Star Holdings Reports First Quarter 2024 Results

Rhea-AI Summary

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.

Positive

• None.

Negative

• The net loss of ($49.0 million) and earnings per share of ($3.68) for the first quarter of 2024 indicate financial challenges for the company. The non-cash adjustment of ($37.9 million) had a significant impact on earnings per share, reflecting potential instability in investments. It is important for Star Holdings to address these financial losses and focus on improving profitability to reassure investors.

News Market Reaction

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-1.94% News Effect

On the day this news was published, STHO declined 1.94%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, May 10, 2024 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders for the first quarter was ($49.0 million) and earnings (loss) per share was ($3.68). These results reflect a non-cash adjustment of ($37.9 million) which reduced earnings per share by ($2.84) with respect to our investment in approximately 13.5 million shares of SAFE based on a mark-to-market at quarter end.

During the first quarter, the Company recorded $16.6 million of land revenues, which was primarily comprised of a land parcel at Asbury Park and 52 lots at Magnolia Green.

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 March 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 

View original content to download multimedia:https://www.prnewswire.com/news-releases/star-holdings-reports-first-quarter-2024-results-302142261.html

SOURCE Star Holdings

FAQ

What were Star Holdings' earnings per share for the first quarter of 2024?

Star Holdings reported earnings per share of ($3.68) for the first quarter of 2024.

Where can I find more details about Star Holdings' results for the first quarter of 2024?

Additional details about Star Holdings' results for the first quarter of 2024 can be found in the Company's Form 10-Q available on their website or the Securities and Exchange Commission website.

What is Star Holdings' primary focus for maximizing shareholder value?

Star Holdings aims to maximize shareholder value by actively managing assets and pursuing asset sales.