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Colony Financial Announces Second Quarter 2013 Financial Results

Stocks in this article: CLNY

Colony Financial, Inc. (NYSE: CLNY) (the “Company”) today announced financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Highlights

  • Core Earnings, a non-GAAP financial measure, of $23.6 million, or $0.36 per basic and diluted share and net income attributable to common stockholders of $20.3 million, or $0.31 per basic and diluted share
  • During the quarter, the Company invested approximately $462 million, composed of $50 million into two portfolio acquisitions of primarily performing first mortgage loans at an average price of 79% of par, $237 million into four originations with a blended interest rate of approximately 11% and an additional $175 million (for an aggregate investment of $550 million) into CAH Operating Partnership, L.P. (“CAH OP”), the single family home rental platform known as Colony American Homes
  • Issued $200 million of 5.00% Convertible Senior Notes due in April 2023; the notes were sold to the underwriters at a discount of 3%, resulting in net proceeds of $194 million to the Company
  • Declared and paid a second quarter dividend of $0.35 per share of common stock, consistent with the first quarter of 2013
  • Subsequent to quarter end: (i) the Company invested or agreed to invest (subject to various approvals and conditions) approximately $217 million, composed of $20 million into a loan acquisition, $54 million into two originations with a blended interest rate of approximately 14% and $143 million towards a multifamily loan origination joint venture; and (ii) replaced its existing $175 million credit facility with a $360 million credit facility at more attractive terms and pricing

Second Quarter Operating Results

For the second quarter of 2013, equity in income of unconsolidated joint ventures and interest income and other income from affiliates contributed $23.0 million and $17.8 million, respectively, to total income of $40.8 million. Total expenses for the quarter were $13.5 million including administrative expenses of $1.7 million. During the second quarter of 2013, the Company reported net income attributable to common stockholders of $20.3 million, or $0.31 per basic and diluted share. Colony Financial’s Core Earnings were $23.6 million, or $0.36 per basic and diluted share, for the second quarter of 2013.

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