Welcome to our dedicated page for Stratus Prop news (Ticker: STRS), a resource for investors and traders seeking the latest updates and insights on Stratus Prop stock.
Stratus Properties Inc (STRS) delivers innovative real estate solutions through strategic development and leasing operations across Texas markets. This news hub provides investors and stakeholders with essential updates about the company's residential and commercial projects.
Access authoritative information on STRS's latest property acquisitions, partnership announcements, and operational milestones. Our curated collection features press releases covering entitlement progress, community development initiatives, and financial disclosures – all critical for understanding the company's position in sustainable real estate development.
Key updates include earnings reports detailing leasing revenue trends, project approvals in target markets like Austin, and strategic expansions reflecting the company's dual operational focus. Bookmark this page for direct access to primary source materials that inform decisions about STRS's market activities.
Stratus Properties Inc. (NASDAQ: STRS) has completed the sale of its Magnolia Place – Retail property for $8.9 million, generating pre-tax net cash proceeds of approximately $8.6 million. This sale is part of Stratus' mixed-use development project in Magnolia, Texas. The company retains potential development of about 11 acres planned for 275 multi-family units and approximately $12 million of potential future reimbursement from the municipal utility district.
Over the past three years, Stratus has realized cumulative sales of $30.1 million at Magnolia Place, including the sale of pad sites, retail development land, single-family land, and land planned for up to 600 multi-family units. The company acquired the 125-acre site in 2014 for a net price of about $3.3 million, demonstrating significant value creation through development and strategic sales.
Stratus Properties Inc. (NASDAQ: STRS) reported its Q2 and H1 2024 results. Key highlights include:
- Q2 2024 net loss of $1.7 million ($0.21 per share) vs. $5.3 million loss in Q2 2023
- H1 2024 net income of $2.8 million ($0.35 per share) vs. $11.1 million loss in H1 2023
- Q2 2024 revenues increased to $8.5 million from $3.5 million in Q2 2023
- H1 2024 revenues rose to $35.0 million from $9.3 million in H1 2023
- The Saint June multi-family project reached 98% occupancy
- Entered contract to sell Magnolia Place retail property for $8.9 million
- $13.5 million cash on hand and $39.6 million available under credit facility as of June 30, 2024
Stratus Properties (NASDAQ: STRS) reported a significant turnaround in its first-quarter 2024 financial results. The company achieved a net income of $4.6 million ($0.56 per diluted share), compared to a net loss of $5.8 million ($0.73 per diluted share) in Q1 2023. Revenues surged to $26.5 million from $5.8 million, driven by the $14.5 million sale of 47 acres at Magnolia Place and higher sales prices of Amarra Villas homes.
Stratus also reported substantial progress in its construction projects and property sales. It signed leases for 90% of units at The Saint June, completed in Q4 2023, and entered a sale contract for West Killeen Market at $12.8 million. The company holds $20.7 million in cash and has $39.6 million available in its revolving credit facility. EBITDA improved to $5.2 million from a loss of $4.2 million in Q1 2023.
Stratus Properties reported significant financial improvements for the year ended December 31, 2022, with net income attributable to common stockholders rising to $90.4 million or $10.99 per diluted share, compared to $57.4 million or $6.90 in 2021. Total stockholders’ equity increased to $207.2 million. Key developments included the completion of various real estate sales and the announcement of a new share repurchase program worth $10 million. However, EBITDA turned negative at $(3.1) million, down from $90.7 million in 2021. The firm continues to progress on various projects, including Holden Hills.
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