UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02Results of Operations and Financial Condition.
On November 5, 2024, Star Holdings issued an earnings release for the quarter ended September 30, 2024. A copy of the earnings release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
The information in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless it is specifically incorporated by reference therein.
Item 9.01Financial Statements and Exhibits.
Exhibit 99.1Earnings Release.
Exhibit 104Inline XBRL for the cover page of this Current Report on Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Star Holdings | |||
Date: | November 5, 2024 | By: | /s/ BRETT ASNAS |
Brett Asnas | |||
Chief Financial Officer | |||
(principal financial officer) |
Exhibit 99.1
Press Release
Star Holdings Reports Third Quarter 2024 Results
NEW YORK, November 5, 2024
Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 with the Securities and Exchange Commission.
Net income attributable to common shareholders for the third quarter was $91.9 million and earnings per share was $6.90. These results reflect a non-cash adjustment of $93.8 million which increased earnings per share by $7.05 with respect to our investment in approximately 13.5 million shares of SAFE based on a mark-to-market at quarter end.
During the third quarter, the Company recorded $6.1 million of land revenues, which was comprised of 31 lots at Magnolia Green that were sold. The Company also recorded income from sales of real estate of $3.7 million for the final two condominium closings at the Asbury Ocean Club.
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 September 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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1114 Avenue of the Americas
New York, NY 10036
T 212.930.9400
E investors@starholdingsco.com
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
1114 Avenue of the Americas
New York, NY 10036
T 212.930.9400
E investors@starholdingsco.com