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07/03/2000

iStar Financial Declares Regular Quarterly Dividend of $0.60 Per Share

NEW YORK, July 3 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly-traded finance company focused exclusively on the commercial real estate industry, today announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of $0.60 per share for the quarter ended June 30, 2000. The $0.60 dividend is payable on July 31, 2000 to holders of record on July 17, 2000.

iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company, which is taxed as a real estate investment trust, provides structured mortgage, mezzanine and lease financing through its origination, acquisition and servicing platform. The Company's mission is to maximize risk-adjusted returns on equity by providing innovative and value-added financing solutions to private and corporate owners of real estate nationwide. Additional information on iStar Financial is available on the Company's web site at www.istarfinancial.com.

(NOTE: Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although iStar Financial Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from iStar Financial Inc.'s expectations include completion of pending investments, continued ability to originate new investments, the availability and cost of capital for future investments, competition within the finance and real estate industries, economic conditions, and other risks detailed from time to time in iStar Financial Inc.'s SEC reports.) SOURCE iStar Financial Inc.

CONTACT: Spencer B. Haber, Executive Vice President and CFO, or Lianne A. Merchant, Vice President, Investor Relations, both of iStar Financial Inc., 212-930-9400/

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