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05/08/2003

iStar Financial Announces Private Bond Offering Under 'STARs' Proprietary Match Funding Program

NEW YORK, May 8 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) today announced that it has priced a private offering of asset-backed bonds under the Company's proprietary match funding program, iStar Asset Receivables ("STARs"). The STARs Series 2003-1 offered bonds consist of 11 classes of investment-grade securities, and the Company expects to receive approximately $646 million of gross proceeds from the offering. The STARs Series 2003-1 bonds create match funded term financing for approximately $739 million of iStar Financial's structured finance and corporate tenant lease assets.

The weighted average interest rate on the offered bonds, expressed on an all-floating rate basis, is approximately LIBOR + 47 basis points. The offering is expected to close on or about May 21, 2003 and is subject to customary closing conditions. The Company will use the net proceeds from the offering to repay outstanding borrowings under its credit facilities.

The STARs Series 2003-1 bonds will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or applicable state securities laws, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the STARs Series 2003-1 bonds. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

SOURCE  iStar Financial Inc.
    -0-                             05/08/2003
    /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 Financial Inc./
    /Web site:  http://www.istarfinancial.com /
    (SFI)

CO:  iStar Financial Inc.
ST:  New York
IN:  FIN MFD
SU:  OFR


MG 
-- NYTH165 --
0304 05/08/2003 16:35 EDT http://www.prnewswire.com 
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