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01/29/2008

iStar Financial Announces Tax Treatment of 2007 Dividends

NEW YORK, Jan. 29 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) the leading publicly traded finance company focused on the commercial real estate industry, announced today the tax treatment of its 2007 common and preferred stock dividends.

Common Stock Dividends

During 2007, taxable dividends for iStar Financial's common stock were $3.595 per share. The Company's common stock is currently listed under the CUSIP #45031U-101 and trades under the NYSE ticker symbol [SFI]. For tax reporting purposes, the 2007 taxable dividend will be classified as follows: $3.2622498 as ordinary income, $0.2874649 as 15% capital gain, $0.0452856 as 25% capital gain, and $0.0849820 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.

                                            Cash      Taxable
    Declaration  Record     Payment     Distribution  Ordinary      15%
       Date       Date        Date        Per Share   Dividend  Capital Gain

    04/02/07    04/16/07    04/30/07     $0.8250000  $0.7486387  $0.0659690
    07/02/07    07/16/07    07/30/07      0.8250000   0.7486387   0.0659690
    10/01/07    10/15/07    10/29/07      0.8250000   0.7486387   0.0659690
    12/03/07    12/17/07    12/31/07      0.8700000   0.7894735   0.0695673
    12/20/07    12/31/07    01/14/08      0.2500000   0.2268602   0.0199906
                                         $3.5950000  $3.2622498  $0.2874649


                                          Section
                                           1250
    Declaration  Record     Payment         25%       Return of   Qualifying
      Date        Date        Date      Capital Gain   Capital    Dividends

    04/02/07    04/16/07    04/30/07     $0.0103924       -       $0.0195020
    07/02/07    07/16/07    07/30/07      0.0103924       -        0.0195020
    10/01/07    10/15/07    10/29/07      0.0103924       -        0.0195020
    12/03/07    12/17/07    12/31/07      0.0109592       -        0.0205660
    12/20/07    12/31/07    01/14/08      0.0031492       -        0.0059100
                                         $0.0452856       $0.00   $0.0849820

Preferred Stock Dividends

-- Series D Preferred Stock --

During 2007, taxable dividends for iStar Financial's distribution of $2.00 per share of the 8.00% Series D preferred stock CUSIP #45031U-408, listed under NYSE ticker symbol [SFI pD], will be classified as follows: $1.8148812 as ordinary income, $0.1599248 as 15% capital gain, $0.0251936 as 25% capital gain, and $0.0472760 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.

                                           Cash       Taxable
    Declaration  Record     Payment    Distribution   Ordinary       15%
      Date        Date        Date       Per Share    Dividend   Capital Gain

    02/15/07    03/01/07    03/15/07     $0.5000000  $0.4537203   $0.0399812
    05/15/07    06/01/07    06/15/07      0.5000000   0.4537203    0.0399812
    08/15/07    08/31/07    09/14/07      0.5000000   0.4537203    0.0399812
    11/15/07    11/30/07    12/14/07      0.5000000   0.4537203    0.0399812
                                         $2.0000000  $1.8148812   $0.1599248


                                         Section
                                           1250
    Declaration  Record     Payment         25%       Return of    Qualifying
      Date        Date        Date     Capital Gain    Capital     Dividends

    02/15/07    03/01/07    03/15/07     $0.0062984       -       $0.0118190
    05/15/07    06/01/07    06/15/07      0.0062984       -        0.0118190
    08/15/07    08/31/07    09/14/07      0.0062984       -        0.0118190
    11/15/07    11/30/07    12/14/07      0.0062984       -        0.0118190
                                         $0.0251936       $0.00   $0.0472760

-- Series E Preferred Stock --

During 2007, taxable dividends for iStar Financial's distribution of $1.968752 per share of the 7.875% Series E preferred stock CUSIP #45031U-507, listed under NYSE ticker symbol [SFI pE], will be classified as follows: $1.7865740 as ordinary income, $0.1574260 as 15% capital gain, $0.0248000 as 25% capital gain, and $0.0465388 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.

                                            Cash      Taxable
    Declaration  Record     Payment     Distribution  Ordinary       15%
      Date        Date        Date        Per Share   Dividend   Capital Gain

    02/15/07    03/01/07    03/15/07     $0.4921880  $0.4466435   $0.0393565
    05/15/07    06/01/07    06/15/07      0.4921880   0.4466435    0.0393565
    08/15/07    08/31/07    09/14/07      0.4921880   0.4466435    0.0393565
    11/15/07    11/30/07    12/14/07      0.4921880   0.4466435    0.0393565
                                         $1.9687520  $1.7865740   $0.1574260


                                         Section
                                           1250
    Declaration  Record     Payment         25%       Return of   Qualifying
      Date        Date        Date     Capital Gain    Capital    Dividends

    02/15/07    03/01/07    03/15/07     $0.0062000       -       $0.0116347
    05/15/07    06/01/07    06/15/07      0.0062000       -        0.0116347
    08/15/07    08/31/07    09/14/07      0.0062000       -        0.0116347
    11/15/07    11/30/07    12/14/07      0.0062000       -        0.0116347
                                         $0.0248000       $0.00   $0.0465388

-- Series F Preferred Stock --

During 2007, taxable dividends for iStar Financial's distribution of $1.95 per share of the 7.80% Series F preferred stock CUSIP #45031U-606, listed under NYSE ticker symbol [SFI pF], will be classified as follows: $1.7695092 as ordinary income, $0.1559268 as 15% capital gain, $0.0245640 as 25% capital gain, and $0.0460955 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.

                                           Cash       Taxable
    Declaration  Record     Payment    Distribution   Ordinary       15%
      Date        Date        Date       Per Share    Dividend   Capital Gain

    02/15/07    03/01/07    03/15/07     $0.4875000  $0.4423773   $0.0389817
    05/15/07    06/01/07    06/15/07      0.4875000   0.4423773    0.0389817
    08/15/07    08/31/07    09/14/07      0.4875000   0.4423773    0.0389817
    11/15/07    11/30/07    12/14/07      0.4875000   0.4423773    0.0389817
                                         $1.9500000  $1.7695092   $0.1559268


                                         Section
                                           1250
    Declaration  Record     Payment         25%       Return of   Qualifying
      Date        Date        Date      Capital Gain   Capital    Dividends

    02/15/07    03/01/07    03/15/07     $0.0061410       -       $0.0115239
    05/15/07    06/01/07    06/15/07      0.0061410       -        0.0115239
    08/15/07    08/31/07    09/14/07      0.0061410       -        0.0115239
    11/15/07    11/30/07    12/14/07      0.0061410       -        0.0115239
                                         $0.0245640       $0.00   $0.0460955

-- Series G Preferred Stock --

During 2007, taxable dividends for iStar Financial's distribution of $1.9125 per share of the 7.65% Series G preferred stock CUSIP #45031U-705, listed under NYSE ticker symbol [SFI pG], will be classified as follows: $1.7353804 as ordinary income, $0.1529280 as 15% capital gain, $0.0240916 as 25% capital gain, and $0.0452090 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.

                                            Cash      Taxable
    Declaration  Record     Payment     Distribution  Ordinary       15%
      Date        Date        Date        Per Share   Dividend   Capital Gain

    02/15/07    03/01/07    03/15/07     $0.4781250  $0.4338451   $0.0382320
    05/15/07    06/01/07    06/15/07      0.4781250   0.4338451    0.0382320
    08/15/07    08/31/07    09/14/07      0.4781250   0.4338451    0.0382320
    11/15/07    11/30/07    12/14/07      0.4781250   0.4338451    0.0382320
                                         $1.9125000  $1.7353804   $0.1529280


                                         Section
                                           1250
    Declaration  Record     Payment         25%       Return of   Qualifying
      Date        Date        Date     Capital Gain    Capital    Dividends

    02/15/07    03/01/07    03/15/07     $0.0060229       -       $0.0113023
    05/15/07    06/01/07    06/15/07      0.0060229       -        0.0113023
    08/15/07    08/31/07    09/14/07      0.0060229       -        0.0113023
    11/15/07    11/30/07    12/14/07      0.0060229       -        0.0113023
                                         $0.0240916       $0.00   $0.0452090

-- Series I Preferred Stock --

During 2007, taxable dividends for iStar Financial's distribution of $1.875 per share of the 7.50% Series I preferred stock CUSIP #45031U-804, listed under NYSE ticker symbol [SFI pI], will be classified as follows: $1.7016512 as ordinary income, $0.1499296 as 15% capital gain, $0.0236192 as 25% capital gain, and $0.0443226 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.

                                           Cash       Taxable
    Declaration  Record     Payment    Distribution   Ordinary       15%
      Date        Date        Date       Per Share    Dividend   Capital Gain

    02/15/07    03/01/07    03/15/07     $0.4687500  $0.4254128   $0.0374824
    05/15/07    06/01/07    06/15/07      0.4687500   0.4254128    0.0374824
    08/15/07    08/31/07    09/14/07      0.4687500   0.4254128    0.0374824
    11/15/07    11/30/07    12/14/07      0.4687500   0.4254128    0.0374824
                                         $1.8750000  $1.7016512   $0.1499296

                                          Section
                                           1250
    Declaration  Record     Payment         25%       Return of   Qualifying
      Date        Date        Date      Capital Gain   Capital    Dividends

    02/15/07    03/01/07    03/15/07     $0.0059048       -       $0.0110806
    05/15/07    06/01/07    06/15/07      0.0059048       -        0.0110806
    08/15/07    08/31/07    09/14/07      0.0059048       -        0.0110806
    11/15/07    11/30/07    12/14/07      0.0059048       -        0.0110806
                                         $0.0236192       $0.00   $0.0443226


                      *               *               *

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.

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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