Colony Capital Inc (NYSE:CLNY) Q3 2019 Earnings Conference Call - Final Transcript

Nov 08, 2019 • 10:00 am ET


Colony Capital Inc (NYSE:CLNY) Q3 2019 Earnings Conference Call - Final Transcript


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Greetings, Welcome to Colony Capital Inc.'s Third Quarter 2019 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to your host Lasse Glassen ADDO Investor Relations. Thank you. You may begin.

Lasse Glassen

Good morning everyone and welcome to Colony Capital Inc.'s Third Quarter 2019 Earnings Conference Call. Speaking on the call today from the company is Tom Barrack Chairman and CEO; and Mark Hedstrom COO and CFO; the Company's President Darren Tangen; and Future CEO Marc Ganzi are also available for the question-and-answer session. Before I hand the call over to them please note that on this call certain information presented contains forward-looking statements. These statements are based on management's current expectations and are subject to risks uncertainties and assumptions. Potential risks and uncertainties that could cause the company's business and financial results to differ materially from these forward-looking statements are described in the company's periodic reports filed with the SEC from time to time. All information discussed on this call is as of today November 8 2019 and Colony Capital does not intend and undertakes no duty to update for future events or circumstances. In addition certain of the financial information presented in this call represents non-GAAP financial measures reported on both a consolidated and segmented basis.

The company's earnings release which was issued this morning and is available on the company's website presents reconciliations to the appropriate gap measure and an explanation of why the company believes such non GAAP financial measures are useful to investors. In addition, the company is prepared a table to reconcile certain non GAAP financial measures to the appropriate gap measure by reportable segment. And this reconciliation is also available on the company's website.

And now I'd like to turn the call over to Tom Barrack Chairman and CEO of Colony Capital. Tom?

Tom Barrack

Good morning and thank you Lasse, This past quarter we continued to successfully execute our strategic objectives of accelerating liquidity surgically managing and stewarding legacy businesses in the best interest of our multitude of stakeholders and pivoting to become the leading hard asset solutions provider of occupancy infrastructure connectivity equity and credit to the world's leading mobile communications and technology logos and in doing so to bridge the digital divide. These goals included: one to reduce G&A and realign the incentives of our athletes on the field; two to simplify our business and align our capital structure with our business strategy; three generate liquidity through the value maximization of legacy businesses while arbitraging the mismatch between the public and the private valuations of the company's assets; four transition the return profile of Colony Capital's balance sheet assets away from current yield and into total return with a definable digital real estate offsets; and lastly focus on new REIT-eligible digital real estate balance sheet originated acquisitions vehicles and platforms and digital real estate investment management products in which we have an edge and can build a scale.

Overall I'm pleased with the progress we have made in delivering