DigitalBridge Group Inc (DBRG) 2017 Q3 法說會逐字稿

Greetings, and welcome to Colony NorthStar, Inc.

您好，歡迎來到殖民地北極星公司。

Third Quarter 2017 Earnings Conference Call.

2017 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to turn the call over to Lasse Glassen of ADDO Investor Relation.

現在我很高興將電話轉給 ADDO 投資者關係部門的 Lasse Glassen。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning, everyone, and welcome to Colony NorthStar, Inc.'s Third Quarter 2017 Earnings Conference Call.

大家早安，歡迎參加 Colony NorthStar, Inc. 2017 年第三季財報電話會議。

With us today are the company's Chief Executive Officer, Richard Saltzman; and Chief Financial Officer, Darren Tangen.

今天與我們在一起的有公司執行長理查德·薩爾茨曼 (Richard Saltzman)；和財務長達倫·坦根。

Kevin Traenkle, the company's Chief Investment Officer; and Neale Redington, the company's Chief Accounting Officer, are also on the line to answer questions.

Kevin Traenkle，公司首席投資長；該公司首席會計官尼爾·雷丁頓(Neale Redington)也在網路上回答問題。

Before I hand the call over to them, please note that on this call, certain information presented contains forward-looking statements.

在我將電話轉交給他們之前，請注意，在這次電話會議中，提供的某些資訊包含前瞻性陳述。

These statements are based upon management's current expectations and are subject to risks, uncertainties and assumptions.

這些陳述是基於管理層目前的預期，並受到風險、不確定性和假設的影響。

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.

本公司不時向 SEC 提交的定期報告中描述了可能導致公司業務和財務表現與這些前瞻性陳述存在重大差異的潛在風險和不確定性。

All information discussed on this call is as of today, November 9, 2017, and Colony NorthStar does not intend nor undertakes no duty to update future events or circumstances.

本次電話會議討論的所有資訊均截至今天（2017 年 11 月 9 日），Colony NorthStar 不打算也不承擔更新未來事件或情況的義務。

In addition, certain of the financial information presented in this call represents non-GAAP financial measures reported on both a consolidated and segmented basis.

此外，本次電話會議中提供的某些財務資訊代表了在合併和分部基礎上報告的非公認會計準則財務指標。

The company's earnings release, which was released this morning and is available on the company's website, presents reconciliations to the appropriate GAAP measure and an explanation of why the company believes such non-GAAP financial measures are useful to investors.

該公司今天早上發布的收益報告可在公司網站上查閱，其中對適當的公認會計準則衡量標準進行了調整，並解釋了為什麼該公司認為此類非公認會計準則財務衡量標準對投資者有用。

In addition, the company has also prepared a table that reconciles certain non-GAAP financial measures to the appropriate GAAP measure by reportable segment, and this reconciliation is also available on the company's website.

此外，該公司還準備了一個表格，按可報告部門將某些非公認會計原則財務指標與適當的公認會計原則指標進行調節，並且該調節表也可以在該公司的網站上找到。

And now I'd like to turn the call over to Richard Saltzman, Chief Executive Officer of Colony NorthStar.

現在我想將電話轉給 Colony NorthStar 執行長 Richard Saltzman。

Richard?

理查德？

Thank you, Lasse, and welcome, everyone, to our Third Quarter 2017 Earnings Conference Call.

謝謝 Lasse，歡迎大家參加我們的 2017 年第三季財報電話會議。

It's hard to believe that we've only completed 3 quarters since our merger closing back on January 11.

很難相信，自 1 月 11 日合併結束以來，我們只完成了 3 個季度。

So much has been accomplished since then as we simplify our story.

從那時起，當我們簡化我們的故事時，已經取得了許多成就。

This includes significant sales and refinancings as well as the streamlining of business units to achieve synergies and foster more efficient operating performance.

這包括大量銷售和再融資以及精簡業務部門，以實現協同效應並促進更有效率的營運績效。

But frankly, although there's somewhat more to do, that's our past.

但坦白說，儘管還有更多工作要做，但這已經是我們的過去了。

What's most gratifying and exciting today is the identification of those businesses, which embody our future growth.

今天最令人欣慰和興奮的是這些業務的確定，它們體現了我們未來的成長。

In fact, whether it's through reorganizing legacy competencies or pursuing new ventures in real estate sectors and geographies that offer the most compelling current risk/reward opportunities, those pieces are now falling into place.

事實上，無論是透過重組遺留能力，還是在房地產行業和地區尋求新的企業，提供當前最引人注目的風險/回報機會，這些部分現在正在落實到位。

In that regard, I am pleased to report another excellent quarter of strategic accomplishments at Colony NorthStar.

在這方面，我很高興地報告殖民地北極星又一個出色的季度戰略成就。

During the quarter, for example, we announced the plan to merge our U.S. credit-oriented balance sheet assets with 2 of our externally managed non-traded REITs: NorthStar Real Estate Income Trust, or NS I; and NorthStar Real Estate Income II, or NS II, to create Colony NorthStar Credit Real Estate, Inc., CLNC.

例如，在本季度，我們宣布計劃將我們的美國信貸導向資產負債表資產與我們的 2 個外部管理的非交易房地產投資信託基金合併：NorthStar 房地產收入信託基金 (NS I)；和 NorthStar Real Estate Income II（或 NS II）創建 Colony NorthStar Credit Real Estate, Inc.（CLNC）。

More recently, we committed $167 million to a digital real estate infrastructure investment in Latin American cell towers through a new partnership with Digital Bridge, all in anticipation of creating a third-party capital model for such investments.

最近，我們透過與 Digital Bridge 建立新的合作夥伴關係，承諾向拉丁美洲手機訊號塔的數位房地產基礎設施投資 1.67 億美元，所有這些都是為了為此類投資創建第三方資本模型。

Furthermore, this morning, NorthStar Realty Europe reported earnings and announced agreed-upon changes to the management agreement with Colony NorthStar to continue the progress that's been made towards better positioning that company for growth.

此外，今天上午，NorthStar Realty Europe 公佈了收益報告，並宣布與 Colony NorthStar 商定的管理協議變更，以繼續推進該公司更好地實現成長定位所取得的進展。

Last but not least, we also made incremental investments of $50 million and $146 million in our U.S. industrial platform and U.S. multifamily preferred equity portfolio, respectively.

最後但並非最不重要的一點是，我們也分別對美國工業平台和美國多戶優先股權投資組合進行了 5,000 萬美元和 1.46 億美元的增量投資。

These represent the other significant areas where we plan to play offense through meaningful additional capital exposure going forward.

這些代表了我們計劃透過未來有意義的額外資本風險來進攻的其他重要領域。

Other more regular-way accomplishments this quarter include: More than $300 million of third-party incremental fundraising, approximately $600 million of asset monetizations, issuing $305 million of accretively refinanced corporate preferred stock and purchasing an additional approximately $96 million of common stock through the end of last week under our previously announced $300 million stock repurchase plan.

本季其他較常規的成就包括：超過3 億美元的第三方增量融資、約6 億美元的資產貨幣化、發行3.05 億美元的增值再融資企業優先股以及截至年底額外購買約9,600 萬美元的普通股上週，根據我們先前宣布的 3 億美元股票回購計畫。

In terms of operating performance for the quarter, we generated core FFO of $193 million or $0.33 per share, which covered our dividend of $0.27 per share after adjusting for $0.06 per share of net gain contribution in the quarter.

就本季的經營業績而言，我們產生了 1.93 億美元的核心 FFO，即每股 0.33 美元，在調整本季每股 0.06 美元的淨收益貢獻後，這覆蓋了每股 0.27 美元的股息。

A solid quarterly result, but admittedly, cumulative year-to-date core FFO has been below our beginning of the year target.

季度業績穩健，但不可否認，年初至今累積核心 FFO 低於我們年初的目標。

As we invest on more than $1 billion of dry powder and grow our investment management business through complementary coinvesting and related fund placements, we expect to fill that gap over time.

隨著我們投資超過 10 億美元的乾粉，並透過補充性共同投資和相關基金配售來發展我們的投資管理業務，我們預計隨著時間的推移將填補這一空白。

So reflecting on where we are today, it's probably fair to say that we're halfway through our transition to a future streamlined Colony NorthStar that will have about 5 areas of primary emphasis for growth: In the U.S. sector-specific focus in industrial, multifamily residential and credit; then Europe more broadly as a favored geography; and finally, global digital real estate infrastructure.

因此，反思我們今天所處的位置，可以公平地說，我們正在向未來精簡的殖民地北極星過渡，該過渡將有大約 5 個主要重點發展領域： 在美國，特定行業重點關注工業、多戶住宅住宅和信貸；然後是更廣泛的歐洲作為受青睞的地理區域；最後是全球數位房地產基礎設施。

In the meantime, we continue to prune and improve our existing healthcare and hospitality business lines.

同時，我們繼續精簡和改善現有的醫療保健和酒店業務線。

This includes selectively disposing of noncore assets in these segments, refinancing liabilities at reduced costs and extending maturities, improving operations through internalization of certain outsourced functions, implementing value-added CapEx programs and finding additional cost-savings opportunities.

這包括選擇性地處置這些部門的非核心資產、以降低的成本為負債再融資並延長期限、透過某些外包職能的內部化來改善營運、實施增值資本支出計劃以及尋找額外的成本節約機會。

Over time, we expect less balance sheet capital concentration in these areas as we complete value-add initiatives, monetize selectively and evolve to more of a third-party capital model.

隨著時間的推移，隨著我們完成增值計劃、選擇性地貨幣化並發展為更多的第三方資本模式，我們預計這些領域的資產負債表資本集中度將會降低。

Now for most of the remainder of the call, I'd like to dig deeper and get more granular about each of these areas of emphasis.

現在，在電話會議的剩餘大部分時間裡，我想更深入地挖掘並更詳細地了解每個重點領域。

First, let me touch on digital real estate infrastructure.

首先，讓我談談數位房地產基礎設施。

On last quarter's earnings call, I discussed one new area of investment focus for Colony NorthStar: Being the intersection of real estate and technology, but more specifically, the digital real estate infrastructure sector, which cover assets like towers, data centers, small cells and fiber networks.

在上一季的財報電話會議上，我討論了 Colony NorthStar 的一個新投資重點領域：房地產與技術的交叉點，更具體地說，是數位房地產基礎設施領域，涵蓋塔樓、資料中心、小型基地台和光纖網路。

The global digital real estate infrastructure ecosystem has not kept pace with demand due in particular to the global surge in mobile device and Internet traffic here in the United States, but especially overseas.

全球數位房地產基礎設施生態系統尚未跟上需求的步伐，特別是由於美國（尤其是海外）行動裝置和網路流量的全球激增。

The opportunity to acquire, develop and own this infrastructure provides a unique combination of technology-driven growth and upside, but with the downside protection of conventional commercial real estate investments with high barrier to entry fixed assets generating long-term contractual income streams from typically investment-grade quality tenants.

收購、開發和擁有此基礎設施的機會提供了技術驅動的成長和上行空間的獨特組合，但也具有傳統商業房地產投資的下行保護，固定資產進入壁壘高，可從典型投資中產生長期合約收入流優質租戶。

By way of example, tower and data center REITs now represent 3 of the top 4 largest REITs by market capitalization and have demonstrated some of the best financial performance in the REIT sector over the past 1-, 3-, 5- and 10-year periods while simultaneously undergoing tremendous growth during those same time frames.

舉例來說，塔樓和資料中心 REIT 現已佔市值排名前 4 名的 REIT 中的 3 個，並在過去 1 年、3 年、5 年和 10 年中展現了 REIT 行業中最佳的財務業績同時在同一時間範圍內經歷巨大的成長。

Today, there remains a very large and compelling investment opportunity for owners that understand these asset classes and can add true value beyond what mere passive ownership might deliver.

如今，對於了解這些資產類別並能夠增加超越單純被動所有權所能帶來的真正價值的所有者來說，仍然存在著非常大且引人注目的投資機會。

Importantly, there is also strong interest from private capital sources to obtain exposure to this asset class, which fits the CLNS business model of combining balance sheet and third-party capital to pursue attractive risk-adjusted returns across the real estate spectrum.

重要的是，私人資本來源也對獲得此類資產的濃厚興趣，這符合 CLNS 結合資產負債表和第三方資本的商業模式，以在整個房地產領域追求有吸引力的風險調整回報。

We are pursuing the investment opportunity in digital real estate infrastructure with our partners at Digital Bridge, specialized investment firm led by Marc Ganzi and Ben Jenkins.

我們正在與 Digital Bridge 的合作夥伴一起尋求數位房地產基礎設施的投資機會，Digital Bridge 是由 Marc Ganzi 和 Ben Jenkins 領導的專業投資公司。

Digital Bridge and its predecessors have more than 25 years of experience in the sector and currently operate, own or manage more than 100,000 cell sites and 16 data centers globally, among other activities in this space.

Digital Bridge 及其前身在該領域擁有超過 25 年的經驗，目前在全球營運、擁有或管理超過 100,000 個蜂窩基地台和 16 個資料中心，以及該領域的其他活動。

For our part, among other assets that we bring to the table, Colony NorthStar, through one of Colony's legacy private equity funds, created a highly successful European data center platform called Data4 with operations in France, Italy and Luxembourg.

就我們而言，除了我們提供的其他資產外，Colony NorthStar 透過 Colony 的傳統私募股權基金之一創建了一個非常成功的歐洲資料中心平台，名為 Data4，在法國、義大利和盧森堡開展業務。

Our first capital commitment into this sector in partnership with Digital Bridge was made this past month, a $200 million joint commitment to invest in a company called Andean Tower Partners, or ATP, for continued cell tower infrastructure investment in the region.

上個月，我們與Digital Bridge 合作對該領域做出了首個資本承諾，共同承諾投資2 億美元，投資一家名為Andean Tower Partners（ATP）的公司，以繼續對該地區的手機塔基礎設施進行投資。

The ATP commitment is shared between CLNS and Digital Bridge, and this investment will be warehoused for an expected contribution to a new third-party capital vehicle focused on digital infrastructure which we are cosponsoring with Digital Bridge.

ATP 承諾由 CLNS 和 Digital Bridge 共同承擔，這筆投資將被儲存起來，用於對我們與 Digital Bridge 共同發起的專注於數位基礎設施的新第三方資本工具的預期貢獻。

Next, I'll turn to existing areas of focus and provide an update on our progress.

接下來，我將轉向現有的重點領域並提供有關我們進展的最新資訊。

Starting with industrial, we now own more than 44 million square feet of light industrial real estate, infill location buildings often fulfilling the last mile of distribution for property tenants.

從工業開始，我們現在擁有超過 4400 萬平方英尺的輕工業房地產，填充位置建築通常可以滿足房地產租戶的最後一英里配送需求。

The industrial property segment, and the light industrial subcategory in particular, continues to benefit from the tremendous demand in e-commerce, which is part of what we anticipated when we entered the business 3 years ago.

工業地產領域，特別是輕工業子類別，繼續受益於電子商務的巨大需求，這也是我們三年前進入該行業時的預期的一部分。

And we have enjoyed strong operating fundamentals and portfolio growth ever since.

從那時起，我們就享有強勁的營運基礎和投資組合成長。

Colony NorthStar committed another $50 million of balance sheet capital at the end of the third quarter, which now aggregates to $750 million of balance sheet investment to date.

Colony NorthStar 在第三季末又承諾投入 5,000 萬美元的資產負債表資本，迄今為止資產負債表投資總計達 7.5 億美元。

Meanwhile, we have raised more than $1 billion of third-party capital, mostly in the open-end fund called Colony Industrial fund, that just completed its first anniversary.

同時，我們已經籌集了超過 10 億美元的第三方資本，其中大部分來自名為 Colony Industrial 基金的開放式基金，該基金剛剛度過一周年紀念日。

Given our conviction in this asset class and our longer-term desire to have approximately $1 billion of balance sheet capital invested in our strategic real estate verticals, we may increase our current balance sheet investment to this level while still seeking to achieve a ratio of outside to inside equity of at least 3:1, and hopefully over time, closer to 5:1.

鑑於我們對這一資產類別的信念以及我們將約10 億美元的資產負債表資本投資於我們的戰略性房地產垂直行業的長期願望，我們可能會將當前的資產負債表投資增加到這一水平，同時仍尋求實現外部資本比率內部淨值至少為 3:1，並希望隨著時間的推移，接近 5:1。

The next area of investment focus for CLNS is Europe, primarily through both our affiliated company, NorthStar Realty Europe, or NRE as well as through various private investment funds and coinvestment vehicles.

CLNS 的下一個投資重點領域是歐洲，主要透過我們的附屬公司 NorthStar Realty Europe 或 NRE 以及各種私人投資基金和共同投資工具。

We continue to believe that Europe is several years behind the U.S. in terms of its economic cycle and financial healing from the depths of the financial crisis.

我們仍然認為，歐洲在經濟週期和從金融危機深淵中恢復過來的金融方面落後美國幾年。

For that and other reasons, we are sanguine about improving fundamentals against the backdrop of limited, if any, new supply, with only a few exceptions.

基於這個原因和其他原因，我們對在新增供應有限（如果有的話）的背景下改善基本面持樂觀態度，只有少數例外。

On the public side through NRE and based upon the management agreement modifications, we have the ability to increase our ownership in an attractive portfolio as we continue to position the company for growth.

在公眾方面，透過 NRE 並根據管理協議的修改，我們有能力增加我們在有吸引力的投資組合中的所有權，同時我們繼續為公司的成長做好準備。

In contrast, on the private side and through our investment management group, we currently have 3 initiatives where we expect to raise between EUR 300 million to EUR 500 million of capital over the next few months.

相較之下，在私人方面，透過我們的投資管理團隊，我們目前有 3 項舉措，預計在未來幾個月內籌集 3 億至 5 億歐元的資金。

This includes Project Tolka, a nonperforming loan portfolio acquired from Nama in early 2017 that is secured primarily by Class A Dublin office buildings.

其中包括 Project Tolka，這是 2017 年初從 Nama 收購的不良貸款組合，主要由都柏林 A 級辦公大樓提供擔保。

Similar to the just-completed $150 million syndication of One Cal Plaza in downtown Los Angeles, we warehoused these assets on our balance sheet earlier in the year in contemplation of the third-party coinvest construct.

與洛杉磯市中心剛完成的 1.5 億美元 One Cal Plaza 銀團類似，我們在今年稍早將這些資產存放在我們的資產負債表上，以考慮第三方共同投資結構。

The final area where we are deploying significant fresh balance sheet capital is multifamily.

我們部署大量新資產負債表資本的最後一個領域是多戶住宅。

As stated previously, we remain bullish on the U.S. residential rental sector across the spectrum of products, although we are currently more focused on the multifamily sector, given our recent exit from the single-family for rent business.

如前所述，我們仍然看好美國住宅租賃行業的各種產品，儘管考慮到我們最近退出單戶住宅租賃業務，我們目前更關注多戶住宅行業。

During the quarter, we committed approximately $146 million to upsize an existing strategic multifamily investment and where we now have approximately $322 million of invested capital in a preferred equity position earning a double-digit yield.

本季度，我們承諾擴大現有戰略性多戶住宅投資規模約 1.46 億美元，目前我們在優先股本上擁有約 3.22 億美元的投資資本，收益率達到兩位數。

This investment is secured by high-quality multifamily properties in primarily Sun Belt markets with a best-in-class operator who owns and operates approximately 40,000 apartment units and specializes in heavy value-added multifamily investments.

這項投資由主要陽光地帶市場的優質多戶型房產提供擔保，該業者擁有並經營約 40,000 套公寓單元，專門從事高附加價值多戶型投資。

We have a nearly 5-year track record with this operator and an inception-to-date blended realized and unrealized IRR in excess of 16% on our various investments.

我們與該營運商有著近 5 年的合作記錄，並且迄今為止，我們各種投資的已實現和未實現混合 IRR 超過 16%。

This has been a hugely successful partnership for Colony NorthStar, and it's an opportunity that definitely has more potential to grow.

對於 Colony NorthStar 來說，這是一次非常成功的合作夥伴關係，而且這絕對是一個具有更大發展潛力的機會。

In addition to the progress we have made in these existing and burgeoning investment areas, the other significant news in the third quarter was the signing of a definitive agreement to create Colony NorthStar Credit Real Estate, Inc., or CLNC, a leading commercial real estate credit REIT which will be externally managed by Colony NorthStar.

除了我們在這些現有和新興投資領域的進展之外，第三季度的另一個重大新聞是簽署了一項最終協議，創建領先的商業房地產 Colony NorthStar Credit Real Estate, Inc.（簡稱 CLNC） Credit REIT 將由Colony NorthStar 進行外部管理。

The transaction will immediately create the second-largest commercial real estate credit REIT with approximately $5.5 billion in assets and $3.4 billion in equity value expected at closing.

該交易將立即創建第二大商業房地產信貸 REIT，預計交易完成時資產約為 55 億美元，股權價值約為 34 億美元。

Closing is conditioned upon receipt of the requisite shareholder votes in the 2 non-traded REITs, NS I and NS II as well as a public listing of the company's common stock on a national securities exchange, which we would hope to achieve by the first quarter of next year.

交割的條件是收到 2 個非交易房地產投資信託基金 NS I 和 NS II 所需的股東投票，以及公司普通股在國家證券交易所公開上市，我們希望在第一季實現這一目標明年的。

At the closing, Colony NorthStar will enter into a management agreement as CLNC's external manager and will be the largest single investor in CLNC, which will align Colony NorthStar's interest with those of CLNC's stockholders.

交易完成後，Colony NorthStar 將作為 CLNC 的外部管理者簽訂管理協議，並將成為 CLNC 最大的單一投資者，這將使 Colony NorthStar 的利益與 CLNC 股東的利益保持一致。

In short, we believe the formation of CLNC is a winning proposition for all shareholders.

簡而言之，我們相信 CLNC 的成立對所有股東來說都是一個雙贏的提議。

The combined company delivers a diversified and stabilized portfolio with immense scale; attractive in-place current yields; operating efficiencies, including a shareholder-friendly management agreement, a dedicated management team; and better access to capital markets to fund future growth.

合併後的公司將提供規模龐大、多元化、穩定的投資組合；當前就地收益率具有吸引力；營運效率，包括有利於股東的管理協議、專門的管理團隊；更好地進入資本市場，為未來的成長提供資金。

At the same time, the transaction expedites Colony NorthStar's strategy to simplify our business by migrating out of noncore investments within the Other Equity and Debt segment and improve our investment management business by providing a new perpetual life fee stream with tremendous growth potential.

同時，此次交易加快了Colony NorthStar 的策略，透過遷移其他股權和債務部門的非核心投資來簡化我們的業務，並透過提供具有巨大成長潛力的新的永續生命週期費用流來改善我們的投資管理業務。

In summary, it's hard to believe it's only been 3 quarters since we closed the Colony NorthStar merger, and we are very proud of our accomplishments during this relatively short period of time: One, $4.3 billion of asset monetizations, which excludes the pending sale of Townsend for $475 million; two, 112% achievement of the originally identified $115 million in annual cost savings target; three, almost $3 billion of asset-level and corporate-level refinancings, successfully extending maturities and reducing our blended cost of capital while managing overall leverage within our target levels; four, $1.7 billion of fundraising year-to-date, on track for our target of $2 billion for the year; five, $264 million of common stock repurchases or 20.4 million shares year-to-date, including 7.5 million shares for $96 million since our last call; and six, successfully completing the integration of the 3 companies, with all offices now merged, except for New York City, which will move into a unified office space by the end of this month.

總而言之，很難相信我們完成Colony NorthStar 合併只過了3 個季度，我們對在這段相對較短的時間內取得的成就感到非常自豪：一、43 億美元的資產貨幣化，其中不包括待出售的湯森德4.75億美元；二、原定年度成本節約1.15億美元目標完成112%；第三，近30億美元的資產級和公司級再融資，成功延長了期限並降低了我們的混合資本成本，同時將整體槓桿率控制在我們的目標水平內；第四，今年迄今已籌集 17 億美元的資金，預計將實現今年 20 億美元的目標；五、回購普通股 2.64 億美元，即年初至今回購 2,040 萬股，其中包括自我們上次電話會議以來回購的 750 萬股，回購價格為 9,600 萬美元；六是成功完成3家公司的整合，目前除紐約市外的所有辦事處都已合併，紐約市將在本月底搬入統一的辦公空間。

Now before I turn the call over to Darren Tangen, our Chief Financial Officer, for a more detailed summary of the third quarter operational and financial results, I'd like to say a few words regarding David Hamamoto's just-announced pending retirement from our company.

現在，在我將電話轉給我們的財務長達倫·坦根（Darren Tangen）以獲取有關第三季度營運和財務業績的更詳細摘要之前，我想就大衛·濱本（David Hamamoto）剛剛宣布的即將從我們公司退休說幾句話。

I've had the distinguished pleasure to personally know David for almost 20 years, beginning at the time he founded NorthStar.

從大衛創立 NorthStar 開始，我很榮幸能親自認識他近 20 年。

And up until recently, it was merely a professional relationship.

直到最近，這還只是一種職業關係。

As we started to collaborate together on the merger and then subsequent to the closing on various matters of import to the strategic direction and management of our company, that relationship also blossomed into a personal friendship.

當我們開始在合併方面進行合作，然後在對我們公司的策略方向和管理至關重要的各種問題上進行合作時，這種關係也發展成了個人友誼。

David's been invaluable to me as we've been working through our transition, but he's also been a real pleasure to work and socialize with.

在我們過渡的過程中，大衛對我來說非常寶貴，而且與他一起工作和社交也很愉快。

He brings to the table a generosity of spirit and empathy to some incredibly complex and challenging issues, a real rarity in our business.

他對一些極其複雜和具有挑戰性的問題表現出慷慨的精神和同理心，這在我們的行業中是罕見的。

He is also incredibly creative, resourceful and just really, really smart.

他也非常有創造力、足智多謀，而且非常非常聰明。

For these reasons, I have very mixed emotions about his pending departure.

由於這些原因，我對他即將離開的心情非常複雜。

David, you've been a great partner and you will be sorely missed.

大衛，你是一位出色的合作夥伴，我們將非常懷念你。

On the other hand, I completely respect your personal life choice decision here and want to wish you all the best on whatever you choose to do next.

另一方面，我完全尊重您的個人生活選擇決定，並祝您無論接下來選擇做什麼，一切順利。

Please don't be a stranger, and hopefully, our paths will intersect on some interesting opportunities in the future.

請不要感到陌生，希望我們的道路將來能在一些有趣的機會上相交。

Thank you for all that you've done for Colony NorthStar and its predecessors.

感謝您為殖民地北極星及其前身所做的一切。

We couldn't appreciate it more.

我們對此非常感激。

And with that, I'll turn the call over to Darren Tangen.

接下來，我會將電話轉給達倫坦根 (Darren Tangen)。

Thanks, Richard, and I echo your sentiments regarding David.

謝謝，理查德，我同意你對大衛的看法。

Thank you, David.

謝謝你，大衛。

Good morning, everyone.

大家，早安。

As a reminder, in addition to the release of our third quarter earnings, we filed a supplemental financial report and an updated company investor presentation this morning.

提醒一下，除了發布第三季收益之外，我們今天早上還提交了補充財務報告和更新的公司投資者介紹。

All of these documents are available within the public shareholders section of our website.

所有這些文件都可以在我們網站的公眾股東部分中找到。

Now I'll turn to our financial results for the third quarter.

現在我將談談第三季的財務表現。

Net income attributable to common stockholders was $1.7 million or $0.00 per share and core FFO was $193 million or $0.33 per share compared with core FFO of $0.35 per share in the second quarter.

歸屬於普通股股東的淨利潤為 170 萬美元，即每股 0.00 美元，核心 FFO 為 1.93 億美元，即每股 0.33 美元，而第二季度核心 FFO 為每股 0.35 美元。

Third quarter core FFO included net gains totaling $36 million or $0.06 per share.

第三季核心 FFO 淨收益總計 3,600 萬美元，即每股 0.06 美元。

The majority of these gains resulted from the sale of a portfolio of sale-leaseback properties located in Switzerland, with 2 other less significant gain contributions from unrelated investments in Europe.

其中大部分收益來自於出售位於瑞士的售後回租物業組合，另外兩項較不重要的收益貢獻來自於歐洲的不相關投資。

Taken together, these gains contributed $58 million, which were offset by $22 million of nonrecurring unrealized impairments and mark-to-market adjustments within our CDO securities and secondary real estate private equity portfolios, resulting in a net gain contribution of $36 million.

總的來說，這些收益貢獻了5800 萬美元，被我們的CDO 證券和二級房地產私募股權投資組合中的2200 萬美元的非經常性未實現減值和按市價調整所抵消，從而產生了3600萬美元的淨收益貢獻。

In addition to the Swiss sale-leaseback portfolio sale, we sold our interest in Colony American Finance, received par payoffs on several loans and pruned various other noncore assets within our industrial and healthcare verticals.

除了出售瑞士售後回租投資組合外，我們還出售了在 Colony American Finance 的權益，獲得了幾筆貸款的平價還款，並削減了工業和醫療保健行業內的各種其他非核心資產。

All told, third quarter asset monetization and repayments totaled almost $600 million, bringing year-to-date monetizations to $4.3 billion, primarily within our Other Equity and Debt segment.

總而言之，第三季資產貨幣化和償還總額接近 6 億美元，使年初至今的貨幣化達到 43 億美元，主要在我們的其他股權和債務部門。

Speaking of noncore assets and businesses, we are under contract to sell the Townsend Group.

說到非核心資產和業務，我們簽訂了出售湯森集團的合約。

The Townsend sale is expected to close by year-end, generating approximately $379 million of net proceeds to Colony NorthStar after transaction and other expenses.

Townsend 的出售預計將在年底前完成，扣除交易和其他費用後，將為 Colony NorthStar 帶來約 3.79 億美元的淨收益。

These net proceeds are expected to be redeployed accretively into new investments and stock repurchases, which brings me to acquisition activity completed during the third quarter.

這些淨收益預計將重新部署到新的投資和股票回購中，這讓我想到了第三季完成的收購活動。

The company deployed $307 million, of which almost half was our share of acquisitions within the industrial vertical.

該公司部署了 3.07 億美元，其中近一半是我們在工業垂直領域的收購份額。

The remainder of our deployment was primarily in the upsizing of a strategic multifamily preferred equity investment where we expect to generate upper-teens annual returns.

我們部署的其餘部分主要是擴大策略性多戶優先股權投資的規模，我們預計該投資將產生十幾歲以上的年回報。

Now I'll provide a brief summary of the financial results for each of our 5 reportable segments, starting with Healthcare Real Estate.

現在，我將簡要概述我們 5 個可報告部門的財務業績，從醫療保健房地產開始。

We ended the quarter with a slightly smaller healthcare portfolio, 417 properties compared to 425 last quarter as a result of our ongoing selective portfolio pruning.

由於我們持續進行選擇性投資組合修剪，本季度結束時，我們的醫療保健投資組合略有減少，為 417 處房產，而上季度為 425 處。

Third quarter 2017 same-store consolidated net operating income growth over the second quarter 2017 was positive 0.5%, with same-store and consolidated NOI increasing slightly from $77.4 million to $77.8 million.

2017 年第三季同店綜合淨營業收入較 2017 年第二季成長 0.5%，同店與綜合 NOI 從 7,740 萬美元小幅成長至 7,780 萬美元。

All told, third quarter core FFO contribution from the healthcare segment was $22.7 million compared to $24.8 million in the prior quarter.

總而言之，第三季醫療保健領域的核心 FFO 貢獻為 2,270 萬美元，而上一季為 2,480 萬美元。

The decrease was primarily driven by a nonrecurring $1 million loan-loss provision from a small one-off legacy debt investment within our healthcare segment.

這一下降主要是由於我們醫療保健部門內一項小型一次性遺留債務投資的 100 萬美元非經常性貸款損失準備金所致。

Moving on to the Industrial Real Estate segment.

轉向工業房地產領域。

As of September 30, the industrial portfolio consisted of 388 properties, totaling approximately 44 million rentable square feet, which was 95% leased.

截至9月30日，工業投資組合包括388處房產，總面積約4,400萬平方英尺，其中95%已出租。

This is a meaningful increase from last quarter as we acquired 35 buildings, totaling 4.9 million square feet, for approximately $364 million and disposed of 1 noncore building during the quarter.

與上季相比，這是一個有意義的成長，因為我們在本季以約 3.64 億美元收購了 35 棟建築，總面積為 490 萬平方英尺，並處置了 1 棟非核心建築。

Operationally, third quarter 2017 same-store consolidated NOI was $39.7 million, an increase of $900,000 or 2.3% from the prior quarter.

營運方面，2017 年第三季同店綜合 NOI 為 3,970 萬美元，較上一季增加 90 萬美元，成長 2.3%。

Core FFO contribution increased to $13.4 million compared to $12.5 million in the prior quarter on increased contribution from recent acquisitions and improved same-store operations.

由於近期收購和同店營運改善帶來的貢獻增加，核心 FFO 貢獻從上一季的 1,250 萬美元增加到 1,340 萬美元。

Turning to our Hospitality Real Estate segment.

轉向我們的酒店房地產部門。

As of September 30, 2017, the hospitality portfolio consisted of 167 primarily select service and extended stay properties, unchanged from June 30.

截至2017年9月30日，飯店投資組合由167家主要精選服務及長期住宿飯店組成，與6月30日持平。

The company's ownership interest in the Hospitality Real Estate segment remained at approximately 94% during the quarter.

本季度，該公司在酒店房地產領域的所有權仍保持在約 94%。

Compared to the third quarter 2016, third quarter 2017 same-store consolidated revenue was up 0.6%, but EBITDA declined approximately 1.5% from $80.1 million to $78.9 million, primarily due to higher property taxes and wages in addition to onetime hurricane-related expenses incurred during the third quarter of 2017.

與2016 年第三季相比，2017 年第三季同店綜合收入成長了0.6%，但EBITDA 下降了約1.5%，從8,010 萬美元降至7,890 萬美元，主要是由於財產稅和薪資上漲，以及曾經發生的颶風相關費用。

Core FFO contribution from the hospitality sector was $42.1 million.

酒店業的核心 FFO 貢獻為 4,210 萬美元。

Our Other Equity and Debt segment includes our GP coinvestments and opportunistic and noncore legacy investments, which totaled $6.2 billion of undepreciated asset carrying value and $4 billion of undepreciated equity carrying value as of September 30, 2017.

我們的其他股權和債務部門包括普通合夥人共同投資以及機會主義和非核心遺留投資，截至 2017 年 9 月 30 日，未折舊資產帳面價值總計 62 億美元，未折舊股權帳面價值總計 40 億美元。

As I mentioned earlier, the sale of our Swiss sale-leaseback portfolio and our entire interest in Colony American Finance were reductions to this segment.

正如我之前提到的，我們出售瑞士售後回租投資組合以及我們在 Colony American Finance 的全部權益都減少到了該細分市場。

We also successfully syndicated 90% of the equity in the Class A downtown Los Angeles office building we acquired in the second quarter, which further decreased the Other Equity and Debt portfolio as this became an unconsolidated investment.

我們也成功地將第二季收購的洛杉磯市中心 A 級辦公大樓 90% 的股權成功銀團化，這進一步減少了其他股權和債務投資組合，因為這成為一項未合併的投資。

Offsetting these deductions was a loan-to-own investment that resulted in Colony NorthStar taking ownership of 148 hotels and consolidating $1.3 billion of properties on our balance sheet in the third quarter.

抵銷這些扣除額的是一項貸款買房投資，該投資導致 Colony NorthStar 獲得了 148 家酒店的所有權，並在第三季將 13 億美元的資產合併到我們的資產負債表上。

We mentioned this investment on our last call, and we now refer to the deal in our financials as the THL Hotel Portfolio.

我們在上次電話會議中提到了這項投資，現在我們在財務數據中將交易稱為 THL Hotel Portfolio。

We do not include this investment in our hospitality segment, given the ownership structure that includes various third-party coinvestors and a private equity fund under our management; and given the strategy is to refinance, complete a value-add capital expenditure program and sell the portfolio in the short to medium term.

鑑於所有權結構包括各種第三方共同投資者和我們管理下的私募股權基金，我們不將此投資納入我們的酒店業務；鑑於策略是再融資，完成增值資本支出計劃並在中短期內出售投資組合。

I am happy to report that just this week, we closed on a 5-year, $1 billion refinancing for the portfolio on attractive terms, which was a crucial milestone to provide the requisite capital and runway to execute our business plan.

我很高興地向大家報告，就在本週，我們以有吸引力的條款完成了為期5 年、價值10 億美元的投資組合再融資，這是一個重要的里程碑，為執行我們的業務計劃提供了必要的資本和跑道。

As I mentioned on the last call, we feel we have an attractive basis in these assets at $92,000 per key and a 9% debt yield based on our previous last dollar of loan exposure, and we expect this investment to conclude very successfully.

正如我在上次電話會議中提到的，我們認為這些資產具有有吸引力的基礎，每項價值92,000 美元，根據我們之前最後一美元的貸款風險，債務收益率為9%，我們預計這項投資將非常成功地結束。

Coming back to earnings for the Other Equity and Debt segment.

回到其他股權和債務部門的收益。

Third quarter core FFO was $133.5 million, of which $30 million was net gains, as mentioned earlier.

如前所述，第三季核心 FFO 為 1.335 億美元，其中 3,000 萬美元為淨收益。

Lastly, our Investment Management business ended the quarter with $41.7 billion of third-party assets under management, up from $40.3 billion at the end of the second quarter.

最後，我們的投資管理業務本季末管理的第三方資產為 417 億美元，高於第二季末的 403 億美元。

The increase in AUM was driven primarily by the syndication of the equity in the downtown Los Angeles office building, the foreclosure and consolidation of the THL Hotel Portfolio and increased assets under management at Townsend, which is currently held for sale.

資產管理規模的成長主要是由於洛杉磯市中心辦公大樓股權的聯合、THL 酒店組合的止贖和合併以及 Townsend 管理資產的增​​加（目前持有待售）。

It is important to note that third-party AUM figures include Townsend's AUM, which was approximately $15 billion as of September 30, 2017.

值得注意的是，第三方 AUM 資料包括 Townsend 的 AUM，截至 2017 年 9 月 30 日約 150 億美元。

Third quarter core FFO contributions from the Investment Management segment was $56.3 million, up from $41.6 million in the prior quarter.

第三季投資管理部門的核心 FFO 貢獻為 5,630 萬美元，高於上一季的 4,160 萬美元。

The increase was driven by multiple factors, with the most significant being $6.2 million of greater acquisition and disposition fees within our managed, non-traded REITs.

這一成長是由多種因素推動的，其中最重要的是我們管理的非交易 REIT 中的收購和處置費用增加了 620 萬美元。

Before I leave the discussion on earnings, I'd like to discuss the impacts the new credit REIT, CLNC, will have on our future earnings.

在結束關於收益的討論之前，我想討論一下新的信用 REIT（CLNC）將對我們未來收益產生的影響。

In a nutshell, the immediate impact to earnings is expected to be minor dilution while we expect the long-term earnings impact will be accretive.

簡而言之，預計對獲利的直接影響將是輕微稀釋，而我們預期長期獲利影響將是遞增的。

To elaborate, we will be replacing the existing fees from the management agreements with NS I and NS II, the 2 non-traded REITs, with slightly lower fees from the proposed management agreement with CLNC.

具體來說，我們將用與 CLNC 擬議的管理協議中略低的費用，取代與 NS I 和 NS II 這兩個非交易 REIT 管理協議中的現有費用。

However, from an asset return perspective, the CLNC transaction should have a negligible impact on earnings.

不過，從資產報酬的角度來看，CLNC交易對獲利的影響應該可以忽略不計。

More specifically, we will replace 100% of the earnings from the assets we are contributing to CLNC with a look-through pro rata share of earnings from our ownership interest in CLNC.

更具體地說，我們將用我們在 CLNC 所有權權益中按比例分配的收益來取代我們向 CLNC 貢獻的資產收益的 100%。

Because the investment yields of our contributed assets are similar to those assets being contributed by NS I and NS II, the investment level earnings impact from contributing our investment assets to CLNC should be neutral.

由於我們貢獻的資產的投資收益率與 NS I 和 NS II 貢獻的資產相似，因此向 CLNC 貢獻我們的投資資產對投資水準收益的影響應該是中性的。

For these reasons, we estimate the overall initial impact will be slightly dilutive to core FFO.

基於這些原因，我們估計整體初始影響將略微稀釋核心 FFO。

However, if we can ultimately grow the equity base of CLNC, we can more than make up this initial dilution and actually grow earnings over time.

然而，如果我們最終能夠擴大 CLNC 的股本基礎，我們不僅可以彌補最初的稀釋，而且隨著時間的推移，我們的收益實際上會增加。

From a valuation perspective, we believe the CLNC transaction should be immediately accretive to net asset value of Colony NorthStar and continue to benefit NAV as we grow CLNC in the future.

從估值角度來看，我們認為 CLNC 交易應該會立即增加 Colony NorthStar 的資產淨值，並隨著我們未來發展 CLNC，繼續使資產淨值受益。

First, we are converting finite-life fee-bearing capital in the current non-traded REIT construct into perpetual capital in a publicly traded vehicle, which should garner a higher multiple.

首先，我們正在將目前非交易房地產投資信託基金結構中的有限壽命收費資本轉換為公開交易工具的永久資本，這應該會獲得更高的倍數。

Second, there is the potential for our interest in CLNC to be valued at a premium to book value if we can attain the same valuation metrics as our closest public market peers.

其次，如果我們能夠達到與最接近的公開市場同業相同的估值指標，那麼我們對 CLNC 的興趣的估值可能會高於帳面價值。

This is a good example of how we are working to upgrade the quality and profile of our earnings and when complete, this should translate into a higher Colony NorthStar stock price.

這是我們如何努力提升獲利品質和形象的一個很好的例子，完成後，這應該會轉化為更高的 Colony NorthStar 股價。

Moving on to our balance sheet.

繼續我們的資產負債表。

We had another busy quarter in the capital markets, where we completed a new issue 7 1/8% Series J perpetual preferred stock offering, generating net proceeds of $305 million, which was used to redeem all of our 8 7/8% Series C and just over half of our 8.25% Series B preferred issues.

我們在資本市場又經歷了一個繁忙的季度，我們完成了新發行的7 1/8% J 系列永久優先股發行，產生淨收益3.05 億美元，用於贖回我們所有的8 7/8% C系列占我們 8.25% B 系列優先股的一半以上。

The net results of the new issue was 137 basis point improvement in dividend cost compared to the blended rate of the redeemed shares.

與贖回股票的混合利率相比，新發行的最終結果是股息成本提高了 137 個基點。

Looking ahead, there remains approximately $150 million of 8.25% Series B preferred stock callable currently and $200 million of 8.5% Series D callable in April 2018, which we will look to also refinance at lower rates.

展望未來，目前仍有約1.5 億美元的8.25% B 系列優先股可贖回，2018 年4 月還有2 億美元的8.5% D 系列優先股可贖回，我們也將尋求以較低利率進行再融資。

Continuing on the theme of balance sheet and capital allocation.

繼續資產負債表和資本配置的主題。

We resumed our share repurchase program in the third quarter.

我們在第三季恢復了股票回購計畫。

And from that point through last week, we acquired approximately 7.5 million shares at an average price of $12.78 per share.

從那時起到上週，我們以每股 12.78 美元的平均價格收購了約 750 萬股股票。

This results in year-to-date repurchases of 20.4 million shares for $264 million.

這導致年初至今以 2.64 億美元的價格回購了 2,040 萬股股票。

This leaves $36 million remaining from our original $300 million authorization.

這使得我們最初的 3 億美元授權還剩下 3,600 萬美元。

And we remain active buyers at our current share price.

以目前的股價來看，我們仍然是活躍的買家。

Turning to our liquidity position.

轉向我們的流動性狀況。

We currently have in excess of $1.2 billion of liquidity between availability under our corporate credit facility and cash on hand with additional liquidity expected from future realizations in the near term, namely from the sale of Townsend.

目前，我們的企業信貸安排下的可用資金和手頭現金之間的流動性超過 12 億美元，預計近期的未來實現（即出售 Townsend）將帶來額外的流動性。

As Richard mentioned in his remarks, we have a robust pipeline of new investment opportunities, including an exciting entrée into the digital real estate infrastructure space that we expect to consume the majority of this dry powder.

正如理查德在演講中提到的，我們擁有大量新的投資機會，其中包括進入數位房地產基礎設施領域，我們預計該領域將消耗大部分乾粉。

As we have stated on recent calls, we have been working hard to cultivate new investment opportunities, primarily from existing relationships within the firm that provide both attractive risk-adjusted returns at the asset level and where we have the potential to raise significant additional third-party capital through our investment management platform.

正如我們在最近的電話會議中所說的那樣，我們一直在努力培育新的投資機會，主要是透過公司內部的現有關係，這些關係在資產層面提供有吸引力的風險調整回報，並且我們有潛力籌集大量額外的第三方資金。

We believe our current investment pipeline passes all of these tests.

我們相信我們目前的投資管道通過了所有這些測試。

In conclusion, Colony NorthStar enjoyed another busy and constructive quarter, and we remain on track towards meeting our corporate objectives of simplifying the business, advancing new investment strategies and deploying our dry powder, hitting our annual fundraising targets, optimizing our operations and balance sheet and completing our merger integration.

總之，Colony NorthStar 又度過了一個忙碌而富有建設性的季度，我們仍然朝著實現簡化業務、推進新投資策略和部署我們的乾粉、實現年度籌款目標、優化我們的運營和資產負債表以及完成我們的合併整合。

2017 and part of 2018 are most definitely transitional years.

2017 年和 2018 年的部分時間絕對是過渡年。

And this is evident in our recent financial results.

這在我們最近的財務表現中顯而易見。

However, we remain convinced that our strategic vision for Colony NorthStar will create significant value for our shareholders, a high-quality, long-term, recurring earnings stream from a diversified commercial real estate investment portfolio with incremental growth and profitability from an embedded investment management business.

然而，我們仍然相信，我們對Colony NorthStar 的策略願景將為我們的股東創造巨大的價值，從多元化的商業房地產投資組合中獲得高品質、長期的經常性收益流，並透過嵌入式投資管理實現增量成長和獲利。

We have now teed up several new investments and strategic transactions that we expect to consummate by early 2018, which set the course for this vision to become a reality.

我們現在已經準備好幾項新的投資和策略交易，預計將在 2018 年初完成，這為這個願景成為現實奠定了基礎。

With that, I'd like to turn the call over to the operator to begin Q&A.

這樣，我想將電話轉給接線員以開始問答。

Rob?

搶？

(Operator Instructions) Our first question is from Jason Arnold with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Jason Arnold。

Just a couple of quick questions.

只是幾個簡單的問題。

I was just wondering on asset under management growth kind of here going into 2018, if you have any kind of ballpark, big-picture thoughts on where you might be able to hit numbers-wise going into next year.

我只是想知道 2018 年管理資產的成長情況，您是否對明年的數位成長有任何大致的、宏觀的想法。

Well, first of all, just, Jason, thanks for that question.

好吧，首先，賈森，謝謝你提出這個問題。

So with the pending sale of Townsend, of course, assets under management are going to, first, get reduced by virtue of the fact that, that is currently a part of our total, approximately $15 billion, just under.

因此，隨著 Townsend 的出售，當然，管理下的資產首先會減少，因為目前我們的資產總額約為 150 億美元，略低於這一數字。

And then from there, certainly our expectation is we're going to be able to grow at a steady pace based on all of the activity that we're currently pursuing, whether it's the industrial fund, whether it's the new things that we're doing in the digital real estate infrastructure world, what we're doing in Europe, hopefully with respect to the new credit REIT that will be formed.

然後，從那裡開始，我們的期望當然是我們將能夠根據我們目前正在進行的所有活動以穩定的速度增長，無論是產業基金，還是我們正在開發的新事物在數位房地產基礎設施領域所做的事情，我們在歐洲正在做的事情，希望與即將形成的新信用房地產投資信託基金有關。

We have all of these platforms, if you will, that will be positioned for substantial growth in businesses that we think have the best fundamentals in the market today.

如果您願意的話，我們擁有所有這些平台，這些平台將為我們認為當今市場上擁有最佳基本面的業務帶來大幅成長。

So we're very optimistic about that.

所以我們對此非常樂觀。

Okay.

好的。

So probably, just it's as usual dependent upon opportunities and whatnot.

所以很可能，就像往常一樣取決於機會之類的。

But maybe just specifically on kind of the third-party asset under management side of the equation, do you have any bigger-picture thoughts or just kind of same view that, "Hey, as it comes along and as things kind of move in transition, it will grow?"

但也許只是具體到等式管理方面的第三方資產，您是否有任何更大的想法或只是某種相同的觀點，“嘿，隨著它的出現以及隨著事情的轉變，它會長大嗎？

Well, we have no specific number forecast, if that's what you're looking for.

好吧，如果您正在尋找的話，我們沒有具體的數字預測。

I mean, I think -- look, there's lots of capital available in the market today, albeit I would say it's fairly selective and picky with respect to strategies and managers that people want to invest with.

我的意思是，我認為，今天市場上有很多可用的資本，儘管我想說，對於人們想要投資的策略和管理者來說，它是相當有選擇性和挑剔的。

So it's kind of good news/bad news, if you will, although I think we fall into the category of a preferred manager.

所以，如果你願意的話，這可以說是好消息/壞消息，儘管我認為我們屬於首選經理的類別。

And simultaneously, I think we've done a great job of really selecting what are the appropriate strategies, consistent with all of things I reviewed earlier in the call, some of -- all the things that we've been doing in the last 10 years, whether in single-family for rent or other spaces.

同時，我認為我們在真正選擇合適的策略方面做得很好，與我在電話會議之前回顧的所有事情相一致，其中一些——我們在過去 10 年中一直在做的所有事情年，無論是出租單戶住宅還是其他空間。

And so as a result, notwithstanding that the market is picky and selective, we're quite confident and optimistic about getting at least our fair share, if not more than our fair share, of the market.

因此，儘管市場是挑剔和有選擇性的，但我們對至少獲得我們的公平份額（如果不是超過我們的公平份額的話）非常有信心和樂觀。

Excellent.

出色的。

Great color there.

那裡的顏色很棒。

And then the second question I was just specifically directing towards Europe and just wondering what you can mention in terms of your key kind of strategic vertical areas, where you see the most interesting opportunities in Europe.

然後第二個問題我只是專門針對歐洲，只是想知道您在關鍵的戰略垂直領域中可以提到什麼，您在這些領域中看到了歐洲最有趣的機會。

Well, look, we have great investments in Europe as we sit here today, whether it's on the public side through NRE and the high-quality office portfolio that they own as part of their core portfolio or even privately.

好吧，看，今天我們坐在這裡，我們在歐洲有大量投資，無論是透過 NRE 的公共投資，還是他們作為核心投資組合的一部分擁有的高品質辦公室投資組合，甚至是私人投資。

I mentioned the Project Tolka, which was nonperforming loans in Ireland that is primarily again backed by Class A Dublin office assets.

我提到了托爾卡項目，這是愛爾蘭的不良貸款，主要再次由都柏林 A 級辦公資產支持。

But we think the pan-European opportunity is really interesting today.

但我們認為今天泛歐洲的機會確實很有趣。

Again, Europe is behind the U.S. in terms of its cycle.

歐洲的周期再次落後於美國。

And there really hasn't been terribly much supply, as I noted, with maybe an exception or 2. And so as you look at European countries that are now poised and beginning to start to come out from under and grow their economies, we're pretty sanguine about that opportunity.

正如我所指出的，供應確實並不多，也許有一個或兩個例外。 。

And it's not just in office, it's in other asset classes as well, which could include hospitality, it could include logistics, could certainly include residential.

不僅是在辦公室，還包括其他資產類別，其中可能包括酒店業，可能包括物流業，當然也可能包括住宅業。

We think the sun, the moon and the stars are actually aligned really well for Europe here going forward over the next several years.

我們認為，對於歐洲未來幾年的發展來說，太陽、月亮和星星實際上非常對齊。

Our next question is from Jade Rahmani with KBW.

我們的下一個問題來自 KBW 的 Jade Rahmani。

It certainly seems like you're continuing to make a lot of progress.

看起來你確實在繼續取得很大的進步。

Just wanted to ask your views broadly on the commercial real estate markets right now in the U.S., especially the debt capital markets, there seems to be a lot of spread tightening.

只是想廣泛詢問您對目前美國商業房地產市場的看法，尤其是債務資本市場，利差似乎有很多收緊。

Just wanted to see if you anticipate stability in 2018 or any potential for cap rate widening that could start to present better acquisition opportunities.

只是想看看您是否預計 2018 年會穩定，或者資本化率是否有可能擴大，從而開始提供更好的收購機會。

Thanks for the question.

謝謝你的提問。

Look, I think to some degree, it depends on the pace of interest rate increases, and then looking at that against the backdrop of how quickly the economy is improving.

我認為在某種程度上，這取決於利率上漲的速度，然後在經濟改善速度的背景下考慮這一點。

And certainly, I think in the past we've commented that there's going to be an interesting tug-of-war between those 2 forces.

當然，我認為過去我們曾評論過這兩種力量之間將會發生一場有趣的拉鋸戰。

But assuming the economy continues to improve and we are going to see moderate pace of interest rate increases as we've already been experiencing, we would think that, yes, cap rates eventually are going to start to move up, albeit net operating income is going to continue to improve, other than in those places where you've got too much supply.

但是，假設經濟繼續改善，並且我們將看到利率適度上漲，正如我們已經經歷過的那樣，我們認為，是的，資本化率最終將開始上升，儘管淨營業收入是除了那些供應過多的地方之外，將繼續改善。

And I think unlike my commentary in Europe, I think in the U.S., the supply picture is much more mixed, depending on which market we're focusing on and which sector within that market.

我認為與我在歐洲的評論不同，我認為在美國，供應情況要複雜得多，這取決於我們關注的市場以及該市場中的哪個部門。

So it's not one size fits all.

所以它不是一刀切的。

On the other hand, with all the regulation that's still out there as it relates to traditional lenders, all the things that were put in place as a function of the financial crisis, we still think for nonregulated, nonbank lenders, there's really interesting opportunity.

另一方面，由於與傳統貸款人相關的所有監管仍然存在，所有因金融危機而實施的措施，我們仍然認為對於不受監管的非銀行貸款人來說，存在著非常有趣的機會。

And in particular, I would say in the middle of the capital stack and to the lower end of the capital stack in terms of the debt stack, maybe even more senior part of the market is experiencing the spread compression that you're referring to.

特別是，我想說，在資本堆疊的中間和債務堆疊方面的資本堆疊的下端，也許市場的更高級部分正在經歷您所指的利差壓縮。

But as you move down that cap stack, not necessarily the same.

但當你向下移動上限時，情況不一定相同。

So I think that's where -- assuming things kind of stay the same as they are right now, I think that's where we'll be focused.

所以我認為這就是——假設事情與現在保持不變，我認為這就是我們將重點關注的地方。

In terms of assets that are remaining to be sold, can you discuss those if there's any key assets in the portfolio you could identify or any portfolio segment you plan to focus on?

就剩餘待售資產而言，您能否討論一下您可以確定的投資組合中是否有任何關鍵資產或您計劃重點關注的任何投資組合部分？

Or would you expect a general pruning at this point such as what we saw in the health care segment?

或者您期望在這一點上進行全面修剪，就像我們在醫療保健領域看到的那樣？

So why don't I take that, Jade?

那我為什麼不接受這個呢，傑德？

It's Darren.

是達倫。

So I think you're probably just going to see selective asset sales, what we're referring to as pruning, inside of the real estate verticals of health care and possibly hospitality.

因此，我認為您可能只會看到醫療保健和可能的酒店業房地產垂直領域內的選擇性資產出售，即我們所說的修剪。

And we've been selling a few assets in the industrial vertical as well.

我們也一直在出售工業垂直領域的一些資產。

But most of the asset sales that are to occur are going to come out of the Other Equity and Debt segment.

但大部分即將發生的資產出售將來自其他股權和債務部門。

U.S. credit-oriented investments, as you now know, are going to be contributed over to the new mortgage REIT that we announced back in August.

如您所知，美國信貸導向投資將被貢獻給我們八月宣布的新抵押房地產投資信託基金。

And so it's really the balance of the assets that are in Other Equity and Debt that are the legacy investments from either the Colony side of the ledger or the NorthStar side of the ledger that we'll be looking to divest.

因此，我們要剝離的實際上是其他股權和債務中資產的餘額，這些資產是來自分類帳的殖民地一方或分類帳的北極星一方的遺留投資。

And so there are some -- that includes the private equity fund secondary interest, the CDO securities here in the U.S. and then there's quite a few European investments, both equity as well as debt, that we'll be looking to realize or sell off over the next 1 to 2 years.

因此，有一些——包括私募股權基金二級權益、美國的 CDO 證券，還有相當多的歐洲投資，包括股權和債務，我們將尋求變現或出售。

Okay.

好的。

On the digital infrastructure initiative, keeping in mind that the first investment is targeted in Latin America, I want to see if you could comment on whether you anticipate broadening that beyond Latin America and also if there's any key execution risk you could identify with respect to that, that market.

關於數位基礎設施計劃，請記住，第一筆投資是針對拉丁美洲的，我想看看您是否可以評論您是否預計將其擴展到拉丁美洲以外，以及您是否可以識別出任何關鍵的執行風險那個，那個市場。

Well, yes, at this point, we can't say too much.

嗯，是的，在這一點上，我們不能說太多。

I mean, just given our intent to raise some private capital here, I think we have to be limited in our comments as you would normally suspect in situations like this.

我的意思是，鑑於我們打算在這裡籌集一些私人資本，我認為我們的評​​論必須受到限制，正如您在這種情況下通常會懷疑的那樣。

But for sure, we believe the emphasis here in this space is going to be more outside the U.S. than it necessarily going to be within the U.S. It's going to be an exclusion in the U.S. We believe there's still opportunity here in the U.S., too.

但可以肯定的是，我們相信這個領域的重點將更多地放在美國以外，而不是美國境內。

But for sure, the growth potential of the market, since it's way more underserved outside the U.S., we just think is going to be that much more robust.

但可以肯定的是，由於美國以外的市場服務水準較低，因此我們認為該市場的成長潛力將會更加強勁。

So it wouldn't necessarily just be in Latin America.

所以它不一定只發生在拉丁美洲。

We cited Colony having previously putting together a data center platform in Europe as an example, which is doing extraordinarily well, we own through some funds that we manage.

我們以 Colony 先前在歐洲組成的資料中心平台為例，該平台表現非常好，我們透過我們管理的一些基金擁有該平台。

So I think it's going to be a mix of geographies.

所以我認為這將是不同地理位置的混合。

Certainly, the opportunity is global.

當然，機會是全球性的。

But I think the emphasis will be more outside the U.S.

但我認為重點將更多放在美國以外。

And in terms of multifamily beyond the preferred, do you expect to make additional investments?

在首選之外的多戶住宅方面，您是否期望進行額外投資？

And why would now be the right time, given cap rate compression has been most dramatic there and we are seeing some rent deceleration and supply increase?

既然資本化率壓縮在那裡最為顯著，我們看到租金下降，供應量增加，為什麼現在是正確的時機？

Yes.

是的。

Well, look, I mean, as in anything, Jade, great question.

好吧，聽著，我的意思是，就像任何事情一樣，傑德，這是個好問題。

You've got to be careful.

你必須小心。

So you've got to pick the right markets.

所以你必須選擇正確的市場。

You've got to pick the right products.

您必須選擇正確的產品。

And despite some of those factors being certainly acute in particular markets, we think the overall opportunity in residential rental housing continues to be incredibly strong just based on longer-term demographic trends.

儘管其中一些因素在特定市場中肯定很嚴重，但我們認為，僅根據長期人口趨勢，住宅租賃住房的整體機會仍然非常強勁。

And you've got to be careful in terms of not getting caught short in markets where it is getting oversupplied against that backdrop.

在這種背景下，你必須小心，不要在供應過剩的市場中陷入短缺。

But assuming you can diligence that well and have the right approach risk/reward from an underwriting standpoint, we continue to be quite bullish about the opportunity.

但假設您能夠做到那麼勤奮，並從承保的角度擁有正確的風險/回報方法，我們仍然非常看好這個機會。

(Operator Instructions) Our next question is from Jessica Levi-Ribner with B. Riley.

（操作員說明）我們的下一個問題來自 Jessica Levi-Ribner 和 B. Riley。

As you look at your liquidity profile, what's kind of your priority for capital deployment?

當您審視自己的流動性狀況時，您的資本部署優先順序是什麼？

So Jessica, it's Darren.

潔西卡，是達倫。

I'll start and Richard can add in.

我先開始，理查德也可以補充。

I think the first priority is to pursue some of these new investment opportunities that we've mentioned on the call today.

我認為首要任務是尋求我們今天在電話會議中提到的一些新的投資機會。

As I think you know, we've been somewhat underdeployed having the liquidity that we've had over the last couple of quarters, which has for sure hampered our earnings performance.

我想你知道，過去幾季我們的流動性有些部署不足，這肯定會影響我們的獲利表現。

And so getting that capital deployed and starting to generate earnings from that deployment is obviously an important priority for us.

因此，部署這些資本並開始從該部署中產生收益顯然是我們的一個重要優先事項。

But we've been -- we wanted to be patient and make sure that we find the right opportunities to put that capital to work.

但我們一直希望保持耐心，確保找到合適的機會讓這些資本發揮作用。

We now feel like we've got those opportunities in front of us, and so we want to make that happen.

我們現在覺得這些機會擺在我們面前，所以我們希望實現這一點。

But other areas that we'll be putting the capital to work is we have been, as you saw, repurchasing more stock pursuant to the plan we announced to not have authorized at the beginning of the year.

但我們將投入資金的其他領域是，正如您所看到的，我們一直在根據我們在年初宣布的未授權計劃回購更多股票。

So that will be -- continue to be another place where capital is being allocated to.

因此，這將繼續成為資本配置的另一個地方。

And then there may be some other refinancing -- not so much refinancing but deleveraging that we may want to do elsewhere in the portfolio as well.

然後可能還有一些其他的再融資——與其說是再融資，不如說是去槓桿化，我們可能也想在投資組合的其他地方進行。

But I think new investments are really the top priority for dry powder right now.

但我認為新投資確實是乾粉目前的首要任務。

And what's sort of the pace of investment that you see certainly into the fourth quarter but maybe through '18?

您肯定會看到第四季（但可能會持續到 18 年）的投資步伐是怎樣的？

Well, I -- go ahead, Darren.

好吧，我——繼續吧，達倫。

Okay.

好的。

I mean, I think as it relates to the dry powder we're sitting on right now and based on the activity we have in our pipeline that we would expect the majority of that capital is going to get deployed really through the first half of 2018.

我的意思是，我認為，由於它與我們現在所掌握的乾粉有關，並且根據我們管道中的活動，我們預計大部分資本將在 2018 年上半年真正部署。

So I think it's going to happen reasonably quickly.

所以我認為這會很快發生。

Okay.

好的。

Great.

偉大的。

And then just piggybacking off of Jade's last question, in the multifamily space, are there MSAs that you are kind of focused on?

然後，借用 Jade 的最後一個問題，在多戶型空間中，是否有您關注的 MSA？

Or is it kind of an asset-by-asset decision when you're looking at investment?

或者當您考慮投資時，這是逐一資產的決策？

Well, look, I think consistent with the approach that we took to the single-family for rent business, we want to be in those markets where the demographics are best.

嗯，看，我認為與我們對單戶出租業務採取的方法一致，我們希望進入人口結構最好的市場。

There's the highest growth as it relates to both population as well as employment opportunities but of course, measured against the backdrop, as Jade cautioned, of how much new supply is there.

由於與人口和就業機會有關，因此成長率最高，但當然，正如傑德所警告的那樣，是根據新供應的背景來衡量的。

So I think generally speaking you, therefore, are going to be favoring more Sun Belt markets, maybe be more heavily invested in the Southern part of the country.

因此，我認為一般來說，您將青睞更多的陽光地帶市場，也許在該國南部地區進行更多投資。

But there could be exceptions to that, for sure.

但肯定也有例外。

But I think that's basically how we've looked at the single-family for rent business.

但我認為這基本上就是我們看待單戶住宅租賃業務的方式。

And I think it's consistent with how we're looking at the multifamily opportunity.

我認為這與我們看待多戶住宅機會的方式是一致的。

Okay.

好的。

Then just a question on the repurchases.

接下來就是關於回購的問題。

What's kind of the ceiling where you'll be active in the market buying back your stock?

您在市場上積極回購股票的上限是多少？

Yes.

是的。

I was going to say I'm not sure we have a ceiling.

我想說我不確定我們是否有上限。

I mean, I think it's a dynamic of looking at the various opportunities that we have before us for our capital and comparing and contrasting those.

我的意思是，我認為這是一種動態地審視我們面前的各種資本機會，並對這些機會進行比較和對比。

So I don't think there's a magic number ceiling per se.

所以我認為本身不存在神奇的數字上限。

I think it's constantly changing just based on the various capital requirements that we have in our business, whether it's pursuing acquisitions or deleveraging or alternatively buying back our stock accretively.

我認為，它只是根據我們業務中的各種資本要求而不斷變化，無論是尋求收購、去槓桿化還是增量回購我們的股票。

Our next question is from Jason Weaver with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Jason Weaver。

First of all, I want to say congratulations on the huge amount of progress it seems like you've made already thus far this year.

首先，我想說祝賀你們今年迄今已經取得的巨大進步。

I think, first, just a brief question.

我想，首先，我想問一個簡短的問題。

On the Townsend sale, what do you expect will be the realized gain or loss from that transaction?

在 Townsend 出售中，您預計該交易的實現收益或損失是多少？

There's actually going to be a modest loss from a GAAP perspective on it.

從公認會計準則的角度來看，實際上會出現適度的損失。

But from a cash perspective, it really was a breakeven transaction relative to what NorthStar paid for the business initially.

但從現金角度來看，相對於 NorthStar 最初為該業務支付的費用，這確實是一筆盈虧平衡的交易。

So we really just sort of think of it as a recovery of capital.

所以我們實際上只是將其視為資本的回收。

Okay.

好的。

Fair enough.

很公平。

And then I want to talk about the new mortgage REITs.

然後我想談談新的抵押房地產投資信託基金。

And can you tell me a little bit about how you expect the initial capitalization will look for that as well as how much initial liquidity you expect it to start out with?

您能否告訴我一些關於您預計初始資本將如何尋找以及您預計初始流動性是多少？

Sure.

當然。

So why don't I take that, Jason?

那我為什麼不接受呢，傑森？

So initially, about $5.5 billion of assets and $3.4 billion of equity.

最初大約有 55 億美元的資產和 34 億美元的股權。

So it actually starts off in a relatively low-leverage capital structure position, which I think gives -- affords the company the opportunity to possibly take on a little bit more leverage to pursue its investment strategy.

因此，它實際上是從槓桿相對較低的資本結構開始的，我認為這為公司提供了可能採取更多槓桿來實施其投資策略的機會。

So it really, I think, starts off in a great place, has a lot of flexibility.

所以我認為，它確實是一個很好的起點，具有很大的靈活性。

We're probably going to be able to access credit lines in a way that the -- certainly the 2 non-traded REITs could not put in place on their own.

我們可能能夠以兩種非交易房地產投資信託基金無法自行建立的方式獲得信貸額度。

So there are some economies of scale that comes from this tri-party merger taking place.

因此，這種三方合併會產生一些規模經濟。

So we think the company is going to be well positioned for early growth.

因此，我們認為該公司將為早期成長做好準備。

Ladies and gentlemen, we've reached the end of the question-and-answer session.

女士們先生們，我們的問答環節已經結束了。

At this time, I'd like to turn the call back to Richard Saltzman for closing comments.

此時，我想將電話轉回給理查德·薩爾茨曼（Richard Saltzman）以徵求結束意見。

Yes.

是的。

Thanks, everyone, for joining us again today.

謝謝大家今天再次加入我們。

Just a huge amount of progress.

只是巨大的進步。

We recognize, just given the multitude of things that we're doing, it's a little messy, a little noisy on the one hand.

我們體認到，考慮到我們正在做的事情很多，一方面有點混亂、有點吵鬧。

On the other hand, I think, as I stated earlier, we're now more than halfway through our transition.

另一方面，我認為，正如我之前所說，我們現在已經完成了一半以上的過渡。

And in another 6 to 9 months, I think we'll pretty much be complete.

再過 6 到 9 個月，我想我們基本上已經完成了。

And we now are in a position to share with you what we're really going to look like, what we're going to be concentrated on.

現在我們可以與大家分享我們的實際情況以及我們將重點關注的內容。

And we look forward to reporting future results consistent with that.

我們期待報告與此一致的未來結果。

So thanks very much for joining us, and have a great rest of the day.

非常感謝您加入我們，祝您今天休息愉快。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and we thank you for your participation.

此時您可以斷開線路，我們感謝您的參與。