NorthStar Realty Finance Announces Completion of $1.1 Billion Offering for its First Sponsored Non-Traded REIT
NEW YORK, July 1, 2013 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) announced today that NorthStar Real Estate Income Trust, Inc. ("NorthStar Income") successfully completed its primary offering having raised $1.1 billion in aggregate gross offering proceeds, including $528 million year-to-date, through its captive broker-dealer, NorthStar Realty Securities, LLC.
David T. Hamamoto, chairman and chief executive officer, commented, "We are extremely pleased with the successful completion of our first sponsored non-traded REIT and are looking forward to capitalizing on this strong momentum with our $2.75 billion of additional non-traded products currently being offered. These programs are expected to generate substantial long-term fee income for our shareholders and the completion of NorthStar Income is a strong testament to the growth of our asset management business and our diverse and broad commercial real estate platform."
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a diversified commercial real estate investment and asset management company that is organized as an internally managed REIT. For more information, visit www.nrfc.com.
Safe Harbor Statement
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "potential," "expect," "could," "future," "look forward," or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, our ability to earn substantial long-term fee income for our shareholders; our ability to grow our asset management business by raising capital for, and effectively implementing the business plans of, the companies we sponsor and advise in particular our sponsored companies; including our ability to introduce new products and vehicles; effect of regulatory actions, litigation and contractual claims against us and our affiliates, including the potential settlement and litigation of such claims; competition for investment opportunities; regulatory requirements with respect to our business and the related cost of compliance; the impact of any conflicts arising from our asset management business; changes in laws or regulations governing various aspects of our business; the loss of our exemption from the definition of "investment company" under the Investment Company Act of 1940, as amended; failure to maintain effective internal controls; compliance with the rules governing real estate investment trusts; and the factors described in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2012 under the heading "Risk Factors."
The foregoing list of factors is not exhaustive. All forward-looking statements included in this press release are based upon information available to us on the date hereof and we are under no duty to update any of the forward-looking statements after the date of this report to conform these statements to actual results.
Factors that could have a material adverse effect on our operations and future prospects are set forth in "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The factors set forth in the Risk Factors section and otherwise described in our filings with United States Securities and Exchange Commission, could cause our actual results to differ significantly from those contained in any forward-looking statement contained in this press release.
SOURCE NorthStar Realty Finance Corp.