Stratus Properties Inc. · NASDAQ:STRS
Stratus Properties — Investor Presentation (April 2018)
10 slides from Stratus Properties's investor presentation, Apr 16, 2018
Slide 1: Investor Presentation April 16, 2018
Investor Presentation April 16, 2018
Slide 2: Cautionary Statement and Regulation G Disclosure
CAUTIONARY STATEMENT AND REGULATION G DISCLOSURE This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements other
Slide 3: Estimated Net Asset Value
Estimated Net Asset Value 3 As of 12/31/17 Property Use Ownership % Value ($MMs except per share amounts) 1 Stabilized Commercial Property 2 Block 21 (B) * MU - - 56,643 251 3,100 100% 3 Barton Creek Village (B)(G) * MU - - 22,366 - - 100% 4 Santal Phase I (Barton Creek) * MF - 236 - - - 100% 5 West
Slide 4: Estimated Net Asset Value (continued)
Estimated Net Asset Value 4 As of 12/31/17 Property Use Ownership % Value ($MMs except per share amounts) 29 Property Held for Future Use 30 Fazio Canyons 18th Green Lot (Barton Creek) ** SF 1 - - - - 100% 31 Barton Creek Blvd./ SW Pkwy Residential (Travis Cook) ** SF 1 - - - - 100% 32 Barton Creek
Slide 5: Footnotes
Footnotes 5 SF=Single-Family MF=Multi-Family O=Office R=Retail MU=Mixed Use For * and **, see Page 9. (A) Carrying values as of December 31, 2017 (B) Gross Value is equal to the appraised value for all assets where an appraisal was obtained. In the cases where no appraisal was obtained, the carrying
Slide 6: Debt Detail
Debt Detail 6 Debt Summary as of 12/31/2017 ($ millions) Commitment Outstanding % % of TAV Rate Type Recourse Construction Santal I, LLC Comerica $34.1 $32.1 14.4% 5.1% 3.99% Float Santal II, LLC Comerica $26.4 $0.0 0.0% 0.0% 3.99% Float Villas at Amarra Drive, LLC Comerica $8.0 $5.3 2.4% 0.8% 4.24%
Slide 7: GAAP Reconciliation
GAAP Reconciliation After-tax NAV estimates the market value of Stratus' assets (“gross value”) and subtracts the book value of Stratus' total liabilities reported under GAAP (excluding deferred financing costs presented in debt) and estimated income taxes computed on the difference between the esti
Slide 8: GAAP Reconciliation
GAAP Reconciliation from the estimates utilized by the appraiser, such as changes in the economy, interest rates, capitalization rates, the financial strength of certain tenants, and the behavior of investors, lenders and consumers. Additionally, in some situations, the opinions and forecasts utiliz
Slide 9: Key Appraisal Inputs
Key Appraisal Inputs 9 Range In Values Weighted Average * Projects Appraised Primarily Using Income Capitalization Approach Terminal Capitalization Rate 5.50% to 9.00% 6.58% Discount Rate 6.00% to 9.00% 7.35% ** Projects Appraised Primarily Using Sales Comparison Approach Value per Land Square Foot
Slide 10: Sensitivity Analysis
Sensitivity Analysis 10 Total After-Tax NAV ($MMs) Increase or (Decrease) in Estimated 12/31/17 After-Tax NAV ($MMs) After-Tax NAV Per Share Increase or (Decrease) in Estimated 12/31/17 After-Tax NAV Per Share Estimated After-Tax NAV at 12/31/17 $314.0 N/A $38.08 N/A After-Tax NAV with 10% Increase
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