NEW YORK, Oct. 8 /PRNewswire-FirstCall/ -- NorthStar Realty Finance Corp.
(NYSE: NRF) today announced that its Board of Directors has declared a cash
dividend of $0.36 per share of common stock, payable with respect to the
quarter ended September 30, 2008. The dividend is expected to be paid on
November 14, 2008 to shareholders of record as of the close of business on
November 4, 2008. The Company's common shares will begin trading ex-dividend
on October 31, 2008.
Based on the closing price of $4.15 per share on October 8, 2008, this
distribution represents an annualized dividend yield of approximately 34.7%.
Additionally, the Company's Board of Directors has authorized a share
repurchase program of up to 10,000,000 shares of the Company's outstanding
common stock, or approximately 16% of the Company's outstanding common stock.
The Company currently has in excess of $250 million of cash liquidity.
Stock repurchases under this program will be made from time to time
through the open market or in privately negotiated transactions. The timing
and actual number of shares repurchased will depend on a variety of factors
including price, corporate and regulatory requirements, market conditions, and
other corporate liquidity requirements and priorities.
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is an internally managed REIT that
primarily originates and invests in commercial real estate debt, real estate
securities and net lease properties. For more information about NorthStar
Realty Finance Corp., please visit http://www.nrfc.com.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations and
beliefs and are subject to a number of trends and uncertainties that could
cause actual results to differ materially from those described in the forward-
looking statements; NorthStar can give no assurance that its expectations will
be attained. Factors that could cause actual results to differ materially from
NorthStar's expectations include, but are not limited to changes in economic
conditions generally and the real estate and bond markets specifically,
legislative or regulatory changes (including changes to laws governing the
taxation of REITs), availability of capital, interest rates and interest rate
spreads, policies and rules applicable to REITs, the continued service of key
management personnel, the effect of competition in the real estate finance
industry, the costs associated with compliance and corporate governance,
including the Sarbanes-Oxley Act and related regulations and requirements, and
other risks detailed from time to time in NorthStar's SEC reports. Factors
that could cause actual results to differ materially from those in the
forward-looking statements are specified in the Company's Annual Report on
Form 10-K for the year ended December 31, 2007. Such forward-looking
statements speak only as of the date of this press release. NorthStar
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.
