iStar Financial Inc. Declares Preferred Stock Dividends

May 20, 2003 at 7:32 AM EDT

NEW YORK, May 20 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI) 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 17, 2003 to holders of record on June 3, 2003.

A dividend of $0.585938 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.

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, mezzanine and subordinated 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 innovative and value-added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at

SOURCE  iStar Financial Inc.
    -0-                             05/20/2003
    /CONTACT:  Catherine D. Rice, Chief Financial Officer, Andrew C.
Richardson, Executive Vice President, Capital Markets, or Erin C. Gatewood,
Associate, Investor Relations, all of iStar Financial,
    /Web site: /

CO:  iStar Financial Inc.
ST:  New York

-- NYTU054 --
8873 05/20/2003 07:30 EDT