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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 September 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 November 7, 2019, Colony Credit Real Estate, Inc. had 128,538,703 shares of Class A common stock, par value $0.01 per share, outstanding
 


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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

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

Index
 
Page
 
 
 
 
 
 
 
 
 
 
 










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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;
our operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as well as in Colony Credit Real Estate’s other filings with the Securities and Exchange Commission;
the fair value of our investments may be subject to uncertainties;
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, Inc., any adverse changes in the financial health or otherwise of our manager or Colony Capital, Inc. could hinder our operating performance and return on stockholder’s investment;
the ability to realize substantial efficiencies as well as anticipated strategic and financial benefits, including, but not limited to expected returns on equity and/or yields on investments;
adverse impacts on our liquidity, including our ability to continue to generate liquidity from sales of legacy, non-strategic assets;
our ability to liquidate our legacy, non-strategic assets within the projected timeframe or at the projected values;
the timing of and ability to deploy available capital;
our ability to maintain or grow the dividend at all in the future;
the timing of and ability to complete repurchases of our stock;
our ability to refinance certain mortgage debt on similar terms to those currently existing or at all;
and the impact of legislative, regulatory and competitive changes.
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 September 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.



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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)
 
September 30, 2019 (Unaudited)
 
December 31, 2018
Assets
 
 
 
Cash and cash equivalents
$
60,332

 
$
77,317

Restricted cash
139,549

 
110,146

Loans and preferred equity held for investment, net
2,516,197

 
2,020,497

Real estate securities, available for sale, at fair value
255,937

 
228,185

Real estate, net
1,568,682

 
1,959,690

Investments in unconsolidated ventures ($14,323 and $160,851 at fair value, respectively)
571,365

 
903,037

Receivables, net
42,559

 
48,806

Deferred leasing costs and intangible assets, net
125,072

 
134,068

Assets held for sale
183,895

 

Other assets
76,266

 
62,006

Mortgage loans held in securitization trusts, at fair value
1,904,003

 
3,116,978

Total assets
$
7,443,857

 
$
8,660,730

Liabilities
 
 
 
Securitization bonds payable, net
$

 
$
81,372

Mortgage and other notes payable, net
1,245,721

 
1,173,019

Credit facilities
1,907,556

 
1,365,918

Due to related party (Note 11)
14,227

 
15,019

Accrued and other liabilities
138,024

 
106,187

Intangible liabilities, net
23,916

 
15,096

Liabilities related to assets held for sale
5,487

 

Escrow deposits payable
87,349

 
65,995

Dividends payable
19,087

 
18,986

Mortgage obligations issued by securitization trusts, at fair value
1,793,435

 
2,973,936

Total liabilities
5,234,802

 
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 September 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, 128,538,703 and 83,410,376 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
1,285

 
834

Class B-3, no shares authorized, issued and outstanding as of September 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
2,905,906

 
2,899,353

Accumulated deficit
(809,344
)
 
(193,327
)
Accumulated other comprehensive income (loss)
28,915

 
(399
)
Total stockholders’ equity
2,126,762

 
2,706,905

Noncontrolling interests in investment entities
31,410

 
72,683

Noncontrolling interests in the Operating Partnership
50,883

 
65,614

Total equity
2,209,055

 
2,845,202

Total liabilities and equity
$
7,443,857

 
$
8,660,730


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


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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.
 
September 30, 2019 (Unaudited)
 
December 31, 2018
Assets
 
 
 
Cash and cash equivalents
$
13,877

 
$
12,561

Restricted cash
18,022

 
18,464

Loans and preferred equity held for investment, net
14,085

 
167,219

Real estate, net
392,147

 
547,444

Receivables, net
19,764

 
17,811

Deferred leasing costs and intangible assets, net
41,186

 
38,681

Assets held for sale
112,024

 

Other assets
28,437

 
1,698

Mortgage loans held in securitization trusts, at fair value
1,904,003

 
3,116,978

Total assets
$
2,543,545

 
$
3,920,856

Liabilities
 
 
 
Securitization bonds payable, net
$

 
$
43,870

Mortgage and other notes payable, net
342,559

 
325,187

Credit facilities
23,124

 

Accrued and other liabilities
60,749

 
32,452

Intangible liabilities, net
21,727

 
11,993

Liabilities related to assets held for sale
5,487

 

Escrow deposits payable
5,796

 
9,603

Mortgage obligations issued by securitization trusts, at fair value
1,793,435

 
2,973,936

Total liabilities
$
2,252,877

 
$
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 September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net interest income
 
 
 
 
 
 
 
 
Interest income
 
$
46,991

 
$
40,139

 
$
127,473

 
$
113,073

Interest expense
 
(23,167
)
 
(13,148
)
 
(63,505
)
 
(30,266
)
Interest income on mortgage loans held in securitization trusts
 
22,586

 
39,261

 
99,718

 
104,622

Interest expense on mortgage obligations issued by securitization trusts
 
(20,299
)
 
(36,294
)
 
(91,690
)
 
(97,031
)
Net interest income
 
26,111

 
29,958

 
71,996

 
90,398

 
 
 
 
 
 
 
 
 
Property and other income
 
 
 
 
 
 
 
 
Property operating income
 
63,492

 
51,684

 
191,393

 
119,706

Other income
 
820

 
2,253

 
1,431

 
3,152

Total property and other income
 
64,312

 
53,937

 
192,824

 
122,858

 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
Management fee expense
 
11,355

 
11,877

 
34,070

 
31,668

Property operating expense
 
29,756

 
21,217

 
86,076

 
49,186

Transaction, investment and servicing expense
 
1,433

 
3,631

 
3,013

 
38,212

Interest expense on real estate
 
14,281

 
13,341

 
41,786

 
29,447

Depreciation and amortization
 
25,934

 
30,538

 
82,853

 
72,689

Provision for loan losses
 
110,314

 
35,059

 
220,572

 
34,542

Impairment of operating real estate
 
272,722

 
29,378

 
282,846

 
29,378

Administrative expense (including $2,910, $1,822, $7,466 and $3,905 of equity-based compensation expense, respectively)
 
7,732

 
6,797

 
22,395

 
16,909

Total expenses
 
473,527

 
151,838

 
773,611

 
302,031

 
 
 
 
 
 
 
 
 
Other income (loss)
 
 
 
 
 
 
 
 
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net
 
(1,976
)
 
(939
)
 
4,602

 
3,254

Realized gain (loss) on mortgage loans and obligations held in securitization trusts, net
 
2,724

 
(549
)
 
2,772

 
(2,752
)
Other loss, net
 
(2,688
)
 
(15
)
 
(13,829
)
 
460

Loss before equity in earnings of unconsolidated ventures and income taxes
 
(385,044
)
 
(69,446
)
 
(515,246
)
 
(87,813
)
Equity in earnings (loss) of unconsolidated ventures
 
(15,905
)
 
8,324

 
17,962

 
39,773

Income tax benefit (expense)
 
(1,046
)
 
2,456

 
(544
)
 
2,847

Net loss
 
(401,995
)
 
(58,666
)
 
(497,828
)
 
(45,193
)
Net loss attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
Investment entities
 
37,445

 
4,688

 
38,623

 
2,788

Operating Partnership
 
8,519

 
1,275

 
10,741

 
996

Net loss attributable to Colony Credit Real Estate, Inc. common stockholders
 
$
(356,031
)
 
$
(52,703
)
 
$
(448,464
)
 
$
(41,409
)
 
 
 
 
 
 
 
 
 
Net loss per common share - basic and diluted  (Note 19)
 
$
(2.77
)
 
$
(0.42
)
 
$
(3.51
)
 
$
(0.36
)

 
 
 
 
 
 
 
 
Weighted average shares of common stock outstanding - basic and diluted (Note 19)
 
128,541

 
127,887

 
128,341

 
118,252


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 September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net loss
 
$
(401,995
)
 
$
(58,666
)
 
$
(497,828
)
 
$
(45,193
)
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Unrealized gain on real estate securities, available for sale
 
5,102

 
6,192

 
22,723

 
3,347

Change in fair value of net investment hedges
 
12,791

 
(416
)
 
21,124

 
(416
)
Foreign currency translation loss
 
(14,445
)
 
(402
)
 
(13,832
)
 
(402
)
Total other comprehensive income
 
3,448

 
5,374

 
30,015

 
2,529

Comprehensive loss
 
(398,547
)
 
(53,292
)
 
(467,813
)
 
(42,664
)
Comprehensive (income) loss attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
Investment entities
 
37,445

 
4,688

 
38,623

 
2,788

Operating Partnership
 
8,439

 
1,148

 
10,040

 
936

Comprehensive loss attributable to common stockholders
 
$
(352,663
)
 
$
(47,456
)
 
$
(419,150
)
 
$
(38,940
)































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

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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

 
$