Thu, Feb. 19, 4:58 PM
- Q4 core earnings of $34.5M or $0.31 per share includes $0.13 of transactions expenses mostly from the proposed combo with Colony Capital and the Cobalt acquisition.
- Book value per share of $18.97 vs. $18.72 one year ago. If accounting for everything at fair value, NAV of $22.01 per share vs. $20.78 a year ago.
- The deal brining management in-house is still expected to close in H1.
- Conference call tomorrow at 10 ET
- Previously: Colony Financial misses by $0.06, beats on revenue (Feb. 19)
- CLNY flat after hours
Thu, Feb. 19, 4:41 PM
Thu, Feb. 19, 4:21 PM| Comment!
Dec. 23, 2014, 9:43 AM
- The previously-announced non-binding agreement for Colony Financial (NYSE:CLNY) to become self-managed by bringing in all of the assets of its manager Colony Capital, is now a deal and is expected to close in H1 of 2015.
- Consideration will be up to $657.5M to be paid in CLNY common stock and membership interests in a subsidiary of CLNY.
- Source: Press Release
- Previously: Colony Financial on the move after agreement to merge with manager (Nov. 5)
Nov. 19, 2014, 7:32 AM
- To be acquired is Cobalt Capital Partners and its portfolio of 256 primarily light industrial assets. The properties are leased to more than 600 tenants and total over 30M square feet across 16 major U.S. markets. The management team is being retained to run the day-to-day operations, and the deal should close before year-end.
- Colony Financial (NYSE:CLNY) has arranged 70% financing, and the portfolio is expected to have an initial NOI yield of 7%, and an initial annual ROE of about 10%.
- Source: Press Release
Nov. 5, 2014, 9:48 AM
- The tie-up will combine the management capabilities of Colony Capital with the holdings of Colony Financial (CLNY +5.7%). "You have a real estate asset manager that is capital-light,” says Sterne Agee's Jason Weaver. “People tend to like that business model, that trades at a higher valuation than the normal REIT, which will throw off a consistent dividend and trade at a REIT-style valuation.”
- There may be more coming, says Weaver: “The fact that they are going to become a huge asset manager with $19B in equity and still maintain the REIT status says to me that this isn’t the only step in the puzzle."
- Weaver this morning upgrades the stock to a Buy.
- Previously: Colony Financial agrees in principle to become self-managed
Nov. 5, 2014, 9:16 AM
- Gainers: CRTO +19%. JIVE +17%. YOD +16%. TTPH +12%. IBIO +11%. AEZS +9%. EXEL +8%. CLNY +7%. ANR +7%. ROYT +7%. EOG +6%. PHMD +6%. NICE +6%. VPCO +6%. ATVI +5%. VG +5%. CTSH +5%. WLT +5%. MACK +5%.
- Losers: CHUY -24%. NUS -22%. FEYE -16%. ZU -14%. TRIP -13%. SSYS -8%. MEMP -7%. NG -6%. ANV -6%. ARIA -6%. AWAY -6%.
Nov. 4, 2014, 5:28 PM
Nov. 4, 2014, 4:55 PM
- Colony Financial (NYSE:CLNY) has reached a non-binding agreement to bring in substantially all of Colony Capital's (CLNY's manager) operation. Consideration is roughly $657.5M to be paid in the form of CLNY units, of which $547.5M would be paid upfront and the remainder contingent upon certain performance and fundraising targets.
- The combined company would be led by Colony Financial's current team of Chairman Thomas Barrack and CEO Richard Saltzman. It is hoped the deal could close by the end of 2015's first half.
- The deal is expected to be accretive, both immediately and into the future.
- Not included in the combo would be Colony Capital's interests in Colony American Homes (NYSE:CAHS), which today announced it will become a self-managed REIT.
- Source: Press release
Nov. 4, 2014, 4:46 PM| Comment!
Aug. 6, 2014, 1:22 PM
- Core earnings of $42M or $0.43 per diluted share vs. $23.6M and $0.36 one year ago. Dividend of $0.36.
- Company either closed on or agreed to about $725M of investments during quarter composed of $432M in ten loan originations, a $277M loan portfolio acquisition, and a $16M real estate equity investment.
- Subsequent to quarter's end, company closed on agreed to about $138M of investments.
- CEO Richard Saltzman notes European deal flow of various types and larger special situations in the U.S. continue to make up the majority of Colony's (CLNY -0.3%) pipeline.
- Colony American Homes now owns about 17.6K homes in 10 states, with the overall portfolio occupancy rate at 78%, up from 70% in Q1.
- Previously: Colony Financial beats by $0.07, misses on revenue
Aug. 5, 2014, 6:56 PM
Aug. 5, 2014, 4:55 PM| Comment!
Jul. 16, 2014, 4:12 PM| Comment!
Jun. 17, 2014, 12:06 PM
- The new single-family rental securitization market is about to get its fifth deal since Blackstone kicked things off in November, with Colony Capital's Colony American Homes planning a $558.5M offering.
- CAH is 25% owned by Colony Financial (CLNY -0.4%) and an IPO could come soon (high interest rates scuttled last year's public offering plans). The deal and attractive terms "further validates single-family rental housing as an institutional asset class,” said CLNY CEO Richard Saltzman.
- This particular deal is backed by 3,727 leased homes in seven states.
- Previously: Colony Financial still aiming for IPO of home rental business
Jun. 13, 2014, 12:55 PM
- Critical mass in limited markets is key to achieving greater economies of scale and American Residential Properties (ARPI +0.7%) - which owns 7K homes in 12 states - owns 1K+ homes in core markets like Phoenix, Houston, Dallas, and Atlanta, and plans to have 500 homes by year-end in five other markets.
- American Homes 4 Rent (AMH +0.1%) started with 49 markets, but has whittled that down to about 30, and Starwood Waypoint (SWAY -0.3%) aims for at least 1K homes in markets where it does business.
- The companies are also investing in technology to aid in things like determining how much to pay for a home to managing maintenance. Starwood has a system tracking 400K neighborhoods to figure out fair prices, and a revenue management system based on traffic and rent prices allowing it to optimize rents.
- Likely IPO candidates: Blackstone's Invitation Homes, with about 43K homes, and Colony Financial's (CLNY +2.7%) Colony American Homes with more than 8K rentals. Reven Housing (RVEN) - with 177 homes mostly in Houston - has filed with the SEC to raise up to $29M and uplist from the pink sheets.
- Related: SilverBay Realty Trust (SBY -0.6%).
CLNY vs. ETF Alternatives
Colony Financial Inc is a diversified commercial real estate & investment management company. It acquires, invests, finances & manages a diversified portfolio of real estate-related debt & equity investments composed of acquired & originated loans.
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