Exhibit 99.1

NORTHSTAR REALTY FINANCE

ANNOUNCES FOURTH QUARTER AND FULL YEAR 2013 RESULTS

Fourth Quarter 2013 Highlights

·                  Cash available for distribution (“CAD”) of $0.29 per share.

·                  Increased fourth quarter 2013 cash dividend to $0.25 per common share, representing a 19% increase over the prior quarter and 150% over the last ten quarters.

·                  Announced plan to spin-off NorthStar’s asset management business into a separate publicly-traded company, NorthStar Asset Management Group Inc.

·                  Funded $799 million of investments in the fourth quarter 2013, representing $481 million of invested equity.

Full Year 2013 Highlights

·                  Cash available for distribution (“CAD”) of $1.06 per share.

·                  Funded $3.6 billion of investments, representing $1.9 billion of invested equity.

·                  Total capital raised to date of $1.4 billion in our non-traded REIT business.

NEW YORK, NY, February 27, 2014 - NorthStar Realty Finance Corp. (NYSE: NRF) today announced its results for the fourth quarter and full year ended December 31, 2013.

Fourth Quarter 2013 Results

NorthStar reported cash available for distribution (“CAD”) for the fourth quarter 2013 of $74.3 million, or $0.29 per share. Net loss to common stockholders for the fourth quarter 2013 was $(10.4) million, or $(0.04) per diluted share, compared with a net loss to common stockholders of $(27.6) million, or $(0.20) per diluted share for the fourth quarter 2012.

On December 31, 2013, NorthStar deconsolidated the Capital Source CDO (“CSE CDO”).  Net loss to common stockholders for the fourth quarter 2013 included a $(45.6) million loss as a result of the deconsolidation of the CSE CDO, which was predominately due to the reversal of the unrealized gains on the CSE CDO liability 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.

Full Year 2013 Results

NorthStar reported CAD for the full year 2013 of $233.6 million, or $1.06 per share. Net loss to common stockholders for the full year 2013 was $(137.5) million, or $(0.65) per diluted share, compared with a net loss to common stockholders of $(288.6) million, or $(2.31) per diluted share for the full year 2012.  Net loss to common stockholders for the full year 2013 included a $(299.8) million loss as a result of the deconsolidation of the CRE debt CDOs.  This loss is not included in CAD and adjusted funds from operations.

For more information and a reconciliation of CAD to net income (loss) to common stockholders, please refer to the tables on the following pages.

David T. Hamamoto, chairman and chief executive officer, commented “2013 was truly a transformational year for NorthStar.  The $3.6 billion of diversified investments completed during 2013 across various commercial real estate asset classes emphasizes the strength of our broad and scalable commercial real estate platform. Our current investment pipeline remains robust and we are pleased to announce that we have entered into a term sheet and are in the process of executing an agreement to acquire a $1.05 billion healthcare real estate portfolio comprised of over 8,500 beds across diversified assisted living and skilled nursing facilities, which would  bring our owned real estate portfolio to $4 billion. Our partnership with Jay Flaherty is already adding value and his relationships in the industry were instrumental in landing this negotiated transaction.”

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Mr. Hamamoto continued, “We are extremely excited by the variety of opportunities available for NorthStar and will continue focusing on creating shareholder value such as the recently announced spin-off of our asset management business into an independent publicly-traded company, NorthStar Asset Management Group Inc., or NSAM. We believe that NSAM, with its unique asset base and one of-a-kind structure, is extremely well positioned for powerful growth as we continue to drive value at NorthStar, grow our non-traded REIT business and diversify NSAM’s fee streams through opportunities such as the RXR investment and the partnership with Jay Flaherty. The spin-off of NSAM remains on track to be completed in the second quarter of 2014.”

Investments

Real Estate

During the fourth quarter 2013, NorthStar acquired a $345 million portfolio of manufactured housing communities, which was financed with three separate, non-recourse mortgages in the aggregate amount of $248 million at a weighted average fixed interest rate of 4.92%.  NorthStar expects to earn an initial current yield of approximately 12% on its $89 million of invested equity.

Opportunistic Investments

During the fourth quarter 2013, NorthStar invested $337 million in RXR Realty (“RXR”), a leading real estate operating and investment management company focused on the New York Tri-State area.  This investment includes a combination of corporate debt, preferred equity and an approximate 30% equity interest in RXR. NorthStar expects to earn an initial current yield of approximately 11% on its $337 million of invested equity. As part of the announced spin-off, the asset management fee income related to NorthStar’s equity interest in RXR will be effectively transferred to NSAM through an increase in base management fees equal to the greater of $10 million per annum or the portion of distributable cash flow from NorthStar’s equity interest related to the asset management business of RXR.  In addition, NorthStar expects to co-sponsor a multi-billion dollar non-traded REIT with RXR focused on commercial real estate in the New York Tri-State area.

During the fourth quarter 2013, NorthStar invested $40 million to acquire eight limited partnership interests in real estate private equity funds with an initial aggregate reported net asset value of $80 million as of June 30, 2013. NorthStar expects to earn an initial current yield of approximately 18% on its invested equity.  For additional details regarding this transaction, please refer to the tables on the following pages.

Real Estate Loans

Subsequent to the fourth quarter 2013, NorthStar originated two commercial real estate loans with a $104 million aggregate principal amount and expects to generate a weighted average initial current yield on its invested equity of approximately 14%.

CDO Bonds

The principal proceeds NorthStar could receive from N-Star CDO bonds acquired during the fourth quarter 2013 is $37 million, which were purchased for $14 million and had a weighted average original credit rating of BBB+/Baa1.  During full year 2013, NorthStar received total proceeds of approximately $162 million from the sales and paydowns of N-Star CDO bonds, including the May 2013 N-Star CDO II liquidation. The principal proceeds NorthStar could receive from N-Star CDO bonds acquired subsequent to the fourth quarter 2013 is $10 million, which were purchased for $7 million and had a weighted average original credit rating of A+/A1.

Investment Portfolio

NorthStar’s assets under management, including assets of deconsolidated CDOs, totaled approximately $10.6 billion as of December 31, 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.

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NorthStar Asset Management Group Inc. (NSAM)

On December 10, 2013, NorthStar announced that its board of directors unanimously approved a plan to spin-off its asset management business into a separate publicly-traded company in the form of a tax-free distribution. NSAM will: (i) manage NorthStar through a new management contract pursuant to the terms described below; (ii) manage NorthStar’s sponsored non-traded REITs; (iii) own NorthStar’s captive broker-dealer, NorthStar Realty Securities, LLC, and (iv) own NorthStar’s special servicing business. The spin-off is expected to be completed in the second quarter of 2014.

(I)                NorthStar Management Contract Details:

Annual Base Management Fee through February 26, 2014:

Plus, after February 26, 2014:

(a)         1.5% per annum of the sum of:

·                  cumulative net proceeds of all future common and preferred equity issued by NorthStar;

·                  equity issued in exchange or conversion of exchangeable notes based on the stock price at the time of issuance;

·                  any other issuances of common equity, preferred equity or other forms of equity, including but not limited to units in an operating partnership; and

·                  cumulative CAD in excess of cumulative distributions paid on common stock or equity awards beginning the first full calendar quarter after completion of the spin-off.

(b)         the portion of distributable cash flow from the NorthStar’s equity interest related to the asset management business of RXR Realty in excess of the $10 million minimum annual amount.

Incentive Fee:

NSAM is entitled to an incentive fee, calculated and payable quarterly in arrears in cash, equal to:

·                  the product of (a) 15% and (b) CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, when such amount is in excess of $0.195 per share but less than $0.225 per share; plus

·                  the product of (a) 25% and (b) CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, when such amount is equal to or in excess of $0.225 per share;

·                  multiplied by the weighted average shares outstanding for the calendar quarter.

In addition, NSAM will earn incentive fees from NorthStar’s healthcare investments in connection with the long-term partnership with James F. Flaherty III, the former Chairman and Chief Executive Officer of HCP, Inc., that was announced on January 22, 2014.

Additional NorthStar Management Contract Details:

·                  20-year initial term of management agreement that is only terminable for “cause.”

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·                  If NorthStar were to spin-off additional businesses in the future, the management agreement is expected to provide that such businesses would be managed by NSAM consistent with the terms of the management agreement and that annual base management fees and incentive fees would be proportionately allocated.

·                  The incentive fee will be appropriately adjusted from time to time to take into consideration the effect of any stock split, reverse stock split or stock dividend, including the 1-for-2 reverse stock split of NorthStar common stock that NorthStar expects to effect in connection with and immediately prior to the consummation of the spin-off.

(II)           Non-traded REIT Contract Details:

Non-traded REITs

During 2013, NorthStar made an aggregate of approximately $1.3 billion of investments on behalf of NorthStar’s sponsored non-traded REITs.  NorthStar raised $683 million in 2013, including $126 million during the fourth quarter 2013.

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 87,000 registered representatives and on behalf of NorthStar Real Estate Income II, Inc. (“NorthStar Income II”), with broker-dealers covering more than 86,000 registered representatives.  NSAM 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 fourth quarter 2013, NorthStar earned $9.6 million of fees from its management of its sponsored non-traded REITs.  In addition, during the fourth quarter 2013, NorthStar received collateral management and other fees from its CDOs of $2.7 million.

Liquidity, Financing and Capital Markets Highlights

As of February 25, 2014, unrestricted cash was approximately $546 million.

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In December 2013, NorthStar issued 57.5 million shares of its common stock, including the over-allotment option shares, at a public offering price of $11.65 per share and received net proceeds of $649 million.

In December 2013, NorthStar issued 11.5 million shares of its common stock in connection with the exchange of $68 million principal amount of 8.875% notes.

Subsequent to the fourth quarter 2013, NorthStar issued 1.6 million shares of common stock in connection with the exchange of $10 million principal amount of 8.875% notes and 14.1 million shares of common stock in connection with the exchange of $137 million principal amount of 5.375% notes.

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 December 31, 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.

As of December 31, 2013, NorthStar’s portfolio of manufactured housing communities was 87% occupied.  As of December 31, 2013, NorthStar’s net lease portfolio was 97% leased with a 4.8 year weighted average remaining lease term.  As of December 31, 2013, NorthStar’s healthcare portfolio that was leased to third-party operators was 100% leased with weighted average lease coverage of 1.1x and a 6.7 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 December 31, 2013, NorthStar had 318,024,346 total common shares and LTIP units outstanding and $12 million of non-controlling interest related to its operating partnership.  GAAP book value per share was $6.20 as of December 31, 2013.  Adjusted book value at December 31, 2013 would be $7.20 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. The spin-off of the asset management business is not expected to have any impact to adjusted book value, other than with respect to any initial cash contributed to NSAM.

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

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

·                  Potential appreciation above the original cost basis of our existing $3 billion real estate portfolio; or

·                  The value of NSAM, NorthStar’s asset management business that will be spun-off as a separate publicly-traded company.

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 February 26, 2014, NorthStar announced that its Board of Directors declared a cash dividend of $0.25 per share of common stock, payable with respect to the quarter ended December 31, 2013.  The dividend is expected to be paid on March 14, 2014 to shareholders of record as of the close of business on March 10, 2014. The Company’s common shares will begin trading ex-dividend on March 6, 2014.

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Earnings Conference Call

NorthStar will hold a conference call to discuss fourth quarter and full year 2013 financial results on February 27, 2014, 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 877-941-0843, or for international callers, by dialing 480-629-9866.

A replay of the call will be available one hour after the call through Thursday, March 6, 2014 by dialing 800-406-7325 or, for international callers, 303-590-3030, using pass code 4666318.

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. NorthStar recently announced a plan to spin-off its asset management business into a separate public company. 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 December 31, 2013 and 2012 include $3.3 million and $2.8 million, respectively, of equity-based compensation expense. The year ended December 31, 2013 and 2012 include $17.0 million and $12.8 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 attributable to 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 gain (loss) 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 certain 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 months and year ended December 31, 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 December 31, 2013 includes depreciation and amortization of $24.7 million including $1.1 million related to unconsolidated ventures, straight-line rental income of $(0.7) million, amortization of above/below market leases of $(0.3) million, amortization of deferred financing costs of $2.5 million, amortization of discount on financings and other of $4.8 million and amortization of equity based compensation of $3.3 million. The year ended December 31, 2013 includes depreciation and amortization of $96.4 million including $2.9 million related to unconsolidated ventures, straight-line rental income of $(2.3) million, amortization of above/below market leases of $(1.6) million, amortization of deferred financing costs of $7.4 million, amortization of discount on financings and other of $22.2 million and amortization of equity- based compensation of $17.0 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 is included in net income attributable to common stockholders beginning the first reporting period after deconsolidation.

(3)         The three months and year ended December 31, 2013 include $10.9 million of non-cash loss from extinguishment of debt.

(4)         The three months ended December 31, 2013 includes depreciation and amortization of $0.4 million and impairment on real estate of $8.6 million. The year ended December 31, 2013 includes depreciation and amortization of $1.4 million and impairment on real estate of $8.6 million.

(5)         The three months ended December 31, 2013 includes transaction costs in connection with real estate related acquisitions of $1.6 million and $1.2 million of cash flow related to N-Star CDO equity interests. The year ended December 31, 2013 includes transaction costs in connection with real estate related acquisitions of $13.1 million including $0.7 million related to unconsolidated ventures and $1.2 million of cash flow related to N-Star CDO equity interests.

(6)         CAD per share does not take into account any potential dilution from our exchangeable notes or warrants outstanding or restricted stock units subject to performance metrics 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 financial 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)

(Amount 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 December 31, 2013 and 2012 includes $1.1 million and $0.2 million, respectively, of depreciation and amortization expense of unconsolidated ventures.  The years ended December 31, 2013 and 2012 include $2.9 million and $0.8 million, respectively, of depreciation and amortization expense of unconsolidated ventures.

(3)         The year ended December 31, 2013 includes $0.7 million of transaction costs related to unconsolidated ventures.

(4)         The three months ended December 31, 2012 includes $0.2 million related to straight-line rent expense from unconsolidated joint ventures. The years ended December 31, 2013 and 2012 include $0.5 million and $1.0 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)         The three months and year ended December 31, 2013 include $10.9 million of non-cash loss from extinguishment of debt.

(7)         FFO and AFFO per share does not take into account any potential dilution from our exchangeable notes or warrants outstanding or restricted stock units subject to performance metrics not yet achieved.

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NorthStar Assets Under Management, Including Assets of Deconsolidated CDOs, as of December 31, 2013

($ in thousands)

(1)         Includes assets of deconsolidated collateralized debt obligations, or CDOs, referred to as N-Star CDOs.

(2)         Based on cost for real estate investments which includes net purchase price allocation related to net intangibles and other assets and liabilities, fair value for our investments in joint ventures owning limited partnership interests in real estate private equity funds, or PE Investments, and includes the deferred purchase price for PE Investment II, principal amount for our CRE debt and securities investments and fair value for N-Star CDO equity.

(3)         The RXR Investment includes $150 million of corporate debt and $25 million revolver reported in term loans and $100 million preferred equity reported in subordinate interests.

(4)         Primarily relates to certain CRE debt investments accounted for as joint ventures.

(5)         Based on consolidated total assets.

(6)         Based on the respective remittance report issued on date nearest to December 31, 2013.  This amount excludes $640 million of aggregate N-Star CDO equity and N-Star CDO bonds included in CRE securities.

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2013 Investments

($ 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.

Balance Sheet Holdings of NorthStar CDO Bonds (1)

As of December 31, 2013

($ in thousands)

(1) Unencumbered N-Star CDO bonds are owned by NorthStar. $127 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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PE Investments (1)

($ in millions)

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

(2) Net cost represents total funded capital less distributions received. For PE Investment I, excludes any distributions in excess of contributions for funds, which represented 4% of reported NAV.

(3) The reported NAV growth for PE Investment I and II is measured from the agreed upon reported NAV at date of acquisition, or Initial NAV. The reported NAV growth for PE Investment III is annualized based on one quarter of reported income from the Initial NAV.

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

(5) Represents the amount of expected future capital contributions to funds as of December 31, 2013.

(1)  PE Investment III closed on December 31, 2013, and as a result, received no income for the quarter ended December 31, 2013.

(2)  Net of an aggregate $3 million reserve for taxes in PE Investments I and II.