Business
Stratus Properties Inc. Reports Second-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 second-quarter 2023 results.\n\n\nHighlights and Recent Developments:\n\n\n\nNet loss attributable to common stockholders totaled $5.3 million, or $0.64 per diluted share, in second-quarter 2023, compared to net income attributable to common stockholders of $96.6 million, or $11.53 per diluted share, in second-quarter 2022. Net loss attributable to common stockholders totaled $11.1 million, or $1.35 per diluted share, in the six months ended June 30, 2023, compared to net income attributable to common stockholders of $98.9 million, or $11.82 per diluted share, in the six months ended June 30, 2022.\n\n\n\nStratus’ total stockholders’ equity was $194.8 million at June 30, 2023, compared to $207.2 million at December 31, 2022 and $158.1 million at December 31, 2021. The increase in total stockholders’ equity from December 31, 2021 to June 30, 2023 was primarily a result of the gain realized on Stratus’ sale of Block 21 in 2022 and reflects a special dividend of approximately $40 million in 2022 and share repurchases totaling approximately $9.5 million in 2022 and through June 30, 2023.\n\n\n\nIn 2022, Stratus’ Board of Directors (Board) approved a share repurchase program, which authorizes repurchases of up to $10.0 million of Stratus’ common stock. Through August 9, 2023, Stratus has acquired 381,889 shares of its common stock for a total cost of $9.8 million at an average price of $25.65 per share.\n\n\n\nStratus had $44.1 million of cash and cash equivalents at June 30, 2023 and no amounts drawn on its revolving credit facility. Stratus’ cash position during the first six months of 2023 was positively impacted by the receipt in first-quarter 2023 of $35.8 million in cash from the Holden Hills partnership and the disbursement in June 2023 of the full $6.9 million of post-closing escrow amounts related to the sale of Block 21.\n\n\n\nThe first units at The Saint June, a 182-unit luxury garden-style multi-family project in Barton Creek, were ready for occupancy in July 2023, and the project is expected to be completed in September 2023. Stratus also continues construction on The Saint George, the last ten Amar...