Colony Credit Real Estate (CLNC) Reports In-Line Q1 EPS

Colony Credit Real Estate (NYSE: CLNC) reported Q1 EPS of $0.14, in-line with the analyst estimate of $0.14.

Michael J. Mazzei, Chief Executive Officer and President, commented, “The internalization closing caps off a productive period for the team focused on stabilizing the balance sheet, unwinding the legacy, non-strategic segment and improving the Company’s positioning and financial flexibility for the long haul. The internalization of management and operations provides an annual cost savings of $14 million to $16 million or 10 to 12 cents per share. This also streamlines governance and fully aligns CLNC employees and shareholders.”

Mr. Mazzei continued, “After reinstituting our dividend last quarter, I am pleased to announce that we have increased our second quarter dividend now by 40% to $0.14 per share as a result of the internalization and new origination activity. Since re-engaging on new transactions, we have closed or committed on $1 billion in senior loans.”

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

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