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03/11/2003

iStar Financial Prices Senior Note Offering

NEW YORK, Mar 11, 2003 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI) priced its previously-announced offering of $150 million of Senior Notes due March 2008. The Notes were sold at 100% of their principal amount and will bear interest at the rate of 7.00% per annum. The offering is being managed by Deutsche Bank Securities Inc. The closing of the offering is subject to customary closing conditions.

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

Catherine D. Rice, iStar Financial's chief financial officer, commented, "We are pleased with the amount of interest we received in both the offering and the Company. The offering was heavily oversubscribed, with significant participation from investment-grade buyers, enabling us to price the bonds at the tight end of the expected range."

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

URL:              http://www.istarfinancial.com 
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