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Stratus Properties Inc. Reports Year Ended December 31, 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 year ended December 31, 2023 results.\n\n\nHighlights and Recent Developments:\n\n\n\nNet loss attributable to common stockholders totaled $(14.8) million, or $(1.85) per diluted share, in the year ended December 31, 2023, compared to net income attributable to common stockholders of $90.4 million, or $10.99 per diluted share, in the year ended December 31, 2022.\n\n\n\nStratus’ total stockholders’ equity increased by $33.3 million over the past two fiscal years to $191.5 million at December 31, 2023, primarily a result of profitable property sales and reflects a special dividend of approximately $40.0 million in 2022 and share repurchases of $10.0 million in 2022 and 2023.\n\n\n\nIn November 2023, Stratus’ Board of Directors (Board) approved a new share repurchase program, which authorizes repurchases of up to $5.0 million of Stratus’ common stock. In October 2023, Stratus completed the $10.0 million share repurchase program that Stratus’ Board approved in 2022. In total, under the completed share repurchase program Stratus acquired 389,378 shares of its common stock for a total cost of $10.0 million at an average price of $25.68 per share.\n\n\n\nStratus had $31.4 million of cash and cash equivalents at December 31, 2023 and no amounts drawn on its revolving credit facility. Stratus’ cash position during 2023 was positively impacted by the receipt of $35.8 million in cash in first-quarter 2023 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 construction was completed in fourth-quarter 2023. As of March 25, 2024, Stratus had signed leases for approximately 75 percent of the units. Stratus also continues construction on The Saint George, the last seven Amarra Villas homes and Holden Hills.\n\n\n\nSubsequent to fourth-quarter and year-end, in February 2024, Stratus completed the previously disclosed sale of approximately 47 acres at Magnolia Place for...