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01/31/2002

iStar Financial Announces Tax Treatment of 2001 Dividends

NEW YORK, Jan 31, 2002 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), announced today the tax treatment of its 2001 dividends.

Common Stock Dividends

During 2001, taxable dividends for iStar Financial's common stock were $2.4524 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 2001 taxable dividend will be classified as follows: 90.55% ($2.2206) as ordinary income and 9.45% ($0.2318) as return of capital. The following table contains this information on a quarterly basis.

                                               Cash      Taxable
    Declaration    Record      Payment Distribution     Ordinary   Return of
    Date             Date         Date    Per Share     Dividend     Capital

    12/15/00     12/29/00     01/12/01      $0.0024      $0.0022     $0.0002
    04/02/01     04/16/01     04/30/01       0.6125       0.5546      0.0579
    07/02/01     07/16/01     07/30/01       0.6125       0.5546      0.0579
    10/01/01     10/15/01     10/29/01       0.6125       0.5546      0.0579
    12/03/01     12/17/01     12/31/01       0.6125       0.5546      0.0579
                                            $2.4524      $2.2206     $0.2318

   * Portion of fourth quarter 2000 dividend that was carried forward as
     taxable income into 2001.
Preferred Stock Dividends

During 2001, taxable dividends for iStar Financial's distribution of $2.343752 per share of Series B preferred stock CUSIP #45031U-200, listed under the NYSE ticker symbol SFI pB, will be classified as 100% ordinary income. The following table contains this information on a quarterly basis.

                                               Cash      Taxable
    Declaration    Record      Payment Distribution     Ordinary   Return of
    Date             Date         Date    Per Share     Dividend     Capital

    02/15/01     02/28/01     03/15/01     0.585938     0.585938         $--
    05/24/01     05/31/01     06/15/01     0.585938     0.585938          --
    08/17/01     08/31/01     09/14/01     0.585938     0.585938          --
    11/16/01     11/30/01     12/14/01     0.585938     0.585938          --
                                           2.343752     2.343752         $--
During 2001, taxable dividends for iStar Financial's distribution of $2.3000 per share of Series C preferred stock CUSIP #45031U-309, listed under the NYSE ticker symbol SFI pC, will be classified as 100% ordinary income. The following table contains this information on a quarterly basis.

                                               Cash      Taxable
    Declaration    Record      Payment Distribution     Ordinary   Return of
    Date             Date         Date    Per Share     Dividend     Capital

    02/15/01     02/28/01     03/15/01      $0.5750      $0.5750         $--
    05/24/01     05/31/01     06/15/01       0.5750       0.5750          --
    08/17/01     08/31/01     09/14/01       0.5750       0.5750          --
    11/16/01     11/30/01     12/14/01       0.5750       0.5750          --
                                            $2.3000      $2.3000         $--
During 2001, taxable dividends for iStar Financial's distribution of $2.0000 per share of Series D preferred stock CUSIP #45031U-408, listed under NYSE ticker symbol SFI pD, will be classified as 100% ordinary income. The following table contains this information on a quarterly basis.

                                               Cash      Taxable
    Declaration    Record      Payment Distribution     Ordinary   Return of
    Date             Date         Date    Per Share     Dividend     capital

    02/15/01     02/28/01     03/15/01      $0.5000      $0.5000         $--
    05/24/01     05/31/01     06/15/01       0.5000       0.5000          --
    08/17/01     08/31/01     09/14/01       0.5000       0.5000          --
    11/16/01     11/30/01     12/14/01       0.5000       0.5000          --
                                            $2.0000      $2.0000         $--
iStar Financial is the largest publicly traded finance company focused exclusively 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 http://www.istarfinancial.com.

SOURCE iStar Financial Inc.

CONTACT:          Spencer B. Haber, President and Chief Financial Officer,
                  Andrew C. Richardson, Senior Vice President, Capital Markets, or Erin C. Hart,
                  Associate, Investor Relations, all of iStar Financial Inc., +1-212-930-9400

URL:              http://www.istarfinancial.com
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