NEW
YORK, Feb. 27, 2024 /PRNewswire/ -- Star
Holdings (NASDAQ: STHO) announced today that it has filed its
Annual Report on Form 10-K for the year ended December 31, 2023 with the Securities and
Exchange Commission.
Net income (loss) attributable to common shareholders was
$66.1 million for the fourth quarter,
and ($196.4) million for the year.
Earnings (loss) per share was $4.96
for the fourth quarter, and ($14.74)
for the year. These results reflect a non-cash market-to-market
adjustment with respect to our investment in approximately 13.5
million shares of SAFE of $75.7
million, which increased earnings per share by $5.69, for the quarter, and ($171.4) million which decreased earnings per
share by ($12.87), for the year.
During the fourth quarter, the Company monetized $26.2 million of land and development assets,
consisting primarily of a land parcel at Asbury Park and 71 lots at Magnolia Green.
Additionally, the Company transferred an ownership interest in a
subsidiary land owner to a third-party venture and in exchange
received a $10.6 million mezzanine
note for the development of a multifamily project in Asbury Park, NJ. In addition to the Company's
mezzanine loan, the venture capitalized the project with
third-party capital including $21.0
million of equity and a non-recourse $80.0 million senior construction loan, for which
a subsidiary of the Company provided a completion and carry
guaranty. The Company voluntarily repaid an additional $19.8 million of its Margin Loan Facility,
resulting in a principal balance of $81.9
million at year end.
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, 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.
* * *
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