Colony Capital, Inc. (NYSE:CLNY) and subsidiaries (collectively, “Colony
Capital,” or the “Company”) has successfully completed the refinancing
of its prior $1.725 billion consolidated healthcare loan maturing in
December 2019. The new interest-only loan totals $1.515 billion with a
five year term (inclusive of three one-year extension options) and a
blended interest rate of one-month LIBOR plus 3.33%. Ventas, Inc. (NYSE:
VTR), a leading healthcare real estate investment trust, is continuing
its strong relationship with the Company through an investment in the
entire junior tranche of $490 million. The collateral package for the
new loan includes 158 U.S. healthcare properties (189 buildings)
consisting of medical office buildings, senior housing properties,
skilled nursing facilities and hospitals, but excludes certain assets
that were collateral for the previous loan. The Company’s ownership
position in these properties is 70%. This refinancing, along with
previously completed transactions earlier this year, addresses four of
the six healthcare loans, or 87% of consolidated outstanding principal
balances, with maturities in 2019.
“I am very proud of our team for successfully executing a complicated
transaction in collaboration with the expert healthcare professionals at
Ventas,” said Thomas J. Barrack, Jr., Executive Chairman and CEO of
Colony Capital. “With the vast majority of our healthcare maturities
addressed, we can dedicate our focus on operations and strategy to
maximize value within our healthcare portfolio.”
About Colony Capital, Inc.
Colony Capital, Inc. (NYSE: CLNY) is a leading global investment
management firm with assets under management of $43 billion. The Company
manages capital on behalf of its stockholders, as well as institutional
and retail investors in private funds, and traded and non-traded real
estate investment trusts. The Company has significant holdings in: (a)
the healthcare, industrial and hospitality property sectors; (b) Colony
Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe Corp.
(NYSE: NRE), which are both externally managed by subsidiaries of the
Company; and (c) various other equity and debt investments. The Company
is headquartered in Los Angeles with key offices in New York, Paris and
London, and has over 400 employees across 19 locations in 12 countries.
For additional information regarding the Company and its management and
business, please refer to www.clny.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. You can also
identify forward-looking statements by discussions of strategy, plans or
intentions.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and contingencies, many of which are beyond
the Company’s control, and may cause the Company’s actual results to
differ significantly from those expressed in any forward-looking
statement. Factors that might cause such a difference include, without
limitation, the Company’s ability to comply with the required
affirmative and negative covenants, including the financial covenants,
of the healthcare debt, the performance of the Company’s healthcare
portfolio, the Company’s ability to refinance its remaining healthcare
loans with maturities in 2019 on favorable terms or at all, the
Company’s ability to maximize value within its healthcare portfolio, the
Company’s relationship with Ventas, and other risks and uncertainties
detailed in our filings with the U.S. Securities and Exchange Commission
(“SEC”). All forward-looking statements reflect the Company’s good faith
beliefs, assumptions and expectations, but they are not guarantees of
future performance. Additional information about these and other factors
can be found in Colony Capital’s reports filed from time to time with
the SEC.
Colony Capital 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 Capital 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 Capital does not intend to do so.
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