ITEM 8.01 Other Events.

On May 7, 2009, iStar Financial Inc. (the "Company") issued a press release announcing, among other things, the final results of its previously announced private offers to exchange a portion of the Company's existing senior unsecured notes for new second-lien senior secured notes issued by the Company and guaranteed by certain of its subsidiaries, as well as the Company's cash tender offer to purchase a portion of its outstanding Series B Senior Floating Rate Notes due September 2009 (the "September 2009 Notes"). The exchange offers and the cash tender offer (collectively, the "Offers") each expired at midnight, New York City time, on May 6, 2009. The Company anticipates that the settlement date of the Offers will be May 8, 2009.

A copy of the press release announcing the results and expiration of the offers is attached as Exhibit 99.1 hereto and incorporated herein by reference.