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07/01/2002

iStar Financial Declares Regular Quarterly Dividend

NEW YORK, Jul 1, 2002 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), announced today that its Board of Directors has declared a regular quarterly cash dividend on its common stock of $0.63 per share for the quarter ended June 30, 2002. The $0.63 dividend is payable on July 29, 2002 to holders of record on July 15, 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 http://www.istarfinancial.com.

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               http://tbutton.prnewswire.com/prn/11690X30587918
SOURCE iStar Financial Inc.

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

URL:              http://www.istarfinancial.com 
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