Exhibit 99.3

Unaudited Pro Forma Financial Information

On December 18, 2014, certain subsidiaries of Colony Capital, Inc. (formerly known as Colony Financial, Inc.) (the “Company”), including a U.S. light industrial co-investment partnership formed and managed by the Company (“ColFin Industrial Partnership”), completed the acquisition of a portfolio of light industrial real estate assets (the “Light Industrial Portfolio”) and associated operating platform (“Operating Platform”) from Cobalt Capital Partners, L.P. and its affiliates (the “Acquisition”), by purchase agreements executed on November 18, 2014 and previously disclosed under Item 1.01 of the Company’s Current Report on Form 8-K filed on November 20, 2014. The Light Industrial Portfolio consists of 256 light industrial assets totaling 298 buildings, approximately 30 million square feet and one vacant land parcel. Total consideration paid for the Light Industrial Portfolio was $1.595 billion, which was paid in cash (including proceeds from the Financing). The purchase price for the Operating Platform was $20 million, which was 50% paid in cash and the balance through a note in the aggregate principal amount of $10 million (the “Unsecured Note”) issued to Cobalt Capital Management, L.P.

The following unaudited pro forma consolidated financial information has been prepared in accordance with Article 11 of Regulation S-X to give effect to the Acquisition as if it had occurred on January 1, 2014. The unaudited pro forma financial information, including the notes thereto, should be read in conjunction with the Company’s historical financial statements and accompanying notes for the applicable periods included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

The unaudited pro forma consolidated statement of operations for the year ended December 31, 2014 assumes the Acquisition had occurred on January 1, 2014 using the estimates and assumptions set forth in the accompanying notes. The unaudited pro forma financial information is for information purposes only and is not necessarily indicative of the consolidated results of operations of the Company that would have been achieved if the Acquisition had been completed on the date indicated, nor is it necessarily indicative of the results of operations that may occur in the future.

The unaudited pro forma consolidated financial information has been prepared using the acquisition method of accounting for business combinations under accounting principles generally accepted in the United States, or GAAP. The unaudited pro forma adjustments related to the Acquisition are based upon the purchase price allocation using estimates of fair value of the assets acquired and liabilities assumed in connection with the Acquisition. The purchase price allocation may be subject to retrospective adjustment during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of Acquisition.

The unaudited pro forma consolidated financial information does not reflect cost savings or synergies that we may realize after the completion of the Acquisition, nor any non-recurring charges related to integration activity that may be incurred by the Company in connection with the Acquisition.

COLONY CAPITAL, INC.

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

For the year ended December 31, 2014

(In thousands, except per share data)

See accompanying notes to unaudited pro forma consolidated financial information

COLONY CAPITAL, INC.

NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION

Note 1—Consideration Transferred Related to the Acquisition

The following table summarizes the components of and consideration transferred for the Acquisition and related costs:

The sources of payments for the Acquisition and related costs were as follows:

In connection with the closing of the Acquisition on December 18, 2014, the Company drew approximately $1.09 billion of approximately $1.13 billion available pursuant to the Loan Agreement. The remaining amount is available for future capital and leasing expenditures.

The Unsecured Note was issued to Cobalt Capital Management, L.P., an affiliate of Cobalt Capital Partners, L.P. and a service provider that will continue to manage the Light Industrial Portfolio and its day-to-day operations. The Unsecured Note will mature on the third anniversary of the date of acquisition and one-third of the initial principal amount of the Unsecured Note is required to be repaid on each of the first, second and third anniversaries of the date of acquisition (each, a “Payment Date”). Principal under the Unsecured Note shall be paid in either (a) shares of the Company’s common stock with a reference price of $24.221; provided that if on any Payment Date, the Company is unable to deliver shares that are registrable pursuant to a registration rights agreement or that can be sold without restriction, in lieu of such shares, the Company shall deliver to the holder of the Unsecured Note either (A) (i) cash in an amount equal to the then value of 40% of the aggregate number of shares that would have been delivered and (ii) 60% of the number of shares that would have been delivered or (B) cash in amount equal to the then value of the shares that would have otherwise been issuable on such date, or (b) units of the Company’s to-be-formed operating partnership which are exchangeable for shares of the Company’s common stock.

In connection with the closing of the Acquisition, the limited partners of ColFin Industrial Partnership contributed approximately $206.5 million.

The following table reflects the allocation of the purchase price to the assets acquired and liabilities assumed with estimated remaining useful lives of the tangible and intangible assets and liabilities:

Note 2—Unaudited Pro Forma Adjustments

A one-eighth percentage point increase or decrease in the 1-month LIBOR would result in a $1.5 million increase or decrease in interest expense for the period from January 1, 2014 to December 17, 2014.