NorthStar Realty Finance Corp. and NorthStar Asset Management Group Inc. Announce Completion of Asset Management Spin-Off
NEW YORK, July 1, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar Realty") and NorthStar Asset Management Group Inc. ("NSAM") today jointly announced the successful completion of the spin-off of NSAM, NorthStar Realty's asset management business, which will begin regular trading today on the New York Stock Exchange ("NYSE") under the ticker symbol "NSAM". In the spin-off, each NorthStar Realty common stockholder received shares of NSAM common stock on a one-for-one basis, after giving effect to a one-for-two reverse stock split. Fractional shares of NSAM were not distributed and NorthStar Realty stockholders will receive cash in lieu of any fractional shares they would otherwise have been entitled to receive in the distribution. NorthStar Realty's common stock will continue to trade on the NYSE under the ticker symbol "NRF" and will have a new CUSIP number (66704R 704).
David T. Hamamoto, chairman and chief executive officer, commented, "We are delighted to celebrate the launch of NSAM into the public market and look forward to building a premier asset management business, while continuing to grow NorthStar Realty into a leading diversified commercial real estate investment business. As we approach the 10-year anniversary of NorthStar Realty's IPO and having achieved an approximate 19% compounded annual shareholder return since our IPO, we still believe that the best is yet to come and expect exciting achievements from NorthStar Realty and NSAM in the future."
About NorthStar Realty
NorthStar Realty Finance Corp. is a diversified commercial real estate investment company that is organized as a REIT. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
NorthStar Asset Management Group Inc. is a public company that provides asset management and related services to NorthStar Realty, sponsored public non-traded companies and any other companies NSAM may manage in the future, both in the United States and internationally. For more information about NorthStar Realty Management Group Inc., please visit www.nsamgroup.com.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements, which can be identified by words like "expect," "will," "intend" and similar 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. Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NSAM's registration statement filed on Form 10 and NorthStar Realty's other filings with the SEC.
Such forward-looking statements speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE NorthStar Realty Finance Corp.