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07/27/2006

iStar Financial Announces Second Quarter 2006 Results

     - Second quarter new financing commitments total $1.63 billion in 29
       separate transactions.

     - Adjusted earnings per diluted common share were $0.91 for the second
       quarter 2006, up 9.6% year-over-year.

     - Total revenues reach record $236.8 million for the second quarter 2006.

     - Company increases full year 2006 adjusted earnings per diluted common
       share guidance to $3.45 - $3.55.

NEW YORK, July 27 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, today reported second quarter 2006 results.

iStar Financial reported adjusted earnings for the quarter ended June 30, 2006 of $0.91 per diluted common share versus $0.83 per diluted common share for the second quarter 2005. Adjusted earnings allocable to common shareholders for the second quarter 2006 were $103.9 million on a diluted basis, compared to $94.5 million for the second quarter 2005. Adjusted earnings represents net income computed in accordance with GAAP, adjusted for preferred dividends, depreciation, depletion, amortization and gain (loss) from discontinued operations.

Net income allocable to common shareholders for the second quarter was $78.0 million, or $0.68 per diluted common share, compared to $66.5 million, or $0.58 per diluted common share, for the second quarter 2005.

Net investment income for the quarter was $111.3 million, compared to $95.2 million for the second quarter of 2005, primarily due to year-over-year growth of the Company's loan portfolio. Net investment income represents interest income, operating lease income and equity in earnings from joint ventures, less interest expense, operating costs for corporate tenant lease assets and loss on early extinguishment of debt.

Included in this quarter's earnings was an early termination fee associated with a multi-asset lease within the Company's corporate tenant lease portfolio, which was partially offset by an impairment charge related to certain assets within the lease. The net effect was a one-time positive impact to earnings of $4.0 million, or $0.035 per diluted common share for the quarter. The impaired assets are classified as "Assets held for sale" on the Company's balance sheet.

The Company announced that during the second quarter, it closed 29 new financing commitments, for a total of $1.63 billion, up 57% year-over-year. Of that amount, $709 million was funded during the second quarter. In addition, the Company funded $140 million under pre-existing commitments and received $481 million in principal repayments. Additionally, the Company completed the sale of a non-core office and warehouse facility for $12.8 million net of costs, resulting in a net book gain of approximately $2.4 million. Cumulative repeat customer business totaled $9.9 billion at June 30, 2006.

For the quarter ended June 30, 2006, the Company generated return on average common book equity of 20.9%. The Company's debt to book equity plus accumulated depreciation/depletion and loan loss reserves, all as determined in accordance with GAAP, was 2.2x at quarter end.

As of June 30, 2006, the Company's weighted average GAAP yield on its structured finance assets and corporate tenant lease assets was 10.38% and 9.66%, respectively. The Company's net finance margin, calculated as the rate of return on assets less the cost of debt, was 3.38% for the quarter.

Capital Markets Summary

During the second quarter, the Company completed an amendment to its existing $1.5 billion unsecured revolving credit facility. The new five-year facility was increased to $2.2 billion; it carries an interest rate of LIBOR + 0.525%, down from LIBOR + 0.70% in the prior facility and an annual facility fee of 12.5 bps, down from 15.0 bps. The Company said that 35 financial institutions, including seven new participants, participated in the new, multicurrency facility.

As of June 30, 2006, the Company had $905 million outstanding under $2.7 billion in credit facilities. Consistent with its match funding policy under which a one percentage point change in interest rates cannot impact adjusted earnings by more than 2.5%, as of June 30, 2006, a 100 basis point increase in rates would have decreased the Company's adjusted earnings by 0.13%.

Earnings Guidance

Consistent with the Securities and Exchange Commission's Regulation FD and Regulation G, iStar Financial comments on earnings expectations within the context of its regular earnings press releases. The Company expects diluted adjusted earnings per share for the fiscal year 2006 of $3.45 - $3.55, and diluted GAAP earnings per share for the fiscal year 2006 of $2.50 - $2.60, based on expected net asset growth of approximately $1.5 billion. The Company continues to expect to fund its net asset growth with a combination of unsecured notes and equity.

Risk Management

At June 30, 2006, first mortgages, participations in first mortgages, senior loans and corporate tenant lease investments collectively comprised 88.2% of the Company's asset base versus 87.9% in the prior quarter. The Company's loan portfolio consisted of 56.2% floating rate and 43.8% fixed rate loans, with a weighted average maturity of 4.1 years. The weighted average first and last dollar loan-to-value ratio for all structured finance assets was 13.6% and 64.1%, respectively. At quarter end, the Company's corporate tenant lease assets were 95.8% leased with a weighted average remaining lease term of 10.6 years.

At June 30, 2006, the weighted average risk ratings of the Company's structured finance and corporate tenant lease assets were 2.67 and 2.38, respectively.

At quarter end, accumulated loan loss reserves and other asset-specific credit protection represented an aggregate of approximately 5.61% of the gross book value of the Company's loans. In addition, cash deposits, letters of credit, allowances for doubtful accounts and accumulated depreciation relating to corporate tenant lease assets represented 11.97% of the gross book value of the Company's corporate tenant lease assets at quarter end.

At June 30, 2006, the Company's non-performing loan assets (NPLs) represented 0.32% of total assets. NPLs represent loans on non-accrual status and repossessed real estate collateral. At June 30, 2006, the Company had two loans on non-accrual and no repossessed assets. In addition, two assets were removed and one asset was added to the watch list this quarter, with watch list assets representing 0.16% of total assets at June 30, 2006.

Dividend

On July 3, 2006, iStar Financial declared a regular quarterly dividend of $0.77. The second quarter dividend will be payable on July 31, 2006 to shareholders of record on July 17, 2006.

[Financial Tables to Follow]

iStar Financial Inc. is the leading publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom tailored financing to high end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns on equity to shareholders by providing innovative and value added financing solutions to its customers.

iStar Financial will hold a quarterly earnings conference call at 10:00 a.m. EDT today, July 27, 2006. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through iStar Financial's website, www.istarfinancial.com, under the "Investor Relations" section. To listen to the live call, please go to the website's "Investor Relations" section at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, a replay will be available shortly after the call on the iStar Financial website.

(Note: Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although iStar Financial Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from iStar Financial Inc.'s expectations include completion of pending investments, continued ability to originate new investments, the mix of originations between structured finance and corporate tenant lease assets, repayment levels, the timing of receipt of prepayment penalties, the availability and cost of capital for future investments, competition within the finance and real estate industries, economic conditions, loss experience and other risks detailed from time to time in iStar Financial Inc.'s SEC reports.)



    Selected Income Statement Data
    (In thousands)
    (unaudited)
                                       Three Months Ended   Six Months Ended
                                            June 30,            June 30,
                                          2006     2005      2006      2005

    Net investment income              $111,336  $95,177  $221,557  $187,222
    Other income                         18,561   14,265    32,826    26,870
    Non-interest expense                (41,831) (32,583)  (81,103)  (68,287)
    Minority interest in consolidated
     entities                              (821)     (74)   (1,069)     (280)
    Income from continuing operations   $87,245  $76,785  $172,211  $145,525

    Income from discontinued operations     901    1,547     1,739     3,126
    Gain from discontinued operations     2,353      407     4,536       407
    Preferred dividend requirements     (10,580) (10,580)  (21,160)  (21,160)
    Net income allocable to common
     shareholders and HPU holders (1)   $79,919  $68,159  $157,326  $127,898

    (1) HPU holders are Company employees who purchased high performance
        common stock units under the Company's High Performance Unit Program.


    Selected Balance Sheet Data
    (In thousands)
                                                  As of             As of
                                             June 30, 2006   December 31, 2005
                                              (unaudited)

    Loans and other lending investments, net    $5,338,334        $4,661,915
    Corporate tenant lease assets, net           3,098,797         3,115,361
    Other investments                              250,266           240,470
    Total assets                                 9,250,518         8,532,296
    Debt obligations                             6,471,721         5,859,592
    Total liabilities                            6,652,450         6,052,114
    Total shareholders' equity                   2,553,535         2,446,671



                             iStar Financial Inc.
                    Consolidated Statements of Operations
                   (In thousands, except per share amounts)
                                 (unaudited)

                                       Three Months Ended    Six Months Ended
                                            June 30,             June 30,
                                        2006       2005      2006       2005
    Revenue:
      Interest income                $135,075   $105,869  $261,124   $197,487
      Operating lease income           83,154     76,511   166,373    151,571
      Other income                     18,561     14,265    32,826     26,870
        Total revenue                 236,790    196,645   460,323    375,928

    Costs and Expenses:
      Interest expense                101,351     81,654   194,885    150,605
      Operating costs - corporate
       tenant lease assets              6,309      5,544    12,108     11,066
      Depreciation and amortization    19,407     17,776    38,547     35,227
      General and administrative (1)   20,424     14,807    39,556     30,810
      Provision for loan losses         2,000          -     3,000      2,250
      Loss on early
       extinguishment of debt               -          -         -          -
        Total costs and expenses      149,491    119,781   288,096    229,958

    Income from continuing
     operations before other items     87,299     76,864   172,227    145,970
      Equity in earnings from
       joint ventures                     767         (5)    1,053       (165)
      Minority interest in
       consolidated entities             (821)       (74)   (1,069)      (280)
    Income from continuing operations  87,245     76,785   172,211    145,525

      Income from discontinued
       operations                         901      1,547     1,739      3,126
      Gain from discontinued operations 2,353        407     4,536        407
    Net income                         90,499     78,739   178,486    149,058

    Preferred dividends               (10,580)   (10,580)  (21,160)   (21,160)

    Net income allocable to common
     shareholders and HPU holders     $79,919    $68,159  $157,326   $127,898

    Net income per common share:
      Basic (2)                         $0.69      $0.59     $1.36      $1.11
      Diluted (3) (4)                   $0.68      $0.58     $1.34      $1.10

    Weighted average common shares
     outstanding:
      Basic                           113,282    112,624   113,263    112,050
      Diluted                         114,404    113,801   114,381    113,241

    (1) For the three months ended June 30, 2006 and 2005, includes $1,747 and
        $641 of stock-based compensation expense.  For the six months ended
        June 30, 2006 and 2005, includes $2,950 and $1,283 of stock-based
        compensation expense.

    (2) For the three months ended June 30, 2006 and 2005, excludes $1,953 and
        $1,675 of net income allocable to HPU holders, respectively. For the
        six months ended June 30, 2006 and 2005, excludes $3,846 and $3,159 of
        net income allocable to HPU holders, respectively.

    (3) For the three months ended June 30, 2006 and 2005, excludes $1,935 and
        $1,659 of net income allocable to HPU holders, respectively. For the
        six months ended June 30, 2006 and 2005, excludes $3,811 and $3,126 of
        net income allocable to HPU holders, respectively.

    (4) For the three months ended June 30, 2006, includes $28 of joint
        venture income.  For the six months ended June 30, 2006, includes $56
        of joint venture income.



                             iStar Financial Inc.
            Reconciliation of Adjusted Earnings to GAAP Net Income
                   (In thousands, except per share amounts)
                                 (unaudited)

                                      Three Months Ended   Six Months Ended
                                           June 30,            June 30,
                                        2006      2005      2006       2005
    ADJUSTED EARNINGS: (1)

    Net income                         $90,499   $78,739  $178,486   $149,058
    Add: Depreciation, depletion
     and amortization                   20,021    18,381    41,033     36,531
    Add: Joint venture income               30        33        60         75
    Add: Joint venture depreciation
     and amortization                    2,724     2,707     5,448      2,842
    Add: Amortization of deferred
     financing costs                     6,155     7,975    12,268     15,501
    Less: Preferred dividends          (10,580)  (10,580)  (21,160)   (21,160)
    Less: Gain from discontinued
     operations                         (2,353)     (407)   (4,536)      (407)

    Adjusted earnings allocable to common
     shareholders and HPU holders:
      Basic                           $106,466   $96,815  $211,539   $182,365
      Diluted                         $106,496   $96,848  $211,599   $182,440

    Adjusted earnings per common share:
      Basic: (2)                         $0.92     $0.84     $1.82      $1.59
      Diluted: (3)                       $0.91     $0.83     $1.81      $1.57

    Weighted average common shares
     outstanding:
      Basic                            113,282   112,624   113,263    112,050
      Diluted                          114,404   113,853   114,381    113,292

    Common shares outstanding at
     end of period:
      Basic                            113,303   112,704   113,303    112,704
      Diluted                          114,438   113,926   114,438    113,926

    (1) Adjusted earnings should be examined in conjunction with net income as
        shown in the Consolidated Statements of Operations. Adjusted earnings
        should not be considered as an alternative to net income (determined
        in accordance with GAAP) as an indicator of the Company's performance,
        or to cash flows from operating activities (determined in accordance
        with GAAP) as a measure of the Company's liquidity, nor is this
        measure indicative of funds available to fund the Company's cash needs
        or available for distribution to shareholders.  Rather, adjusted
        earnings is an additional measure the Company uses to analyze how its
        business is performing. It should be noted that the Company's manner
        of calculating adjusted earnings may differ from the calculations of
        similarly-titled  measures by other companies.

    (2) For the three months ended June 30, 2006 and 2005, excludes $2,602 and
        $2,380 of net income allocable to HPU holders, respectively.  For the
        six months ended June 30, 2006 and 2005, excludes $5,171 and $4,504 of
        net income allocable to HPU holders, respectively.

    (3) For the three months ended June 30, 2006 and 2005, excludes $2,578 and
        $2,356 of net income allocable to HPU holders, respectively.  For the
        six months ended June 30, 2006 and 2005, excludes $5,124 and $4,457 of
        net income allocable to HPU holders, respectively.



                             iStar Financial Inc.
                         Consolidated Balance Sheets
                                (In thousands)

                                                 As of             As of
                                             June 30, 2006   December 31, 2005
                                              (unaudited)
    ASSETS

    Loans and other lending investments, net   $5,338,334        $4,661,915
    Corporate tenant lease assets, net          3,098,797         3,115,361
    Other investments                             250,266           240,470
    Investments in joint ventures                 196,686           202,128
    Assets held for sale                           16,021                 -
    Cash and cash equivalents                      78,171           115,370
    Restricted cash                                51,701            28,804
    Accrued interest and operating lease
     income receivable                             53,094            32,166
    Deferred operating lease income receivable     68,859            76,874
    Deferred expenses and other assets             89,386            50,005
    Goodwill                                        9,203             9,203
      Total assets                             $9,250,518        $8,532,296


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Accounts payable, accrued expenses
     and other liabilities                       $180,729          $192,522

    Debt obligations:
          Unsecured senior notes                5,038,699         4,108,477
          Unsecured revolving credit facilities   905,157         1,242,000
          Secured term loans                      429,878           411,144
          Other debt obligations                   97,987            97,971
              Total liabilities                 6,652,450         6,052,114
    Minority interest in consolidated entities     44,533            33,511
    Shareholders' equity                        2,553,535         2,446,671
              Total liabilities
               and shareholders' equity        $9,250,518        $8,532,296



                             iStar Financial Inc.
                           Supplemental Information
                                (In thousands)
                                 (unaudited)

    PERFORMANCE STATISTICS
                                                            Three Months Ended
    Net Finance Margin                                         June 30, 2006

    Weighted average GAAP yield of loan
     and CTL investments                                               10.09%
    Less: Cost of debt                                                 (6.71%)
    Net Finance Margin (1)                                              3.38%

    Return on Average Common Book Equity

    Adjusted basic earnings allocable to
     common shareholders and HPU holders (2)                        $106,466
    Adjusted basic earnings allocable to
     common shareholders and HPU holders -
     Annualized (A)                                                 $425,864

    Average total book equity                                     $2,547,961
    Less: Average book value of preferred equity                    (506,176)
    Average common book equity (B)                                $2,041,785
    Return on Average Common Book Equity (A)/(B)                        20.9%

    Efficiency Ratio

    General and administrative expenses (C)                          $20,424
    Total revenue (D)                                               $236,790
    Efficiency Ratio (C)/(D)                                             8.6%

    (1) Weighted average GAAP yield is the annualized sum of interest income
        and operating lease income (excluding other income), divided by the
        sum of average gross corporate tenant lease assets, average loans and
        other lending investments, average SFAS No. 141 purchase intangibles
        and average assets held for sale over the period.  Cost of debt is the
        annualized sum of interest expense and operating costs-corporate
        tenant lease assets, divided by the average gross debt obligations
        over the period.  Operating lease income and operating costs-corporate
        tenant lease assets exclude SFAS No. 144 adjustments from
        discontinued operations of $895 and $52, respectively.  The Company
        does not consider net finance margin to be a measure of the Company's
        liquidity or cash flows.  It is one of several measures that
        management considers to be an indicator of the profitability of its
        operations.

    (2) Adjusted earnings should be examined in conjunction with net income as
        shown in the Consolidated Statements of Operations. Adjusted earnings
        should not be considered as an alternative to net income (determined
        in accordance with GAAP) as an indicator of the Company's performance,
        or to cash flows from operating activities (determined in accordance
        with GAAP) as a measure of the Company's liquidity, nor is this
        measure indicative of funds available to fund the Company's cash needs
        or available for distribution to shareholders.  Rather, adjusted
        earnings is an additional measure the Company uses to analyze how its
        business is performing.  It should be noted that the Company's manner
        of calculating adjusted earnings may differ from the calculations of
        similarly-titled measures by other companies.



                             iStar Financial Inc.
                           Supplemental Information
                                (In thousands)
                                 (unaudited)

    CREDIT STATISTICS
                                                            Three Months Ended
                                                                 June 30, 2006
    Book debt (A)                                                  $6,471,721

    Book equity                                                    $2,553,535
    Add: Accumulated depreciation/depletion and loan loss reserves    385,859
    Sum of book equity, accumulated depreciation/depletion and
     loan loss reserves (B)                                        $2,939,394

    Book Debt / Sum of Book Equity, Accumulated
     Depreciation/Depletion and Loan Loss Reserves (A)/(B)                2.2x

    Ratio of Earnings to Fixed Charges                                    1.9x

    Ratio of Earnings to Fixed Charges and
     Preferred Stock Dividends                                            1.7x

    Interest Coverage

    EBITDA (1) (C)                                                   $211,871
    GAAP interest expense (D)                                        $101,351

    EBITDA / GAAP Interest Expense (C)/(D)                                2.1x

    Fixed Charge Coverage

    EBITDA (1) (C)                                                   $211,871
    GAAP interest expense                                             101,351
    Add: Preferred dividends                                           10,580
    Total GAAP interest expense and preferred dividends (E)          $111,931

    EBITDA / GAAP Interest Expense and
     Preferred Dividends (C)/(E)                                          1.9x

    RECONCILIATION OF NET INCOME TO EBITDA

    Net income                                                        $90,499
    Add: GAAP interest expense                                        101,351
    Add: Depreciation, depletion and amortization                      20,021

    EBITDA (1)                                                       $211,871

    (1) EBITDA should be examined in conjunction with net income as shown in
        the Consolidated Statements of Operations. EBITDA should not be
        considered as an alternative to net income (determined in accordance
        with GAAP) as an indicator of the Company's performance, or to cash
        flows from operating activities (determined in accordance with GAAP)
        as a measure of the Company's liquidity, nor is this measure
        indicative of funds available to fund the Company's cash needs or
        available for distribution to shareholders. It should be noted that
        the Company's manner of calculating EBITDA may differ from the
        calculations of similarly-titled measures by other companies.



                             iStar Financial Inc.
                            Supplement Information
                                (In thousands)
                                 (unaudited)

       FINANCING VOLUME SUMMARY STATISTICS (1)

       Three Months Ended June 30, 2006           LOAN ORIGINATIONS

                                                              Total/
                                                 Floating   Weighted CORPORATE
                                      Fixed Rate    Rate     Average   LEASING
    Amount funded                     $293,068   $414,928   $707,996       -
    Weighted average GAAP yield           9.75%      9.66%      9.69%    N/A
    Weighted average all-in
     spread/margin (basis points) (2)      473        456          -     N/A
    Weighted average first
     $ loan-to-value ratio                 5.7%      21.7%      15.1%    N/A
    Weighted average last
     $ loan-to-value ratio                72.2%      73.1%      72.7%    N/A


    UNFUNDED COMMITMENTS

    Number of assets with unfunded commitments                            85

    Discretionary commitments                                        $51,318
    Non-discretionary commitments                                  2,000,022
    Total unfunded commitments                                    $2,051,340
    Estimated weighted average funding period        Approximately 3.9 years

    UNENCUMBERED ASSETS                                           $8,796,046

    RISK MANAGEMENT STATISTICS
    (weighted average risk rating)

                              2006                          2005
                        June 30, March 31, December 31, September 30, June 30,
    Structured
     Finance Assets       2.67     2.71        2.63         2.60        2.52
    Corporate Tenant
     Lease Assets         2.38     2.42        2.38         2.36        2.36

                                            (1=lowest risk; 5=highest risk)

    (1) Excludes other investments.
    (2) Based on average quarterly one-month LIBOR (floating-rate loans) and
        U.S. Treasury rates (fixed-rate loans and corporate leasing
        transactions) during the quarter.



                             iStar Financial Inc.
                           Supplemental Information
                   (In thousands, except per share amounts)
                                 (unaudited)

    LOANS AND OTHER LENDING INVESTMENTS CREDIT STATISTICS

                                                          As of
                                              June 30, 2006  December 31, 2005
    Carrying value of non-performing loans /
     As a percentage of total assets         $29,294   0.32%   $35,291   0.41%

    Reserve for loan losses /
     As a percentage of total assets         $49,876   0.54%   $46,876   0.55%
     As a percentage of non-performing loans            170%              133%


                                            Six Months Ended     Year Ended
                                             June 30, 2006   December 31, 2005
    Net charge-offs /
     As a percentage of total assets              $0   0.00%        $0   0.00%


    RECONCILIATION OF DILUTED ADJUSTED EPS
    GUIDANCE TO DILUTED GAAP EPS GUIDANCE (1)

                                                            Year Ended
                                                        December 31, 2006

    Earnings per diluted common share guidance             $2.50 - $2.60
    Add:  Depreciation, depletion and amortization
     per diluted common share                              $0.85 - $1.05
    Adjusted earnings per diluted common share guidance    $3.45 - $3.55

    (1) Adjusted earnings should be examined in conjunction with net income as
        shown in the Consolidated Statements of Operations. Adjusted earnings
        should not be considered as an alternative to net income (determined
        in accordance with GAAP) as an indicator of the Company's performance,
        or to cash flows from operating activities (determined in accordance
        with GAAP) as a measure of the Company's liquidity, nor is this
        measure indicative of funds available to fund the Company's cash needs
        or available for distribution to shareholders. Rather, adjusted
        earnings is an additional measure the Company uses to analyze how its
        business is performing. It should be noted that the Company's manner
        of calculating adjusted earnings may differ from the calculations of
        similarly-titled measures by other companies.



                             iStar Financial Inc.
                           Supplemental Information
                                (In millions)
                                 (unaudited)

    PORTFOLIO STATISTICS AS OF JUNE 30, 2006 (1)

    Security Type                                      $                 %
    Corporate Tenant Leases                         $3,490             38.4 %
    First Mortgages / Senior Loans                   4,537             49.9
    Mezzanine / Subordinated Debt                      851              9.3
    Other Investments                                  218              2.4
               Total                                $9,096            100.0 %

    Collateral Type
    Office (CTL)                                    $1,645             18.1 %
    Industrial / R&D                                 1,347             14.8
    Retail                                           1,198             13.2
    Apartment / Residential                            925             10.2
    Other                                              874              9.6
    Entertainment / Leisure                            862              9.5
    Mixed Use / Mixed Collateral                       843              9.3
    Hotel                                              769              8.4
    Office (Lending)                                   633              6.9
               Total                                $9,096            100.0 %

    Collateral Location
    West                                            $2,025             22.3 %
    Northeast                                        1,562             17.2
    Southeast                                        1,351             14.9
    Various                                            899              9.9
    Mid-Atlantic                                       756              8.3
    Central                                            619              6.8
    South                                              540              5.9
    Southwest                                          466              5.1
    International                                      340              3.7
    North Central                                      335              3.7
    Northwest                                          203              2.2
               Total                                $9,096            100.0 %

    (1) Figures presented prior to loan loss reserves, accumulated
        depreciation and impact of statement of Financial Accounting Standards
        No. 141 "Business Combinations."

SOURCE iStar Financial Inc.
CONTACT: Catherine D. Rice, Chief Financial Officer, or Andrew G. Backman, Vice President, Investor Relations, both of iStar Financial Inc., +1-212-930-9400

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