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Stratus Properties Inc. Reports Year Ended December 31, 2019 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 located in the Austin, Texas area and other select, fast-growing markets in Texas, today reported year ended December 31, 2019 results.\n\n\nFinancial Highlights:\n\n\n\nAnnounced an agreement to sell Block 21, a mixed-use development in downtown Austin, Texas, that contains the W Austin Hotel and office, retail and entertainment space, to Ryman Hospitality Properties, Inc. for $275 million. The transaction is expected to close in the second quarter of 2020, and Stratus expects to record an approximate $130 million pre-tax gain based on December 31, 2019, balances.\n\n\nRefinanced The Santal, a 448-unit, garden-style, multi-family project in Barton Creek by closing on a $75.0 million loan and using $57.9 million of the proceeds to repay, in full, all outstanding Santal construction loans.\n\n\nCompleted the sales of Barton Creek Village, a 22,366-square-foot retail building for $7.7 million, and a retail pad subject to a ground lease located in the Circle C community for $3.2 million.\n\n\nNet loss attributable to common stockholders totaled $2.5 million, $0.30 per share, for 2019, compared with a net loss attributable to common stockholders of $4.0 million, $0.49 per share, for 2018.\n\n\nEarnings before interest, taxes, depreciation and amortization (EBITDA) totaled $6.8 million for 2019, compared with a loss of $3.0 million for 2018. Both amounts are adjusted to exclude the results from the Block 21 discontinued operations. For a reconciliation of net loss from continuing operations to EBITDA, see the supplemental schedule, “EBITDA,” on page V.\n\n\nLeasing operations revenue for 2019 increased by 98 percent to $16.2 million, compared with 2018, while real estate operations revenues for 2019 decreased by 18 percent to $13.8 million, compared with 2018. Consolidated operating income increased by $8.5 million, compared with 2018, to $1.2 million for 2019.\n\n\nAs of December 31, 2019, consolidated debt totaled $224.6 million, with $15.6 million available under Stratus’ credit facility, and consolidated cash totaled $8.8 million, which excludes d...