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10/06/2004

Moody's Upgrades iStar Financial

NEW YORK, Oct. 6 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) announced that Moody's Investors Service today upgraded iStar Financial's senior unsecured credit rating to Baa3 from Ba1. In addition, Moody's raised the ratings on iStar Financial's Series D, E, F, G, and I Preferred Stock to Ba2 from Ba3. Catherine D. Rice, iStar Financial's chief financial officer, stated, "Achieving investment grade ratings from all three rating agencies has been a high priority for the Company. We are pleased that Moody's has recognized not only the quality and stability of our asset base, but the strength of our franchise, the discipline of our asset management organization and the depth of our management team. We look forward to continuing to demonstrate the strength and stability of our business model as an investment grade company."

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.
10/06/2004
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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