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.