Star Holdings Reports Fourth Quarter and Fiscal Year 2024 Results

Rhea-AI Summary

Star Holdings (NASDAQ: STHO) has reported its financial results for Q4 and FY2024. The company recorded a net loss of $102.6 million in Q4 and $86.8 million for the full year, with losses per share of $7.70 and $6.51 respectively. These results were significantly impacted by a non-cash mark-to-market adjustment related to their investment in approximately 13.5 million SAFE shares, resulting in a $104.8 million loss in Q4 and $66.5 million for the year.

During Q4, the company completed the sale of a California property for $21.5 million, generating a net profit of $12.3 million. The company provided the buyer with a $17.75 million short-term financing loan. Star Holdings' portfolio includes interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties.

Positive

• Sale of California property generating $12.3 million in net profit
• New $17.75 million short-term loan generating interest income

Negative

• Q4 net loss of $102.6 million ($7.70 per share)
• FY2024 net loss of $86.8 million ($6.51 per share)
• Significant mark-to-market losses of $104.8 million on SAFE shares investment

News Market Reaction

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On the day this news was published, STHO declined 0.90%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Feb. 18, 2025 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Annual Report on Form 10-K for the year ended December 31, 2024 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders was ($102.6) million for the fourth quarter, and ($86.8) million for the year. Earnings (loss) per share was ($7.70) for the fourth quarter, and ($6.51) 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 ($104.8) million, which decreased earnings per share by ($7.87), for the quarter, and ($66.5) million, which decreased earnings per share by ($4.99), for the year.

During the fourth quarter, the Company sold land and improvements at a California property for $21.5 million, resulting in a net profit of $12.3 million.  In connection with the sale, the Company provided the buyer with a $17.75 million short term loan to finance its acquisition.

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, 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

FAQ

What were Star Holdings (STHO) Q4 2024 financial results?

Star Holdings reported a Q4 2024 net loss of $102.6 million, or $7.70 per share, primarily due to a $104.8 million non-cash mark-to-market adjustment on SAFE shares.

How much did STHO sell its California property for in Q4 2024?

Star Holdings sold its California property for $21.5 million, generating a net profit of $12.3 million.

What caused the significant losses for STHO in fiscal year 2024?

The main factor was a $66.5 million non-cash mark-to-market adjustment loss related to the company's investment in approximately 13.5 million SAFE shares.

What are the main assets in Star Holdings' (STHO) portfolio?

STHO's portfolio primarily consists of interests in the Asbury Park Waterfront, Magnolia Green residential development projects, commercial real estate properties, loans, and shares in Safehold Inc. (SAFE).