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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------

                                   FORM 10-K

(MARK ONE)

<Table>
<C>        <S>
   / /     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
</Table>

                  FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001
                                       OR

<Table>
<C>        <S>
   / /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
</Table>

        FOR THE TRANSITION PERIOD FROM ______________ TO ______________

                          COMMISSION FILE NO. 1-11918
                            ------------------------

                      TRINET CORPORATE REALTY TRUST, INC.
             (Exact name of registrant as specified in its charter)

<Table>
<S>                                            <C>
               MARYLAND                                     94-3175659
    (State or other jurisdiction of              (I.R.S. Employer Identification
    incorporation or organization)                           Number)

1114 AVENUE OF THE AMERICAS, 27TH FLOOR                       10036
             NEW YORK, NY                                   (Zip code)
    (Address of principal executive
               offices)
</Table>

       Registrant's telephone number, including area code: (212) 930-9400
                            ------------------------

         Securities registered pursuant to Section 12 of the Act: NONE

    Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirement for the past 90 days. Yes / / No / /

    Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. Yes / /

    The aggregate market value of the voting stock held by non-affiliates of the
Registrant is $-0-.

    As of March 15, 2002, there were 100 shares of Common Stock outstanding.

                   DOCUMENTS INCORPORATED BY REFERENCE: NONE

            THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL
     INSTRUCTIONS I (1) AND OF FORM 10-K AND IS THEREFORE FILING THIS FORM
                      WITH THE REDUCED DISCLOSURE FORMAT.

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                               TABLE OF CONTENTS

<Table>
<Caption>
                                                                PAGE
                                                              --------
<S>                                                           <C>
PART I

Item 1. Business............................................      3

Item 2. Properties..........................................      4

Item 3. Legal Proceedings...................................      5

Item 4. Submission of Matters to a Vote of Security
  Holders...................................................      5

PART II

Item 6. Selected Financial Data.............................      6

Item 7. Management's Discussion and Analysis of Financial
  Condition and Results of Operations.......................      6

Item 7a. Quantitative and Qualitative Disclosures about
  Market Risk...............................................      9

Item 8. Financial Statements and Supplemental Data..........     11

Item 9. Changes in and Disagreements with Accountants on
  Accounting and Financial Disclosure.......................     38

PART III

Item 10. Directors and Executive Officers of the
  Registrant................................................     38

Item 11. Executive Compensation.............................     38

Item 12. Security Ownership of Certain Beneficial Owners and
  Management................................................     38

Item 13. Certain Relationships and Related Transactions.....     38

PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports
  on Form 8-K...............................................     38

SIGNATURES..................................................     41
</Table>

                                       2
<Page>
                                     PART I

ITEM 1.  BUSINESS

EXPLANATORY NOTE FOR PURPOSES OF THE "SAFE HARBOR PROVISIONS" OF SECTION 21E OF
  THE SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED

    This Annual Report on Form 10-K contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
which involve certain risks and uncertainties. Forward-looking statements are
included with respect to, among other things, the Company's current business
plan, business strategy and portfolio management. The Company's actual results
or outcomes may differ materially from those anticipated. Important factors that
the Company believes might cause such differences are discussed in the
cautionary statements presented under the caption "Factors That May Affect the
Company's Business Strategy" in Item 1 of this Form 10-K or otherwise accompany
the forward-looking statements contained in this Form 10-K. In assessing all
forward-looking statements, readers are urged to read carefully all cautionary
statements contained in this Form 10-K.

OVERVIEW

    TriNet Corporate Realty Trust, Inc. (the "Company") is a wholly-owned
subsidiary of iStar Financial Inc. (together with its predecessor, "iStar
Financial"), a New York Stock Exchange listed commercial finance company (NYSE:
SFI), which specializes in providing private and corporate real estate owners
with structured mortgage, corporate and lease financing. The Company provides
capital to major corporations and real estate owners nationwide by structuring
purchase/leaseback transactions and acquiring corporate tenant lease assets
subject to existing long-term leases to creditworthy customers occupying office
and industrial facilities. As of December 31, 2001, the Company's investments
consisted of 119 facilities, comprising 13.6 million square feet in 22 states,
and which were 97% leased. The five largest customers collectively accounted for
approximately 22.2% of the Company's annualized lease revenue, and the Company's
largest single customer accounted for approximately 5.7% of the Company's
annualized lease revenue.

    On November 4, 1999, iStar Financial, a Maryland corporation, acquired all
of the Company's outstanding capital stock through a merger of the Company with
and into a wholly-owned subsidiary of iStar Financial, with the Company
surviving as a wholly-owned subsidiary of iStar Financial. Pursuant to the
merger, each issued and outstanding share of common stock of the Company was
converted into 1.15 shares of common stock of iStar Financial. Each issued and
outstanding share of Series A, Series B and Series C Cumulative Redeemable
Preferred Stock of the Company was converted into a share of Series B, Series C
and Series D (respectively) Cumulative Redeemable Preferred Stock of iStar
Financial. The iStar Financial preferred stock issued to the Company's former
preferred stockholders have substantially the same terms as the Company's
preferred stock, except that the new shares of Series B, C and D preferred stock
have additional voting rights not associated with the Company's preferred stock.
The merger was structured as a tax-free reorganization under federal tax law.

    On November 4, 1999, shares of iStar Financial's single class of common
stock began trading on the New York Stock Exchange under the symbol "SFI."

    Prior to the merger, the Company elected to be taxed as a real estate
investment trust ("REIT") under the Internal Revenue Code of 1986, as amended
(the "Code"). iStar Financial has elected to be taxed as a REIT under the Code
and the Company is presently treated as a qualified REIT subsidiary.

    The Company is engaged in a competitive business. In originating and
acquiring assets, the Company competes with public and private companies,
including finance companies, mortgage banks, pension funds, savings and loan
associations, insurance companies, institutional investors, investment banking
firms and other lenders and industry participants, as well as individual
investors. Existing industry participants and

                                       3
<Page>
potential new entrants compete with the Company for the available supply of
investments suitable for origination or acquisition, as well as for debt and
equity capital. Certain of the Company's competitors are larger than the
Company, have longer operating histories, may have access to greater capital and
other resources, may have management personnel with more experience than the
officers of the Company, and may have advantages over the Company in conducting
certain businesses and providing certain services.

INVESTMENTS AND DISPOSITIONS

    INVESTMENTS--During 2001, the Company acquired an office facility in
Harrisburg, Pennsylvania for a total purchase price of $26.8 million. The
facility was simultaneously leased back to the customer with an initial term of
15 years. In addition to the 15-year bondable lease, the customer posted a
letter of credit of approximately $2.8 million as additional collateral for its
lease obligations to the Company.

    DISPOSITIONS--During 2001, the Company disposed of four corporate tenant
lease assets for total proceeds of $26.3 million, and recognized a net gain of
approximately $1.1 million.

ITEM 2.  PROPERTIES

    The Company's maintains an office at One Embarcadero Center San Francisco,
CA 94111. Its telephone number, general facsimile number and e-mail address are
(415) 391-4300, (415) 391-6259 and istarfinancial.com, respectively. The lease
for the Company's office space expires in March 2008.

    See Item 8--"Schedule III--Corporate Tenant Lease Assets and Accumulated
Depreciation" for a detailed listing of corporate tenant lease facilities held
for investment.

LEASE EXPIRATIONS

    As of December 31, 2001, lease expirations on the Company's corporate tenant
lease assets, including facilities owned by the Company's joint ventures, are as
follows:

<Table>
<Caption>
                                                        ANNUALIZED      % OF ANNUALIZED
                                          NUMBER OF      IN-PLACE          IN-PLACE
                                           LEASES     OPERATING LEASE   OPERATING LEASE    % OF TOTAL
YEAR OF LEASE EXPIRATION                  EXPIRING      INCOME (1)          INCOME        REVENUE (2)
------------------------                  ---------   ---------------   ---------------   ------------
                                                      (IN THOUSANDS)
<S>                                       <C>         <C>               <C>               <C>
2002....................................      28         $  12,075             7.2%            6.6%
2003....................................      19            16,631             9.9%            9.1%
2004....................................      29            22,019            13.1%           12.0%
2005....................................      15            12,566             7.5%            6.9%
2006....................................      27            21,579            12.9%           11.8%
2007....................................       9             9,011             5.4%            4.9%
2008....................................       4             4,573             2.7%            2.5%
2009....................................      13            14,452             8.6%            7.9%
2010....................................       3             3,802             2.3%            2.1%
2011....................................       4             1,899             1.1%            1.0%
2012 and thereafter.....................      30            48,973            29.3%           26.8%
                                                         ---------           -----            ----
  Total.................................                 $ 167,580           100.0%
                                                         =========           =====
  Weighted average remaining
    lease term.....................................      7.2 years
                                                         =========
</Table>

EXPLANATORY NOTE:
------------------------------

(1) Reflects annualized GAAP operating lease income for leases in place at
    December 31, 2001. The operating lease income includes the Company's
    pro-rata share from facilities owned by the Company's joint ventures.

(2) Reflects annualized GAAP operating lease income for leases in place at
    December 31, 2001 as a percentage of annualized total revenue for the
    quarter ended December 31, 2001.

                                       4
<Page>
ASSET BASE

    The following table sets forth the composition of the Company's investments
as of December 31, 2001:

<Table>
<Caption>
                                                                                             % OF
                                                                                          ANNUALIZED
                                                                   ANNUALIZED IN-PLACE     IN-PLACE
                                                      NUMBER OF      OPERATING LEASE      OPERATING
TYPE                                                  FACILITIES       INCOME (1)        LEASE INCOME
----                                                  ----------   -------------------   ------------
                                                                     (IN THOUSANDS)
<S>                                                   <C>          <C>                   <C>
Office Facilities...................................      70             $111,431            66.5%
Industrial Facilities...............................      47               45,241            27.0%
Parking Garage......................................       1                1,351             0.8%
Ground Lease........................................       1                9,557             5.7%
                                                         ---             --------           -----
  Total.............................................     119             $167,580           100.0%
                                                         ===             ========           =====
</Table>

EXPLANATORY NOTE:
------------------------------

(1) Reflects annualized GAAP operating lease income for leases in place at
    December 31, 2001. The operating lease income includes the Company's
    pro-rata share from facilities owned by the Company's joint ventures.

ITEM 3.  LEGAL PROCEEDINGS

    The Company is not a party to any material litigation or legal proceedings,
or to the best of its knowledge, any threatened litigation or legal proceedings
which, in the opinion of management, individually or in the aggregate, would
have a material adverse effect on its results of operations or financial
condition.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

    Omitted pursuant to General Instruction I(2)(c) of Form 10-K.

                                       5
<Page>
                                    PART II

ITEM 6.  SELECTED FINANCIAL DATA

    Omitted pursuant to General Instruction I(2)(a) of Form 10-K.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
  OF OPERATIONS

    The following discussion and analysis of financial condition and results of
operations of the Company should be read in conjunction with the Consolidated
Financial Statements and Notes thereto appearing elsewhere in this Form 10-K.
Unless otherwise defined in this report, or unless the context otherwise
requires, the capitalized words or phrases referred to in this section have the
meanings ascribed to them in such financial statements and the notes thereto.

GENERAL

    As a wholly-owned subsidiary of iStar Financial, the Company specializes in
providing investment capital to major corporations and real estate owners
nationwide by structuring purchase/leaseback transactions and acquiring
corporate tenant lease assets subject to existing long-term leases to
creditworthy customers occupying office and industrial facilities. The Company
uses its corporate credit and real estate underwriting expertise to structure
investments that it believes will generate attractive risk-adjusted returns. As
of December 31, 2001, the Company's portfolio consisted of 119 facilities
principally subject to net leases to approximately 136 customers, comprising
13.6 million square feet in 22 states. Of the 119 total facilities, there are 20
facilities held in three joint venture partnerships.

    On November 3, 1999, consistent with previously announced terms, the
Company's shareholders and the shareholders of iStar Financial approved the
merger of the Company with a wholly-owned subsidiary of iStar Financial. In the
merger, each issued and outstanding share of the Company's common stock was
converted into 1.15 shares of common stock of iStar Financial. Each issued and
outstanding share of Series A, Series B and Series C Cumulative Redeemable
Preferred Stock of the Company was converted into a share of Series B, Series C
and Series D (respectively) Cumulative Redeemable Preferred Stock of iStar
Financial. The iStar Financial preferred stock issued to the Company's former
preferred stockholders have substantially the same terms as the Company's
preferred stock, except that the new shares of Series B, C and D preferred stock
have additional voting rights not associated with the Company's preferred stock.
The holders of iStar Financial's Series A Preferred Stock received Series A
Preferred Stock in the Incorporation Merger with the same rights and preferences
as existed prior to the merger. The merger was structured as a tax-free
reorganization under federal tax law.

    These transactions were consummated as of November 4, 1999, at which time
iStar Financial's single class of common shares began trading on the New York
Stock Exchange under the symbol "SFI."

    The merger was accounted for as a purchase of the Company by iStar Financial
and the balance sheet of the Company on November 4, 1999 was adjusted to reflect
the purchase price as required by Accounting Principles Board Opinion 16 ("APB
16"), "Accounting for Business Combinations." The purchase price was
approximately $1.5 billion, which included the assumption of the outstanding
preferred stock, debt and other liabilities of the Company. This purchase price
was allocated to the assets and liabilities of the Company based on their
relative fair values and resulted in no allocation to goodwill.

    In July 2001, the Company disposed of 18 corporate tenant lease assets by
transferring them to iStar Financial at their respective carrying amounts.
Additionally, in July 2001, iStar Financial contributed cash of $97.0 million to
the Company, which was used to pay off the Company's unsecured revolving credit
facility.

    In November 2001, the Company disposed of one corporate tenant lease asset
by transferring it to iStar Financial at its respective carrying amount.

                                       6
<Page>
RESULTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2001 COMPARED TO YEAR ENDED DECEMBER 31, 2000

    INTEREST INCOME--Interest income increased to $8.8 million for the
12 months ended December 31, 2001 from $8.3 million for the same period in 2000.
The increase is primarily due to $7.2 million of interest income earned in 2001
on newly-originated loan investments. This increase was partially offset by a
$5.4 million reduction of interest income and discount amortization from a loan
transferred to the parent for cash in the first quarter of 2001. Additionally,
interest income decreased by $1.2 million due to the exercise of a convertible
mortgage option in the third quarter of 2000, and by $460,000 of interest earned
on cash and cash equivalents in 2001 as compared to 2000.

    OPERATING LEASE INCOME--Operating lease income increased $2.2 million to
$173.2 million for the 12 months ended December 31, 2001 from $171.0 million for
the same period in 2000. Of this increase, $11.1 million was attributable to new
corporate tenant lease assets and $6.0 million to additional operating lease
income from existing corporate tenant lease assets owned in both periods. In
addition, joint venture income contributed $4.4 million to the increase. These
increases were partially offset by a $7.0 million decrease in operating lease
income resulting from asset dispositions made in 2000 and 2001 and a
$12.3 million decrease from the assets transferred to iStar Financial in
July 2001.

    OTHER INCOME--Other income consists primarily of lease termination fees,
project management fees, dividend income, unamortized loan discounts, financial
advisory fees, earnest deposit forfeitures and credit enhancement fees. During
the year ended December 31, 2001, other income included lease termination fees
of $1.5 million (or 50.4% of other income), project management fees of $729,000
(25.5%) and dividend income of $625,000 (21.9%).

    During the year ended December 31, 2000, other income consisted of
$3.6 million (70.6%) resulting from the recognition of unamortized loan
discounts upon the conversion of two loans, lease termination fees of $417,000
(8.2%), financial advisory fees of $363,000 (7.1%), earnest deposit forfeitures
of $351,000 (6.9%) and dividend income of $251,000 (4.9%).

    INTEREST EXPENSE--For the 12 months ended December 31, 2001, interest
expense decreased by $7.1 million to $45.5 million from $52.6 million for the
same period in 2000. This decrease is primarily the result of the repayment of
revolving debt, term debt and unsecured corporate debt in 2001, as well as lower
rates on variable-rate debt obligations. This decrease was partially offset by
new secured term debt obtained in 2001 and the amortization of associated loan
costs.

    OPERATING COSTS-CORPORATE TENANT LEASE ASSETS--For the 12 months ended
December 31, 2001, operating costs were comparable to the same period in 2000.
Such operating costs represent unreimbursed operating expenses associated with
corporate tenant lease assets.

    DEPRECIATION AND AMORTIZATION--Depreciation and amortization decreased
$1.4 million to $27.4 million for the 12 months ended December 31, 2001 from
$28.8 million for the same period in 2000. This decrease is primarily the result
of the transfer of corporate tenant lease assets to iStar Financial and
corporate tenant lease dispositions, which accounted for $2.4 million and
$1.1 million of the decrease, respectively. These decreases were partially
offset by additional depreciation from new corporate tenant lease assets and
from depreciation on improvements of existing corporate tenant lease assets that
accounted for an increase of $1.1 million and $1.0 million, respectively.

    GENERAL AND ADMINISTRATIVE--For the 12 months ended December 31, 2001,
general and administrative expenses decreased by $1.6 million to $7.6 million,
compared to $9.2 million for the same period in 2000. This decrease is primarily
a result of a reduction in personnel-related expenses and equipment-leasing
expenses in 2001 as compared to 2000.

                                       7
<Page>
    GAIN ON SALE OF CORPORATE TENANT LEASE ASSETS--During 2001, the Company
disposed of four corporate tenant lease assets for total proceeds of
$26.3 million and recognized net gains of $1.1 million.

    During 2000, the Company disposed of 14 corporate tenant lease assets,
including six assets held in joint venture partnerships, for total proceeds of
$256.7 million, and recognized net gains of $2.9 million.

    EXTRAORDINARY LOSS ON EARLY EXTINGUISHMENT OF DEBT--During the 12 months
ended December 31, 2001 and 2000, the Company or its joint ventures prepaid debt
obligations of $133.0 million and $24.5 million, respectively. These
transactions resulted in an extraordinary loss on early extinguishment of debt
resulting from prepayment penalties and the expense associated with remaining
unamortized deferred financing costs of $1.6 million and $705,000 for the
12 months ended December 31, 2001 and 2000, respectively.

YEAR ENDED DECEMBER 31, 2000 COMPARED TO COMBINED PRE- AND POST-MERGER PERIODS
  FOR 1999

    Omitted pursuant to General Instruction I(2)(a) of Form 10-K.

CRITICAL ACCOUNTING POLICIES

    The Company's Consolidated Financial Statements include the accounts of the
Company and all majority-owned and controlled subsidiaries. The preparation of
financial statements in accordance with generally accepted accounting principles
requires management to make estimates and assumptions in certain circumstances
that affect amounts reported in the accompanying consolidated financial
statements. In preparing these financial statements, management has made its
best estimates and judgments of certain amounts included in the financial
statements, giving due consideration to materiality. The Company does not
believe that there is a great likelihood that materially different amounts would
be reported related to the accounting policies described below. However,
application of these accounting policies involves the exercise of judgment and
use of assumptions as to future uncertainties and, as a result, actual results
could differ from these estimates.

    The Company's accounting policies are described in Note 3 to the Company's
Consolidated Financial Statements. Management believes the more significant of
these to be as follows:

    REVENUE RECOGNITION--The most significant sources of the Company's revenue
come from its lending operations and its corporate tenant lease operations. For
its lending operations, the Company reflects income using the effective yield
method, which recognizes periodic income over the expected term of the
investment on a constant yield basis. For corporate tenant lease assets, the
Company recognizes income on the straight-line method, which effectively
recognizes contractual lease payments to be received by the Company evenly over
the term of the lease. Management believes the Company's revenue recognition
policies are appropriate to reflect the substance of the underlying
transactions.

    IMPAIRMENT OF LONG-LIVED ASSETS--Corporate tenant lease assets represent
"long-lived" assets for accounting purposes. The Company periodically reviews
long-lived assets to be held and used in its leasing operations for impairment
in value whenever any events or changes in circumstances indicate that the
carrying amount of the assets may not be recoverable. In management's opinion,
based on this analysis, corporate tenant assets to be held and used are not
carried at amounts in excess of their estimated recoverable amounts.

    RISK MANAGEMENT AND FINANCIAL INSTRUMENTS--The Company has historically
utilized derivative financial instruments only as a means to help to manage its
interest rate risk exposure on a portion of its variable-rate debt obligations
(i.e., as cash flow hedges). The instruments utilized are generally either
pay-fixed swaps or LIBOR-based interest rate caps which are widely used in the
industry and generally major financial institutions. The Company's accounting
policies generally reflect these instruments at their fair value with unrealized
changes in fair value reflected in other comprehensive income. Realized effects
on the Company's cash flows are generally recognized currently in income.

                                       8
<Page>
LIQUIDITY AND CAPITAL RESOURCES

    Omitted pursuant to General Instruction I(2)(a) of Form 10-K.

ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

MARKET RISKS

    Market risk is the exposure to loss resulting from changes in interest
rates, foreign currency exchange rates, commodity prices and equity prices. In
pursuing its business plan, the primary market risk to which the Company is
exposed is interest rate risk. The Company's operating results will depend in
part on the interest expense incurred in connection with its variable-rate
interest bearing liabilities.

    Interest rates are highly sensitive to many factors, including governmental
monetary and tax policies, domestic and international economic and political
conditions, and other factors beyond the control of the Company. As more fully
discussed in Note 3 to the Company's Consolidated Financial Statements, the
Company hedges to limit the effects of changes in interest rates on its
operations by engaging in interest rate caps and swaps.

    While a REIT, or its qualified REIT subsidiary, may freely utilize certain
types of derivative instruments to hedge interest rate risk on its liabilities,
the use of derivatives for other purposes could generate income which is not
qualified income for purposes of maintaining REIT status. As a qualified REIT
subsidiary, the Company may only engage in such instruments to hedge such risk
on a limited basis and does not enter into derivative contracts for speculative
purposes.

    There can be no assurance that the Company's profitability will not be
adversely affected during any period as a result of changing interest rates. In
addition, hedging transactions using derivative instruments involve certain
additional risks such as counterparty credit risk, legal enforceability of
hedging contracts and the risk that unanticipated and significant changes in
interest rates will cause a significant loss of basis in the contract. With
regard to loss of basis in a hedging contract, indices upon which contracts are
based may be more or less variable than the indices upon which the hedged
liabilities are based, thereby making the hedge less effective. The
counterparties to these contractual arrangements are major financial
institutions with which the Company and its affiliates may also have other
financial relationships. The Company is potentially exposed to credit loss in
the event of nonperformance by these counterparties. However, because of their
high credit ratings, the Company does not anticipate that any of the
counterparties will fail to meet their obligations. There can be no assurance
that the Company will be able to adequately protect against the foregoing risks
and that the Company will ultimately realize an economic benefit from any
hedging contract it enters into which exceeds the related costs incurred in
connection with engaging in such hedges.

    The following table quantifies the potential changes in net investment
income and net fair value of financial instruments should interest rates
increase or decrease 100 or 200 basis points, assuming no change in the shape of
the yield curve (i.e., relative interest rates). Net investment income is
calculated as revenue from loans and other lending investments and operating
leases (as of December 31, 2001), less related interest expense and operating
costs on corporate tenant lease assets, for the year ended December 31, 2001.
Net fair value of financial instruments is calculated as the sum of the value of
derivative instruments and the present value of cash in-flows generated from
interest-earning assets, less cash out-flows in respect of interest-bearing
liabilities as of December 31, 2001. The base interest rate scenario assumes
interest rates as of December 31, 2001. Actual results could differ
significantly from those estimated in the table.

                                       9
<Page>
                         ESTIMATED PERCENTAGE CHANGE IN

<Table>
<Caption>
                                                             NET INVESTMENT      NET FAIR VALUE OF
CHANGE IN INTEREST RATES                                         INCOME       FINANCIAL INSTRUMENTS(1)
------------------------                                     --------------   ------------------------
<S>                                                          <C>              <C>
-200 Basis Points..........................................        2.72%                (6.57)%
-100 Basis Points..........................................        1.36%                (3.16)%
Base Interest Rate.........................................        0.00%                 0.00%
+100 Basis Points..........................................       (1.36)%                2.94%
+200 Basis Points..........................................       (2.72)%                5.69%
</Table>

EXPLANATORY NOTE:
------------------------------

(1) Amounts exclude fair values of non-financial invesments, primarily CTL
    assets and certain forms of corporate finance investments.

                                       10
<Page>
ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA

Index to Financial Statements

<Table>
<Caption>
                                                                PAGE
                                                              --------
<S>                                                           <C>
Financial Statements:

  Report of Independent Accountants.........................     12
  Consolidated Balance Sheets at December 31, 2001 and
    2000....................................................     13
  Consolidated Statements of Operations for the year ended
    December 31, 2001, for the year ended December 31, 2000
    and for the periods November 4, 1999 to December 31,
    1999 and January 1, 1999 to November 3, 1999............     14
  Consolidated Statements of Changes in Shareholder's Equity
    for the year ended December 31, 2001, for the year
    ended December 31, 2000 and for the periods November 4,
    1999 to December 31, 1999 and January 1, 1999 to
    November 3, 1999........................................     15
  Consolidated Statements of Cash Flows for the year ended
    December 31, 2001, for the year ended December 31, 2000
    and for the periods November 4, 1999 to December 31,
    1999 and January 1, 1999 to November 3, 1999............     16
  Notes to Consolidated Financial Statements................     17

Financial Statement Schedule:

  For the period ended December 31, 2001:

  Schedule III--Corporate Tenant Lease Assets and
    Accumulated Depreciation................................     33

  Notes to Schedule III.....................................     37
</Table>

    All other schedules are omitted because they are not applicable or the
required information is shown in the financial statements or notes thereto.

    Financial statements of four companies or joint ventures accounted for under
the equity method have been omitted because the Company's proportionate share of
the income from continuing operations before income taxes is less than 20% of
the respective consolidated amount and the investments in and advances to each
company are less than 20% of consolidated total assets.

                                       11
<Page>
                       REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors and Shareholder
of TriNet Corporate Realty Trust, Inc.

In our opinion, the consolidated financial statements listed in the accompanying
index present fairly, in all material respects, the financial position of TriNet
Corporate Realty Trust, Inc. and its subsidiaries (the "Company") at
December 31, 2001 and 2000, and the results of their operations and their cash
flows for the years ended December 31, 2001 and 2000, and for the periods
November 4, 1999 to December 31, 1999 and January 1, 1999 to November 3, 1999 in
conformity with accounting principles generally accepted in the United States of
America. In addition, in our opinion, the financial statement schedule listed in
the accompanying index presents fairly, in all material respects, the
information set forth therein when read in conjunction with the related
consolidated financial statements. These financial statements and financial
statement schedule are the responsibility of the Company's management; our
responsibility is to express an opinion on these financial statements and
financial statement schedule based on our audits. We conducted our audits of
these statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, NY
March 1, 2002

                                       12
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

                          CONSOLIDATED BALANCE SHEETS

                (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

<Table>
<Caption>
                                                                AS OF DECEMBER 31,
                                                              -----------------------
                                                                 2001        2000*
                                                              ----------   ----------
<S>                                                           <C>          <C>
                                       ASSETS
Loans and other lending investments, net....................  $   81,743   $   90,796
Corporate tenant lease assets, net..........................   1,191,649    1,486,049
Cash and cash equivalents...................................       8,872       11,541
Restricted cash.............................................         167        7,032
Accrued interest receivable.................................         233           --
Deferred operating lease income receivable..................      18,621       10,235
Deferred expenses and other assets..........................      22,886       18,527
                                                              ----------   ----------
  Total assets..............................................  $1,324,171   $1,624,180
                                                              ==========   ==========

                        LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Accounts payable, accrued expenses and other liabilities....  $   50,816   $   40,647
Debt obligations............................................     558,395      668,342
                                                              ----------   ----------
  Total liabilities.........................................     609,211      708,989
                                                              ----------   ----------
Commitments and contingencies...............................          --           --

Minority interest in consolidated entities..................       2,565        2,565

Shareholder's equity:
Common stock, $0.01 par value, 100 shares authorized:
  100 shares issued and outstanding at December 31, 2001 and
  2000,
  respectively..............................................          --           --
Additional paid-in capital..................................     751,969      890,271
Retained earnings...........................................          --       62,651
Accumulated other comprehensive income (See Note 10)........         722           --
Common stock of iStar Financial (parent) held in treasury
  (at cost).................................................     (40,296)     (40,296)
                                                              ----------   ----------
  Total shareholder's equity................................     712,395      912,626
                                                              ----------   ----------
  Total liabilities and shareholder's equity................  $1,324,171   $1,624,180
                                                              ==========   ==========
</Table>

------------------------

*   RECLASSIFIED TO CONFORM TO 2001 PRESENTATION.

    The accompanying notes are an integral part of the financial statements.

                                       13
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

                     CONSOLIDATED STATEMENTS OF OPERATIONS

                     (IN THOUSANDS, EXCEPT PER SHARE DATA)

<Table>
<Caption>
                                                FOR THE           FOR THE           POST-MERGER         PRE-MERGER
                                              YEAR ENDED         YEAR ENDED      NOVEMBER 4, 1999     JANUARY 1, 1999
                                             DECEMBER 31,       DECEMBER 31,      TO DECEMBER 31,     TO NOVEMBER 3,
                                                 2001              2000*               1999*               1999*
                                            ---------------   ----------------   -----------------   -----------------
<S>                                         <C>               <C>                <C>                 <C>
REVENUES:
  Interest income.........................     $  8,773           $  8,303            $ 1,360            $  6,731
  Operating lease income..................      173,171            171,024             26,817             132,483
  Other income............................        2,860              5,097                715               8,281
                                               --------           --------            -------            --------
    Total revenue.........................      184,804            184,424             28,892             147,495
                                               --------           --------            -------            --------

COSTS AND EXPENSES:
  Interest expense........................       45,544             52,571              8,462              37,184
  Operating costs-corporate tenant lease
    assets................................       12,828             12,809              2,246               5,590
  Depreciation and amortization...........       27,397             28,795              4,880              24,069
  General and administrative..............        7,642              9,198              1,608              10,364
  Provision for asset impairment..........           --                 --                 --               3,400
                                               --------           --------            -------            --------
    Total costs and expenses..............       93,411            103,373             17,196              80,607
                                               --------           --------            -------            --------
Net income before minority interest,
  transaction costs, gain on sales of
  corporate tenant lease assets,
  extraordinary loss and cumulative effect
  of change in accounting principle.......       91,393             81,051             11,696              66,888
Minority interest in consolidated
  entities................................         (164)              (164)               (41)               (123)
Merger-related transaction costs..........           --                 --                 --             (11,197)
Gain on sales of corporate tenant lease
  assets..................................        1,146              2,948                 --               2,471
                                               --------           --------            -------            --------
Net income before extraordinary loss and
  cumulative effect of change in
  accounting principle....................       92,375             83,835             11,655              58,039
Extraordinary loss on early extinguishment
  of debt.................................       (1,620)              (705)                --                (665)
Cumulative effect of change in accounting
  principle...............................         (269)                --                 --              (1,810)
                                               --------           --------            -------            --------
Net income................................     $ 90,486           $ 83,130            $11,655            $ 55,564
Preferred dividend requirements...........           --                 --                 --             (11,758)
                                               --------           --------            -------            --------
Net income allocable to common
  shareholders............................     $ 90,486           $ 83,130            $11,655            $ 43,806
                                               ========           ========            =======            ========

Basic earnings per common share...........          n/a                n/a                n/a            $   1.75
                                                                                                         ========

Diluted earnings per common share.........          n/a                n/a                n/a            $   1.75
                                                                                                         ========
</Table>

--------------------------

*   RECLASSIFIED TO CONFORM TO 2001 PRESENTATION.

    The accompanying notes are an integral part of the financial statements.

                                       14
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY

                                 (IN THOUSANDS)
<Table>
<Caption>
                                                                                                         ACCUMULATED
                                                                                                            OTHER
                                     PREFERRED STOCK        COMMON STOCK       ADDITIONAL   RETAINED    COMPREHENSIVE
                                   -------------------   -------------------    PAID-IN     EARNINGS        INCOME       TREASURY
                                    ISSUED     AMOUNT     ISSUED     AMOUNT     CAPITAL     (DEFICIT)      (LOSSES)       STOCK
                                   --------   --------   --------   --------   ----------   ---------   --------------   --------
<S>                                <C>        <C>        <C>        <C>        <C>          <C>         <C>              <C>
Balance at January 1, 1999.......    7,300      $ 73      24,872      $249      $855,568    $(52,430)      $     --      $    --
Exercise of common stock
  options........................       --        --         142         1         3,601          --             --           --
Issuance of stock under
  management purchase plan.......       --        --          53         1         1,161          --             --           --
Incentive stock compensation.....       --        --          --        --         1,146          --             --           --
Net income.......................       --        --          --        --            --      55,564             --           --
Common stock dividends
  declared.......................       --        --          --        --            --     (48,756)            --           --
Preferred stock dividends
  declared.......................       --        --          --        --            --     (11,758)            --           --
                                    ------      ----     -------      ----      --------    --------       --------      --------
Balance at November 3, 1999......    7,300      $ 73      25,067      $251      $861,476    $(57,380)      $     --      $    --
                                    ======      ====     =======      ====      ========    ========       ========      ========

Investment by parent into
  subsidiary on November 4,
  1999...........................       --      $ --          --      $ --      $890,271    $     --       $     --      $    --
Purchase of parent common
  stock..........................       --        --          --        --            --          --             --      (39,994)
Net income.......................       --        --          --        --            --      11,655             --           --
                                    ------      ----     -------      ----      --------    --------       --------      --------
Balance at December 31, 1999.....       --        --          --        --       890,271      11,655             --      (39,994)
Purchase of iStar Financial
  shares held in treasury........       --        --          --        --            --          --             --         (302)
Dividends paid to iStar
  Financial......................       --        --          --        --            --     (37,500)            --           --
Dividends received on iStar
  Financial shares held in
  treasury.......................       --        --          --        --            --       5,366             --           --
Net income for the period........       --        --          --        --            --      83,130             --           --
                                    ------      ----     -------      ----      --------    --------       --------      --------
Balance at December 31, 2000.....       --        --          --        --       890,271      62,651             --      (40,296)
Contribution from iStar
  Financial......................       --        --          --        --        97,045          --             --           --
Distribution of corporate tenant
  lease assets to iStar
  Financial......................       --        --          --        --      (217,746)    (61,208)            --           --
Dividends paid to iStar
  Financial......................       --        --          --        --       (17,601)    (98,869)            --           --
Dividends received on iStar
  Financial shares held in
  treasury.......................       --        --          --        --            --       6,940             --           --
Net income for the period........       --        --          --        --            --      90,486             --           --
Cumulative effect of change in
  accounting principle...........       --        --          --        --            --          --         (1,517)          --
Change in accumulated other
  comprehensive income...........       --        --          --        --            --          --          2,239           --
                                    ------      ----     -------      ----      --------    --------       --------      --------
Balance at December 31, 2001.....   $   --      $ --     $    --      $ --      $751,969    $     --       $    722      $(40,296)
                                    ======      ====     =======      ====      ========    ========       ========      ========

<Caption>

                                       TOTAL
                                   -------------
<S>                                <C>
Balance at January 1, 1999.......    $803,460
Exercise of common stock
  options........................       3,602
Issuance of stock under
  management purchase plan.......       1,162
Incentive stock compensation.....       1,146
Net income.......................      55,564
Common stock dividends
  declared.......................     (48,756)
Preferred stock dividends
  declared.......................     (11,758)
                                     --------
Balance at November 3, 1999......    $804,420
                                     ========
Investment by parent into
  subsidiary on November 4,
  1999...........................    $890,271
Purchase of parent common
  stock..........................     (39,994)
Net income.......................      11,655
                                     --------
Balance at December 31, 1999.....     861,932
Purchase of iStar Financial
  shares held in treasury........        (302)
Dividends paid to iStar
  Financial......................     (37,500)
Dividends received on iStar
  Financial shares held in
  treasury.......................       5,366
Net income for the period........      83,130
                                     --------
Balance at December 31, 2000.....     912,626
Contribution from iStar
  Financial......................      97,045
Distribution of corporate tenant
  lease assets to iStar
  Financial......................    (278,954)
Dividends paid to iStar
  Financial......................    (116,470)
Dividends received on iStar
  Financial shares held in
  treasury.......................       6,940
Net income for the period........      90,486
Cumulative effect of change in
  accounting principle...........      (1,517)
Change in accumulated other
  comprehensive income...........       2,239
                                     --------
Balance at December 31, 2001.....    $712,395
                                     ========
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       15
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                                 (IN THOUSANDS)

<Table>
<Caption>
                                                                                              POST-MERGER     PRE-MERGER
                                                              FOR THE YEAR    FOR THE YEAR    NOVEMBER 4,     JANUARY 1,
                                                                  ENDED          ENDED          1999 TO        1999 TO
                                                              DECEMBER 31,    DECEMBER 31,   DECEMBER 31,    NOVEMBER 3,
                                                                  2001           2000*           1999*          1999*
                                                              -------------   ------------   -------------   ------------
<S>                                                           <C>             <C>            <C>             <C>
Cash flows from operating activities:
Net income..................................................    $  90,486      $  83,130       $ 11,655       $  55,564
Adjustments to reconcile net income to cash flows provided
  by operating activities:
  Minority interest in consolidated entities................          164            164             41             123
  Depreciation and amortization.............................       31,875         33,008          4,880          24,069
  Amortization of discounts/premiums........................       (2,025)        (4,299)           351           1,645
  Equity in earnings of unconsolidated joint ventures.......       (9,439)        (5,016)          (373)         (2,330)
  Distributions from operating joint ventures...............        4,895          4,511            470           4,708
  Deferred operating lease income receivable................      (10,923)        (9,130)        (1,597)         (4,441)
  Gain on sales of corporate tenant lease assets............       (1,146)        (2,948)            --          (2,471)
  Extraordinary loss on early extinguishment of debt........        1,620            705             --             665
  Cumulative effect of a change in accounting principle.....          269             --             --           1,810
  Provision for asset impairment............................           --             --             --           3,400
  Merger-related transaction costs..........................           --             --             --          11,197
  Changes in assets and liabilities:
    Increase in accrued interest receivable.................           (6)            --             --              --
    (Increase) decrease in deferred expenses and other
     assets.................................................       (4,188)        (8,241)          (321)          2,344
    Increase (decrease) in accounts payable, accrued
     expenses and other liabilities.........................        6,113         (4,989)           (97)         (7,483)
                                                                ---------      ---------       --------       ---------
    Cash flows provided by operating activities.............      107,695         86,895         15,009          88,800
                                                                ---------      ---------       --------       ---------
Cash flows from investing activities:
  New investment originations/acquisitions..................     (101,282)      (183,974)            --         (49,984)
  Net proceeds from sales of corporate tenant lease
    assets..................................................       26,306        146,265             --          56,690
  Repayments of and principal collections on loans and other
    lending investments.....................................       93,596         15,898             --          27,725
  Cash acquired in merger transaction.......................           --             --          3,729              --
  Merger-related transaction costs..........................           --             --        (19,865)         (4,628)
  Investments in and advances to unconsolidated joint
    ventures................................................       (1,601)       (23,540)          (377)         (1,401)
  Distributions from unconsolidated joint ventures..........       24,265         31,129             --             274
  Capital expenditures for build-to-suit activities.........      (14,266)        (5,022)            --              --
  Capital improvement projects on corporate tenant lease
    assets..................................................       (6,629)        (6,831)            --          (2,044)
  Other capital expenditures on corporate tenant lease
    assets..................................................       (4,467)        (1,179)        (1,271)         (4,390)
                                                                ---------      ---------       --------       ---------
    Cash flows provided by (used in) investing activities...       15,922        (27,254)       (17,784)         22,242
                                                                ---------      ---------       --------       ---------
Cash flows from financing activities:
  Net borrowings (repayments) under revolving credit
    facility................................................     (173,450)       (13,250)        46,600         (48,800)
  Borrowings under term loans...............................      277,664             --             --              --
  Repayments under term loans...............................     (117,175)       (13,559)          (150)        (11,307)
  Repayments under unsecured notes..........................     (100,000)            --             --              --
  Common dividends paid--predecessor........................           --             --             --         (64,922)
  Preferred dividends paid--predecessor.....................           --             --             --         (11,758)
  (Increase) decrease in restricted cash held in connection
    with debt obligations...................................        6,865           (335)           723          10,348
  Distributions to minority interest in consolidated
    entities................................................         (164)          (164)            --            (164)
  Extraordinary loss on early extinguishment of debt........       (1,037)          (317)            --            (440)
  Payments for deferred financing costs.....................       (6,505)           (50)            --            (478)
  Proceeds from issuance of common stock....................           --             --             --           4,763
  Purchase of iStar Financial's treasury stock..............           --           (302)       (39,994)             --
  Contributions from iStar Financial........................       97,046             --             --              --
  Dividends paid to iStar Financial.........................     (116,470)       (37,500)            --              --
  Dividends received on iStar Financial's treasury stock....        6,940          5,366             --              --
                                                                ---------      ---------       --------       ---------
    Cash flows (used in) provided by financing activities...     (126,286)       (60,111)         7,179        (122,758)
                                                                ---------      ---------       --------       ---------
Increase (decrease) in cash and cash equivalents............       (2,669)          (470)         4,404         (11,716)
Cash and cash equivalents at beginning of period............       11,541         12,011          7,607          19,323
                                                                ---------      ---------       --------       ---------
Cash and cash equivalents at end of period..................    $   8,872      $  11,541       $ 12,011       $   7,607
                                                                =========      =========       ========       =========
Suppplemental disclosure of cash flow information:
  Cash paid during the period for interest, net of
    capitalized interest....................................    $  42,384      $  48,896       $  6,586       $  35,804
                                                                =========      =========       ========       =========
</Table>

----------------------------------

*   RECLASSIFIED TO CONFORM TO 2001 PRESENTATION.

    The accompanying notes are an integral part of the financial statements.

                                       16
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1--BUSINESS AND ORGANIZATION

    BUSINESS--TriNet Corporate Realty Trust, Inc., a Maryland Corporation (the
"Company"), is a wholly-owned subsidiary of iStar Financial Inc., a Maryland
Corporation ("iStar Financial"). iStar Financial and its subsidiaries provide
structured financing to private and corporate owners of real estate nationwide,
including senior and junior mortgage debt, corporate mezzanine and subordinated
capital, and corporate net lease financing. The Company typically provides
capital by structuring purchase/leaseback transactions and acquiring corporate
tenant lease assets subject to existing long-term net leases to creditworthy
customers occupying office and industrial facilities. As of December 31, 2001,
the Company's portfolio consisted of 119 facilities principally subject to net
leases to approximately 136 customers, comprising 13.6 million square feet in
22 states. Of the 119 total facilities, there are 20 facilities held in three
unconsolidated joint ventures.

    ORGANIZATION--The Company became a wholly-owned subsidiary of iStar
Financial through a merger on November 4, 1999. As a wholly-owned subsidiary of
iStar Financial, a real estate investment trust ("REIT"), the Company operates
as a qualified real estate investment trust subsidiary ("QRS") under the
Internal Revenue Code of 1986, as amended (the "Code").

    MERGER TRANSACTION--On November 3, 1999, the Company's shareholders and the
shareholders of iStar Financial approved the merger of the Company with a
wholly-owned subsidiary of iStar Financial. The shareholders of iStar Financial
also approved: (1) the acquisition by iStar Financial, through a merger and
contribution of interests, of 100% of the ownership interests in its external
advisor; and (2) the change in form of its organization from a business trust to
a corporation ("Incorporation Merger"). Pursuant to the merger, the Company
merged with and into a subsidiary of iStar Financial, with the Company surviving
as a wholly-owned subsidiary of iStar Financial. In the merger, each issued and
outstanding share of the Company's common stock was converted into 1.15 shares
of common stock of iStar Financial. Each issued and outstanding share of
Series A, Series B and Series C Cumulative Redeemable Preferred Stock of the
Company was converted into a share of Series B, Series C and Series D
(respectively) Cumulative Redeemable Preferred Stock of iStar Financial. The
iStar Financial preferred stock issued to the Company's former preferred
shareholders has substantially the same terms as the Company's preferred stock,
except that the new shares of Series B, C and D preferred stock have additional
voting rights not associated with the Company's preferred stock. The holders of
iStar Financial's Series A Preferred Shares received Series A Preferred Shares
in the Incorporation Merger with the same rights and preferences as existed
prior to the merger. The merger was structured as a tax-free reorganization
under federal tax law.

    These transactions were consummated as of November 4, 1999, at which time
iStar Financial's single class of common shares began trading on the New York
Stock Exchange under the symbol "SFI."

NOTE 2--BASIS OF PRESENTATION

    The accompanying audited Consolidated Financial Statements have been
prepared in conformity with generally accepted accounting principles ("GAAP")
for complete financial statements. The Consolidated Financial Statements include
the accounts of the Company, its wholly-owned subsidiary corporations and
partnerships, and its majority-owned and controlled partnership. The Company has
an investment in TriNet Management Operating Company, Inc. ("TMOC"), a taxable
noncontrolled subsidiary that has a $2.0 million investment in a real estate
company based in Mexico. The Company owns 95% of the outstanding voting and
non-voting common stock (representing 1% voting power and 95% of the economic
interest) in TMOC. The other two owners of TMOC stock are executives of the
Company, who own a combined 5% of the outstanding voting and non-voting common
stock (representing 99% voting

                                       17
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 2--BASIS OF PRESENTATION (CONTINUED)
power and 5% economic interest) in TMOC. As of December 31, 2001, there have
never been any distributions to the common shareholders, nor does the Company
expect to make any in the future. At any time, the Company has the election to
acquire all of the common stock of TMOC at fair market value, which the Company
believes to be nominal.

    TMOC was formed as a taxable corporation for the purpose of maintaining
compliance with REIT provisions of the Code and is accounted for under the
equity method for financial statement purposes. If TMOC was consolidated with
the Company for financial statement purposes, it would have no material impact
on the Company's operations. As of December 31, 2001, this corporation had no
debt obligations.

    Certain other investments in partnerships or joint ventures which the
Company does not control are also accounted for under the equity method. All
significant intercompany balances and transactions have been eliminated in
consolidation.

    In the opinion of management, the accompanying Consolidated Financial
Statements contain all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of the Company's consolidated financial
position at December 31, 2001 and December 31, 2000 and the results of its
operations, changes in shareholder's equity and its cash flows for the year
ended December 31, 2001, the year ended December 2000 and the periods
November 4, 1999 to December 31, 1999 and January 1, 1999 to November 3, 1999.
Such operating results are not necessarily indicative of the results that may be
expected for any other interim periods or the entire year.

    The merger was accounted for as a purchase of the Company by iStar Financial
and the balance sheet of the Company on November 4, 1999 was adjusted to reflect
the purchase price as required by Accounting Principles Board Opinion 16
("APB 16"), "Accounting for Business Combinations." The purchase price was
approximately $1.5 billion, which included the assumption of the outstanding
preferred stock, debt and other liabilities of the Company. This purchase price
was allocated to the net assets of the Company based on their relative fair
values and resulted in no allocation to goodwill.

    The Company's consolidated results of operations for the period January 1,
1999 to November 3, 1999 reflect the historical operating results prior to the
merger. The Company's consolidated results of operations for the years ended
December 31, 2001 and 2000 and for the period November 4, 1999 through
December 31, 1999 reflect the operations of the Company after the merger and the
impact of the required APB 16 purchase accounting adjustments, as previously
described. In general, the recognition of straight-line operating lease revenue,
depreciation, interest income and interest expense have been impacted by the new
cost basis of the assets and liabilities on the balance sheet.

NOTE 3--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    LOANS AND OTHER LENDING INVESTMENTS, NET--Loans and Other Lending
Investments includes corporate/ partnership loans. Management considers its
investments in this category to be either held-to-maturity or
available-for-sale. Items classified as held-to-maturity are reflected at
amortized historical cost, while items classified as available-for-sale are
reported at fair value, with unrealized gains and losses included in other
comprehensive income.

    CORPORATE TENANT LEASE ASSETS AND DEPRECIATION--Corporate tenant lease
assets are generally recorded at cost less accumulated depreciation. On
November 4, 1999, the effective date of the merger, adjustments

                                       18
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 3--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
were made to increase the book value of corporate tenant lease assets in the
aggregate to reflect iStar Financial's purchase price and to eliminate prior
period accumulated depreciation.

    Certain improvements and replacements are capitalized when they extend the
useful life, increase capacity or improve the efficiency of the asset. Repairs
and maintenance items are expensed as incurred. Depreciation is computed using
the straight line method of cost recovery over estimated useful lives of
40.0 years for buildings, five years for furniture and equipment, the shorter of
the remaining lease term or expected life for tenant improvements and the
remaining life of the building for building improvements.

    Corporate tenant lease assets to be disposed of are reported at the lower of
their carrying amount or fair value less cost to sell. The Company also
periodically reviews long-lived assets to be held and used for an impairment in
value whenever events or changes in circumstances indicate that the carrying
amount of such assets may not be recoverable. In accordance with management's
opinion, corporate tenant lease assets to be held and used are not carried at
amounts in excess of their estimated recoverable amounts.

    CAPITALIZED INTEREST--The Company capitalizes interest costs incurred during
the land development or construction period on qualified development projects,
including investments in joint ventures accounted for under the equity method.
Interest capitalized was approximately $1.0 million and $513,000 during the
12-month periods ended December 31, 2001 and 2000, respectively.

    CASH AND CASH EQUIVALENTS--Cash and cash equivalents include all cash held
in banks or invested in money market funds with original maturity terms of less
than 90 days.

    RESTRICTED CASH--Restricted cash represents amounts required to be
maintained in escrow under certain of the Company's debt obligations and leasing
transactions.

    NON-CASH ACTIVITY--The following schedule summarizes the significant
non-cash activity for the combined pre- and post-merger periods for 1999. During
the period from November 4, 1999 to December 31, 1999, the Company had non-cash
activity including: (1) the impact to the Company's financial position resulting
from the merger; and (2) the consolidation of an asset which was an
unconsolidated joint venture prior to the merger.

<Table>
<S>                                                           <C>
Impact on assets (increase) decrease:
  Loans and other lending investments.......................  $   9,703
  Corporate tenant lease assets.............................   (187,773)
  Deferred operating lease income receivable................     29,643
  Loan costs................................................     10,913
  Other assets..............................................      1,833
Impact on liabilities and equity increase (decrease):
  Debt obligations..........................................     56,932
  Accounts payable, accrued expenses and other
    liabilities.............................................     (3,373)
  Shareholder's equity......................................     85,851
                                                              ---------
Net cash impact of merger transaction.......................  $   3,729
                                                              =========
</Table>

                                       19
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 3--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
    REVENUE RECOGNITION--The Company's revenue recognition policies are as
follows:

    LOANS AND OTHER LENDING INVESTMENTS:  The Company classifies loans and other
lending investments as either held-to-maturity or available-for-sale. The
Company reflects held-to-maturity investments at amortized cost less acquisition
premiums or discounts, deferred loan fees and undisbursed loan funds. Items
reflected as available-for-sale are reported at fair value, with unrealized
gains and losses included in other comprehensive income. On occasion, the
Company may acquire loans at either premiums or discounts based on the credit
characteristics of such loans. These premiums or discounts are recognized as
yield adjustments over the lives of the related loans. If loans that were
acquired at a premium or discount are prepaid, the Company immediately
recognizes the unamortized premium or discount as a decrease or increase in the
prepayment gain or loss, respectively. Loan origination or exit fees, as well as
direct loan origination costs, are also deferred and recognized over the lives
of the related loans as a yield adjustment. Interest income is recognized using
the effective interest method applied on a loan-by-loan basis.

    LEASING INVESTMENTS:  Operating lease revenue is recognized on the
straight-line method of accounting from the later of the date of the origination
of the lease or the date of acquisition of the facility subject to existing
leases. Accordingly, contractual lease payment increases are recognized evenly
over the term of the lease. The cumulative difference between lease revenue
recognized under this method and contractual lease payment terms is recorded as
deferred operating lease income receivable on the balance sheet.

    For purposes of calculating the average lease rates over the remaining lives
of the leases, the term of all leases in place at the time of the merger was
adjusted to reflect a new start date beginning November 4, 1999, the effective
date of the merger.

    INCOME TAXES--The Company is taxed as a QRS under the Code. As a QRS, the
Company is included in the consolidated tax return of iStar Financial.
Accordingly, no provision has been made for federal income taxes in the
accompanying Consolidated Financial Statements. Prior to the merger, the Company
was taxed as a REIT under the Code.

    INTEREST RATE RISK MANAGEMENT--The Company has entered into various interest
rate protection agreements that, together with a swap agreement, fix the
interest rate on a portion of the Company's LIBOR-based borrowings. The related
cost of these agreements is amortized over their respective lives and such
amortization is recorded as interest expense. The Company enters into interest
rate risk management arrangements with financial institutions meeting certain
minimum financial criteria, and the related credit risk of non-performance by
counterparties is not considered to be significant.

    CREDIT RISK CONCENTRATION--The Company underwrites the credit of prospective
customers and may require them to provide some form of additional credit support
such as corporate guarantees, letters of credit and/or cash security deposits.
Although the Company's assets are geographically diverse and its customers
operate in a variety of industries, to the extent the Company has a significant
concentration of operating lease revenue from any single customer, the inability
of that customer to make its payments could have an adverse effect on the
Company.

    RECLASSIFICATIONS--Certain prior year amounts have been reclassified in the
Consolidated Financial Statements and the related notes to conform to the 2001
presentation.

                                       20
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 3--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
    USE OF ESTIMATES--The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the dates of the financial
statements and the reported amounts of revenues and expenses during the
reporting periods. Actual results could differ from those estimates.

    CHANGE IN ACCOUNTING PRINCIPLE--In June 1998, the FASB issued Statement of
Financial Accounting Standards No. 133 ("SFAS No. 133"), "Accounting for
Derivative Instruments and Hedging Activities." On June 23, 1999, the FASB voted
to defer the effectiveness of SFAS No. 133 for one year. SFAS No. 133 is now
effective for fiscal years beginning after June 15, 2000, but earlier
application is permitted as of the beginning of any fiscal quarter subsequent to
June 15, 1998. SFAS No. 133 establishes accounting and reporting standards for
derivative financial instruments and hedging activities. It requires that an
entity recognize all derivatives as either assets or liabilities in the
statement of financial position and measure those instruments at fair value. If
certain conditions are met, a derivative may be specifically designated
as: (1) a hedge of the exposure to changes in the fair value of a recognized
asset or liability or an unrecognized firm commitment; (2) a hedge of the
exposure to variable cash flows of a forecasted transaction; or (3) in certain
circumstances, a hedge of a foreign currency exposure. The Company adopted this
pronouncement, as amended by Statement of Financial Accounting Standards
No. 137 "Accounting for Derivative Instruments and Hedging Activities-deferral
of the Effective Date of FASB Statement No. 133" and Statement of Financial
Accounting Standards No. 138 "Accounting for Certain Derivative Instruments and
Certain Hedging Activities-an Amendment of FASB Statement No. 133," on
January 1, 2001. Because the Company has primarily used derivatives as cash flow
hedges of interest rate risk only, the adoption of SFAS No. 133 did not have a
material financial impact on the financial position and results of operations of
the Company. However, should the Company change its current use of such
derivatives, the adoption and continued application of SFAS No. 133 could have a
more significant effect on the Company prospectively.

    Upon adoption, the Company recognized a charge to net income of
approximately $269,000 and an additional charge of $1.5 million to other
comprehensive income, representing the cumulative effect of change in accounting
principle.

    OTHER NEW ACCOUNTING STANDARDS--In December 1999, the Securities and
Exchange Commission ("SEC") issued Staff Accounting Bulletin No. 101 ("SAB
101"), "Revenue Recognition in Financial Statements." In June 2000, the SEC
staff amended SAB 101 to provide registrants with additional time to implement
SAB 101. The Company has adopted SAB 101, as required, in the fourth quarter of
fiscal 2000. The adoption of SAB 101 did not have a material financial impact on
the financial position or results of operations of the Company.

    In September 2000, the FASB issued Statement of Financial Accounting
Standards No. 140 ("SFAS No. 140"), "Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities." This statement is
applicable for transfers of assets and extinguishments of liabilities occurring
after March 31, 2001. The Company adopted the provisions of this statement as
required for all transactions entered into on or after April 1, 2001. The
adoption of SFAS No. 140 did not have a significant impact on the Company.

    In July 2001, the SEC released Staff Accounting Bulletin No. 102. ("SAB
102"), "Selected Loan Loss Allowance and Documentation Issues." SAB 102
summarizes certain of the SEC's views on the development, documentation and
application of a systematic methodology for determining allowances for

                                       21
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 3--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
loan and lease losses. Adoption of SAB 102 by the Company did not have a
significant impact on the Company.

    In July 2001, the FASB issued Statement of Financial Accounting Standards
No. 141 ("SFAS No. 141"), "Business Combinations" and Statement of Financial
Accounting Standards No. 142 ("SFAS No. 142"), "Goodwill and Other Intangible
Assets." SFAS No. 141 requires the purchase method of accounting to be used for
all business combinations initiated after June 30, 2001. SFAS No. 141 also
addresses the initial recognition and measurement of goodwill and other
intangible assets acquired in business combinations and requires intangible
assets to be recognized apart from goodwill if certain tests are met. The
Company does not believe the adoption of SFAS No. 141 will have a significant
effect on the Company's financial position or results of operations. SFAS
No. 142 requires that goodwill not be amortized but instead be measured for
impairment at least annually, or when events indicate that there may be an
impairment. SFAS No. 142 is effective for fiscal years beginning after
December 15, 2001. Early application is permitted for companies with fiscal
years beginning after March 15, 2001. The Company will adopt the provisions of
this statement on January 1, 2002, as required, and it does not believe the
adoption of SFAS No. 142 will have a significant impact on the Company.

    In October 2001, the FASB issued Statement of Financial Accounting Standards
No. 144 ("SFAS No. 144"), "Accounting for the Impairment or Disposal of
Long-Lived Assets." SFAS No. 144 provides new guidance on the recognition of
impairment losses on long-lived assets to be held and used or to be disposed of
and also broadens the definition of what constitutes a discontinued operation
and how the results of a discontinued operation are to be measured and
presented. The Company is currently evaluating this statement to assess its
impact on the financial statements. The provisions of SFAS No. 144 are effective
for financial statements issued for fiscal years beginning after December 15,
2001, and must be applied at the beginning of a fiscal year. The Company will
adopt the provisions of this statement on January 1, 2002, as required. The
Company does not believe the adoption of SFAS No. 144 will have a significant
impact on the Company.

NOTE 4--LOANS AND OTHER LENDING INVESTMENTS

    During the second quarter of 2001, the Company originated a $75.0 million
term preferred investment in a publicly-traded real estate customer. The
Company's investment carries an initial current yield of 10.5%, with annual
increases of 0.50% in each of the next two years. In addition, the Company's
investment is convertible into the customer's common stock at a strike price of
$25.00 per share. The investment is callable by the customer between months 13
and 30 of the term at a yield maintenance premium, and after month 30, at a
premium sufficient to generate a 14.62% internal rate of return on the Company's
investment. The investment is putable by the Company to the customer for cash
after five years. Such investment is classified as available-for-sale and
reported at fair value, with unrealized gains and losses reported in other
comprehensive income.

NOTE 5--CORPORATE TENANT LEASE ASSETS

    During 2001, the Company acquired an office facility in Harrisburg,
Pennsylvania for a total purchase price of $26.8 million. The facility was
simultaneously leased back to the customer with an initial term of 15 years. In
addition to the 15-year bondable lease, the customer posted a letter of credit
of approximately $2.8 million as additional collateral for its lease obligation
to the Company.

                                       22
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 5--CORPORATE TENANT LEASE ASSETS (CONTINUED)
    In July 2001, the Company disposed of 18 corporate tenant lease assets by
transferring them to iStar Financial at their respective carrying amounts.
Additionally, in November 2001, the Company disposed of one corporate tenant
lease asset by transferring it to iStar Financial at its respective carrying
amount.

    The Company's investments in corporate tenant lease assets, at cost, were as
follows (in thousands):

<Table>
<Caption>
                                                      DECEMBER 31,    DECEMBER 31,
                                                          2001            2000
                                                      -------------   -------------
<S>                                                   <C>             <C>
Buildings and improvements..........................   $  923,996      $1,126,418
Land and land improvements..........................      259,678         318,412
Less: accumulated depreciation......................      (46,890)        (31,764)
                                                       ----------      ----------
                                                        1,136,784       1,413,066
Investments in unconsolidated joint ventures........       54,865          72,983
                                                       ----------      ----------
    Corporate tenant lease assets, net..............    1,191,649      $1,486,049
                                                       ==========      ==========
</Table>

    The Company's CTL assets are leased to customers with initial term
expiration dates from 2002 to 2023. Future operating lease payments under
non-cancelable leases, excluding customer reimbursements of expenses, in effect
at December 31, 2001, are approximately as follows (in thousands):

<Table>
<Caption>
YEAR                                                            AMOUNT
----                                                          ----------
<S>                                                           <C>
2002........................................................  $  136,682
2003........................................................     132,139
2004........................................................     114,373
2005........................................................      98,568
2006........................................................      87,898
Thereafter..................................................     563,453
</Table>

    The Company receives reimbursements from customers for certain facility
operating expenses including common area costs, insurance and real estate taxes.

    The Company is subject to expansion option agreements with two existing
customers which could require the Company to fund and to construct up to 39,800
square feet of additional adjacent space on which the Company would receive
additional operating lease income under the terms of the option agreements.

    INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES--At
December 31, 2001, the Company had investments in four joint ventures:
(1) TriNet Sunnyvale Partners, L.P. ("Sunnyvale"), whose external partners are
John D. O'Donnell, Trustee, John W. Hopkins, and Donald S. Grant; (2) Corporate
Technology Centre Associates LLC ("CTC I"), whose external member is Corporate
Technology Centre Partners LLC; (3) Sierra Land Ventures ("Sierra"), whose
external joint venture partner is Sierra-LC Land, Ltd.; and (4) TriNet Milpitas
Associates, LLC ("Milpitas"), whose external member is The Prudential Insurance
Company of America. These ventures were formed for the purpose of operating,
acquiring and, in certain cases, developing corporate tenant lease facilities.
The Company previously had an equity investment in CTC II. The corporate tenant
lease assets held in that joint venture were sold for approximately
$66.0 million in September 2000. In connection with the CTC II sale, the
Company's note

                                       23
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 5--CORPORATE TENANT LEASE ASSETS (CONTINUED)
receivable from the venture was modified to mature on December 31, 2001, on
which date it was repaid in full.

    At December 31, 2001, the ventures comprised 20 net leased facilities.
Additionally, 17.7 acres of land are held for sale. The Company's combined
investment in these joint ventures at December 31, 2001 was $54.9 million. The
joint ventures' carrying value for the 20 facilities owned at December 31, 2001
was $292.0 million. The joint ventures' carrying value of the land held for sale
was $7.7 million. In the aggregate, the joint ventures had total assets of
$339.3 million and total liabilities of $244.1 million as of December 31, 2001,
and net income of $15.7 million for the 12 months ended December 31, 2001. The
Company accounts for these investments under the equity method because the
Company's joint venture partners have certain participating rights which limit
the Company's control. The Company's ownership percentages, its investments in
and advances to unconsolidated joint ventures, its respective income and the
Company's pro rata share of its ventures' third-party non-recourse debt as of
December 31, 2001 are presented below (in thousands):

<Table>
<Caption>
                                                             PRO RATA
                                                             SHARE OF                 THIRD-PARTY DEBT
                                                 JOINT     THIRD-PARTY    ----------------------------------------
UNCONSOLIDATED JOINT   OWNERSHIP     EQUITY     VENTURE    NON-RECOURSE       INTEREST             SCHEDULED
VENTURE                    %       INVESTMENT    INCOME        DEBT             RATE             MATURITY DATE
--------------------   ---------   ----------   --------   ------------   ----------------   ---------------------
<S>                    <C>         <C>          <C>        <C>            <C>                <C>
Operating:
  Sunnyvale..........    44.7%      $13,168      $1,179      $ 10,728     LIBOR + 1.25%        November 2004(1)
  CTC I..............    50.0%       12,383       4,208        60,611      7.66%-7.87%       Various through 2011
  Milpitas...........    50.0%       24,177       3,998        40,120         6.55%              November 2005
Development:
  Sierra.............    50.0%        5,137          54            --          N/A                    N/A
                                    -------      ------      --------
    Total............               $54,865      $9,439      $111,459
                                    =======      ======      ========
</Table>

EXPLANATORY NOTE:
------------------------------

(1) Maturity date reflects a one-year extension at the venture's option.

    Effective September 29, 2000, iStar Sunnyvale Partners, LP (the entity which
is controlled by Sunnyvale) entered into an interest rate cap agreement limiting
the venture's exposure to interest rate movements on its $24.0 million
LIBOR-based mortgage loan to an interest rate of 9.0% through November 9, 2003.

    Currently, the limited partners of Sunnyvale have the option to convert
their partnership interest into cash; however, the Company may elect to deliver
297,728 shares of common stock of iStar Financial in lieu of cash. Additionally,
commencing in February 2002, subject to acceleration under certain
circumstances, the venture interest held by the external member of Milpitas may
be converted into 984,476 shares of common stock of iStar Financial.

    Income generated from the above joint venture investments is included in
Operating Lease Income in the Consolidated Statements of Operations.

                                       24
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 6--DEBT OBLIGATIONS

    As of December 31, 2001 and 2000, the Company has debt obligations under
various arrangements with financial institutions as follows (in thousands):

<Table>
<Caption>
                                                          CARRYING VALUE AS OF
                                                       ---------------------------         STATED             SCHEDULED
                                                       DECEMBER 31,   DECEMBER 31,        INTEREST            MATURITY
                                                           2001           2000             RATES                DATE
                                                       ------------   ------------   ------------------   -----------------
<S>                                                    <C>            <C>            <C>                  <C>
UNSECURED REVOLVING CREDIT FACILITY:
  Line of credit.....................................    $     --       $173,450       LIBOR + 1.55%        May 2002 (1)
SECURED TERM LOANS:
  Secured by corporate tenant lease assets...........          --         77,860       LIBOR + 1.38%          June 2001
  Secured by corporate tenant lease assets...........          --         36,296       LIBOR + 1.00%        December 2004
  Secured by corporate tenant lease assets...........     193,000             --       LIBOR + 1.85%        July 2006 (2)
                                                                                                           Various through
  Secured by corporate tenant lease assets...........      55,819         24,175       6.00% - 11.38%           2011
  Secured by corporate lending investment............      50,000             --       LIBOR + 2.50%        July 2006 (3)
                                                         --------       --------
                                                          298,819        138,331
  Plus: debt premium.................................         274             51
                                                         --------       --------
  Total secured term loans...........................     299,093        138,382
UNSECURED NOTES (4):
  6.75% Dealer Remarketable Securities (5)...........     125,000        125,000           6.75%             March 2013
  7.30% Notes........................................          --        100,000           7.30%              May 2001
  7.70% Notes........................................     100,000        100,000           7.70%              July 2017
  7.95% Notes........................................      50,000         50,000           7.95%              May 2006
                                                         --------       --------
  Total unsecured notes..............................     275,000        375,000
  Less: debt discount (6)............................     (15,698)       (18,490)
                                                         --------       --------
  Total unsecured notes..............................     259,302        356,510
                                                         --------       --------
TOTAL DEBT OBLIGATIONS...............................    $558,395       $668,342
                                                         ========       ========
</Table>

EXPLANATORY NOTES:
------------------------------

(1) On July 27, 2001, the Company replaced this facility with a new
    $300.0 million revolving credit facility at iStar Financial.

(2) Maturity date reflects two one-year extensions at the Company's option.

(3) Maturity date reflects a one-year extension at the Company's option.

(4) The notes are callable by the Company at any time for an amount equal to the
    total of principal outstanding, accrued interest and the applicable
    make-whole prepayment premium.

(5) Subject to mandatory tender on March 1, 2003 to either the dealer or the
    Company. The initial coupon of 6.75% applies to the first five-year term
    through the mandatory tender date. If tendered to the dealer, the notes must
    be remarketed. The rates reset to then-prevailing market rates upon
    remarketing.

(6) As part of the accounting for the merger these fixed-rate obligations were
    considered to have stated interest rates which were below the
    then-prevailing market rates at which the Company could issue new debt
    obligations and, accordingly, the Company ascribed a market discount to each
    obligation. Such discounts are amortized as an adjustment to interest
    expense using the effective interest method over the related term of the
    obligations. As adjusted, the effective annual interest rates on these
    obligations were 8.81%, 8.75%, 9.51% and 9.04% for the 6.75% Dealer
    Remarketable Securities, 7.30% Notes, 7.70% Notes and 7.95% Notes,
    respectively.

    On May 15, 2001, the Company repaid its $100.0 million 7.30% unsecured
notes. These notes were senior unsecured obligations of the Company and ranked
equally with the Company's other senior unsecured and unsubordinated
indebtedness.

                                       25
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 6--DEBT OBLIGATIONS (CONTINUED)
    On June 14, 2001, the Company closed $193.0 million of term loan financing
secured by 15 corporate tenant lease assets. The floating-rate loan bears
interest at LIBOR + 1.85% (not to exceed 10.00%) and has two one-year extensions
at the Company's option. The Company used these proceeds to repay a
$77.8 million secured term loan maturing in June 2001 and to pay down a portion
of its revolving credit facilities.

    On July 6, 2001, the Company financed a $75.0 million structured finance
asset with a $50.0 million term loan bearing interest at LIBOR + 2.50%. The loan
has a maturity of July 2006, including a one-year extension at the Company's
option.

    On July 27, 2001, the Company repaid the unsecured revolving credit
facility. iStar Financial replaced this subsidiary facility with a
$300.0 million revolving credit facility with a group of leading financial
institutions.

    The 30-day LIBOR rate as of December 31, 2001 was 1.87%. The Company has
entered into an interest rate swap agreement which, together with an existing
LIBOR interest rate cap agreement struck at 7.75%, effectively fixes the
interest rate on $75.0 million of the Company's LIBOR-based borrowings at 5.58%
plus the applicable margin through December 1, 2004. The actual borrowing cost
to the Company with respect to indebtedness covered by the protection agreements
will depend upon the applicable margin over LIBOR for such indebtedness, which
will be determined by the terms of the relevant debt instruments.

    The Company has also entered into a LIBOR interest rate cap struck at 7.75%
in the notional amount of $35.0 million, which expires in December 2004.

    During the years ended December 31, 2001 and 2000, the Company incurred an
extraordinary loss of approximately $1.6 million and $0.7 million, respectively,
as a result of the early retirement of certain debt obligations.

    As of December 31, 2001, future expected/scheduled maturities of outstanding
long-term debt obligations are as follows (in thousands)(1):

<Table>
<S>                                                           <C>
2002........................................................  $ 12,672
2003........................................................        --
2004........................................................        --
2005........................................................     3,506
2006........................................................   293,000
Thereafter..................................................   264,641
                                                              --------
Total principal maturities..................................   573,819
Net unamortized debt discounts..............................   (15,424)
                                                              --------
Total debt obligations......................................   558,395
                                                              ========
</Table>

EXPLANATORY NOTE:
------------------------------

(1) Assumes exercise of extensions to the extent such extensions are at the
    Company's option.

                                       26
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 7--DIVIDENDS

   As described in Note 3, prior to the merger with iStar Financial, the Company
qualified as a REIT for federal income tax purposes. Subsequent to the merger,
the Company will be included as a QRS in iStar Financial's consolidated tax
return. For the year ended December 31, 1999, total dividends declared by the
Company aggregated $48.8 million, or $1.95 per common share.

    The Company also declared dividends aggregating $3.5 million, $2.2 million
and $6.0 million on its Series A Preferred Stock, Series B Preferred Stock and
Series C Preferred Stock, respectively for the year ended December 31, 1999. In
the merger, each issued and outstanding share of Series A, Series B, and
Series C Cumulative Redeemable Preferred Stock of the Company was converted into
a share of Series B, Series C and Series D (respectively) Cumulative Redeemable
Preferred Stock of iStar Financial. Subsequent to the merger, the Company no
longer paid preferred dividends.

NOTE 8--STOCK OPTION PLANS AND EMPLOYEE BENEFITS

    IMPACT OF MERGER--The Company's stock incentive plans were terminated
effective with the merger, at which time each holder of a stock option, with the
exception of the Company's directors and certain senior executives described
below, elected to receive one of the following for each stock option: (1) cash
equal to the difference between the market price and the exercise price of the
stock option, whether vested or unvested; or (2) a number of options to purchase
iStar Financial common stock on substantially the same terms, in each case
giving effect to the 1.15 exchange ratio. Unvested options were exchanged for
unvested iStar Financial options and resumed the same vesting schedules.

    Certain senior executives of the Company elected to receive one of the
following for each stock option: (1) cash equal to the difference between the
market price and the exercise price of the stock option, whether vested or
unvested; or (2) a number of options to purchase iStar Financial common stock on
substantially the same terms, in each case giving effect to the 1.15 exchange
ratio, except that both vested and unvested stock options were exchanged for
vested iStar Financial options.

    The Company's directors received a number of iStar Financial options to
purchase iStar Financial common stock vested substantially the same as their
options in the Company, in each case giving effect to the 1.15 exchange ratio
for their options in the Company.

    Also as a result of the merger, the Company terminated its dividend
equivalent rights program. The program called for immediate vesting of all
dividend equivalent rights upon a change of control of 50% or more of the
Company's voting common stock. Coincident with the merger, all dividend
equivalent rights were vested and amounts due to employees of approximately
$8.3 million were paid by the Company. Such payments were included as part of
the purchase price paid by iStar Financial to acquire the Company for financial
reporting purposes.

    STOCK OPTION PLANS PRE-MERGER--The Company established the 1993 Stock
Incentive Plan (the "1993 Stock Plan") for the purpose of encouraging and
enabling the Company's officers, employees and directors to acquire a
proprietary interest in the Company. The 1993 Stock Plan provided for
administration by the Compensation Committee (the "Committee") of the Board of
Directors. A maximum of 500,000 common shares were reserved for issuance under
the 1993 Stock Plan. The 1993 Stock Plan authorized: (1) the grant of stock
options that qualified as incentive stock options ("ISOs") under Section 422 of
the Code; (2) the grant of stock options that do not so qualify ("Non-Qualified
Options"); and (3) grants of shares contingent upon the attainment of
performance goals or subject to other restrictions. Options granted

                                       27
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 8--STOCK OPTION PLANS AND EMPLOYEE BENEFITS (CONTINUED)
under the 1993 Stock Plan vested ratably over four years for employees and after
one year for non-employee directors.

    In addition, in connection with the Company's initial public offering,
options were granted separately from the 1993 Stock Plan to executive officers
to purchase an aggregate of 290,000 shares at the initial offering price of
$24.25 per share. Options granted in connection with the initial public offering
vested ratably over three years.

    During 1995, the Company adopted the 1995 Stock Incentive Plan (the "1995
Stock Plan"). The 1995 Stock Plan provided for the issuance of, or grant of
options to purchase, up to 1,000,000 shares of common stock. Options under the
1995 Stock Plan were ISOs or Non-Qualified Options. Options granted under the
1995 Stock Plan vested ratably over four years for employees and after one year
for non-employee directors.

    During 1997, the Company adopted the 1997 Stock Incentive Plan (the "1997
Stock Plan"). The 1997 Stock Plan provided for the issuance of, or grant of
options to purchase, up to 800,000 shares of common stock. Options under the
1997 Stock Plan were ISOs or Non-Qualified Options. No options were granted
under the 1997 plan.

    Also during 1997, the Company adopted the dividend equivalent rights program
as part of its long-term incentive compensation plans. Dividend equivalent
rights were issued to employees and directors in conjunction with options grants
to purchase Company stock and vested in equal annual installments over a period
of four years for employees and one year for directors. Dividend equivalent
rights expired after five years or when the underlying stock option was
exercised, forfeited or canceled. Payments on the dividend equivalent rights
units awarded accrued and accumulated in amounts equal to the dividends declared
and paid on the underlying options, and the actual payments on vested dividend
equivalent rights were made in annual installments on the vesting dates.
Dividend equivalent rights units were issued in tandem with all options granted
to directors and officers of the Company in 1997 and employees in 1998 (with the
exception of two grants in December 1998 in the aggregate amount of 130,000
options).

    Changes during 1999 (pre merger) in options outstanding for the combined
plans were as follows:

<Table>
<Caption>
                                                               NUMBER OF SHARES
                                                           -------------------------    AVERAGE
                                                                        NON-EMPLOYEE    STRIKE
                                                           EMPLOYEES     DIRECTORS       PRICE
                                                           ----------   ------------   ---------
<S>                                                        <C>          <C>            <C>
OPTIONS OUTSTANDING, DECEMBER 31, 1998...................   1,215,725      130,000      $29.67
  Granted in 1999........................................     277,000       16,000      $27.00
  Exercised in 1999......................................    (141,666)          --      $25.43
  Canceled in 1999.......................................  (1,351,059)    (146,000)     $29.49
                                                           ----------     --------
OPTIONS OUTSTANDING, DECEMBER 31, 1999...................          --           --
                                                           ==========     ========
</Table>

    The Company applied Accounting Principles Board Opinion No. 25, "Accounting
for Stock Issued to Employees," and related interpretations in accounting for
its stock option plans. Accordingly, no compensation expense was recognized for
its stock-based compensation plans. Had compensation costs for the Company's
stock option plans been determined based upon the fair value at the grant date
for awards under these plans consistent with the methodology prescribed under
Statement of Financial Accounting

                                       28
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 8--STOCK OPTION PLANS AND EMPLOYEE BENEFITS (CONTINUED)
Standards No. 123, "Accounting for Stock-Based Compensation," the Company's net
income and earnings per common share would have been reduced by approximately
$557,000, or $0.02 per common share, for the period from January 1, 1999 to
November 3, 1999.

    The fair value of the options granted during 1999 (pre-merger) was estimated
at $2.31 per share on the date of grant using the Black-Scholes option pricing
model with the following assumptions, which are based on historical performance:
dividend yield of 10.0%, volatility of 25.0%, risk free interest rate of 5.5%,
actual forfeitures, and an expected life of approximately five years.

    Effective January 1, 1994, the Company implemented the TriNet Corporate
Realty Trust, Inc. Savings and Retirement Plan (the "401(k) Plan"), which is a
voluntary, defined contribution plan. All employees are eligible to participate
in the 401(k) Plan following completion of six months of continuous services
with the Company. Each participant may contribute on a pretax basis between 2%
and 15% of such participant's compensation. At the discretion of the Board of
Directors, the Company may make matching contributions on the participant's
behalf up to 50% of the first 10% of the participant's annual contribution. The
Company made contributions of approximately $160,000, $199,000 and $210,000, to
the 401(k) Plan for the years ended December 31, 2001, 2000 and 1999,
respectively.

NOTE 9--EARNINGS PER SHARE

    The basic and diluted earnings per share calculations are based on the
following weighted average shares outstanding during the periods indicated (in
thousands):

<Table>
<Caption>
                                                               FOR THE PERIOD
                                                              JANUARY 1, 1999
                                                               TO NOVEMBER 3,
                                                                    1999
                                                              ----------------
<S>                                                           <C>
Weighted average common shares outstanding for basic
  earnings per common
  share.....................................................       24,978
Add: effect of assumed shares issued under treasury stock
  method for stock
  options...................................................            8
Add: effect of assumed shares issued in exchange for land
  developable for CTL assets................................           74
                                                                  -------
Weighted average common shares outstanding for diluted
  earnings per common share.................................       25,060
                                                                  =======
</Table>

    For the period January 1, 1999 to November 3, 1999, certain CTL asset joint
venture interests held by the Company's joint venture partners were convertible
into a maximum of 1,357,043 common shares, on an as-converted basis. For the
period presented, these were not assumed converted into common shares since they
were antidilutive to earnings per share. As discussed in Note 5, joint venture
interests representing 350,746 common shares were converted to shares in iStar
Financial on November 22, 1999. The remaining joint venture interests
outstanding would also be converted to iStar Financial shares if the conversion
rights are exercised.

    Earnings per share is not calculated for the period November 4, 1999 through
December 31, 1999, for the year ended December 31, 2000 or for the year ended
December 31, 2001 since all 100 shares outstanding are held by iStar Financial.

                                       29
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 10--COMPREHENSIVE INCOME

    In June 1997, the FASB issued Statement of Financial Accounting Standards
No. 130 ("SFAS No. 130"), "Reporting Comprehensive Income" effective for fiscal
years beginning after December 15, 1997. The statement changes the reporting of
certain items currently reported as changes in the shareholders' equity section
of the balance sheet and establishes standards for the reporting and display of
comprehensive income and its components in a full set of general-purpose
financial statements. SFAS No. 130 requires that all components of comprehensive
income shall be reported in the financial statements in the period in which they
are recognized. Furthermore, a total amount for comprehensive income shall be
displayed in the financial statements. The Company has adopted this standard
effective January 1, 1998. Total comprehensive income was $91.2 million and
$83.1 million for the years ended December 31, 2001 and 2000, respectively, and
$11.7 million and $55.6 million for the periods November 4, 1999 to
December 31, 1999 and January 1, 1999 to November 3, 1999, respectively. The
primary component of comprehensive income other than net income was the adoption
and continued application of SFAS No. 133.

    For the year ended December 31, 2001, the change in the fair market value of
the Company's interest rate swaps was $(3.5) million and was recorded as a
reduction to other comprehensive income. The reconciliation to other
comprehensive income is as follows (in thousands):

<Table>
<Caption>
                                            FOR THE
                                           12 MONTHS
                                      ENDED DECEMBER 31,         FOR THE PERIOD        FOR THE PERIOD
                                    -----------------------     NOVEMBER 4, 1999       JANUARY 1, 1999
                                       2001         2000      TO DECEMBER 31, 1999   TO NOVEMBER 3, 1999
                                    ----------   ----------   --------------------   -------------------
<S>                                 <C>          <C>          <C>                    <C>
Net income........................   $90,486      $83,130            $11,655               $55,564
Other comprehensive income (loss):
  Unrealized gains (losses) on
    available-for-sale investments
    for the period................     5,715           --                 --                    --
  Cumulative effect of change in
    accounting principle (SFAS
    No. 133) on other
    comprehensive income..........    (1,517)          --                 --                    --
  Unrealized gains (losses) on
    cash flow hedges..............    (3,476)          --                 --                    --
                                     -------      -------            -------               -------
Comprehensive income..............   $91,208      $83,130            $11,655               $55,564
                                     =======      =======            =======               =======
</Table>

    As of December 31, 2001 and 2000, accumulated other comprehensive income
reflected in the Company's equity on the balance sheet is comprised of the
following:

<Table>
<Caption>
                                                                    AS OF
                                                                DECEMBER 31,
                                                             -------------------
                                                               2001       2000
                                                             --------   --------
<S>                                                          <C>        <C>
Unrealized gains (losses) on available-for-sale
  investments..............................................  $ 5,715     $   --
Unrealized gains (losses) on cash flow hedges..............   (4,993)        --
                                                             -------     ------
Accumulated other comprehensive income.....................  $   722     $   --
                                                             =======     ======
</Table>

                                       30
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 11--FAIR VALUES OF FINANCIAL INSTRUMENTS

    SFAS No. 107, "Disclosures About Fair Value of Financial Instruments" ("SFAS
No.107"), requires the disclosure of the estimated fair values of financial
instruments. The fair value of a financial instrument is the amount at which the
instrument could be exchanged in a current transaction between willing parties,
other than in a forced or liquidation sale. Quoted market prices, if available,
are utilized as estimates of the fair values of financial instruments. Because
no quoted market prices exist for a significant part of the Company's financial
instruments, the fair values of such instruments have been derived based on
management's assumptions, the amount and timing of future cash flows and
estimated discount rates. The estimation methods for individual classifications
of financial instruments are described more fully below. Different assumptions
could significantly affect these estimates. Accordingly, the net realizable
values could be materially different from the estimates presented below. The
provisions of SFAS No. 107 do not require the disclosure of the fair value of
non-financial instruments, including intangible assets or the Company's
corporate tenant lease assets.

    In addition, the estimates are only indicative of the value of individual
financial instruments and should not be considered an indication of the fair
value of the Company as an operating business.

    SHORT-TERM FINANCIAL INSTRUMENTS--The carrying values of short-term
financial instruments including cash and cash equivalents and short-term
investments approximate the fair values of these instruments. These financial
instruments generally expose the Company to limited credit risk and have no
stated maturities, or have an average maturity of less than 90 days and carry
interest rates which approximate market.

    LOANS AND OTHER LENDING INVESTMENTS--For the Company's interests in loans
and other lending investments, the fair values were estimated by discounting the
future contractual cash flows (excluding participation interests in the sale or
refinancing proceeds of the underlying collateral) using estimated current
market rates at which similar loans would be made to borrowers with similar
credit ratings for the same remaining maturities.

    MARKETABLE SECURITIES--Securities held for investment, securities available
for sale, loans held for sale, trading account instruments, long-term debt and
trust preferred securities traded actively in the secondary market have been
valued using quoted market prices.

    OTHER FINANCIAL INSTRUMENTS--The carrying value of other financial
instruments including, restricted cash, accrued interest receivable, accounts
payable, accrued expenses and other liabilities approximate the fair values of
the instruments.

    DEBT OBLIGATIONS--A portion of the Company's existing debt obligations bear
interest at fixed margins over LIBOR. Such margins or spreads may be higher or
lower than those at which the Company could currently replace the related
financing arrangements. Other obligations of the Company bear interest at fixed
rates, which may differ from prevailing market interest rates. As a result, the
fair values of the Company's debt obligations were estimated by discounting
current debt balances from December 31, 2001 and 2000 to maturity using
estimated current market rates at which the Company could enter into similar
financing arrangements.

    INTEREST RATE PROTECTION AGREEMENTS--The fair value of interest rate
protection agreements such as interest rate caps, floors, collars and swaps used
for hedging purposes is the estimated amount the

                                       31
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

              (A WHOLLY-OWNED SUBSIDIARY OF ISTAR FINANCIAL INC.)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 11--FAIR VALUES OF FINANCIAL INSTRUMENTS (CONTINUED)
Company would receive or pay to terminate these agreements at the reporting
date, taking into account current interest rates and current creditworthiness of
the respective counterparties.

    The book and fair values of financial instruments as of December 31, 2001
and 2000 were (in thousands):

<Table>
<Caption>
                                                             2001                  2000
                                                      -------------------   -------------------
                                                        BOOK       FAIR       BOOK       FAIR
                                                       VALUE      VALUE      VALUE      VALUE
                                                      --------   --------   --------   --------
<S>                                                   <C>        <C>        <C>        <C>
FINANCIAL ASSETS:
  Loans and other lending investments...............  $ 81,743   $ 81,728   $ 90,796   $ 94,592
FINANCIAL LIABILITIES:
  Debt obligations..................................   558,395    568,141    668,342    666,922
  Interest rate protection agreements...............     1,484     (3,175)     2,420        602
</Table>

NOTE 12--QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

    The following table sets forth the selected quarterly financial data for the
Company (in thousands, except per share amounts).

<Table>
<Caption>
                                                                                QUARTER ENDED
                                                              --------------------------------------------------
                                                              DECEMBER 31    SEPTEMBER 30   JUNE 30    MARCH 31
                                                              ------------   ------------   --------   ---------
<S>                                                           <C>            <C>            <C>        <C>
2001:
Revenue.....................................................    $45,753        $44,543      $47,451     $47,057
Income before gains/(losses) on sales of corporate tenant
  lease assets, extraordinary loss and cumulative effect....     22,943         22,981       23,799      21,506
Gains/(losses) on sales of corporate tenant lease assets....        743         (1,196)       1,044         555
Extraordinary loss on early extinguishment of debt..........         --           (583)          --      (1,037)
Cumulative effect of change in accounting principle.........         --             --           --        (269)
Net income..................................................     23,686         21,202       24,843      20,755
Net income per common share.................................        N/A            N/A          N/A         N/A

2000:
Revenue.....................................................    $47,320        $46,275      $46,035     $44,794
Income before gains/(losses) on sales of corporate tenant
  lease assets, extraordinary loss and cummulative effect...     23,053         21,049       19,650      17,135
Gains/(losses) on sales of corporate tenant lease assets....         --          1,974          441         533
Extraordinary loss on early extinguishment of debt..........         --           (388)          --        (317)
Cumulative effect of change in accounting principle.........         --             --           --          --
Net income..................................................     23,053         22,635       20,091      17,351
Net income per common share.................................        N/A            N/A          N/A         N/A
</Table>

                                       32
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.
    SCHEDULE III--CORPORATE TENANT LEASE ASSETS AND ACCUMULATED DEPRECIATION
                            AS OF DECEMBER 31, 2001
                             (DOLLARS IN THOUSANDS)
<Table>
<Caption>

                                                            INITIAL COST TO COMPANY        COST
                                                            ------------------------    CAPITALIZED
                                                                        BUILDING AND   SUBSEQUENT TO
LOCATION                           STATE     ENCUMBRANCES     LAND      IMPROVEMENTS    ACQUISITION
--------------------------------  --------   ------------   ---------   ------------   -------------
<S>                               <C>        <C>            <C>         <C>            <C>

OFFICE FACILITIES:
Tempe...........................     AZ        $  3,534     $    701      $  4,339        $    --
Tempe...........................     AZ              --        1,033         6,652             --
Tempe...........................     AZ              --        1,033         6,652             --
Tempe...........................     AZ              --        1,033         6,652             --
Commerce........................     CA              --        3,454        12,915             --
Redondo Beach...................     CA           8,331        2,598         9,212             --
Fremont.........................     CA              --          880         4,846             --
Cupertino.......................     CA          17,093        7,994        19,037             --
Anaheim.........................     CA          12,879        3,512        13,379             46
Mountain View...................     CA              --        5,798        12,720             --
Newbury Park....................     CA              --        4,563        24,911             --
Palo Alto.......................     CA              --           --        19,168             38
Westminster.....................     CO              --          307         3,524             --
Englewood.......................     CO              --        8,536        27,428          6,629
Jacksonville....................     FL              --        1,384         3,911             --
Jacksonville....................     FL              --          877         2,237             53
Duluth..........................     GA              --        1,655        14,484             48
Atlanta.........................     GA              --        5,709        49,091          6,132
Alpharetta......................     GA              --          905         6,744             --
Lisle...........................     IL              --        6,153        14,993             --
Vernon Hills....................     IL           8,999        1,400        12,597             --
New Orleans.....................     LA              --        1,427        24,252            799
New Orleans.....................     LA          52,439        1,665        16,653          1,135
Westborough.....................     MA           7,265        1,651        10,758             --
Rockland........................     MA              --        2,011        11,761             18
Norwell.........................     MA              --        1,140         1,658             33
Norwell.........................     MA              --          973         3,805             26
Norwell.........................     MA           2,097          506         2,277             41
Canton..........................     MA              --        1,409         3,890             41
Foxborough......................     MA           3,088        1,218         3,756             --
Mansfield.......................     MA             919          584         1,443             43

<Caption>
                                        GROSS AMOUNT CARRIED AT
                                            CLOSE OF PERIOD
                                  ------------------------------------                             DEPRECIABLE
                                             BUILDING AND                ACCUMULATED      DATE        LIFE
LOCATION                            LAND     IMPROVEMENTS     TOTAL      DEPRECIATION   ACQUIRED     (YEARS)
--------------------------------  --------   ------------   ----------   ------------   --------   -----------
<S>                               <C>        <C>            <C>          <C>            <C>        <C>
OFFICE FACILITIES:
Tempe...........................  $    701     $  4,339     $    5,040     $    235       1999         40.0
Tempe...........................     1,033        6,652          7,685          360       1999         40.0
Tempe...........................     1,033        6,652          7,685          360       1999         40.0
Tempe...........................     1,033        6,652          7,685          360       1999         40.0
Commerce........................     3,454       12,915         16,369          700       1999         40.0
Redondo Beach...................     2,598        9,212         11,810          499       1999         40.0
Fremont.........................       880        4,846          5,726          263       1999         40.0
Cupertino.......................     7,994       19,037         27,031        1,031       1999         40.0
Anaheim.........................     3,512       13,425         16,937          727       1999         40.0
Mountain View...................     5,798       12,720         18,518          689       1999         40.0
Newbury Park....................     4,563       24,911         29,474        1,349       1999         40.0
Palo Alto.......................        --       19,206         19,206        1,039       1999         40.0
Westminster.....................       307        3,524          3,831          191       1999         40.0
Englewood.......................     8,536       34,057         42,593        1,486       1999         40.0
Jacksonville....................     1,384        3,911          5,295          212       1999         40.0
Jacksonville....................       877        2,290          3,167          123       1999         40.0
Duluth..........................     1,655       14,532         16,187          787       1999         40.0
Atlanta.........................     5,709       55,223         60,932        2,957       1999         40.0
Alpharetta......................       905        6,744          7,649          365       1999         40.0
Lisle...........................     6,153       14,993         21,146          812       1999         40.0
Vernon Hills....................     1,400       12,597         13,997          682       1999         40.0
New Orleans.....................     1,427       25,051         26,478        1,426       1999         40.0
New Orleans.....................     1,665       17,788         19,453          999       1999         40.0
Westborough.....................     1,651       10,758         12,409          583       1999         40.0
Rockland........................     2,011       11,779         13,790          638       1999         40.0
Norwell.........................     1,140        1,691          2,831           91       1999         40.0
Norwell.........................       973        3,831          4,804          207       1999         40.0
Norwell.........................       506        2,318          2,824          124       1999         40.0
Canton..........................     1,409        3,931          5,340          212       1999         40.0
Foxborough......................     1,218        3,756          4,974          203       1999         40.0
Mansfield.......................       584        1,486          2,070           78       1999         40.0
</Table>

                                       33
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.
    SCHEDULE III--CORPORATE TENANT LEASE ASSETS AND ACCUMULATED DEPRECIATION
                            AS OF DECEMBER 31, 2001
                             (DOLLARS IN THOUSANDS)
<Table>
<Caption>

                                                            INITIAL COST TO COMPANY        COST
                                                            ------------------------    CAPITALIZED
                                                                        BUILDING AND   SUBSEQUENT TO
LOCATION                           STATE     ENCUMBRANCES     LAND      IMPROVEMENTS    ACQUISITION
--------------------------------  --------   ------------   ---------   ------------   -------------
<S>                               <C>        <C>            <C>         <C>            <C>
Braintree.......................     MA              --        2,225          7,403            86
Norwell.........................     MA              --        1,357          5,429            65
Norwell.........................     MA              --        1,155          1,651           300
Concord.........................     MA              --        1,928          8,218           545
Concord.........................     MA              --        1,852         10,839           116
Concord.........................     MA              --        1,302          7,864           183
Concord.........................     MA              --        1,834         10,483           146
Concord.........................     MA              --        1,656             --         7,760
Quincy..........................     MA          12,672        3,562         23,420           237
Andover.........................     MA              --        1,787          8,486            --
Braintree.......................     MA              --          792          4,929            43
Lanham..........................     MD          10,435        2,486         12,047           164
Roseville.......................     MN           3,533        1,113          4,452            --
Arden Hills.....................     MN              --          719          6,541            --
Harrisburg......................     PA          17,586          690         26,098            --
Memphis.........................     TN          17,387        2,702         25,129            --
Irving..........................     TX              --        1,804          5,815           269
Irving..........................     TX              --        1,364         10,628            --
Farmers Branch..................     TX           6,935        1,314          8,903            --
Dallas..........................     TX              --        1,918          4,632            --
Richardson......................     TX              --        2,932         31,235            --
Irving..........................     TX          17,307        3,363         21,376            --
Richardson......................     TX              --        1,233         15,160            --
Fairfax.........................     VA              --        4,436         22,362            52
Milwaukee.......................     WI          10,833        1,875         13,914            --
                                               --------     --------     ----------       -------
Subtotal........................                213,332      119,508        652,759        25,048
                                               --------     --------     ----------       -------

<Caption>
                                        GROSS AMOUNT CARRIED AT
                                            CLOSE OF PERIOD
                                  ------------------------------------                             DEPRECIABLE
                                             BUILDING AND                ACCUMULATED      DATE        LIFE
LOCATION                            LAND     IMPROVEMENTS     TOTAL      DEPRECIATION   ACQUIRED     (YEARS)
--------------------------------  --------   ------------   ----------   ------------   --------   -----------
<S>                               <C>        <C>            <C>          <C>            <C>        <C>
Braintree.......................     2,225         7,489         9,714          402       1999         40.0
Norwell.........................     1,357         5,494         6,851          295       1999         40.0
Norwell.........................     1,155         1,951         3,106          131       1999         40.0
Concord.........................     1,928         8,763        10,691          463       1999         40.0
Concord.........................     1,852        10,955        12,807          590       1999         40.0
Concord.........................     1,302         8,047         9,349          431       1999         40.0
Concord.........................     1,834        10,629        12,463          571       1999         40.0
Concord.........................     1,656         7,760         9,416           78       1999         40.0
Quincy..........................     3,562        23,657        27,219        1,275       1999         40.0
Andover.........................     1,787         8,486        10,273          460       1999         40.0
Braintree.......................       792         4,972         5,764          268       1999         40.0
Lanham..........................     2,486        12,211        14,697          660       1999         40.0
Roseville.......................     1,113         4,452         5,565          241       1999         40.0
Arden Hills.....................       719         6,541         7,260          354       1999         40.0
Harrisburg......................       690        26,098        26,788          185       2001         40.0
Memphis.........................     2,702        25,129        27,831        1,361       1999         40.0
Irving..........................     1,804         6,084         7,888          323       1999         40.0
Irving..........................     1,364        10,628        11,992          576       1999         40.0
Farmers Branch..................     1,314         8,903        10,217          482       1999         40.0
Dallas..........................     1,918         4,632         6,550          251       1999         40.0
Richardson......................     2,932        31,235        34,167        1,692       1999         40.0
Irving..........................     3,363        21,376        24,739        1,158       1999         40.0
Richardson......................     1,233        15,160        16,393          537       1999         40.0
Fairfax.........................     4,436        22,414        26,850        1,214       1999         40.0
Milwaukee.......................     1,875        13,914        15,789          754       1999         40.0
                                  --------    ----------    ----------     --------
Subtotal........................   119,508       677,807       797,315       34,540
                                  --------    ----------    ----------     --------
</Table>

                                       34
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.
    SCHEDULE III--CORPORATE TENANT LEASE ASSETS AND ACCUMULATED DEPRECIATION
                            AS OF DECEMBER 31, 2001
                             (DOLLARS IN THOUSANDS)
<Table>
<Caption>

                                                            INITIAL COST TO COMPANY        COST
                                                            ------------------------    CAPITALIZED
                                                                        BUILDING AND   SUBSEQUENT TO
LOCATION                           STATE     ENCUMBRANCES     LAND      IMPROVEMENTS    ACQUISITION
--------------------------------  --------   ------------   ---------   ------------   -------------
<S>                               <C>        <C>            <C>         <C>            <C>

INDUSTRIAL FACILITIES:
Phoenix.........................     AZ              --        1,000          1,997            --
Burlingame......................     CA              --        1,219          3,470            --
Millbrae........................     CA              --          741          2,107            --
San Diego.......................     CA              --        1,530          3,060            --
Walnut Creek....................     CA              --          808          8,306            --
Milpitas........................     CA           9,227        4,095          8,323            --
San Jose........................     CA              --        9,677         23,288            --
Milpitas........................     CA              --        4,880         12,367         1,498
Aurora..........................     CO              --          453          3,060           400
Miami...........................     FL              --        3,048          8,676            --
Miami...........................     FL              --        1,612          4,586            --
Miami...........................     FL              --        1,394          3,967            --
Orlando.........................     FL              --        1,475          4,198            --
St. Petersburg..................     FL              --          723          3,061            --
St. Petersburg..................     FL              --          634          2,685             8
Jacksonville....................     FL              --        2,366          6,072            --
Marion..........................     IN              --          131          4,254            --
South Bend......................     IN              --          140          4,640            --
Seymour.........................     IN          16,857          550         22,240            83
Wichita.........................     KS              --          213          3,189            --
Lakeville.......................     MA              --        1,012          4,048            --
Canton..........................     MA              --          742          3,155            86
Canton..........................     MA              --        1,077          2,746            81
Randolph........................     MA           2,600          615          3,471            --
Baltimore.......................     MD              --        1,535          9,324           123
Bloomington.....................     MN              --          403          1,147            --
Reno............................     NV              --          248            707            --
Astoria.........................     NY              --        1,796          5,109            --
Astoria.........................     NY              --          897          2,555            --
Columbus........................     OH              --          375          7,191            --

<Caption>
                                        GROSS AMOUNT CARRIED AT
                                            CLOSE OF PERIOD
                                  ------------------------------------                             DEPRECIABLE
                                             BUILDING AND                ACCUMULATED      DATE        LIFE
LOCATION                            LAND     IMPROVEMENTS     TOTAL      DEPRECIATION   ACQUIRED     (YEARS)
--------------------------------  --------   ------------   ----------   ------------   --------   -----------
<S>                               <C>        <C>            <C>          <C>            <C>        <C>
INDUSTRIAL FACILITIES:
Phoenix.........................     1,000         1,997         2,997          108       1999         40.0
Burlingame......................     1,219         3,470         4,689          188       1999         40.0
Millbrae........................       741         2,107         2,848          114       1999         40.0
San Diego.......................     1,530         3,060         4,590          166       1999         40.0
Walnut Creek....................       808         8,306         9,114          450       1999         40.0
Milpitas........................     4,095         8,323        12,418          451       1999         40.0
San Jose........................     9,677        23,288        32,965        1,261       1999         40.0
Milpitas........................     4,880        13,865        18,745          972       1999         40.0
Aurora..........................       453         3,460         3,913          196       1999         40.0
Miami...........................     3,048         8,676        11,724          470       1999         40.0
Miami...........................     1,612         4,586         6,198          248       1999         40.0
Miami...........................     1,394         3,967         5,361          215       1999         40.0
Orlando.........................     1,475         4,198         5,673          227       1999         40.0
St. Petersburg..................       723         3,061         3,784          166       1999         40.0
St. Petersburg..................       634         2,693         3,327          146       1999         40.0
Jacksonville....................     2,366         6,072         8,438          329       1999         40.0
Marion..........................       131         4,254         4,385          230       1999         40.0
South Bend......................       140         4,640         4,780          251       1999         40.0
Seymour.........................       550        22,323        22,873          563       2000         40.0
Wichita.........................       213         3,189         3,402          173       1999         40.0
Lakeville.......................     1,012         4,048         5,060          219       1999         40.0
Canton..........................       742         3,241         3,983          173       1999         40.0
Canton..........................     1,077         2,827         3,904          153       1999         40.0
Randolph........................       615         3,471         4,086          188       1999         40.0
Baltimore.......................     1,535         9,447        10,982          506       1999         40.0
Bloomington.....................       403         1,147         1,550           62       1999         40.0
Reno............................       248           707           955           38       1999         40.0
Astoria.........................     1,796         5,109         6,905          277       1999         40.0
Astoria.........................       897         2,555         3,452          138       1999         40.0
Columbus........................       375         7,191         7,566          390       1999         40.0
</Table>

                                       35
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.
    SCHEDULE III--CORPORATE TENANT LEASE ASSETS AND ACCUMULATED DEPRECIATION
                            AS OF DECEMBER 31, 2001
                             (DOLLARS IN THOUSANDS)
<Table>
<Caption>

                                                            INITIAL COST TO COMPANY        COST
                                                            ------------------------    CAPITALIZED
                                                                        BUILDING AND   SUBSEQUENT TO
LOCATION                           STATE     ENCUMBRANCES     LAND      IMPROVEMENTS    ACQUISITION
--------------------------------  --------   ------------   ---------   ------------   -------------
<S>                               <C>        <C>            <C>         <C>            <C>
Richfield.......................     OH              --        2,327            --         11,633
Philadelphia....................     PA              --          620         1,765             --
Spartanburg.....................     SC              --          943        16,836             --
Memphis.........................     TN              --        1,486        23,279             --
Richardson......................     TX           6,803          858         8,556             --
Seattle.........................     WA              --          828         2,355             --
                                               --------     --------      --------        -------
Subtotal........................                 35,487       52,451       225,790         13,912
                                               --------     --------      --------        -------
PARKING GARAGE:
New Orleans.....................     LA              --        4,240         6,462              5
GROUND LEASE:
San Jose........................     CA              --       82,212            --             --
LAND:
Concord.........................     MA              --        1,267            --             20
                                               --------     --------      --------        -------
Total corporate tenant lease
  assets........................               $248,819     $259,678      $885,011        $38,985
                                               ========     ========      ========        =======

<Caption>
                                        GROSS AMOUNT CARRIED AT
                                            CLOSE OF PERIOD
                                  ------------------------------------                             DEPRECIABLE
                                             BUILDING AND                ACCUMULATED      DATE        LIFE
LOCATION                            LAND     IMPROVEMENTS     TOTAL      DEPRECIATION   ACQUIRED     (YEARS)
--------------------------------  --------   ------------   ----------   ------------   --------   -----------
<S>                               <C>        <C>            <C>          <C>            <C>        <C>
Richfield.......................     2,327       11,633         13,960          70        2000         40.0
Philadelphia....................       620        1,765          2,385          96        1999         40.0
Spartanburg.....................       943       16,836         17,779         912        1999         40.0
Memphis.........................     1,486       23,279         24,765       1,261        1999         40.0
Richardson......................       858        8,556          9,414         463        1999         40.0
Seattle.........................       828        2,355          3,183         128        1999         40.0
                                  --------     --------     ----------     -------
Subtotal........................    52,451      239,702        292,153      11,998
                                  --------     --------     ----------     -------
PARKING GARAGE:
New Orleans.....................     4,240        6,467         10,707         352        1999         40.0
GROUND LEASE:
San Jose........................    82,212           --         82,212          --        2000         40.0
LAND:
Concord.........................     1,267           20          1,287          --        1999
                                  --------     --------     ----------     -------
Total corporate tenant lease
  assets........................  $259,678     $923,996     $1,183,674     $46,890
                                  ========     ========     ==========     =======
</Table>

                                       36
<Page>
                      TRINET CORPORATE REALTY TRUST, INC.

                             NOTES TO SCHEDULE III

                               DECEMBER 31, 2001

                             (DOLLARS IN THOUSANDS)

1.  RECONCILIATION OF CORPORATE TENANT LEASE ASSETS:

    The following table reconciles Corporate Tenant Lease Assets from
January 1, 1999 to December 31, 2001:

<Table>
<Caption>
                                                              2001         2000         1999
                                                           ----------   ----------   ----------
<S>                                                        <C>          <C>          <C>
Balance at January 1.....................................  $1,444,830   $1,474,809   $1,353,326
Additions................................................      51,670      137,995       40,296
Dispositions.............................................    (312,826)    (146,715)     (59,129)
Provision for asset impairment(1)........................          --           --       (3,400)
Impact of purchase accounting adjustments................          --      (21,259)     143,716
                                                           ----------   ----------   ----------
Balance at December 31...................................  $1,183,674   $1,444,830   $1,474,809
                                                           ==========   ==========   ==========
</Table>

EXPLANATORY NOTE:
------------------------------

(1) Occurred prior to the Company's acquisition by iStar Financial Inc.

2.  RECONCILIATION OF ACCUMULATED DEPRECIATION:

    The following table reconciles Accumulated Depreciation from January 1, 1999
to December 31, 2001:

<Table>
<Caption>
                                                                2001       2000       1999
                                                              --------   --------   --------
<S>                                                           <C>        <C>        <C>
Balance at January 1........................................  $(31,764)  $ (5,111)  $(71,950)
Additions...................................................   (28,287)   (28,277)   (29,004)
Dispositions................................................    13,161      1,624      4,007
Impact of purchase accounting adjustments...................        --         --     91,836
                                                              --------   --------   --------
Balance at December 31......................................  $(46,890)  $(31,764)  $ (5,111)
                                                              ========   ========   ========
</Table>

                                       37
<Page>
ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
  FINANCIAL DISCLOSURE

    None.

                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

    Omitted pursuant to General Instruction I(2)(c) of Form 10-K.

ITEM 11.  EXECUTIVE COMPENSATION

    Omitted pursuant to General Instruction I(2)(c) of Form 10-K.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

    Omitted pursuant to General Instruction I(2)(c) of Form 10-K.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

    Omitted pursuant to General Instruction I(2)(c) of Form 10-K.

                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 8-K

        (a) and (d) Financial Statements and Schedules--See Index to Financial
    Statements and Schedules included in Item 8.

        (b) Reports on Form 8-K

           None.

        (c) Exhibits--see index on following page.

                                       38
<Page>
                               INDEX TO EXHIBITS

<Table>
<Caption>
EXHIBIT
NUMBER                                      DOCUMENT DESCRIPTION
-------                 ------------------------------------------------------------
<C>                     <S>
         3.1            Amended and Restated Charter. (Incorporated by reference to
                        Exhibit 3.1 to the 2000 Annual Report on Form 10- K, dated
                        March 30, 2001, of TriNet Corporate Realty Trust, Inc.)

         3.2            Amended and Restated Bylaws. (Incorporated by reference to
                        Exhibit 3.2 to the 2000 Annual Report on Form 10- K, dated
                        March 30, 2001, of TriNet Corporate Realty Trust, Inc.)

         4.1            Definitive Indenture, dated as of May 22, 1996.
                        (Incorporated by reference to Exhibit 4.2 to the Current
                        Report on Form 8-K, dated June 14, 1996, of TriNet Corporate
                        Realty Trust, Inc.)

         4.2            Definitive Supplemental Indenture No. 1, dated as of
                        May 22, 1996, relating to the 7.30% Notes due 2001 and the
                        7.95% Notes due 2006. (Incorporated by reference to
                        Exhibit 4.1 to the Current Report on Form 8-K, dated
                        June 14, 1996, of TriNet Corporate Realty Trust, Inc.)

         4.3            Definitive Supplemental Indenture No. 2, dated as of
                        July 14, 1997, relating to the 7.70% Notes due 2017 and
                        including the form of the 7.70% Notes due 2006.
                        (Incorporated by reference to Exhibit 4.2 to the Current
                        Report on Form 8-K, dated July 9, 1997, of TriNet Corporate
                        Realty Trust, Inc.)

         4.4            Remarketing Agreement, dated February 27, 1998 (Incorporated
                        by reference to Exhibit 1.2 to the Current Report on
                        Form 8-K, dated March 4, 1998, of TriNet Corporate Realty
                        Trust, Inc.)

         4.5            Senior Debt Securities Indenture, dated February 27, 1998
                        (Incorporated by reference to Exhibit 1.3 to the Current
                        Report on Form 8-K, dated March 4, 1998, of TriNet Corporate
                        Realty Trust, Inc.)

         4.6            Supplemental Indenture No. 1, dated February 27, 1998
                        (Incorporated by reference to Exhibit 1.4 to the Current
                        Report on Form 8-K, dated March 4, 1998, of TriNet Corporate
                        Realty Trust, Inc.)

        10.1            Loan Agreement dated December 6, 1994, by and among Nomura
                        Asset Capital Corporation, Pacific Mutual Life Insurance
                        Company and TriNet Essential Facilities XII, Inc.
                        (Incorporated by reference to Exhibit 10.1 to the
                        Registration Statement on Form S-3 of TriNet Corporate
                        Realty Trust, Inc., Registration No. 33-87256.)

        10.2            Interest Rate Protection Agreement dated May 21, 1993,
                        between certain of the Company's subsidiaries and UBS
                        Securities (Swaps), Inc. (Incorporated by reference to
                        Exhibit 10.32 to the Registration Statement on Form S-11 of
                        TriNet Corporate Realty Trust, Inc., Registration
                        No. 33-74284.)

        10.3            Interest Rate Protection Agreement dated December 6, 1994,
                        between TriNet Essential Facilities XII, Inc. and Morgan
                        Guaranty Trust Company of New York. (Incorporated by
                        reference to Exhibit 4.6 to the 1997 Annual Report on
                        Form 10- K, dated March 30, 1998, of TriNet Corporate Realty
                        Trust, Inc.)

        10.4            Amended and Restated Agreement of Limited Partnership
                        between TriNet Corporate Realty Trust, Inc. and the
                        O'Donnell Revocable Trust, the Donald S. Grant Revocable
                        Trust and John W. Hopkins, dated June 26, 1996.
                        (Incorporated by reference to Exhibit 10.1 of Form 8-K of
                        TriNet Corporate Realty Trust, Inc., and dated July 3, 1996,
                        filed with the Securities and Exchange Commission on
                        July 17, 1996 and as amended by Form 8-K/A of TriNet
                        Corporate Realty Trust, Inc., dated July 3, 1996, filed with
                        the Securities and Exchange Commission on August 7, 1996.)
</Table>

                                       39
<Page>

<Table>
<Caption>
EXHIBIT
NUMBER                                      DOCUMENT DESCRIPTION
-------                 ------------------------------------------------------------
<C>                     <S>
        10.5            Agreement of Limited Partnership of TriNet Property
                        Partners, L.P. (Incorporated by reference to Exhibit 4.6 to
                        the 1997 Annual Report on Form 10-K, dated March 30, 1998,
                        of TriNet Corporate Realty Trust, Inc.)

        10.6            Registration Rights Agreement between TriNet Corporate
                        Realty Trust, Inc. and Ronald A. Davis, Joseph P. Keller,
                        Dean M. Boylan, Stephen G. Mack and Lewis L. Whitman dated
                        December 31, 1997. (Incorporated by reference to
                        Exhibit 4.6 to the 1997 Annual Report on Form 10-K, dated
                        March 30, 1998, of TriNet Corporate Realty Trust, Inc.)

        10.7            Registration Rights Agreement dated March 16, 1998 between
                        TriNet Corporate Realty Trust, Inc. and Whitehall Street
                        Real Estate Limited Partnership IX. (Incorporated by
                        reference to Exhibit 4.3 to Form S-3 dated March 21, 2000 of
                        iStar Financial Inc.)

        21.1            Subsidiaries of the Company.
</Table>

    SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
   SECTION 15 OF THE SECURITIES AND EXCHANGE ACT OF 1934 BY REGISTRANTS WHICH
        HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT

    No annual report covering the registrant's last fiscal year has been sent to
    security holders, nor has any proxy soliciting material been sent to
    security holders.

                                       40
<Page>
                                   SIGNATURES

    Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly authorized.

<Table>
<S>                                                    <C>
                                                       TriNet Corporate Realty Trust, Inc.

                                                       REGISTRANT

Date: March 26, 2002                                   /s/ JAY SUGARMAN
                                                       ---------------------------------------------
                                                       CHAIRMAN OF THE BOARD DIRECTOR
</Table>

    Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.

<Table>
<C>                                 <S>
Date: March 26, 2002
                                    -------------------------------------------
                                    Jay Sugarman
                                    CHIEF EXECUTIVE OFFICER AND DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Spencer B. Haber
                                    PRESIDENT, CHIEF FINANCIAL OFFICER, DIRECTOR AND
                                    SECRETARY
                                    (EXECUTIVE VICE PRESIDENT-FINANCE)

Date: March 26, 2002
                                    -------------------------------------------
                                    Willis Andersen Jr.
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Betsy Cohen
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Jeffrey G. Dishner
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Andrew L. Farkas
                                    DIRECTOR
</Table>

                                       41
<Page>
<Table>
<C>                                 <S>
Date: March 26, 2002
                                    -------------------------------------------
                                    Madison F. Grose
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Robert W. Holman, Jr.
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Robin Josephs
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Merrick R. Kleeman
                                    DIRECTOR

Date: March 26, 2002                -------------------------------------------
                                    H. Cabot Lodge III
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Matthew J. Lustig
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    William M. Matthes
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    John G. McDonald
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Stephen B. Oresman
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    George R. Puskar
                                    DIRECTOR

Date: March 26, 2002
                                    -------------------------------------------
                                    Barry S. Sternlicht
                                    DIRECTOR
</Table>

                                       42