Colony Capital Entities Remove NorthStar from New Company Names
Colony NorthStar Inc. (NYSE: CLNS), a publicly traded real estate investment trust and sponsor of non-traded investment programs, will change its name back to Colony Capital Inc. The company will continue to be publicly traded on the New York Stock Exchange under its former ticker symbol “CLNY.”
Colony NorthStar Inc. (NYSE: CLNS), a publicly traded real estate investment trust and sponsor of non-traded investment programs, will change its name back to Colony Capital Inc. The company plans to trade on the New York Stock Exchange under its former ticker symbol “CLNY.”
Additionally, Colony NorthStar Credit Real Estate Inc. (NYSE: CLNC) will change its name to Colony Credit Real Estate Inc. and its ticker will remain the same. These changes will be effective June 25, 2018.
Colony NorthStar resulted from the January 2017 merger between Colony Capital Inc., NorthStar Asset Management Group Inc., and NorthStar Realty Finance Corp.
Colony NorthStar Credit Real Estate Inc. resulted from the merger of non-traded REITs, NorthStar Real Estate Income Trust Inc. and NorthStar Real Estate Income II Inc., and a select portfolio of Colony NorthStar’s debt and credit real estate assets. The company began trading on the NYSE earlier this year.
Colony noted that the name change reflects its “renewed emphasis of its founding principles as it 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 Saltzman, president and chief executive officer.
He added, “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 percent of the aggregate equity capitalization.”
Colony NorthStar Inc. has 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 $43 billion in assets under management.
Colony NorthStar Credit Real Estate Inc. is one of the largest publicly traded commercial real estate credit REITs, focused on originating, acquiring, financing and managing a portfolio primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States.
