Star Holdings Reports Third Quarter 2024 Results
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) ha riportato i risultati del terzo trimestre del 2024, con un reddito netto di 91,9 milioni di dollari e guadagni per azione di 6,90 dollari. I risultati includono un aggiustamento non monetario di 93,8 milioni di dollari relativo al loro investimento in 13,5 milioni di azioni SAFE, che ha aumentato l'EPS di 7,05 dollari. L'azienda ha generato 6,1 milioni di dollari di entrate derivanti dalla vendita di 31 lotti a Magnolia Green e ha registrato 3,7 milioni di dollari di reddito immobiliare proveniente dalle chiusure finali dei condomini all'Asbury Ocean Club.
Star Holdings (NASDAQ: STHO) reportó los resultados del tercer trimestre de 2024, con un ingreso neto de 91.9 millones de dólares y ganancias por acción de 6.90 dólares. Los resultados incluyen un ajuste no monetario de 93.8 millones de dólares relacionado con su inversión en 13.5 millones de acciones SAFE, lo que incrementó el EPS en 7.05 dólares. La compañía generó 6.1 millones de dólares en ingresos por la venta de 31 terrenos en Magnolia Green y registró 3.7 millones de dólares en ingresos inmobiliarios de las cierres finales de condominios en Asbury Ocean Club.
Star Holdings (NASDAQ: STHO)는 2024년 3분기 결과를 발표하며, 순이익 9천190만 달러와 주당순이익 6.90달러를 기록했습니다. 이 결과는 1,350만 주의 SAFE 주식 투자와 관련된 비현금 조정 9천380만 달러를 포함하며, 이는 EPS를 7.05달러 증가시켰습니다. 회사는 매그놀리아 그린에서 31개의 부지를 판매하여 6.1백만 달러의 토지 수익을 창출했고, 애스버리 오션 클럽에서 최종 콘도 폐쇄에 따른 부동산 수익으로 3.7백만 달러를 기록했습니다.
Star Holdings (NASDAQ: STHO) a annoncé les résultats du troisième trimestre 2024, avec un revenu net de 91,9 millions de dollars et un bénéfice par action de 6,90 dollars. Ces résultats incluent un ajustement non monétaire de 93,8 millions de dollars lié à leur investissement dans 13,5 millions d'actions SAFE, ce qui a augmenté l'EPS de 7,05 dollars. La société a généré 6,1 millions de dollars de revenus fonciers grâce à la vente de 31 lots à Magnolia Green et a enregistré 3,7 millions de dollars de revenus immobiliers issus des closing finaux des condominiums au Asbury Ocean Club.
Star Holdings (NASDAQ: STHO) hat die Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit einem Nettogewinn von 91,9 Millionen US-Dollar und einem Ergebnis pro Aktie von 6,90 US-Dollar. Die Ergebnisse beinhalten eine nicht zahlungswirksame Anpassung von 93,8 Millionen US-Dollar in Zusammenhang mit ihrer Investition in 13,5 Millionen SAFE-Aktien, die das EPS um 7,05 US-Dollar erhöht hat. Das Unternehmen generierte 6,1 Millionen US-Dollar an Einnahmen aus dem Verkauf von 31 Grundstücken in Magnolia Green und verzeichnete 3,7 Millionen US-Dollar an Immobilien-Einnahmen aus den endgültigen Condominium-Abschlüssen am Asbury Ocean Club.
- Net income of $91.9 million for Q3 2024
- EPS of $6.90 per share
- Land revenue of $6.1 million from Magnolia Green lot sales
- Real estate income of $3.7 million from Asbury Ocean Club closings
- Majority of reported earnings ($93.8 million) comes from non-cash mark-to-market adjustment
Insights
Star Holdings delivered mixed Q3 2024 results, with headline earnings largely driven by a significant non-cash adjustment. The reported
Core operational performance shows modest revenue generation, with
The substantial mark-to-market adjustment masks the underlying business performance, suggesting actual operational earnings were minimal or potentially negative when excluding this non-cash item. Investors should focus on the company's ability to execute asset sales and generate cash flows in future quarters.
Net income attributable to common shareholders for the third quarter was
During the third quarter, the Company recorded
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, 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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