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. (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.
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.
Stratus Properties Inc. (NASDAQ: STRS) will announce its third-quarter 2020 financial results on November 9, 2020, before the market opens. Following the release, a conference call will take place at 11:00 a.m. ET, allowing investors to participate by calling 1-877-418-4843 domestically or 1-412-902-6766 internationally. A replay of the call will be available through November 14, 2020. Stratus operates in real estate including acquisition, development, and management of residential and commercial properties primarily focused in Texas.
Stratus Properties (NASDAQ: STRS) addresses inaccuracies from Oasis Management regarding its strategic direction. CEO William H. Armstrong III emphasizes Stratus' commitment to maximizing shareholder value, particularly through exploring a potential REIT conversion. This conversion could provide significant tax benefits and regular distributions. Stratus highlighted previous successful property sales and refinancing as evidence of its effective strategy. The Board is open to a shareholder vote on any REIT conversion, stating Oasis' opposition stems from self-interest.
Oasis Management Company Ltd., a significant shareholder of Stratus Properties (NASDAQ: STRS) with over 13.5% ownership, expressed concerns over the company's governance and strategic direction in a letter to shareholders. The letter highlighted dissatisfaction with the execution of Stratus' five-year plan, which expired in March 2020, resulting in the sale of only three assets and a mere $1/share special dividend. Oasis claims the proposed REIT conversion deviates from earlier strategies and questioned the effectiveness of the current Board, advocating for a governance overhaul to enhance shareholder value.
Labaton Sucharow is investigating Stratus Properties (NASDAQ: STRS) for potential securities violations and breach of fiduciary duty. Shareholders who own shares of Stratus and wish to protect their investments can contact David J. Schwartz at the toll-free number (800) 321-0476 or via email at dschwartz@labaton.com for additional information free of charge.
Labaton Sucharow is recognized for excellence in complex litigation and addresses issues surrounding securities, corporate governance, and shareholder rights.
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