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Colony Financial Announces Fourth Quarter And Full Year 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, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 filed with the SEC on May 8, 2012, the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 9, 2012, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November 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)

   
December 31,
2012     2011
ASSETS
Cash $ 170,199 $ 3,872
Investments in unconsolidated joint ventures 877,081 443,500
Loans held for investment, net 333,569 232,619
Beneficial interests in debt securities, available-for-sale, at fair value 32,055 32,427
Other assets 22,663   15,101  
Total assets $ 1,435,567   $ 727,519  
 
LIABILITIES AND EQUITY
Liabilities:
Line of credit $ $ 69,000
Secured financing 108,167 13,845
Accrued and other liabilities 12,944 16,304
Due to affiliates 4,984 3,788
Dividends payable 26,442   11,092  
Total liabilities 152,537   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, 53,091,623 and 32,624,889 shares issued and outstanding, respectively 531 326
Additional paid-in capital 1,222,682 599,470
(Distributions in excess of) retained earnings (5,167 ) 5,510
Accumulated other comprehensive income (loss) 5,184   (2,330 )
Total stockholders’ equity 1,223,331 602,976
Noncontrolling interests 59,699   10,514  
Total equity 1,283,030   613,490  
Total liabilities and equity $ 1,435,567   $ 727,519  
 

COLONY FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

       
Three Months Ended December 31, Year Ended December 31,
2012     2011 2012     2011
(Unaudited) (Unaudited)
Income
Equity in income of unconsolidated joint ventures $ 21,464 $ 12,852 $ 68,737 $ 46,720
Interest income 10,752 5,898 36,445 16,775
Other income from affiliates 458   431   1,973   1,974  
Total income 32,674   19,181   107,155   65,469  
Expenses
Management fees 6,706 2,548 18,982 8,477
Investment expenses 690 929 2,977 2,793
Interest expense 2,375 1,359 8,248 3,011
Administrative expenses 1,597   1,334   6,346   5,780  
Total expenses 11,368   6,170   36,553   20,061  
Other gain (loss), net 603   (702 ) (232 ) (853 )
Income before income taxes 21,909 12,309 70,370 44,555
Income tax provision 764   938   2,165   1,191  
Net income 21,145 11,371 68,205 43,364
Net income attributable to noncontrolling interests 2,261   305   6,194   1,104  
Net income attributable to Colony Financial, Inc. 18,884 11,066 62,011 42,260
Preferred dividends 5,355     13,915    
Net income attributable to common stockholders $ 13,529   $ 11,066   $ 48,096   $ 42,260  
Net income per common share:
Basic $ 0.31   $ 0.34   $ 1.33   $ 1.47  
Diluted $ 0.31   $ 0.34   $ 1.32   $ 1.46  
Weighted average number of common shares outstanding:
Basic 43,969,100   32,684,100   35,925,600   28,732,200  
Diluted 43,969,100   32,684,100   35,943,200   28,993,700  
 

COLONY FINANCIAL, INC.

CORE EARNINGS

(In thousands, except share and per share data)

(Unaudited)

       
Three Months Ended December 31, Year Ended December 31,
2012     2011 2012   2011
GAAP net income attributable to common stockholders $ 13,529 $ 11,066 $ 48,096 $ 42,260
Adjustments to GAAP net income to reconcile to Core Earnings:
Noncash equity compensation expense 2,870 19 6,133 116
Incentive fee 261 936 349
Depreciation expense 1,674 4,478
Net unrealized (gain) loss on derivatives (36 ) 510   119   518
Core Earnings $ 18,037   $ 11,856   $ 59,762   $ 43,243
Basic $ 0.41   $ 0.36   $ 1.65   $ 1.50
Diluted $ 0.41   $ 0.36   $ 1.65   $ 1.49
Basic weighted average number of common shares outstanding 43,969,100   32,684,100   35,925,600   28,732,200
Diluted weighted average number of common shares outstanding 43,969,100   32,684,100   35,943,200   28,993,700




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