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01/04/2007

iStar Financial Announces Further Extension of Consent Solicitation

NEW YORK, Jan. 4 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) announced today that it has further extended the consent expiration date with respect to a consent solicitation for its 7.000% Senior Notes due 2008, 4.875% Senior Notes due 2009, 6.000% Senior Notes due 2010, 5.125% Senior Notes due 2011, 6.500% Senior Notes due 2013 and 5.700% Senior Notes due 2014 to 5:00 p.m. New York City time, on January 9, 2007, unless terminated or further extended.

As of 5:00 p.m. New York City time on January 4, 2007, iStar Financial had received consents from a significant majority in aggregate principal amount of each of its 7.000% Senior Notes due 2008; 4.875% Senior Notes due 2009; 6.000% Senior Notes due 2010; 5.125% Senior Notes due 2011; and 6.500% Senior Notes due 2013.

The Company also announced that the consent payment per $1,000 principal amount of 5.700% Notes due 2014 will be $7.50 and that the 2014 Notes will continue to include the covenant entitled "Offer to Repurchase Upon Change of Control." All other terms of the original Consent Solicitation, dated December 20, 2006, remain in effect and unmodified. Holders of notes that have validly provided consents do not need to take any further actions in light of the extension, or the changes to the solicitation terms of the 2014 Notes.

The Consent Solicitation Statement dated December 20, 2006, as amended (the "Consent Solicitation Statement") contains all relevant terms and conditions. Holders of Notes who wish to deliver consents prior to the expiration date of 5:00 p.m. New York City time on January 9, 2007 may use the original consent form that accompanied the December 20, 2006 Consent Solicitation Statement. Only holders of Notes who validly provide consent on or before the expiration date and do not properly revoke such consent will be eligible to receive a consent payment. At any time following the receipt of the requisite consents from the holders of Notes, and in accordance with the terms of the Consent Solicitation Statement, the Company may execute and deliver to the trustee supplemental indentures with respect to the proposed amendments described in the Consent Solicitation Statement (the "Effective Time"). Holders may revoke consents until the earlier of the Effective Time or the expiration date of 5:00 p.m. New York City time, on January 9, 2007, unless terminated or further extended.

Citigroup Corporate and Investment Banking is acting as the solicitation agent for the Consent Solicitation. Global Bondholder Services Corporation is acting as the information and tabulation agent. Document requests and inquiries should be directed to Global Bondholder Services Corporation at (866) 470-3800. Questions related to the Consent Solicitation should be directed to Citigroup Corporate and Investment Banking at (800) 558-3745.

This announcement is not a solicitation of consents with respect to any Securities. The solicitation is being made solely by the Consent Solicitation Statement and related Consent Form. iStar Financial may amend, extend or, subject to certain conditions, terminate the Consent Solicitation with respect to all of the series.

iStar Financial Inc. is a 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. 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 G. Backman, Vice President - Investor Relations
both of iStar Financial Inc.
1-212-930-9400

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