X0304 4 2012-02-17 0 0001095651 ISTAR FINANCIAL INC SFI 0001513564 COCHRANE COLLIN LEE C/O ISTAR FINANCIAL INC. 1114 AVENUE OF THE AMERICAS 39TH FLOOR NEW YORK NY 10036 0 1 0 0 Chief Accounting Officer Common Stock 2012-02-17 5 A 0 E 4460 0 A 18466 D Common Stock 2012-02-17 5 F 0 E 1608 0 D 18466 D Restricted Stock Units 10000 D On February 17, 2012, the Reporting Person, Mr. Collin Cochrane, acquired 4,460 shares of iStar common stock upon the vesting of Restricted Stock Units (Units) pursuant to an award dated February 17, 2010. After deducting 1,608 shares for applicable tax withholding, the Reporting Person acquired a net amount of 2,852 shares of iStar common stock. Following the transactions reported in this Form 4, the Reporting Person is the beneficial owner of a total of 18,466 shares of iStar common stock, all of which are owned directly. The Reporting Person is also the owner of 10,000 Units, representing the right to receive an equivalent number of shares of iStar's common stock (net of shares withheld for applicable taxes and other withholdings) if and when the Units vest. s/ Collin L Cochrane 2012-02-23