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05/16/2000

iStar Financial Inc. Declares Preferred Stock Dividends

NEW YORK, May 16 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) formerly named Starwood Financial Inc., reported today that the Company's Board of Directors has declared dividends on the Company's Series B, Series C and Series D preferred stock. For all three series of preferred stock, dividends are payable on June 15, 2000, to holders of record on May 31, 2000.

A dividend of $0.5859375 per share will be paid on the 9.375% Series B preferred stock; a dividend of $0.575 per share will be paid on the 9.20% Series C preferred stock; and a dividend of $0.50 per share will be paid on the 8.00% Series D preferred stock.

The Company's annual meeting of shareholders is scheduled for May 23, 2000, 9:00 a.m. EDT at the Sheraton New York Hotel and Towers, New York, NY.

iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company, which is taxed as a real estate investment trust, provides structured mortgage, mezzanine and lease financing through its origination, acquisition and servicing platform. The Company's mission is to maximize risk-adjusted returns on equity by providing innovative and value-added financing solutions to private and corporate owners of real estate nationwide. Additional information on iStar Financial is available on the Company's Web site at www.istarfinancial.com.

(Note: Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 availability and cost of capital for future investments, competition within the finance and real estate industries, economic conditions, and other risks detailed from time to time in iStar Financial Inc.'s SEC reports.)

SOURCE iStar Financial Inc.

CONTACT:
Spencer B. Haber, Executive Vice President and CFO
or
Lianne A. Merchant, Vice President, Investor Relations
both of iStar Financial Inc.
(212) 930-9400

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