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Corporate Presentation
May 2010




                         1
Safe Harbor
 Certain statements in this presentation may contain forward-looking statements.
 The forward-looking statements may involve a number of risks and uncertainties.
 A number of factors including those set forth in the Company’s Annual Report on
 Form 10-K could cause our actual results, performance, achievements or industry
 results to be materially different from any future results, performance or
 achievements expressed or implied by these forward-looking statements. Additional
 information concerning factors that could cause actual results to materially differ
 from those in the forward-looking statements is contained in the Securities and
 Exchange Commission filings of the Company. The Company undertakes no obligation
 to publicly update any information whether as a result of new information, future
 events, or otherwise.
 Certain non-GAAP financial measures, as defined by the Securities and Exchange
 Commission, are set forth in this presentation. Our presentation of this information
 is not intended to be considered in isolation or as a substitute for the financial
 information prepared and presented in accordance with GAAP. Except as otherwise
 noted herein, reconciliations of these non-GAAP financial measures to the most
 comparable measures prepared in accordance with GAAP are set forth on the exhibits
 attached hereto.
 This presentation does not constitute an offer to sell or a solicitation of an offer
 to buy any securities of our company.



                                                                                        2
NorthStar Realty Finance

  Commercial real estate finance company (NYSE:NRF)
  Three primary complementary business lines focused on commercial real
  estate:
    Commercial real estate lending
    Real estate securities investment and management
    Net leased corporate and healthcare-related properties
  $6.8 billion of commercial real estate loans, securities backed by
  commercial real estate mortgages and net leased real estate properties
  under management
  New York headquarters with investments located throughout the U.S.




                                                                           3
NorthStar Highlights

  Management team averaging 20 years of experience in commercial real
  estate investment and ownership
  Strong credit history and risk management platform
  Centralized management structure ensures senior management
  involvement in all portfolio management and investment decisions
  Long-term and flexible match funded capital structure and strong
  liquidity position ($214 million of liquidity)
  Minimal near-term final debt maturities and no ratings triggers
  Consistently paid a quarterly cash dividend since going public
  Employees/Directors collectively own approximately 7% of NorthStar




                                                                        4
NorthStar Highlights
  NorthStar specializes in commercial real estate finance and property
  investment and has delivered a strong credit track record.
  NorthStar’s management team is comprised of professionals who have
  experience in owning and operating real estate through cycles. The
  Company’s hallmarks include:
    Focus on senior loans, direct origination, and in raising long-term capital
    during frothy real estate market resulted in best-in-class credit track record
    and liquidity management;
    Did not participate in top-of-the market syndicated financings such as
    Archstone Smith, Equity Office Properties, Hilton Hotels, Stuyvesant Town/PCV
    and others;
    Invested early in risk management infrastructure to support investment
    management activities. Experts in construction and owning and operating real
    estate are dedicated to managing NorthStar's assets;
    Aggressive capital raising and curtailment of commitments beginning in early
    2007 enabled NorthStar to create an approximate $193 million cushion for
    credit losses from discounted debt repurchases;
    Match funded liability structure and conservative liquidity management
    approach have positioned NorthStar well in this difficult environment.

                                                                                     5
Complementary Primary Business Lines

Real Estate Debt
  Originate, acquire and structure senior and subordinated debt
              $2.1 billion(1) assets / $20 million average size
              81.9% weighted average loan-to-value(2)
              3-year weighted average remaining term to extended final maturity

Real Estate Securities
  CMBS/unsecured REIT debt/bank loans
              $3.5 billion assets under management / $5 million average size
              BB average rating
              6-year weighted average expected remaining life
Net Lease Properties
  Healthcare/corporate property focus
              $1.1 billion assets / $9 million average size
              7-year weighted average remaining term
              Strong lease coverage on healthcare portfolio


(1)   Excludes $0.1 billion of equity invested in joint ventures.
(2)   Loan-to-value generally represents loan-to-cost unless the collateral has been revalued as part of a loan modification or credit situation.




                                                                                                                                                    6
Seasoned Executive Team

Name                   NRF Position            Yrs of Exp   Relevant Background

David T. Hamamoto      CEO                        27         NorthStar Capital - Co-Founder
                                                             Goldman, Sachs & Co. - Co-Founder and Partner of Real Estate
                                                             Principal Investment (Whitehall Funds)
Andrew C. Richardson   CFO and EVP                20         iStar Financial Inc. – EVP, Capital Markets
                                                             Salomon Smith Barney – VP, Global Real Estate and Lodging
                                                             Group
                                                             Ernst & Young - C.P.A

Daniel R. Gilbert      CIO and EVP                17         NorthStar Capital – Head of Mezzanine Lending Business
                                                             Merrill Lynch - Group Head in Global Principal Investment and
                                                             Commercial Real Estate
Al Tylis               COO, General Counsel       13         ASA Institute - Director of Corporate Finance and General
                       and EVP                               Counsel
                                                             Bryan Cave LLP - Senior attorney
                                                             GE Business Property - Head of East and Midwest real estate
                                                             acquisitions
Daniel D. Raffe        EVP                        22         Cushman & Wakefield – Managing Director, Real Estate Capital
                                                             Markets

Robert Riggs           Director of Portfolio      23         Olympus Real Estate Partners - Partner
                       Management                            GE Capital Realty Group – COO and EVP of Equity Investing




                                                                                                                             7
NorthStar Priorities

  Liquidity Management and Capital Retention
    NorthStar used its strong liquidity position and market volatility to
    strengthen and de-lever its balance sheet during 2009.
    Aggressively seek asset monetization opportunities, even at discounts
    to cost.
  Intensive Credit Risk Management
    Active executive management involvement in all portfolio management
    strategies.
  Capital Raising
    Access alternative capital by leveraging NorthStar’s commercial real
    estate franchise to make opportunistic investments.
    Develop and seek creative financing structures – filed S-11 with the SEC
    in connection with newly formed REIT, NorthStar Real Estate Income
    Trust.
    Newly formed NorthStar broker-dealer, NRF Capital Markets, registered
    with the SEC and approved as a member of FINRA.




                                                                               8
Diversified Asset Base (As of March 31, 2010)
                                                                                                                  (1)
 Three Business Lines by Invested Capital                                            Diversified Property Types
                                                                                                                        2%    Retail-Net Lease
                                                           8% Healthcare Net
                                                                                                                        2%    Industrial
                                                              Lease
                                                            9% Cash                        Healthcare                   3%    Condo
                                                                                                21%

              48% Real
                                                           10% Core                    Office –                         9%    Retail-Loans
                  Estate
                                                               Net Lease               Loans
                  Debt                                                                                                  13%   Office-Net Lease
                                                                                        18%
                                                           12% JV Investments/                    Multi-
                                                                Other                             Family
                                                                                                  17%                   15%   Hotel
                                                           13% Real Estate
                                                               Securities
  High Quality Diversified Asset Types                                               Geographic Diversification   (1)


                                                             2% IG Net Lease                                            2%    Northwest
                                                             4% Junior                                                  3%    Other
                                                                Participations                Midwest                   5%    Mid-Atlantic
               IG Securities                                                                  25%
                                                             11% Mezzanine & Other
                   20%                                                                                                  5%    Southern Cal.

            16% First                                                                  Southeast                        6%    Northern Cal.
                                                             15% Non-IG Net Lease
            Mortgages                                                                  16%
            (Whole
                             Non-IG                                                                                     8%    New York
             loans)
                             Securities                                                   Southwest
                                                                                                    North-
                               32%                                                            12%                       8%    West
                                                                                                    east
                                                                                                    10%



 Source: NorthStar Realty Finance Corp.
 (1) Excludes RE securities, equity investments in real estate and
     corporate lending.
                                                                                                                                                 9
Seasoned, High Credit-Quality
Commercial Real Estate Securities
(As of March 31, 2010)

                                       NorthStar’s Securities Investment Portfolio
                                                           (excluding securities owned by NRESOF)                   (1)

                                                                       $2.6 billion


                       CMBS IG                               3% REIT Non-IG
                        36%                                                                                                         55% Non-Investment Grade
                                                               7% REIT IG                              Investment
                                                                                                       Grade
                                                              7% Other                                   45%
                       47%
                       CMBS
                       Non-IG




                   CMBS by Vintage                                                                        Securities By Credit Rating(2)
   2008 8%                                                                                                                             2% AA
                                                              3% 2002
   and                                                                                                                                 4% AAA
   2009            2001 and                                   6% 2003
                   prior                                                                                                               6% CC and
                                                                                                           BBB                            below
                        18%                                                                                30%
                                                              13% 2004                                                                 9% CCC
               2005
               18%
                                                                                                           BB
                                                                                                                                       9%   A
                         2006                                                                              25%      B
                                                              13% 2007                                              15%
                          21%


                      58% 2005 and prior
                      42% 2006 and after
  Source: NorthStar Realty Finance Corp.
  (1) $0.9 billion of securities are managed in NorthStar Real Estate Securities Opportunity Fund in
      which NorthStar is the general partner and has a 31% LP interest as of March 31, 2010.
  (2) If securities are split-rated then highest ratings category used.                                                                                        10
Strong Credit Performance

 Minimal realized credit losses on commercial real estate loans to date
   NPLs just 4.2% of total loans.
   Approximately 40% of loans have some sort of recourse obligation to the
   sponsors.
   Just $7 million of expected unrestricted cash needs to fund all remaining loan
   commitments.
 Commercial real estate securities have minimal delinquencies
   CMBS portfolio average credit rating is Ba2/BB despite significant and industry-
   wide downgrade actions. Older vintage focus provides greater credit
   enhancement and ratings action cushion.
   No repo or short-term financing. Ability to hold investments until maturity.
 All CDOs in compliance with overcollateralization and interest coverage
 tests.




                                                                                      11
Capitalization and Non-Recourse
Match Funding
                    Funded Balance at                                       $214 million liquidity
                     March 31, 2010
                                                                            Long-term match funded capital
                                                                              $350 million of committed bank debt
                                                                              capital.
                                                                              $800 million of mortgages with major
                                                                              financial institutions
                           Mortgage / Term                                    $3.0 billion on-balance sheet flexible CDO
                             Loans / CDO                       76%
                            Match Funded                                      financings at investment grade cost of
                                Debt                                          funds. Most financings still within
                                                                              reinvestment periods.
                                                                              $38 million of U.S. Government issued
                                                                              Term Asset Backed Securities Loan (TALF)
                         Exchangeable Notes                     2%            financing.
                            Trust Preferred
                                                                            Long-term subordinate capital
                                                                5%
                                                                              $280 million of 30-year trust preferred
                          Preferred and
                         Common Equity +
                                                               17%
                                                                              securities provide cost-effective, “equity-
                        OP Minority Interest
                                                                              like” capital.
 Note: Debt values are shown at principal amounts and preferred equity is
      shown at book value as of March 31, 2010. Common equity is shown
                                                                            $250 million of perpetual preferred
      exclusive of mark-to-market adjustments and accumulated
      depreciation.                                                         equity at 8.37% average cost

                                                                                                                            12
Low-Cost Match-Funded Financing
 ($ in millions)                                          Low All-in Funding Cost of NorthStar
                                                                 Term Debt Financings

                                                                              Securities                         Real Estate Debt
        Spread (bps) (1) over Swaps




N-Star

                                                Securities Term Debt Financings                        Loan Term Debt Financings
 Issuance Date:                       8/21/03     7/1/04    3/10/05   9/22/05      6/22/06   2/28/07   6/14/05    3/17/06   12/7/06

 Amount:                               $400        $400      $400      $500         $550      $800      $400       $450       $900
 Re-investment                           0          0          0        0.5          1.2       2.2       0.2        1.2        1.9
 Period Remaining (yrs.)
(1) Includes debt issuance costs.



                                                                                                                                      13
NorthStar Realty Finance

  Commercial real estate finance company (NYSE:NRF)
  Three primary complementary business lines focused on commercial real
  estate:
    Commercial real estate lending
    Real estate securities investment and management
    Net leased corporate and healthcare-related properties
  $6.8 billion of commercial real estate loans, securities backed by
  commercial real estate mortgages and net leased real estate properties
  under management
  New York headquarters with investments located throughout the U.S.




                                                                           14
APPENDIX




           15
AFFO Reconciliation

                                                                                                        2008                                     2009                     2010
     ($ in Thousands, except per share)                   Q1       Q2        Q3       Q4       Q1                                          Q2           Q3      Q4         Q1
 Funds from Operations (FFO)
 Consolidated net income (loss)                        $222,152 ($23,267) $251,581 $251,863 $102,731                                     $2,469 ($65,773) ($189,931) ($20,103)
                                                  (1)
 Less: Non-controlling interest in joint ventures        (245)    448      (2,300)  (2,517)  (2,464)                                     (1,976) (2,555)    (2,560)   (1,962)
 Consolidated net income (loss) before non-controlling
   interest in operating partnership                   $221,907 ($22,819) $249,281 $249,346 $100,267                                     $493      ($68,328) ($192,491) ($22,065)

 + Preferred Stock Dividend                                                          (5,231)   (5,231)     (5,231)   (5,231)   (5,231)   (5,231)    (5,231)   (5,231)    (5,231)
                                                  (2)
 + Depreciation and Amortization                                                   10,185   10,224    13,737    9,954   15,061 17,629     3,959     7,890      8,720
 + Funds from Discontinued Oper.                                                     0         0        0         0        0       0        0        573         0
   Total                                                                          $226,861 ($17,826) $257,787 $254,069 $110,097 $12,891 ($69,600) ($189,260) ($18,576)

 Adjusted Funds from Operations (AFFO)
 FFO                                                                              $226,861 ($17,826) $257,787 $254,069 $110,097 $12,891 ($69,600) ($189,260) ($18,576)
                                            (3)
 + Straightline Rental income                                                       (803)        (755)   (383)        (536)     (504)     (724)   (584)    (607)    (572)
 + Amortization of Fair Market Rental Adj.                                          (306)        (305)   (809)        (320)     (325)     163     (304)    (335)    (264)
 + Amortization of Deferred Compensation                                            6,991       5,966    5,439        6,284     5,144    5,320   5,007     5,003    5,058
 Less: Unrealized MTM (Gains)/Losses                                               209,073     (42,125) 236,355      243,790   91,798   (1,881) (85,003) (206,078) 19,533
   Total                                                                           $23,670     $29,205 $25,679       $15,708   $22,614 $19,530 $19,522 $20,879 ($33,887)

     AFFO Per Share                                                                  $0.34      $0.42      $0.37      $0.36    $0.31     $0.26      $0.25      $0.25     ($0.41)

Source: Company filings and press releases.
Q1’08 – Q4’08 includes restated financial statement figures after adoption of FASB APB 14-1
(1) Includes Minority Interest in Joint Ventures.
(2) Includes depreciation and amortization of unconsolidated ventures.
(3) Includes straight-line rental income of unconsolidated ventures.




                                                                                                                                                                                    16

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Request corporate presentation5-20-10

  • 2. Safe Harbor Certain statements in this presentation may contain forward-looking statements. The forward-looking statements may involve a number of risks and uncertainties. A number of factors including those set forth in the Company’s Annual Report on Form 10-K could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Securities and Exchange Commission filings of the Company. The Company undertakes no obligation to publicly update any information whether as a result of new information, future events, or otherwise. Certain non-GAAP financial measures, as defined by the Securities and Exchange Commission, are set forth in this presentation. Our presentation of this information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Except as otherwise noted herein, reconciliations of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP are set forth on the exhibits attached hereto. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities of our company. 2
  • 3. NorthStar Realty Finance Commercial real estate finance company (NYSE:NRF) Three primary complementary business lines focused on commercial real estate: Commercial real estate lending Real estate securities investment and management Net leased corporate and healthcare-related properties $6.8 billion of commercial real estate loans, securities backed by commercial real estate mortgages and net leased real estate properties under management New York headquarters with investments located throughout the U.S. 3
  • 4. NorthStar Highlights Management team averaging 20 years of experience in commercial real estate investment and ownership Strong credit history and risk management platform Centralized management structure ensures senior management involvement in all portfolio management and investment decisions Long-term and flexible match funded capital structure and strong liquidity position ($214 million of liquidity) Minimal near-term final debt maturities and no ratings triggers Consistently paid a quarterly cash dividend since going public Employees/Directors collectively own approximately 7% of NorthStar 4
  • 5. NorthStar Highlights NorthStar specializes in commercial real estate finance and property investment and has delivered a strong credit track record. NorthStar’s management team is comprised of professionals who have experience in owning and operating real estate through cycles. The Company’s hallmarks include: Focus on senior loans, direct origination, and in raising long-term capital during frothy real estate market resulted in best-in-class credit track record and liquidity management; Did not participate in top-of-the market syndicated financings such as Archstone Smith, Equity Office Properties, Hilton Hotels, Stuyvesant Town/PCV and others; Invested early in risk management infrastructure to support investment management activities. Experts in construction and owning and operating real estate are dedicated to managing NorthStar's assets; Aggressive capital raising and curtailment of commitments beginning in early 2007 enabled NorthStar to create an approximate $193 million cushion for credit losses from discounted debt repurchases; Match funded liability structure and conservative liquidity management approach have positioned NorthStar well in this difficult environment. 5
  • 6. Complementary Primary Business Lines Real Estate Debt Originate, acquire and structure senior and subordinated debt $2.1 billion(1) assets / $20 million average size 81.9% weighted average loan-to-value(2) 3-year weighted average remaining term to extended final maturity Real Estate Securities CMBS/unsecured REIT debt/bank loans $3.5 billion assets under management / $5 million average size BB average rating 6-year weighted average expected remaining life Net Lease Properties Healthcare/corporate property focus $1.1 billion assets / $9 million average size 7-year weighted average remaining term Strong lease coverage on healthcare portfolio (1) Excludes $0.1 billion of equity invested in joint ventures. (2) Loan-to-value generally represents loan-to-cost unless the collateral has been revalued as part of a loan modification or credit situation. 6
  • 7. Seasoned Executive Team Name NRF Position Yrs of Exp Relevant Background David T. Hamamoto CEO 27 NorthStar Capital - Co-Founder Goldman, Sachs & Co. - Co-Founder and Partner of Real Estate Principal Investment (Whitehall Funds) Andrew C. Richardson CFO and EVP 20 iStar Financial Inc. – EVP, Capital Markets Salomon Smith Barney – VP, Global Real Estate and Lodging Group Ernst & Young - C.P.A Daniel R. Gilbert CIO and EVP 17 NorthStar Capital – Head of Mezzanine Lending Business Merrill Lynch - Group Head in Global Principal Investment and Commercial Real Estate Al Tylis COO, General Counsel 13 ASA Institute - Director of Corporate Finance and General and EVP Counsel Bryan Cave LLP - Senior attorney GE Business Property - Head of East and Midwest real estate acquisitions Daniel D. Raffe EVP 22 Cushman & Wakefield – Managing Director, Real Estate Capital Markets Robert Riggs Director of Portfolio 23 Olympus Real Estate Partners - Partner Management GE Capital Realty Group – COO and EVP of Equity Investing 7
  • 8. NorthStar Priorities Liquidity Management and Capital Retention NorthStar used its strong liquidity position and market volatility to strengthen and de-lever its balance sheet during 2009. Aggressively seek asset monetization opportunities, even at discounts to cost. Intensive Credit Risk Management Active executive management involvement in all portfolio management strategies. Capital Raising Access alternative capital by leveraging NorthStar’s commercial real estate franchise to make opportunistic investments. Develop and seek creative financing structures – filed S-11 with the SEC in connection with newly formed REIT, NorthStar Real Estate Income Trust. Newly formed NorthStar broker-dealer, NRF Capital Markets, registered with the SEC and approved as a member of FINRA. 8
  • 9. Diversified Asset Base (As of March 31, 2010) (1) Three Business Lines by Invested Capital Diversified Property Types 2% Retail-Net Lease 8% Healthcare Net 2% Industrial Lease 9% Cash Healthcare 3% Condo 21% 48% Real 10% Core Office – 9% Retail-Loans Estate Net Lease Loans Debt 13% Office-Net Lease 18% 12% JV Investments/ Multi- Other Family 17% 15% Hotel 13% Real Estate Securities High Quality Diversified Asset Types Geographic Diversification (1) 2% IG Net Lease 2% Northwest 4% Junior 3% Other Participations Midwest 5% Mid-Atlantic IG Securities 25% 11% Mezzanine & Other 20% 5% Southern Cal. 16% First Southeast 6% Northern Cal. 15% Non-IG Net Lease Mortgages 16% (Whole Non-IG 8% New York loans) Securities Southwest North- 32% 12% 8% West east 10% Source: NorthStar Realty Finance Corp. (1) Excludes RE securities, equity investments in real estate and corporate lending. 9
  • 10. Seasoned, High Credit-Quality Commercial Real Estate Securities (As of March 31, 2010) NorthStar’s Securities Investment Portfolio (excluding securities owned by NRESOF) (1) $2.6 billion CMBS IG 3% REIT Non-IG 36% 55% Non-Investment Grade 7% REIT IG Investment Grade 7% Other 45% 47% CMBS Non-IG CMBS by Vintage Securities By Credit Rating(2) 2008 8% 2% AA 3% 2002 and 4% AAA 2009 2001 and 6% 2003 prior 6% CC and BBB below 18% 30% 13% 2004 9% CCC 2005 18% BB 9% A 2006 25% B 13% 2007 15% 21% 58% 2005 and prior 42% 2006 and after Source: NorthStar Realty Finance Corp. (1) $0.9 billion of securities are managed in NorthStar Real Estate Securities Opportunity Fund in which NorthStar is the general partner and has a 31% LP interest as of March 31, 2010. (2) If securities are split-rated then highest ratings category used. 10
  • 11. Strong Credit Performance Minimal realized credit losses on commercial real estate loans to date NPLs just 4.2% of total loans. Approximately 40% of loans have some sort of recourse obligation to the sponsors. Just $7 million of expected unrestricted cash needs to fund all remaining loan commitments. Commercial real estate securities have minimal delinquencies CMBS portfolio average credit rating is Ba2/BB despite significant and industry- wide downgrade actions. Older vintage focus provides greater credit enhancement and ratings action cushion. No repo or short-term financing. Ability to hold investments until maturity. All CDOs in compliance with overcollateralization and interest coverage tests. 11
  • 12. Capitalization and Non-Recourse Match Funding Funded Balance at $214 million liquidity March 31, 2010 Long-term match funded capital $350 million of committed bank debt capital. $800 million of mortgages with major financial institutions Mortgage / Term $3.0 billion on-balance sheet flexible CDO Loans / CDO 76% Match Funded financings at investment grade cost of Debt funds. Most financings still within reinvestment periods. $38 million of U.S. Government issued Term Asset Backed Securities Loan (TALF) Exchangeable Notes 2% financing. Trust Preferred Long-term subordinate capital 5% $280 million of 30-year trust preferred Preferred and Common Equity + 17% securities provide cost-effective, “equity- OP Minority Interest like” capital. Note: Debt values are shown at principal amounts and preferred equity is shown at book value as of March 31, 2010. Common equity is shown $250 million of perpetual preferred exclusive of mark-to-market adjustments and accumulated depreciation. equity at 8.37% average cost 12
  • 13. Low-Cost Match-Funded Financing ($ in millions) Low All-in Funding Cost of NorthStar Term Debt Financings Securities Real Estate Debt Spread (bps) (1) over Swaps N-Star Securities Term Debt Financings Loan Term Debt Financings Issuance Date: 8/21/03 7/1/04 3/10/05 9/22/05 6/22/06 2/28/07 6/14/05 3/17/06 12/7/06 Amount: $400 $400 $400 $500 $550 $800 $400 $450 $900 Re-investment 0 0 0 0.5 1.2 2.2 0.2 1.2 1.9 Period Remaining (yrs.) (1) Includes debt issuance costs. 13
  • 14. NorthStar Realty Finance Commercial real estate finance company (NYSE:NRF) Three primary complementary business lines focused on commercial real estate: Commercial real estate lending Real estate securities investment and management Net leased corporate and healthcare-related properties $6.8 billion of commercial real estate loans, securities backed by commercial real estate mortgages and net leased real estate properties under management New York headquarters with investments located throughout the U.S. 14
  • 15. APPENDIX 15
  • 16. AFFO Reconciliation 2008 2009 2010 ($ in Thousands, except per share) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Funds from Operations (FFO) Consolidated net income (loss) $222,152 ($23,267) $251,581 $251,863 $102,731 $2,469 ($65,773) ($189,931) ($20,103) (1) Less: Non-controlling interest in joint ventures (245) 448 (2,300) (2,517) (2,464) (1,976) (2,555) (2,560) (1,962) Consolidated net income (loss) before non-controlling interest in operating partnership $221,907 ($22,819) $249,281 $249,346 $100,267 $493 ($68,328) ($192,491) ($22,065) + Preferred Stock Dividend (5,231) (5,231) (5,231) (5,231) (5,231) (5,231) (5,231) (5,231) (5,231) (2) + Depreciation and Amortization 10,185 10,224 13,737 9,954 15,061 17,629 3,959 7,890 8,720 + Funds from Discontinued Oper. 0 0 0 0 0 0 0 573 0 Total $226,861 ($17,826) $257,787 $254,069 $110,097 $12,891 ($69,600) ($189,260) ($18,576) Adjusted Funds from Operations (AFFO) FFO $226,861 ($17,826) $257,787 $254,069 $110,097 $12,891 ($69,600) ($189,260) ($18,576) (3) + Straightline Rental income (803) (755) (383) (536) (504) (724) (584) (607) (572) + Amortization of Fair Market Rental Adj. (306) (305) (809) (320) (325) 163 (304) (335) (264) + Amortization of Deferred Compensation 6,991 5,966 5,439 6,284 5,144 5,320 5,007 5,003 5,058 Less: Unrealized MTM (Gains)/Losses 209,073 (42,125) 236,355 243,790 91,798 (1,881) (85,003) (206,078) 19,533 Total $23,670 $29,205 $25,679 $15,708 $22,614 $19,530 $19,522 $20,879 ($33,887) AFFO Per Share $0.34 $0.42 $0.37 $0.36 $0.31 $0.26 $0.25 $0.25 ($0.41) Source: Company filings and press releases. Q1’08 – Q4’08 includes restated financial statement figures after adoption of FASB APB 14-1 (1) Includes Minority Interest in Joint Ventures. (2) Includes depreciation and amortization of unconsolidated ventures. (3) Includes straight-line rental income of unconsolidated ventures. 16