NorthStar Realty Finance to Spin-off Asset Management Business into Separate Publicly Traded Company

NorthStar Realty Finance

today announced that its Board of Directors unanimously approved a plan to spin-off its asset management business into a separate publicly traded company in the form of a tax-free distribution. The distribution is expected to be completed in the second quarter of 2014 and will be comprised of common stock in NorthStar Asset Management Corp. ("NorthStar Asset Management"), a newly formed company expected to be listed on the New York Stock Exchange. In connection with the proposed spin-off, NorthStar Asset Management will enter into a 20-year management contract to manage NRF.  NorthStar Asset Management will also manage NRF's non-traded REIT business and own its broker-dealer platform.