LOS ANGELES & NEW YORK--(BUSINESS WIRE)--May 23, 2018--
Colony NorthStar, Inc. (“Colony NorthStar” or the “Company”) (NYSE:CLNS)
today announced that its Board of Directors has authorized the
repurchase of up to an additional $300 million of its outstanding Class
A common stock. The newly authorized program is in addition to the $300
million share repurchase program the Company announced in February 2018,
which was recently completed.
The repurchases may occur from time to time in the open market, in
privately negotiated transactions or otherwise. The authorization will
expire in 12 months, unless otherwise extended by the Company’s Board of
Directors. The repurchase program will be utilized at management's
discretion and in accordance with the requirements of the Securities and
Exchange Commission. The timing and actual number of shares repurchased
will depend on a variety of factors including price, corporate
requirements and other conditions.
About Colony NorthStar, Inc.
Colony NorthStar, Inc. (NYSE:CLNS) 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 $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. The Company will elect to be
taxed as a 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.
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’s expectations include, but are
not limited to, the timing, amount and manner of stock repurchases, if
any, and the ability to realize any benefit from the stock repurchase
program. Additional information about these and other factors can be
found in Colony NorthStar’s reports filed from time to time with the
Securities and Exchange Commission.
Colony NorthStar 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. Colony NorthStar 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 Colony NorthStar does not intend to do so.
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Source: Colony NorthStar, Inc.
Colony NorthStar, Inc.
Executive Vice President
and Chief Financial Officer