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01/19/2006

iStar Financial Announces Tax Treatment of 2005 Dividends

NEW YORK, Jan. 19 /PRNewswire-FirstCall/ -- 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 2005 common and preferred stock dividends.

Common Stock Dividends

During 2005, taxable dividends for iStar Financial's common stock were $2.93000 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 2005 taxable dividend will be classified as follows: $1.90554 as ordinary income, $0.37271 as 15% capital gain, $0.03419 as 25% capital gain, and $0.61756 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

    04/01/05 04/15/05 04/29/05 $0.73250 $0.56411 $0.01282 $0.00118 $0.15439
    07/01/05 07/15/05 07/29/05 $0.73250  0.52751  0.04635  0.00425  0.15439
    10/03/05 10/17/05 10/31/05 $0.73250  0.33765  0.22026  0.02020  0.15439
    12/01/05 12/15/05 12/29/05 $0.73250  0.47627  0.09328  0.00856  0.15439
                               $2.93000 $1.90554 $0.37271 $0.03419 $0.61756


    Preferred Stock Dividends

    Series D Preferred Stock

During 2005, taxable dividends for iStar Financial's distribution of $2.00000 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: $1.72225 as ordinary income, $0.25442 as 15% capital gain, and $0.02333 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


    02/15/05 03/01/05 03/15/05 $0.50000 $0.49045 $0.00875 $0.00080  $0.00000
    05/16/05 06/01/05 06/15/05  0.50000  0.46546  0.03164  0.00290   0.00000
    08/15/05 09/01/05 09/15/05  0.50000  0.33586  0.15035  0.01379   0.00000
    11/15/05 12/01/05 12/15/05  0.50000  0.43048  0.06368  0.00584   0.00000
                               $2.00000 $1.72225 $0.25442 $0.02333        --

    Series E Preferred Stock

During 2005, taxable dividends for iStar Financial's distribution of $1.968752 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: $1.695347 as ordinary income, $0.250436 as 15% capital gain and $0.022969 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

    02/15/05 03/01/05 03/15/05 0.492188 0.482784 0.008614 0.000790  0.000000
    05/16/05 06/01/05 06/15/05 0.492188 0.458191 0.031141 0.002856  0.000000
    08/15/05 09/01/05 09/15/05 0.492188 0.330613 0.148001 0.013574  0.000000
    11/15/05 12/01/05 12/15/05 0.492188 0.423759 0.062680 0.005749  0.000000
                               1.968752 1.695347 0.250436 0.022969        --

    Series F Preferred Stock

During 2005, taxable dividends for iStar Financial's distribution of $1.95000 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: $1.67920 as ordinary income, $0.24805 as 15% capital gain, and $0.02275 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

    02/15/05 03/01/05 03/15/05 $0.48750 $0.47819   $0.00853  $0.00078 $0.00000
    05/16/05 06/01/05 06/15/05  0.48750  0.45383    0.03084   0.00283  0.00000
    08/15/05 09/01/05 09/15/05  0.48750  0.32746    0.14659   0.01345  0.00000
    11/15/05 12/01/05 12/15/05  0.48750  0.41972    0.06209   0.00569  0.00000
                               $1.95000 $1.67920   $0.24805  $0.02275       --

    Series G Preferred Stock

During 2005, taxable dividends for iStar Financial's distribution of $1.912500 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: $1.646907 as ordinary income, $0.243281 as 15% capital gain and $0.022312 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

    02/15/05 03/01/05 03/15/05 $0.478125 $0.468990 $0.008367 $0.000768 $0.0000
    05/16/05 06/01/05 06/15/05 $0.478125  0.445100  0.030251  0.002774  0.0000
    08/15/05 09/01/05 09/15/05 $0.478125  0.321166  0.143773  0.013186  0.0000
    11/15/05 12/01/05 12/15/05 $0.478125  0.411651  0.060890  0.005584  0.0000
                               $1.912500 $1.646907 $0.243281 $0.022312      --

    Series I Preferred Stock

During 2005, taxable dividends for iStar Financial's distribution of $1.87500 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: $1.61461 as ordinary income, $0.23851 as 15% capital gain, and $0.02188 as 15% 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

    02/15/05 03/01/05 03/15/05 $0.46875 $0.45979  $0.00820  $0.00076  $0.00000
    05/16/05 06/01/05 06/15/05  0.46875  0.43637   0.02966   0.00272   0.00000
    08/15/05 09/01/05 09/15/05  0.46875  0.31487   0.14095   0.01293   0.00000
    11/15/05 12/01/05 12/15/05  0.46875  0.40358   0.05970   0.00547   0.00000
                               $1.87500 $1.61461  $0.23851  $0.02188        --

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

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