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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 March 31, 2020
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 May 7, 2020, Colony Credit Real Estate, Inc. had 128,488,858 shares of Class A common stock, par value $0.01 per share, outstanding
 




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, 2019 included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2020.





i


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

Index
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
















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.
Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company, its borrowers and tenants, the real estate market and the global economy and financial markets. The extent to which COVID-19 pandemic impacts us, our borrowers and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
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;
uncertainties regarding the ongoing impact of COVID-19, the severity of the disease, the duration of the COVID-19 outbreak, actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact, the potential negative impacts of COVID-19 on the global economy and its adverse impact on the real estate market, the economy and our investments, financial condition and business operations;
defaults by borrowers in paying debt service on outstanding indebtedness and borrowers’ abilities to manage and stabilize properties;
deterioration in the performance of the properties securing our investments (including depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations) that may cause deterioration in the performance of our investments and, potentially, principal losses to us;
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 corporate revolver, including covenant compliance and borrowing base capacity;
adverse impacts on our liquidity, including margin calls on master repurchase facilities, debt service or lease payment defaults or deferrals, demands for protective advances and capital expenditures, or 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 pay, maintain or grow the dividend 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;
whether Colony Capital will continue to serve as our external manager or whether we will pursue a strategic transaction related thereto; and the impact of legislative, regulatory and competitive changes
and the actions of governmental authorities, including the current U.S. presidential administration, and in particular those affecting the commercial real estate finance and mortgage industry or our business.
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, 2019, the section entitled “Risk Factors” in this Form 10-Q for the quarter ended March 31, 2020 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein.

2



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.



3



PART I

Item 1. Financial Statements
COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share and Per Share Data)
 
March 31, 2020 (Unaudited)
 
December 31, 2019
Assets
 
 
 
Cash and cash equivalents
$
393,845

 
$
69,619

Restricted cash
159,521

 
126,065

Loans and preferred equity held for investment, net(1)
2,351,278

 
2,576,332

Real estate securities, available for sale, at fair value
179,572

 
252,824

Real estate, net
1,226,988

 
1,484,796

Investments in unconsolidated ventures ($8,764 and $10,283 at fair value, respectively)
585,994

 
595,305

Receivables, net
41,569

 
46,456

Deferred leasing costs and intangible assets, net
98,507

 
112,762

Assets held for sale
270,680

 
189,470

Other assets
62,643

 
87,707

Mortgage loans held in securitization trusts, at fair value
1,822,991

 
1,872,970

Total assets
$
7,193,588

 
$
7,414,306

Liabilities
 
 
 
Securitization bonds payable, net
$
833,671

 
$
833,153

Mortgage and other notes payable, net
1,152,851

 
1,256,112

Credit facilities
1,260,419

 
1,099,233

Due to related party (Note 10)
10,766

 
11,016

Accrued and other liabilities
145,956

 
140,424

Intangible liabilities, net
10,548

 
22,149

Liabilities related to assets held for sale
10,842

 
294

Escrow deposits payable
49,499

 
74,497

Dividends payable
13,147

 
13,164

Mortgage obligations issued by securitization trusts, at fair value
1,732,388

 
1,762,914

Total liabilities
5,220,087

 
5,212,956

Commitments and contingencies (Note 16)

 

Equity
 
 
 
Stockholders’ equity
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of March 31, 2020 and 2019

 

Common stock, $0.01 par value per share
 
 
 
Class A, 950,000,000 shares authorized, 128,366,427 and 128,538,703 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
1,284

 
1,285

Additional paid-in capital
2,907,796

 
2,909,181

Accumulated deficit
(959,695
)
 
(819,738
)
Accumulated other comprehensive income (loss)
(42,705
)
 
28,294

Total stockholders’ equity
1,906,680

 
2,119,022

Noncontrolling interests in investment entities
21,141

 
31,631

Noncontrolling interests in the Operating Partnership
45,680

 
50,697

Total equity
1,973,501

 
2,201,350

Total liabilities and equity
$
7,193,588

 
$
7,414,306


_________________________________________
(1)
Net of $52.2 million and $272.6 million of allowance for loan losses at March 31, 2020 and December 31, 2019, respectively. See Note 3, “Loans and Preferred Equity Held for Investments, net and Loans Held for Sale” for further details.
The accompanying notes are an integral part of these consolidated financial statements.

4





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.
 
March 31, 2020 (Unaudited)
 
December 31, 2019
Assets
 
 
 
Cash and cash equivalents
$
11,965

 
$
14,109

Restricted cash
15,737

 
25,646

Loans and preferred equity held for investment, net
994,306

 
1,016,781

Real estate, net
178,123

 
381,608

Receivables, net
20,668

 
26,044

Deferred leasing costs and intangible assets, net
26,638

 
36,323

Assets held for sale
210,434

 
102,397

Other assets
24,867

 
26,463

Mortgage loans held in securitization trusts, at fair value
1,822,991

 
1,872,970

Total assets
$
3,305,729

 
$
3,502,341

Liabilities
 
 
 
Securitization bonds payable, net
$
833,671

 
$
833,153

Mortgage and other notes payable, net
297,286

 
341,480

Credit facilities
24,847

 
23,882

Accrued and other liabilities
100,764

 
124,969

Intangible liabilities, net
8,751

 
20,230

Liabilities related to assets held for sale
10,842

 
251

Escrow deposits payable
4,128

 
10,485

Mortgage obligations issued by securitization trusts, at fair value
1,732,388

 
1,762,914

Total liabilities
$
3,012,677

 
$
3,117,364


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

5



COLONY CREDIT REAL ESTATE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in Thousands, Except Per Share Data)
(Unaudited)
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Net interest income
 
 
 
 
Interest income
 
$
46,104

 
$
38,409

Interest expense
 
(20,744
)
 
(19,292
)
Interest income on mortgage loans held in securitization trusts
 
20,555

 
38,476

Interest expense on mortgage obligations issued by securitization trusts
 
(18,059
)
 
(35,635
)
Net interest income
 
27,856

 
21,958

 
 
 
 
 
Property and other income
 
 
 
 
Property operating income
 
52,513

 
63,134

Other income
 
9,409

 
177

Total property and other income
 
61,922

 
63,311

 
 
 
 
 
Expenses
 
 
 
 
Management fee expense
 
7,946

 
11,358

Property operating expense
 
22,531

 
28,180

Transaction, investment and servicing expense
 
3,134

 
529

Interest expense on real estate
 
13,078

 
13,607

Depreciation and amortization
 
17,976

 
27,662

Provision for loan losses
 
69,932

 

Impairment of operating real estate
 
4,126

 

Administrative expense (including $342 and $1,843 of equity-based compensation expense, respectively)
 
7,038

 
6,653

Total expenses
 
145,761

 
87,989

 
 
 
 
 
Other income (loss)
 
 
 
 
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net
 
(19,452
)
 
1,029

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

 
48

Other loss, net
 
(20,162
)
 
(5,079
)
Loss before equity in earnings of unconsolidated ventures and income taxes
 
(95,597
)
 
(6,722
)
Equity in earnings of unconsolidated ventures
 
17,167

 
21,310

Income tax benefit (expense)
 
(1,711
)
 
369

Net income (loss)
 
(80,141
)
 
14,957

Net (income) loss attributable to noncontrolling interests:
 
 
 
 
Investment entities
 
(523
)
 
298

Operating Partnership
 
1,892

 
(347
)
Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders
 
$
(78,772
)
 
$
14,908

 
 
 
 
 
Net income (loss) per common share - basic and diluted  (Note 18)
 
$
(0.62
)
 
$
0.11

 
 
 
 
 
Weighted average shares of common stock outstanding - basic and diluted (Note 18)
 
128,487

 
127,943

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

6



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

 
 
Three Months Ended March 31,
 
 
2020
 
2019
Net income (loss)
 
$
(80,141
)
 
$
14,957

Other comprehensive income (loss)
 


 
 
Unrealized gain (loss) on real estate securities, available for sale
 
(75,029
)
 
9,758

Change in fair value of net investment hedges
 
21,764

 
7,395

Foreign currency translation loss
 
(19,436
)
 
(3,310
)
Total other comprehensive income (loss)
 
(72,701
)
 
13,843

Comprehensive income (loss)
 
(152,842
)
 
28,800

Comprehensive (income) loss attributable to noncontrolling interests:
 
 
 
 
Investment entities
 
(523
)
 
298

Operating Partnership
 
3,594

 
(671
)
Comprehensive income (loss) attributable to common stockholders
 
$
(149,771
)
 
$
28,427


























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

7



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
 
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 as of December 31, 2018
83,410

 
$
834

 
44,399

 
$
444

 
$
2,899,353

 
$
(193,327
)
 
$
(399
)
 
$
2,706,905

 
 
$
72,683

 
$
65,614

 
$
2,845,202

 
Contributions

 

 

 

 

 

 

 

 
 
24

 

 
24

 
Distributions

 

 

 

 

 

 

 

 
 
(394
)
 

 
(394
)
 
Adjustments related to the Combination

 

 

 

 

 

 

 

 
 

 

 

 
Conversion of Class B-3 common stock to Class A common stock
44,399

 
444

 
(44,399
)
 
(444
)
 

 

 

 

 
 

 

 

 
Issuance and amortization of equity-based compensation
800

 
8

 

 

 
1,835

 

 

 
1,843

 
 

 

 
1,843

 
Other comprehensive loss

 

 

 

 

 

 
13,519

 
13,519

 
 

 
324

 
13,843

 
Dividends and distributions declared ($0.44 per Class A share and $0.15 per Class B-3 share)

 

 

 

 

 
(55,726
)
 

 
(55,726
)
 
 

 
(1,340
)
 
(57,066
)
 
Shares canceled for tax withholding on vested stock awards
(96
)
 
(1
)
 

 

 
(1,496
)
 

 

 
(1,497
)
 
 

 

 
(1,497
)
 
Reallocation of equity

 

 

 

 
(23
)
 

 

 
(23
)
 
 

 
23

 

 
Net income (loss)

 

 

 

 

 
14,908

 

 
14,908

 
 
(298
)
 
347

 
14,957

 
Balance as of March 31, 2019
128,513

 
$
1,285

 

 
$

 
$
2,899,669

 
$
(234,145
)
 
$
13,120

 
$
2,679,929

 
 
$
72,015

 
$
64,968

 
$
2,816,912

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2019
128,539

 
$
1,285

 

 
$

 
$
2,909,181

 
$
(819,738
)
 
$
28,294

 
$
2,119,022

 
 
$
31,631

 
$
50,697

 
$
2,201,350

 
Contributions

 

 

 

 

 

 

 

 
 

 

 

 
Distributions

 

 

 

 

 

 

 

 
 
(11,013
)
 

 
(11,013
)
 
Conversion of Class B-3 common stock to Class A common stock

 

 

 

 

 

 

 

 
 

 

 

 
Issuance and amortization of equity-based compensation

 

 

 

 
342

 

 

 
342

 
 

 

 
342

 
Other comprehensive income

 

 

 

 

 

 
(70,999
)
 
(70,999
)
 
 

 
(1,702
)
 
(72,701
)
 
Dividends and distributions declared ($0.30 per share)

 

 

 

 

 
(38,541
)
 

 
(38,541
)
 
 

 
(922
)
 
(39,463
)
 
Shares canceled for tax withholding on vested stock awards
(173
)
 
(1
)
 

 

 
(1,686
)
 

 

 
(1,687
)
 
 

 

 
(1,687
)
 
Reallocation of equity

 

 

 

 
(41
)
 

 

 
(41
)
 
 

 
41

 

 
Effect of CECL adoption (see Note 2)

 

 

 

 

 
(22,644
)