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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