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Colony Financial Announces Second Quarter 2012 Financial Results

Stocks in this article: CLNY

Preferred Stock Offering

In July 2012, the Company completed an underwritten public offering of 4,280,000 shares of its Series A Preferred Stock, including a partial exercise of the overallotment option by the underwriters. The net offering proceeds, after deducting underwriting discounts and commissions and offering costs payable by the Company, were approximately $106 million. The July preferred stock sale was priced at $25.685, inclusive of a $0.08 accrued dividend, (versus a par sale at the $25.00 liquidation value in March 2012) which equated to a strip yield of 8.30% (versus a 8.50% yield in March 2012). The Company used a portion of the net proceeds to repay amounts outstanding under its line of credit and the remainder to fund acquisitions of target assets. The offering is a reopening of the Company’s original issuance of Series A Preferred Stock, which closed on March 20, 2012.

Book Value

The Company’s GAAP book value per common share was $18.16 on June 30, 2012, compared to GAAP book value of $18.15 per common share on March 31, 2012. As of June 30, 2012, the Company had 33,115,665 shares of common stock outstanding.

Fair Value

If the Company accounted for all of its financial assets and liabilities at fair value, the net fair value of the Company’s financial assets and liabilities at June 30, 2012 would have been $46.2 million in excess of the net carrying value of the Company’s financial assets and liabilities as of the same date.

Dividends

The Company’s Board of Directors declared a quarterly dividend of $0.35 per common share for the second quarter of 2012. The dividend was paid on July 16, 2012, to stockholders of record on June 29, 2012.

In addition, the Company’s Board of Directors declared a cash dividend of $0.6847 per share on the Company’s 8.50% Series A Cumulative Perpetual Preferred Stock with liquidation preference of $25 per share for the period from March 20, 2012 to July 15, 2012. The dividend was paid on July 16, 2012, to stockholders of record on June 29, 2012.

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