NEW YORK, Oct. 6, 2005 (PRIMEZONE) -- NorthStar Realty Finance Corp. (NYSE:NRF) today announced that its Board of Directors has declared a cash dividend of $0.23 per share of common stock, payable with respect to the quarter ended September 30, 2005, an increase of 53% from $0.15 per share in the prior quarter. The dividend is expected to be paid on October 21, 2005 to shareholders of record as of the close of business on October 14, 2005.
David Hamamoto, the Company's Chief Executive Officer, commented: "At the close of the third quarter, we have fully invested the proceeds of our IPO and our two trust preferred issuances. Our dividend this quarter is consistent with our earnings growth and reflects both the pace of our investment activity and our ability to meet our return expectations. We have a robust pipeline of attractive investment opportunities and expect to continue to grow our business with the goal of enhancing our return on shareholder equity."
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is an internally-managed REIT that makes fixed income, structured finance and net lease investments in commercial real estate assets. NorthStar Realty's business consists of three core business lines: subordinate real estate debt, real estate securities and net lease properties.
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 Realty can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from NorthStar Realty'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 Realty'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, 2004. 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.