iStar Financial Incorporated (SFI)

[Estrella]

SFI last Filing:
From: May 4, 2010
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7224558

On May 3, 2010, several subsidiaries of iStar Financial Inc. (the “Sellers”) entered into two Purchase and Sale Agreements (the “Purchase Agreements”) with TRT Acquisitions LLC (the “Buyer”), a subsidiary of Dividend Capital Total Realty Trust, Inc., under which the Sellers have agreed to sell, and the Buyer has agreed to purchase, a portfolio of 33 real properties, or interests therein, on the terms and subject to the conditions set forth in the Purchase Agreements. The properties being sold are leased to third party corporate tenants, primarily on a triple net lease basis. The aggregate purchase price of the properties is $1,402,500,000.00 in cash, adjusted for closing costs and customary prorations of taxes, operating expenses, leasing costs and other items.



The Buyer has made an initial earnest money deposit in respect of the transactions, but the Buyer’s obligations to complete the transaction remain subject to completion of due diligence and obtaining sufficient financing. The parties’ obligations to complete the transaction also remain subject to customary closing conditions. If requested by the Buyer, iStar Financial Inc. will provide the Buyer with up to $125 million in mezzanine financing after the Buyer has obtained a commitment for senior financing.



iStar Financial Inc. currently expects that the closing of the transactions will occur in the second quarter of 2010; however, closing is subject to a number of conditions, as described above, and there can be no assurance that the transactions will be consummated on the terms described above or at all.