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Colony Financial Announces Second Quarter 2012 Financial Results

All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on March 9, 2012 and other risks described in documents subsequently filed by the Company from time to time with the SEC.

 
COLONY FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
 
  June 30, 2012   December 31,
(Unaudited)   2011
ASSETS
Cash $ 8,164 $ 3,872
Investments in unconsolidated joint ventures 582,721 443,500
Loans held for investment, net 319,312 232,619
Beneficial interests in debt securities, available-for-sale, at fair value 32,339 32,427
Other assets   28,504     15,101  
Total assets $ 971,040   $ 727,519  
 
LIABILITIES AND EQUITY
Liabilities:
Line of credit $ 33,000 $ 69,000
Secured financing 117,283 13,845
Accrued and other liabilities 13,111 16,304
Due to affiliates 4,564 3,788
Dividends payable   15,562     11,092  
Total liabilities   183,520     114,029  
 
Commitments and contingencies
 
Equity:
Stockholders’ equity:

Preferred stock, $0.01 par value, 8.5% Series A Cumulative Redeemable Perpetual liquidation preference of $25 per share, 50,000,000 shares authorized, 5,800,000 and no shares issued and outstanding, respectively
58 -

Common stock, $0.01 par value, 450,000,000 shares authorized, 33,115,665 and 32,624,889 shares issued and outstanding, respectively
331 326
Additional paid-in capital 742,229 599,470
Retained earnings 6,260 5,510
Accumulated other comprehensive loss   (2,378 )   (2,330 )
Total stockholders’ equity 746,500 602,976
Noncontrolling interests   41,020     10,514  
Total equity   787,520     613,490  
Total liabilities and equity $ 971,040   $ 727,519  
 
 
COLONY FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
 
  Three Months Ended   Six Months Ended
June 30, June 30,
2012   2011 2012   2011
Income
Equity in income of unconsolidated joint ventures $ 15,994 $ 9,416 $ 31,435 $ 17,900
Interest income 9,051 3,508 14,877 5,673
Other income from affiliates   569     346     1,119     907  
Total income   25,614     13,270     47,431     24,480  
Expenses

Management fees (including $608, $0, $2,364 and $0 of share-based compensation, respectively)
3,944 2,228 8,464 3,524
Investment expenses 1,091 323 1,771 1,010
Interest expense 1,829 486 3,323 996
Administrative expenses   1,478     1,533     3,232     3,048  
Total expenses   8,342     4,570     16,790     8,578  
Net unrealized loss on derivatives (160 ) (46 ) (340 ) (46 )
Foreign exchange loss, net of foreign currency hedges   (116 )   (90 )   (164 )   (144 )
Income before income taxes 16,996 8,564 30,137 15,712
Income tax provision (benefit)   441     226     805     (2 )
Net income 16,555 8,338 29,332 15,714
Net income attributable to noncontrolling interests   1,454     301     1,763     314  
Net income attributable to Colony Financial, Inc. 15,101 8,037 27,569 15,400
Preferred dividends   3,082     -     3,458     -  
Net income attributable to common stockholders $ 12,019   $ 8,037   $ 24,111   $ 15,400  
 
Net income per common share:
Basic $ 0.36   $ 0.25   $ 0.73   $ 0.62  
 
Diluted $ 0.36   $ 0.25   $ 0.73   $ 0.62  
 

Weighted average number of common shares outstanding:
Basic   32,745,500     31,911,500     32,696,100     24,684,900  
 
Diluted   32,806,900     32,199,000     32,731,400     24,972,400  
 
Dividends declared per common share $ 0.35   $ 0.32   $ 0.69   $ 0.64  
 
 
COLONY FINANCIAL, INC.
CORE EARNINGS
(In thousands, except share and per share data)
(Unaudited)
 
  Three Months Ended
June 30,
2012   2011
 
GAAP net income attributable to common stockholders $ 12,019 $ 8,037
Adjustments to GAAP net income to reconcile to Core Earnings:
Noncash equity compensation expense 693 29
Incentive fee 523 -
Depreciation expense 654
Net unrealized (gain) loss on derivatives   (100 )   46
 
Core Earnings $ 13,789   $ 8,112
 
Basic $ 0.42   $ 0.25
 
Diluted $ 0.42   $ 0.25
 
Basic weighted average number of common shares outstanding   32,745,500     31,911,500
 
Diluted weighted average number of common shares outstanding   32,806,900     32,199,000
 
 
 
Six Months Ended
June 30,
2012 2011
 
GAAP net income attributable to common stockholders $ 24,111 $ 15,400
Adjustments to GAAP net income to reconcile to Core Earnings:
Noncash equity compensation expense 2,609 59
Incentive fee 936 -
Depreciation expense 1,504
Net unrealized loss on derivatives   80     46
 
Core Earnings $ 29,240   $ 15,505
 
Basic $ 0.88   $ 0.63
 
Diluted $ 0.88   $ 0.62
 
Basic weighted average number of common shares outstanding   32,696,100     24,684,900
 
Diluted weighted average number of common shares outstanding   32,731,400     24,972,400
 

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