Public Offering of Common Stock – Northstar Realty Finance Corp. (NYSE:NRF)


Dallas, Texas 08/06/2013 (Financialstrend) Northstar Realty Finance Corp.(NYSE:NRF) functions as a real estate investment and asset management company in the United States. It falls under the category of REIT. REIT stands for real estate investment trust. REIT means an investment company which makes its investments only in real estate and mortgages. As NRF falls under the category of REIT it is not required to pay tax on its income, rather shareholders are liable to pay tax, provided it fulfills the condition that it distributes at least 90% of its taxable income to its shareholders.

In the past eight months period NRF has offered its common shares for two times. In the month of December it offered 25 million shares at $6.40 and in the month of February it offered 30 million shares at $8.39. Today it announced its offer of common shares for the third time.

This time it announced that it has priced its common shares of underwritten public offering of 35 million shares at a price of $9.60 per share. The company has given underwriters a 30 day gap to purchase additional shares of common stock up to 5.25 million. As per the expectation the offer is expected to close on 9th August, 2013.

This time the company is proposing to use the net realization from the offer to make investments for its business, to dispose of its liabilities and for other general business purposes. However, this is based on company management’s current situations and outlook. The company cannot give any assurance that its expectations will be achieved.

Joint book-running managers of the offer are Deutsche Bank Securities, UBS Investment Bank and J.P. Morgan and co-managers of the offer are FBR and JMP Securities.

All the formalities related to the offered securities like registration statement has been declared effectively by the SEC. The requirement of prospectus has also been fulfilled by the company.

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