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12/12/2007

iStar Financial Commences Public Offering of Common Stock

NEW YORK, Dec. 12 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), a leading publicly traded finance company focused on the commercial real estate industry, announced today that it has commenced an underwritten public offering of 6 million shares of its common stock. The Company intends to grant the underwriters an option to purchase up to 900,000 additional shares to cover over-allotments.

The Company intends to use the net proceeds from the offering to repay outstanding indebtedness under the unsecured interim financing facility which the Company used to fund its acquisition of the commercial real estate lending business of Fremont General Corporation.

This offering is made pursuant to an effective shelf registration statement and prospectus filed by iStar Financial with the Securities and Exchange Commission and is subject to market conditions. Citi, J.P. Morgan Securities Inc. and Wachovia Securities are acting as joint book-running managers for the offering and as representatives of the underwriters.

Interested parties may obtain copies of the preliminary prospectus supplement and accompanying prospectus relating to the common stock offering by contacting Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone: (718) 765-6732, fax: (718) 765-6734; J.P. Morgan Securities Inc., Chase Distribution & Support Service Northeast Statement Processing, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, telephone: (718) 242-1350, fax: (708) 242-8003; or Wachovia Securities Prospectus Department, 375 Park Avenue, New York, New York 10152, Attn: Equity Syndicate, email: equity.syndicate@wachovia.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. A registration statement relating to the securities has been filed with the Securities and Exchange Commission and is effective. The public offering is being made by means of a prospectus supplement and accompanying prospectus.

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iStar Financial Inc. is a leading publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom-tailored investment capital to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, as well as corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns on equity to shareholders by providing innovative and value added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at http://www.istarfinancial.com.

SOURCE iStar Financial Inc.

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