NEW YORK, April 2, 2012 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar") announced today that the Court of Appeal of the State of California issued a unanimous decision in NorthStar's favor overturning a judgment against a subsidiary of NorthStar in an amount in excess of $50 million, inclusive of costs.
Albert Tylis, Co-President and Chief Operating Officer commented, "As a result of this decision, we will reverse the $20 million reserve that was previously recorded, receive $26 million of previously restricted cash that we posted as collateral in connection with the appeal and obtain reimbursement of certain costs. We are extremely pleased to announce a win in this case and we look forward to investing this additional cash into the new and exciting opportunities that we are seeing."
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is a finance REIT that originates, acquires and manages portfolios of commercial real estate debt, commercial real estate securities and net lease properties. In addition, NorthStar engages in asset management and other activities related to real estate and real estate finance.
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words like "will," "look forward" and similar expressions. 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; the Company can give no assurance that its expectations will be attained. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and results may be material. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, whether the Court of Appeal's decision is reheard or is further reviewed by the California Supreme Court and whether the current ruling will stand or be reversed. Such forward-looking statements speak only as of the date of this press release. The Company 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.
SOURCE NorthStar Realty Finance Corp.
For further information: Investor Relations, Joe Calabrese, +1-212-827-3772