Colony Financial Announces Third Quarter 2012 Financial Results

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

Third Quarter 2012 Highlights

• Core Earnings, a non-GAAP financial measure, of $12.5 million, or $0.36 per basic and diluted share and net income attributable to common stockholders of $10.5 million, or $0.30 per basic and diluted share; core earnings and net income in the third quarter of 2012 were inclusive of approximately $0.05 per share and $0.06 per share, respectively, of combined bankruptcy and related transaction expenses for our Hotel Portfolio investment and loss from our investment in the single-family home rental platform
• During the quarter, the Company invested approximately $157 million, composed of $75 million additional equity into our single family home rental strategy (for a current investment total of approximately $150 million), $45 million into a new origination with a 15% yield to finance a Class A office building acquisition and $37 million into a discounted purchase of seven first mortgage loans collateralized by retail, industrial and land assets at 73% of par
• Raised net proceeds of approximately $149 million through the sale of 8,050,000 shares of the Company’s common stock to an underwriter at a net price of $18.53 per share and net proceeds of approximately $106 million through a re-opening of the Company’s Series A preferred stock priced at a premium to par from the inaugural March 2012 issuance
• Declared and paid a third quarter dividend of $0.35 per share of common stock, consistent with the second quarter
• Subsequent to quarter end, the Company agreed to invest an additional $127 million including an incremental $75 million into our single family home rental strategy (for a total investment of $225 million), $18 million into a commercial bank loan portfolio acquisition at a purchase price of 53% of par and $34 million into two new originations that have a blended current interest rate of approximately 11.5%
• Subsequent to quarter end, the Company filed a plan in bankruptcy court to restructure the existing mortgage debt, sell a minority equity stake, change hotel management and re-flag its 103 property Hotel Portfolio; the Company also continued to make good progress resolving loans in our domestic and European loan portfolios including the resolution of an asset in one of our German loan portfolios which will result in a fourth quarter gain of approximately €1.9 million or $2.2 million

Third Quarter Operating Results

For the third quarter of 2012, equity in income of unconsolidated joint ventures and interest income and other income from affiliates contributed $15.8 million and $11.2 million, respectively, to total income of $27.1 million. Total expenses for the quarter were $8.4 million including administrative expenses of $1.5 million. During the third quarter of 2012, the Company reported net income attributable to common stockholders of $10.5 million, or $0.30 per basic and diluted share. Colony Financial’s Core Earnings were $12.5 million, or $0.36 per basic and diluted share, for the third quarter of 2012.

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