Stratus Properties Inc. Reports Second-Quarter and Six-Month 2024 Results
Highlights and Recent Developments:
-
Net loss attributable to common stockholders totaled
, or$1.7 million per diluted share, in second-quarter 2024, compared to$0.21 , or$5.3 million per diluted share, in second-quarter 2023. During the first six months of 2024, net income attributable to common stockholders totaled$0.66 , or$2.8 million per diluted share, compared to net loss attributable to common stockholders of$0.35 , or$11.1 million per diluted share, during the first six months of 2023.$1.39 -
Revenues for second-quarter 2024 were
compared to revenues of$8.5 million for second-quarter 2023, with the increase primarily due to the sale of one Amarra Villas home in second-quarter 2024, compared to none sold in second-quarter 2023, as well as an increase in rental revenue primarily related to The Saint June, which had no rental revenue in second-quarter 2023. Revenues totaled$3.5 million for the first six months of 2024 compared to revenues of$35.0 million for the first six months of 2023. The increase was primarily the result of the sales of approximately 47 acres of undeveloped land at Magnolia Place for$9.3 million and three Amarra Villas homes for a total of$14.5 million in the first six months of 2024, compared with the sale of one Amarra Villas home in the first six months of 2023 for$11.3 million .$2.5 million -
In connection with the sale of the 47 acres of undeveloped land at Magnolia Place in first-quarter 2024, Stratus paid off the
construction loan. With the completion of this sale, Magnolia Place consists of two fully-leased retail buildings totaling 18,582 square feet, potential development of approximately 11 acres planned for 275 multi-family units and approximately$8.8 million of potential future reimbursements from the municipal utility district (MUD), with no project debt. In June 2024, Stratus entered into a contract to sell the remaining retail property for$12 million . The sale is expected to close in mid-August 2024 and generate pre-tax net cash proceeds of approximately$8.9 million .$8.7 million -
Stratus had
of cash and cash equivalents at June 30, 2024 and no amounts drawn on its revolving credit facility. As of June 30, 2024, Stratus had$13.5 million available under the revolving credit facility.$39.6 million -
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) totaled
in the first six months of 2024, compared to$3.9 million in the first six months of 2023. For a reconciliation of net (loss) income to EBITDA, see the supplemental schedule, “Reconciliation of Non-GAAP Measure EBITDA,” below.$(8.0) million - As of August 9, 2024, occupancy at The Saint June, a 182-unit luxury garden-style multi-family project in Barton Creek, which was completed in fourth-quarter 2023, was approximately 98 percent.
- Stratus continues construction on The Saint George, the last five Amarra Villas homes and Holden Hills.
William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, stated, “We are pleased to announce that occupancy at The Saint June, our multi-family project, has reached 98 percent at rents above our initial projections. We continue to advance construction of our residential projects The Saint George, Amarra Villas and Holden Hills. Our retail projects are performing well. In June, we entered into a contract to sell our retail project at Magnolia Place for
Summary Financial Results
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(In Thousands, Except Per Share Amounts) (Unaudited) |
||||||||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Real Estate Operations |
$ |
3,629 |
|
|
$ |
58 |
|
|
$ |
25,752 |
|
|
$ |
2,551 |
|
Leasing Operations |
|
4,861 |
|
|
|
3,472 |
|
|
|
9,245 |
|
|
|
6,781 |
|
Total consolidated revenue |
$ |
8,490 |
|
|
$ |
3,530 |
|
|
$ |
34,997 |
|
|
$ |
9,332 |
|
|
|
|
|
|
|
|
|
||||||||
Operating (loss) income |
|
|
|
|
|
|
|
||||||||
Real Estate Operations |
$ |
(839 |
) |
|
$ |
(2,689 |
) |
|
$ |
5,962 |
|
|
$ |
(4,710 |
) |
Leasing Operations |
|
1,745 |
|
|
|
1,404 |
|
|
|
3,078 |
|
|
|
2,546 |
|
Corporate, eliminations and other a |
|
(3,826 |
) |
|
|
(4,067 |
) |
|
|
(8,275 |
) |
|
|
(8,781 |
) |
Total consolidated operating (loss) income |
$ |
(2,920 |
) |
|
$ |
(5,352 |
) |
|
$ |
765 |
|
|
$ |
(10,945 |
) |
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
$ |
(2,778 |
) |
|
$ |
(5,309 |
) |
|
$ |
919 |
|
|
$ |
(11,582 |
) |
Net loss attributable to noncontrolling interests in subsidiaries b |
$ |
1,053 |
|
|
$ |
8 |
|
|
$ |
1,908 |
|
|
$ |
480 |
|
Net (loss) income attributable to common stockholders |
$ |
(1,725 |
) |
|
$ |
(5,301 |
) |
|
$ |
2,827 |
|
|
$ |
(11,102 |
) |
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per share attributable to common stockholders (basic and diluted) |
$ |
(0.21 |
) |
|
$ |
(0.66 |
) |
|
$ |
0.35 |
|
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
||||||||
EBITDA |
$ |
(1,332 |
) |
|
$ |
(3,841 |
) |
|
$ |
3,868 |
|
|
$ |
(8,024 |
) |
|
|
|
|
|
|
|
|
||||||||
Capital expenditures and purchases and development of real estate properties |
$ |
15,361 |
|
|
$ |
25,528 |
|
|
$ |
32,459 |
|
|
$ |
44,561 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares of common stock outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
8,072 |
|
|
|
7,990 |
|
|
|
8,049 |
|
|
|
7,988 |
|
Diluted |
|
8,072 |
|
|
|
7,990 |
|
|
|
8,172 |
|
|
|
7,988 |
|
- Includes consolidated general and administrative expenses and eliminations of intersegment amounts.
- Represents noncontrolling interest partners’ share in the results of the consolidated projects in which they participate.
Results of Operations
Stratus’ revenues totaled
The
Debt and Liquidity
At June 30, 2024, consolidated debt totaled
As of June 30, 2024, Stratus had
Purchases and development of real estate properties (included in operating cash flows) and capital expenditures (included in investing cash flows) totaled
Share Repurchase Program
Following the completion of Stratus’
About Stratus
Stratus Properties Inc. is engaged primarily in the entitlement, development, management, leasing and sale of multi-family and single-family residential and commercial real estate properties in the
----------------------------------------------
CAUTIONARY STATEMENT
This press release contains forward-looking statements in which Stratus discusses factors it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical fact, such as plans, projections or expectations related to inflation, interest rates, supply chain constraints, availability of bank credit, Stratus’ ability to meet its future debt service and other cash obligations, future cash flows and liquidity, the
Under Stratus’ Comerica Bank debt agreements, Stratus is not permitted to repurchase its common stock in excess of
Stratus cautions readers that forward-looking statements are not guarantees of future performance, and its actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause Stratus’ actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, Stratus’ ability to implement its business strategy successfully, including its ability to develop, construct and sell or lease properties on terms its Board considers acceptable, increases in operating and construction costs, including real estate taxes, maintenance and insurance costs, and the cost of building materials and labor, increases in inflation and interest rates, supply chain constraints, availability of bank credit, defaults by contractors and subcontractors, declines in the market value of Stratus’ assets, market conditions or corporate developments that could preclude, impair or delay any opportunities with respect to plans to sell, recapitalize or refinance properties, a decrease in the demand for real estate in select markets in
Investors are cautioned that many of the assumptions upon which Stratus’ forward-looking statements are based are likely to change after the date the forward-looking statements are made. Further, Stratus may make changes to its business plans that could affect its results. Stratus cautions investors that it undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, business plans, actual experience or other changes.
This press release also includes EBITDA, which is not recognized under
A copy of this release is available on Stratus’ website, stratusproperties.com.
STRATUS PROPERTIES INC. |
|||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) |
|||||||||||||||
(In Thousands, Except Per Share Amounts) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Real estate operations |
$ |
3,629 |
|
|
$ |
58 |
|
|
$ |
25,752 |
|
|
$ |
2,551 |
|
Leasing operations |
|
4,861 |
|
|
|
3,472 |
|
|
|
9,245 |
|
|
|
6,781 |
|
Total revenues |
|
8,490 |
|
|
|
3,530 |
|
|
|
34,997 |
|
|
|
9,332 |
|
Cost of sales: |
|
|
|
|
|
|
|
||||||||
Real estate operations |
|
4,424 |
|
|
|
2,697 |
|
|
|
19,702 |
|
|
|
7,184 |
|
Leasing operations |
|
1,742 |
|
|
|
1,144 |
|
|
|
3,420 |
|
|
|
2,405 |
|
Depreciation and amortization |
|
1,402 |
|
|
|
970 |
|
|
|
2,803 |
|
|
|
1,898 |
|
Total cost of sales |
|
7,568 |
|
|
|
4,811 |
|
|
|
25,925 |
|
|
|
11,487 |
|
General and administrative expenses |
|
3,842 |
|
|
|
4,071 |
|
|
|
8,307 |
|
|
|
8,790 |
|
Total |
|
11,410 |
|
|
|
8,882 |
|
|
|
34,232 |
|
|
|
20,277 |
|
Operating (loss) income |
|
(2,920 |
) |
|
|
(5,352 |
) |
|
|
765 |
|
|
|
(10,945 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(59 |
) |
|
|
— |
|
Other income, net |
|
186 |
|
|
|
544 |
|
|
|
359 |
|
|
|
1,029 |
|
(Loss) income before income taxes and equity in unconsolidated affiliate’s loss |
|
(2,734 |
) |
|
|
(4,808 |
) |
|
|
1,065 |
|
|
|
(9,916 |
) |
Provision for income taxes |
|
(44 |
) |
|
|
(498 |
) |
|
|
(146 |
) |
|
|
(1,660 |
) |
Equity in unconsolidated affiliate’s loss |
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(6 |
) |
Net (loss) income and total comprehensive (loss) income |
|
(2,778 |
) |
|
|
(5,309 |
) |
|
|
919 |
|
|
|
(11,582 |
) |
Total comprehensive loss attributable to noncontrolling interests a |
|
1,053 |
|
|
|
8 |
|
|
|
1,908 |
|
|
|
480 |
|
Net (loss) income and total comprehensive (loss) income attributable to common stockholders |
$ |
(1,725 |
) |
|
$ |
(5,301 |
) |
|
$ |
2,827 |
|
|
$ |
(11,102 |
) |
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per share attributable to common stockholders (basic and diluted) |
$ |
(0.21 |
) |
|
$ |
(0.66 |
) |
|
$ |
0.35 |
|
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares of common stock outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
8,072 |
|
|
|
7,990 |
|
|
|
8,049 |
|
|
|
7,988 |
|
Diluted |
|
8,072 |
|
|
|
7,990 |
|
|
|
8,172 |
|
|
|
7,988 |
|
- Represents noncontrolling interest partners’ share in the results of the consolidated projects in which they participate.
STRATUS PROPERTIES INC. |
|||||||
CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
(In Thousands) |
|||||||
|
June 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
13,498 |
|
|
$ |
31,397 |
|
Restricted cash |
|
463 |
|
|
|
1,035 |
|
Real estate held for sale |
|
4,460 |
|
|
|
7,382 |
|
Real estate under development |
|
255,068 |
|
|
|
260,642 |
|
Land available for development |
|
74,280 |
|
|
|
47,451 |
|
Real estate held for investment, net |
|
141,909 |
|
|
|
144,112 |
|
Lease right-of-use assets |
|
10,647 |
|
|
|
11,174 |
|
Deferred tax assets |
|
173 |
|
|
|
173 |
|
Other assets |
|
13,518 |
|
|
|
14,400 |
|
Total assets |
$ |
514,016 |
|
|
$ |
517,766 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
||||
Liabilities: |
|
|
|
||||
Accounts payable |
$ |
10,676 |
|
|
$ |
15,629 |
|
Accrued liabilities, including taxes |
|
4,800 |
|
|
|
6,660 |
|
Debt |
|
178,315 |
|
|
|
175,168 |
|
Lease liabilities |
|
15,676 |
|
|
|
15,866 |
|
Deferred gain |
|
2,359 |
|
|
|
2,721 |
|
Other liabilities |
|
4,684 |
|
|
|
7,117 |
|
Total liabilities |
|
216,510 |
|
|
|
223,161 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Equity: |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
97 |
|
|
|
96 |
|
Capital in excess of par value of common stock |
|
200,114 |
|
|
|
197,735 |
|
Retained earnings |
|
29,472 |
|
|
|
26,645 |
|
Common stock held in treasury |
|
(33,395 |
) |
|
|
(32,997 |
) |
Total stockholders’ equity |
|
196,288 |
|
|
|
191,479 |
|
Noncontrolling interests in subsidiaries |
|
101,218 |
|
|
|
103,126 |
|
Total equity |
|
297,506 |
|
|
|
294,605 |
|
Total liabilities and equity |
$ |
514,016 |
|
|
$ |
517,766 |
|
STRATUS PROPERTIES INC. |
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||
(In Thousands) |
|||||||
|
Six Months Ended |
||||||
|
June 30, |
||||||
|
2024 |
|
2023 |
||||
Cash flow from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
919 |
|
|
$ |
(11,582 |
) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
2,803 |
|
|
|
1,898 |
|
Cost of real estate sold |
|
16,117 |
|
|
|
2,087 |
|
Loss on extinguishment of debt |
|
59 |
|
|
|
— |
|
Stock-based compensation |
|
876 |
|
|
|
1,037 |
|
Debt issuance cost amortization |
|
453 |
|
|
|
406 |
|
Equity in unconsolidated affiliate’s loss |
|
— |
|
|
|
6 |
|
Purchases and development of real estate properties |
|
(16,317 |
) |
|
|
(21,084 |
) |
Decrease in other assets |
|
1,018 |
|
|
|
601 |
|
Decrease in accounts payable, accrued liabilities and other |
|
(7,644 |
) |
|
|
(123 |
) |
Net cash used in operating activities |
|
(1,716 |
) |
|
|
(26,754 |
) |
|
|
|
|
||||
Cash flow from investing activities: |
|
|
|
||||
Capital expenditures |
|
(16,142 |
) |
|
|
(23,477 |
) |
Payments on master lease obligations |
|
(400 |
) |
|
|
(484 |
) |
Other, net |
|
— |
|
|
|
9 |
|
Net cash used in investing activities |
|
(16,542 |
) |
|
|
(23,952 |
) |
|
|
|
|
||||
Cash flow from financing activities: |
|
|
|
||||
Borrowings from project loans |
|
21,754 |
|
|
|
22,828 |
|
Payments on project and term loans |
|
(21,226 |
) |
|
|
(8,328 |
) |
Payment of dividends |
|
(356 |
) |
|
|
(616 |
) |
Stock-based awards net payments |
|
(376 |
) |
|
|
(789 |
) |
Finance lease principal payments |
|
(8 |
) |
|
|
(7 |
) |
Noncontrolling interest contribution |
|
— |
|
|
|
40,000 |
|
Purchases of treasury stock |
|
— |
|
|
|
(1,589 |
) |
Financing costs |
|
(1 |
) |
|
|
(1,362 |
) |
Net cash (used in) provided by financing activities |
|
(213 |
) |
|
|
50,137 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(18,471 |
) |
|
|
(569 |
) |
Cash, cash equivalents and restricted cash at beginning of year |
|
32,432 |
|
|
|
45,709 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
13,961 |
|
|
$ |
45,140 |
|
STRATUS PROPERTIES INC.
BUSINESS SEGMENTS
Stratus has two operating segments: Real Estate Operations and Leasing Operations.
The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed for sale, under development and available for development), which consists of its properties in
The Leasing Operations segment is comprised of Stratus’ real estate assets held for investment that are leased or available for lease and includes The Saint June, West Killeen Market, Kingwood Place, the retail portions of Lantana Place and Magnolia Place, the completed retail portion of Jones Crossing and retail pad sites subject to ground leases at Lantana Place, Kingwood Place and Jones Crossing.
Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus’ operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity.
Summarized financial information by segment for the three months ended June 30, 2024, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):
|
Real Estate
|
|
Leasing
|
|
Corporate,
|
|
Total |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Unaffiliated customers |
$ |
3,629 |
|
|
$ |
4,861 |
|
|
$ |
— |
|
|
$ |
8,490 |
|
Cost of sales, excluding depreciation and amortization |
|
(4,424 |
) |
|
|
(1,742 |
) |
|
|
— |
|
|
|
(6,166 |
) |
Depreciation and amortization |
|
(44 |
) |
|
|
(1,374 |
) |
|
|
16 |
|
|
|
(1,402 |
) |
General and administrative expenses |
|
— |
|
|
|
— |
|
|
|
(3,842 |
) |
|
|
(3,842 |
) |
Operating (loss) income |
$ |
(839 |
) |
|
$ |
1,745 |
|
|
$ |
(3,826 |
) |
|
$ |
(2,920 |
) |
Capital expenditures and purchases and development of real estate properties |
$ |
7,360 |
|
|
$ |
8,001 |
|
|
$ |
— |
|
|
$ |
15,361 |
|
Total assets at June 30, 2024 c |
|
342,089 |
|
|
|
159,314 |
|
|
|
12,613 |
|
|
|
514,016 |
|
- Includes sales commissions and other revenues together with related expenses.
- Includes consolidated general and administrative expenses and eliminations of intersegment amounts.
-
Corporate, eliminations and other includes cash and cash equivalents and restricted cash of
.$12.6 million
Summarized financial information by segment for the three months ended June 30, 2023, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):
|
Real Estate
|
|
Leasing
|
|
Corporate,
|
|
Total |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Unaffiliated customers |
$ |
58 |
|
|
$ |
3,472 |
|
|
$ |
— |
|
|
$ |
3,530 |
|
Cost of sales, excluding depreciation and amortization |
|
(2,697 |
) |
|
|
(1,144 |
) |
|
|
— |
|
|
|
(3,841 |
) |
Depreciation and amortization |
|
(50 |
) |
|
|
(924 |
) |
|
|
4 |
|
|
|
(970 |
) |
General and administrative expenses |
|
— |
|
|
|
— |
|
|
|
(4,071 |
) |
|
|
(4,071 |
) |
Operating (loss) income |
$ |
(2,689 |
) |
|
$ |
1,404 |
|
|
$ |
(4,067 |
) |
|
$ |
(5,352 |
) |
Capital expenditures and purchases and development of real estate properties |
$ |
12,057 |
|
|
$ |
13,471 |
|
|
$ |
— |
|
|
$ |
25,528 |
|
Total assets at June 30, 2023 c |
|
328,033 |
|
|
|
111,928 |
|
|
|
45,794 |
|
|
|
485,755 |
|
- Includes sales commissions and other revenues together with related expenses.
- Includes consolidated general and administrative expenses and eliminations of intersegment amounts.
-
Corporate, eliminations and other includes cash and cash equivalents and restricted cash of
. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets.$43.2 million
Summarized financial information by segment for the six months ended June 30, 2024, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):
|
Real Estate
|
|
Leasing
|
|
Corporate,
|
|
Total |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Unaffiliated customers |
$ |
25,752 |
|
|
$ |
9,245 |
|
|
$ |
— |
|
|
$ |
34,997 |
|
Cost of sales, excluding depreciation and amortization |
|
(19,702 |
) |
|
|
(3,420 |
) |
|
|
— |
|
|
|
(23,122 |
) |
Depreciation and amortization |
|
(88 |
) |
|
|
(2,747 |
) |
|
|
32 |
|
|
|
(2,803 |
) |
General and administrative expenses |
|
— |
|
|
|
— |
|
|
|
(8,307 |
) |
|
|
(8,307 |
) |
Operating income (loss) |
$ |
5,962 |
|
|
$ |
3,078 |
|
|
$ |
(8,275 |
) |
|
$ |
765 |
|
Capital expenditures and purchases and development of real estate properties |
$ |
16,317 |
|
|
$ |
16,142 |
|
|
$ |
— |
|
|
$ |
32,459 |
|
- Includes sales commissions and other revenues together with related expenses.
- Includes consolidated general and administrative expenses and eliminations of intersegment amounts.
Summarized financial information by segment for the six months ended June 30, 2023, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):
|
Real Estate
|
|
Leasing
|
|
Corporate,
|
|
Total |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Unaffiliated customers |
$ |
2,551 |
|
|
$ |
6,781 |
|
|
$ |
— |
|
|
$ |
9,332 |
|
Cost of sales, excluding depreciation and amortization |
|
(7,184 |
) |
|
|
(2,405 |
) |
|
|
— |
|
|
|
(9,589 |
) |
Depreciation and amortization |
|
(77 |
) |
|
|
(1,830 |
) |
|
|
9 |
|
|
|
(1,898 |
) |
General and administrative expenses |
|
— |
|
|
|
— |
|
|
|
(8,790 |
) |
|
|
(8,790 |
) |
Operating (loss) income |
$ |
(4,710 |
) |
|
$ |
2,546 |
|
|
$ |
(8,781 |
) |
|
$ |
(10,945 |
) |
Capital expenditures and purchases and development of real estate properties |
$ |
21,084 |
|
|
$ |
23,477 |
|
|
$ |
— |
|
|
$ |
44,561 |
|
- Includes sales commissions and other revenues together with related expenses.
- Includes consolidated general and administrative expenses and eliminations of intersegment amounts.
RECONCILIATION OF NON-GAAP MEASURE
EBITDA
EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP (generally accepted accounting principles in the
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net (loss) income |
$ |
(2,778 |
) |
|
$ |
(5,309 |
) |
|
$ |
919 |
|
$ |
(11,582 |
) |
|
Depreciation and amortization |
|
1,402 |
|
|
|
970 |
|
|
|
2,803 |
|
|
1,898 |
|
|
Interest expense, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
Provision for income taxes |
|
44 |
|
|
|
498 |
|
|
|
146 |
|
|
1,660 |
|
|
EBITDA |
$ |
(1,332 |
) |
|
$ |
(3,841 |
) |
|
$ |
3,868 |
|
$ |
(8,024 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813592206/en/
Financial and Media Contact:
William H. Armstrong III
(512) 478-5788
Source: Stratus Properties Inc.