Colony Capital, Inc. (NYSE:CLNY) and subsidiaries (collectively,
“Colony Capital,” or the “Company”) today announced its financial
results for the second quarter ended June 30, 2018 and the
Company’s Board of Directors declared a third quarter 2018 cash
dividend of $0.11 per share of Class A and Class B common
stock.
Second Quarter 2018 Financial Results and Highlights
- Second quarter 2018 net loss
attributable to common stockholders of $(92.8) million, or $(0.19)
per share, and Core FFO of $93.5 million, or $0.18 per share
- The Company’s Board of Directors
declared and paid a second quarter 2018 dividend of $0.11 per share
of Class A and B common stock
- During the second quarter 2018, the
Company raised approximately $1.8 billion of third-party capital
(including amounts related to affiliates) from institutional
clients
- Digital Colony, the Company's digital
real estate infrastructure vehicle established in partnership with
Digital Bridge, raised $932 million during the second quarter 2018
and had an aggregate $3.0 billion of committed capital as of June
30, 2018, inclusive of a $229 million capital commitment by certain
subsidiaries of the Company
- The Company raised $469 million of
third-party capital for its investment in AccorInvest, the property
arm of AccorHotels
- The Company raised $175 million of
third-party capital in the industrial platform
- The Company raised $95 million of
third-party co-investment capital for a Strategic Other Equity and
Debt investment
- The Company completed over $440 million
of Other Equity and Debt asset monetizations, with net equity
proceeds of approximately $295 million
- The Company invested $81 million within
vehicles that earn investment management economics and are
classified as additions to the Strategic Other Equity and Debt
segment
- The Company repurchased approximately
12.5 million shares of its Class A common stock at an average price
of $5.80 per share, or $73 million, resulting in aggregate
year-to-date 2018 repurchases of approximately 54.8 million shares
at an average price of $5.82 per share, or $319 million
- The Company changed its name from
Colony NorthStar, Inc. to Colony Capital, Inc. and its ticker
symbol on the New York Stock Exchange from “CLNS” to “CLNY”
- Subsequent to the second quarter 2018:
- The Company redeemed all of the shares
of its 8.5% Series D cumulative redeemable perpetual preferred
stock for $200 million, resulting in year-to-date preferred stock
redemptions and common stock repurchases of $519 million
- The Company monetized or was under
contract to sell over $500 million of Other Equity and Debt
investments with estimated net equity proceeds of $310 million,
which would bring year-to-date asset monetizations to $1.0 billion
with net equity proceeds of approximately $650 million
- The Company refinanced approximately
$500 million of consolidated debt in the Hospitality Real Estate
segment extending the fully extended maturity date from 2019 to
2025
- As of August 6, 2018, Digital Colony
had an aggregate $3.3 billion of capital commitments, inclusive of
a hard cap limit of $250 million capital commitment by certain
subsidiaries of the Company
- The Company received an additional
commitment of €250 million from a third-party institutional
investor to increase the investment in AccorInvest
- As of August 6, 2018, The Company has
approximately $1.1 billion of liquidity through cash-on-hand and
availability under its revolving credit facility
For more information and a reconciliation of net income/(loss)
to common stockholders to Core FFO, NOI and/or EBITDA, please refer
to the non-GAAP financial measure definitions and tables at the end
of this press release.
“We made significant progress this quarter in growing our
investment management business,” said Richard B. Saltzman,
President and Chief Executive Officer. “With a focus on sector
specific, compelling strategies in various geographies, we raised
approximately $1.8 billion of third-party capital during the
quarter thereby increasing investment management AUM to $28.2
billion and total AUM to $43.0 billion. At the same time,
accelerating sales of non-core assets is helping us achieve our
goals of simplification and becoming more ‘balance
sheet-lite.’”
Second Quarter 2018 Operating Results and Investment Activity
by Segment
Colony Capital holds investment interests in six reportable
segments: Healthcare Real Estate; Industrial Real Estate;
Hospitality Real Estate; CLNC; Other Equity and Debt; and
Investment Management.
Healthcare Real Estate
As of June 30, 2018, the consolidated healthcare portfolio
consisted of 413 properties: 192 senior housing properties, 108
medical office properties, 99 skilled nursing facilities and 14
hospitals. The Company’s equity interest in the consolidated
Healthcare Real Estate segment was approximately 71% as of June 30,
2018. The healthcare portfolio earns rental and escalation income
from leasing space to various healthcare tenants and operators. The
leases are for fixed terms of varying length and generally provide
for rent and expense reimbursements to be paid in monthly
installments. The healthcare portfolio also generates operating
income from healthcare properties operated through management
agreements with independent third-party operators, predominantly
through structures permitted by the REIT Investment Diversification
and Empowerment Act of 2007 (“RIDEA”).
During the second quarter 2018, this segment’s net loss
attributable to common stockholders was $(14.4) million, Core FFO
was $18.6 million and consolidated NOI was $73.9 million. In the
second quarter 2018, healthcare same store portfolio sequential
quarter to quarter comparable revenue decreased (0.8)% and net
operating income decreased (0.9)%. Compared to the same period last
year, second quarter 2018 same store revenue decreased (3.8)% and
net operating income decreased (0.2)%. The revenue decrease was
primarily attributable to one operator/tenant transitioning from
RIDEA to a triple-net lease structure. As a result, the Company no
longer records gross revenues and certain expenses for such
properties and now records net rental revenue which is lower than
the gross revenues under a RIDEA structure, but similar to the net
profits of the RIDEA structure. The healthcare same store portfolio
is defined as properties in operation throughout the full periods
presented under the comparison and included 413 properties in the
sequential quarter to quarter and year to year comparisons.
Properties acquired, disposed or held for sale during these periods
are excluded for the same store portfolio and same store results
exclude termination fee revenue and certain non-recurring bad debt
expense.
The following table presents NOI and certain operating metrics
by property types in the Company’s Healthcare Real Estate
segment:
Consolidated CLNY OP Same Store NOI Share
NOI(1) Consolidated NOI(2) Occupancy %(3) TTM Lease
Coverage(4) ($ In millions) Q2 2018 Q2 2018 Q2 2018 Q1 2018
Q2 2018 Q1 2018 3/31/18 12/31/17 Senior Housing -
Operating $ 16.8 $ 11.9 $ 17.4 $ 17.5 86.8 % 86.4 % N/A N/A Medical
Office Buildings 13.7 9.7 13.7 13.3 82.6 % 83.2 % N/A N/A
Triple-Net Lease: Senior Housing 14.5 10.3 15.5 15.5 82.3 % 83.2 %
1.4x 1.4x Skilled Nursing Facilities 24.1 17.1 26.0 26.9 82.2 %
82.7 % 1.2x 1.2x Hospitals 4.8 3.4 4.8
4.9 59.6 % 55.3 % 3.3x 3.5x Healthcare Total $ 73.9 $ 52.4 $ 77.4 $
78.1 ___________________________________________________ (1)
CLNY OP Share NOI represents second quarter 2018 Consolidated NOI
multiplied by CLNY OP’s ownership interest as of June 30, 2018. (2)
Same Store Consolidated NOI excludes $3.2 million of termination
fee revenue in Q1 2018 and excludes $3.6 million of non-recurring
bad debt expense in Q2 2018. (3) Occupancy % for Senior Housing -
Operating represents average during the presented quarter, MOB’s is
as of last day in the quarter and for other types represents
average during the prior quarter. (4) Represents the ratio of the
tenant’s/operator’s EBITDAR to cash rent payable to the Company’s
Healthcare Real Estate segment on a trailing twelve month basis.
Industrial Real Estate
As of June 30, 2018, the consolidated industrial portfolio
consisted of 392 primarily light industrial buildings totaling 47.5
million rentable square feet across 20 major U.S. markets and was
93% leased. During the second quarter 2018, the Company raised $175
million of new third-party capital. As a result, the Company’s
equity interest in the consolidated Industrial Real Estate segment
decreased to approximately 37% as of June 30, 2018 from 40% as of
March 31, 2018. Total third-party capital commitments were
approximately $1.4 billion compared to cumulative balance sheet
contributions of $749 million as of June 30, 2018. The Company
continues to own a 100% interest in the related operating platform.
The Industrial Real Estate segment is comprised of and primarily
invests in light industrial properties in infill locations in major
U.S. metropolitan markets generally targeting multi-tenanted
warehouses less than 250,000 square feet.
During the second quarter 2018, this segment’s net income
attributable to common stockholders was $0.8 million, Core FFO was
$14.2 million and consolidated NOI was $49.1 million. In the second
quarter 2018, industrial same store portfolio sequential quarter to
quarter comparable rental revenue increased 0.2% and net operating
income increased 1.0%. Compared to the same period last year,
second quarter 2018 same store rental revenue increased 2.0% and
net operating income increased 3.8%. The Company’s industrial same
store portfolio consisted of 304 buildings. The same store
portfolio is defined once a year at the beginning of the current
calendar year and includes buildings that were owned, stabilized
and held-for-use throughout the entirety of both the current and
prior calendar years. Properties acquired, disposed or
held-for-sale after the same store portfolio is determined are
excluded. Stabilized properties are defined as properties owned for
more than one year or are greater than 90% leased. Same store NOI
excludes lease termination fee revenue.
The following table presents NOI and certain operating metrics
in the Company’s Industrial Real Estate segment:
Consolidated CLNY OP Same Store NOI Share NOI
(1) Consolidated NOI Leased %(2) ($ In millions) Q2 2018 Q2
2018 Q2 2018 Q1 2018 Q2 2018 Q1 2018 Industrial $
49.1 $ 18.3 $ 35.5 $ 35.1 93.9 % 95.1 %
___________________________________________________ (1) CLNY
OP Share NOI represents second quarter 2018 Consolidated NOI
multiplied by CLNY OP’s ownership interest as of June 30, 2018. (2)
Leased % represents the last day of the presented quarter.
Asset Acquisitions, Dispositions and
Financing
During the second quarter 2018, the consolidated industrial
portfolio acquired 15 industrial buildings totaling approximately
1.9 million square feet and land for development for approximately
$258 million and disposed of one non-core building totaling
approximately 0.1 million square feet for approximately $3
million.
Subsequent to the second quarter 2018, the consolidated
industrial portfolio acquired five industrial buildings totaling
approximately 0.5 million square feet for approximately $43
million.
During the second quarter 2018, the consolidated industrial
portfolio closed on a $60 million fixed rate loan with an interest
rate of 4.21% and term of 15 years; and increased the capacity of
its line of credit from $200 million to $400 million.
Hospitality Real Estate
As of June 30, 2018, the consolidated hospitality portfolio
consisted of 167 properties: 97 select service properties, 66
extended stay properties and 4 full service properties. The
Company’s equity interest in the consolidated Hospitality Real
Estate segment was approximately 94% as of June 30, 2018. The
hospitality portfolio consists primarily of premium branded select
service hotels and extended stay hotels located mostly in major
metropolitan markets, of which a majority are affiliated with top
hotel brands. The select service hospitality portfolio, referred to
as the THL Hotel Portfolio, which the Company acquired through
consensual transfer during the third quarter 2017, is not included
in the Hospitality Real Estate segment and is included in the Other
Equity and Debt segment.
During the second quarter 2018, this segment’s net income
attributable to common stockholders was $5.8 million, Core FFO was
$43.2 million and consolidated EBITDA was $86.0 million. Compared
to the same period last year, second quarter 2018 hospitality same
store portfolio revenue increased 3.5% and EBITDA increased 5.2%,
primarily due to higher occupancy and average daily rates driven by
stronger corporate demand and uplift from recent renovations. The
Company’s hotels typically experience seasonal variations in
occupancy which may cause quarterly fluctuations in revenues and
therefore sequential quarter to quarter revenue and EBITDA result
comparisons are not meaningful. The hospitality same store
portfolio is defined as hotels in operation throughout the full
periods presented under the comparison and included 167 hotels in
the year to year comparison.
Asset Financing
Subsequent to the second quarter 2018, the Company refinanced
approximately $500 million of consolidated and CLNY OP share of
debt in the Hospitality Real Estate segment, extending the fully
extended maturity date from 2019 to 2025. As a result, the earliest
fully extended maturity in the hospitality portfolio is 2020 and
the weighted average remaining years to fully extended maturity is
4.3 years.
The following table presents EBITDA and certain operating
metrics by brands in the Company’s Hospitality Real Estate
segment:
Same Store Consolidated CLNY OP Share
Avg. Daily Rate RevPAR(3) EBITDA (1)
EBITDA(2)
ConsolidatedEBITDA
Occupancy %(4) (In dollars)(4) (In dollars)(4) ($ In millions) Q2
2018 Q2 2018 Q2 2018 Q2 2017 Q2 2018 Q2 2017 Q2 2018
Q2 2017 Q2 2018 Q2 2017 Marriott $ 66.3 $ 62.5 $ 66.3
$ 62.8 78.3 % 77.0 % $ 131 $ 129 $ 102 $ 99 Hilton 14.8 14.0 14.8
13.9 83.9 % 82.0 % 135 131 113 107 Other 4.9 4.6
4.9 5.0 86.3 % 84.2 % 138 139
119 117 Total/W.A. $ 86.0 $ 81.1 $ 86.0 $ 81.7 79.6 % 78.2 %
$ 132 $ 130 $ 105 $ 102
___________________________________________________ (1) Q2
2018 Consolidated EBITDA excludes a FF&E reserve contribution
amount of $10.0 million. (2) CLNY OP Share EBITDA represents second
quarter 2018 Consolidated EBITDA multiplied by CLNY OP’s ownership
interest as of June 30, 2018. (3) RevPAR, or revenue per available
room, represents a hotel's total guestroom revenue divided by the
room count and the number of days in the period being measured. (4)
For each metric, data represents average during the presented
quarter.
Colony Credit Real Estate, Inc.
(“CLNC”)
On February 1, 2018, Colony Credit Real Estate, Inc., a leading
commercial real estate credit REIT, announced the completion of the
combination of a select portfolio of the Company’s assets and
liabilities from the Other Equity and Debt segment with NorthStar
Real Estate Income Trust, Inc. (“NorthStar I”) and NorthStar Real
Estate Income II, Inc. (“NorthStar II”) in an all-stock
transaction. In connection with the closing, CLNC completed the
listing of its Class A common stock on the New York Stock Exchange
under the ticker symbol “CLNC.” The combination created a permanent
capital vehicle, externally managed by the Company, with
approximately $4.9 billion in assets, excluding securitization
trust liabilities, and $3.1 billion in equity value as of June 30,
2018. The Company owns 48.0 million shares, or 37%, of CLNC and
earns an annual base management fee of 1.5% on stockholders’ equity
and an incentive fee of 20% of CLNC’s Core Earnings over a 7%
hurdle rate. During the second quarter 2018, this segment’s net
income attributable to common stockholders was $5.1 million and
Core FFO was $14.8 million. Please refer to the CLNC's earnings
release and financial supplemental furnished on Form 8-K filed with
the SEC and its Quarterly Report on Form 10-Q to be filed with the
SEC for additional detail.
Other Equity and Debt
The Company owns a diversified group of strategic and
non-strategic real estate and real estate-related debt and equity
investments. Strategic investments include our 11% interest in
NorthStar Realty Europe Corp. (NYSE: NRE) and other investments for
which the Company acts as a general partner or manager (“GP
Co-Investments”) and receives various forms of investment
management economics on the related third-party capital.
Non-strategic investments are composed of those investments the
Company does not intend to own for the long term including net
leased assets; real estate loans; other real estate equity
including the THL Hotel Portfolio and the Company’s interest in
Albertsons; limited partnership interests in third-party sponsored
real estate private equity funds; and multiple classes of
commercial real estate (“CRE”) securities. During the second
quarter 2018, this segment’s aggregate net income attributable to
common stockholders was $31.3 million and Core FFO was $47.8
million.
Other Equity and Debt Segment Asset
Acquisitions and Dispositions
During the second quarter 2018, the Company invested
approximately $81 million in various strategic investments. During
the second quarter 2018, the Company sold or received payoffs in
aggregate of over $440 million with net equity proceeds of
approximately $295 million from various other real estate debt and
equity investments, including $105 million from the Other Real
Estate Equity category; $115 million from the Real Estate Debt
category; and $75 million in the Real Estate Private Equity and
Securities category.
Subsequent to the second quarter 2018, the Company monetized or
was under contract to sell over $500 million of investments with
estimated net equity proceeds of $310 million, including $122
million from the Net Lease Real Estate Equity category and $133
million from the Real Estate Private Equity category, resulting in
year-to-date Other Equity and Debt asset monetizations of $1.0
billion with net equity proceeds of $650 million.
As of June 30, 2018, the undepreciated carrying value of assets
and equity within the Other Equity and Debt segment were $3.8
billion and $2.4 billion, respectively, down from $4.3 billion and
$2.7 billion, respectively, as of March 31, 2018.
CLNY OP Share Undepreciated Carrying Value June 30, 2018
March 31, 2018 ($ In millions) Assets Equity Assets
Equity
Strategic:
GP co-investments $ 701 $ 422 $ 665 $ 400 Interest in NRE 75
75 74 74
Strategic Subtotal 776 497 739
474
Non-Strategic:
Other Real Estate Equity & Albertsons 1,749 968 2,039 1,104
Real Estate Debt 443 419 660 615 Net Lease Real Estate Equity 585
250 583 239 Real Estate Private Equity Funds and CRE Securities
221 221 304 304
Non-Strategic
Subtotal 2,998 1,858 3,586 2,262
Total Other Equity and Debt $ 3,774 $ 2,355 $ 4,325 $ 2,736
Investment Management
The Company’s Investment Management segment includes the
business and operations of managing capital on behalf of
third-party investors through closed and open-end private funds,
non-traded and traded real estate investment trusts and registered
investment companies. As of June 30, 2018, the Company had $28.2
billion of third-party AUM compared to $27.5 billion as of March
31, 2018. The increase was primarily attributable to capital raised
in Digital Colony, the industrial platform, the Company's share of
AccorInvest, and another Strategic Other Equity and Debt
investment, partially offset by asset sales. As of June 30, 2018,
Fee-Earning Equity Under Management (“FEEUM”) was $17.1 billion
compared to $16.2 billion as of March 31, 2018. During the second
quarter 2018, this segment’s aggregate net loss attributable to
common stockholders was $(47.1) million and Core FFO was $34.1
million. During the second quarter 2018, this segment’s net loss
included a $60 million writeoff of an intangible asset related to
the NorthStar trade name as a result of the name change of the
Company from Colony NorthStar, Inc. to Colony Capital, Inc. and $13
million of impairments to interests in non-wholly owned Real Estate
Investment Management platforms. These intangible asset writeoffs
and impairments are added back to Core FFO, which also included
approximately $2 million of unrealized carried interest from the
industrial platform.
Digital Real Estate
Infrastructure
During the second quarter 2018, Digital Colony raised $932
million and had an aggregate $3.0 billion of committed capital as
of June 30, 2018, inclusive of a $229 million capital commitment by
certain subsidiaries of the Company.
As of August 6, 2018, Digital Colony had an aggregate $3.3
billion of capital commitments, inclusive of a hard cap limit of
$250 million capital commitment by certain subsidiaries of the
Company.
Combination of S2K Financial and NorthStar
Securities
During the second quarter 2018, the Company completed the
previously announced combination of S2K Financial Holdings, LLC
with the Company’s broker-dealer, NorthStar Securities, creating a
new company known as Colony S2K Holdings LLC (“Colony S2K”).
Assets Under Management (“AUM”)
As of June 30, 2018 and March 31, 2018, the Company had $43
billion of AUM:
June 30, 2018 March 31, 2018 ($ In billions) Amount
% ofGrand Total
Amount
% ofGrand Total
Balance Sheet (CLNY OP Share): Healthcare $ 4.1 9.4 % $ 4.1
9.5 % Industrial 1.2 2.8 % 1.3 3.0 % Hospitality 3.9 9.1 % 3.9 9.3
% Other Equity and Debt 3.8 8.8 % 4.3 10.0 % CLNC: Investments
contributed to CLNC(1) 1.8 4.2 % 1.8 4.2 % Balance
Sheet Subtotal 14.8 34.3 % 15.4 36.0 % Investment
Management: Institutional Funds 10.0 23.3 % 9.8 22.8 % Retail
Companies 3.6 8.4 % 3.7 8.6 % Colony Credit Real Estate
(NYSE:CLNC)(2) 3.1 7.2 % 3.1 7.2 % NorthStar Realty Europe
(NYSE:NRE) 2.1 4.9 % 2.2 5.1 % Non-Wholly Owned REIM Platforms(3)
9.4 21.9 % 8.7 20.3 % Investment Management Subtotal
28.2 65.7 % 27.5 64.0 % Grand Total $
43.0 100.0 % $ 42.9 100.0 %
___________________________________________________ (1)
Represents the Company’s 37% ownership share of CLNC’s total
pro-rata share of assets, excluding securitization trust
liabilities, of $4.9 billion and $4.9 billion as of June 30, 2018
and March 31, 2018, respectively. (2) Represents 3rd party 63%
ownership share of CLNC’s total pro-rata share of assets, excluding
securitization trust liabilities, of $4.9 billion and $4.9 billion
as of June 30, 2018 and March 31, 2018, respectively. (3) REIM:
Real Estate Investment Management
Liquidity and Financing
As of August 6, 2018, the Company had approximately $1.1 billion
of liquidity through cash-on-hand and availability under its
revolving credit facility.
On July 2, 2018, the Company redeemed all of the shares of its
8.5% Series D cumulative redeemable perpetual preferred stock for
$200 million.
Common Stock and Operating Company Units
As of August 6, 2018, the Company had approximately 490.5
million shares of Class A and B common stock outstanding and the
Company’s operating partnership had approximately 30.4 million
operating company units outstanding held by members other than the
Company or its subsidiaries.
During the second quarter 2018, the Company repurchased
approximately 12.5 million shares of its Class A common stock at an
average price of $5.80 per share, or $73 million, resulting in
aggregate year-to-date 2018 repurchases of approximately 54.8
million shares at an average price of $5.82 per share, or $319
million.
In May 2018, the Company's Board of Directors authorized the
repurchase of up to an additional $300 million of its outstanding
Class A common stock. This program is in addition to the $300
million share repurchase program the Company announced in February
2018, which was completed in the second quarter 2018. The May 2018
repurchase program will expire in 12 months from the authorization
date, unless otherwise extended by the Company’s Board of
Directors, and as of August 6, 2018, $282 million remained.
Common and Preferred Dividends
On May 8, 2018, the Company’s Board of Directors declared a
quarterly cash dividend of $0.11 per share of Class A and Class B
common stock for the second quarter of 2018, which was paid on July
16, 2018 to respective stockholders of record on June 29, 2018. The
Board of Directors also declared cash dividends with respect to
each series of the Company’s cumulative redeemable perpetual
preferred stock each in accordance with terms of such series as
follows: (i) with respect to each of the Series B stock - $0.515625
per share and Series E stock - $0.546875 per share, such dividends
to be paid on August 15, 2018 to the respective stockholders of
record on August 10, 2018 and (ii) with respect to each of the
Series G stock - $0.46875 per share, Series H stock - $0.4453125
per share, Series I stock - $0.446875 per share and Series J stock
- $0.4453125 per share, such dividends were paid on July 16, 2018
to the respective stockholders of record on July 10, 2018. The
Company redeemed in its entirety the outstanding Series D
cumulative redeemable perpetual preferred stock and paid all
accrued cash dividends, in accordance of the terms of the
redemption, related to the Series D cumulative redeemable perpetual
preferred stock on July 2, 2018.
On August 2, 2018, the Company’s Board of Directors declared a
quarterly cash dividend of $0.11 per share of Class A and Class B
common stock for the third quarter of 2018, which will be paid on
October 15, 2018 to respective stockholders of record on September
28, 2018. The Board of Directors also declared cash dividends with
respect to each series of the Company’s cumulative redeemable
perpetual preferred stock each in accordance with terms of such
series as follows: (i) with respect to each of the Series B stock -
$0.515625 per share and Series E stock - $0.546875 per share, such
dividends to be paid on November 15, 2018 to the respective
stockholders of record on November 9, 2018 and (ii) with respect to
each of the Series G stock - $0.46875 per share, Series H stock -
$0.4453125 per share, Series I stock - $0.446875 per share and
Series J stock - $0.4453125 per share, such dividends to be paid on
October 15, 2018 to the respective stockholders of record on
October 10, 2018.
Contingent Consideration
As part of the internalization transaction of Colony Capital,
LLC in April 2015, the purchase price was allocated between upfront
consideration and contingent consideration. The contingent
consideration was based on the achievement of three performance
targets measured over a two to three year period including 1)
cumulative earnings through June 30, 2018, 2) cumulative non-real
estate fundraising through June 30, 2017 and 3) cumulative real
estate fundraising through June 30, 2018. As of June 30, 2018, only
the cumulative real estate fundraising target was met and, as a
result, the Company expects to issue approximately 2.0 million
common shares and operating company units with an estimated value
of $12.5 million to senior management personnel. This represents
approximately 12% of the maximum original value of the total
contingent consideration. In addition, approximately $6.4 million
in cumulative accrued and escrowed dividends payable on the
contingent consideration shares and units will be paid to senior
management personnel.
Non-GAAP Financial Measures and Definitions
Assets Under Management
(“AUM”)
Assets for which the Company and its affiliates provide
investment management services, including assets for which the
Company may or may not charge management fees and/or performance
allocations. AUM is based on reported gross undepreciated carrying
value of managed investments as reported by each underlying vehicle
at June 30, 2018. AUM further includes a) uncalled capital
commitments and b) includes the Company’s pro-rata share of each
affiliate non wholly-owned real estate investment management
platform’s assets as presented and calculated by the affiliate.
Affiliates include the co-sponsored digital real estate
infrastructure vehicle, RXR Realty LLC, SteelWave, LLC, American
Healthcare Investors and Hamburg Trust. The Company's calculations
of AUM may differ materially from the calculations of other asset
managers, and as a result, this measure may not be comparable to
similar measures presented by other asset managers.
CLNY OP
The operating partnership through which the Company conducts all
of its activities and holds substantially all of its assets and
liabilities. CLNY OP share excludes noncontrolling interests in
investment entities.
Fee-Earning Equity Under Management
(“FEEUM”)
Equity for which the Company and its affiliates provides
investment management services and derives management fees and/or
performance allocations. FEEUM generally represents a) the basis
used to derive fees, which may be based on invested equity,
stockholders’ equity, or fair value pursuant to the terms of each
underlying investment management agreement and b) the Company’s
pro-rata share of fee bearing equity of each affiliate as presented
and calculated by the affiliate. Affiliates include the
co-sponsored digital real estate infrastructure vehicle, RXR Realty
LLC, SteelWave, LLC, American Healthcare Investors and Hamburg
Trust. The Company's calculations of FEEUM may differ materially
from the calculations of other asset managers, and as a result,
this measure may not be comparable to similar measures presented by
other asset managers.
Funds From Operations (“FFO”) and Core
Funds From Operations (“Core FFO”)
The Company calculates funds from operations (“FFO”) in
accordance with standards established by the Board of Governors of
the National Association of Real Estate Investment Trusts, which
defines FFO as net income or loss calculated in accordance with
GAAP, excluding extraordinary items, as defined by GAAP, gains and
losses from sales of depreciable real estate and impairment
write-downs associated with depreciable real estate, plus real
estate-related depreciation and amortization, and after similar
adjustments for unconsolidated partnerships and joint ventures.
Included in FFO are gains and losses from sales of assets which are
not depreciable real estate such as loans receivable, investments
in unconsolidated joint ventures as well as investments in debt and
other equity securities, as applicable.
The Company computes core funds from operations (“Core FFO”) by
adjusting FFO for the following items, including the Company’s
share of these items recognized by its unconsolidated partnerships
and joint ventures: (i) gains and losses from sales of depreciable
real estate within the Other Equity and Debt segment, net of
depreciation, amortization and impairment previously adjusted for
FFO; (ii) gains and losses from sales of businesses within the
Investment Management segment and impairment write-downs associated
with the Investment Management segment; (iii) equity-based
compensation expense; (iv) effects of straight-line rent revenue
and expense; (v) amortization of acquired above- and below-market
lease values; (vi) amortization of deferred financing costs and
debt premiums and discounts; (vii) unrealized fair value gains or
losses and foreign currency remeasurements; (viii)
acquisition-related expenses, merger and integration costs; (ix)
amortization and impairment of finite-lived intangibles related to
investment management contracts and customer relationships; (x)
gain on remeasurement of consolidated investment entities and the
effect of amortization thereof; (xi) non-real estate depreciation
and amortization; (xii) change in fair value of contingent
consideration; and (xiii) tax effect on certain of the foregoing
adjustments. Beginning with the first quarter of 2018, the
Company’s Core FFO from its interest in Colony Credit Real Estate
(NYSE: CLNC) and NorthStar Realty Europe (NYSE: NRE) represented
its percentage interest multiplied by CLNC’s Core Earnings and
NRE’s Cash Available for Distribution (“CAD”), respectively. Refer
to CLNC’s and NRE's respective filings with the SEC for the
definition and calculation of Core Earnings and CAD.
FFO and Core FFO should not be considered alternatives to GAAP
net income as indications of operating performance, or to cash
flows from operating activities as measures of liquidity, nor as
indications of the availability of funds for our cash needs,
including funds available to make distributions. FFO and Core FFO
should not be used as supplements to or substitutes for cash flow
from operating activities computed in accordance with GAAP. The
Company’s calculations of FFO and Core FFO may differ from
methodologies utilized by other REITs for similar performance
measurements, and, accordingly, may not be comparable to those of
other REITs.
The Company uses FFO and Core FFO as supplemental performance
measures because, in excluding real estate depreciation and
amortization and gains and losses from property dispositions, it
provides a performance measure that captures trends in occupancy
rates, rental rates, and operating costs. The Company also believes
that, as widely recognized measures of the performance of REITs,
FFO and Core FFO will be used by investors as a basis to compare
its operating performance with that of other REITs. However,
because FFO and Core FFO exclude depreciation and amortization and
capture neither the changes in the value of the Company’s
properties that resulted from use or market conditions nor the
level of capital expenditures and leasing commissions necessary to
maintain the operating performance of its properties, all of which
have real economic effect and could materially impact the Company’s
results from operations, the utility of FFO and Core FFO as
measures of the Company’s performance is limited. FFO and Core FFO
should be considered only as supplements to GAAP net income as a
measure of the Company’s performance.
Net Operating Income (“NOI”) / Earnings
Before Interest, Tax, Depreciation and Amortization
(“EBITDA”)
NOI for healthcare and industrial segments represents total
property and related income less property operating expenses,
adjusted for the effects of (i) straight-line rental income
adjustments; (ii) amortization of acquired above- and below-market
lease adjustments to rental income; and (iii) other items such as
adjustments for the Company’s share of NOI of unconsolidated
ventures.
EBITDA for the hospitality real estate segment represents net
income from continuing operations of that segment excluding the
impact of interest expense, income tax expense or benefit, and
depreciation and amortization.
The Company believes that NOI and EBITDA are useful measures of
operating performance of its respective real estate portfolios as
they are more closely linked to the direct results of operations at
the property level. NOI also reflects actual rents received during
the period after adjusting for the effects of straight-line rents
and amortization of above- and below- market leases; therefore, a
comparison of NOI across periods better reflects the trend in
occupancy rates and rental rates of the Company’s properties.
NOI and EBITDA exclude historical cost depreciation and
amortization, which are based on different useful life estimates
depending on the age of the properties, as well as adjust for the
effects of real estate impairment and gains or losses on sales of
depreciated properties, which eliminate differences arising from
investment and disposition decisions. This allows for comparability
of operating performance of the Company’s properties period over
period and also against the results of other equity REITs in the
same sectors. Additionally, by excluding corporate level expenses
or benefits such as interest expense, any gain or loss on early
extinguishment of debt and income taxes, which are incurred by the
parent entity and are not directly linked to the operating
performance of the Company’s properties, NOI and EBITDA provide a
measure of operating performance independent of the Company’s
capital structure and indebtedness.
However, the exclusion of these items as well as others, such as
capital expenditures and leasing costs, which are necessary to
maintain the operating performance of the Company’s properties, and
transaction costs and administrative costs, may limit the
usefulness of NOI and EBITDA. NOI may fail to capture significant
trends in these components of U.S. GAAP net income (loss) which
further limits its usefulness.
NOI should not be considered as an alternative to net income
(loss), determined in accordance with U.S. GAAP, as an indicator of
operating performance. In addition, the Company’s methodology for
calculating NOI involves subjective judgment and discretion and may
differ from the methodologies used by other comparable companies,
including other REITs, when calculating the same or similar
supplemental financial measures and may not be comparable with
other companies.
Earnings Before Interest, Tax,
Depreciation, Amortization and Rent (“EBITDAR”)
Represents earnings before interest, taxes, depreciation,
amortization and rent for facilities accruing to the
tenant/operator of the property (not the Company) for the period
presented. The Company uses EBITDAR in determining TTM Lease
Coverage for triple-net lease properties in its Healthcare Real
Estate segment. EBITDAR has limitations as an analytical tool.
EBITDAR does not reflect historical cash expenditures or future
cash requirements for facility capital expenditures or contractual
commitments. In addition, EBITDAR does not represent a property's
net income or cash flow from operations and should not be
considered an alternative to those indicators. The Company utilizes
EBITDAR as a supplemental measure of the ability of the Company's
operators/tenants to generate sufficient liquidity to meet related
obligations to the Company.
TTM Lease Coverage
Represents the ratio of EBITDAR to recognized cash rent for
owned facilities on a trailing twelve month basis. TTM Lease
Coverage is a supplemental measure of a tenant’s/operator’s ability
to meet their cash rent obligations to the Company. However, its
usefulness is limited by, among other things, the same factors that
limit the usefulness of EBITDAR.
The information related to the Company’s tenants/operators that
is provided in this press release has been provided by, or derived
from information provided by, such tenants/operators. The Company
has not independently verified this information and has no reason
to believe that such information is inaccurate in any material
respect. The Company is providing this data for informational
purposes only.
Second Quarter 2018 Conference Call
The Company will conduct a conference call to discuss the
financial results on Wednesday, August 8, 2018 at 7:00 a.m. PT /
10:00 a.m. ET. To participate in the event by telephone, please
dial (877) 407-4018 ten minutes prior to the start time (to allow
time for registration). International callers should dial (201)
689-8471. The call will also be broadcast live over the Internet
and can be accessed on the Public Shareholders section of the
Company’s website at www.clny.com. A webcast of the call will be
available for 90 days on the Company’s website.
For those unable to participate during the live call, a replay
will be available starting August 8, 2018, at 10:00 a.m. PT / 1:00
p.m. ET, through August 15, 2018, at 8:59 p.m. PT / 11:59 p.m. ET.
To access the replay, dial (844) 512-2921 (U.S.), and use passcode
13681028. International callers should dial (412) 317-6671 and
enter the same conference ID number.
Supplemental Financial Report
A Second Quarter 2018 Supplemental Financial Report is available
on the Company’s website at www.clny.com. This information has also
been furnished to the U.S. Securities and Exchange Commission in a
Current Report on Form 8-K.
About Colony Capital, Inc.
Colony Capital, Inc. (NYSE: CLNY) is a leading global investment
management firm with assets under management of $43 billion. The
Company manages capital on behalf of its stockholders, as well as
institutional and retail investors in private funds, non-traded and
traded real estate investment trusts and registered investment
companies. Colony Capital has significant holdings in: (a) the
healthcare, industrial and hospitality property sectors; (b) Colony
Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe
Corp. (NYSE: NRE), which are both externally managed by
subsidiaries of Colony Capital; and (c) various other equity and
debt investments. Colony Capital is headquartered in Los Angeles
with over 400 employees in offices located across 19 cities in ten
countries. For additional information regarding the Company and its
management and business, please refer to www.clny.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release 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. You can also identify forward-looking
statements by discussions of strategy, plans or intentions.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and contingencies, many of which are
beyond the Company’s control, and may cause the Company’s actual
results to differ significantly from those expressed in any
forward-looking statement. Factors that might cause such a
difference include, without limitation, our failure to achieve
anticipated synergies in and benefits of the completed merger among
NorthStar Asset Management Group Inc., Colony Capital, Inc. and
NorthStar Realty Finance Corp., the impact of changes to
organizational structure and employee composition, the timing and
pace of growth of the Company's Industrial platform, the
performance of the Company’s investment in Colony Credit Real
Estate, Inc., our ability to create future permanent capital
vehicles under our management, whether the Company will realize any
anticipated benefits from the Digital Bridge partnership, the
Company’s ability to simplify its business and become more balance
sheet-lite, including with a focus on sector specific, compelling
strategies in various geographies, the Company's portfolio
composition, Colony Capital’s liquidity, including its ability to
generate liquidity by more accelerated sales of non-core assets and
businesses, whether the Company will complete or sponsor any
compelling investment opportunities under a predominantly
third-party capital model, the Company's ability to grow its
investment management business, the Company's expected taxable
income and net cash flows, excluding the contribution of gains, our
ability to grow the dividend at all in the future; the impact to
the Company of the management agreement amendments with NorthStar
Healthcare Income, Inc. and NorthStar Realty Europe Corp., whether
Colony Capital will be able to maintain its qualification as a REIT
for U.S. federal income tax purposes, the timing of and ability to
deploy available capital, the timing of and ability to complete
repurchases of Colony Capital’s stock, Colony Capital’s ability to
maintain inclusion and relative performance on the RMZ, Colony
Capital’s leverage, including the Company’s ability to reduce debt
and the timing and amount of borrowings under its credit facility,
whether the Company will benefit from the combination of its
broker-dealer business with S2K Financial, increased interest rates
and operating costs, adverse economic or real estate developments
in Colony Capital’s markets, Colony Capital’s failure to
successfully operate or lease acquired properties, decreased rental
rates, increased vacancy rates or failure to renew or replace
expiring leases, defaults on or non-renewal of leases by tenants,
the impact of economic conditions on the borrowers of Colony
Capital’s commercial real estate debt investments and the
commercial mortgage loans underlying its commercial mortgage backed
securities, adverse general and local economic conditions, an
unfavorable capital market environment, decreased leasing activity
or lease renewals, and other risks and uncertainties detailed in
our filings with the U.S. Securities and Exchange Commission
(“SEC”). All forward-looking statements reflect the Company’s good
faith beliefs, assumptions and expectations, but they are not
guarantees of future performance. Additional information about
these and other factors can be found in Colony Capital’s reports
filed from time to time with the SEC.
Colony Capital cautions investors not to unduly rely on any
forward-looking statements. The forward-looking statements speak
only as of the date of this press release. Colony Capital is under
no duty to update any of these forward-looking statements after the
date of this press release, nor to conform prior statements to
actual results or revised expectations, and Colony Capital does not
intend to do so.
COLONY CAPITAL, INC. CONSOLIDATED BALANCE
SHEETS (In thousands, except per share data)
June 30, 2018(unaudited)
December 31, 2017 Assets Cash and cash
equivalents $ 480,230 $ 921,822 Restricted cash 398,981 471,078
Real estate, net 14,254,108 14,464,258 Loans receivable, net ($0
and $45,423 at fair value, respectively) 1,791,889 3,223,762
Investments in unconsolidated ventures ($217,098 and $363,901 at
fair value, respectively) 2,491,342 1,655,239 Securities, at fair
value 144,421 383,942 Goodwill 1,534,561 1,534,561 Deferred leasing
costs and intangible assets, net 610,853 852,872 Assets held for
sale ($52,123 and $49,498 at fair value, respectively) 637,802
781,630 Other assets ($25,206 and $10,150 at fair value,
respectively) 431,222 444,968 Due from affiliates 44,308
51,518
Total assets $ 22,819,717
$ 24,785,650
Liabilities Debt, net ($0 and $44,542 at
fair value, respectively) $ 9,994,115 $ 10,827,810 Accrued and
other liabilities ($110,513 and $212,267 at fair value,
respectively) 679,658 898,161 Intangible liabilities, net 173,702
191,109 Liabilities related to assets held for sale 256,477 273,298
Due to affiliates ($0 and $20,650 at fair value, respectively)
9,383 23,534 Dividends and distributions payable 86,656 188,202
Preferred stock redemptions payable 200,000 —
Total liabilities 11,399,991
12,402,114 Commitments and contingencies
Redeemable
noncontrolling interests 33,523 34,144
Equity
Stockholders’ equity: Preferred stock, $0.01 par value per share;
$1,436,605 and $1,636,605 liquidation preference, respectively;
250,000 shares authorized; 57,464 and 65,464 shares issued and
outstanding, respectively 1,407,495 1,606,966 Common stock, $0.01
par value per share Class A, 949,000 shares authorized; 489,764 and
542,599 shares issued and outstanding, respectively 4,898 5,426
Class B, 1,000 shares authorized; 708 and 736 shares issued and
outstanding, respectively 7 7 Additional paid-in capital 7,616,918
7,913,622 Distributions in excess of earnings (1,443,717 )
(1,165,412 ) Accumulated other comprehensive income 23,930
47,316 Total stockholders’ equity 7,609,531
8,407,925 Noncontrolling interests in investment entities 3,393,981
3,539,072 Noncontrolling interests in Operating Company
382,691 402,395 Total equity 11,386,203
12,349,392
Total liabilities, redeemable
noncontrolling interests and equity $ 22,819,717 $
24,785,650
COLONY CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share data) (unaudited)
Three Months Ended June 30, 2018 2017
Revenues Property operating income $ 590,638 $ 500,531
Interest income 44,183 111,263 Fee income 39,924 54,319 Other
income 14,854 13,259
Total
revenues 689,599 679,372
Expenses Property operating expense 320,674 253,717 Interest
expense 153,309 140,260 Investment, servicing and commission
expense 25,951 13,740 Transaction costs 2,641 2,440 Depreciation
and amortization 137,896 153,111 Provision for loan loss 13,933
1,067 Impairment loss 69,834 12,761 Compensation expense 55,159
80,759 Administrative expenses 25,790 30,145
Total expenses 805,187 688,000
Other income (loss) Gain on sale of real estate
assets 42,702 15,190 Other gain (loss), net 28,798 (23,850 )
Earnings from investments in unconsolidated ventures 1,875
122,394
Income (loss) before income
taxes (42,213 ) 105,106 Income tax benefit 584
86
Net income (loss) from continuing
operations (41,629 ) 105,192 Loss from discontinued operations
(219 ) —
Net income (loss) (41,848 )
105,192 Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests 1,873 720 Investment entities
27,420 23,800 Operating Company (5,728 ) 2,330
Net income (loss) attributable to Colony Capital, Inc.
(65,413 ) 78,342 Preferred stock redemption (3,995 ) 5,448
Preferred stock dividends 31,388 34,339
Net income (loss) attributable to common stockholders $
(92,806 ) $ 38,555
Basic earnings (loss) per share
Income (loss) from continuing operations per basic common share $
(0.19 ) $ 0.07 Net income (loss) per basic common share $
(0.19 ) $ 0.07
Diluted earnings (loss) per share
Income (loss) from continuing operations per diluted common share $
(0.19 ) $ 0.07 Net income (loss) per diluted common share $
(0.19 ) $ 0.07
Weighted average number of shares
Basic 488,676 544,023 Diluted
488,676 544,023
COLONY
CAPITAL, INC. FUNDS FROM OPERATIONS AND CORE FUNDS FROM
OPERATIONS (In thousands, except per share data)
(Unaudited)
Three Months EndedJune 30,
2018
Net loss attributable to common stockholders $ (92,806 )
Adjustments for FFO attributable to common interests in Operating
Company and common stockholders: Net loss attributable to
noncontrolling common interests in Operating Company (5,728 ) Real
estate depreciation and amortization 140,599 Impairment of real
estate 9,522 Gain from sales of real estate (42,750 ) Less:
Adjustments attributable to noncontrolling interests in investment
entities (29,471 ) FFO attributable to common interests in
Operating Company and common stockholders (20,634 )
Additional adjustments for Core FFO attributable to common
interests in Operating Company and common stockholders: Gains and
losses from sales of depreciable real estate within the Other
Equity and Debt segment, net of depreciation, amortization and
impairment previously adjusted for FFO (1) 29,987 Gains and losses
from sales of businesses within the Investment Management segment
and impairment write-downs associated with the Investment
Management segment 16,437 Equity-based compensation expense 10,033
Straight-line rent revenue and expense (4,489 ) Change in fair
value of contingent consideration 8,750 Amortization of acquired
above- and below-market lease values, net 433 Amortization of
deferred financing costs and debt premiums and discounts 21,634
Unrealized fair value gains and foreign currency remeasurements
(23,971 ) Acquisition and merger-related transaction costs 3,549
Merger integration costs (2) 8,472 Amortization and impairment of
investment management intangibles 66,550 Non-real estate
depreciation and amortization 2,100 Gain on remeasurement of
consolidated investment entities and the effect of amortization
thereof 1,875 Deferred tax benefit, net (1,475 ) Preferred share
redemption gain (3,995 ) Less: Adjustments attributable to
noncontrolling interests in investment entities (21,769 )
Core FFO attributable to common interests in Operating Company and
common stockholders $ 93,487 FFO per common share /
common OP unit (3) $ (0.04 ) FFO per common share / common OP
unit—diluted (4) $ (0.04 ) Core FFO per common share / common OP
unit (3) $ 0.18 Core FFO per common share / common OP
unit—diluted (4) $ 0.18 Weighted average number of common OP
units outstanding used for FFO and Core FFO per common share and OP
unit (3) 525,587 Weighted average number of common OP
units outstanding used for FFO per common share and OP unit—diluted
(3)(4) 525,587 Weighted average number of common OP
units outstanding used for Core FFO per common share and OP
unit—diluted (3)(4) 553,749 __________ (1) Net
of $2.5 million CLNY OP share of depreciation, amortization and
impairment charges previously adjusted to calculate FFO and Core
Earnings, a non-GAAP measure used by Colony Capital, Inc. prior to
its internalization of the manager. (2) Merger integration costs
represent costs and charges incurred during the integration of
Colony, NSAM and NRF. These integration costs are not reflective of
the Company’s core operating performance and the Company does not
expect to incur these costs subsequent to the completion of the
merger integration. The majority of integration costs consist of
severance, employee costs of those separated or scheduled for
separation, system integration and lease terminations. (3)
Calculated based on weighted average shares outstanding including
participating securities and assuming the exchange of all common OP
units outstanding for common shares. (4) For the three months ended
June 30, 2018, included in the calculation of diluted Core FFO per
share is the effect of adding back $4.5 million of interest expense
associated with convertible senior notes, 25.4 million weighted
average dilutive common share equivalents for the assumed
conversion of the convertible senior notes, and 2.1 million
performance stock units, which are subject to both a service
condition and market condition. Such interest expense, weighted
average dilutive common share equivalents, and performance stock
units are excluded for the calculation of diluted FFO as the effect
would be antidilutive.
COLONY CAPTITAL, INC.RECONCILIATION
OF NET INCOME (LOSS) TO NOI/EBITDA
The following tables present: (1) a reconciliation of property
and other related revenues less property operating expenses for
properties in our Healthcare, Industrial, and Hospitality segments
to NOI or EBITDA and (2) a reconciliation of such segments' net
income (loss) for the three months ended June 30, 2018 to NOI or
EBITDA:
NOI and EBITDA were determined as follows:
Three Months Ended June 30, 2018
(In
thousands)
Healthcare Industrial
Hospitality Total revenues $ 145,419 $ 72,477 $ 229,373
Straight-line rent revenue and amortization of above- and
below-market lease intangibles (1,580 ) (2,554 ) (6 ) Interest
income — (62 ) — Other income — — (68 ) Property operating expenses
(1) (69,983 ) (20,483 ) (143,321 ) Compensation expense (1)
— (300 ) — NOI or EBITDA $ 73,856
$ 49,078 $ 85,978 _________ (1) For
healthcare and hospitality, property operating expenses includes
property management fees paid to third parties. For industrial,
there are direct costs of managing the portfolio which are included
in compensation expense.
The following table presents a reconciliation of net income
(loss) from continuing operations of the healthcare, industrial and
hospitality segments to NOI or EBITDA of the respective
segments.
Three Months Ended June 30, 2018
(In
thousands)
Healthcare Industrial
Hospitality Net income (loss) from continuing operations $
(20,080 ) $ 4,668 $ 6,771 Adjustments: Straight-line rent revenue
and amortization of above- and below-market lease intangibles
(1,580 ) (2,554 ) (6 ) Interest income — (62 ) — Interest expense
45,179 10,856 36,494 Transaction, investment and servicing costs
3,110 60 3,546 Depreciation and amortization 38,229 32,482 35,925
Impairment loss 1,982 174 — Compensation and administrative expense
2,196 3,416 1,598 Other (gain) loss, net 4,465 — 162 Other income —
— (68 ) Income tax (benefit) expense 355 38
1,556 NOI or EBITDA $ 73,856 $ 49,078
$ 85,978
The following table summarizes Q2 2018 net income (loss) from
continuing operations by segment:
(In
thousands)
Net income (Loss)From
ContinuingOperations
Healthcare $ (20,080 ) Industrial 4,668 Hospitality 6,771 CLNC
5,413 Other Equity and Debt 61,853 Investment Management (48,700 )
Amounts Not Allocated to Segments (51,554 ) Total
Consolidated $ (41,629 )
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180808005222/en/
Investor Contacts:Colony Capital, Inc.Darren J.
TangenExecutive Vice President and Chief Financial
Officer310-552-7230orAddo Investor RelationsLasse
Glassen310-829-5400
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