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12/17/2003

iStar Financial Announces Public Offering of Common Stock

NEW YORK, Dec 17, 2003 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI) today announced that it has agreed to sell 5.0 million shares of its common stock in an underwritten public offering. Lehman Brothers Inc. is the sole underwriter of the offering.

iStar Financial intends to use the net offering proceeds of approximately $191.1 million to repay secured indebtedness.

This press release does not constitute an offer of the securities described herein. A registration statement relating to the securities has been previously declared effective by the Securities and Exchange Commission. The offering is being made solely by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from Lehman Brothers Inc.

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.

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
http://www.istarfinancial.com
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