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07/30/2002

iStar Financial Upgraded to Investment Grade by Fitch

NEW YORK, Jul 30, 2002 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), announced today that Fitch Ratings upgraded iStar Financial's senior unsecured credit rating to BBB- from BB+. Spencer B. Haber, iStar Financial's president and chief financial officer, stated, "We are very pleased with Fitch's ratings action, and believe this upgrade acknowledges the fundamental strength of iStar Financial's credit."

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/11690X84127187
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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