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Star Holdings Shares of Beneficial Interest (NASDAQ: STHO) engages in non-ground lease-related businesses. The Company focuses on three main areas: real estate finance, operating properties, and land and development. Star Holdings' portfolio includes interests in the Asbury Park Waterfront and Magnolia Green residential development projects, as well as various commercial real estate properties and loans that are currently being marketed for sale.
Core Business
Star Holdings is dedicated to realizing value for its shareholders by maximizing cash flows through active asset management and asset sales. The company's strategy is to monetize assets efficiently, ensuring maximum returns on investments.
Recent Achievements and Current Projects
In recent quarters, Star Holdings has made significant progress. For instance, during the second quarter of 2023, the Company monetized $11.8 million worth of land and development assets, including condo units at Asbury Ocean Club and lots at Magnolia Green. Furthermore, the Company voluntarily repaid $25.0 million of its Margin Loan Facility, reducing the principal balance to $115 million.
During the third quarter, the Company reported a net loss of $81.8 million attributable to common shareholders. Despite this, Star Holdings successfully monetized $24.8 million worth of assets and voluntarily repaid $15.0 million, reducing the Margin Loan Facility balance to $100.0 million.
In the fourth quarter, the Company announced a substantial net income of $66.1 million attributable to common shareholders, primarily due to a non-cash market-to-market adjustment. Additionally, Star Holdings monetized $26.2 million of land and development assets and transferred an ownership interest in a subsidiary land owner, further strengthening its financial position.
In the first quarter of 2024, the Company recorded $16.6 million of land revenues and continued its focus on maximizing shareholder value.
Financial Condition and Partnerships
Star Holdings' financial condition remains robust, with a continuous effort to repay debts and reduce the Margin Loan Facility. The Company's strategic partnerships, such as the one for the multifamily project in Asbury Park, NJ, exemplify its focus on leveraging third-party capital to enhance project feasibility and profitability.
Overall, Star Holdings' emphasis on active asset management and asset sales ensures a strong focus on maximizing cash flows and realizing value for its shareholders.
For more information, visit the Company's website at www.starholdingsco.com.
Star Holdings (NASDAQ: STHO) reported Q3 2024 results with net income of $91.9 million and earnings per share of $6.90. The results include a non-cash adjustment of $93.8 million related to their investment in 13.5 million SAFE shares, which increased EPS by $7.05. The company generated $6.1 million in land revenues from selling 31 lots at Magnolia Green and recorded $3.7 million in real estate income from final condominium closings at Asbury Ocean Club.
Star Holdings (NASDAQ: STHO) reported its Q2 2024 results, filing a Quarterly Report on Form 10-Q. The company experienced a net loss of $27.1 million, with earnings per share at ($2.04). This includes a non-cash adjustment of ($17.7 million), reducing EPS by ($1.33), related to its investment in SAFE shares. Star Holdings recorded $15.7 million in land revenues, primarily from a Coney Island parcel and 50 lots at Magnolia Green.
The company's portfolio includes interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties and loans intended for monetization. Star Holdings also owns shares of Safehold Inc. (NYSE: SAFE) and aims to maximize shareholder value through active asset management and sales.
Star Holdings (NASDAQ: STHO) reported a net loss of ($49.0 million) and earnings per share of ($3.68) for the first quarter of 2024. The results include a non-cash adjustment of ($37.9 million) related to investments in SAFE shares. The company generated $16.6 million in land revenues during the quarter. Star Holdings focuses on maximizing shareholder value by managing assets and pursuing asset sales.
Safehold Inc. (NYSE: SAFE) has successfully merged with iStar Inc., finalizing a multi-year strategy aimed at enhancing the ground lease market. Following this merger, the combined entity will continue to operate under the Safehold name and ticker symbol 'SAFE'. Additionally, prior to the merger's completion, iStar executed a spin-off, distributing 0.153 shares of Star Holdings (NASDAQ: STHO) for every iStar share held by stockholders. This merger is anticipated to yield significant benefits for stakeholders, positioning Safehold as a leader in the ground lease sector.
On March 17, 2023, iStar Inc. (NYSE: STAR) announced a conditional pro rata distribution of 0.153 common shares of Star Holdings to iStar shareholders as part of its spin-off of legacy assets. This distribution is set for March 31, 2023, for shareholders on record as of March 27, 2023, and is necessary for iStar's merger with Safehold Inc. (NYSE: SAFE). Star Holdings shares will trade on Nasdaq under the symbol 'STHO' following the spin-off. The merger with Safehold will occur immediately after the spinoff, subject to closing conditions. Shareholders will receive cash for fractional shares, and further details are available in the filed information statement.
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