LOS ANGELES and NEW YORK,
June 11, 2018 /PRNewswire/
-- Colony NorthStar, Inc. (the "Company") (NYSE: CLNS) today
announced that its Board of Directors has authorized the Company to
change its name to Colony Capital, Inc. As part of the name change,
the Company will continue to be publicly traded on the New York
Stock Exchange under the new ticker symbol "CLNY." Colony NorthStar
Credit Real Estate, Inc. (NYSE: CLNC) also announced that its Board
of Directors has authorized changing its name to Colony Credit Real
Estate, Inc. and its ticker will remain the same. These changes
will be effective June 25,
2018.
Colony Capital was founded in 1991 by Thomas J. Barrack, Jr. as a global diversified
real estate investment manager which created a business that
combined the best of an entrepreneurial spirit with institutional
best practices and risk management. The firm came public through a
combination transaction with Colony Financial, Inc. in 2015 and
then scaled considerably more through its merger with NorthStar in
early 2017 to create Colony NorthStar, Inc. The name change to
Colony Capital, Inc. reflects the Company's renewed emphasis of its
founding principles as the Company continues to grow its broader
based investment management business, while simultaneously
monetizing non-core assets and modestly shrinking the balance sheet
through securities repurchases and deleveraging.
"Our core competency and DNA has always been to focus on the
most compelling global opportunities from a supply/demand and
pricing perspective and express it through our investment
management business," said Richard B.
Saltzman, President and Chief Executive Officer. "Now with
the benefit of our public company scale and significant balance
sheet, we will continue to identify and strategically position
platforms that concentrate on these spaces, albeit with the
ultimate aim of creating a third-party investment management
vehicle around each where, on average, our equity will equal only
10% of the aggregate equity capitalization. The Colony Capital,
Inc. brand and name reflects both this emphasis as well as the
breadth of the activities that we may pursue under this more
'asset-lite' approach."
About Colony NorthStar, Inc.
Colony NorthStar, Inc. (NYSE:CLNS) is a leading global real estate
and investment management firm. 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 $43 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. The firm maintains principal
offices in Los Angeles and
New York, with approximately 500
employees in offices located across 18 cities in ten countries. For
additional information regarding the Company and its management and
business, please refer to www.clns.com.
About Colony NorthStar Credit Real Estate, Inc.
Colony
NorthStar Credit Real Estate, Inc. (NYSE: CLNC) is one of the
largest publicly traded commercial real estate (CRE) credit REITs,
focused on originating, acquiring, financing and managing a
diversified portfolio consisting primarily of CRE senior mortgage
loans, mezzanine loans, preferred equity, debt securities and net
leased properties predominantly in the
United States. Colony NorthStar
Credit is externally managed by a subsidiary of leading
global real estate and investment management firm, Colony
NorthStar, Inc. Colony NorthStar Credit Real Estate, Inc. is
organized as a Maryland
corporation that intends to elect to be taxed as a REIT for U.S.
federal income tax purposes for its taxable year ending
December 31, 2018. For additional
information regarding the Company and its management and business,
please refer to www.clncredit.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain forward-looking
statements within the meaning of the federal securities laws.
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. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond our control, and may cause
actual results to differ significantly from those expressed in any
forward-looking statement. Factors that could cause actual results
to differ materially from Colony NorthStar, Inc.'s or Colony
NorthStar Credit Real Estate, Inc.'s expectations include, but are
not limited to, the Company's ability to grow its broader based
investment management business while simultaneously monetizing
non-core assets and modestly shrinking the balance sheet through
securities repurchases and deleveraging, the timing, amount and
manner of securities repurchases, if any, the average portion of
equity the Company will own in its managed portfolio, the benefits
of public company scale and a significant balance sheet, the
Company's ability to identify and strategically position platforms
around compelling global opportunities and the composition and
breadth of the Company's managed portfolio. Additional information
about these and other factors can be found in Colony NorthStar,
Inc.'s and Colony NorthStar Credit Real Estate, Inc.'s, as
applicable, reports filed from time to time with the Securities and
Exchange Commission.
Colony NorthStar, Inc. and Colony NorthStar Credit Real Estate,
Inc. each caution their respective investors not to unduly rely on
any forward-looking statements. The forward-looking statements
speak only as of the date of this press release. Each of Colony
NorthStar, Inc. and Colony NorthStar Credit Real Estate, Inc. are
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 neither
Colony NorthStar, Inc. nor Colony NorthStar Credit Real Estate,
Inc. intend to do so.
Media Contact:
Blicksilver PR
Kristin Celauro
735-433-5200
Investor Contact:
Addo Investor Relations
Lasse Glassen
310-829-5400
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SOURCE Colony NorthStar, Inc.