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02/07/2006

Moody's Upgrades iStar Financial

NEW YORK, Feb. 7 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, announced today that Moody's Investors Service upgraded iStar Financial's senior unsecured credit rating to Baa2 from Baa3. In addition, Moody's raised the ratings on iStar Financial's Preferred Stock to Ba1 from Ba2.

Catherine D. Rice, iStar Financial's chief financial officer, stated, "We are pleased with the positive ratings momentum of the Company and that Moody's continues to recognize the stability of our asset base, the strength of our franchise and the depth of our management team. Through a very disciplined strategy, we have been successful in transitioning to an unsecured funding model and increasing our unsecured debt capacity, which has substantially unencumbered our asset base. All of these steps are consistent with our long-term goals and will enable us to better serve our high-end customer base."

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, 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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