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Business Description
iStar Financial Inc. is a finance company focused on the commercial real estate industry. The Company provides custom-tailored financing to private and corporate owners of real estate nationwide including senior and junior mortgage debt, senior and mezzanine corporate capital and corporate net lease financing. The Company's product lines are Structured Finance, Portfolio Finance, Corporate Finance, Loan Acquisition and Corporate Tenant Leasing. iStar focuses on its investment activity of lower-risk investments such as first mortgages and corporate tenant lease transactions that meet its risk-adjusted return standards during difficult economic and real estate market conditions.

Financial Information
For the nine months ended 9/30/04, revenues rose 21% to $520.2 million. Net income applicable to Common and from continuing operations decreased 53% to $81.2 million. Revenues reflect higher interest income due to new originations. Lower income reflects higher stock-based compensation costs and a $13.2 million debt extinguishment charge.