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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1095651	Istar Financial Inc	SFI	Real Estate Investment Trusts (6798)	000000000

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1220479	Jay Sugarman	1114 Avenue Of The Americas, 39Th Floor New York NY 10036	Chairman And Ceo	Yes	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Disposition	2011-11-21	25,000	$5.96	2,349,415	No	4	S	Direct
Common Stock	Disposition	2011-11-22	25,000	$5.83	2,349,415	No	4	S	Direct
Common Stock	Disposition	2011-11-23	25,000	$5.40	2,349,415	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	44,544	Indirect	By spouse
Restricted Stock Units	6,117,629	Direct

Footnotes

On November 21, November 22 and November 23, 2011, a total of 75,000 shares of iStar common stock (25,000 shares on each day) were sold on behalf of the Reporting Person, Mr. Jay Sugarman, pursuant to a Rule 10b5-1 sales plan adopted by the Reporting Person on November 8, 2011. Following the transactions reported in this Form 4, the Reporting Person is the beneficial owner of a total of 2,393,959 shares of iStar common stock, including 2,349,415 shares owned directly and 44,544 shares owned indirectly by his spouse.
The Reporting Person is also the owner of 6,117,629 restricted stock units representing the right to receive an equivalent number of shares of iStar common stock (net of shares deducted for taxes and other withholdings) if and when the units vest.