NEW YORK, Feb. 1, 2013 /PRNewswire/ -- NorthStar Real Estate Income Trust, Inc. ("NorthStar Income") announced today that Daniel R. Gilbert, the company's president and chief investment officer, will now serve as chief executive officer. In addition, Mr. Gilbert was also appointed chief executive officer of NorthStar Realty Asset Management, LLC, a newly formed subsidiary of our sponsor, NorthStar Realty Finance Corp ("NorthStar"). The announcement was made by David T. Hamamoto, chairman of NorthStar Income and chairman and chief executive officer of NorthStar.
"As president of NorthStar Income, Dan has been instrumental in establishing and building the company's leading position in the non-traded REIT industry," commented Mr. Hamamoto. "The appointment of Dan as chief executive officer for not only NorthStar Income but also NorthStar Realty Asset Management puts him at the head of NorthStar's asset management business, including NorthStar Income and NorthStar's other non-traded REITs. These positions reflect our confidence in his ability to drive NorthStar forward and are also a formal acknowledgment of his demonstrated leadership and his contributions to the growth and success of NorthStar Income."
Mr. Gilbert has served as NorthStar Income's chief investment officer since inception and its president since March 2011. Mr. Gilbert has most recently been appointed to the role of chief investment and operating officer of NorthStar and chief executive officer of NorthStar Realty Asset Management, LLC. Mr. Gilbert has also served as Co-President of NorthStar, since April 2011, chief investment officer of NorthStar since January 2009 and as an executive vice president of NorthStar since its initial public offering in October 2004. Prior to joining NorthStar, Mr. Gilbert spent 10 years in a number of positions with Merrill Lynch & Co., in its Global Principal Investments and Commercial Real Estate Department.
About NorthStar Real Estate Income Trust, Inc.
NorthStar Income is a public, non-traded real estate investment trust (REIT) formed to originate, invest in, and manage a diversified portfolio of commercial real estate debt, commercial real estate securities and select commercial real estate equity investments. As of 12/31/12, NorthStar Income's total portfolio consisted of 24 investments totaling $574.2 million1 with an overall weighted average leveraged current yield of approximately 13.2%.2
For more information, visit www.northstarreit.com/income.
1Includes future funding commitments of approximately $30MM. 2The current yield shown is for invested equity of NorthStar Income and does not reflect the distribution rate paid by NorthStar Income to its stockholders.
SOURCE NorthStar Real Estate Income Trust, Inc.