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.
* *
*
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
