Business
Stratus Properties Inc. Reports Second-Quarter 2020 Results
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 second-quarter 2020 results.\n\n\nHighlights:\n\n\n\nNet income attributable to common stockholders totaled $4.1 million, $0.50 per share, in second-quarter 2020, compared to a net loss attributable to common stockholders of $2.4 million, $0.29 per share, in second-quarter 2019. Second-quarter 2020 includes $15.0 million ($10.9 million to net income attributable to common stockholders or $1.32 per share) in income from Block 21 earnest money forfeited by Ryman Hospitality Properties, Inc. (Ryman) upon its May 2020 termination of agreements to purchase Block 21.\n\n\nEarnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) totaled $12.3 million in second-quarter 2020, compared to $3.0 million in second-quarter 2019. Second-quarter 2020 EBITDA includes the Block 21 earnest money discussed above. For a reconciliation of net income (loss) attributable to common stockholders to EBITDA, see the supplemental schedule, \"EBITDA,\" on page VI.\n\n\nConsolidated revenue totaled $8.9 million in second-quarter 2020, compared to $23.7 million in second-quarter 2019 as the COVID-19 pandemic significantly impacted hotel and entertainment operations in second-quarter 2020.\n\n\nSold two Amarra Drive Phase II lots and one Amarra Drive Phase III lot for a total of $1.8 million during second-quarter 2020. As of August 4, 2020, Stratus had contracts to sell Amarra Drive lots totaling $4.7 million, not yet recognized in revenue.\n\n\nThe COVID-19 pandemic has continued to have a significant adverse impact on Stratus' business and operations. Stratus is continuing to defer progress on certain development projects pending improvements in health and market conditions, but Stratus continues to focus on protecting existing cash flows from its Leasing Operations properties, advancing its land planning, engineering and permitting activities for its development projects, ramping up oper...