Newcastle Sets REIT Spin-Off Date

Newcastle Investment Corp. has set May 15 as the distribution date to its shareholders for the stock of the newly created real estate investment trust it is spinning off.

New Residential Investment Corp. will be an independent, publicly traded REIT which will focus on investing in residential mortgage related assets.

Newcastle shareholders as of May 6 will receive shares of New Residential common stock on a one-for-one basis. They will not have to surrender their Newcastle shares.

Newcastle, which is also a REIT, in February completed the sale of 23 million shares of its common stock, generating about $241 million in proceeds.

Both companies will trade on the New York Stock Exchange, Newcastle under the symbol NCT, and New Residential will use NRZ.