Real Estate Central

NEW YORK, May 16 /PRNewswire-FirstCall/ — iStar Financial Inc. (NYSE:
SFI), a leading publicly traded finance company focused on the commercial
real estate industry, announced today that it has agreed to sell $750
million aggregate principal amount of 8.625% Senior Notes due 2013. The
Notes are senior unsecured debt securities of the Company and will rank
equally with all of the Company’s other senior unsecured debt. Interest is
payable semi-annually on each June 1 and December 1, commencing on December
1, 2008.

The Company has agreed to sell the Notes at 99.495% of their principal
amount for an initial yield of 8.750% per annum.

The offering of the Notes is expected to close on May 21, 2008. iStar
Financial expects to use the proceeds from the sale of the Notes to repay
outstanding U.S. dollar indebtedness under its unsecured revolving credit
facilities.

Banc of America Securities LLC, Citi Markets & Banking and J.P. Morgan
Securities Inc. are acting as joint book-running managers for the offering.

This press release does not constitute an offer to sell or solicitation
of an offer to buy the Notes being sold in this offering. Copies of the
final prospectus and accompanying prospectus supplement relating to the
sale of the Notes will be filed with the Securities and Exchange Commission
and may be obtained by calling Banc of America Securities LLC toll-free at
1-800-294-1322, Citigroup Global Markets Inc. toll free at 1-877-858-5407
or J.P. Morgan Securities Inc. at 1-212-834-4533.

* * *

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.



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Source: Real Estate Newswire