Business
Stratus Properties Inc. Reports First-Quarter 2023 Results
AUSTIN, Texas--(BUSINESS WIRE)-- Stratus Properties Inc. (NASDAQ: STRS), a diversified real estate company with holdings, interests and operations in the
About this update from Stratus Properties Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nStratus Properties Inc. (NASDAQ: STRS), a diversified real estate company with holdings, interests and operations in the Austin, Texas area and other select markets in Texas, today reported first-quarter 2023 results.\n\n\nHighlights and Recent Developments:\n\n\n\nNet loss attributable to common stockholders totaled $5.8 million, or $0.71 per diluted share, in first-quarter 2023, compared to net income attributable to common stockholders of $2.3 million, or $0.27 per diluted share, in first-quarter 2022.\n\n\n\n\nStratus’ total stockholders’ equity increased to $200.9 million at March 31, 2023, from $158.1 million at December 31, 2021, primarily as a result of the gain realized on Stratus’ sale of Block 21 in 2022.\n\n\n\n\nIn first-quarter 2023, Stratus obtained third-party equity and debt financing for and commenced construction on Holden Hills, designed to feature 475 unique residences within the Barton Creek community in Austin, Texas. The Holden Hills limited partnership distributed and paid $35.8 million in cash to Stratus.\n\n\n\n\nIn 2022, Stratus’ Board approved a share repurchase program, which authorizes repurchases of up to $10.0 million of Stratus’ common stock. Through May 10, 2023, Stratus has acquired 359,553 shares of its common stock for a total cost of $9.2 million at an average price of $25.64 per share.\n\n\n\n\nStratus had $50.9 million of cash and cash equivalents at March 31, 2023 and no amounts drawn on its revolving credit facility.\n\n\n\n\nEarnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) totaled $(4.2) million in first-quarter 2023, compared to $2.4 million in first-quarter 2022. EBITDA does not reflect net income from discontinued operations, which was $0.4 million in 2022, related to Block 21. For a reconciliation of net (loss) income from continuing operations to EBITDA, see the supplemental schedule, “Reconciliation of Non-GAAP Measure EBITDA,” below.\n\n\n\n\nStratus continues construction on The Saint June, a 182-unit luxury garden-style multi-family project within the Amarra development in Barton Creek. The first units are expected to be ready for occupancy in June 2023, and the project is expected to be completed in third-quarter 2023. Stratus also continues construction on The Saint George and on the last ten Amarra Villas homes.\n\n\...