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2018 Annual Report

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2018 Annual Report 2018 Annual Report 515 South Flower Street 44th Floor Los Angeles, CA 90071 www.clncredit.com To Our Stockholders Board of Directors Annual Report on Form 10-K Non-Employee or Board Members Colony Credit Real Estate’s Annual Report on Form Dear Fellow Stockholders, Richard B. Saltzman 10-K for the year ended December 31, 2018, as Private Investor; Non-Executive Chairman Colony Credit Real Estate wrapped up a transformative year in which we successfully completed our tri-party amended, is included in this annual report. The exhibits merger and listing on the New York Stock Exchange on February 1st, 2018 and successfully executed on our Catherine D. Rice* accompanying the report are filed with the U.S. Securities first year new investment objectives. Private Investor and Exchange Commission and can be accessed in the Vernon B. Schwartz* EDGAR database at the SEC’s website, www.sec.gov. Focusing on the top priorities articulated earlier in the year and the progress we have made on them during Private Investor or through Colony Credit Real Estate’s website in the 2018, I am very pleased with our success in deploying liquidity into targeted asset classes to grow and further John E. Westerfield* “Public Shareholders” section at www.clncredit.com. We diversify our investment portfolio by over 20% to $5.2 billion. For the full year, we allocated approximately $2.2 Chief Executive Officer of Mitsui Fudosan America, Inc. will provide these items to stockholders upon request. billion of capital for investments. We remain confident in our ability to continue to source transactions with an Requests for any such exhibits should be made to: investment-level return on equity in the low double digits, which is consistent with the yields we are achieving Winston W. Wilson* Private Investor Colony Credit Real Estate, Inc. across our recent investments. Our U.S. originations pipeline is robust. We also continue to see compelling *Independent Board Member 515 South Flower Street, 44th Floor opportunities in Europe, a region with less competitive pressure and where the current cycle appears to be Los Angeles, CA 90071 several years behind the U.S. Importantly, we will continue to benefit from the global infrastructure and best-in- Company Affiliated Board Members Atten: David A. Palamé, Secretary class deal sourcing capabilities of our manager as we evaluate new investment opportunities in 2019. Kevin P. Traenkle Chief Executive Officer & President, Certifications Further, asset growth has been balanced through a diversity of deals across investment type, collateral type Colony Credit Real Estate, Inc. and geography, as we expanded into Europe and de-risked our portfolio’s exposure to retail and hospitality. I Colony Credit Real Estate has filed with the Securities and Darren J. Tangen Exchange Commission as exhibits to its Form 10-K for am pleased with our enhanced asset mix and ongoing geographic diversification. As highlighted further below, President, Colony Capital, Inc. our near term focus is to rotate out of identified lower-yielding and non-core or credit impaired legacy assets the fiscal year ended December 31, 2018, as amended, with several strategic asset resolutions anticipated in the coming months. We expect redeployment into our Executive and Other Key Officers the certifications, required pursuant to Section 302 of the projected higher yielding pipeline will have a meaningful impact to our go-forward core earnings. Kevin P. Traenkle Sarbanes-Oxley Act, of its Chief Executive Officer and Chief Executive Officer & President Chief Financial Officer relating to the quality of its public Most notably, our investment and portfolio management teams embarked upon a comprehensive portfolio disclosure. Neale W. Redington rationalization strategy, which will increase the earnings and overall yield on our capital. We are currently in Chief Financial Officer & Treasurer the process of divesting certain inherited investments, which include non-core assets (including our portfolio of Forward Looking Statements David A. Palamé private equity fund interests) and investments that have experienced recent credit events and are meaningfully General Counsel & Secretary In accordance with the Private Securities Litigation low- or no-yielding. Specifically, we combed through the portfolio and identified assets where rationalization and Reform Act of 1995, Colony Credit Real Estate notes that redeployment will lead to accretive, higher yielding returns on equity. The strategy also identified refinancing Frank V. Saracino this annual report contains forward-looking statements Chief Accounting Officer opportunities which will take advantage of the current credit markets and mine additional investable capital in that involve risks and uncertainties, including those our portfolio. Corporate Information relating to Colony Credit Real Estate’s future success and Independent Auditor growth. Actual results may differ materially due to risks While our proactive rationalization strategy impacted our fourth quarter results, we believe these impairments Ernst & Young LLP and uncertainties as described in Colony Credit Real are now behind us. Our go-forward strategy is the best direction for Colony Credit Real Estate to level set, Press Inquiries/Media Contact Estate’s filings with the U.S. Securities and Exchange efficiently execute on our business plan, quickly resolve the identified investments and redeploy capital into Caroline Luz Commission. Colony Credit Real Estate does not intend higher-yielding assets that will enhance core earnings in 2019. Owen Blicksilver P.R., Inc. Tel: (203) 656-2829 to update these forward-looking statements. As we successfully execute on our strategic initiatives, we are confident in our ability to continue narrowing the [email protected] Annual Meeting of Stockholders trading discount to current book value and accretively grow the company. Investor Relations Lasse Glassen Stockholders of Colony Credit Real Estate are cordially I’d like to take this opportunity to thank all of our shareholders for your continued support of our company. We’re Addo Communications, Inc. invited to attend the 2019 Annual Meeting of Stockholders incredibly aligned and look forward to continuing progresses this year together. Tel: (310) 829-5400 scheduled to be held on Thursday, May 2, 2019, at the [email protected] offices of Bank of America Conference Center, 114 West Stock Listing 47th Street, 1st Floor, New York, New York 10036, at 8:30 Sincerely, Colony Credit Real Estate, Inc.’s common stock is listed a.m. EDT. on the New York Stock Exchange under the symbol “CLNC” Holders of Record Transfer Agent and Registrar Holders of record of Colony Credit Real Estate’s class A American Stock Transfer & Trust Company, LLC common stock, par value $.01 per share, totaled [-] as of 6201 15th Avenue, Brooklyn, NY 11219 March 18, 2019. (800) 937-5449 US & Canada or (718) 921-8124 Intl., Kevin P. Traenkle (866) 703-9077 or (718) 921-8386 for Hearing Impaired Chief Executive Officer Email: [email protected], Website: www.amstock.com Colony Credit Real Estate, Inc. Executive Offices: 515 South Flower Street, 44th Floor Los Angeles, CA 90071 (310) 282-8820 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 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 (I.R.S. Employer Incorporation or Organization) 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: Class A common stock, par value $0.01 per share New York Stock Exchange (Title of each class) (Name of exchange on which registered) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No ¨ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ý 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 ý No o 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 ý No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý 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 ý Accelerated filer o Non-accelerated filer Smaller reporting company o Emerging growth company o 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.
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