Colony Financial Announces Second Quarter 2012 Financial Results

Colony Financial, Inc. (NYSE: CLNY) (the “Company”) today announced financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Highlights

• Increased Core Earnings, a non-GAAP financial measure, to $13.8 million, or $0.42 per basic and diluted share, from $8.1 million, or $0.25 per basic and diluted share, in the second quarter of 2011. Net income attributable to common stockholders increased to $12.0 million, or $0.36 per basic and diluted share, from $8.0 million, or $0.25 per basic and diluted share, in the second quarter of 2011
• During the quarter, the Company invested approximately $152 million, comprised of an additional $70 million in single family homes for rent, $68 million in four loan acquisitions at a weighted average price of 65% of par and $14 million in two new originations with a weighted average current yield of 13%
• During the quarter, the Company generated $66 million of gross proceeds from the resolution (excluding small balance loan portfolios), sale and financing of loan interests from seven investments. Four investments, representing $26 million of full or partial realizations, resulted in a weighted average internal rate of return of 21% ⁽¹⁾ and equity multiple of 1.6 times ⁽²⁾; of the other three investments which represent $40 million of senior/A-note financings and sales, two investments now in the form of a B-note and a mezzanine loan will generate a weighted average 16% current yield based on the retained interests and the third investment, a loan portfolio that is partially financed, is expected to generate an internal rate of return of 18% ⁽³⁾
• Declared and paid a second quarter dividend of $0.35 per share of common stock, up from $0.34 per share in the first quarter
• Subsequent to quarter end, the Company raised net proceeds of approximately $106 million through a re-opening of our Series A preferred stock priced at a premium to par from the original March 2012 issue. The Company also deployed $75 million additional equity into single family homes (for a current investment total of $150 million) and $45 million into a new origination with a 15% yield, and sold approximately $5.5 million of the Company’s position in First Republic Bank at approximately 2.1 times our original acquisition basis

Second Quarter Operating Results

For the second quarter of 2012, equity in income of unconsolidated joint ventures and interest income and other income from affiliates contributed $16.0 million and $9.6 million, respectively, to total income of $25.6 million. Total expenses for the quarter were $8.3 million including administrative expenses of $1.5 million. During the second quarter of 2012, the Company reported net income attributable to common stockholders of $12.0 million, or $0.36 per basic and diluted share. Colony Financial’s Core Earnings were $13.8 million, or $0.42 per basic and diluted share, for the second quarter of 2012.

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