Colony NorthStar, Inc. (NYSE: CLNS) (“Colony NorthStar” or the
“Company”), a leading global real estate and investment management
firm, today announced that it intends to redeem all 2,466,689
outstanding shares of its 8.75% Series A Cumulative Redeemable
Perpetual Preferred Stock (NYSE: CLNSPrA) (the “Series A Preferred
Shares”) on June 23, 2017 (the “Redemption Date”). The redemption
of the Series A Preferred Shares is contingent upon the closing of
the Company’s offering of its 7.15% Series I Cumulative Redeemable
Perpetual Preferred Stock, par value $0.01 per share, which
offering was announced by the Company on May 24, 2017 and is
anticipated to close on or about June 5, 2017.
The Series A 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) from May 15, 2017 up to, but
not including, the Redemption Date (the “Redemption Price”).
Dividends on the shares of Series A Preferred Shares will
cease to accrue on the Redemption Date. Upon redemption, the shares
of Series A Preferred Shares will no longer be outstanding,
and all rights of the holders of such shares will terminate, except
the right of the holders to receive the cash payable upon such
redemption, without interest. Upon redemption, the shares of the
Series A Preferred Shares will be delisted from trading on the New
York Stock Exchange.
All shares of Series A Preferred Shares are held in book-entry
form through the Depository Trust Company (“DTC”). The Series A
Preferred Shares will be redeemed in accordance with the procedures
of DTC. Payment to DTC for the shares of Series A Preferred Shares
will be made by American Stock Transfer & Trust Company, LLC,
as redemption agent (the “Redemption Agent”).
The address for the Redemption Agent is as follows:
American Stock Transfer & Trust Company, LLC6201 15th
AvenueBrooklyn, New York 11219Attn: General Counsel
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170524006272/en/
Investor Contacts:Colony NorthStar, Inc.Darren J.
TangenExecutive Vice President and Chief Financial
Officer310-552-7230orAddo Investor RelationsLasse
Glassen310-829-5400
Colony NorthStar, Inc. (NYSE:CLNS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Colony NorthStar, Inc. (NYSE:CLNS)
Historical Stock Chart
From Apr 2023 to Apr 2024