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.
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SOURCE Colony NorthStar, Inc.