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iStar Financial Will Partially Redeem 8.75% Senior Notes due 2008

NEW YORK, Feb. 27 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced today that it will redeem $110.0 million aggregate principal amount of its outstanding 8.75% Senior Notes due 2008. iStar Financial will redeem the Senior Notes on March 29, 2004. The redemption price will be 108.75% of the principal amount together with interest accrued to the redemption date. The Senior Notes will be redeemed from holders on a pro rata basis. Upon completion of the redemption, $240 million aggregate principal amount of the Senior Notes will remain outstanding. iStar Financial will fund the redemption with the proceeds of its previously announced offering of 7.50% Series I Cumulative Redeemable Preferred Stock.

Notices of redemption will be mailed to record holders as of today, February 27, 2004. U.S. Bank Trust National Association will act as redemption and paying agent. Holders of the Senior Notes may contact U.S. Bank Trust National Association at (800) 934-6802.

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-                             02/27/2004
    /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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0529 02/27/2004 07:30 EST
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