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10/05/2004

Standard & Poor's Upgrades iStar Financial

NEW YORK, Oct. 5 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced that Standard & Poor's today upgraded iStar Financial's senior unsecured credit rating to BBB- from BB+. In addition, Standard & Poor's raised the ratings on iStar Financial's Series D, E, F, G and I Preferred Stock to BB from B+. Catherine D. Rice, iStar Financial's chief financial officer, stated, "We are very pleased that Standard & Poor's has recognized the combined strength of iStar Financial's business strategy, track record, high quality asset base and risk management skills with an investment grade rating. This is an important milestone for the Company. Strong credit ratings will enable us to more efficiently meet the needs of our high-end customers and cost-effectively fund our business while continuing to deliver strong and steady returns on our invested capital."

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 the highest quality financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at http://www.istarfinancial.com.

SOURCE iStar Financial Inc.
10/05/2004
CONTACT: Heather A. Rauch, Analyst - Investor Relations, or Andrew C. Richardson, Executive Vice President - Capital Markets, or Catherine D. Rice, Chief Financial Officer, all of iStar Financial Inc., +1-212-930-9400
Web site: http://www.istarfinancial.com
(SFI)

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