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04/12/2001

iStar Financial Comments on Standard & Poor's Upgrade

NEW YORK, April 12 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI), announced that Standard & Poor's yesterday upgraded iStar Financial's senior unsecured credit rating to BB+ from BB. In addition, Standard & Poor's raised the ratings on iStar Financial's Series B, C and D preferred stock to B+ from B. Spencer B. Haber, iStar Financial's Executive Vice President - Finance and Chief Financial Officer, stated, "We view Standard & Poor's upgrade as another affirmation of the strength of our business strategy and risk management skills. With each of the three major rating agencies now at the BB+ senior unsecured ratings level, our objective is to continue to demonstrate the steady performance which has characterized our business in the past, and which will help us to achieve investment grade status."

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 mezzanine and subordinated capital, 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, or Lianne A. Merchant, Vice President, Investor Relations, both of iStar Financial Inc., 212-930-9400/

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