NorthStar Asset Management Group (NSAM)

[MCArmel1]

NorthStar Asset Management misses by $0.14, misses on revenue

May 8 2015, 08:15 ET | About: NorthStar Asset Managem... (NSAM) | By: Mohit Manghnani, SA News Editor

NorthStar Asset Management (NYSE:NSAM): Q1 EPS of $0.11 misses by $0.14.
Revenue of $91.7M (+293.1% Y/Y) misses by $11.21M.
Press Release

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NorthStar Asset Management Group Announces First Quarter 2015 Results
Fri May 8, 2015 8:00 AM|PR Newswire | About: NSAM

NEW YORK, May 8, 2015 /PRNewswire/ --

First Quarter 2015 Highlights
•Cash available for distribution ("CAD") of $0.20 per share.
•First quarter 2015 cash dividend of $0.10 per common share.
•Raised $1.3 billion of equity for NorthStar Realty (NRF).
•Raised $456 million of capital in the non-traded REITs year-to-date 2015, including $329 million in the first quarter.
•Announced Board of Directors has authorized the repurchase of up to $400 million shares of common stock.
•Total assets of managed companies as of March 31, 2015 of approximately $23.8 billion, including investments under contract or acquired subsequent to the first quarter 2015.

NorthStar Asset Management Group Inc. (NYSE: NSAM) today announced its results for the first quarter ended March 31, 2015.

First Quarter 2015 Results

NSAM reported CAD for the first quarter 2015 of $38.8 million, or $0.20 per share. Net income to common stockholders for the first quarter 2015 was $21.8 million, or $0.11 per diluted share.

For more information and a reconciliation of CAD to net income (loss) to common stockholders, please refer to the tables on the following pages.

David T. Hamamoto, Chairman and Chief Executive Officer, commented, "NSAM began 2015 with continued substantial growth in our fee earning asset base with $1.3 billion of common equity raised at NorthStar Realty and over $450 million of capital raised in our non-traded REITs, bringing total equity raised to $4.4 billion in just ten months since our listing. While we are pleased with our capital raising and with our pipeline of external growth initiatives, NSAM's first quarter CAD does not reflect the full earnings power of our business. Based only on capital raised to date and investments of managed companies already closed or in execution, we expect second quarter fees from our managed companies to be approximately $30 million higher than in the first quarter. Furthermore, Griffin-American Healthcare REIT III, Inc. had un-invested cash of over $1 billion at the end of the first quarter, and NSAM will receive its proportionate share of all fees generated through its 45% ownership interest in its co-sponsor, American Healthcare Investors, LLC."

Mr. Hamamoto continued, "I am also pleased to announce that we anticipate filing in the next few months a registration statement for a new $3.0 billion closed-end credit fund co-sponsored with Och-Ziff Capital Management Group, LLC. We believe that our product offerings and managed vehicles are in their infancy and look forward to substantial growth in the months and years ahead."

NSAM Managed Companies Results

NorthStar Realty
•Base asset management fee of $45.3 million earned during the first quarter 2015.
•Incentive fee of $2.9 million earned during the first quarter 2015.
•$1.3 billion of NorthStar Realty common equity issued related to the forward sale agreement NorthStar Realty entered into with Deutsche Bank Securities Inc. in March 2015.

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