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iStar Financial Reiterates Second Quarter Earnings Guidance

NEW YORK, July 15 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced today that it is reiterating the Company's previously-announced second quarter 2003 adjusted earnings and GAAP earnings guidance of $0.79-$0.80 and $0.57-$0.59 per diluted common share, respectively. Please see our April 24, 2003 press release for a reconciliation of our adjusted earnings guidance to our GAAP earnings guidance.

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

SOURCE  iStar Financial Inc.
    -0-                             07/15/2003
    /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 Inc., +1-212-930-9400/
    /Web site: /

CO:  iStar Financial Inc.
ST:  New York

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3106 07/15/2003 13:43 EDT 
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