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01/31/2003

iStar Financial Announces Tax Treatment of 2002 Dividends

NEW YORK, Jan. 31 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced today the tax treatment of its 2002 dividends.

Common Stock Dividends

During 2002, taxable dividends for iStar Financial's common stock were $2.52 per share. The Company's common stock is currently listed under the CUSIP #45031U-101 and trades under the NYSE ticker symbol SFI. For tax reporting purposes, the 2002 taxable dividend will be classified as follows: $2.2078 as ordinary income, $0.0454 as 20% capital gain, and $0.2668 as return of capital. The following table contains this information on a quarterly basis.

                                         Cash      Taxable      20%     Return
    Declaration   Record    Payment  Distribution  Ordinary  Capital      of
       Date        Date       Date       Date      Dividend    Gain    Capital

     04/01/02    04/15/02   04/29/02   $0.6300     $0.5633   $0.0000   $0.0667
     07/01/02    07/15/02   07/29/02    0.6300      0.5626    0.0007    0.0667
     10/01/02    10/15/02   10/29/02    0.6300      0.5633    0.0000    0.0667
     12/02/02    12/16/02   12/30/02    0.6300      0.5186    0.0447    0.0667
                                       $2.5200     $2.2078   $0.0454   $0.2668

Preferred Stock Dividends

During 2002, taxable dividends for iStar Financial's distribution of $2.3436 per share of Series B preferred stock CUSIP #45031U-200, listed under the NYSE ticker symbol SFI pB, will be classified as follows: $2.2970 as ordinary income and $0.0466 as 20% capital gain. The following table contains this information on a quarterly basis.

                                         Cash      Taxable      20%     Return
    Declaration   Record    Payment  Distribution  Ordinary  Capital      of
       Date        Date       Date       Date      Dividend    Gain    Capital

     02/15/02    02/28/02   03/15/02   $0.5859     $0.5859   $0.0000        --
     05/24/02    05/31/02   06/15/02    0.5859      0.5853    0.0006        --
     08/17/02    08/31/02   09/14/02    0.5859      0.5859    0.0000        --
     11/16/02    11/30/02   12/14/02    0.5859      0.5399    0.0460        --
                                       $2.3436     $2.2970   $0.0466        --

During 2002, taxable dividends for iStar Financial's distribution of $2.30 per share of Series C preferred stock CUSIP #45031U-309, listed under the NYSE ticker symbol SFI pC, will be classified as follows: $2.2543 as ordinary income and $0.0457 as 20% capital gain. The following table contains this information on a quarterly basis.

                                         Cash      Taxable      20%     Return
    Declaration   Record    Payment  Distribution  Ordinary  Capital      of
       Date        Date       Date       Date      Dividend    Gain    Capital

     02/15/02    02/28/02   03/15/02   $0.5750     $0.5750   $0.0000        --
     05/24/02    05/31/02   06/15/02    0.5750      0.5744    0.0006        --
     08/17/02    08/31/02   09/14/02    0.5750      0.5750    0.0000        --
     11/16/02    11/30/02   12/14/02    0.5750      0.5299    0.0451        --
                                       $2.3000     $2.2543   $0.0457        --

During 2002, taxable dividends for iStar Financial's distribution of $2.00 per share of Series D preferred stock CUSIP #45031U-408, listed under NYSE ticker symbol SFI pD, will be classified as follows: $1.9602 as ordinary income and $0.0398 as 20% capital gain. The following table contains this information on a quarterly basis.

                                         Cash      Taxable      20%     Return
    Declaration   Record    Payment  Distribution  Ordinary  Capital       of
       Date        Date       Date       Date      Dividend    Gain    Capital

     02/15/02    02/28/02   03/15/02   $0.5000     $0.5000   $0.0000        --
     05/24/02    05/31/02   06/15/02    0.5000      0.4995    0.0005        --
     08/17/02    08/31/02   09/14/02    0.5000      0.5000    0.0000        --
     11/16/02    11/30/02   12/14/02    0.5000      0.4607    0.0393        --
                                       $2.0000     $1.9602   $0.0398        --

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, or Andrew C. Richardson, Executive Vice President, or Erin C. Gatewood, Associate, Investor Relations, all of iStar Financial Inc., +1-212-930-9400/

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