Patrick Harden

iStar Financial - On the Shelf

Although generally GAAP/tax differences will reverse over time during the life of a securitization, iStar's taxable income has historically been lower than the cash flow generated by our business activities (and GAAP), primarily because its taxable income is reduced by non-cash expenses, such as impairment charges, provisions for loan losses, depreciation, depletion and amortization.