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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)
(310) 282-8820
(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
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:
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• | 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.
COLONY CREDIT REAL ESTATE, INC.
FORM 10-Q
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:
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• | 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; |
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• | our use of leverage could hinder our ability to make distributions and may significantly impact our liquidity position; |
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• | 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; |
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• | 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; |
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• | adverse impacts on our liquidity, including our ability to continue to generate liquidity from sales of legacy, non-strategic assets; |
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• | our ability to liquidate our legacy, non-strategic assets within the projected timeframe or at the projected values; |
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• | the timing of and ability to deploy available capital; |
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• | our ability to maintain or grow the dividend at all in the future; |
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• | the timing of and ability to complete repurchases of our stock; |
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• | our ability to refinance certain mortgage debt on similar terms to those currently existing or at all; |
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• | 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.
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.
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.
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.
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.
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 | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| |