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12/02/2002

iStar Financial Declares Regular Quarterly Dividend

NEW YORK, Dec. 2 /PRNewswire-FirstCall/ -- 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 December 31, 2002. The $0.63 dividend is payable on December 30, 2002 to holders of record on December 16, 2002.

iStar Financial is the leading publicly traded finance company focused 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: Catherine D. Rice, Chief Financial Officer, +1-212-930-9400, Andrew C. Richardson, Senior Vice President, Capital Markets, +1-212-930-9400, or Erin C. Gatewood, Associate, Investor Relations, +1-212-930-9400, all of iStar Financial Inc.

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