Colony Capital provides update regarding impact of COVID-19

Colony Capital provides update regarding impact of COVID-19

Colony Capital, Inc. (NYSE: CLNY) announced a number of updates in connection with the impact of COVID-19 on its assets and business operations.

  • The Company is withdrawing its full year 2020 outlook for Core FFO.
  • The Company is withdrawing its dividend guidance through the remainder of 2020; this change will have no impact on the previously declared first quarter 2020 dividend of $0.11 per share on Colony Capital Class A and B common stock payable on April 15, 2020 to respective stockholders of record on March 31, 2020.
  • The Company is withdrawing its guidance for other equity and debt monetizations.
  • The Company’s digital assets under management (“AUM”), which now represent approximately 40% of the Company’s AUM following the recent closing of the Zayo acquisition, continue to perform well. This performance underscores the Company’s commitment to its digital transition, which the Company believes will minimize its exposure to future macroeconomic shocks such as COVID-19.

“Since our earnings call on February 28, 2020, the coronavirus has been declared a pandemic and has fundamentally altered the global economy,” said Thomas. J. Barrack, Jr., Executive Chairman and Chief Executive Officer. “Given the unprecedented nature of the situation, the Board and management team believe it is prudent to take these proactive measures to mitigate the impacts of COVID-19.”

Mr. Barrack continued, “The safety and well-being of our employees, tenants, business partners, and communities is our first priority, so we are carefully monitoring developments and taking appropriate steps across our portfolio. Fortunately, Colony Capital has a strong foundation, an experienced and dedicated team, and ample liquidity to manage through this challenging, uncertain period.”

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