Stratus Properties Inc. · NASDAQ:STRS
Stratus Properties — Proxy Contest (March 2021)
80 slides from Stratus Properties's proxy contest presentation, Mar 1, 2021
Slide 1: A Better Stratus
STRATUS A BETTER STRATUS March 2021 4 Sen Fa ——= OASIS
Slide 2: Legal Disclaimer
Legal Disclaimer The information and opinions in this document are provided by Oasis Management Company Ltd. (“Oasis”) for informational purposes only and should not be construed as financial, legal, tax, investment, accounting, audit, or any other type of professional advice. Oasis is not and shoul
Slide 3: A Message to Our Fellow Shareholders
A Message to Our Fellow Shareholders Dear Fellow and Potential Shareholders: By this time, you have no doubt read about the popularity of Austin as a destination for investment and business, a phenomenon which has only been accelerated by COVID-19 and one that has led to a surge in local real estate
Slide 4: A Message to Our Fellow Shareholders (cont'd)
A Message to Our Fellow Shareholders (cont’d) These Men: With nearly a century in cumulative experience at Stratus, one would think this group of directors (the “Legacy Board”) would figure out how to create meaningful shareholder value. They have not. Beau Jim Leslie Mike Chuck Jim Joseph Armstrong
Slide 5: A Message to Our Fellow Shareholders (cont'd)
A Message to Our Fellow Shareholders (cont’d) excess of $50 pershare to sharcholders by improving corporate governance similar plan to what the Company laid out five years ago but failed to achieve. se Develop and Execute Effective Strategy Halt REIT exploration 2. Conduct a genuine, full portfolio
Slide 6: Stephen F. Austin quote
“When a people consider themselves compelled by circumstances or by oppression, to appeal to arms and resort to their natural rights, they necessarily submit their cause to the great tribunal of public opinion.” - Stephen F. Austin OASIS
Slide 7: Table of Contents
Table of Contents L._ Stratus Overview A. Company Overview Oasis’ Involvement Stratus Has Relied on a Stratus Has Underperformed Austin’s Real Estate Market Has Benefitted from Numerous Tailwinds Why Has Stratus Underperformed Oasis’ Plan to Improve Stratus’ Performance Il, Business Strategy A. Stra
Slide 8: I. Stratus Overview
I. Stratus Overview OASIS
Slide 9: Stratus Overview
Stratus Overview and operator whose portiolio is comprised of commercial, residential, hospitality and land assets located primarily in Austin, Texas. ‘Company Overview Estimated Pre-Tax NAV / Share* * Stratus was formed in 1992 as a spin-off from Freeport-McMoran to hold, operate and develop its do
Slide 10: Stratus Overview cont'd
Stratus Overview cont’d ‘eleven major assets concentrated in the Austin area with some exposure to the greater Houston area as well. Asset Description ‘Area / inventory 192|ots, homes and ‘townhomes in various stages of development Community located near the Barton Creek golf course in Southwest Aus
Slide 11: Oasis' Involvement With Stratus
Oasis’ Involvement With Stratus maximize value for all shareholders. However, Stratus’ it difficuit to implement meaningful change. + Oasishas been a shareholder of Stratus properties since August 2016 and currently owns 13.66% of the stock, making us Stratus’ largest shareholder. Our Us Office is b
Slide 12: Stratus Has Relied on a Trite Activist Defense Playbook
Stratus Has Relied on a Trite Activist Defense Playbook Auti-Activist Playbook Checklist Put in/ amend poison pill QO Claim that acti advocating for a istis assets motivations differ from other shareholders im that acti der: st's proposals Stratus’ supposedly superior strategy Discredit activist’s D
Slide 13: Stratus' Promises to Create Shareholder Value Have Not Materialized
Stratus’ Promises to Create Shareholder Value Have Not Materialized is flat to 2005. “The Boardhas decided nat to continue to explore the possible sale ofthe Company at this time. We believe there are significant opportunities for our Company going forward. Accordingly, we are continuing to evaluate
Slide 14: Stratus' Operating Performance Has Lagged
Stratus’ Operating Performance Has Lagged Despite Stratus’ prime real estate holdings, the Company's AFFO have been consistently negative. Adjusted Funds from Operations ois pois 2017 ang OASIS Not: jst undstromoperetonsmenied netic pls depracmon let gsnsonropnysleslessapec ‘cchuce PubicSilings
Slide 15: Stratus Has Underperformed Peers on All Relevant Metrics
Stratus Has Underperformed Peers on All Relevant Metrics Rn ncn Stratus’ Total Return Has Underperformed Stratus’ ROI Consistently Below Peers FF PF SS SS Oe) ee ST s K wg K SE es OSS ere ee ane leche: Cinioaioerg Copied 1, Abictibgs a5
Slide 16: Stratus Has Underperformed Peers on All Relevant Metrics cont'd
Stratus Has Underperformed Peers on All Relevant Metrics cont’d a ———- Q4 Total Receipts i Uh sini te WHotel JW Four Marriott Seasons Driskell Fairmont Van 22 moiz01s mO12016 #012017 ma12018 © Q3 Total Receipts 2a 9% Fs me 20% i Wiad mill till Marriott Seasons mos2015 032016 OASIS tug semua Note: To
Slide 17: Stratus' Underperformance Contrasts with Austin Market Tailwinds
Stratus’ Underperformance is in Stark Contrast to the Numerous Tailwinds in the Austin Market [See Airset mts ppesndon scans on 0a oo Multifamily Sales Price / Unit $200,000 $180,000 $160,000 $140,000 iy g Sales Price/Unit ($) ; Retail Sales Price / Square Foot $500 $450 Sales Price/Square Foot ($)
Slide 18: Austin Market Tailwinds cont'd
Stratus’ Underperformance is in Stark Contrast to the Numerous Tailwinds in the Austin Market cont’d aaa Austin Population Austin Round-Rock MSA Median Home Price 1,000,000 380,000 10,000 950000 290,000 900,000 5 270.000 5 E 250000 ® 50,000 é 2 = 230.000 2 00,000 220,000 190,000 750,000 170,000 700,
Slide 19: Austin Market Tailwinds cont'd
Stratus’ Underperformance is in Stark Contrast to the Numerous Tailwinds in the Austin Market cont’d ‘or expanding their presence in the Austin market. “BAE Systems, one of the world’s leading aerospace and defense technology companies, is expanding its operations in ‘Austin, Texas, with @ new major
Slide 20: Austin Market Tailwinds cont'd
Stratus’ Underperformance is in Stark Contrast to the Numerous Tailwinds in the Austin Market cont’d Office Rent and Vacancy 16.0% $40.00 7.5% 15.0% 7.0% 14.0% ay 5.5% 13.0% 6.0% $30.00 120% 5.5% 110% 5.0% $25.00 10.0% 4.5% 9.0% Baten 4.0% 8.0% 3.5% 7.0% $15.00 3.0% 2005 2007 2009 2011 2013 2015 201
Slide 21: Why Has Stratus Underperformed?
Why Has Stratus Underperformed? Poor Corporate Governance * Failure to adhere to five-year plan to develop and sell * Legacy Board of Directors lacks diver real estate and return cash to shareholders independence * Board and Committee structure promotes a culture of suppression of opposing views * P
Slide 22: Oasis' Plan to Improve Stratus' Performance
Oasis’ Plan to Improve Stratus’ Performance Halt REIT exploration 2. Conduct a genuine, full portfolio review of all assets in all stages of the development process and determine NPV of selling vs. developing 3. Based on portfolio review, identify assets to be sold, sales timeline, and range of acce
Slide 23: II. Business Strategy
Il. Business Strategy OASIS
Slide 24: Stratus Has Failed to Execute on its Five-Year Plan
Stratus Has Failed to Execute on its Five-Year Plan ited to a five-year plan that would seek to cash to shareholders. Excerpts from Stratus’ April 20, 2015 Presentation Outlining its Five-Year Plan: Company Overview Solus ropes. (MASOAG: SI: “shats ig ue rel estate company Spercion and ale of commar
Slide 25: Stratus Has Failed to Execute on its Five-Year Plan cont'd
Stratus Has Failed to Execute on its Five-Year Plan cont’d Develop and sell 1.2mm square feet Sell 2.2mm undeveloped square feet in the plan were sold. Objective Result “Monetize a large portion of its assets on an ‘ant portion of Stratus’ assets were N/A orderly basis over the next five years and r
Slide 26: Stratus Has Failed to Execute on its Five-Year Plan cont'd
Stratus Has Failed to Execute on its Five-Year Plan cont’d ‘Solon Lots ttm Ut ‘Commercial Save Sep tamay Uae Narber of lots er Units) Property Hed forF ure UseSingh- Fay Propet Under Comtion: Single Faniy, Property CrrentyUnderoing Ave Planning: SngleFariy . . . OASIS ‘Source: Stratus 4/20/2015 Shar
Slide 27: Stratus Has Failed to Execute on its Five-Year Plan cont'd
Stratus Has Failed to Execute on its Five-Year Plan cont’d ‘ogi tory Los ution Us Commercial Sava a a a aT) or NAY Gamat Worst sat Baye UALS AIMS AIAG Bayo Roy—s oper Carn UdereigActve Ping Mu Say, forenoon: Tacoma hae AKA Sota han) 22222 Moe toPrepety Under Carton re esaraiten 28 More teers /Gmattd
Slide 28: Stratus Has Failed to Execute on its Five-Year Plan cont'd
Stratus Has Failed to Execute on its Five-Year Plan cont’d Sale omy tots ‘eas ttm es Seen een xe Cacho ut Commerclsquae Fee! soem + While Stratus’ square footage disclosure is somewhat inconsistent, it appears that of the commercial property that the Company intended to sell in its five- year plan,
Slide 29: Saint Mary Sale: Shareholders Have Seen Little Gains
While Management and LPs Will Directly Benefit from Stratus’ Sale of the Saint Mary, Shareholders Have Seen Little Gains Status’ Claims: “The saleofThe SaintMaryis another example of the substantial value we create for our shareholders with our proven approachto developing and owning well-located pr
Slide 30: Stock Trades at a Large, Persistent Discount to NAV
As a Result of Stratus’ Failure to Develop and Sell Real Estate, It’s Stock Trades at a Large, Persistent Discount to NAV int to NAV of 44% over the last five years and currently trades at discount is to indease asset chum. Stratus Discount to NAV ‘Seasoned Operators Rely on Asset Churn to Narrow NA
Slide 31: Stratus' COVID Cost Control Strategy Was Inadequate
Stratus’ COVID Cost Control Strategy Was Inadequate Oasis Suggestions In response to COVID, Oasis urged Stratus to look at negotiating down costs with its various advisors (accountants, law firms, consultants). + Qasis provided examples of companies that had done this, citing news articles and anecd
Slide 32: REIT Conversion is Nonsensical
Stratus’ Idea to Consider a REIT Conversion is, in Oasis’ view, Nonsensical BS sinnnntng sere nn Unsuitable Portfolio Unsuitable Performance Stratus REIT Diversified Diversified RETSareout of acrossassets —_favorwith investorsand tend (single-family, totrade ata larger discount multi-family, to NAV
Slide 33: REIT Conversion Motivated By Self-Perpetuation
Rather than Creating Shareholder Value, We Believe Stratus’ Idea of a REIT Conversion is Motivated By Self-Perpetuation ‘asset disposals for the first five years and gives management an excuse to. of shareholders, just as they have from 2015 through 2020. + In the first five years following REIT con
Slide 34: Claim That Oasis Opposes REIT Because It Is Hong Kong-Based Is Wrong
Stratus’ Claim That Oasis is Opposed to a REIT Conversion Because We Are Based in Hong-Kong is Wrong the taxation of its holdings. Stratus’ claim to the ‘of understanding. + The location of an investment manager's headquarters is irrelevant to the taxation of its holdings. Whether or not an wvestmen
Slide 35: Claim That We Want to Suppress Stratus' Value Is Wrong
Stratus’ Claim That We Are Opposed to a REIT Because We Want to Suppress Stratus’ Value is Wrong ¢ REIT conversion because we want to suppress Stratus’ stock price to ut demonstrates, in our belief, the Company's ineptitude. Here are the facts: + Agroup led by sophisticated real estate investors (an
Slide 36: III. Corporate Governance
Ill. Corporate Governance OASIS 36
Slide 37: Stratus Properties was Established with Poor Corporate Governance
Stratus Properties was Established with Poor Corporate Governance only be altered through a supermajority (85%) shareholder sense given that Stratus isn'ta controlled company. Governance Guideline Requirement to Amend Board Chair and CEO roles not separated. Asa result, the CEOis essentially monitor
Slide 38: Governance Deficiencies Make Director Independence More Important
Corporate Governance Deficiencies Make Director Independence, Which Stratus Lacks, Even More Important —= James Joseph Director tenure: 6 years Dean of the Madden School of Business — endowed by Michael Madden at Le Moyne College. James Leslie FJ Director tenure: 25 years Has worked with Beau Armstr
Slide 39: Board Committees Lack Independence
..and Can Benefit from Properly Structured, Independent Board Committees, Another Trait That is Missing at Stratus’ Board James Joseph ~ Ties to Michael Madden Charles Porter ~ 9-year tenured director, ties to Moffetts Compensation Committee James Joseph — Ties to Michael Madden Michael Madden — 29-
Slide 40: Stratus' Legacy Board is Not Diverse
Diverse Boards Can Bring Fresh Perspectives and Reduce Loyalism. Stratus’ Legacy Board is Not Diverse Stratus’ Legacy Board is Male, Pale and Stale Director Gender Race Age Beau Armstrong Male White 55 Michael Madden Male White 71 Jameseslie Male White 64 James Joseph Male White 59 Charles Porter Ma
Slide 41: Legacy Board is Not Diverse cont'd
Diverse Boards Can Bring Fresh Perspectives and Reduce Loyalism. Stratus’ Legacy Board is Not Diverse cont’d “Nasdaq today filed a proposal with the U.S. Securities and Exchange Commission (SEC) to adopt new listingrules related to board diversity and disclosure...the rules would require most Nasdaq
Slide 42: Annual Board Evaluation Process Appears to be Ineffective
Stratus’ Annual Board Evaluation Process Appears to be Ineffective In its Proxy, Stratus Points to i Annual Board Evaluation as an Example of the Company’s Commitment to Good Corporate Governance Board Evaluation Process ‘The nominating and corporate governance committee is responsible for overseein
Slide 43: Board Structure Suppresses Opposing Views
In General, Stratus’ Board Structure Promotes a Culture that Suppresses Opposing Views Board dynamic makes it difficult to effectuate change and advocate for shareholders. Business e £ = g S & Oasis Suggestion Stratus’ Public Response Pre-COVID, Oasis urged Stratus to look into reducing its GBA expe
Slide 44: Legacy Board Presided Over Bad Decisions
Even Based Solely on Public Disclosure, Stratus’ Legacy Board Presided Over Bad Decisions Tenure and relationships aside, a director's independence is best judged by the decisions they make. Stratus’ Legacy Board has presided over poor decisions and has not been an adequate check on the CEO's power.
Slide 45: Legacy Board Presided Over Bad Decisions cont'd
Even Based Solely on Public Disclosure, Stratus’ Legacy Board Presided Over Bad Decisions cont’d { Tenure and relationships aside, a director's independence is best judged by the decisions they make. Stratus’ Legacy Board has presided over poor decisions and has not been an adequate check on the CEO
Slide 46: Legacy Board Presided Over Bad Decisions cont'd
Even Based Solely on Public Disclosure, Stratus’ Legacy Board Presided Over Bad Decisions cont’d Pill Provisions Contradict Stratus’ Own Claims * Stratus’ poison pill has an “acting in concert” provi that has nothing to do with REIT status and is purely to stop shareholders from working together. +
Slide 47: Executive Compensation is not Aligned with Performance
Stratus’ Executive Compensation is not Aligned with Performance compensation scheme rewards business performance goals are misleading Claim: 2017-2019 Allocation of Reality: No Correlation Between Variable Pay and Performance CEO Compensation In its proxy, Stratus claims that the : 7 majority of Mr.
Slide 48: Oasis' Efforts to Align Compensation with Performance
Oasis’ Efforts to Align Compensation with Performance Under the profit plan, plan participants share ina profits pool for each of the development projects approved by the board. Each project must have a capital transaction (i.e. sale or refinancing) and clear an annual 10% preferred retum hurdle aft
Slide 49: CEO Compensation Continues to Be Excessive
CEO Compensation Continues to Be Excessive 0.40% 0.10% OASIS e on the Board, CEO compensation was moderately reined in. However, Mr. Armstrong's CEO Compensation as % of Average Market Cap (0.31% eae 0.11% 2017 2018 2019 mstratus 9 Median of Proxy Peers respectvefiscalyear PUTO BE LCT S Over the las
Slide 50: IV. A Better Stratus
IV. A Better Stratus OASIS
Slide 51: Oasis' Plan for a Better Stratus
Oasis’ Plan for a Better Stratus needs a mid-term strategic plan that will help reduce the Company's discount to NAV ‘governance reform that will lead to increased management accountability. Improve Corporate Governance Halt REIT exploration Refresh the Board of Directors with qualified, truly indep
Slide 52: Develop and Execute Effective Strategy
Oasis’ Plan for a Better Stratus — Develop and Execute Effective Strategy largely by executing on the plan that the Company laid out failed to achieve. 1, Stratus should pause the REIT exploration. 2. Stratus needs to conduct a thorough review of every asset in its portfolio. * Stabilized assets sho
Slide 53: Improve Corporate Governance
Oasis’ Plan for a Better Stratus — Improve Corporate Governance + Stratus’ Legacy Board has overseen years of inaction at Stratus. Under the Legacy Board's watch, Mr. Armstrong failed to meet every single objective of the five-year plan he set out for the company while getting paid $8.7mm and toutin
Slide 54: Improve Corporate Governance: Jaime De la Garza
Oasis’ Plan for a Better Stratus — Improve Corporate Governance cont’d Jaime De la Garza OASIS -with real estate and public board experience. Jaime Eugenio De la Garza Diaz's the Founder and has served as the Chief Executive Officer of Trango Capital, LLC, @ financialconsulting company with the focu
Slide 55: Improve Corporate Governance: Ella Benson
Oasis’ Plan for a Better Stratus — Improve Corporate Governance cont’d Ella Benson has served asa director and analyst at Oasis Capital Advisors LLC, a private investment management firm, since 2013. Ms. Benson also served as an analystat GAM USA, Inc.,an independent global asset management firm, fr
Slide 56: Improve Corporate Governance: Laurie Dotter
Oasis’ Plan for a Better Stratus — Improve Corporate Governance cont’d Laurie Dotter OASIS real estate and public board experience. Laurie Dotter has served in executive leadership roles in several investment companies that delivered attractive Investment returns on commercial real estate operating
Slide 57: Improve Corporate Governance cont'd
Oasis’ Plan for a Better Stratus — Improve Corporate Governance cont’d * While Stratus claims that 68% of the CEO's payis tied to performance, there are no disclosed metrics, formulas, or payout targets that dictate variable pay. As a result, compensation can end up being highly subjective as dictat
Slide 58: Improve Corporate Governance cont'd
Oasis’ Plan for a Better Stratus — Improve Corporate Governance cont’d to reduce overlap and conflict. + Stratus’ various committees have presi cating a need for change. led over poor decisi ns and have been an inadequate check on the CEO's power, + Qasis believes that the Chairs of the Audit Commit
Slide 59: Improve Corporate Governance cont'd
Oasis’ Plan for a Better Stratus — Improve Corporate Governance cont’d the poison pill is in the best interests of fora shareholder vote. + We believe that the Company's newly instated poison pill only does harm as it repels potential takeovers and seeks to late shareholders from working together. S
Slide 60: A Vote For Stratus' Nominees is a Vote for Continued Value Destruction
A Vote For Stratus’ Nominees is a Vote for Continued Value Destruction % TSR and ROIC consistently below peers and stock flat to 2005 despite strong tailwinds in Austin real estate * Total failure to execute on its five-year plan % Reinstated poison pill without shareholder approval In-depth explora
Slide 61: A Vote For Stratus' Nominees cont'd
A Vote For Stratus’ Nominees is a Vote for Continued Value Destruction cont’d ‘In addition to poor decision-making and ineffective advocacy for shareholders, the actions of Stratus’ Legacy Board directors contradict many of the proxy advisor best practice guidelines. Poor Governance Practice Offende
Slide 62: A Vote For Stratus' Nominees cont'd
A Vote For Stratus’ Nominees is a Vote for Continued Value Destruction cont’d decision-making and ineffective advocacy for shareholders, the actions of Stratus’ Legacy Board directors contradict many of the proxy advisor best practice guidelines. Poor Governance Practi Offenders Serving on a board o
Slide 63: Oasis Urges Shareholders to Vote the GOLD Proxy Card
Oasis Urges Shareholders to Vote the GOLD Proxy Card one that will be characterized by accountability to | by the Legacy Board. Y Acohesive, effective strategy that will aim to close the NAV gap and deliver returns to shareholders Y Independent, diverse directors with real estate and public board ex
Slide 64: V. Appendix: Overview of Stratus' Major Assets
V. Appendix: Overview of Stratus’ Major Assets OASIS 64
Slide 65: Asset Overview: Amarra Drive
Asset Overview: Amarra Drive of downtown Austin. This community contains + Amarra Drive Phase II & Phase Il: developed lots and luxury homes. ingle-family + As of 9/30/2020, 3 developed Phase! lots and 6 developed Phase Il! lots remain unsold. Amarra Villas: Development of 20 single family homes wit
Slide 66: Asset Overview: Santal
Asset Overview: Santal apartment complex in the Barton Creek community that was completed in two ae nro phases. = LF a + Phase l, consisting of 236 units, was completed in jm August 2016. z by 1 + Phase ll, consisting of 212 units was completed in <5 OY / December 2018. é ) ar q?! See + The Santal g
Slide 67: Asset Overview: Section KLO
Asset Overview: Section KLO * Section KLO consists of three adjacent sections totaling approximately 500 acres in Barton Creek, located 10 miles southwest of Austin’s Central Business District. * When complete, Section KLO will con: ofa combination of single-family lots and residential inium lots to
Slide 68: Asset Overview: Section N
Asset Overview: Section N Approximately 570-acre tract located in the southern portion of Barton Creek. When complete, Section N will be a dense, mi mixed-use development surrounded by an extensive greenspace amenity which will increase potential densities. OASIS 68 ‘Source: Publicfilings, Stratus w
Slide 69: Asset Overview: Lantana Place
Asset Overview: Lantana Place use development located in southwest Austin. The first phase was 2018 and contains 99,379 square feet of retail. * Asof September 30, 2020, Stratus had signed leases Sansitesesk Recicuray for approximately 80% of the retail space in the first, phase of Lantana Place. ne
Slide 70: Asset Overview: Magnolia Place
Asset Overview: HEB Anchored Retail — Magnolia Place mS ——-—- * 124 acres in Magn in the greater Houston area) currently planned for 133,605 square feet of retail space, 7 pad sites, 2 hotel sites, 96 single family lots and 588 multi-family lots. + Magnolia Place will be shadow-anchored by a 95,000
Slide 71: Asset Overview: West Killeen Market
Asset Overview: HEB Anchored Retail — West Killeen Market RSS corre * 21 acresin Killeen, Texas. + HEB-shadow anchored retail project with 44,493, square feet of commercial space and three pad sites adjacent to a 90,000 square-foot HEB grocery store. A * Construction was completed in June 2017. S25
Slide 72: Asset Overview: Jones Crossing
Asset Overview: HEB Anchored Retail — Jones Crossing development located in College Station. * Construction of the first phase of the development was completed in the third quarter of 2018, and as of 12/31/2019, 95% of the completed retail space was leased. + Asof 12/31/2019, approximately 44 acres
Slide 73: Asset Overview: Kingwood Place
Asset Overview: HEB Anchored Retail — Kingwood Place * Kingwood Place is a 54-acre tract of land that contains 152,000 square feet of retail lease space, anchored by a 103,000 square foot HEB grocery store, with 49,000 square feet of retail space, 5 retail pads and a 10-acre parcel planned for appro
Slide 74: Asset Overview: New Caney
Asset Overview: HEB Anchored Retail - New Caney + 38-acre tract of land to be developed into an HEB- anchored, mixed-use project. * Property is located within an opportunity zone shed by the Tax Cuts and Jobs Act in 2017 with potential to provide favorable tax treatment. * Expected to include approx
Slide 75: Asset Overview: Block 21
Asset Overview: Block 21 |in the heart of downtown Austin and includes the W Austin office and retail. * Block 21 contains the W Austin Hotel and the ACL Live and 3TEN ACL live entertainment venues. + ‘The W Hotel contains 251 guest rooms and is managed by Marriott + ACL Live music venue has @2,700-
Slide 76: Legend
Legend Oasis Management Company Ltd., Seth Fischer, Ella Benson, Laurie L. Dotter and Jaime Eugenio De la Garza Diaz (collectively, the Participants") intend to file with the Securities and Exchange Commission (the "SEC") a definitive proxy statement and accompanying form of proxy to be used in conn
Slide 77: A Better Stratus is Coming
"When a people consider themselves compelled by circumstances or by oppression, to appecl to orms and resort to their natural rights, they necessarily submit their cause to the great tribunal of public opinion” ~Stephen F. Austin A Better Stratus is Coming Subscribe Sign up with your email address t
Slide 78: Dear Fellow Shareholders,
Dear Fellow Shareholders, Oasis Management Company Ltd. (“Oasis”) is the manager to a fund that is the largest shareholder of Stratus Properties Inc. (NASDAQ STRS) (the “Company” or “Stratus”), owning over 13.5% of Stratus ordinary shares. Oasis initially invested in Stratus because we believed that
Slide 79: analysis of these factors should have been considered prior to committing to the significant
analysis of these factors should have been considered prior to committing to the significant costs associated with an in-depth exploration of a REIT conversion. Additionally, other changes such as cost-cutting initiatives which require significantly less time and financial resources than a REIT conv
Slide 80: Certain Information Concerning the Participants
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS Oasis (as defined below), together with the other Participants (as defined below), intends to file a definitive proxy statement and accompanying proxy card with the Securities and Exchange Commission (the “ SEC ”) to be used to solicit proxies for vote