Star Holdings ( (STHO) ) has released its Q3 earnings. Here is a breakdown of the information Star Holdings presented to its investors.
Star Holdings is a real estate investment firm with a diverse portfolio, including interests in the Asbury Park Waterfront and Magnolia Green residential projects, as well as shares in Safehold Inc.
In its third quarter financial results for 2024, Star Holdings reported a net income of $91.9 million and earnings per share of $6.90, reflecting a significant non-cash adjustment related to its investment in Safehold Inc. The company has been actively engaging in asset sales, as demonstrated by land revenues and real estate sales contributing to these figures.
Key financial metrics for the quarter include $6.1 million in land revenue from the sale of 31 lots at Magnolia Green and $3.7 million from the final condominium closings at the Asbury Ocean Club. These transactions highlight the company’s ongoing efforts to monetize its real estate assets and streamline its portfolio.
Looking ahead, Star Holdings plans to continue optimizing cash flows through strategic asset management and sales, focusing on maximizing shareholder value. Management remains committed to leveraging its diverse real estate holdings to drive future performance.