Star Holdings Reports Second Quarter 2023 Results

Rhea-AI Summary

Star Holdings (NASDAQ: STHO) has filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. The net income (loss) for the second quarter was ($90.0 million) and earnings (loss) per share was ($6.75). The company monetized $11.8 million of assets and repaid $25.0 million of its Margin Loan Facility. More details can be found in the company's Form 10-Q.

Positive

• Star Holdings monetized $11.8 million of assets during the quarter.
• The company repaid $25.0 million of its Margin Loan Facility.
• The company's portfolio primarily consists of interests in real estate projects and loans that are for sale or plan to be monetized.

Negative

• None.

NEW YORK, Aug. 9, 2023 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders for the second quarter was ($90.0 million) and earnings (loss) per share was ($6.75). These results reflect a non-cash adjustment of ($76.3 million) which reduced earnings per share by ($5.73) 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 $11.8 million of land and development assets consisting of 5 condo units at Asbury Ocean Club and 43 lots at Magnolia Green, and received a full repayment of one loan for approximately $6.8 million. The Company voluntarily repaid $25.0 million of its Margin Loan Facility to a principal balance of $115 million at quarter end.

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 June 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

What is the net income for the second quarter?

The net income for the second quarter was ($90.0 million).

What is the earnings per share for the second quarter?

The earnings (loss) per share for the second quarter was ($6.75).

How much did the company monetize during the quarter?

The company monetized $11.8 million of assets during the quarter.

How much did the company repay of its Margin Loan Facility?

The company repaid $25.0 million of its Margin Loan Facility.

What does the company's portfolio primarily consist of?

The company's portfolio primarily consists of interests in real estate projects and loans that are for sale or plan to be monetized.