standardized meaning according to U.S. GAAP and
therefore may not be comparable to similar measures presented by
other companies. There is no comparable U.S. GAAP measure
presented in NorthStar Realty Europe's consolidated financial
statements and thus no applicable quantitative reconciliation for
such non-GAAP financial measure.
Net Operating Income (NOI)
We believe NOI is a useful metric of the operating performance
of our real estate portfolio in the aggregate. Portfolio
results and performance metrics represent 100% for all consolidated
investments and represent our ownership percentage for
unconsolidated joint ventures. Net operating income
represents total property and related revenues, adjusted for: (i)
amortization of above/below market rent; (ii) straight-line rent
(except with respect to rent free period); (iii) other items such
as adjustments related to joint ventures and non-recurring bad debt
expense and (iv) less property operating expenses. However,
the usefulness of NOI is limited because it excludes general and
administrative costs, interest expense, transaction costs,
depreciation and amortization expense, realized gains (losses) from
the sale of properties and other items under U.S. GAAP and capital
expenditures and leasing costs necessary to maintain the operating
performance of properties, all of which may be significant economic
costs. NOI may fail to capture significant trends in these
components of U.S. GAAP net income (loss) which further limits its
usefulness.
NOI should not be considered as an alternative to net income
(loss), determined in accordance with U.S. GAAP, as an indicator of
operating performance. In addition, our methodology for
calculating NOI involves subjective judgment and discretion and may
differ from the methodologies used by other comparable companies,
including other REITs, when calculating the same or similar
supplemental financial measures and may not be comparable with
these companies.
The following table presents a reconciliation of NOI to property
and other related revenues less property operating expenses for the
three months ended June 30, 2016 (dollars in
thousands):
Rental
income
|
$
|
33,990
|
|
Escalation
income
|
5,908
|
|
Other
revenue
|
46
|
|
Total property and
other revenues
|
39,944
|
|
Properties -
operating expenses
|
8,540
|
|
Adjustments:
|
|
Amortization and
other items(1)
|
1,220
|
|
NOI
|
$
|
32,624
|
|
|
|
(1) Includes
$1.1 million of amortization of above/below market rent.
|
(2) The
following table presents a reconciliation of NOI of our real
estate segment to net income
(loss) for the three months
ended June 30, 2016 (dollars
in thousands):
|
NOI
|
$
|
32,624
|
|
Adjustments:
|
—
|
|
Interest
expense—mortgage and corporate borrowings
|
(8,691)
|
|
Other
expenses
|
(3,007)
|
|
Depreciation and
amortization
|
(18,404)
|
|
Unrealized gain
(loss) on investments and other
|
(3,400)
|
|
Realized gain (loss)
on investments and other
|
7,794
|
|
Other
items
|
(27,443)
|
|
Net income (loss)
- Real estate segment
|
$
|
(20,527)
|
|
Remaining
segments(i)
|
(13,782)
|
|
Net income
(loss)
|
$
|
(34,309)
|
|
|
|
(i) Represents
the net income (loss) in our corporate segments to reconcile to
total net income (loss).
|
Safe Harbor Statement
This press release contains certain "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward looking statements are generally identifiable by use of
forward looking terminology such as "may," "will," "should,"
"potential," "intend," "expect," "seek," "anticipate," "estimate,"
"believe," "could," "project," "predict," "hypothetical,"
"continue," "future" or other similar words or expressions. Forward
looking statements are not guarantees of performance and are based
on certain assumptions, discuss future expectations, describe plans
and strategies, contain projections of results of operations or of
financial condition or state other forward looking information.
Such statements include, but are not limited to, the expected use
of proceeds from the sale of any non-strategic or other properties;
the ability to execute on NRE's strategy; whether properties
currently being evaluated for sale or under contract will
ultimately sell and if any such sales occur whether they will be
consummated at prices expected; NRE's ability to maintain dividend
payments, at current levels, or at all; NRE's expected use of
proceeds under its revolving credit facility; NRE's ability to
generate stable and recurring income streams with the potential for
capital growth over time; whether NRE will produce higher cash
available for distribution (CAD) per share in the coming quarters,
or ever; and NRE's use of leverage, including whether and when NRE
may achieve its target leverage whether NRE will continue to make
repurchases of its common stock pursuant to the stock repurchase
program or the level of any such repurchases. The calculation of
implied NAV included in this press release is subject to numerous
assumptions and may not be the best metric to use in evaluating the
value of NRE and thus investors should not unduly rely on it as an
indicator of value or otherwise. Forward-looking statements are
necessarily speculative in nature, and it can be expected that some
or all of the assumptions underlying any forward-looking statements
will not materialize or will vary significantly from actual
results. Variations of assumptions and results may be material.
Factors that could cause actual results to differ materially
from NRE's expectations include, but are not limited
to, NRE's liquidity and financial
flexibility; NRE's future cash available for
distribution; NRE's use of leverage; and the anticipated
strength and growth of NRE's business. Factors that could
cause actual results to differ materially from those in the
forward-looking statements are specified in NRE's annual
report on Form 10-K for the year ended December 31, 2015 and its other filings with
the Securities and Exchange Commission. Such forward-looking
statements speak only as of the date of this press
release. NorthStar Realty Europe expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with regard thereto or change in events,
conditions or circumstances on which any statement is based.
Endnotes
- Capitalizations includes property level debt, portfolio level
preferred equity and common equity (including ccash net of
corporate debt).
- The external third-party appraisal was prepared by Cushman
& Wakefield LLP in accordance with the current U.K. and Global
edition of the Royal Institution of Chartered Surveyors' (RICS)
Valuation - Professional Standards (the "Red Book") on the basis of
"Fair Value," which is widely recognized within Europe as the leading professional standards
for independent valuation professionals. Each property is
classified as an investment and has been valued on the basis of
Fair Value adopted by the International Accounting Standards Board.
This is the equivalent to the Red Book definition of Market Value.
The Red Book defines Market Value as the estimated amount for which
an asset or liability should exchange on the valuation date between
a willing buyer and a willing seller in an arm's-length transaction
after proper marketing where the parties had each acted
knowledgeably, prudently and without compulsion. The Cushman &
Wakefield LLP appraisal assumes that certain of the properties
would be purchased through market accepted structures resulting in
lower purchaser transaction expenses (taxes, duties, and similar
costs). This Cushman & Wakefield LLP appraisal is as of
June 30, 2016. The results of the
Cushman & Wakefield LLP appraisal exclude the value ascribed to
assets sold as of June 30, 2016.
- Based on rent roll as of June 30, 2016.
- Core portfolio comprises primarily office properties in
Germany, the U.K. and France.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/northstar-realty-europe-announces-second-quarter-2016-results-300309771.html
SOURCE NorthStar Realty Europe Corp.