Colony Financial, Inc. (NYSE: CLNY) (the “Company”) today announced financial results for the fourth quarter and full year ended December 31, 2013.
Fourth Quarter 2013 Highlights
- Core Earnings, a non-GAAP financial measure, of $30.3 million, or $0.42 per basic share ($0.40 per diluted share) and net income attributable to common stockholders of $24.9 million, or $0.34 per basic and diluted share
- During the quarter, the Company invested approximately $485 million composed of (i) $286 million into three loan portfolio acquisitions; (ii) $123 million into a triple net leased office campus fully occupied by a single-A rated tenant; (iii) $26 million into an existing participating preferred equity investment in a diversified multifamily portfolio; and (iv) $50 million into five loan originations primarily for the Company’s Transitional CRE (commercial real estate) Lending Platform
- Completed two investment-level, non-recourse financings for proceeds to the Company of $170 million
- Raised net proceeds of $202 million through the sale of 10.0 million shares of common stock
- Declared and paid a fourth quarter dividend of $0.35 per share of common stock, consistent with the third quarter of 2013
- Subsequent to quarter end, the Company invested and agreed to invest up to $188 million composed of (i) up to $135 million to acquire a REO resort hotel in Hawaii and (ii) $53 million into five loan originations primarily for the Transitional CRE Lending Platform; and the Company issued $230 million of 3.875% Convertible Senior Notes due in January 2021 resulting in net proceeds of $224 million to the Company
Fourth Quarter Operating Results
For the fourth quarter of 2013, the Company reported total income of $58.4 million and net income attributable to common stockholders of $24.9 million, or $0.34 per basic and diluted share. Colony Financial’s Core Earnings were $30.3 million, or $0.42 per basic share and $0.40 per diluted share.