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Colony Credit Real Estate, Inc. Announces
First Quarter 2019 Financial Results
LOS ANGELES, May 8, 2019 Colony Credit Real Estate, Inc. (NYSE: CLNC) (Colony Credit Real Estate or the Company) today announced its financial results for the first quarter ended March 31, 2019.
Kevin P. Traenkle, President and Chief Executive Officer of Colony Credit Real Estate commented, 2019 is off to a good start for Colony Credit Real Estate. Our operating performance is on budget and we have successfully executed the first of our planned strategic transactions the disposal of approximately 89% of our interests in real estate private equity funds. The aggregate sales price of approximately $142 million is in line with the Companys carrying value on such interests. Furthermore, the Company has already received $63 million in proceeds, with the substantial portion of the remaining $79 million of proceeds anticipated in the second quarter of 2019.
Mr. Traenkle added, As these private equity interests did not meaningfully contribute to the Companys 2018 core earnings, we expect the reinvestment of these proceeds into targeted assets to be highly accretive.
First Quarter 2019 Significant Developments and Subsequent Events
First quarter 2019 GAAP net income attributable to common stockholders of $14.9 million, or $0.11 per common share, and core earnings of $11.8 million, or $0.09 per diluted share. Excluding: (i) $35.5 million of realized losses related to completed foreclosure proceedings under a mezzanine loan; and (ii) $2.0 million of realized losses and transactions costs associated with the sale of real estate private equity interests: core earnings of $49.3 million, or $0.38 per diluted share. The Company already recorded a $35.5 million loan loss provision in the fourth quarter 2018 in connection with this anticipated foreclosure
GAAP book value of $2.7 billion, or $20.86 per diluted share, as of March 31, 2019
Undepreciated book value of $2.9 billion, or $21.68 per diluted share, as of March 31, 2019
Declared and paid a monthly cash dividend of $0.145 per share of Class A common stock for January, February, and March 2019. The dividend represents an annualized dividend of $1.74 per share of common stock, equating to an 11.0% annualized dividend yield based on the $15.85 closing price on May 6, 2019
Subsequent to quarter end, the Companys Board of Directors declared a monthly cash dividend of $0.145 per share of common stock for April and May 2019
During the first quarter, consummated or executed binding purchase and sale agreements for the sale of 89% of the Companys $161 million interests in real estate private equity funds for a sales price of approximately $142 million. Since December 2018, the Company has received approximately $63 million in cash proceeds, with the substantial portion of the remaining $79 million in proceeds anticipated in the second quarter of 2019
During the first quarter, allocated and initially funded $278 million and $225 million of capital, respectively, across eight investments
During the first quarter, completed a $35 million upsize under the accordion feature of the corporate revolving credit facility, increasing total commitments from $525 million to $560 million
Subsequent to quarter end, amended two master repurchase facilities to allow for European investments concurrent with $200 million aggregate upsize; total master repurchase capacity now at approximately $2.3 billion, with approximately $1.2 billion of current excess capacity
Subsequent to quarter end, allocated and initially funded an additional $206 million and $184 million of capital, respectively, across three investments
As of May 6, 2019, total corporate liquidity of approximately $346 million through cash-on-hand and availability under the corporate revolving credit facility
Common Stock and Operating Partnership Units
On February 1, 2019, all Class B-3 common stock converted to Class A common stock (the common stock). As of May 6, 2019, the Company had approximately 128.5 million shares of common stock outstanding and the Companys operating partnership had approximately 3.1 million operating partnership units (OP units) outstanding held by members other than the Company or its subsidiaries.
The following information was filed by Colony Credit Real Estate, Inc. (CLNC) on Wednesday, May 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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