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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 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.
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.
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