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01/10/2001

iStar Financial Comments on Moody's Upgrade

NEW YORK, Jan. 10 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI), announced that Moody's Investors Service yesterday upgraded iStar Financial's senior unsecured credit rating to Ba1 from Ba2. In addition, Moody's raised the ratings on iStar Financial's Series B, C and D preferred stock to Ba3 from Bl. Spencer B. Haber, iStar Financial's Executive Vice President -- Finance and Chief Financial Officer, stated, "We are pleased with Moody's ratings action and view it as another step toward our continuing objective of an investment grade corporate credit rating. We believe Moody's upgrade affirms the fundamental credit strength of iStar Financial's business strategy, asset base and risk management controls, particularly at a time when other lenders are experiencing deteriorating credit conditions."

iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company provides structured financing to private and corporate owners of real estate nationwide, including senior and junior mortgage debt, corporate and mezzanine lending, and corporate net lease financing. The Company, which is taxed as a real estate investment trust, seeks to deliver 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 Web site at www.istarfinancial.com. SOURCE iStar Financial, Inc.

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

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