NorthStar Realty Europe Announces Fourth Quarter 2015 Results

Primary Focus on Germany, the United Kingdom and France

NorthStar Realty Europe completed its spin-off from NorthStar Realty Finance Corp. in October 2015. NorthStar Realty Europe's primary business objective is to generate a stable and recurring income stream for distribution to stockholders supplemented by capital growth over time. Through its experienced local team and established networks, NorthStar Realty Europe seeks to source properties that are capable of generating stable and recurring levels of cash flow with potential for capital growth as the European economy recovers and through active asset management initiatives.

NorthStar Realty Europe intends to primarily focus on its core portfolio, which is comprised predominantly of prime office properties in key cities within Germany, the United Kingdom and France. These are not only the largest economies in Europe but the largest, most established, liquid and among the most stable office markets in Europe. As such, certain non-strategic properties will continue to be actively managed and strategically divested over time with net proceeds being used to repurchase NorthStar Realty Europe's common stock pursuant to the $100 million stock repurchase program, repay borrowings or reinvested in our core markets.

Portfolio Results and Performance Metrics

Below are portfolio results and performance metrics for the fourth quarter 2015. For more information and a reconciliation of net operating income ("NOI") to net income (loss) attributable to common stockholders, please refer to the tables on the following pages.

• As of December 31, 2015, our core portfolio of predominantly prime office properties represented 76% of the overall portfolio market value and 66% of rental income.²
• As of December 31, 2015, NorthStar Realty Europe's portfolio was 87% occupied with a six year weighted average remaining lease term through to contractual term.
• For the fourth quarter 2015, NOI was $34.8 million.

Total Assets

• Total assets as of December 31, 2015 of approximately $2.7 billion.
• Cushman & Wakefield LLP reported an estimated real estate portfolio value of approximately $2.6 billion for NorthStar Realty Europe's real estate portfolio, which equates to an implied NAV of $18 per share (excluding other assets and liabilities).¹
• In December 2015, NorthStar Realty Europe sold three non-strategic properties and committed to sell one additional non-strategic property, which was subsequently sold in March 2016, for a combined sales price of $26 million reflecting approximately a 29% premium to the purchase price.

Supplemental Disclosure

• Please refer to the supplemental presentation that will be posted on NorthStar Realty Europe's website, www.nrecorp.com, which provides additional details regarding NorthStar Realty Europe's portfolio.

Liquidity, Financing and Capital Markets Highlights

Corporate Debt

• Subsequent to the fourth quarter 2015, NorthStar Realty Europe repurchased approximately $150 million of its 4.625% senior stock-settable notes due December 2016 (the "Senior Notes") at a slight discount to their par value through open market purchases. Approximately $190 million of the Senior Notes remain outstanding as of March 22, 2016.

Stockholders' Equity

• On November 24, 2015, the board of directors of NorthStar Realty Europe authorized the repurchase of up to $100 million of the company's outstanding common stock. The repurchases will occur from time to time in the open market and/or in privately negotiated transactions. The authorization expires in November 2016, unless otherwise extended by NorthStar Realty Europe's board of directors. In December, 2015, NorthStar Realty Europe repurchased approximately $41 million of its common stock pursuant to this stock repurchase program.
• As of December 31, 2015, NorthStar Realty Europe had 60.2 million total common shares outstanding, including LTIPs and RSUs not subject to performance hurdles.
• Unrestricted cash as of March 17, 2016 was approximately $133 million, a decrease of $151 million from $284 million as of December 31, 2015, primarily a result of the repurchase of $150 million of the Senior Notes.

Earnings Conference Call

NorthStar Realty Europe will host a conference call to discuss fourth quarter 2015 financial results on Tuesday, March 22, 2016, at 9:00 a.m. ET / 1:00 p.m. GMT / 2:00 p.m. CET. Hosting the call will be Mahbod Nia, Chief Executive Officer, Scott Berry, Chief Financial Officer and Trevor Ross, General Counsel.

The call will be webcast live over the Internet from the NRE's website at www.nrecorp.com and will be archived on the NorthStar Realty Europe's website. The call can also be accessed live over the phone by dialing 888-206-4912 (U.S. Toll Free), or +1 913-981-5544 (International) or +44 (0) 2081-500-795 (United Kingdom), and using passcode 7447248.

A replay of the call will be available approximately two hours after the call through March 29, 2016 by dialing 888-203-1112 (U.S. Toll Free), or +1 719-457-0820 (International), or +44 (0) 2076-600-134 (United Kingdom), and using passcode 7447248.

About NorthStar Realty Europe Corp.

NorthStar Realty Europe Corp. is a European focused commercial real estate company with predominately prime office properties within key cities in Germany, the United Kingdom and France, organized as a REIT and managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm. For more information about NorthStar Realty Europe Corp., please visit www.nrecorp.com.

NorthStar Realty Europe Corp.
Combined Consolidated Statements of Operations
($ in thousands, except for per share data)
(Unaudited)
	Three Months Ended December 31,
	2015				2014
Revenues
Rental and escalation income	$	43,923			$	2,523
Other revenue	200				—
Total revenues	44,123				2,523
Expenses
Real estate properties - operating expenses	9,794				1,046
Interest expense	14,738				165
Transaction costs	10,358				27,380
Management fee, related party (1)	2,333				—
Impairment of goodwill	1,710				—
Other expenses	5,203				—
General and administrative expenses(2)	2,219				1,017
Depreciation and amortization	21,439				941
Total expenses	67,794				30,549
Other income (loss)
Unrealized gain (loss) on investments and other	2,622				(1,335)
Realized gain (loss) on investments and other	1,413				—
Income (loss) before income tax benefit (expense)	(19,636)				(29,361)
Income tax benefit (expense)	(14,544)				—
Net income (loss)	(34,180)				(29,361)
Net (income) loss attributable to non-controlling interests	231				(21)
Net income (loss) attributable to NorthStar Realty Europe Corp.	$	(33,949)			$	(29,382)
Earnings (loss) per share:
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