Colony Capital Announces Fourth Quarter and Full Year 2020 Financial Results

Colony Capital, Inc. (NYSE: CLNY) and subsidiaries (collectively, “Colony Capital,” or the “Company”) today announced financial results for the fourth quarter and full year ended December 31, 2020. The Company reported fourth quarter 2020: (i) total revenues of $339 million, (ii) GAAP net income attributable to common stockholders of $(141) million, or $(0.30) per share and (iii) Core FFO excluding gains/losses of $18.2 million, or $0.03 per share, and full year 2020: (i) total revenues of $1.2 billion, (ii) GAAP net income attributable to common stockholders of $(2.8) billion, or $(5.81) per share and (iii) Core FFO excluding gains/losses of $46.7 million, or $0.09 per share. Beginning in the fourth quarter 2020 Core FFO excludes results from discontinued operations, which was applied to prior periods.

“We made transformational progress in 2020 towards our digital rotation, capped off by the first closing of DCP II at $4.2 billion earlier this year. The digital rotation is manifesting itself in our earnings, assets, and employees,” said Marc Ganzi, President and Chief Executive Officer. "Thanks to our amazing team, we delivered on all of the key pillars of that transition, despite the pressures of the pandemic. That foundational work positions us to capitalize on the powerful secular tailwinds supporting the continued growth and investment in digital infrastructure. We are looking forward to 2021 and the opportunity to collaborate with our partner companies and customers to build the next-generation networks connecting enterprises and consumers globally."

4Q 2020 HIGHLIGHTS

Consecutive Quarter of Positive Core FFO

• Positive Core FFO excluding gains/losses of $18.2 million reflecting the results of continuing operations.
• Continued strong performance from the Digital segments and lower corporate expenses with earnings rotation through divestment of legacy businesses and assets.

Digital Offense

• Digital AUM rose to $30.0 billion or 58% of total AUM.
• In early 2021, the Company held a first closing of $4.2 billion on DCP II, the follow-on to our flagship digital equity fund. DCP II has a target capital raise of $6 billion.
• DataBank completed the acquisition of zColo at a $1.4 billion valuation with the Company maintaining its 20% interest for a $145 million equity investment alongside $575 million of new third-party co-invest capital.
• Vantage raised $1.3 billion in securitized notes to refinance existing debt on highly attractive terms, decreasing its overall cost of debt, extending term, and enhancing investor returns.
• In February 2021, DataBank raised $658 million in securitized notes to refinance existing debt, extending its debt maturities and lowering its overall cost of debt. This securitization represents the first of its kind in the enterprise data center sector.

Financial Summary

($ in millions, except per share data and where noted)

Revenues

4Q 2020

4Q 2019

FY 2020

FY 2019

Property operating income

$

270

$

193

$

936

$

737

Interest income

10

45

80

167

Fee income

47

46

178

224

Other income

12

15

42

79

Total revenues

$

339

$

299

$

1,236

$

1,207

Net income to common stockholders

$

(141

)

$

(26

)

$

(2,751

)

$

(1,152

)

Core FFO

$

(52

)

$

0

$

(267

)

$

55

Core FFO per share

$

(0.10

)

$

0.00

$

(0.50

)

$

0.10

Core FFO excluding gains/losses

$

18

$

21

$

47

$

99

Core FFO excluding gains/losses per share

$

0.03

$

0.04

$

0.09

$

0.19

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