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Phoenix
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Keep a close eye on RAS. It's in freefall mode right now (new 52-week low today), but if they DO announce a dividend soon, it could shoot up (maybe up to 46 cents a share dividend?). Maybe they wont, I dunno. On the Yahoo board they seem to think there's a decent chance. Thinking about grabbing 100 shares now, and waiting for significant movement down before adding.


NRF just announced .36 cash dividend and 10 mil share repurchase program.

http://phx.corporate-ir.net/phoenix.zhtml?c=185725&p=irol-newsArticle&ID=1207186 &highlight=

Press Release

NorthStar Realty Finance Announces Third Quarter Dividend and Share Repurchase Program

NEW YORK, Oct. 8 /PRNewswire-FirstCall/ -- NorthStar Realty Finance Corp. (NYSE: NRF) today announced that its Board of Directors has declared a cash dividend of $0.36 per share of common stock, payable with respect to the quarter ended September 30, 2008. The dividend is expected to be paid on November 14, 2008 to shareholders of record as of the close of business on November 4, 2008. The Company's common shares will begin trading ex-dividend on October 31, 2008.

Based on the closing price of $4.15 per share on October 8, 2008, this distribution represents an annualized dividend yield of approximately 34.7%.

Additionally, the Company's Board of Directors has authorized a share repurchase program of up to 10,000,000 shares of the Company's outstanding common stock, or approximately 16% of the Company's outstanding common stock. The Company currently has in excess of $250 million of cash liquidity.

Stock repurchases under this program will be made from time to time through the open market or in privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities.

About NorthStar Realty Finance Corp.

NorthStar Realty Finance Corp. is an internally managed REIT that primarily originates and invests in commercial real estate debt, real estate securities and net lease properties. For more information about NorthStar Realty Finance Corp., please visit http://www.nrfc.com.

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 can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from NorthStar'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'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, 2007. Such forward-looking statements speak only as of the date of this press release. NorthStar 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.

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