Stratus Prop Stock Price, News & Analysis

Stratus Properties Inc. (NASDAQ: STRS) reported its third-quarter 2021 results, showing a net loss of $3.8 million, significantly improved from a loss of $15.1 million in Q3 2020. Notable transactions include agreements to sell Block 21 for $260 million and The Santal for $152 million, which are expected to generate pre-tax proceeds of approximately $115 million and $70 million, respectively. EBITDA rose to $2.0 million from a loss of $0.6 million a year earlier. While hospitality revenue improved, Stratus is facing challenges in real estate operations due to a decrease in lot sales.

Stratus Properties Inc. (NASDAQ: STRS) has agreed to sell Block 21, a mixed-use complex in Austin, Texas, to Ryman Hospitality Properties, Inc. for $260 million. This sale follows a previous agreement in December 2019 for $275 million, which was terminated in May 2020 due to the COVID-19 pandemic, resulting in Ryman forfeiting $15 million in earnest money. The transaction is aimed to close by year-end, pending certain conditions. This move is expected to provide Stratus with financial flexibility to reinvest, deleverage, or return cash to shareholders.

Stratus Properties Inc. (NASDAQ: STRS) has announced that it will release its third-quarter financial and operating results on November 15, 2021, before the market opens. The company will hold a conference call at 11:00 a.m. Eastern Time on the same date, with participants able to join via domestic or international dial-in numbers provided. A replay of the call will be available until November 29, 2021. Stratus is engaged in diversified real estate activities, focusing on commercial and residential properties primarily in the Austin, Texas area.

Stratus Properties Inc. (NASDAQ: STRS) announced the sale of The Santal, a luxury apartment complex in Austin, for $152 million, translating to $339,000 per unit. This price is approximately 96% above the estimated net asset value as of December 31, 2020. The sale is expected to generate $72 million in pre-tax cash proceeds. Following a due diligence period, the transaction is slated to close in Q4 2021, contingent on customary conditions. The Company aims to optimize shareholder value through strategic asset management.

Stratus Properties Inc. (NASDAQ: STRS) announced plans to develop Block 150, a luxury high-rise rental project in downtown Austin, Texas. The 400-foot tower will feature approximately 300 Class A multi-family units and ground-level retail, with construction expected to begin in early 2023 and completion anticipated in mid-2025. Financing includes a $14 million land acquisition loan and $21 million in equity from Stratus and private investors. The project aims for an Austin Energy Green Building rating and will enhance Stratus’ portfolio in a booming residential market.

Stratus Properties Inc. (NASDAQ: STRS) has completed construction financing for the first phase of Magnolia Place in Magnolia, Texas, a mixed-use project shadow-anchored by H-E-B grocery. On August 12, 2021, a $14.8 million construction loan was secured with Veritex Community Bank. The development will include 4 retail buildings, 194 single-family lots, and around 500 multi-family units. The project responds to increased residential demand in Texas. Stratus also explores a potential sale of land for single-family residential development.

Stratus Properties Inc. (NASDAQ: STRS) reported a net loss of $10.2 million ($1.23 per share) for Q2 2021, contrasting with a net income of $4.1 million in Q2 2020. The loss mainly stemmed from decreased sales and the absence of a significant gain from prior agreements. EBITDA was $(4.4) million, compared to $12.3 million a year earlier. Despite challenges, Stratus initiated several development projects, including The Saint June and Magnolia Place. The company reported total consolidated revenue of $11.6 million for Q2 2021, up from $8.9 million in Q2 2020.

Stratus Properties Inc. (NASDAQ: STRS) has appointed Laurie L. Dotter as an independent Class I director on its Board of Directors, effective immediately. Dotter brings over 30 years of real estate investment experience, including leadership roles in various firms and her tenure as Chair of the Audit Committee at Parkway Properties. This appointment aligns with Stratus' goal to enhance Board diversity and follows shareholder approval from the 2021 annual meeting. Dotter will also serve on the Audit and Compensation Committees, expanding the Board to eight members, seven of whom are independent.

Stratus Properties Inc. (NASDAQ: STRS) will release its second-quarter 2021 financial results before market opening on August 16, 2021. A conference call is scheduled for 11:00 a.m. Eastern Time on the same day, with domestic and international dial-in numbers provided for participation. The earnings release and conference call replay will be accessible on Stratus' website until August 30, 2021. Stratus focuses on acquiring, developing, and managing commercial and residential properties, hotel, and entertainment businesses mainly in Austin and other fast-growing Texas markets.