Colony NorthStar, Inc. Announces Authorization of Redemption of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stoc...
May 24 2017 - 10:10AM
Business Wire
Colony NorthStar, Inc. (NYSE: CLNS) (“Colony NorthStar” or the
“Company”), a leading global real estate and investment management
firm, today announced that its Board of Directors has authorized
the redemption of some or all of its (i) 2,466,689 outstanding
shares of its 8.75% Series A Cumulative Redeemable Perpetual
Preferred Stock (NYSE: CLNSPrA) (the “Series A Preferred Shares”)
and (ii) 10,080,000 outstanding shares of its 8.50% Series F
Cumulative Redeemable Perpetual Preferred Stock (NYSE: CLNSPrF)
(the “Series F Preferred Shares,” and together with the Series A
Preferred Shares, the “Preferred Shares”), from time to time, but
no later than by December 31, 2017. The series and amount of
Preferred Shares to be redeemed, and the applicable redemption
date, will be determined by the Company, and may be contingent upon
the occurrence of certain events. This authorization does not
obligate the Company to redeem any particular series or amount of
Preferred Shares, and the specifics of any particular redemption
will be disclosed by the Company, as applicable, in subsequent
press releases.
The Preferred Shares will be redeemed at a cash redemption price
of $25.00 per share, plus any accrued and unpaid dividends (whether
or not declared) to, but not including, the applicable redemption
date (the “Redemption Price”). If a redemption date falls after a
record date for a dividend payment and prior to the corresponding
dividend payment date, then each holder of the Preferred Shares at
the close of business on such record date will be entitled to the
dividend payable on such Preferred Shares on the corresponding
payment date rather than on the redemption date. The Preferred
Shares are held by Cede & Co., as nominee of the Depository
Trust Company (“DTC”), and are held in book-entry form through DTC.
Accordingly, any redemption of the Preferred Shares, including
payment of the Redemption Price, will be completed according to
DTC’s procedures. This press release does not constitute a notice
of redemption under the Company’s Articles of Amendment and
Restatement governing the Preferred Shares.
About Colony NorthStar, Inc.
Colony NorthStar, Inc. is a leading global real estate and
investment management firm. The Company resulted from
the January 2017 merger between Colony Capital,
Inc., NorthStar Asset Management Group
Inc. and NorthStar Realty Finance Corp. The Company
has significant property holdings in the healthcare, industrial and
hospitality sectors, other equity and debt investments and an
embedded institutional and retail investment management business.
The Company currently has assets under management of $56
billion and manages capital on behalf of its stockholders, as
well as institutional and retail investors in private funds,
non-traded and traded real estate investment trusts and registered
investment companies. In addition, the Company owns NorthStar
Securities, LLC, a captive broker-dealer platform which raises
capital in the retail market. The firm maintains principal offices
in Los Angeles and New York, with more than 500 employees in
offices located across 17 cities in ten countries. The Company will
elect to be taxed as a real estate investment trust, or REIT, for
U.S. federal income tax purposes. For additional information
regarding the Company and its management and business, please refer
to www.clns.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange of 1934, as amended.
Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or
trends and similar expressions concerning matters that are not
historical facts. In some cases, you can identify forward-looking
statements by the use of forward-looking terminology such as “may,”
“will,” “should,” “expects,” “intends,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” or “potential” or the negative
of these words and phrases or similar words or phrases which are
predictions of or indicate future events or trends and which do not
relate solely to historical matters. You can also identify
forward-looking statements by discussions of strategy, plans or
intentions.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and contingencies, many of which are
beyond the Company’s control, and may cause the Company’s actual
results to differ significantly from those expressed in any
forward-looking statement. Factors that might cause such a
difference include, without limitation, our failure to achieve
anticipated synergies in and benefits of the completed merger
among NorthStar Asset Management Group Inc., Colony
Capital, Inc. and NorthStar Realty Finance Corp., Colony
NorthStar’s liquidity, including its ability to complete identified
monetization transactions and other potential sales of non-core
investments, whether the Company will be able to maintain
its qualification as a REIT for U.S. federal income tax purposes,
the timing of and ability to deploy available capital, the timing
of and ability to complete repurchases of the Company’s stock, the
Company’s ability maintain inclusion and relative performance on
the MSCI U.S. REIT Index, the Company’s leverage, including the
timing and amount of borrowings under its credit facility,
increased interest rates and operating costs, adverse economic or
real estate developments in the Company’s markets, the Company’s
failure to successfully operate or lease acquired properties,
decreased rental rates, increased vacancy rates or failure to renew
or replace expiring leases, defaults on or non-renewal of leases by
tenants, the impact of economic conditions on the borrowers of the
Company’s commercial real estate debt investments and the
commercial mortgage loans underlying its commercial mortgage backed
securities, adverse general and local economic conditions, an
unfavorable capital market environment, decreased leasing activity
or lease renewals, and other risks and uncertainties detailed in
our filings with the U.S. Securities and Exchange
Commission (“SEC”). All forward-looking statements reflect the
Company’s good faith beliefs, assumptions and expectations, but
they are not guarantees of future performance. For a detailed
discussion of the risks and uncertainties that may cause the
Company’s actual results, performance or achievements to differ
materially from those expressed or implied by forward-looking
statements, see the section entitled “Risk Factors” in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2016 filed with the SEC on February 28, 2017 and other
risks described in documents subsequently filed by the Company from
time to time in the future with the SEC.
The Company cautions investors not to unduly rely on any
forward-looking statements. The forward-looking statements speak
only as of the date of this press release. The Company is
under no duty to update any of these forward-looking statements
after the date of this press release, nor to conform prior
statements to actual results or revised expectations, and the
Company does not intend to do so.
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Investor Contacts:Colony NorthStar, Inc.Darren J.
TangenExecutive Vice President and Chief Financial
Officer310-552-7230orAddo Investor RelationsLasse
Glassen310-829-5400
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