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 (NASDAQ: STRS) is a residential and retail focused real estate company active in the Austin, Texas area and other select Texas markets. News about Stratus often centers on its entitlement, development, leasing and sale of multi-family, single-family and retail or mixed-use properties, as well as its financing and capital allocation decisions.
Investors following STRS news can expect regular updates on project milestones and transactions. Recent announcements have covered sales of stabilized retail assets such as West Killeen Market and Lantana Place – Retail, agreements to sell properties like Kingwood Place, and the impact of these transactions on cash balances and project-level debt. The company also reports on progress at residential and multi-family developments, including The Saint June, The Saint George, Amarra Villas and the large-scale Holden Hills projects in the Barton Creek community.
Stratus’ news flow also includes information on refinancing activities for properties such as Kingwood Place, Lantana Place and Jones Crossing, changes to its revolving credit facility, and the formation of partnerships like the Holden Hills Phase 2 partnership with a third-party equity investor. In addition, the company has disclosed Board-authorized share repurchase programs and, more recently, the initiation of a process to explore strategic alternatives, including a potential sale of Stratus, a plan of dissolution and liquidation, further share repurchases and other strategic or financial transactions.
This STRS news page on Stock Titan aggregates company press releases and related coverage so readers can monitor asset sales, development progress, financing actions and Board-level decisions that shape Stratus’ Texas-focused real estate portfolio over time.
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.
Stratus Properties Inc. (NASDAQ: STRS) announced plans for The Saint June, a 182-unit luxury multi-family development in the Barton Creek community. Spanning approximately 36 acres, the project includes amenities such as a clubhouse, fitness center, and pool. Financed by a $30.3 million construction loan and additional equity, Stratus will hold 34.13% equity in the limited partnership that owns the project. Construction is expected to start by Q2 2021 with move-ins slated for late 2022, enhancing Stratus's leasing operations and emphasizing sustainable luxury.
Stratus Properties Inc. (NASDAQ: STRS) announced the results of its 2021 annual meeting, where shareholders elected directors Jim Leslie and Neville Rhone, Jr., and approved the appointment of Laurie Dotter to expand the Board. Approximately 13% of shares voted for Oasis Management's nominees. Chairman William H. Armstrong III expressed shareholder support for the Board's strategic vision, particularly regarding a potential REIT conversion. Other approved measures included executive compensation and the appointment of an independent auditor, while a rights agreement amendment was not ratified.
Stratus Properties Inc. (NASDAQ: STRS) has issued a letter to shareholders ahead of the 2021 Annual Meeting on June 4, 2021. The letter highlights the endorsement from Institutional Shareholder Services (ISS) for the Company's WHITE proxy card, encouraging shareholders to vote FOR nominees Jim Leslie and Neville Rhone, Jr. ISS supports Stratus' efforts to refresh its Board with diverse directors and evaluates the potential conversion to a real estate investment trust (REIT). Shareholders are reminded of the upcoming voting deadline, and questions can be directed to the Company's proxy solicitor.
Stratus Properties Inc. (NASDAQ: STRS) issued a letter to shareholders defending its board against claims made by Oasis Management Ltd., which is contesting the board's potential conversion to a REIT. CEO Beau Armstrong criticized Oasis for its lack of a viable alternative strategy and alleged personal attacks. The letter emphasizes that Oasis's interests conflict with those of U.S. shareholders due to tax implications of a REIT conversion. Stratus highlights its strategic plans, including its confidence in the Holden Hills project and its strong historical total shareholder return of 10.2% annually.
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