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Stockholder Prices Secondary Offering

NEW YORK, May 15, 2002 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI) announced that it was notified today that Starwood Opportunity Fund IV, L.P. agreed to sell 10.0 million shares of iStar Financial common stock owned by it in a fully underwritten offering at a net price of $29.00 per share. The Company is not selling any shares in the offering. Merrill Lynch & Co. is the sole underwriter of the offering. The closing of the offering is subject to customary closing conditions.

The Company was also advised that the selling stockholder has granted the underwriter an option to purchase up to an additional 1.5 million of its shares of iStar Financial common stock solely to cover over-allotments.

Assuming the underwriter exercises its over-allotment option, the selling stockholder will own approximately 25.5% of iStar Financial's common stock on a diluted basis following the offering, or 27.2% if the over-allotment option is not exercised, based on the diluted sharecount as of May 10, 2002.

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

SOURCE iStar Financial Inc.

CONTACT: Spencer B. Haber, President and Chief Financial Officer;
Andrew C. Richardson, Senior Vice President, Capital Markets;
Erin C. Hart, Associate, Investor Relations
all of iStar Financial Inc.

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