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BrightSpire Capital, formerly Colony Credit Real Estate, announced a name change and relocation of its headquarters from Los Angeles to New York City, effective June 25, 2021. The publicly traded company will now operate under the ticker symbol BRSP and a new CUSIP number. BrightSpire Capital focuses on a diversified portfolio of commercial real estate debt investments and net leased properties in the U.S., primarily through first mortgage loans. The company continues to be a significant player in the commercial real estate credit market.
Colony Credit Real Estate, Inc. (NYSE: CLNC) will rebrand as BrightSpire Capital, Inc. and transition to the ticker symbol BRSP effective June 24, 2021. This change is part of a larger initiative following the internalization of management completed on April 30, 2021. BrightSpire Capital aims to enhance its position in commercial real estate finance, focusing on senior loans. CEO Michael Mazzei emphasized ongoing commitments to transparency and shareholder value, reinforcing that the team remains unchanged despite the new name.
Colony Credit Real Estate, Inc. (NYSE: CLNC) announced that its senior management will participate in a fireside chat at the Nareit REITweek Virtual Investor Conference on June 8, 2021, at 8:45 a.m. ET. Investors can access the live presentation or replay by registering for Nareit’s REITweek. Additionally, the Company will host virtual meetings with investors on June 8-9, 2021. Colony Credit Real Estate specializes in originating, acquiring, and managing a diversified portfolio focused on commercial real estate debt investments, primarily in the U.S.
Colony Credit Real Estate, Inc. (NYSE: CLNC) reported a net loss of $(92.3) million or $(0.71) per share for Q1 2021, but achieved Distributable Earnings of $13.8 million or $0.10 per share. The company noted its Adjusted Distributable Earnings at $18.0 million, or $0.14 per share. With a quarterly dividend increase of 40% to $0.14 per share, the company is focusing on management internalization, offering $14 million to $16 million in annual cost savings. As of March 31, 2021, the GAAP net book value stood at $11.98 per share.
Colony Credit Real Estate (NYSE: CLNC) has completed the internalization of its management functions, terminating its agreement with CLNC Manager, LLC. The company made a one-time cash payment of $102.3 million for this termination. The internalization is projected to save $14 to $16 million annually, equating to approximately $0.10 to $0.12 per share. Key management will remain in place, aligning more closely with stockholder interests. A rebranding effort is also anticipated as part of this transition.
Colony Capital, Inc. (NYSE: CLNY) announced the completion of an internalization transaction with its subsidiary, Colony Credit Real Estate, Inc. (NYSE: CLNC), effective April 30, 2021, making CLNC an internally-managed commercial real estate credit REIT. Colony Capital received $102.3 million in proceeds, to be redeployed into high-quality digital assets. The transition includes transferring 44 employees to CLNC and a five-month transition services agreement to ensure a smooth process. This strategic move aims to unlock value for CLNC shareholders.
Colony Credit Real Estate, Inc. (NYSE: CLNC) plans to release its first quarter 2021 financial results on May 5, 2021, after market close. A conference call will occur the same day at 2:00 p.m. PT / 5:00 p.m. ET to discuss these results. Interested parties can join the call by dialing (877) 407-0784 domestically or (201) 689-8560 internationally. The call will also be streamed live on the Company’s website and available for replay starting May 5 at 5:00 p.m. PT through May 12. Colony Credit focuses on commercial real estate debt investments.
Colony Credit Real Estate (NYSE: CLNC) has announced its decision to terminate the management agreement with its external manager, Colony Capital, and internalize its management functions. This transition, part of a strategic review to enhance shareholder value, is expected to save approximately $14 to 16 million annually. The internalization will lead to a self-managed structure, enhance management alignment with shareholder interests, and is expected to be completed in Q2 2021 after a one-time payment of $102.3 million to Colony Capital.
Colony Capital (NYSE: CLNY) announced the consensual termination of its management agreement with Colony Credit Real Estate (NYSE: CLNC) through definitive agreements. This move, driven by CLNC's strategic review process, enables Colony Capital to monetize non-core legacy assets and streamline operations. The company will receive $102.3 million in proceeds, which will be redirected into high-quality digital assets as part of its strategic plan. Colony Capital remains a significant shareholder in CLNC, owning 36.1% of its outstanding shares. The deal is expected to close in Q2 2021.
Colony Credit Real Estate (NYSE: CLNC) announced that the Board of Directors has set March 19, 2021, as the record date for the 2021 Annual Meeting of Stockholders, scheduled to occur virtually on May 5, 2021, at 8:30 am ET. The virtual meeting details will be provided in the 2021 proxy statement. As a leading publicly traded commercial real estate credit REIT, Colony Credit focuses on originating, acquiring, and managing a diversified portfolio primarily consisting of commercial real estate debt investments across the United States.
