Exhibit 99.1

NORTHSTAR REALTY FINANCE

ANNOUNCES THIRD QUARTER 2013 RESULTS

Third Quarter 2013 Highlights

·                  Cash available for distribution (“CAD”) of $0.28 per share.

·                  Increased third quarter 2013 cash dividend to $0.21 per common share, representing a 110% increase over the last nine quarters.

·                  Funded $1.1 billion of investments in the third quarter 2013, representing $722 million of invested equity.

·                  Total capital raised to date of $1.2 billion in our non-traded REIT business, including $51 million in our second non-traded REIT, NorthStar Healthcare.

NEW YORK, NY, November 1, 2013 - NorthStar Realty Finance Corp. (NYSE: NRF) today announced its results for the third quarter ended September 30, 2013.

Third Quarter 2013 Results

NorthStar reported cash available for distribution (“CAD”) for the third quarter 2013 of $64.7 million, or $0.28 per share. Net loss to common stockholders for the third quarter 2013 was $(151.0) million, or $(0.68) per diluted share, compared to a net loss to common stockholders of $(149.6) million, or $(1.11) per diluted share for the third quarter 2012.  For more information and a reconciliation of CAD to net income (loss) to common stockholders, please refer to the tables on the following pages.

On September 30, 2013, NorthStar deconsolidated N-Star CDOs IV, VI and VIII and the CapLease CDO. Upon deconsolidation of these CDOs, NorthStar recorded on its consolidated balance sheet the fair value of the N-Star CDO bonds, of which a majority were previously repurchased at a discount to par, and the fair value of the N-Star equity interests in these CDOs. In July 2013, NorthStar deconsolidated N-Star CDO VII. Net loss to common stockholders for the third quarter 2013 included a $(254.2) million loss as a result of the deconsolidation of these CDOs, which was predominately due to the reversal of the unrealized gains on the CDO liabilities that were recorded in prior periods as a result of the election of the fair value option.  This loss is not included in CAD and adjusted funds from operations.

David T. Hamamoto, chairman and chief executive officer, commented “NorthStar continues to successfully implement its overall business strategy.  The winding down of our legacy portfolio, as evidenced by the liquidation of certain of our CDOs and this quarter’s deconsolidation of other CDOs, is important for a number of reasons, including providing further transparency into the high quality business that we have created.  With our ‘legacy mortgage REIT’ portfolio rapidly becoming a very small portion of NorthStar’s overall value proposition, we are confident that investors will begin to see the existing business for what it truly is — a broad-based and diversified commercial real estate and asset management business.”

Mr. Hamamoto continued, “We continue to build momentum in our asset management business.  The capital raising pace for NorthStar Healthcare Income, our second non-traded REIT, has recently accelerated to over $2 million per day and NorthStar Real Estate Income II, our third non-traded REIT, has recently signed selling agreements with financial advisory firms to cover more than 47,000 registered representatives. While we certainly expect the capital raising pace for our second and third non-traded REITs to accelerate significantly in the coming months, we are also focused on growing our asset management business beyond our existing non-traded REITs.”

Investments

CRE Loans

During the third quarter 2013, NorthStar invested in 11 commercial real estate loans with a $329 million aggregate principal amount, which were funded without utilizing financing. NorthStar anticipates financing certain of these loans and expects to generate a weighted average initial current yield on invested equity of approximately 14%.

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Real Estate

During the third quarter 2013, NorthStar acquired a multifamily property comprised of approximately 490 units for a purchase price of $40 million, which was financed with a non-recourse mortgage of $30 million at a fixed interest rate of 3.69%.  NorthStar expects to earn an initial current yield of approximately 14% on its $10 million of invested equity.

Opportunistic Investments

During the third quarter 2013, NorthStar funded $357 million related to its proportional interest in the acquisition of up to 25 limited partnership interests in real estate private equity funds (“Funds”) with an aggregate reported NAV of $925 million as of September 30, 2012. The Funds were acquired through a joint venture between NorthStar, NorthStar Real Estate Income Trust, Inc. (“NorthStar Income”) and Goldman Sachs Asset Management, which is owned 70%, 15% and 15%, respectively.  For additional details regarding this transaction, please refer to the tables on the following pages.

CDO Bonds

The principal proceeds NorthStar could receive from CDO bonds acquired during the third quarter is $39 million, which were purchased for $26 million and had a weighted average original credit rating of AA+/Aa1. Since the beginning of 2013, NorthStar received total proceeds of approximately $160 million from the sales and paydowns of N-Star CDO bonds, including the May 2013 N-Star CDO II liquidation.

Investment Pipeline

NorthStar will be providing additional information regarding investments that are in execution on its 10:00 am conference call.

NorthStar’s assets under management, including assets of deconsolidated CDOs, totaled approximately $10.1 billion as of September 30, 2013.

For additional details regarding NorthStar and its investments, please refer to the corporate presentation that will be posted on NorthStar’s website, www.nrfc.com.

Asset Management Business

Year-to-date, NorthStar made an aggregate of approximately $926 million of investments on behalf of NorthStar’s sponsored non-traded REITs.

NorthStar Realty Securities, LLC currently has total signed selling agreements, on behalf of NorthStar Healthcare Income, Inc. (“NorthStar Healthcare”), with broker-dealers covering more than 48,000 registered representatives and on behalf of NorthStar Real Estate Income II, Inc. (“NorthStar Income II”), with broker-dealers covering more than 47,000 registered representatives.  NorthStar expects to earn annual net fees approximately equal to three percentage points based on total capital raised for each of our current non-traded REITs.

During the third quarter 2013, NorthStar earned $6.8 million of fees from its management of its sponsored non-traded REITs.  In addition, during the third quarter 2013, NorthStar received collateral management and other fees from its consolidated CDOs of $3.1 million, which were eliminated in NorthStar’s consolidated statement of operations during the third quarter.  For CDOs that are deconsolidated, in future reporting periods any collateral management and other fees will no longer be eliminated and will be reported in NorthStar’s consolidated statement of operations.

Liquidity, Financing and Capital Markets Highlights

As of October 31, 2013, unrestricted cash was approximately $345 million.

During the third quarter 2013, NorthStar Income completed a $532 million securitization collateralized by commercial real estate loans. NorthStar contributed senior participations of certain originated commercial real estate loans, including an interest in the leasehold mortgage on the Milford Plaza hotel, and retained $124 million of participations in these loans. NorthStar expects to earn a yield of approximately 13% on its retained participations, inclusive of fees and estimated transaction

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expenses.  NorthStar, together with NorthStar Income, retained an aggregate 35% ownership interest in the Milford Plaza hotel and retail component of the hotel.

In July 2013, NorthStar issued $45 million of 5.375% exchangeable senior notes upon the exercise of the underwriters’ over-allotment option in connection with NorthStar’s June offering.

In August 2013, NorthStar issued 40.25 million shares of its common stock, inclusive of the over-allotment option shares, at a public offering price of $9.60 per share and received net proceeds of $376 million.

Currently, NorthStar’s only near-term unsecured corporate debt obligations relate to its $13 million principal amount of 7.25% notes which are payable in June 2014 at the holders’ option.

Portfolio Management

As of September 30, 2013, NorthStar did not have any loans on non-performing status (“NPL”).  NorthStar categorizes a loan as a NPL if it is in maturity default and/or is past due 90 days on its contractual debt service payments.  During the third quarter, NorthStar reversed  $11.1 million of reserves, primarily related to a loan that is expected to pay off at par during the fourth quarter 2013.

As of September 30, 2013, NorthStar’s manufactured housing communities portfolio was 86% occupied.  As of September 30, 2013, NorthStar’s net lease portfolio was 97% leased with a 5.0 year weighted average remaining lease term.  As of September 30, 2013, NorthStar’s healthcare portfolio that was leased to third-party operators was 99% leased with a weighted average lease coverage of 1.13x and a 6.5 year weighted average remaining lease term.  For additional details regarding NorthStar’s real estate portfolio, please refer to the tables on the following pages.

Stockholders’ Equity

As of September 30, 2013, NorthStar had 248,978,402 total common shares and operating partnership units outstanding.  GAAP book value per share was $5.21 as of September 30, 2013.  Adjusted book value at September 30, 2013 would be $6.46 per share, which (i) adds back accumulated depreciation and amortization on owned real estate; (ii) takes into account the expected recovery value of our N-Star CDO bonds and (iii) subtracts net unrealized gain (loss) of assets and liabilities of consolidated CDOs.  GAAP book value (with respect to deconsolidated CDOs) and adjusted book value (with respect to all CDOs) reflect the fair value of the N-Star CDO equity interests discounted at 18-20% and assumes no recovery of $177 million of previously recorded loan loss reserves.

Book value and adjusted book value do not take into consideration any value related to the following:

·                   in-place and anticipated advisory fee income streams generated by NorthStar’s sponsored non-traded REITs;

·                   NorthStar’s wholly owned broker-dealer;

·                  potential upside in NorthStar’s limited partnership interests in real estate private equity funds; or

·                  potential appreciation above the original cost basis of our $2.6 billion real estate portfolio.

For a reconciliation of adjusted book value per share to GAAP book value per share, please refer to the tables on the following pages.

Common Dividend Announcement

On October 30, 2013, NorthStar announced that its Board of Directors declared a cash dividend of $0.21 per share of common stock, payable with respect to the quarter ended September 30, 2013.  The dividend is expected to be paid on November 15, 2013 to shareholders of record as of the close of business on November 11, 2013. The Company’s common shares will begin trading ex-dividend on November 6, 2013.

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Earnings Conference Call

NorthStar will hold a conference call to discuss third quarter 2013 financial results on November 1, 2013, at 10:00 a.m. Eastern time.  Hosting the call will be David Hamamoto, chairman and chief executive officer; Albert Tylis, president; Daniel Gilbert, chief investment and operating officer; and Debra Hess, chief financial officer.

The call will be webcast live over the Internet from NorthStar’s website, www.nrfc.com, and will be archived on the Company’s website.  The call can also be accessed live over the phone by dialing 877-941-9205, or for international callers, by dialing 480-629-9771.

A replay of the call will be available one hour after the call through Friday, November 8, 2013 by dialing 800-406-7325 or, for international callers, 303-590-3030, using pass code 4646125.

About NorthStar Realty Finance Corp.

NorthStar Realty Finance Corp. is a diversified commercial real estate investment and asset management company that is organized as an internally managed REIT.  For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.

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NorthStar Realty Finance Corp.

Consolidated Statements of Operations (Unaudited)

($ in thousands, except share and per share data)

(1)         The three months ended September 30, 2013 and 2012 include $3.4 million and $2.9 million, respectively, of equity-based compensation expense. The nine months ended September 30, 2013 and 2012 include $13.6 million and $10.0 million of equity-based compensation expense, respectively.

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NorthStar Realty Finance Corp.

Consolidated Balance Sheets

($ in thousands, except share data)

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Non-GAAP Financial Measures

Included in this press release are certain “non-GAAP financial measures,” which are measures of NorthStar’s historical or future financial performance that are different from measures calculated and presented in accordance with accounting principles generally accepted in the United States, or GAAP, within the meaning of the applicable Securities and Exchange Commission, or SEC, rules.  These include: Cash Available for Distribution (“CAD”), Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”).   NorthStar believes these metrics can be useful measures of its performance which are further defined below.

Cash Available for Distribution (CAD)

CAD is a non-GAAP financial measure. We believe that CAD provides investors and management with a meaningful indicator of operating performance. Management also uses CAD, among other measures, to evaluate profitability and our board of directors considers CAD in determining our quarterly cash dividends. We also believe that CAD is useful because it adjusts for a variety of non-cash items (such as depreciation and amortization, equity-based compensation, realized gain (loss) on investments, provision for (reversal of) loan losses and non-cash interest income and expense items). Furthermore, CAD adjusts N-Star CDO bond discounts to record such investments on an effective yield basis over the expected weighted average life of the investment.  CAD may fluctuate from period to period based upon a variety of factors, including, but not limited to, the timing and amount of investments, repayments and asset sales, capital raised, use of leverage, changes in the expected yield of investments and the overall conditions in commercial real estate and the economy generally.

We calculate CAD by subtracting from or adding to net income (loss) attributable to common stockholders, non-controlling interest in the Operating Partnership and the following items: depreciation and amortization items including depreciation and amortization, straight-line rental income or expense, amortization of above/below market leases, amortization of deferred financing costs, amortization of discount on financings and other, and equity-based compensation; cash flow related to N-Star CDO equity interests; accretion of unconsolidated N-Star CDO bond discounts; non-cash net interest income in consolidated N-Star CDOs; unrealized gains (losses) from the change in fair value; realized gain (loss) on investments and other; provision for (reversal of) loan losses; impairment on depreciable property; acquisition gains or losses; distributions to joint venture partners; transaction costs; and one-time events pursuant to changes in U.S. GAAP and certain other non-recurring items.  For example, CAD has been adjusted to exclude non-recurring gain (loss) from deconsolidation of N-Star CDOs.  These items, if applicable, include any adjustments for unconsolidated ventures.

CAD should not be considered as an alternative to net income (loss), determined in accordance with U.S. GAAP, as an indicator of operating performance.  In addition, our methodology for calculating CAD may differ from the methodologies used by other comparable companies, including other REITs, when calculating the same or similar supplemental financial measures and may not be comparable with these companies.

The following table presents a reconciliation of CAD to net income (loss) attributable to common stockholders for the three and nine months ended September 30, 2013 (dollars in thousands):

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Reconciliation of Cash Available for Distribution

(Amount in thousands except per share data)

(1)         The three months ended September 30, 2013 includes depreciation and amortization of $35.0 million including $1.1 million related to unconsolidated ventures, straight-line rental income of $(1.0) million, amortization of above/below market leases of $(0.4) million, amortization of deferred financing costs of $2.0 million, amortization of discount on financings and other of $5.7 million and amortization of equity based compensation of $3.4 million. The nine months ended September 30, 2013 includes depreciation and amortization of $72.7 million including $1.9 million related to unconsolidated ventures, straight-line rental income of $(1.6) million, amortization of above/below market leases of $(1.3) million, amortization of deferred financing costs of $4.9 million, amortization of discount on financings and other of $17.3 million and amortization of equity- based compensation of $13.6 million.

(2)         For CAD, realized discounts on CDO bonds are accreted on an effective yield basis based on expected maturity. For CDOs that were deconsolidated, CDO bond accretion will be included in net income attributable to common stockholders in future reporting periods.

(3)         The three and nine months ended September 30, 2013 represents transaction costs in connection with real estate related acquisitions and includes $0.7 million related to unconsolidated ventures.

(4)         CAD per share does not take into account any potential dilution from exchangeable notes, warrants or restricted stock units that are subject to performance metrics that are not currently achieved.

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Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)

Management believes that FFO and AFFO, each of which is a non-GAAP measure, are additional appropriate measures of the operating performance of a REIT and NorthStar in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT), as net income (loss) (computed in accordance with GAAP), excluding gains (losses) from sales of depreciable property, the cumulative effect of changes in accounting principles, real estate-related depreciation and amortization, impairment on depreciable property owned directly or indirectly and after adjustments for unconsolidated ventures.

NorthStar calculates AFFO by subtracting from or adding to FFO:

·                  transaction costs;

·                  straight-line rental income or expense and fair value lease revenue;

·                  amortization of deferred costs including intangible assets and equity-based compensation;

·                  acquisition gains or losses; and

·                  non-cash unrealized gains (losses).

NorthStar’s calculation of AFFO differs from the methodology used for calculating AFFO by certain other REITs and, accordingly, our AFFO may not be comparable to AFFO reported by other REITs.

Neither FFO nor AFFO is equivalent to net income determined in accordance with GAAP.  Furthermore, FFO and AFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties.  Neither FFO nor AFFO should be considered as an alternative to net income (loss) as an indicator of NorthStar’s operating performance.

NorthStar urges investors to carefully review the GAAP financial information included as part of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and quarterly earnings releases.

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Funds from Operations (FFO) and Adjusted Funds from Operations
(AFFO) ($ in thousands, except per share data)

(1)         Amount excludes amounts attributable to non-controlling limited partner interest in NorthStar’s Operating Partnership.

(2)         The three months ended September 30, 2013 and 2012 includes $1.1 million and $0.2 million, respectively, of depreciation and amortization expense of unconsolidated ventures.  The nine months ended September 30, 2013 and 2012 includes $1.9 million and $0.6 million, respectively, of depreciation and amortization expense of unconsolidated ventures.

(3)         The three and nine months ended September 30, 2013 includes $0.7 million of transaction costs related to unconsolidated ventures.

(4)         The three months ended September 2012 includes $0.3 million of straight-line rent expense from unconsolidated ventures.  The nine months ended September 30, 2013 and 2012 includes $0.5 million and $0.8 million, respectively, of straight-line rent expense from unconsolidated ventures.

(5)         Includes immaterial amounts of amortization of above/below market leases of unconsolidated ventures.

(6)         FFO and AFFO per share does not take into account any potential dilution from exchangeable notes, warrants or restricted stock units that are subject to performance metrics that are not currently achieved.

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NorthStar Assets Under Management, Including Assets of Deconsolidated CDOs, as of September 30, 2013

($ in thousands)

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Investments

2013 Year to Date through November 1, 2013

($ in millions)

(1) Management provides no assurances that the weighted average life or cash flows of investments will be consistent with management’s expectations or that the CDO bonds, originated loans or other investments, will payoff at par, if at all.

Actual results could differ materially from those presented.

(2) Invested equity and expected current yield reflect expected financing on certain recently closed loan investments.

Balance Sheet Holdings of NorthStar CDO Bonds (1)

As of November 1, 2013

($ in thousands)

(1) Unencumbered N-Star CDO bonds are owned by NorthStar. $282 million of these N-Star CDO bonds and  the corresponding liability of the respective CDO are eliminated on NorthStar’s consolidated financial statements.

(2) Represents the maximum amount of principal proceeds that could be received.  There is no assurance NorthStar will receive the maximum amount of principal proceeds.

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Total PE Investment I (1)

($ in millions)

(1)   Based on financial data reported by the underlying funds as of June 30, 2013, except as otherwise noted.

(2)         Net cost represents total funded capital less distributions received, excluding any distributions in excess of contributions for funds representing 4% of reported NAV.

(3)   Represents implied leverage for funds with investment-level financing, calculated as debt divided by assets at fair value.

(4)   Net of a $3 million reserve for taxes.

PE Investment I by Underlying Investment Type (1)

As of June 30, 2013

(1)  Based on individual fund financial statements.

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Total PE Investment II (1)

($ in millions)

(1)         Based on financial data reported by the underlying funds as of June 30, 2013, except as otherwise noted.

(2)         Net cost represents total funded capital less distributions received.

(3)         Represents implied leverage for funds with investment-level financing, calculated as debt divided by assets at fair value.

PE Investment II by Underlying Investment Type (1)

As of June 30, 2013

(1)  Based on individual fund financial statements.

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CDOs primarily backed by CRE Debt

($ in thousands)