LOS ANGELES & NEW YORK--(BUSINESS WIRE)--May 24, 2017--
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, LLC
6201 15th Avenue
Brooklyn,
New York 11219
Attn: 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/
Source: Colony NorthStar, Inc.
Investor Contacts:
Colony NorthStar, Inc.
Darren J.
Tangen
Executive Vice President and Chief Financial Officer
310-552-7230
or
Addo
Investor Relations
Lasse Glassen
310-829-5400
