iStar Financial Inc. Declares Preferred Stock Dividends

May 17, 2002 at 7:34 AM EDT

NEW YORK, May 17 /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 14, 2002 to holders of record on May 31, 2002.

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 largest publicly traded finance company focused exclusively 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 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

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SOURCE iStar Financial Inc.

-0- 05/17/2002

/CONTACT: Spencer B. Haber, President and Chief Financial Officer, +1-212-930-9400, or Andrew C. Richardson, Senior Vice President, Capital Markets, +1-212-930-9400, or Erin C. Hart, Associate, Investor Relations, +1-212-930-9400, all of iStar Financial Inc./