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iStar Financial Prices Offering of 7.80% Cumulative Redeemable Preferred Stock

NEW YORK, Sept. 24 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has priced an underwritten public offering of 4,000,000 shares of its 7.80% Series F Cumulative Redeemable Preferred Stock. Each share of Series F Preferred Stock will have a liquidation preference of $25.00 per share. Merrill Lynch & Co. is acting as the sole-book running manager of the offering and Lehman Brothers is a co-lead manager.

iStar Financial intends to use the approximately $96.6 million of net proceeds from the offering to repay secured debt.

This press release does not constitute an offer to sell or a solicitation of offers to buy the Series F Preferred Stock. 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

SOURCE  iStar Financial Inc.
    -0-                             09/24/2003
    /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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9142 09/24/2003 17:48 EDT
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