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03/04/2003

iStar Financial Commences Offering of Senior Notes

NEW YORK, Mar 4, 2003 /PRNewswire-FirstCall via COMTEX/ -- ? iStar Financial Inc. (NYSE: SFI) today announced that it has commenced an offering of $150 million of Senior Notes due March 2008. The offering is being managed by Deutsche Bank Securities Inc.

The Notes are unsecured senior obligations of iStar Financial. The net proceeds of the offering will be used to repay existing unsecured indebtedness and for general corporate purposes.

This press release does not constitute an offer to sell or a solicitation of offers to buy the Notes. The offering is being made solely by means of a prospectus supplement and accompanying prospectus, copies of which will be filed with the Securities and Exchange Commission.

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 a strong dividend and 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, Andrew C. Richardson, Executive Vice President, Capital Markets, or Erin C. Gatewood, Associate, Investor Relations, all of iStar Financial, +1-212-930-9400

URL: http://www.istarfinancial.com
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