iStar Financial Agrees to Sell $500 Million of Senior Unsecured Notes

April 14, 2005 at 6:16 PM EDT

NEW YORK, April 14 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, announced today that it has agreed to sell $500 million of senior unsecured notes in an underwritten public offering.

The Company said it will issue $250 million 5.375 % senior notes due 2010, and $250 million of 6.05% senior notes due 2015. iStar Financial expects to use the proceeds from the sale of the Notes to repay outstanding balances on its secured and unsecured credit facilities.

Citigroup Global Markets Inc. and Wachovia Capital Markets, LLC are acting as joint book running managers of the offering. Barclays Capital Inc., KeyBanc Capital Markets, a Division of McDonald Investments Inc., and Greenwich Capital Markets, Inc. are acting as co-managers.

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

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.,
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