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NorthStar Realty Finance sets record and distribution date for its European real estate business spin-off.

M2 EQUITYBITES-October 13, 2015-NorthStar Realty Finance sets record and distribution date for its European real estate business spin-off


NorthStar Realty Finance Corp (NYSE:NRF) declared on Monday that for the spin-off of its European real estate business, NorthStar Realty Europe Corp (NRE), its board of directors approved a record date of 22 October 2015 and a distribution date of 31 October 2015 for the distribution of all NRE's outstanding common stock to the holders of NorthStar Realty common stock.

Also, as soon as the distribution is done the company will conduct a one-for-two reverse stock split of its common stock and in the distribution, each of its common stockholders will receive shares of NRE common stock on a one-for-six basis, before giving effect to the one-for-two reverse stock split. The record date will be after the close of regular trading hours on the mentioned date on New York Stock Exchange and will be completed and effective by 23:59 New York Time, on 31 October 2015.

The reverse stock split will be effective at 00:01 New York Time on 1 November 2015 and stockholders that would otherwise own fractional shares of NRE's common stock after the distribution and NorthStar Realty's common stock following the reverse stock split, will receive cash in lieu of fractional shares. Further, the stock split will result in a reduction of NRE's number of outstanding common stock to 191.1m (based on the total number of common shares, LTIPs and RSUs not subject to performance hurdles, expected to be outstanding on the distribution date).

On the first trading day following the distribution, 2 November 2015, NRE's common stock will start trading on the NYSE under the ticker symbol "NRE" and the company's common stock will continue to trade under the ticker symbol "NRF," on a reverse split-adjusted basis. It also mentioned that the distribution remains subject to the US Securities and Exchange Commission declaring NRE's registration statement on Form S-11 effective and that is expected to occur in time, it added.

NRE is a diversified commercial real estate company that is organised as a real estate investment trust and is managed by an affiliate of NorthStar Asset Management Group Inc (NYSE:NSAM), an asset management firm.

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Publication:M2 EquityBites (EQB)
Date:Oct 13, 2015
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