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iStar Financial Chief Executive Establishes 10b5-1 Plan

NEW YORK, March 24 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced that its Chief Executive Officer, Jay Sugarman, has established a trading plan under Securities and Exchange Commission Rule 10b5-1. The plan will permit Mr. Sugarman to sell 250,000 shares to be issued to him upon the exercise of employee stock options. Mr. Sugarman intends to use the proceeds of sales under the plan to pay the exercise price of the stock options and to repay indebtedness incurred by him to exercise prior iStar Financial stock options. He continues to hold the shares issued on exercise of those prior options. The shares to be sold under the plan will be sold in an orderly manner at certain target prices during the last week of March 2004. If the trading price is not at or above the target prices, the shares may not be sold.

Upon the date of completion of sales pursuant to the plan, Mr. Sugarman will beneficially own approximately 2.9 million shares of iStar Financial common stock.

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-                             03/24/2004
    /CONTACT:  Andrew C. Richardson, Executive Vice President - Capital
Markets, or Catherine D. Rice, Chief Financial Officer, 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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5141 03/24/2004 18:20 EST
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