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12/20/2007

iStar Financial Declares Special Cash Dividend of $0.25 Per Share

NEW YORK, Dec. 20 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), a leading publicly traded finance company focused on the commercial real estate industry, announced today that its Board of Directors has declared a special cash dividend of $0.25 per common share payable on January 14, 2008 to shareholders of record as of the close of business on December 31, 2007. The decision to declare a special dividend was primarily due to higher taxable income generated as a result of the Company's acquisition of the commercial lending business of Fremont General.

The Board of Directors has not changed the Company's policy with respect to regular quarterly dividends. On December 4, 2007, the Company's Board of Directors declared a regular quarterly cash dividend on its common stock of $0.87 per share for the quarter ended December 31, 2007. The $0.87 dividend is payable on December 31, 2007 to holders of record on December 17, 2007.

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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 www.istarfinancial.com.

SOURCE iStar Financial Inc.

CONTACT:
Catherine D. Rice, Chief Financial Officer
or
Andrew G. Backman, Vice President - Investor Relations
both of iStar Financial Inc.
1-212-930-9400
Web site: http://www.istarfinancial.com

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