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. develops, leases, manages and sells residential and commercial real estate in the Austin, Texas area and other select Texas markets. The company’s updates center on its Real Estate Operations and Leasing Operations segments, including mixed-use projects, multifamily developments, commercial leasing activity and property sales.
Recurring Stratus news includes completed asset dispositions such as Kingwood Place and Lantana Place – Retail, project financing and loan amendments, operating and financial results, capital-structure matters, shareholder voting items and governance developments tied to its public-company status.
Stratus Properties Inc. (NASDAQ: STRS) announced its final residential project, Holden Hills, located in Barton Creek, Austin. Spanning 495 acres, the development will include 475 residences and prioritize sustainability, wellness, and energy conservation. CEO William H. Armstrong III emphasized the project’s focus on non-toxic materials and renewable energy to minimize carbon impact. With completion of initial engineering, Stratus expects to secure permits by Q2 or Q3 of 2021 and begin sales as early as late 2022. The project will require significant capital, sourced through bank financing and third-party equity.
Stratus Properties Inc. (NASDAQ: STRS) will release its first-quarter 2021 financial and operating results on May 10, 2021, post-market. A conference call is scheduled for May 11, 2021, at 11:00 a.m. ET. Investors can join by calling 1-877-418-4843 for domestic or 1-412-902-6766 for international participants. A replay of the call will be available until May 25, 2021. Stratus operates in real estate acquisition, development, management, and sales, focusing on commercial and residential properties in Texas, particularly Austin.
Stratus Properties Inc. (NASDAQ: STRS) addressed shareholders in a letter ahead of its 2021 Annual Meeting scheduled for June 4, 2021. The letter emphasizes the importance of voting for the Company’s director nominees, James Leslie and Neville Rhone, Jr., against an agenda from Oasis Management Company, which seeks to replace them. Stratus highlights its history of shareholder value creation and urges shareholders to utilize the WHITE proxy card in support of its nominees. The Company will provide relevant materials to shareholders entitled to vote as of April 8, 2021.
Stratus Properties reported its 2020 financial results, showing a significant net loss of $22.8 million, equating to $2.78 per share. Revenue from leasing operations reached a record $24.1 million, up 24% from 2019, while real estate operations surged 64% to $22.6 million. A subsidiary sold The Saint Mary apartments for $60 million, generating $14 million in anticipated pre-tax gains. However, the hotel and entertainment segments suffered due to COVID-19, with occupancy dropping to 23% from 73%. Consolidated debt reached $351.1 million, with cash at $12.4 million.
Oasis Management Company Ltd. is a significant long-term shareholder of Stratus Properties Inc. (NASDAQ: STRS), owning over 13.5% of its ordinary shares. Oasis believes Stratus can enhance shareholder returns through improved corporate governance and a strategic plan. They issued an investor presentation titled 'A Better Stratus' and set a preliminary record date of March 19, 2021, for a shareholder vote during the annual meeting. Stakeholders can contact Oasis for further information and are encouraged to review upcoming SEC filings related to the proxy solicitation.
Stratus Properties Inc. (NASDAQ: STRS) will release its financial results for the year ended December 31, 2020, on March 15, 2021, before market opening. A conference call is scheduled for 11:00 a.m. Eastern Time on the same day for investors to participate. Stratus is involved in the acquisition, development, and management of real estate properties, primarily in Texas. The company also plans to file a definitive proxy statement for its 2021 Annual Meeting, which will include board of directors’ nominations and relevant shareholder information. The earnings release will be accessible on Stratus' website.
Stratus Properties Inc. (NASDAQ: STRS) has appointed Kate B. Henriksen as an independent Class III director, effective immediately. Henriksen, currently Co-Chief Investment Officer of RLJ Lodging Trust, brings extensive experience in real estate investing and REIT operations, having overseen transactions totaling $8 billion. Her appointment, alongside Neville L. Rhone, Jr., follows a comprehensive review of the Board's composition. The Board now includes seven members, with six being independent. Henriksen is expected to enhance strategic direction and shareholder value at Stratus.
Stratus Properties Inc. (NASDAQ: STRS) announced the successful sale of The Saint Mary, a 240-unit luxury apartment project in Austin, Texas, for $60 million, equating to $250,000 per unit. This sale, completed on January 11, 2021, generated net proceeds of approximately $34 million for Stratus, with a pre-tax gain of about $14 million anticipated. The sale reflects a 28% premium over the property's estimated net asset value as of December 31, 2019. The project was well-received, achieving an internal rate of return of 62% and demonstrating Stratus's effective market strategy.
Stratus Properties Inc. (NASDAQ: STRS) announced the appointment of Neville L. Rhone, Jr. as an independent Class II director, effective immediately. Rhone's extensive experience in real estate development and his previous association with Stratus during the Block 21 project are highlighted. William H. Armstrong III, Chairman and CEO, expressed confidence in Rhone's leadership and alignment with Stratus' goals of enhancing diversity on the Board. Rhone will also serve on the Audit Committee and the Nominating and Corporate Governance Committee, which is actively seeking more independent candidates.
Stratus Properties reported a net loss of $15.1 million ($1.84 per share) in Q3 2020, a significant increase from $3.0 million ($0.36 per share) in Q3 2019, driven by a $9.6 million non-cash tax charge due to COVID-19 impacts. Total revenue fell to $12.8 million from $22.3 million year-over-year, largely due to declines in hotel and entertainment segments. Despite challenges, Stratus is exploring a conversion to a REIT, which may bring tax benefits and regular shareholder distributions, and expects to meet liquidity needs through 2021.