Star Holdings Reports Third Quarter 2023 Results

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Star Holdings (NASDAQ: STHO) reported a net loss of ($81.8 million) and a loss per share of ($6.14) for the third quarter of 2023, primarily due to a non-cash adjustment of ($80.2 million) related to their investment in SAFE. The company also monetized $24.8 million of land and development assets and repaid $34.8 million of its Margin Loan Facility. More details are available in the Form 10-Q on their website or the SEC website.

NEW YORK, Nov. 8, 2023 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders for the third quarter was ($81.8 million) and earnings (loss) per share was ($6.14). These results reflect a non-cash adjustment of ($80.2 million) which reduced earnings per share by ($6.02) with respect to our investment in approximately 13.5 million shares of SAFE based on a mark-to-market at quarter end.

During the quarter, the Company monetized $24.8 million of land and development assets consisting primarily of a condo unit at Asbury Ocean Club, a land parcel at Asbury Park, and 36 lots at Magnolia Green. The Company voluntarily repaid $15.0 million of its Margin Loan Facility to a principal balance of $100.0 million at quarter end. Subsequent to quarter end, the Company voluntarily repaid an additional $19.8 million of its Margin Loan Facility to a principal balance of $80.2 million.

Further details regarding the Company's results of operations, assets and activities are available in the Company's Form 10-Q for the quarter ended September 30, 2023 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

FAQ

What were Star Holdings' (NASDAQ: STHO) financial results for the third quarter of 2023?

The company reported a net loss of ($81.8 million) and a loss per share of ($6.14) for the third quarter of 2023.

What caused the net loss for Star Holdings (NASDAQ: STHO) in the third quarter of 2023?

The net loss was primarily due to a non-cash adjustment of ($80.2 million) related to their investment in SAFE.

What assets did Star Holdings (NASDAQ: STHO) monetize during the quarter?

The company monetized $24.8 million of land and development assets, including a condo unit at Asbury Ocean Club, a land parcel at Asbury Park, and 36 lots at Magnolia Green.

How much of the Margin Loan Facility did Star Holdings (NASDAQ: STHO) repay during the quarter?

The company voluntarily repaid $34.8 million of its Margin Loan Facility, reducing the principal balance to $80.2 million at quarter end.

Where can more details about Star Holdings' (NASDAQ: STHO) results be found?

More details are available in the Company's Form 10-Q for the quarter ended September 30, 2023, which can be downloaded from the Company's website or the SEC website.