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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
or
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 001-37980
| | | | | | | | | | | | | | |
DigitalBridge Group, Inc. |
(Exact Name of Registrant as Specified in Its Charter) |
| Maryland | | 46-4591526 | |
| (State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) | |
750 Park of Commerce Drive, Suite 210
Boca Raton, Florida 33487
(Address of Principal Executive Offices, Including Zip Code)
(561) 570-4644
(Registrant’s Telephone Number, Including Area Code)
| | | | | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
Title of Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
Class A Common Stock, $0.04 par value | | DBRG | | New York Stock Exchange |
Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value | | DBRG.PRH | | New York Stock Exchange |
Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value | | DBRG.PRI | | New York Stock Exchange |
Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value | | DBRG.PRJ | | New York Stock Exchange |
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 ☒ No ☐
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 ☒ No ☐
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.
| | | | | | | | | | | | | | |
Large Accelerated Filer | ☒ | | Accelerated Filer | ☐ |
Non-Accelerated Filer | ☐ | | Smaller Reporting Company | ☐ |
| | | Emerging Growth Company | ☐ |
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 pursuant to Section 13(a) of the Exchange Act. Yes ☐ No ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2022, 159,728,816 shares of the Registrant's class A common stock and 166,494 shares of class B common stock were outstanding.
DigitalBridge Group, Inc.
Form 10-Q
Table of Contents
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| PART I. FINANCIAL INFORMATION | | Page |
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Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
| PART II. OTHER INFORMATION | | |
Item 1. | | | |
Item 1A. | | | |
Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
Item 5. | | | |
Item 6. | | | |
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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
DigitalBridge Group, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
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| | September 30, 2022 (Unaudited) | | December 31, 2021 |
Assets | | | | |
Cash and cash equivalents | | $ | 636,366 | | | $ | 1,602,102 | |
Restricted cash | | 134,024 | | | 99,121 | |
Real estate, net | | 6,141,415 | | | 4,972,284 | |
Loans receivable (at fair value) | | 174,389 | | | 173,921 | |
Equity and debt investments ($206,758 and $201,912 at fair value) | | 1,050,356 | | | 935,153 | |
Goodwill | | 761,368 | | | 761,368 | |
Deferred leasing costs and intangible assets, net | | 1,745,560 | | | 1,187,627 | |
Assets held for disposition | | 72,593 | | | 3,676,615 | |
Other assets ($30,820 and $944 at fair value) | | 964,647 | | | 740,395 | |
Due from affiliates | | 60,111 | | | 49,230 | |
Total assets | | $ | 11,740,829 | | | $ | 14,197,816 | |
Liabilities | | | | |
Debt, net | | $ | 5,325,615 | | | $ | 4,860,402 | |
Accrued and other liabilities ($196,561 and $37,970 at fair value) | | 1,662,606 | | | 928,042 | |
Intangible liabilities, net | | 31,304 | | | 33,301 | |
Liabilities related to assets held for disposition | | 60 | | | 3,088,699 | |
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Dividends and distributions payable | | 16,527 | | | 15,759 | |
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Total liabilities | | 7,036,112 | | | 8,926,203 | |
Commitments and contingencies (Note 20) | | | | |
Redeemable noncontrolling interests | | 96,028 | | | 359,223 | |
Equity | | | | |
Stockholders’ equity: | | | | |
Preferred stock, $0.01 par value per share; $827,779 and $883,500 liquidation preference; 250,000 shares authorized; 33,111 and 35,340 shares issued and outstanding | | 800,355 | | | 854,232 | |
Common stock, $0.04 par value per share | | | | |
Class A, 949,000 shares authorized; 162,975 and 142,144 shares issued and outstanding | | 6,519 | | | 5,685 | |
Class B, 1,000 shares authorized; 166 shares issued and outstanding | | 7 | | | 7 | |
Additional paid-in capital | | 7,793,492 | | | 7,820,807 | |
Accumulated deficit | | (6,941,658) | | | (6,576,180) | |
Accumulated other comprehensive income | | (4,056) | | | 42,383 | |
Total stockholders’ equity | | 1,654,659 | | | 2,146,934 | |
Noncontrolling interests in investment entities | | 2,890,162 | | | 2,653,173 | |
Noncontrolling interests in Operating Company | | 63,868 | | | 112,283 | |
Total equity | | 4,608,689 | | | 4,912,390 | |
Total liabilities, redeemable noncontrolling interests and equity | | $ | 11,740,829 | | | $ | 14,197,816 | |
The accompanying notes are an integral part of the consolidated financial statements.
DigitalBridge Group, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
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| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2022 | | 2021 | | 2022 | | 2021 | | |
Revenues | | | | | | | | | | |
Property operating income | | $ | 244,336 | | | $ | 194,854 | | | $ | 681,098 | | | $ | 572,841 | | | |
Interest income | | 8,725 | | | 3,086 | | | 22,390 | | | 5,259 | | | |
Fee income ($40,350, $49,934, $125,757 and $120,332 from affiliates) | | 41,263 | | | 50,226 | | | 128,418 | | | 124,826 | | | |
Other income ($995, $3,124, $5,693 and $4,551 from affiliates) | | 2,299 | | | 4,008 | | | 11,585 | | | 7,016 | | | |
Total revenues | | 296,623 | | | 252,174 | | | 843,491 | | | 709,942 | | | |
Expenses | | | | | | | | | | |
Property operating expense | | 105,987 | | | 80,226 | | | 287,280 | | | 237,228 | | | |
Interest expense | | 53,032 | | | 39,895 | | | 143,450 | | | 117,613 | | | |
Investment expense | | 9,510 | | | 7,263 | | | 26,262 | | | 20,027 | | | |
Transaction-related costs | | 3,879 | | | 936 | | | 6,800 | | | 2,618 | | | |
Depreciation and amortization | | 145,594 | | | 129,186 | | | 429,513 | | | 406,840 | | | |
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Compensation expense—cash and equity-based | | 65,544 | | | 55,933 | | | 183,878 | | | 182,918 | | | |
Compensation expense—incentive fee and carried interest | | 80,831 | | | 31,736 | | | 109,548 | | | 39,969 | | | |
Administrative expenses | | 29,909 | | | 28,933 | | | 84,147 | | | 75,234 | | | |
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Total expenses | | 494,286 | | | 374,108 | | | 1,270,878 | | | 1,082,447 | | | |
Other income (loss) | | | | | | | | | | |
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Other gain (loss), net | | 25,908 | | | 4,657 | | | (170,229) | | | (31,734) | | | |
Equity method earnings (losses) | | (52,382) | | | 6,987 | | | (5,748) | | | 42,051 | | | |
Equity method earnings—carried interest | | 121,698 | | | 58,382 | | | 201,398 | | | 69,329 | | | |
Loss from continuing operations before income taxes | | (102,439) | | | (51,908) | | | (401,966) | | | (292,859) | | | |
Income tax benefit | | 7,841 | | | 10,973 | | | 17,772 | | | 109,408 | | | |
Loss from continuing operations | | (94,598) | | | (40,935) | | | (384,194) | | | (183,451) | | | |
Loss from discontinued operations | | (26,389) | | | (10,429) | | | (148,558) | | | (590,595) | | | |
Net loss | | (120,987) | | | (51,364) | | | (532,752) | | | (774,046) | | | |
Net income (loss) attributable to noncontrolling interests: | | | | | | | | | | |
Redeemable noncontrolling interests | | (6,442) | | | 7,269 | | | (31,989) | | | 15,743 | | | |
Investment entities | | (60,623) | | | (124,301) | | | (152,770) | | | (443,547) | | | |
Operating Company | | (4,834) | | | 4,311 | | | (30,786) | | | (38,565) | | | |
Net income (loss) attributable to DigitalBridge Group, Inc. | | (49,088) | | | 61,357 | | | (317,207) | | | (307,677) | | | |
Preferred stock repurchases/redemptions (Note 9) | | (1,098) | | | 2,865 | | | (1,098) | | | 2,865 | | | |
Preferred stock dividends | | 15,283 | | | 17,456 | | | 46,801 | | | 54,488 | | | |
Net income (loss) attributable to common stockholders | | $ | (63,273) | | | $ | 41,036 | | | $ | (362,910) | | | $ | (365,030) | | | |
Income (loss) per share—basic | | | | | | | | | | |
Loss from continuing operations per common share—basic | | $ | (0.30) | | | $ | (0.23) | | | $ | (1.57) | | | $ | (1.20) | | | |
Net income (loss) attributable to common stockholders per common share—basic | | $ | (0.39) | | | $ | 0.33 | | | $ | (2.37) | | | $ | (3.04) | | | |
Income (loss) per share—diluted | | | | | | | | | | |
Loss from continuing operations per common share—diluted | | $ | (0.30) | | | $ | (0.23) | | | $ | (1.57) | | | $ | (1.20) | | | |
Net income (loss) attributable to common stockholders per common share—diluted | | $ | (0.39) | | | $ | 0.33 | | | $ | (2.37) | | | $ | (3.04) | | | |
Weighted average number of shares | | | | | | | | | | |
Basic | | 162,398 | | | 121,458 | | | 153,028 | | | 120,041 | | | |
Diluted | | 162,398 | | | 121,458 | | | 153,028 | | | 120,041 | | | |
Dividends declared per common share | | $ | 0.01 | | | $ | — | | | $ | 0.01 | | | $ | — | | | |
The accompanying notes are an integral part of the consolidated financial statements.
DigitalBridge Group, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(Unaudited)
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| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2022 | | 2021 | | 2022 | | 2021 | | |
Net loss | | $ | (120,987) | | | $ | (51,364) | | | $ | (532,752) | | | $ | (774,046) | | | |
Changes in accumulated other comprehensive income (loss) related to: | | | | | | | | | | |
Equity method investments | | (1,647) | | | (4,391) | | | (4,333) | | | (6,578) | | | |
Available-for-sale debt securities | | — | | | 1,615 | | | (6,373) | | | (331) | | | |
Cash flow hedges | | — | | | — | | | — | | | 1,285 | | | |
Foreign currency translation | | (34,809) | | | (35,739) | | | (97,090) | | | (112,542) | | | |
Net investment hedges | | 10,932 | | | — | | | 17,916 | | | (84) | | | |
Other comprehensive loss | | (25,524) | | | (38,515) | | | (89,880) | | | (118,250) | | | |
Comprehensive loss | | (146,511) | | | (89,879) | | | (622,632) | | | (892,296) | | | |
Comprehensive income (loss) attributable to noncontrolling interests: | | | | | | | | | | |
Redeemable noncontrolling interests | | (6,442) | | | 7,269 | | | (31,989) | | | 15,743 | | | |
Investment entities | | (80,210) | | | (144,222) | | | (192,140) | | | (500,702) | | | |
Operating Company | | (5,259) | | | 2,539 | | | (34,733) | | | (44,395) | | | |
Comprehensive income (loss) attributable to stockholders | | $ | (54,600) | | | $ | 44,535 | | | $ | (363,770) | | | $ | (362,942) | | | |
The accompanying notes are an integral part of the consolidated financial statements.
DigitalBridge Group, Inc.
Consolidated Statements of Equity
(In thousands, except per share data)
(Unaudited)
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| | Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders’ Equity | | Noncontrolling Interests in Investment Entities | | Noncontrolling Interests in Operating Company | | Total Equity |
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Balance at December 31, 2020 | | $ | 999,490 | | | $ | 4,841 | | | $ | 7,570,473 | | | $ | (6,195,456) | | | $ | 122,123 | | | $ | 2,501,471 | | | $ | 4,327,372 | | | $ | 155,747 | | | $ | 6,984,590 | |
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Net loss | | — | | | — | | | — | | | (246,290) | | | — | | | (246,290) | | | (355,862) | | | (27,896) | | | (630,048) | |
Other comprehensive loss | | — | | | — | | | — | | | — | | | (21,143) | | | (21,143) | | | (36,656) | | | (2,433) | | | (60,232) | |
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Deconsolidation of investment entities (Note 21) | | — | | | — | | | — | | | — | | | — | | | — | | | (22,413) | | | — | | | (22,413) | |
Redemption of OP Units for class A common stock | | — | | | — | | | 16 | | | — | | | — | | | 16 | | | — | | | (16) | | | — | |
Equity awards issued, net of forfeitures | | — | | | 48 | | | 16,536 | | | — | | | — | | | 16,584 | | | 308 | | | 1,308 | | | 18,200 | |
Shares canceled for tax withholdings on vested equity awards | | — | | | (11) | | | (7,707) | | | — | | | — | | | (7,718) | | | — | | | — | | | (7,718) | |
Contributions from noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | 113,213 | | | — | | | 113,213 | |
Distributions to noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | (26,739) | | | — | | | (26,739) | |
Preferred stock dividends | | — | | | — | | | — | | | (18,516) | | | — | | | (18,516) | | | — | | | — | | | (18,516) | |
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Reallocation of equity (Notes 2 and 10) | | — | | | — | | | (2,445) | | | — | | | 76 | | | (2,369) | | | 4,682 | | | (2,313) | | | — | |
Balance at March 31, 2021 | | 999,490 | | | 4,878 | | | 7,576,873 | | | (6,460,262) | | | 101,056 | | | 2,222,035 | | | 4,003,905 | | | 124,397 | | | 6,350,337 | |
Net loss | | — | | | — | | | — | | | (122,744) | | | — | | | (122,744) | | | 36,616 | | | (14,980) | | | (101,108) | |
Other comprehensive income (loss) | | — | | | — | | | — | | | — | | | (15,818) | | | (15,818) | | | 7,805 | | | (1,625) | | | (9,638) | |
Shares issued pursuant to settlement liability | | — | | | 60 | | | 46,982 | | | — | | | — | | | 47,042 | | | — | | | — | | | 47,042 | |
Deconsolidation of investment entities (Note 21) | | — | | | — | | | 2,028 | | | — | | | ( |