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Colony Financial Announces Third Quarter 2012 Financial Results

Stocks in this article: CLNY

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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