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08/18/2003

iStar Financial Declares Preferred Stock Dividends

NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) reported today that the Company's Board of Directors has declared dividends on the Company's Series B, Series C, Series D and Series E preferred stock. For all four series of preferred stock, dividends are payable on September 15, 2003 to holders of record on September 1, 2003.

A dividend of $0.585938 per share will be paid on the 9.375% Series B preferred stock, a dividend of $0.575 per share will be paid on the 9.20% Series C preferred stock, a dividend of $0.50 per share will be paid on the 8.00% Series D preferred stock and a dividend of $0.322656 per share (prorated from July 18, 2003 to September 15, 2003) will be paid on the 7 7/8% Series E preferred stock.

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.
    -0-                             08/18/2003
    /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:  http://www.istarfinancial.com /
    (SFI)

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

DE-BE 
-- NYM038 --
1249 08/18/2003 07:30 EDT http://www.prnewswire.com 
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