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06/27/2001

iStar Financial Appoints Spencer Haber President

NEW YORK, June 27 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) today announced that it has appointed Spencer B. Haber to the additional post of president, effective immediately. Mr. Haber is also a member of the Company's Board of Directors, and will continue to serve as its chief financial officer.

Jay Sugarman, iStar Financial's chairman and chief executive officer stated, "This appointment reflects Spencer's contribution to iStar Financial's business from both a strategic and leadership perspective. I am proud of the depth and quality of our management team, and look forward to continuing to build upon our Company's success."

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: Jay Sugarman, Chairman and Chief Executive Officer, or Lianne A. Merchant, Vice President, Investor Relations, or Erin C. Hart, Associate, Investor Relations, all of iStar Financial Inc., 212-930-9400/

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