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01/18/2007

iStar Financial Announces Tax Treatment of 2006 Dividends

NEW YORK, Jan. 18 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), a leading publicly traded finance company focused on the commercial real estate industry, announced today the tax treatment of its 2006 common and preferred stock dividends.

Common Stock Dividends

During 2006, dividends for iStar Financial's common stock were $3.08 per share. The Company's common stock is currently listed under the CUSIP #45031U- 101 and trades under the NYSE ticker symbol [SFI]. For tax reporting purposes, the 2006 dividend will be classified as follows: $2.495740 as ordinary income, $0.085256 as 15% capital gain, $0.053796 as 25% capital gain, and $0.445208 as return of capital. The following table contains this information on a quarterly basis.

                                 Cash                       Section
                                Distri-                      1250
                                bution Taxable      15%       25%     Return
   Declaration Record   Payment  Per   Ordinary   Capital   Capital     of
       Date     Date     Date   Share  Dividend    Gain      Gain     Capital
    04/03/06 04/14/06 04/28/06 $0.7700 $0.623935 $0.021314 $0.013449 $0.111302
    07/03/06 07/17/06 07/31/06  0.7700  0.623935  0.021314  0.013449  0.111302
    10/02/06 10/16/06 10/30/06  0.7700  0.623935  0.021314  0.013449  0.111302
    12/01/06 12/15/06 12/29/06  0.7700  0.623935  0.021314  0.013449  0.111302
                               $3.0800 $2.495740 $0.085256 $0.053796 $0.445208


Preferred Stock Dividends

Series D Preferred Stock

During 2006, taxable dividends for iStar Financial's distribution of $2.00 per share of the 8.00% Series D preferred stock CUSIP #45031U-408, listed under NYSE ticker symbol [SFI pD], will be classified as follows: $1.894452 as ordinary income, $0.064716 as 15% capital gain, and $0.040832 as 25% capital gain. The following table contains this information on a quarterly basis.

                                 Cash                         Section
                                Distri-                        1250
                                bution   Taxable      15%       25%    Return
   Declaration Record  Payment    Per    Ordinary   Capital   Capital    of
       Date     Date    Date     Share   Dividend    Gain      Gain    Capital
    02/15/06 03/01/06 03/15/06 $0.500000 $0.473613 $0.016179 $0.010208 $0.0000
    05/15/06 06/01/06 06/15/06  0.500000  0.473613  0.016179  0.010208  0.0000
    08/15/06 09/01/06 09/15/06  0.500000  0.473613  0.016179  0.010208  0.0000
    11/15/06 12/01/06 12/15/06  0.500000  0.473613  0.016179  0.010208  0.0000
                               $2.000000 $1.894452 $0.064716 $0.040832 $0.0000


Series E Preferred Stock

During 2006, taxable dividends for iStar Financial's distribution of $1.968752 per share of the 7.875% Series E preferred stock CUSIP #45031U-507, listed under NYSE ticker symbol [SFI pE], will be classified as follows: $1.864852 as ordinary income, $0.063704 as 15% capital gain and $0.040196 as 25% capital gain. The following table contains this information on a quarterly basis.

                                 Cash                         Section
                                Distri-                        1250
                                bution   Taxable      15%       25%    Return
  Declaration Record  Payment     Per    Ordinary   Capital   Capital    of
      Date     Date    Date      Share   Dividend    Gain      Gain    Capital
    02/15/06 03/01/06 03/15/06 $0.492188 $0.466213 $0.015926 $0.010049 $0.0000
    05/15/06 06/01/06 06/15/06  0.492188  0.466213  0.015926  0.010049  0.0000
    08/15/06 09/01/06 09/15/06  0.492188  0.466213  0.015926  0.010049  0.0000
    11/15/06 12/01/06 12/15/06  0.492188  0.466213  0.015926  0.010049  0.0000
                               $1.968752 $1.864852 $0.063704 $0.040196 $0.0000


Series F Preferred Stock

During 2006, taxable dividends for iStar Financial's distribution of $1.95 per share of the 7.80% Series F preferred stock CUSIP #45031U-606, listed under NYSE ticker symbol [SFI pF], will be classified as follows: $1.847088 as ordinary income, $0.063100 as 15% capital gain, and $0.039812 as 25% capital gain. The following table contains this information on a quarterly basis.

                                 Cash                         Section
                                Distri-                        1250
                                bution   Taxable      15%       25%    Return
  Declaration Record  Payment     Per    Ordinary   Capital   Capital    of
      Date     Date    Date      Share   Dividend    Gain      Gain    Capital
    02/15/06 03/01/06 03/15/06 $0.487500 $0.461772 $0.015775 $0.009953 $0.0000
    05/15/06 06/01/06 06/15/06  0.487500  0.461772  0.015775  0.009953  0.0000
    08/15/06 09/01/06 09/15/06  0.487500  0.461772  0.015775  0.009953  0.0000
    11/15/06 12/01/06 12/15/06  0.487500  0.461772  0.015775  0.009953  0.0000
                               $1.950000 $1.847088 $0.063100 $0.039812 $0.0000


Series G Preferred Stock

During 2006, taxable dividends for iStar Financial's distribution of $1.912500 per share of the 7.65% Series G preferred stock CUSIP #45031U-705, listed under NYSE ticker symbol [SFI pG], will be classified as follows: $1.811568 as ordinary income, $0.061884 as 15% capital gain and $0.039048 as 25% capital gain. The following table contains this information on a quarterly basis.

                                 Cash                         Section
                                Distri-                        1250
                                bution   Taxable      15%       25%    Return
  Declaration Record  Payment     Per    Ordinary   Capital   Capital    of
      Date     Date    Date      Share   Dividend    Gain      Gain    Capital
    02/15/06 03/01/06 03/15/06 $0.478125 $0.452892 $0.015471 $0.009762 $0.0000
    05/15/06 06/01/06 06/15/06  0.478125  0.452892  0.015471  0.009762  0.0000
    08/15/06 09/01/06 09/15/06  0.478125  0.452892  0.015471  0.009762  0.0000
    11/15/06 12/01/06 12/15/06  0.478125  0.452892  0.015471  0.009762  0.0000
                               $1.912500 $1.811568 $0.061884 $0.039048 $0.0000


Series I Preferred Stock

During 2006, taxable dividends for iStar Financial's distribution of $1.875000 per share of the 7.50% Series I preferred stock CUSIP #45031U-804, listed under NYSE ticker symbol [SFI pI], will be classified as follows: $1.776048 as ordinary income, $0.060672 as 15% capital gain, and $0.038280 as 15% capital gain. The following table contains this information on a quarterly basis.

                                 Cash                         Section
                                Distri-                        1250
                                bution   Taxable      15%       25%    Return
  Declaration Record  Payment     Per    Ordinary   Capital   Capital    of
      Date     Date    Date      Share   Dividend    Gain      Gain    Capital
    02/15/06 03/01/06 03/15/06 $0.468750 $0.444012 $0.015168 $0.009570 $0.0000
    05/15/06 06/01/06 06/15/06  0.468750  0.444012  0.015168  0.009570  0.0000
    08/15/06 09/01/06 09/15/06  0.468750  0.444012  0.015168  0.009570  0.0000
    11/15/06 12/01/06 12/15/06  0.468750  0.444012  0.015168  0.009570  0.0000
                               $1.875000 $1.776048 $0.060672 $0.038280 $0.0000

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
1-212-930-9400
both of iStar Financial Inc.

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