Business
Stratus Properties Inc. Reports Second-Quarter and Six-Month 2024 Results
AUSTIN, Texas--(BUSINESS WIRE)-- Stratus Properties Inc. (NASDAQ: STRS), a residential and retail focused real estate company with operations in the Austin,
About this update from Stratus Properties Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nStratus Properties Inc. (NASDAQ: STRS), a residential and retail focused real estate company with operations in the Austin, Texas area and other select markets in Texas, today reported second-quarter 2024 and six-month results.\n\n\nHighlights and Recent Developments:\n\n\n\nNet loss attributable to common stockholders totaled $1.7 million, or $0.21 per diluted share, in second-quarter 2024, compared to $5.3 million, or $0.66 per diluted share, in second-quarter 2023. During the first six months of 2024, net income attributable to common stockholders totaled $2.8 million, or $0.35 per diluted share, compared to net loss attributable to common stockholders of $11.1 million, or $1.39 per diluted share, during the first six months of 2023.\n\n\n\nRevenues for second-quarter 2024 were $8.5 million compared to revenues of $3.5 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 $35.0 million for the first six months of 2024 compared to revenues of $9.3 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 $14.5 million and three Amarra Villas homes for a total of $11.3 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 $2.5 million.\n\n\n\nIn connection with the sale of the 47 acres of undeveloped land at Magnolia Place in first-quarter 2024, Stratus paid off the $8.8 million 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 $12 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 $8.9 million. The sale is expected to close in mid-August 2024 and generate pre-tax net cash proceeds of approximately $8.7 million.\n\n\n\nStratus h...