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01/28/2004

iStar Financial Announces Tax Treatment of 2003 Dividends

NEW YORK, Jan 28, 2004 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI) announced today the tax treatment of its 2003 dividends.

Common Stock Dividends

During 2003, taxable dividends for iStar Financial's common stock were $2.65 per share. The Company's common stock is currently listed under the CUSIP #45031U-101 and trades under the NYSE ticker symbol SFI. For tax reporting purposes, the 2003 taxable dividend will be classified as follows: $1.8258 as ordinary income, $0.0651 as 20% capital gain, $0.0503 as 15% capital gain, $0.0708 as 25% capital gain, and $0.6380 as return of capital. The following table contains this information on a quarterly basis.

                                                        Post
                                Cash                    May 5,  Section
                                Distri-                 2003    1250
    Declar-                     bution Taxable  20%     15%     25%     Return
    ation    Record   Payment   Per    Ordinary Capital Capital Capital   of
    Date     Date     Date      Share  Dividend Gain    Gain    Gain   Capital
    04/01/03 04/15/03 04/29/03 $0.6625 $0.4954 $0.0047    $  - $0.0029 $0.1595
    07/01/03 07/15/03 07/29/03  0.6625  0.3754  0.0604  0.0187  0.0485  0.1595
    10/01/03 10/15/03 10/29/03  0.6625  0.4913       -  0.0073  0.0044  0.1595
    12/01/03 12/15/03 12/29/03  0.6625  0.4637       -  0.0243  0.0150  0.1595
                               $2.6500 $1.8258 $0.0651 $0.0503 $0.0708 $0.6380

Preferred Stock Dividends

During 2003, taxable dividends for iStar Financial's distribution of $2.3436 per share of the 9.375% Series B preferred stock CUSIP #45031U-200, listed under the NYSE ticker symbol SFI pB, will be classified as follows: $2.1791 as ordinary income, $0.0576 as 20% capital gain, $0.0444 as 15% capital gain, and $0.0625 as 25% capital gain. The following table contains this information on a quarterly basis.

                                                        Post
                                Cash                    May 5,  Section
                                Distri-                 2003    1250
    Declar-                     bution Taxable  20%     15%     25%     Return
    ation    Record   Payment   Per    Ordinary Capital Capital Capital  of
    Date     Date     Date      Share  Dividend Gain    Gain    Gain   Capital
    02/14/03 02/28/03 03/14/03 $0.5859 $0.5792 $0.0042 $     - $0.0025 $     -
    05/20/03 06/03/03 06/17/03  0.5859  0.4731  0.0534  0.0165  0.0429       -
    08/18/03 09/01/03 09/15/03  0.5859  0.5756       -  0.0064  0.0039       -
    11/17/03 12/01/03 12/15/03  0.5859  0.5512       -  0.0215  0.0132       -
                               $2.3436 $2.1791 $0.0576 $0.0444 $0.0625 $     -

During 2003, taxable dividends for iStar Financial's distribution of $2.30 per share of the 9.20% Series C preferred stock CUSIP #45031U-309, listed under the NYSE ticker symbol SFI pC, will be classified as follows: $2.1384 as ordinary income, $0.0565 as 20% capital gain, $0.0436 as 15% capital gain, and $0.0615 as 25% capital gain. The following table contains this information on a quarterly basis.

                                                        Post
                                Cash                    May 5,  Section
                                Distri-                 2003    1250
    Declar-                     bution Taxable  20%     15%     25%     Return
    ation    Record   Payment   Per    Ordinary Capital Capital Capital   of
    Date     Date     Date      Share  Dividend Gain    Gain    Gain   Capital
    02/14/03 02/28/03 03/14/03 $0.5750 $0.5684 $0.0041 $     - $0.0025 $     -
    05/20/03 06/03/03 06/17/03  0.5750  0.4643  0.0524  0.0162  0.0421       -
    08/18/03 09/01/03 09/15/03  0.5750  0.5648       -  0.0063  0.0039       -
    11/17/03 12/01/03 12/15/03  0.5750  0.5409       -  0.0211  0.0130       -
                               $2.3000 $2.1384 $0.0565 $0.0436 $0.0615 $     -

During 2003, taxable dividends for iStar Financial's distribution of $2.00 per share of the 8.00% Series D preferred stock CUSIP #45031U-408, listed under NYSE ticker symbol SFI pD, will be classified as follows: $1.8594 as ordinary income, $0.0491 as 20% capital gain, $0.0380 as 15% capital gain, and $0.0535 as 25% capital gain. The following table contains this information on a quarterly basis.

                                                        Post
                                Cash                    May 5,  Section
                                Distri-                 2003    1250
    Declar-                     bution Taxable  20%     15%     25%     Return
    ation    Record   Payment   Per    Ordinary Capital Capital Capital   of
    Date     Date     Date      Share  Dividend Gain    Gain    Gain   Capital
    02/14/03 02/28/03 03/14/03 $0.5000 $0.4943 $0.0035    $  - $0.0022 $     -
    05/02/03 06/03/03 06/17/03  0.5000  0.4037  0.0456  0.0141  0.0366       -
    08/18/03 09/01/03 09/15/03  0.5000  0.4911       -  0.0055  0.0034       -
    11/17/03 12/01/03 12/15/03  0.5000  0.4703       -  0.0184  0.0113       -
                               $2.0000 $1.8594 $0.0491 $0.0380 $0.0535 $     -

During 2003, taxable dividends for iStar Financial's distribution of $0.8149 per share of the 7.875% Series E preferred stock CUSIP #45031U-507, listed under NYSE ticker symbol SFI pE, will be classified as follows: $0.7800 as ordinary income, $0.0000 as 20% capital gain, $0.0216 as 15% capital gain, and $0.0133 as 25% capital gain. The following table contains this information on a quarterly basis.

                                                        Post
                                Cash                    May 5, Section
                                Distri-            20%   2003   1250
    Declar-                     bution   Taxable  Cap-    15%     25%   Return
    ation    Record   Payment   Per      Ordinary ital Capital Capital   of
    Date     Date     Date      Share    Dividend Gain   Gain    Gain  Capital
    08/18/03 09/01/03 09/15/03 $0.3227(1) $0.3170 $  - $0.0035 $0.0022 $     -
    11/17/03 12/01/03 12/15/03  0.4922     0.4630    -  0.0181  0.0111       -
                               $0.8149    $0.7800 $  - $0.0216 $0.0133 $     -

During 2003, taxable dividends for iStar Financial's distribution of $0.4171 per share of the 7.80% Series F preferred stock CUSIP # 45031U-606, listed under NYSE ticker symbol SFI pF, will be classified as follows: $0.3923 as ordinary income, $0.0000 as 20% capital gain, $0.0153 as 15% capital gain, and $0.0095 as 25% capital gain. The following table contains this information on a quarterly basis.

                                                        Post
                                Cash                    May 5, Section
                                Distri-            20%   2003   1250
    Declar-                     bution   Taxable  Cap-    15%     25%   Return
    ation    Record   Payment   Per      Ordinary ital Capital Capital   of
    Date     Date     Date      Share    Dividend Gain   Gain    Gain  Capital
    11/17/03 12/01/03 12/15/03 $0.4171(2) $0.3923 $  - $0.0153 $0.0095 $     -

     (1)   Prorated from July 18, 2003 to September 15, 2003.
     (2)   Prorated from September 29, 2003 to December 14, 2003.

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.

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
http://www.istarfinancial.com
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