NEW
YORK, May 11, 2023 /PRNewswire/ -- Star Holdings
(NASDAQ: STHO) announced today that it has filed its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2023 with the Securities and Exchange
Commission. The Company's spin-off from iStar Inc. (now known
as Safehold Inc.) occurred on the last day of the quarter;
therefore, the Company's financial results for the quarter are not
necessarily indicative of the Company's future results as a
stand-alone company following the spin-off.
Net income (loss) attributable to common shareholders for the
first quarter was ($90.7 million) and
earnings (loss) per share was ($6.81). These results reflect a non-cash
adjustment of ($90.7 million) which
reduced earnings per share by ($6.81)
with respect to our investment in approximately 13.5 million shares
of SAFE, which no longer qualifies for equity method accounting and
instead is based on mark-to-market accounting.
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, 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.
* *
*
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
