NorthStar Realty Finance Announces Initial Closing of $400 Million Manufactured Housing Community Portfolio
NEW YORK, Dec. 24, 2013 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar") today announced the closing of $345 million of an approximately $400 million manufactured housing portfolio comprised of 16 communities containing approximately 5,900 pad rental sites located primarily in Denver, Colorado and Austin and Dallas, Texas. Inclusive of this portfolio, since 2012 NorthStar has accumulated an approximately $1.6 billion manufactured housing portfolio comprised of 123 communities containing over 29,000 pad rental sites.
NorthStar's Chairman and Chief Executive Officer, David Hamamoto, commented, "We are extremely pleased to acquire another sizeable portfolio in the manufactured housing space which has consistently demonstrated stable cash flows, steady rental growth, very low turn-over rates and minimal capital expenditures. Owning pad rental sites in manufactured housing communities is a very attractive, long-term business and we will continue to seek opportunities to scale this business and maximize shareholder value."
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. ("NorthStar") is a diversified commercial real estate investment and asset management company that is organized as a REIT. NorthStar recently announced a plan to spin-off its asset management business into a separate public company. For more information about NorthStar, please visit www.nrfc.com.
Forward Looking Statements
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 "will," "continue" 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 performance of our portfolio of manufactured housing communities; our third party operating partner's ability to effectively manage the assets within our portfolio of manufactured housing communities; whether our portfolio of manufactured housing communities will generate stable cash flows, steady rental growth, very low turn-over or minimal capital expenditures in the future; the scalability and long-term nature of our portfolio of manufactured housing communities; our deal flow, including the ability to source additional transactions in manufactured housing communities; our future cash available for distribution; and our ability to maximize shareholder value. Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar's Annual Report on Form 10-K for the year ended December 31, 2012 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 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.
SOURCE NorthStar Realty Finance Corp.