iStar Launches Offering of Series J Cumulative Convertible Perpetual Preferred Stock

iStar Launches Offering of Series J Cumulative Convertible Perpetual Preferred
                                    Stock

PR Newswire

NEW YORK, March 12, 2013

NEW YORK, March 12, 2013 /PRNewswire/ --iStar Financial Inc. (NYSE: SFI)
announced today that it has launched an offering, subject to market and other
conditions, of3,000,000 shares, or $150 million aggregate liquidation
preference,of its Series J Cumulative Convertible Perpetual Preferred Stock
("Series J Convertible Preferred Stock"). The underwriters have the option to
purchase up to 450,000 additional shares, or $22.5 million aggregate
liquidation preference,of Series J Convertible Preferred Stock. The Company
intends to use the net proceeds of the offering for new investment activities
and for general corporate purposes.

Barclays Capital Inc., BofA Merrill Lynch, and J.P. Morgan are the joint
book-running managers for the offering. The Series J Convertible Preferred
Stock will be issued pursuant to an effective shelf registration statement
that was previously filed with the Securities and Exchange Commission. This
press release does not constitute an offer to sell or the solicitation of an
offer to buy the offered securities, nor shall there be any sale of the
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction.

The Series J ConvertiblePreferred Stock will be offered by means of the
preliminary prospectus supplement and accompanying prospectus. Electronic
copies of the preliminary prospectus supplement and accompanying prospectus
may be obtained for free by searching the SEC online database (EDGAR) on the
SEC website at www.sec.gov. Alternatively, copies of the preliminary
prospectus supplement and accompanying prospectus may be obtained by
contacting the joint book-running managers at the following addresses or
telephone numbers:

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
barclaysprospectus@broadridge.com
1-888-603-5847 (toll free)

BofA Merrill Lynch
222 Broadway
New York, New York 10038
Attn: Prospectus Department
dg.prospectus_requests@baml.com

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
1-866-803-9204 (toll free)

SOURCE iStar Financial Inc.

Website: http://www.istarfinancial.com
Contact: David M. DiStaso, Chief Financial Officer, or Jason Fooks, Investor
Relations, +1-212-930-9400, investors@istarfinancial.com