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Colony Financial Announces Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: CLNY

Colony Financial, Inc. (NYSE: CLNY) (the “Company”) today announced financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Highlights

  • Core Earnings, a non-GAAP financial measure, of $18.0 million, or $0.41 per basic and diluted share and net income attributable to common stockholders of $13.5 million, or $0.31 per basic and diluted share
  • During the quarter, the Company invested approximately $243 million, composed of $105 million additional equity into CSFR Operating Partnership, L.P. (“CSFR”), our single family home rental platform, $52 million into two loan originations with a blended interest rate of 10% and $86 million into four separate transactions involving the discounted purchase of performing and non-performing first mortgage loans or loan portfolios at an average price of 61% of par
  • Raised net proceeds of approximately $221 million through the sale of 11.5 million shares of the Company’s common stock to underwriters at a net price of $19.29 per share
  • Declared and paid a fourth quarter dividend of $0.35 per share of common stock, consistent with the third quarter, and a special dividend for 2012 of $0.05 per common share
  • The plan of reorganization for the 103 property Hotel Portfolio was approved by a bankruptcy court accomplishing a number of matters, including a restructuring of the mortgage loan, a change in hotel management, a sale of a minority equity interest, and a re-flagging of the hotels with various nationally recognized brands
  • Subsequent to quarter end, the Company invested and agreed to invest approximately $481 million, composed of an additional $295 million into CSFR (for an aggregate investment and commitment of $550 million into CSFR), $23 million into a loan acquisition at a purchase price of 78% of par and $163 million into three new first mortgage originations that have a blended interest rate of approximately 9%
  • Subsequent to quarter end, the Company raised additional net proceeds of $232 million through the sale of 11.5 million shares of its common stock to underwriters at a net price of $20.20 per share

Fourth Quarter Operating Results

For the fourth quarter of 2012, equity in income of unconsolidated joint ventures and interest income and other income from affiliates contributed $21.5 million and $11.2 million, respectively, to total income of $32.7 million. Total expenses for the quarter were $11.4 million including administrative expenses of $1.6 million. During the fourth quarter of 2012, the Company reported net income attributable to common stockholders of $13.5 million, or $0.31 per basic and diluted share. Colony Financial’s Core Earnings were $18.0 million, or $0.41 per basic and diluted share, for the fourth quarter of 2012.

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