Star Holdings reported total revenues of $14.624 million for the first quarter of 2025, a significant decrease from $25.436 million in the same period of 2024. This decline was primarily driven by a sharp reduction in land development revenue, which fell from $16.615 million in Q1 2024 to $5.183 million in Q1 2025.
The decrease in land development revenue was attributed to fewer bulk sales at Asbury Park and a reduction in lot sales at Magnolia Green. Interest income, however, increased from $0.389 million in Q1 2024 to $1.099 million in Q1 2025, linked to a higher average balance of performing loans.
Net income for the quarter decreased substantially to $8.046 million from $48.996 million in Q1 2024. This drop was largely due to a smaller unrealized gain of $3.245 million on the investment in Safehold Inc. shares, compared to a $37.863 million unrealized gain in the prior year's quarter.
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