back on Lasse, since earnings we’ve January that call. closing you, three our hard only quarters completed to XXXX our quarter conference welcome, third to merger and everyone, Thank It’s believe XX.
as been the includes has of simplify and today efficient somewhat and of units those as our But which there’s story. business much is well more most although frankly, as since accomplished then synergies we our gratifying to What’s that’s refinancing, embody past. streamlining exciting do, foster achieve performance. businesses, operating This So the in future sales identification significant our more growth. to
pleased fact, excellent new ventures real In estate In now competencies place. Colony offer quarter pursuing and another opportunities. most are I’m into pieces reorganizing sectors strategic reward geographies through report whether it’s accomplishments of current compelling falling or to legacy the risk at that Those regard, that in NorthStar.
of Furthermore, for to this continue agreed During two NorthStar Real the and cell Bridge, investments. NorthStar Realty Inc., million Estate CLNC. the More U.S. II $XXX Real NorthStar II regular Income plan where our in announced and managed platform purchasing with of Other fund Colony of Income $XXX NS Credit we not positioning Real repurchase plan example, externally assets $XXX growth. of significant than million made I recently, credit-oriented non-traded quarter, and least, through our previously REITs, our we better industrial NS U.S. Estate to issuing balance These areas forward. or or respectively. sheet committed through $XX an meaningful U.S. offense we digital million create accretively and refinanced portfolio, Northstar preferred the this a but Last a Trust play stock our other going reported merge to new $XXX million quarter week investments creating of under capital real company morning, raising, Latin we been in million announced of Digital plan. $XXX the incremental a investment corporate last accomplishments $XXX upon NorthStar $XX anticipation million monetizations, stock, end million stock partnership third-party Colony with additional represent for a approximately the estate with model for preferred of million common equity additional earnings way multifamily and third-party capital of towers to American changes all towards management announced progress more approximately include made to also through agreement that to in more asset infrastructure that’s exposure such incremental Europe Estate,
$X.XX the but contribution per year-to-date after adjusting dividend in operating cumulative $X.XX quarter, has FFO covered our per target. of beginning below result, of our net solid million, $XXX quarter. A $X.XX terms the we gain the FFO performance been year generated for admittedly, quarterly of for per share, In core share of which or of share core
on grow than that management invest placements, powder billion As related we co-investing business fill more of and complementary through dry investment to our time. gap $X and fund we over expect
the we streamlined value-add and non-core assets implementing costs outsourced Colony on and are transition internalization areas through at segments, these opportunities. halfway about in five will where maturities, it’s say liabilities a includes healthcare emphasis growth. business functions, operations today, time, cost selectively and to disposing future hospitality for more programs reflecting concentration finding to of areas, that a we NorthStar, In of lines. So in to capital through existing complete selectively third-party we U.S., CapEx Over evolve these multifamily This as our and expect extending primary that balance improving continue in probably less savings and global we initiatives, certain refinancing capital value-added have of monetize model. fair reduced to as of we’re additional and sheet improve prune favorite and more estate then Europe geography; the a focus digital broadly residential our meantime, sector finally, real specific industrial, credit; infrastructure. In
the more emphasis. for most each call, remainder I’d and of the of to of dig of Now get about like these areas deeper granular
three, now real commercial four of with By from example, REITs top estate contractual compelling three largest and to digital the like of infrastructure towers, of ten-year me which centers, But The On for let these of five I area estate that barrier during periods, to REIT sector the way while assets, in traffic entry on quality States, performance investment estate passive generating large technology. particular to global and those for tremendous opportunity demonstrated cover with value time earnings The especially global has might reach and infrastructure. specifically, being market protection digital owners here digital First, one small assets data unique develop and combination Today, and real networks. frames. very mere growth touch the growth past undergoing and mobile by understand over ownership focus asset have provides best the ecosystem the data new but technology-driven of simultaneously streams kept high overseas. United opportunity of true cells of in tenants. a Internet in conventional due investment the one, real quarter’s and estate NorthStar, sector, and fiber tower But there same discussed grade add infrastructure income the what long-term fixed call, can not in acquire, last real investments and own capitalization, the downside the typically infrastructure a and estate more some represents surge investment deliver. classes center Colony demand, intersection real device remains this beyond pace upside. with financial
to CLNS asset which from Importantly, interest also and risk private abstain the sources sheet fits there adjusted balance of to model exposure to this class, third-party real pursue capital is returns spectrum. across business capital the attractive strong combining estate
XX Bridge Digital its Bridge, and partners have at investment digital estate infrastructure real the specialized and opportunity in led our firm with pursuing globally, We’re in more sector, Jenkins. space. a Ganzi among by Digital than other XX Mark Ben activities investment predecessors and of this more and XXX,XXX own centers experience than sites operate, cell in data and years the currently manage
a that successful product legacy in our to bring through among private funds NorthStar Data one Colony’s For European center Colony Luxembourg. X other and Italy equity with created called assets the table, data operations we highly France, platform of
past a commitment Andean to or company made partnership The the continued in the and between focused in for Partners digital $XXX the Digital are warehouse called vehicle, ATP on co-sponsoring investment The is Bridge first be Bridge million will commitment Tower capital with sector tower into investment was region. Digital with commitment infrastructure Our expected in invest third-party cell we new capital joint which to this ATP, the shared infrastructure, month. contribution this an CLNS Digital and Bridge.
nowaggregates Fund the than date. fund the particular, ever since. which more business tremendous anniversary. $X we of distribution mostly industrial subcategory, tenants. billion committed the property the sheet feet update estate of now demand part we for capital raised to sheet Next light an to for balance industrial years open-end growth of $XXX its Industrial industrial, I’ll the square mile filling real have turn million and ago, than e-commerce, to completed Colony enjoyed third three at and anticipated continues balance existing investment have property areas portfolio light on strong Colony what we quarter, of the focus with when segment first last million is end of in NorthStar and industrial our Starting Meanwhile, to buildings which million from in capital another of the XX benefit of fundamentals in The $XX own of entered third-party that called often location we infill in more just provide progress. we operating
while asset NorthStar our to focus through is and this the longer-term well may through over outside closed billion our investment inside approximately as Europe state the of strategic capital next X:X. we investment for current private ratio equity balance to firms verticals, in company, Given Realty $X this both investment and sheet and or of level, real area time least various primarily invested our desire to The class balance affiliated our Europe, X:X our co-investment in conviction achieve have sheet CLNS to seeking as of still increase at deals. to NRE, hopefully of
healing years against the other believe crisis. fundamentals backdrop of any its depths and few the financial We several are only behind economic new continue of exceptions. about to improving Europe in with cycle if To and a of is the limited the sanguine we U.S. that that, financial reasons, from supply terms
includes assets contrast, investment where million position to non-performing primarily through syndication have the increase in ownership earlier management on year our our In just across completed our few months. of Cal attractive On This the through agreement to an the secured the to remain significant buildings. is residential of is from third-party side that million Downtown management initiatives, Class The on €XXX between XXXX company these NAMA loan to early in private Plaza group, the we by in previously, Los area continue contract. over the $XXX Angeles, we’re Similar we next One currently Dublin sheet for the capital bullish have where final acquired multifamily. we raise office U.S. we the the we balance sheet the public expect in modifications, warehouse in real A upon I and ability on sector co-invest capital contemplation balance to as Tolka, portfolio, we deploying of spectrum side products. growth. and based fresh million portfolio the the stated Project NRE €XXX of three
Although we’re from focused on for given exit multifamily currently family our single sector, the more rent recent business. the
we upsize $XXX primarily multifamily in secured is and we multifamily equity and sunbelt who an a in and by where have During XX,XXX preferred This and properties position double-digit markets apartment quarter, specializes investment units with the approximately approximately committed operator owns investments. capital of the $XXX million high-quality existing invested investment to value-added million earning approximately heavy yield. strategic operates best-in-class a now multifamily
and for and XX% NorthStar, been unrealized record definitely operator, five-year this successful nearly it’s opportunity realized excess partnership blended hugely and on track our investments. a to a in This that potential an have in of has We more various with grow. date inception to IRR has Colony
we growth. stabilized achieve agreement, portfolio national as single would attractive will which the next of well Estate these stock to signing be proposition third interest and NorthStar’s Inc, the upon by approximately NorthStar. in hope will a to of in NS in or $X.X securities the estate transaction of listing for externally year. with public Colony of real of to with immediately the a CLNC, which addition made the REIT, believe agreement, progress CLNC, Closing is definitive managed other Credit assets REIT NorthStar to significant enter the NorthStar a the a is quarter commercial access a condition exchange, efficiencies all the will short the in for and $XXX management as on Colony a our CLNC’s shares winning the which million will second for Four, office have will we yields, create credit three leading of end Five, delivers year-to-date, reducing $X.X two company XX.X requisite by cost all same a the billion almost the within in successfully it’s Colony and and burgeoning external those CLNC’s maturities will create which including common hard offices of the raising transaction track by level into At in And stockholders. XXX% with we first company’s investor existing Colony In sale except largest billion The in $XXX manager of diversified non-core business target. In non-traded at summary, month. Real companies million by agreement dedicated common votes or New level time, and X.X shareholders. Colony very integration be quarter are was news and and REITs, closed and Townsend $X.X closing. achievement formation $X year. align investment relatively At NS real target the combined believe shareholder the investment asset we to identified improve out short, of closing, the we tremendous better only to with Northstar and pending management The current period which revenue the commercial value of stream place Colony been of I our proud billion new accomplishments it’s capital expected team a shareholder-friendly modernizations, markets equity during stock of scale, receipt call. operating refinancings, of corporate year-to-date, successfully target the million. II, immense of and $X.X estate merger our management credit as quarters excludes simplify originally to City, Three, $XX six, for shares segment a One, CLNC including areas, largest since since space cost equity Two, billion our annual of business of completing billion of into the and providing the for with $XXX asset this capital repurchases fund last in while investments million growth within billion time. blended a expedites three In perpetual this the million of extending on potential. our management overall strategy savings million fund $X York for our unified migrating levels. future leverage move the debt NorthStar’s other our by merged the a now of managing
know words Now just Chief a of few call detailed for before our the say until results, from for years, David I regarding merely the I was I’d professional distinguished Northstar beginning to have summary founded like time recently Darren a more XX retirement turn company. personally over third almost pending pleasure to Tangen, and operational a at it and David relationship. financial up Financial quarter to Officer our he announced a Hamamoto’s
relationship challenging we started together the and management As our also as invaluable the we’ve to is real generosity matters to been then a working with. personal smart. company, also to our incredibly also empathy He a of the issues, strategic just that complex has collaborate transition, me, really, some into and the and closing business. of to rarity spirit, a of incredibly and table on David resourceful in he a real socialize to subsequent been import really work but He friendship. been creative, direction through to and various merger a pleasure has to on blossomed brings an
these mixed very his you’ve reasons, have been missed. great be you emotions departure. a and sorely For will David partner I pending about
choice that turn Thank with over a decision you on predecessors, your the personal opportunities all Darren Tangen. will be next. respect to appreciate interesting for future. Colony completely whatever and couldn’t in paths our wish hopefully intersect the and I stranger more. done call it on do to hand for and its you Please choose best some to want And we the other the Northstar life On I’ll you here all you’ve don’t that,