NEW YORK, Dec. 22, 2016 /PRNewswire/ -- NorthStar Asset
Management Group Inc. ("NSAM") (NYSE: NSAM) today announced it has
declared a one-time special dividend (the "Special Dividend") in
the amount of approximately $1.16 per
share. The Special Dividend is being made in connection with the
previously announced combination (the "Merger") of NSAM, Colony
Capital, Inc. (NYSE: CLNY) and NorthStar Realty Finance Corp.
(NYSE: NRF) and is contingent on the closing of the Merger, which
is expected to be on January 10,
2017, subject to customary closing conditions. The
common stock of NSAM, which will be renamed Colony NorthStar, Inc.
and will be listed on the New York Stock Exchange under the symbol
"CLNS", will begin trading ex-dividend the business day following
the closing of the Merger, which is expected to be January 11, 2017. The Special Dividend is
expected to be paid as soon as reasonably practical following the
closing of the Merger and the number of common shares that will be
entitled to receive the Special Dividend will be determined based
on a record date of January 3,
2017.
About NorthStar Asset Management Group Inc.
NorthStar
Asset Management Group Inc. is a global asset management firm
focused on strategically managing real estate and other investment
platforms in the United States and
internationally. NSAM provides asset management and other services
by managing its NorthStar listed
companies and its retail companies, both in the United States and internationally. NSAM
earns asset management and other fees pursuant to management and
other contracts and through its direct and indirect investments in
strategic partnerships and joint ventures. In addition, NSAM owns
NorthStar Securities, LLC, a captive broker-dealer platform which
raises capital in the retail market. For more information about
NSAM, please visit www.nsamgroup.com.
About Colony Capital, Inc.
Colony Capital, Inc.
(formerly Colony Financial, Inc.), a New York Stock Exchange
publicly traded company, is a leading global real estate and
investment management firm headquartered in Los Angeles, California with more than 300
employees across 14 offices in 10 countries. Through Colony's
global investment management business, which has operated under the
Colony Capital brand for more than 25 years, Colony has sponsored
$24 billion of equity across a
variety of distinct funds and investment vehicles that collectively
invested over $60 billion of total
capital. Colony manages capital on behalf of both Colony
shareholders and limited partners in private investment funds under
its management where Colony may earn management fees and carried
interests. Colony's investment portfolio is primarily composed of:
(i) real estate equity; (ii) real estate debt; and (iii) investment
management of Colony-sponsored private equity funds and vehicles.
Colony has elected to be taxed as a real estate investment trust,
or REIT, for U.S. federal income tax purposes.
About NorthStar Realty Finance Corp.
NorthStar Realty
Finance Corp. is a publicly-traded, diversified commercial real
estate company that is organized as a REIT and is managed by an
affiliate of NorthStar Asset Management Group Inc., a global asset
management firm. NRF's primary business objectives are to make
diversified real estate-related investments that produce attractive
risk-adjusted returns, generate stable cash flows for distribution
to its stockholders and build long-term franchise value. NRF's core
business activities include acquiring commercial real estate
properties, such as healthcare, hotels, manufactured housing
communities, office and retail net lease and multifamily; making
opportunistic investments such as indirect interests in real estate
through private equity real estate funds and originating,
structuring and acquiring commercial real estate debt.
Cautionary Statement Regarding Forward-Looking
Statements
This communication 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. Among others, the following
uncertainties and other factors could cause actual results to
differ from those set forth in the forward looking
statements: the failure to receive, on a timely basis or
otherwise, the required approvals by governmental or regulatory
agencies and third parties; the risk that a condition to closing of
the merger may not be satisfied; each company's ability to
consummate the merger and the timing of the closing of the merger;
operating costs and business disruption may be greater than
expected; the company's liquidity and its impact on the timing of
payment of the Special Dividend; the ability of each company to
retain its senior executives and maintain relationships with
business partners pending consummation of the merger; the ability
to realize substantial efficiencies and synergies as well as
anticipated strategic and financial benefits; and the impact of
legislative, regulatory and competitive changes. The foregoing list
of factors is not exhaustive. Additional information about these
and other factors can be found in each company's reports filed from
time to time with the Securities and Exchange Commission, including
NSAM's and NRF's Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016 and Colony's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. There can be no assurance
that the merger will in fact be consummated.
We caution investors not to unduly rely on any forward-looking
statements. The forward-looking statements speak only as of the
date of this communication. None of NSAM, Colony or NRF is under
any duty to update any of these forward-looking statements after
the date of this communication, nor to conform prior statements to
actual results or revised expectations, and none of NSAM, Colony or
NRF intends to do so.
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SOURCE NorthStar Asset Management Group Inc.