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02/09/2006

Standard & Poor's Upgrades iStar Financial

NEW YORK, Feb. 9 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, announced today that Standard & Poor's has upgraded iStar Financial's senior unsecured credit rating to BBB from BBB-. In addition, Standard & Poor's raised the ratings on iStar Financial's Preferred Stock to BB+ from BB.

Catherine D. Rice, iStar Financial's chief financial officer, stated, "We welcome the news that Standard & Poor's has raised its ratings on the Company following our successful transition to an unsecured funding model. We believe the rating recognizes our commitment to disciplined underwriting, our growing franchise and our ability to succeed in varying market conditions. Further, it recognizes our strong capitalization and conservative leverage. We are pleased that iStar has now received upgrades from all the major ratings agencies since the beginning of this year."

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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