Stratus Properties Inc. · NASDAQ:STRS
Stratus Properties — Investor Presentation (March 2022)
10 slides from Stratus Properties's investor presentation, Mar 25, 2022
Slide 1: Investor Presentation
fom AT U Ss °® Investor Presentation March 25, 2022
Slide 2: Cautionary Statement Regarding Forward-Looking Statements and Regulation G Disclosure
‘CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND REGULATION G DISCLOSURE “This presentation contains forwarclooking statements in which Stratus discusses factor it believes may affect is future performance, Forward-looking statements Gee Gl fotements other ian satemenk, Of hefonca fact
Slide 3: Estimated Net Asset Value
Estimated Net Asset Value As of 12/31/21 de oem Saver coming Yad es Vee = eee + Subsantaly Compiled Commerce Reperty 2 Beck2! joy MU = sases ast atc to. 5 doves reinght (Catege ofer)* ems MU > WS may oo { Enguoca Pacers voce MU > 2S Ista a 5 Lanoratiace coe MU > aS TS so 6 Wet Kleen Maat ci Re oe >
Slide 4: Estimated Net Asset Value
Estimated Net Asset Value As of 12/31/21 se eh Severn coming Yad es Vee Texteus® natin cane 7*CSRHMe May 1 Mepeny Waiter tase Use [= Baton Crest Arona Musar ond Conmescl™ mu coast soo Eaton Crest S/S Py Peseta rove Coot) ca : roe Baton Crest Sa Eee Cae Boas Ey Corer mu. > sa00 ox 5) Baten Geet fo Co
Slide 5: Footnotes
Footnotes ‘SF=Single-Family MF=Mult-Family O=Office R=Retail Ml For” and **, see Page (a) @) (el ©) 0 @ Carrying values as of December 31, 2021. For a discussion of risks related fo our business and properties, including but not lirited to risks ‘associated with the evolving COVID-19 pandemic, see "
Slide 6: Debt Detail
Debt Detail Debt as of 12/31/2021 ($riliors) Recoure ‘Constuction/Land Acquisition “Amora Rezidentiot Comerica 50 1s o7s ozs 215% Float West Killeen Market HEE Southside Bank ps Se 258 ove 2008 Float Kingwood Face HES Comerica 4354 gene 1328, 388 265% Float Lantana Place: ‘Southside Bank 4263 $222 9
Slide 7: GAAP Reconciliation
GAAP Reconciliation ‘Afier-tax NAV estimates the market value of Stratus’ assets (gross value] and subiracts the book value of Stratus’ total labilfies reported under GAAP (excluding deferred financing costs presented in debi), value attributable to third party owners, estimated H-E-B, LP (H-E-8) pr
Slide 8: GAAP Reconciliation
GAAP Reconciliation The appraised values may not represent fair value, as defined under GAAP. Affertax NAV and affertax NAV per share may not be equivalent to the enterprice value of Stratus or an appropriate trading price for its common stock for many reasons, including but not limited to the follo
Slide 9: Key Appraisal Inputs
Key Appraisal Inputs Range In Values Weighted Average * Projects Appraised Primarily Using Income Capitalization Approach Terminal Capitalization Rate 3.75% to 7.25% 6.25% Discount Rate 6.00% to 8.00% 6.45% ** Projects Appraised Primarily Using Sales Comparison Approach Value per Land Square Foot $2
Slide 10: Sensitivity Analysis
Sensitivity Analysis Total After-Tax NAV ($MMs) Increase or (Decrease) in Estimated 12/31/21 Aiter-Tax NAV {($MMs) Increase or (Decrease) in Estimated 12/31/21 After-Tax NAV Per Share After-Tax NAV Per Share Estimated After-Tax NAV at 12/31/21 After-Tax NAV with 10% Increase in Estimated Gross Value
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