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04/08/2003

iStar Financial Add-On Senior Note Offering Priced to Yield 6.34%

NEW YORK, April 8 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) today announced that it has priced an offering for an additional $35 million of its Senior Notes. The issuance is an add-on to the $150 million of 7.00% Senior Notes due 2008 that were issued in March of 2003, bringing the aggregate principal amount of the Senior Notes to $185 million. The add-on Notes have identical terms to the Senior Notes issued in March, although they will be issued at 102.75% of their principal amount, to yield 6.34% per annum. The offering is being managed by Deutsche Bank Securities Inc. and is subject to customary closing conditions.

The Notes are unsecured senior obligations of iStar Financial. The net proceeds of the add-on Notes will be used to repay existing secured indebtedness.

This press release does not constitute an offer to sell or a solicitation of offers to buy the Senior 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 custom-tailored financing to high-end private and corporate owners of real estate nationwide, including senior and junior mortgage debt, senior, mezzanine and subordinated corporate 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 website at www.istarfinancial.com.

SOURCE iStar Financial Inc.
04/08/2003
CONTACT: Catherine D. Rice, Chief Financial Officer,
+1-212-930-9400
or
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

Web site: http://www.istarfinancial.com (SFI)

CO: iStar Financial Inc.; Deutsche Bank Securities Inc.
ST: New York
IN: FIN RLT
SU: OFR
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