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Colony Capital Announces Additional Legacy Asset Sales

  • Sales Generate $181 Million of Net Proceeds to Fuel Digital Investments
  • Brings Total Other Equity and Debt (OED) Sales to $695 Million Year to Date

Colony Capital, Inc. announced the monetization of additional legacy “OED” portfolio holdings, generating total net proceeds to Colony of $181 million. The Company’s Cortland Multifamily Preferred Equity investment was successfully refinanced by the issuer, providing net proceeds to Colony of $125 million, the Company’s Origination DrillCo Joint Venture investment was monetized for net proceeds of $47 million, and two smaller credit investments were monetized for net proceeds to Colony of $9 million.

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“Realizing over $300 million in legacy monetizations this quarter is a huge achievement”

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Combined with the results from other sales activity consummated since September 30, including the $85 million in net proceeds from its previously announced sale of the Bulk Industrial Portfolio, the Company has generated $308 million in net OED monetizations during the fourth quarter, a premium to the aggregate carrying value for these assets, which were held at a cumulative net equity of $298 million as of September 30, 2020. These sales bring total net OED proceeds to Colony to $695 million year to date, achieving the high end of the Company’s accelerated OED target of $600-700 million for 2020. The proceeds from these sales support the Company’s ongoing strategic plan to rotate the balance sheet and redeploy capital into digital infrastructure.

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“Realizing over $300 million in legacy monetizations this quarter is a huge achievement,” said Marc Ganzi, President and CEO of Colony. “We’ve hit the high end of our accelerated 2020 OED monetization targets and are generating valuable firepower to fund our digital transformation. I’d like to thank the entire team who has worked diligently to realize these sales under challenging conditions, Happy Holidays!”

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