iStar Financial Announces Second Quarter 2014 Results

            iStar Financial Announces Second Quarter 2014 Results

- Adjusted income grew to $28.9 million, or $0.34 per diluted common share.

- Refinanced $1.3 billion of secured debt with longer term unsecured bonds,
unencumbering $2.0 billion of high quality assets and enhancing the Company's
liquidity profile.

- Funded $167 million of investments during the quarter.

PR Newswire

NEW YORK, July 29, 2014

NEW YORK, July29, 2014 /PRNewswire/ --iStar Financial Inc. (NYSE: STAR)
today reported results for the second quarter ended June30, 2014.

Second Quarter 2014 Results

iStar reported adjusted income allocable to common shareholders for the second
quarter of $28.9 million, or $0.34 per diluted common share, compared to $4.4
million, or $0.05 per diluted common share for the second quarter 2013.

Adjusted income (loss) represents net income (loss) computed in accordance
with GAAP, prior to the effects of certain non-cash items, primarily including
depreciation, loan loss provisions, impairments, stock-based compensation and
gain/loss on early extinguishment of debt. Please see the financial tables
that follow the text of this press release for the Company's calculations of
adjusted income (loss) as well as reconciliations to GAAP net income (loss).

Net income (loss) allocable to common shareholders for the second quarter was
$(16.2) million, or $(0.19) per diluted common share, compared to $(26.0)
million, or $(0.31) per diluted common share for the second quarter 2013.

Capital Markets

During the quarter, the Company issued at par $1.32 billion of unsecured notes
comprised of $550 million of 4.00% Senior Notes due November 2017 and $770
million of 5.00% Senior Notes due July 2019. Proceeds from the offering,
together with cash on hand, were used to fully extinguish the Company's 2013
Secured Credit Facility. As a result, the Company expensed previously
incurred costs associated with the secured facility, recording a $22.8 million
loss on early extinguishment of debt for the quarter.

"This transaction supports our long-term strategy of becoming primarily an
unsecured borrower, which provides us added financial flexibility," said iStar
chief financial officer David DiStaso. "Secured debt now represents only 16%
of our total debt, down from 49% prior to this refinancing."

The transaction allowed iStar to unencumber $2.0 billion of collateral,
primarily comprised of net lease assets and performing loans. Further, it
enhances the Company's liquidity profile by enabling iStar to retain 100% of
proceeds from asset repayments and sales associated with these previously
encumbered assets.

The Company's only remaining secured credit facility is its 2012 Secured
Credit Facility. During the quarter, the Company repaid $26.2 million on this
facility, bringing the remaining balance to $391.9 million at June30, 2014.

The Company's weighted average cost of debt for the second quarter was 5.5%,
an improvement from 5.6% for the first quarter of 2014. The Company's leverage
was 2.1x at June30, 2014, unchanged from the prior quarter and at the low end
of the Company's targeted range of 2.0x – 2.5x. Please see the financial
tables that follow the text of this press release for a calculation of the
Company's leverage.

Investment Activity

During the second quarter, iStar funded a total of $167.1 million of
investments, comprised of $117.0 million of new originations and $50.1
million associated with ongoing developments and prior financing
commitments.

iStar generated $170.2 million of proceeds from its portfolio during the
second quarter, which included $115.5 million from repayments and sales of
loans within its real estate finance portfolio, $48.0 million from sales of
operating properties and $6.7 million of proceeds across other segments.

In addition, the Company recognized $23.4 million of earnings from equity
method investments during the second quarter from one of its strategic
investments.

At the end of the second quarter, iStar had $356.5 million of cash, which will
be used primarily to fund future investment activity.

Portfolio Overview

At June30, 2014, the Company's portfolio totaled $5.27 billion, which is
gross of $443.4 million of accumulated depreciation and $30.6 million of
general loan loss reserves.

Real Estate Finance

At June30, 2014, the Company's real estate finance portfolio totaled $1.49
billion, gross of general loan loss reserves.

The portfolio included $1.39 billion of performing loans with a weighted
average last dollar loan-to-value ratio of 71% and a weighted average maturity
of 2.4 years. The performing loans included $726.9 million of first mortgages
/ senior loans and $666.2 million of mezzanine / subordinated debt. The
performing loans generated a weighted average effective yield for the quarter
of 8.5%, which excludes $5.0 million of income recognized in the second
quarter related to the amortization of a discount associated with the pending
payoff of a loan.

At June30, 2014, the Company's non-performing loans (NPLs) had a carrying
value of $94.0 million, which represents a 54% reduction from $203.2 million
at the end of the first quarter. Resolutions during the quarter included the
sales of NPLs for which the Company recognized $19.0 million of gains relative
to their carrying value, as well as receipt of title to certain properties.

For the second quarter, the Company recorded a $2.8 million reversal of its
loan loss provision, compared to a provision for loan losses of $5.0 million
in the second quarter of 2013. At June30, 2014, loan loss reserves totaled
$137.9 million, or 9.8% of the total value of loans.

Net Lease

At the end of the quarter, iStar's net lease portfolio totaled $1.65 billion,
gross of $352.4 million of accumulated depreciation. The Company's net lease
portfolio totaled 20 million square feet across 33 states. Occupancy for the
portfolio was 94.4% at the end of the quarter, with a weighted average
remaining lease term of 11.2 years. The occupied assets generated an
unleveraged yield of 8.2% and the total net lease portfolio generated an
unleveraged yield of 7.7% for the quarter.

Operating Properties

At the end of the quarter, the Company's operating properties portfolio
totaled $992.1 million, gross of $86.7 million of accumulated depreciation,
and was comprised of $764.9 million of commercial and $227.2 million of
residential real estate properties. During the quarter, the Company funded
$12.8 million of capital expenditures on its operating properties.

Commercial Operating

The Company's commercial operating properties represent a diverse pool of
assets across a broad range of geographies and collateral types such as
office, retail and hotel properties. These properties generated $28.8 million
of revenue offset by $21.1 million of expenses during the quarter. iStar
generally seeks to reposition or redevelop these assets with the objective of
maximizing their values through the infusion of capital and/or intensive asset
management efforts.

At the end of the quarter, the Company had $132.9 million of stabilized
commercial operating properties that were 82% leased and generated an
unleveraged weighted average yield of 9.0% for the quarter.

The remaining commercial operating properties were 62% leased and generated an
unleveraged weighted average yield of 3.1% for the quarter. iStar is actively
working to lease up and stabilize these properties. During the quarter, the
Company executed commercial operating property leases covering approximately
32,000 square feet.

Residential Operating

At the end of the quarter, the residential operating portfolio was comprised
of 584 condominium units, generally located within luxury condominium projects
in major U.S. cities. The Company's strategy is to continue selling its
remaining condominium inventory and to maximize net proceeds. During the
quarter, the Company sold 112 condominium units, resulting in $48.0 million of
proceeds and recorded $19.7 million of income, offset by $7.8 million of
expenses.

Land

At the end of the quarter, the Company's land portfolio totaled $1.00 billion,
gross of accumulated depreciation, and was comprised of 11 master planned
community projects, 11 urban infill land parcels and six waterfront land
parcels located throughout the United States. During the quarter, the Company
invested $25.2 million in its land portfolio through capital expenditures.

Master planned communities represent large-scale residential projects that the
Company will entitle, plan and/or develop. These projects are currently
entitled for approximately 25,000 lots. The remainder of the Company's land
includes infill and waterfront parcels located in and around major cities that
the Company will develop, sell to or partner with commercial real estate
developers. These projects are currently entitled for approximately 6,000
residential units, and select projects include commercial, retail and office
uses.

At June30, 2014, the Company had six land projects in production, 10 in
development and 12 in the pre-development phase.

During the quarter, the Company contributed a land parcel to a newly formed
venture with a Chicago-based developer for the development of 1000 South Clark
Street, a new luxury multifamily project in the South Loop of Chicago. The
469-unit building's convenient location will offer residents access to a wide
array of shopping, restaurants, cultural attractions and Chicago's central
business district, while at the same time providing a highly-amenitized resort
lifestyle.

In Asbury Park, the Company announced that it has received final approval for
the K. Hovnanian® project, "South Grand." The project will consist of 28
luxury townhomes, situated directly between the City's urban downtown and the
beach. South Grand is the newest residential project in the Asbury Park
Waterfront, and marks another step forward in the rebuilding of this iconic
beachfront community along the Jersey shore. iStar has already begun general
infrastructure work around the project site, and is expected to start
delivering finished townhome lots in the fall.

[Financial Tables to Follow]

* * *

iStar Financial Inc. (NYSE: STAR) is a fully-integrated finance and investment
company focused on the commercial real estate industry. The Company provides
custom-tailored investment capital to high-end private and corporate owners of
real estate and invests directly across a range of real estate sectors. The
Company, which is taxed as a real estate investment trust ("REIT"), has
invested more than $35 billion over the past two decades. Additional
information on iStar Financial is available on the Company's website at
www.istarfinancial.com.

iStar Financial Inc.

Logo - http://photos.prnewswire.com/prnh/20130708/NY43293LOGO

iStar Financial will hold a quarterly earnings conference call at 10:00 a.m.
ET today, July29, 2014. This conference call will be broadcast live over the
Internet and can be accessed by all interested parties through iStar
Financial's website, www.istarfinancial.com, under the "Investor Relations"
section. To listen to the live call, please go to the website's "Investor
Relations" section at least 15 minutes prior to the start of the call to
register, download and install any necessary audio software. For those who are
not available to listen to the live broadcast, a replay will be available
shortly after the call on the iStar Financial website.

Note: Statements in this press release which are not historical fact may be
deemed forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Although iStar Financial Inc. believes the expectations reflected in any
forward-looking statements are based on reasonable assumptions, the Company
can give no assurance that its expectations will be attained. Factors that
could cause actual results to differ materially from iStar Financial's
expectations include general economic conditions and conditions in the
commercial real estate and credit markets, the Company's ability to generate
liquidity and to repay indebtedness as it comes due, additional loan loss
provisions, the amount and timing of asset sales, increases in NPLs, the
Company's ability to reduce NPLs, repayment levels, the Company's ability to
make new investments, the Company's ability to maintain compliance with its
debt covenants, actual results of condominium sales meeting our expectations,
the Company's ability to generate income and gains from non-performing loans,
operating properties and land and other risks detailed from time to time in
iStar Financial Inc.'s SEC reports.





iStar Financial Inc.
Consolidated Statements of Operations
(In thousands)
(unaudited)
                       Three Months                  Six Months
                       Ended June 30,                Ended June 30,
                       2014             2013         2014         2013
REVENUES
Operating lease income $  60,967        $ 57,112     $ 123,075    $ 115,128
Interest income        35,127           29,682       63,041       54,349
Other income           29,262           13,125       43,846       24,544
Land sales revenue     4,487            —            8,630        —
Total revenues         $  129,843       $ 99,919     $ 238,592    $ 194,021
COST AND EXPENSES
Interest expense       $  56,530        $ 69,157     $ 113,986    $ 140,723
Real estate expense    40,554           36,981       83,167       74,815
Land cost of sales     3,611            —            7,265        —
Depreciation and       18,822           17,330       37,435       34,653
amortization
General and            26,623           20,876       46,411       42,723
administrative^(1)
Provision for
(recovery of) loan     (2,792)          5,020        (6,192)      15,226
losses
Impairment of assets   3,300            —            6,279        —
Other expense          4,690            146          4,911        5,770
Total costs and        $  151,338       $ 149,510    $ 293,262    $ 313,910
expenses
Income (loss) before
earnings from equity   $  (21,495)      $ (49,591)   $ (54,670)   $ (119,889)
method investments and
other items
Loss on early          (23,587)         (15,242)     (24,767)     (24,784)
extinguishment of debt
Earnings from equity   24,093           8,323        27,270       30,001
method investments
Income (loss) from
continuing operations  $  (20,989)      $ (56,510)   $ (52,167)   $ (114,672)
before income taxes
Income tax (expense)   215              (429)        722          (4,504)
benefit
Income (loss) from     $  (20,774)      $ (56,939)   $ (51,445)   $ (119,176)
continuing operations
Income (loss) from
discontinued           —                (57)         —            1,186
operations
Gain from discontinued —                8,279        —            13,323
operations
Income from sales of   17,180           34,319       33,674       58,016
residential property
Net income (loss)      $  (3,594)       $ (14,398)   $ (17,771)   $ (46,651)
Net (income) loss
attributable to        (325)            311          (779)        500
noncontrolling
interests
Net income (loss)
attributable to iStar  $  (3,919)       $ (14,087)   $ (18,550)   $ (46,151)
FinancialInc.
Preferred dividends    (12,830)         (12,780)     (25,660)     (23,360)
Net (income) loss
allocable to HPU
holders and            542              866          1,431        2,247
Participating Security
holders^(2)
Net income (loss)
allocable to common    $  (16,207)      $ (26,001)   $ (42,779)   $ (67,264)
shareholders
(1) For the three months ended June 30, 2014 and 2013, includes $3,196 and
$4,719 of stock-based compensation expense, respectively. For the six months
ended June 30, 2014 and 2013, includes $5,271 and $9,921 of stock-based
compensation expense, respectively.
(2) HPU Holders are current and former Company employees who purchased high
performance common stock units under the Company's High Performance Unit
Program. Participating Security holders are Company employees and directors
who hold unvested restricted stock units, restricted stock awards and common
stock equivalents granted under the Company's LTIP who are eligible to
participate in dividends.







iStar Financial Inc.
Earnings Per Share Information
(In thousands, except per share data)
(unaudited)
                      Three Months                    Six Months
                      Ended June 30,                  Ended June 30,
                      2014            2013            2014         2013
EPS INFORMATION FOR
COMMON SHARES
Income (loss) attributable to iStar Financial Inc. from continuing
operations^(1)
Basic and diluted     $  (0.19)       $  (0.40)       $  (0.50)    $ (0.95)
Net income (loss)
attributable to iStar
Financial Inc.
Basic and diluted     $  (0.19)       $  (0.31)       $  (0.50)    $ (0.79)
Adjusted income
(loss)
Basic and diluted     $  0.34         $  0.05         $  0.27      $ 0.05
Weighted average
shares outstanding
Basic and diluted     84,916          85,125          84,868       84,975
Common shares
outstanding at end of 85,153          85,373          85,153       85,373
period
EPS INFORMATION FOR
HPU SHARES
Income (loss) attributable to iStar Financial Inc. from continuing
operations^(1)
Basic and diluted     $  (36.13)      $  (75.41)      $  (95.40)   $ (181.07)
Net income (loss)
attributable to iStar
Financial Inc.
Basic and diluted     $  (36.13)      $  (57.74)      $  (95.40)   $ (149.81)
Weighted average
shares outstanding
Basic and diluted     15              15              15           15
(1) Including preferred dividends, net (income) loss from
noncontrolling interests and income from sales of residential
property.





iStar Financial Inc.
Consolidated Balance Sheets
(In thousands)
(unaudited)
                                              As of          As of
                                              June 30, 2014  December 31, 2013
ASSETS
Real estate
Real estate, at cost                          $  3,184,770   $   3,220,634
Less: accumulated depreciation                (443,380)      (424,453)
Real estate, net                              $  2,741,390   $   2,796,181
Real estate available and held for sale       354,814        360,517
                                              $  3,096,204   $   3,156,698
Loans receivable and other lending            1,456,407      1,370,109
investments, net
Other investments                             241,561        207,209
Cash and cash equivalents                     356,513        513,568
Restricted cash                               24,147         48,769
Accrued interest and operating lease income   14,335         14,941
receivable, net
Deferred operating lease income receivable    97,170         92,737
Deferred expenses and other assets, net       187,148        237,980
Total assets                                  $  5,473,485   $   5,642,011
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other  $  136,850     $   170,831
liabilities
Debt obligations, net                         4,082,511      4,158,125
Total liabilities                             $  4,219,361   $   4,328,956
Redeemable noncontrolling interests           $  11,433      $   11,590
Total iStar FinancialInc. shareholders'      $  1,186,905   $   1,243,260
equity
Noncontrolling interests                      55,786         58,205
Total equity                                  $  1,242,691   $   1,301,465
Total liabilities and equity                  $  5,473,485   $   5,642,011







iStar Financial Inc.
Segment Analysis
(In thousands)
(unaudited)
FOR THE THREE MONTHS ENDED JUNE 30, 2014
                   Real       Net        Operating                Corporate
                   Estate     Lease      Properties  Land         / Other    Total
                   Finance
Operating lease    $ —        $ 37,674   $  23,117   $ 176        $ —        $ 60,967
income
Interest income    35,127     —          —           —            —          35,127
Other income       19,043     519        7,874       143          1,683      29,262
Land sales         —          —          —           4,487        —          4,487
revenues
Total revenue      $ 54,170   $ 38,193   $  30,991   $ 4,806      $ 1,683    $ 129,843
Earnings (loss)
from equity method —          862        731         (151)        22,651     24,093
investments
Income from sales
of residential     —          —          17,180      —            —          17,180
property
Revenue and other  $ 54,170   $ 39,055   $  48,902   $ 4,655      $ 24,334   $ 171,116
earnings
Real estate        —          (5,520)    (28,929)    (6,105)      —          (40,554)
expense
Land cost of sales —          —          —           (3,611)      —          (3,611)
Other expense      (303)      —          —           —            (4,387)    (4,690)
Allocated interest (15,858)   (18,009)   (10,229)    (7,294)      (5,140)    (56,530)
expense
Allocated general
and                (4,444)    (5,183)    (3,078)     (4,224)      (6,498)    (23,427)
administrative^(1)
Segment profit     $ 33,565   $ 10,343   $  6,666    $ (16,579)   $ 8,309    $ 42,304
(loss)



AS OF JUNE
30, 2014
             Real Estate   Net           Operating   Land        Corporate   Total
             Finance       Lease         Properties              / Other
Real estate
Real estate, $ —           $ 1,611,446   $ 744,212   $ 829,112   $ —         $ 3,184,770
at cost
Less:
accumulated  —             (352,418)     (86,747)    (4,215)     —           (443,380)
depreciation
Real estate, $ —           $ 1,259,028   $ 657,465   $ 824,897   $ —         $ 2,741,390
net
Real estate
available    —             —             232,771     122,043     —           354,814
and held for
sale
Total real   $ —           $ 1,259,028   $ 890,236   $ 946,940   $ —         $ 3,096,204
estate
Loans
receivable
and other
lending     1,456,407     —             —           —           —           1,456,407

investments,
net
Other        —             33,740        15,097      49,367      143,357     241,561
investments
Total
portfolio    $ 1,456,407   $ 1,292,768   $ 905,333   $ 996,307   $ 143,357   $ 4,794,172
assets
Cash and                                                                     679,313
other assets
Total assets                                                                 $ 5,473,485
(1) Excludes $3,196 of stock-based compensation expense.





iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)
                    Three Months                      Six Months
                    Ended June 30,                    Ended June 30,
                    2014             2013             2014         2013
ADJUSTED INCOME
Reconciliation of
Net Income to
Adjusted Income
Net income (loss)
allocable to common $  (16,207)      $  (26,001)      $ (42,779)   $ (67,264)
shareholders
Add: Depreciation   19,291           17,400           38,187       34,854
and amortization
Add: Provision for  (2,792)          5,020            (6,192)      15,226
loan losses
Add: Impairment of  3,300            550              6,279        518
assets
Add: Stock-based
compensation        3,196            4,719            5,271        9,921
expense
Add: Loss on early
extinguishment of   23,587           3,728            24,767       13,270
debt
Less:
HPU/Participating   (1,507)          (1,013)          (2,211)      (2,385)
Security allocation
Adjusted income
(loss) allocable to $  28,868        $  4,403         $ 23,322     $ 4,140
common
shareholders^(1)
(1) Adjusted Income (loss) allocable to common shareholders should be examined
in conjunction with net income (loss) as shown in the Consolidated Statements
of Operations. This non-GAAP financial measure should not be considered as an
alternative to net income (determined in accordance with GAAP) as an indicator
of the Company's performance, or to cash flows from operating activities
(determined in accordance with GAAP) as a measure of the Company's liquidity,
nor is it indicative of funds available to fund the Company's cash needs or
available for distribution to shareholders. It should be noted that the
Company's manner of calculating this non-GAAP financial measure may differ
from the calculations of similarly-titled measures by other companies.
Management believes that it is useful to consider Adjusted Income because the
adjustments are non-cash items that do not necessarily reflect an actual
change in the long-term economic value or performance of our assets.
Management considers this non-GAAP financial measure as supplemental
information to net income in analyzing the performance of our underlying
business. Depreciation and amortization and impairment of assets exclude
adjustments from discontinued operations of $70 and $427, respectively, for
the three months ended June 30, 2013 and $201 and $395, respectively, for the
six months ended June 30, 2013. Depreciation and amortization includes our
proportionate share of depreciation and amortization expense relating to
equity method investments and excludes the portion of depreciation and
amortization expense allocable to non-controlling interests. For the three and
six months ended June 30, 2013, loss on early extinguishment of debt excludes
the portion of losses paid in cash of $11,514.







iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)
                                                  Six Months Ended June

                                                  30, 2014
OPERATING STATISTICS
Expense Ratio
General and administrative expenses - annualized  $       92,822
(A)
Average total assets (B)                          $       5,534,404
Expense Ratio (A) / (B)                           1.7                    %
                                                  As of
                                                  June 30, 2014
Leverage
Book debt                                         $       4,082,511
Less: Cash and cash equivalents                   (356,513)
Net book debt (C)                                 $       3,725,998
Book equity                                       $       1,242,691
Add: Accumulated depreciation and amortization    494,378
Add: General loan loss reserves                   30,600
Sum of book equity, accumulated depreciation and  $       1,767,669
general loan loss reserves (D)
Leverage (C) / (D)                                2.1x
UNENCUMBERED ASSETS / UNSECURED DEBT
Unencumbered assets (E)^(1)                       $       5,085,370
Unsecured debt (F)                                $       3,426,890
Unencumbered Assets / Unsecured Debt (E) / (F)    1.5x
(1) Unencumbered assets are calculated in accordance with the indentures
governing the Company's unsecured debt securities.







iStar Financial Inc.
Supplemental Information
(In thousands)
(unaudited)
                                                             As of
                                                             June 30, 2014
UNFUNDED COMMITMENTS
Performance-based commitments                                $ 304,526
Strategic investments                                        46,362
Discretionary fundings                                       5,000
Total Unfunded Commitments                                   $ 355,888
LOAN RECEIVABLE CREDIT STATISTICS         As of
                                          June 30, 2014      December 31, 2013
Carrying value of NPLs /
As a percentage of total carrying value   $ 93,960   7.4  %  $ 203,604  16.6 %
of loans
Impaired loan asset specific reserves for
loan losses /
As a percentage of gross carrying value   $ 107,304  33.3 %  $ 348,004  46.3 %
of impaired loans^(1)
Total reserve for loan losses /
As a percentage of total gross carrying   $ 137,904  9.8  %  $ 377,204  23.5 %
value of loans^(1)
(1) Gross carrying value represents iStar's carrying value of loans, gross of
loan loss reserves.







iStar Financial Inc.
Supplemental Information
(In millions)
(unaudited)
PORTFOLIO STATISTICS AS OF JUNE 30, 2014^(1)
                  Real       Net       Operating                       % of
Property Type     Estate     Lease     Properties  Land      Total
                  Finance                                              Total
Office /          $  109     $ 967     $   351     $ —       $ 1,427   27.1  %
Industrial
Land              66         —         —           1,000     1,066     20.3  %
Mixed Use /
Mixed             502        —         242         —         744       14.1  %
Collateral
Entertainment /   —          475       —           —         475       9.0   %
Leisure
Hotel             254        136       54          —         444       8.4   %
Retail            176        57        118         —         351       6.7   %
Condominium       120        —         227         —         347       6.6   %
Other Property    260        10        —           —         270       5.1   %
Types
Strategic         —          —         —           —         144       2.7   %
Investments
Total             $  1,487   $ 1,645   $   992     $ 1,000   $ 5,268   100.0 %
                  Real       Net       Operating                       % of
Geography         Estate     Lease     Properties  Land      Total     Total
                  Finance
Northeast         $  607     $ 375     $   155     $ 197     $ 1,334   25.4  %
West              89         412       173         359       1,033     19.6  %
Southeast         281        237       287         99        904       17.2  %
Mid-Atlantic      174        177       142         186       679       12.9  %
Southwest         121        220       183         134       658       12.5  %
Central           90         67        49          9         215       4.1   %
Northwest         23         81        3           16        123       2.3   %
International     92         —         —           —         92        1.7   %
Various           10         76        —           —         86        1.6   %
Strategic         —          —         —           —         144       2.7   %
Investments
Total             $  1,487   $ 1,645   $   992     $ 1,000   $ 5,268   100.0 %
(1) Based on carrying value of the Company's total investment portfolio, gross
of accumulated depreciation and general loan loss reserves.





SOURCE iStar Financial Inc.

Website: http://www.istarfinancial.com
Contact: David M. DiStaso, Chief Financial Officer, or Jason Fooks, Investor
Relations, (212) 930-9400, investors@istarfinancial.com
 
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