1095651--3/1/2007--ISTAR_FINANCIAL

related topics

{tax, income, asset}

{investment, property, distribution}

{loan, real, estate}

{acquisition, growth, future}

{loss, insurance, financial}

{provision, law, control}

{stock, price, operating}

{condition, economic, financial}

{operation, natural, condition}

{system, service, information}

{personnel, key, retain}

{cost, regulation, environmental}

{capital, credit, financial}

{cost, contract, operation}

{stock, price, share}

We Are Subject to Risks Relating to Our Lending Business. We are subject to risks associated with construction lending, such as cost over-runs and delays in completion. We Are Subject to Risks Relating to Our Corporate Tenant Lease Business. We Compete With a Variety of Financing Sources For Our Customers. Our Ability to Attract and Retain Key Personnel is Critical to Our Success and Our Future Growth. We Are Subject to Risks Relating to Our Asset Concentration. Adverse Changes in General Economic Conditions Can Adversely Affect Our Business. An Earthquake or Terrorist Act Could Adversely Affect Our Business. Uninsured Losses or Losses in Excess of Our Insurance Coverage Could Adversely Affect Our Financial Condition and Our Cash Flows. We Are Highly Dependent on Information Systems, and Systems Failures Could Significantly Disrupt Our Business . We Face a Risk of Liability Under Environmental Laws. Recent Strategic Investments Involve Risks. These factors could adversely affect our results of operations, liquidity or stock price. Because We Must Distribute a Portion of Our Income, We Will Continue to Need Additional Debt and/or Equity Capital to Grow. Our Growth is Dependent on Leverage, Which May Create Other Risks. We Utilize Interest Rate Hedging Arrangements Which May Adversely Affect Our Borrowing Cost and Expose Us to Other Risks. Some of Our Investments Are Subject to Risks Associated With the Timber Industry. Quarterly Results May Fluctuate and May Not Be Indicative of Future Quarterly Performance. Certain Provisions in Our Charter May Inhibit a Change in Control. Our Board of Directors May Change Certain of Our Policies Without Stockholder Approval. Our Investment Company Act Exemption Limits Our Investment Discretion and Loss of the Exemption Would Adversely Affect Us. We Would Be Subject to Adverse Consequences Should We Fail to Qualify as a REIT. To Qualify as a REIT, We May Be Forced to Borrow Funds During Unfavorable Market Conditions. Dividends Payable by REITs Do Not Qualify for Reduced Tax Rates. Possible Legislative or Other Actions Affecting REITs Could Adversely Affect Our Stockholders. We Will Pay Some Taxes. Certain of Our Activities May Subject Us to U.S. Federal Income Tax and Increase the Tax Liability of Our Shareholders. A Portion of The Dividends We Distribute May Be Deemed a Return of Capital For U.S. Federal Income Tax Purposes.

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1095651--3/1/2007--ISTAR_FINANCIAL_INC