iStar Unveils First-Ever Digital Annual Review for 2017

NEW YORK, April 23, 2018

Reflecting on iStar's 20^th anniversary as a public company, Chairman and Chief Executive Officer Jay Sugarman offers a letter to shareholders invoking over two decades of contrarian thinking that have unlocked value in areas of the real estate market that have otherwise been overlooked.

The Annual Review's design inspiration was derived from one of the most captivating moments of 2017 – the total solar eclipse on August 21. The celestial phenomenon was visible in the continental U.S. for the first time in 38 years and was the first since 1918 to span the country from the Pacific to the Atlantic, prompting an entire nation to stop in its tracks and take notice. In light of 2017's accomplishments, the eclipse symbolism is intended to represent both a moment of reflection and a confluence of events that warrant the attention of current and prospective investors alike.

Shareholders are cordially invited to attend iStar's 2018 annual meeting of shareholders, to be held at the Harvard Club of New York City – 35 West 44th Street, 3rd Floor, New York, New York 10036 – on Wednesday, May 16 at 9:00am local time.

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iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.