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June 25, 2014
07:22 EDTNSAM, NRFNorthstar Realty announces dates for NorthStar Asset Management spin-off
NorthStar Realty Finance (NRF) announced that, in connection with the previously announced spin-off of its asset management business, its Board of Directors declared a record date and distribution date of June 30 for the distribution of all the outstanding common stock of NorthStar Asset Management Group (NSAM) to the holders of NorthStar Realty common stock. The record date for both the reverse stock split and the Distribution will be after the close of regular New York Stock Exchange trading hours on June 30 and both transactions will be completed and effective by 11:59 PM, New York City time, on such day. On July 1, the first trading day following the Distribution, NSAM common stock will commence trading on the NYSE under the ticker symbol "NSAM" and NorthStar Realty's common stock will continue to trade on the NYSE under the ticker symbol "NRF." In connection with the Distribution, NorthStar Realty is conducting an internal corporate reorganization and a one-for-two reverse stock split of its common stock, pursuant to which NorthStar Realty will merge with and into its subsidiary, NRFC Sub-REIT Corp., and the survivor will be re-named NorthStar Realty Finance Corp, which will be the entity that effects the reverse stock split and the Distribution. In the Distribution, each NorthStar Realty common stockholder will receive shares of NSAM common stock on a one-for-one basis, after giving effect to the one-for-two reverse stock split.
News For NRF;NSAM From The Last 14 Days
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March 5, 2015
10:05 EDTNRFOn The Fly: Analyst Upgrade Summary
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05:42 EDTNRFNorthstar Realty upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette upgraded Northstar Realty to Outperform with a $21 price target following the company's Q4 results.
March 3, 2015
09:26 EDTNRFOn The Fly: Pre-market Movers
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08:25 EDTNRFNorthstar Realty 60M share Spot Secondary priced at $18.65
The company is offering 60M shares of common stock, of which 40M shares are subject to a forward sales agreement. Deutsche Bank and UBS acted as joint book running managers for the offering.
06:10 EDTNSAMNorthStar Asset Management files automatic mixed securities shelf
March 2, 2015
18:52 EDTNRFOn The Fly: After Hours Movers
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16:22 EDTNRFNorthstar Realty files to sell 60M shares of common stock
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February 27, 2015
08:03 EDTNSAMNorthStar Asset Management reports Q4 CAD 27c, net income 18c
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08:02 EDTNRFNorthstar Realty reports Q4 CAD 44c, net loss (47c) per share
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February 26, 2015
08:40 EDTNRFNorthstar Realty to hold a conference call
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07:32 EDTNRF, NSAMNorthstar Realty announces plan to spin-off European real estate business
NorthStar Realty (NRF) announced that its board unanimously approved a plan to spin-off its European real estate business into a separate publicly-traded REIT, NorthStar Realty Europe Corp. NorthStar Realty Europe is expected to be listed on the New York Stock Exchange and the company is evaluating a dual-listing in Europe. NorthStar Realty Europe will be managed by NorthStar Asset Management Group (NSAM) pursuant to a management agreement substantially consistent with NorthStar Realty's existing management agreement with NSAM. NorthStar Realty currently owns or has under contract approximately $2B of European commercial real estate properties that will be contributed to NorthStar Realty Europe as part of the proposed spin-off. The company expects that the proposed spin-off will be treated for tax purposes as a distribution to NorthStar Realty common stockholders equal to the fair market value of the distributed NorthStar Realty Europe shares. The proposed spin-off is expected to be completed in the second half of 2015. The proposed spin-off would provide NorthStar Realty common stockholders with a separate and distinct business focused on investing in pan-European commercial real estate assets through an equity REIT structure with target leverage levels of 40-50%. The company believes that the transaction represents an opportunity to unlock value for NorthStar Realty shareholders through benchmarking NorthStar Realty Europe against publicly-traded European equity REITs, many of which trade at substantial NAV premiums and at implied capitalization rates that would translate into substantial immediate value creation for NorthStar Realty shareholders. The Portfolio is located primarily in the United Kingdom, France and Germany and is well-positioned to capitalize on improving European macroeconomic trends and property fundamentals. NorthStar Realty will continue to be a leading investor in diversified commercial real estate assets with approximately 80% of its assets in owned real estate post spin-off.
07:31 EDTNSAM, NRFNorthstar Realty announces plan to spin-off European real estate business
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