Star Holdings Reports Second Quarter 2024 Results

Rhea-AI Summary

Star Holdings (NASDAQ: STHO) reported its Q2 2024 results, filing a Quarterly Report on Form 10-Q. The company experienced a net loss of $27.1 million, with earnings per share at ($2.04). This includes a non-cash adjustment of ($17.7 million), reducing EPS by ($1.33), related to its investment in SAFE shares. Star Holdings recorded $15.7 million in land revenues, primarily from a Coney Island parcel and 50 lots at Magnolia Green.

The company's portfolio includes interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties and loans intended for monetization. Star Holdings also owns shares of Safehold Inc. (NYSE: SAFE) and aims to maximize shareholder value through active asset management and sales.

Positive

• Recorded $15.7 million in land revenues from property sales
• Diverse portfolio including valuable real estate assets and development projects

Negative

• Net loss of $27.1 million for Q2 2024
• Negative earnings per share of ($2.04)
• Non-cash adjustment of ($17.7 million) related to SAFE shares investment

News Market Reaction

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+1.07% News Effect

On the day this news was published, STHO gained 1.07%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Aug. 6, 2024 /PRNewswire/ -- Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 with the Securities and Exchange Commission. 

Net income (loss) attributable to common shareholders for the second quarter was ($27.1 million) and earnings (loss) per share was ($2.04). These results reflect a non-cash adjustment of ($17.7 million) which reduced earnings per share by ($1.33) with respect to our investment in approximately 13.5 million shares of SAFE based on a mark-to-market SAFE share price of $19.29 at quarter end.

During the second quarter, the Company recorded $15.7 million of land revenues, which was primarily comprised of a land parcel in Coney Island and 50 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 June 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

FAQ

What was Star Holdings (STHO) net income for Q2 2024?

Star Holdings (STHO) reported a net loss of $27.1 million for the second quarter of 2024.

How much land revenue did Star Holdings (STHO) record in Q2 2024?

Star Holdings (STHO) recorded $15.7 million in land revenues during the second quarter of 2024.

What caused the significant loss in Star Holdings' (STHO) Q2 2024 earnings?

A major factor in Star Holdings' (STHO) Q2 2024 loss was a non-cash adjustment of ($17.7 million) related to its investment in SAFE shares, which reduced earnings per share by ($1.33).

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

Star Holdings' (STHO) portfolio primarily includes interests in the Asbury Park Waterfront, Magnolia Green residential development projects, other commercial real estate properties and loans, and shares of Safehold Inc. (NYSE: SAFE).