Business
Stratus Properties Inc. Reports First-Quarter 2020 Results and Provides Business Updates
AUSTIN, Texas--(BUSINESS WIRE)-- Stratus Properties Inc. (NASDAQ: STRS), a diversified real estate company engaged primarily in the acquisition, entitlement,
About this update from Stratus Properties Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nStratus Properties Inc. (NASDAQ: STRS), a diversified real estate company engaged primarily in the acquisition, entitlement, development, management, operation and sale of commercial, and multi-family and single-family residential real estate properties, real estate leasing, and the operation of hotel and entertainment businesses located in the Austin, Texas area and other select, fast growing markets in Texas, today reported first-quarter 2020 results and provided other business updates.\n\n\nHighlights:\n\n\n\nNet loss attributable to common stockholders totaled $1.1 million, $0.13 per share, in first-quarter 2020, compared to net income attributable to common stockholders of $0.9 million, $0.10 per share, in first-quarter 2019.\n\n\nConsolidated revenues increased to $28.1 million in first-quarter 2020, compared with $19.7 million in first-quarter 2019.\n\n\nSold two Amarra Drive Phase II lots, six Amarra Drive Phase III lots and two homes built on Amarra Drive Phase III lots for a total of $12.3 million during first-quarter 2020. Since the end of first-quarter 2020 and through June 22, 2020, Stratus closed on the sale of one Amarra Drive Phase III lot for $650 thousand and one Amarra Drive Phase II lot for $632 thousand.\n\n\n\nUpdates:\n\n\n\nThe COVID-19 pandemic has had a significant adverse impact on Stratus' business and operations, intensifying in the latter part of first-quarter 2020 and continuing into the second quarter of 2020, and is expected to continue to have an adverse impact beyond the second quarter of 2020. Stratus is deferring progress on development projects pending improvements in health and market conditions, but Stratus continues to advance its land planning, engineering and permitting activities.\n\n\nOn June 12, 2020, Stratus and Comerica Bank agreed to modify Stratus' Comerica Bank credit facility to extend the maturity date of the credit facility to September 27, 2022. As of June 12, 2020, Stratus had borrowed $34.8 million under the $60 million facility, had $150 thousand of letters of credit committed against the facility and had $25.0 million available for future borrowing under the facility.\n\n\nOn May 21, 2020, Ryman Hospitality Properties, Inc. (Ryman) terminated its agreements to purchase Block 21, Stratus’ wholly owned mixed-use real estate development an...