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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(RULE 13D-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13D-1(b), (c)
and (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(b)
(AMENDMENT NO. __)*
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ISTAR FINANCIAL INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.001
(Title of Class of Securities)
85569R 104
(CUSIP Number)
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NOVEMBER 21, 2003
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
Page 1
of 15 pages
(Continued on following pages)
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Page 2 of 15 pages
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CUSIP NO. 85569R 104 13G
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
SOFI-IV SMT Holdings, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBERS OF 4,200,000
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON WITH
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7 SOLE DISPOSITIVE POWER
4,200,000
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,200,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.1%
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12 TYPE OF REPORTING PERSON
OO
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Page 3 of 15 pages
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CUSIP NO. 85569R 104 13G
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Starwood Opportunity Fund IV, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBERS OF 0
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 4,200,000 (includes all shares beneficially owned by
PERSON WITH SOFI-IV SMT Holdings, L.L.C.)
--------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,200,000 (includes all shares beneficially owned by
SOFI-IV SMT Holdings, L.L.C.)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,200,000 (includes all shares beneficially owned by
SOFI-IV SMT Holdings, L.L.C.)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.1%
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12 TYPE OF REPORTING PERSON
PN
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CUSIP NO. 85569R 104 13G PAGE 4 OF 15 PAGES
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
SOFI IV Management, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
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5 SOLE VOTING POWER
NUMBERS OF 0
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 4,200,000 (includes all shares beneficially owned by
PERSON WITH SOFI-IV SMT Holdings, L.L.C.)
--------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,200,000 (includes all shares beneficially owned by
SOFI-IV SMT Holdings, L.L.C.)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,200,000 (includes all shares beneficially owned by
SOFI-IV SMT Holdings, L.L.C.)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.1%
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12 TYPE OF REPORTING PERSON
OO
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CUSIP NO. 85569R 104 13G Page 5 of 15 pages
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Starwood Capital Group, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
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5 SOLE VOTING POWER
NUMBERS OF 8,000
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 4,200,000 (includes shares beneficially owned by
PERSON WITH SOFI-IV SMT Holdings, L.L.C.)
--------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
8,000
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8 SHARED DISPOSITIVE POWER
4,200,000 (includes shares beneficially owned by
SOFI-IV SMT Holdings, L.L.C.)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,208,000 (includes shares beneficially owned by
SOFI-IV SMT Holdings, L.L.C.)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.1%
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12 TYPE OF REPORTING PERSON
OO
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Page 6 of 15 pages
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CUSIP NO. 85569R 104 13G
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Barry S. Sternlicht
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
NUMBERS OF 3,069,617
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 4,208,000 (includes shares beneficially owned by SOFI-IV
PERSON WITH SMT Holdings, L.L.C. and Starwood Capital Group, L.L.C.)
--------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
3,069,617
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,208,000 (includes shares beneficially owned by SOFI-IV
SMT Holdings, L.L.C. and Starwood Capital Group, L.L.C.)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,277,617 (includes shares beneficially owned by SOFI-IV
SMT Holdings, L.L.C. and Starwood Capital Group, L.L.C.)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.2%
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12 TYPE OF REPORTING PERSON
IN
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Page 7 of 15 pages
ITEM 1(a). NAME OF ISSUER:
iStar Financial Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1114 Avenue of the Americas 27th floor
New York, NY 10036
ITEM 2(a). NAME OF PERSON FILING:
This Schedule 13G is being filed on behalf of the following persons* (the
"Reporting Persons"):
(i) SOFI-IV SMT Holdings, L.L.C. ("SMT")
(ii) Starwood Opportunity Fund IV, L.P. ("SOFI IV")
(iii) SOFI IV Management, L.L.C. ("SOFI IV Management")
(iv) Starwood Capital Group, L.L.C. ("SCG")
(v) Barry S. Sternlicht ("Sternlicht")
* Attached as Exhibit 1 is a copy of an agreement among the Reporting Persons
(as specified hereinabove) that this Schedule 13G is being filed on behalf of
each of them.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The principal business office of the Reporting Persons comprising the group
filing this Schedule 13G is located at 591 West Putnam Ave., Greenwich, CT 06830
ITEM 2(c). CITIZENSHIP:
SMT: a Delaware limited liability company
SOFI IV: a Delaware limited partnership
SOFI IV Management: a Connecticut limited liability company
SCG: a Connecticut limited liability company
Page 8 of 15 pages
Sternlicht: United States
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
This Schedule 13G is being filed with respect to the common stock, par value
$0.001 per share (the "Common Stock"), of iStar Financial Inc. The Reporting
Persons' percentage ownership of Common Stock is based on 101,434,366 shares of
Common Stock being outstanding.
ITEM 2(e). CUSIP Number:
85569R 104
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), or 13d-2(b) or
(c), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
78c).
(d) [ ] Investment company registered under section 8 of the Investment Company
Act of 1940 (15 U.S.C 80a-8).
(e) [ ] An investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with Section
240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with Section
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C.
80a-3);
(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP:
The Reporting Persons have previously filed a Schedule 13D, as last amended
pursuant to Amendment No. 17 to Schedule 13D on May 19, 2003. This Schedule 13G
is being filed pursuant to Rule 13d-1(c) because the Reporting Persons now
qualify thereunder.
Page 9 of 15 pages
(a) and (c) The information in items 1 and 5 through 9 on the cover pages (pp.
2-6) on this Schedule 13G is hereby incorporated by reference.
(b) The information in item 11 on the cover pages (pp. 2-6) on this Schedule 13G
is hereby incorporated by reference.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report the fact that as of the date hereof
the Reporting Persons have ceased to be the beneficial owner of more than five
percent of the class of securities check the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP:
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
Not applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect. After reasonable
inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.
Dated: November 21, 2003
Page 10 of 15 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated as of November 21, 2003. SOFI-IV SMT HOLDINGS, L.L.C.
By: Starwood Opportunity Fund IV, L.P.
Its: Sole Member and Manager
By: SOFI IV Management, L.L.C.
Its: General Partner
By: Starwood Capital Group, L.L.C.
Its: General Manager
By: /s/ Jerome C. Silvey
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Name: Jerome C. Silvey
Its: Executive Vice President and Chief
Financial Officer
Page 11 of 15 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated as of November 21, 2003. STARWOOD OPPORTUNITY FUND IV, L.P.
By: SOFI IV Management, L.L.C.
Its: General Partner
By: Starwood Capital Group, L.L.C.
Its: General Manager
By: /s/ Jerome C. Silvey
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Name: Jerome C. Silvey
Its: Executive Vice President and Chief
Financial Officer
Page 12 of 15 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated as of November 21, 2003. SOFI IV MANAGEMENT, L.L.C.
By: Starwood Capital Group, L.L.C.
Its: General Manager
By: /s/ Jerome C. Silvey
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Name: Jerome C. Silvey
Its: Executive Vice President and Chief
Financial Officer
Page 13 of 15 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated as of November 21, 2003. STARWOOD CAPITAL GROUP, L.L.C.
By: /s/ Jerome C. Silvey
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Name: Jerome C. Silvey
Its: Executive Vice President and Chief
Financial Officer
Page 14 of 15 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated as of November 21, 2003.
By: /s/ Barry S. Sternlicht
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Name: Barry S. Sternlicht
Page 15 of 15 pages
EXHIBIT INDEX
Exhibit No. Description
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1 Joint Filing Agreement, dated as of November 21, 2003,
by and among the Reporting Persons