Northstar Realty Finance (NRF) Trades Strong Ahead of Spinoff, Distribution

NorthStar Realty Finance Corp. (NYSE: NRF) is near a 52-week high today on robust volme.

Thursday, NorthStar Realty announced that, in connection with the previously announced spin-off of its asset management business, its Board of Directors declared a record date and distribution date of June 30, 2014 for the distribution of all the outstanding common stock of NorthStar Asset Management Group Inc. to the holders of NorthStar Realty common stock.

The record date for both the reverse stock split and the Distribution will be after the close of regular New York Stock Exchange trading hours on June 30, 2014 and both transactions will be completed and effective by 11:59 PM, New York City time, on such day. Stockholders that would otherwise own fractional shares of NorthStar Realty's common stock following the reverse stock split will receive cash in lieu of fractional shares.

Shares are up 3.2 percent and were up as much as 4.6 percent to $17.87. The 52-week high is at $17.93 and happend at the end of last April.

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