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01/23/2004

iStar Financial Announces Redemption of 9.375% Series B Preferred Stock and 9.20% Series C Preferred Stock

NEW YORK, Jan. 23 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced today that it will redeem all 2,000,000 outstanding shares of its 9.375% Series B Cumulative Redeemable Preferred Stock and all 1,300,000 outstanding shares of its 9.20% Series C Cumulative Redeemable Preferred Stock. iStar Financial will redeem both the Series B Preferred Stock and the Series C Preferred Stock on February 23, 2004. The redemption price for the Series B Preferred Stock will be $25.00 per share, plus accrued and unpaid dividends to the redemption date of $0.46 per share. The redemption price for the Series C Preferred Stock will be $25.00 per share, plus accrued and unpaid dividends to the redemption date of $0.45 per share. Notices of redemption will be mailed to record holders of each series of Preferred Stock as of today, January 23, 2004.

EquiServe Trust Company, N.A. will act as the redemption agent for the redemption of the Series B and Series C Preferred Stock. Holders of the Series B Preferred Stock and Series C Preferred Stock may contact EquiServe Trust Company, N.A. at (800) 730-4001 with any questions or to request copies of documents to be used in tendering shares of Series B Preferred Stock and Series C Preferred Stock for redemption.

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-                             01/23/2004
    /CONTACT:  Andrew C. Richardson, Executive Vice President - Capital
Markets, or Catherine D. Rice, Chief Financial Officer, 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:  REA FIN
SU:

DO 
-- NYF020 --
9255 01/23/2004 07:30 EST http://www.prnewswire.com
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