Exhibit 99.1
Press Release
Star Holdings Reports Fourth Quarter and Fiscal Year 2023 Results
NEW YORK, February 27, 2024
Star Holdings (NASDAQ: STHO) announced today that it has filed its Annual Report on Form 10-K for the year ended December 31, 2023 with the Securities and Exchange Commission.
Net income (loss) attributable to common shareholders was $66.1 million for the fourth quarter, and ($196.4) million for the year. Earnings (loss) per share was $4.96 for the fourth quarter, and ($14.74) for the year. These results reflect a non-cash market-to-market adjustment with respect to our investment in approximately 13.5 million shares of SAFE of $75.7 million, which increased earnings per share by $5.69, for the quarter, and ($171.4) million which decreased earnings per share by ($12.87), for the year.
During the fourth quarter, the Company monetized $26.2 million of land and development assets, consisting primarily of a land parcel at Asbury Park and 71 lots at Magnolia Green. Additionally, the Company transferred an ownership interest in a subsidiary land owner to a third-party venture and in exchange received a $10.6 million mezzanine note for the development of a multifamily project in Asbury Park, NJ. In addition to the Company’s mezzanine loan, the venture capitalized the project with third-party capital including $21.0 million of equity and a non-recourse $80.0 million senior construction loan, for which a subsidiary of the Company provided a completion and carry guaranty. The Company voluntarily repaid an additional $19.8 million of its Margin Loan Facility, resulting in a principal balance of $81.9 million at year end.
Further details regarding the Company's results of operations, assets and activities are available in the Company's Form 10-K for the year ended December 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.
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