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NEW YORK - Star Holdings (NASDAQ: STHO), a company specializing in real estate properties and development projects, has announced a share repurchase program authorizing the buyback of up to $10 million of its common shares. The repurchases will be conducted based on market conditions, legal requirements, and other relevant factors, and may occur via open market transactions, private agreements, or under a Rule 10b5-1 plan. This program does not compel the company to repurchase shares and can be halted at any time.
In addition to the share repurchase initiative, Star Holdings has made amendments to its financial agreements. The Term Loan Credit Agreement with Safehold Inc. (NYSE: SAFE), currently valued at $1.29 billion in market capitalization, has been revised to extend the maturity of its term loan facilities to March 31, 2028, and allows for re-borrowing of repaid amounts on a $25 million incremental facility. The company’s outstanding term loan as of March 28, 2025, stands at $115 million, with no borrowings on the incremental facility. According to InvestingPro data, Safehold maintains a strong liquidity position with a current ratio of 40.02x, indicating robust ability to meet its short-term obligations.
The Management Agreement with Safehold has also been modified, increasing the annual management fee for the period from April 1, 2026, to March 31, 2027, to $7.5 million and raising the Termination Fee to $55 million, offset by previously paid management fees. InvestingPro analysis shows Safehold trading at an attractive P/E ratio of 12.16x while offering a dividend yield of 3.91%. The stock has experienced significant pressure, down over 30% in the past six months, potentially presenting a value opportunity. InvestingPro subscribers can access 6 additional key insights about Safehold’s financial health and growth prospects.
Furthermore, the Margin Loan Facility has been amended to extend its maturity to March 31, 2028, and includes provisions for an additional $15.8 million of funding on a delayed-draw basis, subject to certain conditions. The amendment also adjusts the applicable margin and improves loan-to-value ratios and collateral release thresholds.
Star Holdings’ portfolio mainly consists of interests in real estate developments such as the Asbury Park Waterfront and Magnolia Green, along with other commercial properties and loans. The company’s strategy focuses on maximizing cash flows and asset sales to realize value for shareholders.
The information in this article is based on a press release statement and further details can be found in the SEC Form 8-K filed on March 31, 2025. Star Holdings cautions that forward-looking statements in the press release are based on current expectations and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially.
In other recent news, Safehold Inc. has reported an unrealized capital appreciation (UCA) of approximately $9.128 billion in its portfolio as of December 31, 2024. This figure represents the excess of the combined property value over the cost basis of the company’s ground lease investments, highlighting the potential value within its portfolio. The company has also declared a quarterly dividend of $0.177 per share for the first quarter of 2025, with distribution scheduled for April 15, 2025, reflecting its commitment to providing consistent income to shareholders.
Additionally, Safehold’s board will see a reduction in size from six to five members following the resignation of board member Jesse Hom, effective May 15, 2025. This governance change is part of the company’s corporate practices and was announced in a recent SEC filing. In terms of analyst activity, JMP Securities has lowered Safehold’s price target from $35.00 to $32.00, maintaining a Market Outperform rating. This adjustment was influenced by the current interest rate environment and uncertainties surrounding the company’s Capitalization Rate Enhancement Terms (CARET) program.
These developments, including the dividend announcement and board changes, come amid Safehold’s strategic focus on ground lease investments and its innovative approach to capital efficiency. The company’s recent SEC filings provide additional insights into these activities and the associated risks.
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