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08/16/2002

iStar Financial Inc. Declares Preferred Stock Dividends

NEW YORK, Aug 16, 2002 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI) reported today that the Company's Board of Directors has declared dividends on the Company's Series B, Series C and Series D preferred stock. For all three series of preferred stock, dividends are payable on September 13, 2002 to holders of record on August 30, 2002.

A dividend of $0.585938 per share will be paid on the 9.375% Series B preferred stock; a dividend of $0.575 per share will be paid on the 9.20% Series C preferred stock; and a dividend of $0.50 per share will be paid on the 8.00% Series D preferred stock.

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, +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 http://www.prnewswire.com

Copyright (C) 2002 PR Newswire. All rights reserved.

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