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01/24/2005

iStar Financial Announces Tax Treatment of 2004 Dividends

NEW YORK, Jan 24, 2005 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI) the leading publicly traded finance company focused on the commercial real estate industry, announced today the tax treatment of its 2004 common and preferred stock dividends.

Common Stock Dividends

During 2004, taxable dividends for iStar Financial's common stock were $2.79 per share. The Company's common stock is currently listed under the CUSIP #45031U-101 and trades under the NYSE ticker symbol [SFI]. For tax reporting purposes, the 2004 taxable dividend will be classified as follows: $1.3713 as ordinary income, $0.0613 as 15% capital gain, $0.2078 as 25% capital gain, and $1.1496 as return of capital. The following table contains this information on a quarterly basis.

Cash                         Section
                                Distri-                      1250
    Declar-                     bution   Taxable    15%      25%       Return
    ation    Record   Payment   Per      Ordinary   Capital  Capital     of
    Date     Date     Date      Share    Dividend   Gain     Gain      Capital

    04/01/04 04/15/04 04/29/04  $0.6975  $0.3688    $0.0094  $0.0319   $0.2874
    07/01/04 07/15/04 07/29/04   0.6975   0.3662     0.0100   0.0339    0.2874
    10/01/04 10/15/04 10/29/04   0.6975   0.3903     0.0045   0.0153    0.2874
    12/01/04 12/15/04 12/29/04   0.6975   0.2460     0.0374   0.1267    0.2874
                                $2.7900  $1.3713    $0.0613  $0.2078   $1.1496

    Preferred Stock Dividends
    Series B Preferred Stock

During 2004, taxable dividends for iStar Financial's distribution of $0.46 per share of the 9.375% Series B preferred stock CUSIP #45031U-200, listed under the NYSE ticker symbol [SFI pB], will be classified as follows: $0.4327 as ordinary income, $0.0062 as 15% capital gain and $0.0211 as 25% capital gain. The following table contains this information on a quarterly basis.

Cash                         Section
                                Distri-                      1250
    Declar-                     bution   Taxable    15%      25%       Return
    ation    Record   Payment   Per      Ordinary   Capital  Capital     of
    Date     Date     Date      Share    Dividend   Gain     Gain      Capital

    01/23/04 01/23/04 02/23/04  $0.4600  $0.4327    $0.0062  $0.0211      -

    Series C Preferred Stock

During 2004, taxable dividends for iStar Financial's distribution of $0.45 per share of the 9.20% Series C preferred stock CUSIP #45031U-309, listed under the NYSE ticker symbol [SFI pC], will be classified as follows: $0.4233 as ordinary income, $0.0061 as 15% capital gain and $0.0206 as 25% capital gain. The following table contains this information on a quarterly basis.

Cash                         Section
                                Distri-                      1250
    Declar-                     bution   Taxable    15%      25%       Return
    ation    Record   Payment   Per      Ordinary   Capital  Capital     of
    Date     Date     Date      Share    Dividend   Gain     Gain      Capital

    01/23/04 01/23/04 02/23/04  $0.4500  $0.4233    $0.0061  $0.0206      -

    Series D Preferred Stock

During 2004, taxable dividends for iStar Financial's distribution of $2.00 per share of the 8.00% Series D preferred stock CUSIP #45031U-408, listed under NYSE ticker symbol [SFI pD], will be classified as follows: $1.8069 as ordinary income, $0.0441 as 15% capital gain, and $0.1490 as 25% capital gain. The following table contains this information on a quarterly basis.

Cash                         Section
                                Distri-                      1250
    Declar-                     bution   Taxable    15%      25%       Return
    ation    Record   Payment   Per      Ordinary   Capital  Capital     of
    Date     Date     Date      Share    Dividend   Gain     Gain      Capital

    02/17/04 03/01/04 03/15/04  $0.5000  $0.4703    $0.0068  $0.0229      -
    05/18/04 06/01/04 06/15/04   0.5000   0.4685     0.0072   0.0243      -
    08/18/04 09/01/04 09/15/04   0.5000   0.4858     0.0032   0.0110      -
    11/17/04 12/01/04 12/15/04   0.5000   0.3823     0.0269   0.0908      -
                                $2.0000  $1.8069    $0.0441  $0.1490      -


    Series E Preferred Stock

During 2004, taxable dividends for iStar Financial's distribution of $1.9688 per share of the 7.875% Series E preferred stock CUSIP #45031U-507, listed under NYSE ticker symbol [SFI pE], will be classified as follows: $1.7787 as ordinary income, $0.0434 as 15% capital gain and $0.1467 as 25% capital gain. The following table contains this information on a quarterly basis.

Cash                         Section
                                Distri-                      1250
    Declar-                     bution   Taxable    15%      25%       Return
    ation    Record   Payment   Per      Ordinary   Capital  Capital     of
    Date     Date     Date      Share    Dividend   Gain     Gain      Capital

    02/17/04 03/01/04 03/15/04  $0.4922  $0.4630    $0.0067  $0.0225      -
    05/18/04 06/01/04 06/15/04   0.4922   0.4611     0.0071   0.0240      -
    08/18/04 09/01/04 09/15/04   0.4922   0.4782     0.0032   0.0108      -
    11/17/04 12/01/04 12/15/04   0.4922   0.3764     0.0264   0.0894      -
                                $1.9688  $1.7787    $0.0434  $0.1467      -


    Series F Preferred Stock

During 2004, taxable dividends for iStar Financial's distribution of $1.95 per share of the 7.80% Series F preferred stock CUSIP # 45031U-606, listed under NYSE ticker symbol [SFI pF], will be classified as follows: $1.7618 as ordinary income, $0.0430 as 15% capital gain, and $0.1452 as 25% capital gain. The following table contains this information on a quarterly basis.

Cash                         Section
                                Distri-                      1250
    Declar-                     bution   Taxable    15%      25%       Return
    ation    Record   Payment   Per      Ordinary   Capital  Capital     of
    Date     Date     Date      Share    Dividend   Gain     Gain      Capital

    02/17/04 03/01/04 03/15/04  $0.4875  $0.4586    $0.0066  $0.0223      -
    05/18/04 06/01/04 06/15/04   0.4875   0.4568     0.0070   0.0237      -
    08/18/04 09/01/04 09/15/04   0.4875   0.4736     0.0032   0.0107      -
    11/17/04 12/01/04 12/15/04   0.4875   0.3728     0.0262   0.0885      -
                                $1.9500  $1.7618    $0.0430  $0.1452      -

    Series G Preferred Stock

During 2004, taxable dividends for iStar Financial's distribution of $1.8965 per share of the 7.65% Series G preferred stock CUSIP # 45031U-705, listed under NYSE ticker symbol [SFI pG], will be classified as follows: $1.7129 as ordinary income, $0.0419 as 15% capital gain and $0.1417 as 25% capital gain. The following table contains this information on a quarterly basis.

Cash                          Section
                                Distri-                       1250
    Declar-                     bution     Taxable   15%      25%      Return
    ation    Record   Payment   Per        Ordinary  Capital  Capital    of
    Date     Date     Date      Share      Dividend  Gain     Gain     Capital

    02/17/04 03/01/04 03/15/04  $0.4622(1) $0.4348   $0.0063  $0.0211     -
    05/18/04 06/01/04 06/15/04   0.4781     0.4480    0.0068   0.0233     -
    08/18/04 09/01/04 09/15/04   0.4781     0.4645    0.0031   0.0105     -
    11/17/04 12/01/04 12/15/04   0.4781     0.3656    0.0257   0.0868     -
                                $1.8965    $1.7129   $0.0419  $0.1417     -

    Series I Preferred Stock

During 2004, taxable dividends for iStar Financial's distribution of $1.4845 per share of the 7.50% Series I preferred stock CUSIP # 45031U-804, listed under NYSE ticker symbol [SFI pI], will be classified as follows: $1.3262 as ordinary income, $0.0362 as 15% capital gain, and $0.1221 as 25% capital gain. The following table contains this information on a quarterly basis.

Cash                          Section
                                Distri-                       1250
    Declar-                     bution     Taxable   15%      25%      Return
    ation    Record   Payment   Per        Ordinary  Capital  Capital    of
    Date     Date     Date      Share      Dividend  Gain     Gain     Capital

    02/17/04 03/01/04 03/15/04    -           -        -        -         -
    05/18/04 06/01/04 06/15/04  $0.5469(2) $0.5124   $0.0079  $0.0266     -
    08/18/04 09/01/04 09/15/04   0.4688     0.4554    0.0031   0.0103     -
    11/17/04 12/01/04 12/15/04   0.4688     0.3584    0.0252   0.0852     -
                                $1.4845    $1.3262   $0.0362  $0.1221     -


     (1) Prorated from December 19, 2003 to March 14, 2004.
     (2) Prorated from March 1, 2004 to June 15, 2004.

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.

Catherine D. Rice, Chief Financial Officer, or Andrew C. Richardson, Executive Vice President - Capital Markets, or Andrew G. Backman, Vice President - Investor Relations, all of iStar Financial Inc., +1-212-930-9400

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