Colony Capital Announces Third Quarter 2016 Financial Results

Colony Capital, Inc. (NYSE:CLNY) and subsidiaries (collectively, the "Company") today announced financial results for the third quarter ended September 30, 2016 and declared a dividend of $0.40 per share of Class A and Class B common stock for the fourth quarter of 2016.

Third Quarter 2016 Highlights
  • Net income attributable to common stockholders of $22.9 million, or $0.20 per basic share.
  • Core funds from operations ("Core FFO") of $70.0 million, or $0.52 per basic share; Funds from operations ("FFO") of $47.0 million, or $0.35 per basic share.
  • Declared and paid a third quarter dividend of $0.40 per share of Class A and Class B common stock.
  • Held a closing for the Company's first open-end fund ("CIF") which invests in the U.S. industrial market with total callable capital commitments of approximately $258 million on September 30, 2016; CIF concurrently acquired an investment interest at fair value in the approximate $2 billion Colony Light Industrial Platform ("CLIP") portfolio.
  • The Company and funds managed by the Company invested and agreed to invest approximately $567 million across the U.S. and Europe through real estate equity and debt investments. The Company invested and agreed to invest $234 million and funds managed by the Company invested and agreed to invest $333 million.
  • Subsequent to quarter end, the Company and funds managed by the Company invested and agreed to invest approximately $146 million across the U.S. through real estate equity and debt investments. The Company invested and agreed to invest $61 million and funds managed by the Company invested and agreed to invest $85 million.

Third Quarter 2016 Financial Results

For the third quarter of 2016, the Company reported total income of $228.8 million and net income attributable to common stockholders of $22.9 million, or $0.20 per basic share. Core FFO was $70.0 million, or $0.52 per basic share, and FFO was $47.0 million, or $0.35 per basic share. For more information and a reconciliation of net income attributable to common stockholders to FFO and Core FFO, please refer to the descriptions and tables at the end of this press release.
       

Three Months Ended September 30, 2016 Three Months Ended September 30, 2015

(In thousands, except per share data)
Amount    

Per Basic Share or Unit
Amount    

Per Basic Share or Unit
Net income attributable to common stockholders $ 22,878 $ 0.20 $ 37,203 $ 0.33
Core FFO attributable to common interests in Operating Company* $ 69,994 $ 0.52 $ 70,064 $ 0.52
FFO attributable to common interests in Operating Company* $ 46,992 $ 0.35 $ 72,162 $ 0.54
 

* Operating Company represents Colony Capital Operating Company, LLC, the Company's operating partnership, through which all Company's assets are held and all operations are conducted

"We had another strong quarter that further demonstrates the efficacy of our strategic planning and ability to execute these past few years," said Richard Saltzman, the Company's President and Chief Executive Officer. "A particular highlight is the closing of Colony's first open-end fund offering which invests in the U.S. industrial market and is directly related to the success of our significant platform acquisition in that space almost two years ago. Last but not least, we continue to make excellent progress towards the closing of the tri-party merger with NorthStar Asset Management and NorthStar Realty Finance. Once complete, which is expected in January 2017, our vastly increased scale, broader distribution capabilities, and diversity of assets will greatly enhance our overall capabilities."

If you liked this article you might like

An Investment Guru's Tactics That Have Stood the Test of Time

Litt Lights Way to 3 REIT Opportunities

How to Find 100-to-1 Moonshots

These 5 Dividend-Paying REITs Are Breaking Out

Mortgage Insurers Catch the Eye of EJF Capital

Mortgage Insurers Catch the Eye of EJF Capital