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Stratus Properties Inc. (STRS) is a renowned real estate development company dedicated to creating high-quality residential and commercial communities in Texas. Known for their meticulous planning, attention to detail, and environmental respect, Stratus Properties ensures that each of their projects enhances the living, working, and recreational experiences of its inhabitants.
Operating primarily in the Austin, Texas area, and other select markets across the state, Stratus Properties Inc. is diversified into two main segments: Real Estate Operations and Leasing Operations. Through these segments, the company is involved in the acquisition, entitlement, development, management, operation, and sale of both commercial and residential real estate properties.
In the Real Estate Operations segment, Stratus focuses on the development of master-planned communities, mixed-use developments, and commercial projects. They have a proven track record of transforming large tracts of land into vibrant residential neighborhoods and retail spaces that cater to the needs of the community.
The Leasing Operations segment is dedicated to managing and operating income-producing properties. This includes leasing space in office buildings, retail centers, and other commercial properties. Stratus Properties has successfully attracted and maintained a diverse range of tenants, ensuring steady revenue streams and high occupancy rates.
Stratus Properties Inc. has garnered attention for its recent achievements and current projects, which include several high-profile developments in prime locations. The company's strategic partnerships and innovative approach to real estate development have positioned it as a leader in the industry.
Financially, Stratus Properties Inc. maintains a strong balance sheet and continues to explore new opportunities to expand its portfolio. With a commitment to quality and sustainability, Stratus is well-equipped to meet the evolving needs of the market and deliver long-term value to its shareholders.
Stratus Properties (NASDAQ: STRS) has secured a $33.0 million non-recourse loan to refinance the construction loan for Kingwood Place, an H-E-B-anchored retail project in Kingwood, Texas. The company owns approximately 60% of the property through a partnership. The new loan, maturing December 1, 2027, features a tighter interest rate spread than the previous loan and is expected to generate payments and distributions of about $2.0 million to Stratus. The refinancing follows successful construction and substantial lease-up of the retail space, including the H-E-B grocery store.
Stratus Properties (NASDAQ: STRS) reported its Q3 and nine-month 2024 results, showing significant improvement from the previous year. The company reduced its Q3 net loss to $0.4 million ($0.05 per share) from $2.8 million in Q3 2023. Revenues increased to $8.9 million in Q3 2024 from $3.7 million in Q3 2023, driven by a $4.0 million Amarra Villas home sale and increased rental revenue from The Saint June. The company completed property sales totaling $38.6 million in the first nine months of 2024, including land sales at Magnolia Place and four Amarra Villas homes. The Saint June achieved 97% occupancy, and the company maintained strong liquidity with $19.6 million in cash and $39.6 million available under its revolving credit facility.
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.
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