iStar Financial to Appoint Spencer Haber President of iStar Strategic Capital

February 20, 2003 at 7:33 AM EST
NEW YORK, Feb 20, 2003 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial (NYSE: SFI) today announced that, effective March 31, 2003, Spencer Haber will become president and a director of iStar Strategic Capital Inc., a wholly-owned subsidiary of the Company. In such capacity, Mr. Haber will be responsible for identifying and evaluating new business expansion and business development opportunities for iStar Financial.

Jay Sugarman, iStar Financial's chairman and chief executive officer, stated "Now that our core business platform is fully established and performing extremely well, Spencer can focus his talent and vision on expanding our franchise into new and complementary businesses." Mr. Sugarman added, "Growing our product lines is the logical next step in our evolution, and Spencer's capital markets and M&A skills, combined with his command of the Company's resources and operations across disciplines, makes him ideally suited for the undertaking."

Upon becoming president of iStar Strategic, Mr. Haber will step down as president and director of the Company. Mr. Haber commented, "Having watched our team perform over the past five years, I am confident that the Company's day-to-day operations are in very capable hands. While the scope of this new challenge requires a less active role operationally, it reflects what I believe to be my highest value added to iStar Financial at this point in time."

iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company provides structured financing to private and corporate owners of real estate nationwide, including senior and junior mortgage debt, corporate mezzanine and subordinated 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 innovative and value-added financing solutions to its customers. Additional information on iStar Financial is available on the Company's Web site at

SOURCE iStar Financial

CONTACT:          Jay Sugarman, Chairman & Chief Executive Officer,
                  +1-212-930-9400, or Catherine D. Rice, Chief Financial Officer,
                  +1-212-930-9400, both of iStar Financial

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