Exhibit 99.1
Press Release
Star Holdings Reports Third Quarter 2023 Results
NEW YORK, November 8, 2023
Star Holdings (NASDAQ: STHO) announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 with the Securities and Exchange Commission.
Net income (loss) attributable to common shareholders for the third quarter was ($81.8 million) and earnings (loss) per share was ($6.14). These results reflect a non-cash adjustment of ($80.2 million) which reduced earnings per share by ($6.02) 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 $24.8 million of land and development assets consisting primarily of a condo unit at Asbury Ocean Club, a land parcel at Asbury Park, and 36 lots at Magnolia Green. The Company voluntarily repaid $15.0 million of its Margin Loan Facility to a principal balance of $100.0 million at quarter end. Subsequent to quarter end, the Company voluntarily repaid an additional $19.8 million of its Margin Loan Facility to a principal balance of $80.2 million.
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, 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.
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