NorthStar Healthcare Income Declares NAV of $8.63 Per Share

NorthStar Healthcare Income Inc., a publicly registered non-traded real estate investment trust sponsored by NorthStar Asset Management Group Inc. (NYSE: NSAM), announced that its board of directors approved an estimated value of the company’s common stock of $8.63 per share, as of December 31, 2015.

Robert A. Stanger & Co. Inc., a third-party independent valuation and consulting firm, assisted with the valuation of the REIT’s assets and liabilities, including its 29 healthcare real estate properties, six joint venture investments, and four healthcare-related commercial real estate debt investments.

The estimated value of the healthcare properties was $967.2 million, compared with an initial purchase price of $932.6 million. The joint ventures were valued at $608 million, compared with a total equity contribution of $587.5 million, and the value of the healthcare debt investments was $196.4 million, compared with an aggregate outstanding principal amount of $193.4 million.

The total estimated value of NorthStar Healthcare’s investments was $1.8 billion, an approximate 3.4 percent increase in value over the property purchase price, the joint venture equity contribution and principal amount.

The NAV does not include the potential impact of investments made after December 31, 2015 of approximately $156.7 million of equity in $534.5 million of healthcare assets. It also does not include any premium or benefit for the enterprise value that may be attributable to NorthStar Healthcare due to the size and diversity of its investment portfolio, including its exposure, either directly or through joint ventures, to approximately $9.6 billion in healthcare real estate investments. In addition, during 2015, NorthStar Healthcare raised $748.9 million in total net proceeds from its public offerings (which has not been fully invested) and held approximately $354.2 million in uninvested cash on its balance sheet.

NorthStar Healthcare Income was formed to acquire, originate and asset manage a diversified portfolio of equity, debt and securities investments in healthcare real estate. NorthStar Healthcare Income commenced operations in 2013, and from inception through March 2016, raised $1.8 billion in investor equity.

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