Colony NorthStar Credit Real Estate, Inc. (CLNC) Misses Q3 EPS by 5c

Colony NorthStar Credit Real Estate, Inc. (NYSE: CLNC) reported Q3 EPS of $0.30, $0.05 worse than the analyst estimate of $0.35.

Kevin P. Traenkle, President and Chief Executive Officer of Colony Credit Real Estate, commented, “We are pleased to report the results for our third quarter 2018. During the quarter, we made substantial progress in deploying our corporate liquidity and began utilizing asset-level leverage capacity in order to increase our run-rate core earnings power. In addition, subsequent to the third quarter, we completed our third investment in Europe as we further diversify our portfolio and leverage Colony’s global infrastructure, decades-long international track record and best-in class deal-sourcing capabilities.”

Mr. Traenkle added, “We are pleased with our robust and accretive quarterly deployment and year-to-date commitments of over $2 billion. Additionally, we recognized an impairment and a loan loss provision due to recent developments at certain investments. These developments include, among other things, the potential monetization of lower-yielding and non-core assets earlier than expected. However, doing so will allow Colony Credit Real Estate to move forward with our business plan, including redeploying lower-yielding capital into higher-yielding assets.”

For earnings history and earnings-related data on Colony NorthStar Credit Real Estate, Inc. (CLNC) click here.

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