QuickLinks -- Click here to rapidly navigate through this document

~~Page~~SECURITIES ~~Pro~~AND ~~Forma~~EXCHANGE ~~Consolidated Balance Sheet as of March 31~~COMMISSION Washington, ~~2002~~D.C. (unaudited) 3 Pro Forma Consolidated Statement of Operations - For the three-month period ended March 31, 2002 (unaudited) 4 Pro Forma Consolidated Statement of Operations - For the year ended December 31, 2001 (unaudited) 5 Notes to Pro Forma Consolidated Financial Statements 620549

~~TRINET~~FORM ~~CORPORATE REALTY TRUST, INC. DISPOSED ASSETS(A) PRO FORMA~~ 8------------------ ------------------ ----------- ASSETS Loans and other lending investments, net $ 85,780 $ -- $ 85,780 Corporate tenant lease assets, net 1,146,859 (212,205) 934,654 Cash and cash equivalents 5,110 -- 5,110 Restricted cash 293 -- 293 Accrued interest receivable 1,942 -- 1,942 Deferred operating lease income receivable 20,695 (5,839) 14,856 Deferred expenses and other assets 31,561 (1,710) 29,851 ----------- ----------- ----------- Total assets $ 1,292,240 $ (219,754) $ 1,072,486 =========== =========== =========== LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities: Accounts payable, accrued expenses and other liabilities $ 42,491 $ (807) $ 41,684 Debt obligations 546,471 -- 546,471 ----------- ----------- ----------- Total liabilities 588,962 (807) 588,155 ----------- ----------- ----------- 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 March 31, 2002 -- -- -- Additional paid in capital 735,894 (218,947) 516,947 Retained earnings -- -- -- Accumulated other comprehensive income 5,115 -- 5,115 Common stock of iStar Financial held in treasury (at cost) (40,296) -- (40,296) ----------- ----------- ----------- Total shareholder's equity 700,713 (218,947) 481,766 ----------- ----------- ----------- Total liabilities and shareholder's equity $ 1,292,240 $ (219,754) $ 1,072,486 =========== =========== ===========K

~~TRINET~~CURRENT CORPORATE DISPOSED REALTY TRUST, INC. ASSETS (a) PRO FORMA ------------------ ---------- --------- Revenue: Interest income $ 2,728 $ -- $ 2,728 Operating lease income 38,350 (6,041) 32,309 Other income 1,150 (1) 1,149 -------- -------- -------- Total revenue 42,228 (6,042) 36,186 -------- -------- -------- Costs and expenses: Interest expense 10,485 -- 10,485 Operating costs-corporate tenant lease assets 2,968 (102) 2,866 Depreciation and amortization 6,040 (1,319) 4,721 General and administrative 2,273 -- 2,273 -------- -------- -------- Total costs and expenses 21,766 (1,421) 20,345 -------- -------- -------- Net income before minority interest $ 20,462 $ (4,621) $ 15,841 Minority interest in consolidated entities (40) -- (40) -------- -------- -------- Net income from continuing operations $ 20,422 $ (4,621) $ 15,801 ======== ======== ========REPORT

~~TRINET~~ ~~CORPORATE~~Pursuant ~~DISPOSED~~to ~~REALTY~~Section 13 ~~TRUST,~~or ~~INC. ASSETS~~ 15(ad) ~~PRO~~of ~~FORMA~~the ~~------------------~~Securities ~~---------~~Exchange ~~---------~~Act ~~Revenue:~~of Interest income $ 8,773 $ -- $ 8,773 Operating lease income 173,171 (22,477) 150,694 Other income 2,860 (7) 2,853 --------- --------- --------- Total revenue 184,804 (22,484) 162,320 --------- --------- --------- Costs and expenses: Interest expense 45,544 -- 45,544 Operating costs-corporate tenant lease assets 12,828 (144) 12,684 Depreciation and amortization 27,397 (4,760) 22,637 General and administrative 7,642 -- 7,642 --------- --------- --------- Total costs and expenses 93,411 (4,904) 88,507 --------- --------- --------- Net income before minority interest $ 91,393 $ (17,580) $ 73,813 Minority interest in consolidated entities (164) -- (164) --------- --------- --------- Net income from continuing operations $ 91,229 $ (17,580) $ 73,649 ========= ========= =========1934

Date of Report (Date of earliest event reported): April 1, 2003

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

Maryland (State of Incorporation)	1-11918 (Commission File Number)	94-3175659 (IRS Employer ID Number)
1114 Avenue of the Americas, 27^th Floor New York, NY 10036 (Address of principal executive offices) (Zip Code)
(212) 930-9400 (Registrant's telephone number, including area code)

Item 2. Acquisition or Disposition of Assets

On April 1, 2003, the Registrant transferred 17 corporate tenant lease assets with an aggregate net book value of approximately $152.8 million to other subsidiaries of the Registrant's parent company.

Item 7. Financial Statements and Exhibits

(a): Not applicable.
(b): Pro forma financial information.

Table of Contents

		Page
Pro Forma Consolidated Balance Sheet as of December 31, 2002 (unaudited)		3
Pro Forma Consolidated Statement of Operations — For the year ended December 31, 2002 (unaudited)		4
Notes to Pro Forma Consolidated Financial Statements (unaudited)		5
Signatures		6

		TriNet Corporate Realty Trust, Inc.			2003 Adjustments (A)		Pro Forma
ASSETS
Loans and other lending investments, net		$	1,900		$	—	$	1,900
Corporate tenant lease assets, net			914,317			127,970		786,347
Investments in and advances to joint ventures and unconsolidated subsidiaries			24,865			—		24,865
Assets held for sale			28,501			24,800		3,701
Cash and cash equivalents			12,219			—		12,219
Restricted cash			—			—		—
Accrued interest and operating lease income receivable			5,495			378		5,117
Deferred operating lease income receivable			19,845			5,203		14,642
Deferred expenses and other assets			26,421			492		25,929

	Total assets	$	1,033,563		$	158,843	$	874,720

LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Accounts payable, accrued expenses and other liabilities		$	54,806		$	11,356	$	43,450
Debt obligations			543,470			127,545		415,925

	Total liabilities		598,276			138,901		459,375

Commitments and contingencies			—			—		—
Minority interest in consolidated entities			2,496			—		2,496
Shareholder's equity:
Common stock, $0.01 par value, 100 shares authorized: 100 shares issued and outstanding at December 31, 2002			—			—		—
Additional paid in capital			479,859			19,942		459,917
Retained earnings			—			—		—
Accumulated other comprehensive losses			(6,772	)		—		(6,772	)
Common stock of iStar Financial held in treasury (at cost)			(40,296	)		—		(40,296	)

	Total shareholder's equity		432,791			19,942		412,849

	Total liabilities and shareholder's equity	$	1,033,563		$	158,843	$	874,720

TriNet Corporate Realty Trust, Inc.
(A wholly-owned subsidiary of iStar Financial Inc.)
Pro Forma Consolidated Statement of Operations
For the year ended December 31, 2002
(In thousands)
(unaudited)

			TriNet Corporate Realty Trust, Inc.			2003 Adjustments (B)		Pro Forma
Revenue:
	Interest income		$	3,769		$	—	$	3,769
	Operating lease income			110,745			14,940		95,805
	Other income			4,911			116		4,795

		Total revenue		119,425			15,056		104,369

Costs and Expenses:
	Interest expense			40,777			11,795		28,982
	Operating costs-corporate tenant lease assets			12,368			177		12,191
	Depreciation and amortization			18,140			1,920		16,220
	General and administrative			6,674			—		6,674

		Total costs and expenses		77,959			13,892		64,067

Income before equity in earnings from joint ventures and unconsolidated subsidiaries and minority interest				41,466			1,164		40,302
Equity in earnings from joint ventures and unconsolidated subsidiaries				5,049			—		5,049
Minority interest in consolidated entities				(162	)		—		(162	)

Income from continuing operations (C)			$	46,353		$	1,164	$	45,189

TriNet Corporate Realty Trust, Inc.
Notes to Pro Forma Consolidated Financial Statements
(unaudited)

1. Basis of Presentation

The accompanying unaudited Pro Forma Consolidated Balance Sheet as of December 31, 2002 and Pro Forma Consolidated Statement of Operations for the year ended December 31, 2002 have been prepared to reflect the disposition of corporate tenant lease assets and the reduction of an unsecured debt obligation. On April 1, 2003, the Company transferred 17 corporate tenant lease assets with an aggregate net book value of approximately $152.8 million to other subsidiaries of the Company's parent company and on March 3, 2003, the Company transferred a $127.5 million unsecured debt obligation to the Company's parent company. The Pro Forma Consolidated Balance Sheet was prepared as if the transactions described above occurred as of December 31, 2002. The Pro Forma Consolidated Statement of Operations for the year ended December 31, 2002 was prepared as if the transactions described above had occurred on January 1, 2002.

The pro forma information contained herein is unaudited and not necessarily indicative of the consolidated operating results which would have occurred if the above transactions had occurred on December 31, 2002 or January 1, 2002, nor does it purport to represent the future financial position or results of operations for future periods. This information should be read in conjunction with the audited consolidated financial statements and other financial information contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2002, including the notes thereto.

The accompanying historical Consolidated Balance Sheet and Consolidated Statement of Operations of the Company include the accounts of the Company and its wholly-owned subsidiary corporations and partnerships, and its majority-owned and controlled partnership. The historical amounts have been derived from the audited financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2002.

2. Pro Forma Adjustments

(A) These adjustments reflect the elimination of the respective carrying amounts of assets and liabilities relating to the 17 corporate tenant lease assets disposed of on April 1, 2003 and the elimination of a $127.5 million unsecured debt obligation on March 3, 2003.

(B) These adjustments reflect the elimination of the respective operating revenues and expenses attributable to the 17 corporate tenant lease assets disposed of on April 1, 2003 and the elimination of interest expense relating to the reduction of the unsecured debt obligation on March 3, 2003.

(C) Income from continuing operations does not include the elimination of $3.0 million of income and a gain of $123,000 related to one corporate tenant lease asset disposed of in this transaction that was held for sale and included in discontinued operations at December 31, 2002. Additionally, income from continuing operations does not include the elimination of $11.5 million of income and $594,000 of gains related to several other corporate tenant lease assets previously disposed of that were included in income from discontinued operations at December 31, 2002.

(D) As the Company is a wholly-owned subsidiary of iStar Financial Inc. and thus has only one shareholder, no pro forma earnings per share data has been presented.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		TRINET CORPORATE REALTY TRUST, INC. Registrant
Date: April 11, 2003		/s/ CATHERINE D. RICE Catherine D. Rice Chief Financial Officer (Authorized Officer of the Registrant and Principal Financial Officer)

QuickLinks

Item 2. Acquisition or Disposition of Assets

Item 7. Financial Statements and Exhibits

TriNet Corporate Realty Trust, Inc. (A wholly-owned subsidiary of iStar Financial Inc.) Pro Forma Consolidated Balance Sheet As of December 31, 2002 (In thousands, except per share and share data) (unaudited)
TriNet Corporate Realty Trust, Inc. (A wholly-owned subsidiary of iStar Financial Inc.) Pro Forma Consolidated Statement of Operations For the year ended December 31, 2002 (In thousands) (unaudited)
TriNet Corporate Realty Trust, Inc. Notes to Pro Forma Consolidated Financial Statements (unaudited)
SIGNATURES

Filing Compare · TRINET CORPORATE REALTY TRUST INC