Business
Stratus Properties Inc. Reports Year Ended December 31, 2020 Results
AUSTIN, Texas--(BUSINESS WIRE)-- Stratus Properties Inc. (NASDAQ: STRS), a diversified real estate company with holdings, interests and operations focused in
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 focused in the Austin, Texas area and other select, fast growing markets in Texas, today reported year ended December 31, 2020 results.\n\nFinancial Highlights:\n\n\nIn January 2021, a Stratus subsidiary completed the sale of The Saint Mary, a 240-unit luxury, garden-style apartment project in Austin, Texas, for $60.0 million, or $250,000 per unit, which Stratus believes is the highest per unit sales price ever recorded in the Austin MSA for similar properties. Stratus received $21.3 million from its subsidiary in connection with the sale and expects to recognize a pre-tax gain on the sale, net of noncontrolling interests, of approximately $14 million in the first quarter of 2021.\n\n\nLeasing operations revenue for 2020 increased by 24 percent to an annual record of $24.1 million, compared with 2019.\n\n\nReal estate operations revenue for 2020 increased by 64 percent to $22.6 million, compared with 2019.\n\n\nHotel and entertainment segment revenues decreased significantly in 2020 compared to 2019, as a result of the COVID-19 pandemic. Stratus collected $15.0 million of forfeited earnest money after the buyer terminated the agreements to purchase Block 21 for $275.0 million in May 2020 because of the pandemic.\n\n\nNet loss attributable to common stockholders totaled $22.8 million, $2.78 per share, for 2020, compared to $2.5 million, $0.30 per share, for 2019. Losses resulting from the pandemic contributed to Stratus recording a $10.7 million non-cash tax charge in 2020 to record a valuation allowance on Stratus’ deferred tax assets.\n\n\nEarnings before interest, taxes, depreciation and amortization (EBITDA) totaled $9.5 million for 2020, compared to $21.1 million for 2019. For a reconciliation of net loss attributable to common stockholders to EBITDA, see the supplemental schedule, “EBITDA,” on page V.\n\n\nAs of December 31, 2020, consolidated debt totaled $351.1 million, consolidated cash totaled $12.4 million, and Stratus had $16.5 million available under its $60.0 million credit facility.\n\n\nOperational Highlights:\n\n\nDuring 2020, Stratus sold 19 lots and 2 completed homes at Amarra Drive in Barton Creek for an aggregate of $21.8 million and a pad site at West Killeen Ma...