Stratus Properties Inc. · NASDAQ:STRS
Stratus Properties — Investor Presentation (March 2019)
10 slides from Stratus Properties's investor presentation, Mar 27, 2019
Slide 1: Investor Presentation March 26, 2019
Investor Presentation March 26, 2019
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 As of 12/31/18
Estimated Net Asset Value As of 12/31/18 Ownership Value Property Use Approved Entitlements % ($MMs except per share amounts) Gross Percent of Tax Built-In 21% Corporate NAV Lots Units Square Feet Rooms Seats Carrying Value(A) NAV (C) Value (B) Total NAV Basis (D) Gain (E) Tax (F)(O) After Tax (O) 1
Slide 4: Estimated Net Asset Value As of 12/31/18 (continued)
Estimated Net Asset Value As of 12/31/18 Ownership Value Property Use Approved Entitlements % ($MMs except per share amounts) (A) Gross (C) Percent of Tax Built-In 21% Corporate NAV Lots Units Square Feet Rooms Seats Carrying Value (B) NAV (D) (E) (F)(O) (O) Value Total NAV Basis Gain Tax After Tax
Slide 5: Footnotes
Footnotes SF=Single-Family MF=Multi-Family O=Office R=Retail MU=Mixed Use For * and **, see Page 9. (A) Carrying v alues as of December 31, 2018. (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 Debt as of 12/31/2018 ($ millions) Commitment Outstanding % % of TAV Rate Type Recourse Construction Santal I, LLC Comerica $34.1 $32.8 11.0% 4.3% 4.70% Float Santal II, LLC Comerica $26.4 $20.1 6.7% 2.6% 5.18% Float Villas at Amarra Drive, LLC Comerica $8.0 $3.4 1.1% 0.4% 4.92% Float Ki
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), value attributable to third party owners, estimated HEB profits inter
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 Range In Values Weighted Average * Projects Appraised Primarily Using Income Capitalization Approach Terminal Capitalization Rate 5.00% to 9.00% 6.36% Discount Rate 6.00% to 7.75% 5.61% ** Projects Appraised Primarily Using Sales Comparison Approach Value per Land Square Foot $0
Slide 10: Sensitivity Analysis
Sensitivity Analysis Increase or Increase or (Decrease) in (Decrease) in Total After-Tax NAV After-Tax NAV Per Estimated 12/31/18 Estimated 12/31/18 ($MMs) Share After-Tax NAV After-Tax NAV Per ($MMs) Share Estimated After-Tax $326.1 N/A $39.58 N/A NAV at 12/31/18 After-Tax NAV with 10% I ncrease in
Stratus Properties — Investor Presentation (March 2019) on 6ix