Star Holdings Reports Fourth Quarter and Fiscal Year 2024 Results
Star Holdings (NASDAQ: STHO) has reported its financial results for Q4 and FY2024. The company recorded a net loss of $102.6 million in Q4 and $86.8 million for the full year, with losses per share of $7.70 and $6.51 respectively. These results were significantly impacted by a non-cash mark-to-market adjustment related to their investment in approximately 13.5 million SAFE shares, resulting in a $104.8 million loss in Q4 and $66.5 million for the year.
During Q4, the company completed the sale of a California property for $21.5 million, generating a net profit of $12.3 million. The company provided the buyer with a $17.75 million short-term financing loan. Star Holdings' portfolio includes interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties.
Star Holdings (NASDAQ: STHO) ha riportato i suoi risultati finanziari per il quarto trimestre e l'anno fiscale 2024. L'azienda ha registrato una perdita netta di 102,6 milioni di dollari nel quarto trimestre e 86,8 milioni di dollari per l'intero anno, con perdite per azione di 7,70 dollari e 6,51 dollari rispettivamente. Questi risultati sono stati significativamente influenzati da un adeguamento non monetario al valore di mercato relativo al loro investimento in circa 13,5 milioni di azioni SAFE, che ha comportato una perdita di 104,8 milioni di dollari nel quarto trimestre e 66,5 milioni di dollari per l'anno.
Durante il quarto trimestre, l'azienda ha completato la vendita di una proprietà in California per 21,5 milioni di dollari, generando un profitto netto di 12,3 milioni di dollari. L'azienda ha fornito all'acquirente un prestito di finanziamento a breve termine di 17,75 milioni di dollari. Il portafoglio di Star Holdings include interessi nel lungomare di Asbury Park, nei progetti di sviluppo residenziale di Magnolia Green e in altre proprietà immobiliari commerciali.
Star Holdings (NASDAQ: STHO) ha informado sus resultados financieros para el cuarto trimestre y el año fiscal 2024. La compañía registró una pérdida neta de 102,6 millones de dólares en el cuarto trimestre y 86,8 millones de dólares para el año completo, con pérdidas por acción de 7,70 dólares y 6,51 dólares respectivamente. Estos resultados fueron significativamente afectados por un ajuste no monetario al valor de mercado relacionado con su inversión en aproximadamente 13,5 millones de acciones SAFE, resultando en una pérdida de 104,8 millones de dólares en el cuarto trimestre y 66,5 millones de dólares para el año.
Durante el cuarto trimestre, la compañía completó la venta de una propiedad en California por 21,5 millones de dólares, generando una ganancia neta de 12,3 millones de dólares. La compañía proporcionó al comprador un préstamo de financiamiento a corto plazo de 17,75 millones de dólares. El portafolio de Star Holdings incluye intereses en el paseo marítimo de Asbury Park, en los proyectos de desarrollo residencial de Magnolia Green y en otras propiedades inmobiliarias comerciales.
Star Holdings (NASDAQ: STHO)는 2024 회계연도 4분기 및 전체 연도 재무 결과를 발표했습니다. 회사는 4분기에 1억 260만 달러의 순손실을 기록했으며, 전체 연도에는 8,680만 달러의 손실을 기록했습니다. 주당 손실은 각각 7.70달러와 6.51달러였습니다. 이러한 결과는 약 1,350만 개의 SAFE 주식에 대한 비현금 시장 가치 조정의 영향을 크게 받았으며, 이로 인해 4분기에 1억 480만 달러의 손실과 연간 6,650만 달러의 손실이 발생했습니다.
4분기 동안, 회사는 캘리포니아의 한 부동산을 2,150만 달러에 판매하여 1,230만 달러의 순이익을 올렸습니다. 회사는 구매자에게 1,775만 달러의 단기 금융 대출을 제공했습니다. Star Holdings의 포트폴리오는 Asbury Park 해안가, Magnolia Green 주거 개발 프로젝트 및 기타 상업용 부동산에 대한 지분을 포함합니다.
Star Holdings (NASDAQ: STHO) a annoncé ses résultats financiers pour le quatrième trimestre et l'exercice 2024. La société a enregistré une perte nette de 102,6 millions de dollars au quatrième trimestre et de 86,8 millions de dollars pour l'ensemble de l'année, avec des pertes par action de 7,70 dollars et 6,51 dollars respectivement. Ces résultats ont été fortement impactés par un ajustement non monétaire de la juste valeur lié à leur investissement dans environ 13,5 millions d'actions SAFE, entraînant une perte de 104,8 millions de dollars au quatrième trimestre et de 66,5 millions de dollars pour l'année.
Au cours du quatrième trimestre, la société a finalisé la vente d'une propriété en Californie pour 21,5 millions de dollars, générant un bénéfice net de 12,3 millions de dollars. La société a accordé à l'acheteur un prêt de financement à court terme de 17,75 millions de dollars. Le portefeuille de Star Holdings comprend des participations dans le front de mer d'Asbury Park, des projets de développement résidentiels à Magnolia Green et d'autres propriétés immobilières commerciales.
Star Holdings (NASDAQ: STHO) hat seine Finanzergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht. Das Unternehmen verzeichnete im vierten Quartal einen Nettoverlust von 102,6 Millionen Dollar und für das gesamte Jahr 86,8 Millionen Dollar, mit Verlusten pro Aktie von 7,70 Dollar und 6,51 Dollar jeweils. Diese Ergebnisse wurden erheblich durch eine nicht zahlungswirksame Marktanpassung in Verbindung mit ihrer Investition in etwa 13,5 Millionen SAFE-Aktien beeinflusst, was zu einem Verlust von 104,8 Millionen Dollar im vierten Quartal und 66,5 Millionen Dollar für das Jahr führte.
Im vierten Quartal schloss das Unternehmen den Verkauf einer Immobilie in Kalifornien für 21,5 Millionen Dollar ab, was einen Nettogewinn von 12,3 Millionen Dollar generierte. Das Unternehmen stellte dem Käufer ein kurzfristiges Darlehen in Höhe von 17,75 Millionen Dollar zur Verfügung. Das Portfolio von Star Holdings umfasst Beteiligungen am Asbury Park Waterfront, an den Wohnprojekten Magnolia Green und an anderen gewerblichen Immobilien.
- Sale of California property generating $12.3 million in net profit
- New $17.75 million short-term loan generating interest income
- Q4 net loss of $102.6 million ($7.70 per share)
- FY2024 net loss of $86.8 million ($6.51 per share)
- Significant mark-to-market losses of $104.8 million on SAFE shares investment
Insights
The Q4 and FY2024 results reveal significant challenges in Star Holdings' transition strategy. The substantial losses, primarily driven by mark-to-market adjustments on 13.5 million SAFE shares, highlight the company's exposure to market volatility in its investment portfolio. This non-cash loss masks the underlying operational progress in asset monetization.
The successful California property sale demonstrates the company's ability to execute on its asset monetization strategy, achieving a healthy
The company's portfolio, focused on the Asbury Park Waterfront and Magnolia Green developments, represents a clear monetization strategy. Yet, the significant SAFE share position creates a complex risk profile, as market fluctuations in SAFE's value can overshadow operational progress. This investment represents both a potential source of future value and a source of earnings volatility that investors must carefully consider.
The results underscore the transitional nature of Star Holdings' business model, where success will be measured by their ability to systematically monetize assets while managing market-driven volatility in their investment portfolio. The property sale demonstrates execution capability, but the financing terms suggest careful consideration is needed regarding the pace and structure of future asset sales.
Net income (loss) attributable to common shareholders was
During the fourth quarter, the Company sold land and improvements at a
Further details regarding the Company's results of operations, assets and activities are available in the Company's Form 10-K for the year ended December 31, 2024 which is available for download at the Company's website www.starholdingsco.com or at the Securities and Exchange Commission website www.sec.gov.
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Star Holdings' (NASDAQ: STHO) portfolio is comprised primarily of interests in the Asbury Park Waterfront, the Magnolia Green residential development projects and other commercial real estate properties and loans that are for sale or otherwise plan to be monetized. Star Holdings also owns shares of Safehold Inc. (NYSE: SAFE). Star Holdings expects to focus on realizing value for shareholders from its portfolio primarily by maximizing cash flows through active asset management and asset sales. Additional information on Star Holdings is available on its website at www.starholdingsco.com.
Company Contact:
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@starholdingsco.com
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SOURCE Star Holdings
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