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01/31/2001

iStar Financial Announces Tax Consideration for 2000 Dividends

NEW YORK, Jan. 31 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI), announced today the tax treatment of its 2000 distributions.

Common Stock Dividends

During 2000, taxable dividends for iStar Financial's common stock were $2.50 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 2000 taxable dividend will be classified as follows: 85.15% ($2.1291) as ordinary income and 14.85% ($0.3712) as capital gain. The following table contains this information on a quarterly basis.

                                               Cash      Taxable   20 Percent
  Declaration    Record       Payable      Distribution  Ordinary     Capital
      Date        Date         Date         Per Share    Dividend       Gain

    11/29/99     12/31/99    01/28/00         0.1027*    $0.1027        $ --
    04/03/00     04/14/00    04/28/00        0.6000       0.4108      0.1892
    07/03/00     07/17/00    07/31/00        0.6000       0.4904      0.1096
    10/02/00     10/16/00    10/30/00        0.6000       0.5276      0.0724
    12/15/00     12/29/00    01/12/01         0.5976**    0.5976          --
                                             2.5003      $2.1291     $0.3712
    12/15/2000 12/29/2000    01/12/01         0.0024**    0.0024          --
                                             2.5027      $2.1315     $0.3712

  • Portion of fourth quarter 1999 dividend that was carried forward as taxable income into 2000.

** $0.5976 of the total $0.6000 fourth quarter dividend is reportable as taxable income in 2000. $0.0024 is reportable as taxable income in 2001.

Preferred Stock Dividends

iStar Financial's distribution of $0.58594 per share of Series B preferred stock CUSIP #45031U-200, listed under the NYSE ticker symbol SFI pB, will be classified as follows: 84.54% ($1.9813) as ordinary income and 15.46% ($0.3623) as capital gain. The following table contains this information.

                                               Cash       Taxable  20 Percent
  Declaration     Record       Payable     Distribution  Ordinary     Capital
      Date        Date           Date       Per Share     Dividend      Gain

    02/16/00     02/29/00     03/15/00       0.5859       0.4012      0.1847
    05/05/00     05/31/00     06/15/00       0.5859       0.4789      0.1070
    08/15/00     08/31/00     09/15/00       0.5859       0.5153      0.0706
    11/15/00     11/30/00     12/15/00       0.5859       0.5859          --
                                             2.3436      $1.9813     $0.3623

iStar Financial's distribution of $0.57500 per share of Series C preferred stock CUSIP #45031U-309, listed under the NYSE ticker symbol SFI pC, will be classified as follows: 84.53% ($1.9443) as ordinary income and 15.47% ($0.3557) as capital gain. The following table contains this information on a quarterly basis.

                                               Cash       Taxable  20 Percent
   Declaration    Record       Payable     Distribution  Ordinary     Capital
      Date         Date          Date        Per Share    Dividend      Gain

    02/16/00     02/29/00     03/15/00       0.5750       0.3937      0.1813
    05/05/00     05/31/00     06/15/00       0.5750       0.4700      0.1050
    08/15/00     08/31/00     09/15/00       0.5750       0.5056      0.0694
    11/15/00     11/30/00     12/15/00       0.5750       0.5750          --
                                             2.3000      $1.9443     $0.3557

iStar Financial's distribution of $0.50000 per share of Series D preferred stock CUSIP #45031U-408, listed under NYSE ticker symbol SFI pD, will be classified as follows: 84.54% ($1.6908) as ordinary income and 15.46% ($0.3092) as capital gain. The following table contains this information on a quarterly basis.

                                               Cash       Taxable  20 Percent
  Declaration    Record        Payable     Distribution   Ordinary    Capital
      Date         Date          Date        Per Share    Dividend     Gain

    02/16/00     02/29/00     03/15/00       0.5000       0.3424      0.1576
    05/05/00     05/31/00     06/15/00       0.5000       0.4087      0.0913
    08/15/00     08/31/00     09/15/00       0.5000       0.4397      0.0603
    11/15/00     11/30/00     12/15/00       0.5000       0.5000          --
                                             2.0000      $1.6908     $0.3092

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

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