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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-38377
 
COLONY CREDIT REAL ESTATE, INC.
 
 
(Exact Name of Registrant as Specified in Its Charter)
 
 
 
 
 
 
 
Maryland
 
38-4046290
 
 
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
515 S. Flower Street, 44th Floor
Los Angeles, CA 90071
(Address of Principal Executive Offices, Including Zip Code)

(310282-8820
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A common stock, par value $0.01 per share
CLNC
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No 
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
As of August 7, 2019, Colony Credit Real Estate, Inc. had 128,540,053 shares of Class A common stock, par value $0.01 per share, outstanding
 


Table of Contents

EXPLANATORY NOTE
This Quarterly Report on Form 10-Q of Colony Credit Real Estate, Inc., a Maryland corporation (the “Company”), includes the financial statements and other financial information of (i) the Company and (ii) the Company’s accounting predecessor, which are investment entities in which Colony Capital Operating Company, LLC (“CLNY OP”) or its subsidiaries owned interests ranging from approximately 38% to 100% and that were contributed to the Company on January 31, 2018 in connection with the closing of the Combination (as defined below) and certain intercompany balances between those entities and CLNY OP or its subsidiaries (the “CLNY Investment Entities”).
On January 31, 2018, the Company completed the transactions contemplated by that certain Master Combination Agreement, dated as of August 25, 2017, as amended and restated on November 20, 2017 (the “Combination Agreement”), by and among (i) the Company, (ii) Credit RE Operating Company, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (the “OP”), (iii) CLNY OP, a Delaware limited liability company and the operating company of Colony Capital, Inc., formerly Colony NorthStar, Inc. (“Colony Capital”), a Maryland corporation, (iv) NRF RED REIT Corp., a Maryland corporation and indirect subsidiary of CLNY OP (“RED REIT”), (v) NorthStar Real Estate Income Trust, Inc., a Maryland corporation (“NorthStar I”), (vi) NorthStar Real Estate Income Trust Operating Partnership, LP, a Delaware limited partnership and the operating partnership of NorthStar I (“NorthStar I OP”), (vii) NorthStar Real Estate Income II, Inc., a Maryland corporation (“NorthStar II”), and (viii) NorthStar Real Estate Income Operating Partnership II, LP, a Delaware limited partnership and the operating partnership of NorthStar II (“NorthStar II OP”).
Pursuant to the Combination Agreement, (i) CLNY OP contributed and conveyed to the Company a select portfolio of assets and liabilities (the “CLNY Contributed Portfolio”) of CLNY OP (the “CLNY OP Contribution”), (ii) RED REIT contributed and conveyed to the OP a select portfolio of assets and liabilities of RED REIT (the “RED REIT Contribution” and, together with the CLNY OP Contribution, the “CLNY Contributions”), (iii) NorthStar I merged with and into the Company, with the Company surviving the merger (the “NorthStar I Merger”), (iv) NorthStar II merged with and into the Company, with the Company surviving the merger (the “NorthStar II Merger” and, together with the NorthStar I Merger, the “Mergers”), and (v) immediately following the Mergers, the Company contributed and conveyed to the OP the CLNY Contributed Portfolio and the equity interests of each of NorthStar I OP and NorthStar II OP then-owned by the Company in exchange for units of membership interest in the OP (the “Company Contribution” and, collectively with the Mergers and the CLNY Contributions, the “Combination”). To satisfy the condition to completion of the Combination that the Company’s Class A common stock, par value $0.01 per share (the “Class A common stock”), be approved for listing on a national securities exchange in connection with either an initial public offering or a listing, the Class A common stock was approved for listing by the New York Stock Exchange and began trading under the ticker “CLNC” on February 1, 2018.
The CLNY Contributions were accounted for as a reorganization of entities under common control, since both the Company and CLNY Investment Entities were under common control of Colony Capital at the time the contributions were made. Accordingly, the Company’s financial statements for prior periods were recast to reflect the consolidation of the CLNY Investment Entities as if the contribution had occurred on the date of the earliest period presented.
As used throughout this document, the terms the “Company,” “we,” “our” and “us” mean:
Colony Credit Real Estate, Inc. and the consolidated CLNY Investment Entities for periods on or prior to the closing of the Combination on January 31, 2018; and
The combined operations of Colony Credit Real Estate, Inc., NorthStar I and NorthStar II beginning February 1, 2018, following the closing of the Combination.
Accordingly, comparisons of the period to period financial information of the Company as set forth herein may not be meaningful because the CLNY Investment Entities represents only a portion of the assets and liabilities Colony Credit Real Estate, Inc. acquired in the Combination and does not reflect any potential benefits that may result from realization of future cost savings from operating efficiencies, or other incremental synergies expected to result from the Combination.
In addition to the financial statements contained herein, you should read and consider the audited financial statements and accompanying notes thereto of the Company for the year ended December 31, 2018 included in our Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2019.




i

Table of Contents

COLONY CREDIT REAL ESTATE, INC.
FORM 10-Q
TABLE OF CONTENTS

Index
 
Page
 
 
 
 
 
 
 
 
 
 
 










Table of Contents

Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements:
operating costs and business disruption may be greater than expected;
the fair value of our investments may be subject to uncertainties;
changes in market and economic conditions may adversely impact the commercial real estate sector and our investments;
our use of leverage could hinder our ability to make distributions and may significantly impact our liquidity position;
given our dependence on our external manager, an affiliate of Colony Capital, any adverse changes in the financial health or otherwise of our manager or Colony Capital could hinder our operating performance and return on stockholder’s investment;
our external manager may not be successful in locating or allocating suitable investments;
our external manager may be unable to retain or hire key investment professionals;
we may be unable to realize substantial efficiencies as well as anticipated strategic and financial benefits from the Combination;
we may be unable to maintain our qualification as a real estate investment trust for U.S. income tax purposes;
we may be unable to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended; and
changes in laws or regulations governing our operations may impose additional costs on us or increase competition.
The foregoing list of factors is not exhaustive. We urge you to carefully review the disclosures we make concerning risks in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, the section entitled “Risk Factors” in this Form 10-Q for the quarter ended June 30, 2019 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein.
We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. The Company is under no duty to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.



2


Table of Contents

PART I. Financial Information
Item 1.    Financial Statements
COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share and Per Share Data)
 
June 30, 2019 (Unaudited)
 
December 31, 2018
Assets
 
 
 
Cash and cash equivalents
$
59,838

 
$
77,317

Restricted cash
114,127

 
110,146

Loans and preferred equity held for investment, net
2,398,191

 
2,020,497

Real estate securities, available for sale, at fair value
249,100

 
228,185

Real estate, net
1,898,299

 
1,959,690

Investments in unconsolidated ventures ($53,893 and $160,851 at fair value, respectively)
719,307

 
903,037

Receivables, net
47,229

 
48,806

Deferred leasing costs and intangible assets, net
143,521

 
134,068

Assets held for sale
147,707

 

Other assets
87,209

 
62,006

Mortgage loans held in securitization trusts, at fair value
3,175,950

 
3,116,978

Total assets
$
9,040,478

 
$
8,660,730

Liabilities
 
 
 
Securitization bonds payable, net
$
23,377

 
$
81,372

Mortgage and other notes payable, net
1,257,915

 
1,173,019

Credit facilities
1,808,790

 
1,365,918

Due to related party (Note 11)
13,844

 
15,019

Accrued and other liabilities
133,551

 
106,187

Intangible liabilities, net
31,367

 
15,096

Escrow deposits payable
63,146

 
65,995

Dividends payable
19,088

 
18,986

Mortgage obligations issued by securitization trusts, at fair value
3,026,282

 
2,973,936

Total liabilities
6,377,360

 
5,815,528

Commitments and contingencies (Note 17)

 

Equity
 
 
 
Stockholders’ equity
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively

 

Common stock, $0.01 par value per share
 
 
 
Class A, 950,000,000 and 905,000,000 shares authorized, 128,545,190 and 83,410,376 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
1,285

 
834

Class B-3, no shares authorized, issued and outstanding as of June 30, 2019 and 45,000,000 shares authorized and 44,399,444 shares issued and outstanding as of December 31, 2018

 
444

Additional paid-in capital
2,903,126

 
2,899,353

Accumulated deficit
(397,398
)
 
(193,327
)
Accumulated other comprehensive income (loss)
25,547

 
(399
)
Total stockholders’ equity
2,532,560

 
2,706,905

Noncontrolling interests in investment entities
69,948

 
72,683

Noncontrolling interests in the Operating Partnership
60,610

 
65,614

Total equity
2,663,118

 
2,845,202

Total liabilities and equity
$
9,040,478

 
$
8,660,730


The accompanying notes are an integral part of these consolidated financial statements.

3


Table of Contents


COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands)
The following table presents assets and liabilities of securitization trusts and certain real estate properties that have noncontrolling interests as variable interest entities for which the Company is determined to be the primary beneficiary.
 
June 30, 2019 (Unaudited)
 
December 31, 2018
Assets
 
 
 
Cash and cash equivalents
$
13,154

 
$
12,561

Restricted cash
19,160

 
18,464

Loans and preferred equity held for investment, net
31,430

 
167,219

Real estate, net
572,160

 
547,444

Receivables, net
21,567

 
17,811

Deferred leasing costs and intangible assets, net
55,015

 
38,681

Assets held for sale
76,076

 

Other assets
28,260

 
1,698

Mortgage loans held in securitization trusts, at fair value
3,175,950

 
3,116,978

Total assets
$
3,992,772

 
$
3,920,856

Liabilities
 
 
 
Securitization bonds payable, net
$
23,377

 
$
43,870

Mortgage and other notes payable, net
343,495

 
325,187

Credit facilities
28,722

 

Accrued and other liabilities
32,600

 
32,452

Intangible liabilities, net
28,904

 
11,993

Escrow deposits payable
7,016

 
9,603

Mortgage obligations issued by securitization trusts, at fair value
3,026,282

 
2,973,936

Total liabilities
$
3,490,396

 
$
3,397,041



The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in Thousands, Except Per Share Data)
(Unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net interest income
 
 
 
 
 
 
 
 
Interest income
 
$
42,073

 
$
36,795

 
$
80,482

 
$
72,934

Interest expense
 
(21,046
)
 
(9,703
)
 
(40,338
)
 
(17,118
)
Interest income on mortgage loans held in securitization trusts
 
38,656

 
39,496

 
77,132

 
65,361

Interest expense on mortgage obligations issued by securitization trusts
 
(35,756
)
 
(36,459
)
 
(71,391
)
 
(60,737
)
Net interest income
 
23,927

 
30,129

 
45,885

 
60,440

 
 
 
 
 
 
 
 
 
Property and other income
 
 
 
 
 
 
 
 
Property operating income
 
64,767

 
39,477

 
127,901

 
68,022

Other income
 
434

 
899

 
611

 
1,416

Total property and other income
 
65,201

 
40,376

 
128,512

 
69,438

 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
Management fee expense
 
11,357

 
11,791

 
22,715

 
19,791

Property operating expense
 
28,140

 
16,256

 
56,320

 
27,969

Transaction, investment and servicing expense
 
1,051

 
3,497

 
1,580

 
34,581

Interest expense on real estate
 
13,898

 
9,850

 
27,505

 
16,106

Depreciation and amortization
 
29,257

 
23,359

 
56,919

 
42,151

Provision for loan losses
 
110,258

 

 
110,258

 

Impairment of operating real estate
 
10,124

 

 
10,124

 

Administrative expense (including $2,713, $1,798, $4,556 and $2,083 of equity-based compensation expense, respectively)
 
8,010

 
6,884

 
14,663

 
10,112

Total expenses
 
212,095

 
71,637

 
300,084

 
150,710

 
 
 
 
 
 
 
 
 
Other income (loss)
 
 
 
 
 
 
 
 
Unrealized gain on mortgage loans and obligations held in securitization trusts, net
 
5,549

 
3,696

 
6,578

 
4,193

Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net
 

 
(2,203
)
 
48

 
(2,203
)
Other gain (loss), net
 
(6,062
)
 
10

 
(11,141
)
 
475

Income (loss) before equity in earnings of unconsolidated ventures and income taxes
 
(123,480
)
 
371

 
(130,202
)
 
(18,367
)
Equity in earnings of unconsolidated ventures
 
12,557

 
15,661

 
33,867

 
31,449

Income tax benefit (expense)
 
133

 
(158
)
 
502

 
391

Net income (loss)
 
(110,790
)
 
15,874

 
(95,833
)
 
13,473

Net (income) loss attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
Investment entities
 
880

 
470

 
1,178

 
(1,900
)
Operating Partnership
 
2,569

 
(336
)
 
2,222

 
(279
)
Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders
 
$
(107,341
)
 
$
16,008

 
$
(92,433
)
 
$
11,294

 
 
 
 
 
 
 
 
 
Net income (loss) per common share - basic and diluted  (Note 19)
 
$
(0.84
)
 
$
0.12

 
$
(0.73
)
 
$
0.09


 
 
 
 
 
 
 
 
Weighted average shares of common stock outstanding - basic and diluted (Note 19)
 
128,534

 
127,887

 
128,240

 
113,355

The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in Thousands)
(Unaudited)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
(110,790
)
 
$
15,874

 
$
(95,833
)
 
$
13,473

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Unrealized gain (loss) on real estate securities, available for sale
 
7,863

 
(997
)
 
17,621

 
(2,845
)
Change in fair value of net investment hedges
 
938

 

 
8,333

 

Foreign currency translation gain
 
3,923

 

 
613

 

Total other comprehensive income (loss)
 
12,724

 
(997
)
 
26,567

 
(2,845
)
Comprehensive income (loss)
 
(98,066
)
 
14,877

 
(69,266
)
 
10,628

Comprehensive (income) loss attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
Investment entities
 
880

 
470

 
1,178

 
(1,900
)
Operating Partnership
 
2,272

 
(269
)
 
1,601

 
(212
)
Comprehensive income (loss) attributable to common stockholders
 
$
(94,914
)
 
$
15,078

 
$
(66,487
)
 
$
8,516
































The accompanying notes are an integral part of these consolidated financial statements.

6


Table of Contents

COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in Thousands)
(Unaudited)
 
Common Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
(Accumulated
Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Stockholders’
Equity
 
 
Noncontrolling Interests in Investment Entities
 
Noncontrolling Interests in the Operating Partnership
 
Total
Equity
 
 
Class A
 
Class B-3
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Balance at December 31, 2017

 
$

 

 
$

 
$
821,031

 
$
258,777

 
$

 
$
1,079,808

 
 
$
327,762

 
$

 
$
1,407,570

 
Distributions

 

 

 

 

 

 

 

 
 
(1,003
)
 

 
(1,003
)
 
Adjustments related to the Combination
82,484

 
825

 
44,399

 
444

 
2,073,186

 
(79,774
)
 

 
1,994,681

 
 
(230,818
)
 
73,626

 
1,837,489

 
Issuance and amortization of equity-based compensation
1,004

 
10

 

 

 
275

 

 

 
285

 
 

 

 
285

 
Other comprehensive loss

 

 

 

 

 

 
(1,848
)
 
(1,848
)
 
 

 

 
(1,848
)
 
Dividends and distributions declared ($0.29 per share)

 

 

 

 

 
(37,843
)
 

 
(37,843
)
 
 

 

 
(37,843
)
 
Net income (loss)

 

 

 

 

 
(4,714
)
 

 
(4,714
)
 
 
2,370

 
(57
)
 
(2,401
)
 
Balance at March 31, 2018
83,488

 
$
835

 
44,399

 
$
444

 
$
2,894,492

 
$
136,446

 
$
(1,848
)
 
$
3,030,369

 
 
$
98,311

 
$
73,569

 
$
3,202,249

 
Contributions

 

 

 

 

 

 

 

 
 
87

 

 
87

 
Distributions