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Star Holdings Reports Fourth Quarter and Fiscal Year 2024 Results

Star Holdings (NASDAQ: STHO) has made public its Annual Report on Form 10-K covering the fiscal year that concluded on December 31, 2024. According to the report, the company encountered substantial financial setbacks during the fourth quarter and the entire fiscal year.

In the fourth quarter of 2024, Star Holdings reported a net loss of $102.6 million attributable to common shareholders. For the entire year, the loss stood at $86.8 million. The earnings per share for the fourth quarter dropped to ($7.70), while for the year, it fell to ($6.51). A significant factor influencing these figures was a non-cash market-to-market adjustment related to an investment in approximately 13.5 million shares of Safehold Inc. (NYSE: SAFE). This adjustment amounted to a loss of $104.8 million in the fourth quarter alone, contributing to a decrease in earnings per share by ($7.87). For the entire year, the impact was a reduction of $66.5 million, lowering earnings per share by ($4.99).

Despite the substantial losses, there were some positive movements for the company. In the fourth quarter, Star Holdings successfully sold land and improvements at a property located in California for $21.5 million, resulting in a net profit of $12.3 million from this transaction. Alongside the sale, the company provided the buyer with a $17.75 million short-term loan to facilitate the acquisition.

Star Holdings controls a diverse portfolio, which prominently includes holdings in the Asbury Park Waterfront and Magnolia Green residential developments. The company is also invested in various commercial real estate properties and loans earmarked for sale or monetization. As part of its growth strategy, Star Holdings intends to enhance shareholder value primarily through proactive asset management and targeted asset sales.

The detailed financial results and further operational information about Star Holdings can be found in their Form 10-K for the year ended December 31, 2024, which is accessible both on their website and through the Securities and Exchange Commission (SEC) portal.

Star Holdings remains committed to recovering from these losses, focusing on efficient management of its assets and maximizing cash flow to improve profitability in future fiscal periods. For more information, visit Star Holdings or consult the SEC website.

Contact Information
Pearse Hoffmann
Senior Vice President, Capital Markets
Investor Relations
Phone: 212.930.9400
Email: [email protected]

With challenges ahead, Star Holdings aims to navigate the current landscape, leveraging its resources for a turnaround in the approaching fiscal cycles.