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07/31/2002

Moody's Raises iStar Financial Ratings Outlook to 'Positive'

NEW YORK, Jul 31, 2002 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), announced today that Moody's Investor Service has raised its ratings outlook for iStar Financial's senior unsecured credit rating to "positive." In its press release announcing the increase, Moody's cited "iStar Financial's experienced management team, along with its ability to formulate highly structured transactions utilizing strong underwriting skills," among other factors leading to its decision.

Spencer B. Haber, iStar Financial's president and chief financial officer, stated, "This action signals that we are on track to meet our objective of an investment grade credit rating from Moody's, in addition to the investment grade rating we received from Fitch Ratings on Monday. We view Moody's favorable action as yet another important confirmation of the soundness of our business strategy, asset quality and financial position."

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/11690X74326388
SOURCE iStar Financial Inc.

CONTACT:          Spencer B. Haber, President and Chief Financial Officer,
                  +1-212-930-9400, 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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