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Colony Financial Announces Third Quarter 2013 Financial Results

Stocks in this article: CLNY

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

Third Quarter 2013 Highlights

  • Core Earnings, a non-GAAP financial measure, of $25.7 million, or $0.39 per basic share ($0.38 per diluted share) and net income attributable to common stockholders of $21.1 million, or $0.32 per basic and diluted share
  • During the quarter, the Company invested approximately $126 million, composed of $42 million into an existing participating preferred equity investment in a diversified multifamily portfolio and $84 million into five loan originations with a blended interest rate of approximately 10%
  • Obtained a new credit facility (to replace the prior $175 million credit facility) that, subject to certain conditions and limitations, provides maximum availability of $360 million, with an option to accordion to $600 million subject to additional lender commitments
  • Declared and paid a third quarter dividend of $0.35 per share of common stock, consistent with the second quarter of 2013
  • Subsequent to quarter end, the Company invested and agreed to invest, on an unlevered basis, approximately $443 million, composed of (i) $288 million into three loan portfolio acquisitions including a portfolio of first mortgage, primarily multifamily loans from Freddie Mac, a portfolio of primarily first mortgage, commercial real estate loans from the FDIC and a portfolio of sub-performing, first mortgage loans on institutional Spanish assets from a European bank, (ii) $124 million into the acquisition of a credit tenant lease office campus in the Midwest and (iii) $31 million into two loan originations associated with our floating rate securitization and multifamily lending platforms; and raised net proceeds of approximately $202 million through the sale of 10 million shares of its common stock

Third Quarter Operating Results

For the third quarter of 2013, equity in income of unconsolidated joint ventures and interest income and other income from affiliates contributed $25.1 million and $22.4 million, respectively, to total income of $47.5 million. Total expenses for the quarter were $14.4 million including administrative expenses of $1.8 million. During the third quarter of 2013, the Company reported net income attributable to common stockholders of $21.1 million, or $0.32 per basic and diluted share. Colony Financial’s Core Earnings were $25.7 million, or $0.39 per basic share and $0.38 per diluted share, for the third quarter of 2013.

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