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05/18/2004

iStar Financial Declares Preferred Stock Dividends

NEW YORK, May 18 /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, Series G, and Series I Preferred Stock. For all five series of Preferred Stock, dividends are payable on June 15, 2004 to holders of record on June 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; a dividend of $0.478125 per share will be paid on the 7.65% Series G Preferred Stock; and a dividend of $0.546875 per share will be paid on the 7.50% Series I Preferred Stock (covering the period from March 1, 2004, the date the Series I Preferred Stock was issued, through June 15, 2004).

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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 and mezzanine 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-                             05/18/2004
    /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:  http://www.istarfinancial.com /
    (SFI)

CO:  iStar Financial Inc.
ST:  New York
IN:  FIN RLT
SU:  DIV

JM 
-- NYTU054 --
2211 05/18/2004 07:30 EDT http://www.prnewswire.com
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