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iStar Financial Declares Preferred Stock Dividends

NEW YORK, Feb. 17 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced today that the Company's Board of Directors has declared dividends on the Company's Series D, Series E, Series F, and Series G Preferred Stock. For all four series of Preferred Stock, dividends are payable on March 15, 2004 to holders of record on March 1, 2004.

A dividend of $0.50 per share will be paid on the 8.00% Series D Preferred Stock; a dividend of $0.492188 per share will be paid on the 7.875% Series E Preferred Stock; a dividend of $0.4875 per share will be paid on the 7.80% Series F Preferred Stock; and a dividend of $0.462188 per share (prorated from December 19, 2003 through March 14, 2004) will be paid on the 7.65% Series G Preferred Stock.

iStar Financial previously announced that it has called for redemption all of its outstanding 9.375% Series B Cumulative Redeemable Preferred Stock and its 9.20% Series C Cumulative Redeemable Preferred Stock. Accrued and unpaid dividends of $0.46 and $0.45 per share of Series B Preferred Stock and Series C Preferred Stock, respectively, will be paid with the redemption price of $25.00 per share on the redemption date of February 23, 2004.

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-                             02/17/2004
    /CONTACT:  Catherine D. Rice, Chief Financial Officer, or Andrew C.
Richardson, Executive Vice President - Capital Markets, or Laca Wong,
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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8103 02/17/2004 07:30 EST
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