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01/28/2009

iStar Financial Announces Tax Treatment of 2008 Dividends

NEW YORK, Jan. 28 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), a leading publicly traded finance company focused on the commercial real estate industry, announced today the tax treatment of its 2008 common and preferred stock dividends.

Common Stock Dividends

During 2008, taxable dividends for iStar Financial's common stock were $1.74 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 2008 taxable dividend will be classified as follows: $0.1885716 as ordinary income, $1.3244294 as 15% capital gain, $0.2269990 as 25% capital gain, and $0.0482748 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.




                                               Cash       Taxable
    Declaration      Record      Payment   Distribution  Ordinary
       Date           Date        Date       Per Share   Dividend
     03/07/08        03/17/08    04/30/08   $0.8700000  $0.0942858
     07/01/08        07/15/08    07/31/08    0.8700000   0.0942858
                                            $1.7400000  $0.1885716


                     Section
                      1250
        15%            25%          Return of     Qualifying
    Capital Gain   Capital Gain      Capital      Dividends
    $0.6622147     $0.1134995           -        $0.0241374
     0.6622147      0.1134995           -         0.0241374
    $1.3244294     $0.2269990         $0.00      $0.0482748



    Preferred Stock Dividends

Series D Preferred Stock

During 2008, 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: $0.2167492 as ordinary income, $1.5223324 as 15% capital gain, $0.2609184 as 25% capital gain, and $0.0554884 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.




                                               Cash       Taxable
    Declaration      Record      Payment   Distribution  Ordinary
       Date           Date        Date       Per Share   Dividend
      02/15/08      02/29/08    03/14/08   $0.5000000  $0.0541873
      05/15/08      05/30/08    06/13/08    0.5000000   0.0541873
      08/15/08      08/29/08    09/15/08    0.5000000   0.0541873
      11/14/08      11/28/08    12/15/08    0.5000000   0.0541873
                                           $2.0000000  $0.2167492


                     Section
                      1250
        15%            25%          Return of     Qualifying
    Capital Gain   Capital Gain      Capital      Dividends
     $0.3805831    $0.0652296           -        $0.0138721
      0.3805831     0.0652296           -         0.0138721
      0.3805831     0.0652296           -         0.0138721
      0.3805831     0.0652296           -         0.0138721
     $1.5223324    $0.2609184         $0.00      $0.0554884


Series E Preferred Stock

During 2008, 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: $0.2133624 as ordinary income, $1.4985476 as 15% capital gain, $0.2568420 as 25% capital gain, and $0.0546212 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.




                                               Cash       Taxable
    Declaration      Record      Payment   Distribution  Ordinary
       Date           Date        Date       Per Share   Dividend
      02/15/08      02/29/08    03/14/08   $0.4921880  $0.0533406
      05/15/08      05/30/08    06/13/08    0.4921880   0.0533406
      08/15/08      08/29/08    09/15/08    0.4921880   0.0533406
      11/14/08      11/28/08    12/15/08    0.4921880   0.0533406
                                           $1.9687520  $0.2133624


                     Section
                      1250
        15%            25%          Return of     Qualifying
    Capital Gain   Capital Gain      Capital      Dividends
     $0.3746369    $0.0642105           -        $0.0136553
      0.3746369     0.0642105           -         0.0136553
      0.3746369     0.0642105           -         0.0136553
      0.3746369     0.0642105           -         0.0136553
     $1.4985476    $0.2568420         $0.00      $0.0546212


Series F Preferred Stock

During 2008, 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: $0.2113304 as ordinary income, $1.4842740 as 15% capital gain, $0.2543956 as 25% capital gain, and $0.0541012 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.



                                               Cash       Taxable
    Declaration      Record      Payment   Distribution  Ordinary
       Date           Date        Date       Per Share   Dividend
      02/15/08      02/29/08    03/14/08   $0.4875000  $0.0528326
      05/15/08      05/30/08    06/13/08    0.4875000   0.0528326
      08/15/08      08/29/08    09/15/08    0.4875000   0.0528326
      11/14/08      11/28/08    12/15/08    0.4875000   0.0528326
                                           $1.9500000  $0.2113304


                     Section
                      1250
        15%            25%          Return of     Qualifying
    Capital Gain   Capital Gain      Capital      Dividends
     $0.3710685    $0.0635989           -        $0.0135253
      0.3710685     0.0635989           -         0.0135253
      0.3710685     0.0635989           -         0.0135253
      0.3710685     0.0635989           -         0.0135253
     $1.4842740    $0.2543956         $0.00      $0.0541012

Series G Preferred Stock

During 2008, 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: $0.2072664 as ordinary income, $1.4557304 as 15% capital gain, $0.2495032 as 25% capital gain, and $0.0530608 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.




                                               Cash       Taxable
    Declaration      Record      Payment   Distribution  Ordinary
       Date           Date        Date       Per Share   Dividend
      02/15/08      02/29/08    03/14/08   $0.4781250  $0.0518166
      05/15/08      05/30/08    06/13/08    0.4781250   0.0518166
      08/15/08      08/29/08    09/15/08    0.4781250   0.0518166
      11/14/08      11/28/08    12/15/08    0.4781250   0.0518166
                                           $1.9125000  $0.2072664


                     Section
                      1250
        15%            25%          Return of     Qualifying
    Capital Gain   Capital Gain      Capital      Dividends
     $0.3639326    $0.0623758           -        $0.0132652
      0.3639326     0.0623758           -         0.0132652
      0.3639326     0.0623758           -         0.0132652
      0.3639326     0.0623758           -         0.0132652
     $1.4557304    $0.2495032         $0.00      $0.0530608


Series I Preferred Stock

During 2008, 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: $0.2032024 as ordinary income, $1.4271864 as 15% capital gain, $0.2446112 as 25% capital gain, and $0.0520204 qualifies as a qualifying dividend. The following table contains this information on a quarterly basis.




                                               Cash       Taxable
    Declaration      Record      Payment   Distribution  Ordinary
       Date           Date        Date       Per Share   Dividend
     02/15/08      02/29/08      03/14/08   $0.4687500  $0.0508006
     05/15/08      05/30/08      06/13/08    0.4687500   0.0508006
     08/15/08      08/29/08      09/15/08    0.4687500   0.0508006
     11/14/08      11/28/08      12/15/08    0.4687500   0.0508006
                                            $1.8750000  $0.2032024


                     Section
                      1250
        15%            25%          Return of     Qualifying
    Capital Gain   Capital Gain      Capital      Dividends
     $0.3567966    $0.0611528           -        $0.0130051
      0.3567966     0.0611528           -         0.0130051
      0.3567966     0.0611528           -         0.0130051
      0.3567966     0.0611528           -         0.0130051
     $1.4271864    $0.2446112         $0.00      $0.0520204



                          *               *               *

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,
Senior Vice President - Investor Relations,
both of iStar Financial Inc.,
+1-212-930-9400
Web Site: http://www.istarfinancial.com
(SFI)

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