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Colony Credit Real Estate, Inc. Announces
First Quarter 2020 Financial Results
LOS ANGELES, May 7, 2020 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, 2020 and certain updates.
Michael J. Mazzei commented, First and foremost, we want to convey our best wishes for everyones health and safety during these difficult times. The COVID-19 pandemic remains an unprecedented global event and Colony Credit Real Estate remains committed to the welfare of all of our stakeholders as we navigate this evolving situation.
Mr. Mazzei added, The COVID-19 disruption is poised to deliver unprecedented challenges to the real estate industry. The ultimate impact is still somewhat unknowable. It will in part be a function of the duration of the pandemic as well as required and personal behavioral changes. Despite these extraordinary times, first quarter underlying results were in line with our expectations. In addition, we took measures with our banking, financial, borrower and partner relationships, regarding properties and business operations, to support the balance sheet and our financial flexibility. The Company has liquidity of over $250 million between cash on hand and our corporate revolver.
Mr. Mazzei continued, Over time, this disruption will be followed by an evolving recovery. The Colony Credit team will continue to stay focused in taking measures to prepare for and navigate the challenges and opportunities ahead.
First Quarter 2020 Significant Developments and Subsequent Events
Michael J. Mazzei joined as Chief Executive Officer and President of the Company on April 1, 2020
First quarter 2020 GAAP net income (loss) attributable to common stockholders of $(78.8) million, or $(0.62) per share, and total Core Earnings / Legacy, Non-Strategic Earnings of $11.5 million, or $0.09 per share. Excluding provision for loan losses of $39.1 million and realized gains of $9.3 million, total Core Earnings / Legacy, Non-Strategic Earnings of $41.4 million, or $0.31 per share
Declared and paid a monthly cash dividend of $0.10 per share of Class A common stock (the common stock) for January, February and March 2020. Subsequent to quarter end, in connection with the impact of the COVID-19 global pandemic, the Company announced a suspension of the monthly cash dividend beginning with the monthly period ending April 30, 2020
GAAP net book value of $2.0 billion, or $14.85 per share and undepreciated book value of $2.1 billion, or $16.12 per share, as of March 31, 2020
As of May 6, 2020, total corporate liquidity of approximately $255 million through cash-on-hand and availability under the corporate revolving credit facility. In addition, excess capacity under the Companys master repurchase facilities of approximately $1.6 billion
Maintains full compliance with financial covenants under bank credit facility and master repurchase facilities. Subsequent to the first quarter, on May 6, 2020, the Company amended its bank credit facility to: (i) reduce the tangible net worth covenant from $2.1 billion to $1.5 billion, providing portfolio management flexibilities as a result of any disruptions in investments caused by COVID-19 or other factors; (ii) reduce the facility size from $560 million to $450 million (noting current borrowings of $299 million); (iii) limit dividends in line with taxable income and restrict stock repurchases, each for liquidity preservation purposes; and (iv) focus new investments on senior mortgages
First quarter 2020 GAAP net income (loss) attributable to common stockholders of $(35.0) million, or $(0.27) per share, and Core Earnings of $46.2 million, or $0.35 per share. Core Earnings of $40.0 million, or $0.30 per share, excluding provision for loan losses of $2.3 million and realized gains on FX hedges of $8.6 million
GAAP net book value of $1.8 billion, or $13.36 per share and undepreciated book value of $1.8 billion, or $14.04 per share, as of March 31, 2020. CECL reserve for outstanding loans and future funding commitments of $52.2 million, or $0.41 per share, which is 2.0% of the aggregate commitment amount of the loan portfolio as of March 31, 2020
The Company has not closed on any new investments in 2020 through the date hereof and is primarily focused on existing investments and commitments
During the first quarter, three loans totaling $68 million in carrying value repaid in full
Senior Loan and Master Repurchase Facilities
As of March 31, 2020, the Companys exposure to CRE senior mortgage loan investments had a carrying value of $2.3 billion, which was approximately 42% of the Companys total book value and 49% of the book value of the
The following information was filed by Colony Credit Real Estate, Inc. (CLNC) on Thursday, May 7, 2020 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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