Flaherty Resigns from Board of NorthStar Healthcare Income

NorthStar Healthcare Income Inc., a publicly registered, non-traded real estate investment trust sponsored by NorthStar Asset Management Group Inc. (NYSE: NSAM), announced that James F. Flaherty III resigned from his position as vice chairman and as a member of the board of directors.

His resignation was a personal decision and not the result of any disagreement with NorthStar Healthcare, according to a filing with the Securities and Exchange Commission.

Flaherty will continue to provide investment and other services to NorthStar Healthcare as a member of the investment committee of NSAM J-NSHC Ltd, NorthStar Healthcare’s advisor, in relation to healthcare investments.

Flaherty is the former chairman and CEO of HCP Inc. (NYSE: HCP), one of the three largest healthcare-focused REITs in the country. During his ten-year tenure with HCP, from 2003 to 2013, the company’s total capitalization grew from approximately $5 billion to more than $25 billion.

As reported by The DI Wire last month, the REIT recently completed its offering.

NorthStar Healthcare Income was formed to acquire, originate and asset manage a diversified portfolio of equity, debt and securities investments in healthcare real estate, with a focus on the needs-driven senior housing sector, such as independent living, assisted living, memory care and skilled nursing facilities and continuing care retirement communities. The REIT also invests in other healthcare property types, including medical office building, hospitals and rehabilitation facilities.

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