NEW YORK (TheStreet) --Shares of NorthStar Realty Finance (NRF) were gaining 1.95% to $12.05 after-hours Tuesday after the real estate investment trust announced a new share repurchase program.

NorthStar Realty said its board of directors approved a new buyback plan of up to $500 million of outstanding common stock. The authorization will expire within 12 months unless otherwise extended by the board.

The announcement of NorthStar Realty's buyback plan comes after a day of heavy trading for the company. About 10.5 million shares of NorthStar Realty in regular trading hours Tuesday, well above the company's average trading volume of about 6.2 million shares a day.

Shares of NorthStar Realty had fallen 3.7% to close at $11.83 on Tuesday, and fell about 40% over the last two months. At current prices the $500 buyback plan could buy more than 42 million shares of the company.

NRF data by YCharts

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