Colony Financial Announces Third 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 (“SEC”) on March 9, 2012, the Company’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012 filed with the SEC on May 8, 2012 and August 9, 2012, respectively, and other risks described in documents subsequently filed by the Company from time to time with the SEC.

(FINANCIAL TABLES FOLLOW)

COLONY FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
		September 30, 2012 (Unaudited)				December 31, 2011
ASSETS
Cash		$	88,918			$	3,872
Investments in unconsolidated joint ventures			725,407				443,500
Loans held for investment, net			315,725				232,619
Beneficial interests in debt securities, available-for-sale, at fair value			32,318				32,427
Other assets			25,906				15,101
Total assets		$	1,188,274			$	727,519
LIABILITIES AND EQUITY
Liabilities:
Line of credit		$	-			$	69,000
Secured financing			110,380				13,845
Accrued and other liabilities			13,950				16,304
Due to affiliates			3,930				3,788
Dividends payable			19,782				11,092
Total liabilities			148,042				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, 10,080,000 and no shares issued and outstanding, respectively			101				-
Common stock, $0.01 par value, 450,000,000 shares authorized, 41,220,754 and 32,624,889 shares issued and outstanding, respectively			412				326
Additional paid-in capital			998,584				599,470
Retained earnings			2,390				5,510
Accumulated other comprehensive loss			(2,261	)			(2,330	)
Total stockholders’ equity			999,226				602,976
Noncontrolling interests			41,006				10,514
Total equity			1,040,232				613,490
Total liabilities and equity		$	1,188,274			$	727,519

COLONY FINANCIAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2012				2011				2012				2011
Income
Equity in income of unconsolidated joint ventures		$	15,838			$	15,968			$	47,273			$	33,868
Interest income			10,816				5,204				25,693				10,877
Other income from affiliates			396				636				1,515				1,543
Total income			27,050				21,808				74,481				46,288
Expenses
Management fees (including $578, $0, $2,942 and $0 of
share-based compensation, respectively)			3,812				2,405				12,276				5,929
Investment expenses			516				854				2,287				1,864
Interest expense			2,550				656				5,873				1,652
Administrative expenses			1,517				1,398				4,749				4,446
Total expenses			8,395				5,313				25,185				13,891
Other (loss) gain, net			(331	)			39				(835	)			(151	)
Income before income taxes			18,324				16,534				48,461				32,246
Income tax provision			596				255				1,401				253
Net income			17,728				16,279				47,060				31,993
Net income attributable to noncontrolling interests			2,170				485				3,933				799
Net income attributable to Colony Financial, Inc.			15,558				15,794				43,127				31,194
Preferred dividends			5,102				-				8,560				-
Net income attributable to common stockholders		$	10,456			$	15,794			$	34,567			$	31,194
Net income per common share:
Basic		$	0.30			$	0.48			$	1.03			$	1.14
Diluted		$	0.30			$	0.48			$	1.03			$	1.12
Weighted average number of common shares outstanding:
Basic		34,358,500				32,743,000				33,254,300				27,400,400
Diluted		34,358,500				33,034,100				33,277,700				27,750,000
Dividends declared per common share		$	0.35			$	0.33			$	1.04			$	0.97

COLONY FINANCIAL, INC.
CORE EARNINGS
(In thousands, except share and per share data)
(Unaudited)
		Three Months Ended September 30,
		2012			2011
GAAP net income attributable to common stockholders		$	10,456		$	15,794
Adjustments to GAAP net income to reconcile to Core Earnings:
Noncash equity compensation expense			654			38
Incentive fee			-			88
Depreciation expense			1,300			-
Net unrealized loss (gain) on derivatives			75			(38	)
Core Earnings		$	12,485		$	15,882
Basic		$	0.36		$	0.48
Diluted		$	0.36		$	0.48
Basic weighted average number of common shares outstanding		34,358,500			32,743,000
Diluted weighted average number of common shares outstanding		34,358,500			33,034,100
		Nine Months Ended September 30,
		2012			2011
GAAP net income attributable to common stockholders		$	34,567		$	31,194
Adjustments to GAAP net income to reconcile to Core Earnings:
Noncash equity compensation expense			3,263			97
Incentive fee			936			88
Depreciation expense			2,804			-
Net unrealized loss on derivatives			155			8
Core Earnings		$	41,725		$	31,387
Basic		$	1.24		$	1.15
Diluted		$	1.24		$	1.13
Basic weighted average number of common shares outstanding		33,254,300			27,400,400
Diluted weighted average number of common shares outstanding		33,277,700			27,750,000

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