This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Colony Financial Announces First Quarter 2014 Financial Results

Colony Financial, Inc. (NYSE: CLNY) (the “Company”) today announced financial results for the first quarter ended March 31, 2014 and declares an increased dividend of $0.36 per share of common stock for the second quarter of 2014.

First Quarter 2014 Highlights

  • Core Earnings, a non-GAAP financial measure, of $27.1 million, or $0.33 per basic and diluted share and net income attributable to common stockholders of $16.4 million, or $0.20 per basic and diluted share. Core earnings and net income are net of $4.5 million of transaction expenses, or approximately $0.06 per basic share
  • During the quarter, the Company invested and agreed to invest approximately $630 million composed of: (i) $379 million in ten loan originations; (ii) $100 million in a loan portfolio acquisition; and (iii) $151 million in three real estate equity investments
  • Issued $230 million of 3.875% Convertible Senior Notes due in January 2021 resulting in net proceeds of $224 million to the Company
  • Raised net proceeds of $327 million through the sale of 15 million shares of common stock
  • Declared and paid a first quarter dividend of $0.35 per share of common stock, consistent with the fourth quarter of 2013
  • Subsequent to quarter end: (i) the Company invested and agreed to invest approximately $169 million in six loan originations; (ii) the Company completed its first securitization transaction within its Transitional CRE Lending Platform; the retained $64 million position, together with an additional $15 million of affiliated loans held outside the trust, yields a blended rate of LIBOR plus 14% before fees and expenses; (iii) Colony American Homes (“CAH”) completed a securitization transaction raising $514 million in gross proceeds with a blended rate of LIBOR plus 1.78%; and (iv) declared a second quarter dividend of $0.36 per share of common stock

First Quarter Operating Results

For the first quarter of 2014, the Company reported total income of $59.2 million and net income attributable to common stockholders of $16.4 million, or $0.20 per basic and diluted share. Colony Financial’s Core Earnings were $27.1 million, or $0.33 per basic and diluted share. Core earnings and net income are net of $4.5 million of transaction expenses attributable to common stockholders, or approximately $0.06 per basic share. Of the $4.5 million of transaction expenses, $0.75 million is included in equity in income of unconsolidated joint ventures and the remaining $3.8 million is our share, net of amounts attributable to non-controlling interests, of the $4.6 million of transaction costs itemized on our income statement.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs