Stratus Properties Inc. · NASDAQ:STRS
Stratus Properties — Investor Presentation (March 2021)
10 slides from Stratus Properties's investor presentation, Mar 15, 2021
Slide 1: Investor Presentation March 15, 2021
Investor Presentation March 15, 2021
Slide 2: Cautionary Statement and Regulation G Disclosure
CAUTIONARY STATEMENT AND REGULATION G DISCLOSURE This presentation contains forward-looking statements in which Stratus discusses factors it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical fact, such as plans, projections
Slide 3: Estimated Net Asset Value
Estimated Net Asset Value 3 As of 12/31/20 Property Note Use Ownership % Value ($MMs except per share amounts) 1 Completed Commercial Property 2 Block 21 * (B)(G) MU - - 56,643 251 3,100 100% 4 The Santal (Barton Creek) * (H) MF - 448 - - - 100% 5 West Killeen Market HEB * (H)(I) R - - 44,493 - - 10
Slide 4: Estimated Net Asset Value (continued)
Estimated Net Asset Value 4 As of 12/31/20 Property Note Use Ownership % Value ($MMs except per share amounts) 27 Property Held for Future Use 28 Barton Creek: Amarra Multifamily and Commercial ** MU - 20 83,081 - - 100% 29 Lantana Office: Tract G04/G07 ** O - - 160,000 - - 100% 30 Circle C: Tract 1
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, 2020. For a discussion of risks related to our business and properties, including but not limited to risks associated with the evolv ing COVID-19 pandemic, see
Slide 6: Debt Detail
Debt Detail 6 Debt as of 12/31/2020 ($ millions) Commitment Outstanding (1) % % of TAV Rate Type Recourse Construction Amarra Residential Comerica $15.0 $1.1 0.3% 0.1% 3.15% Float Jones Crossing HEB (College Station) Southside Bank $36.8 $22.6 6.0% 2.7% 4.00% Float West Killeen Market HEB Southside
Slide 7: GAAP Reconciliation
GAAP Reconciliation After-tax NAV estimates the market value of Stratus' assets (“gross value”) and subtracts the book value of Stratus' total liabilities reported under GAAP (excluding deferred financing costs presented in debt), value attributable to third party owners, estimated HEB profits inter
Slide 8: GAAP Reconciliation
GAAP Reconciliation from the estimates utilized by the appraiser, such as changes in the economy, interest rates, capitalization rates, the financial strength of certain tenants, the behavior of investors, lenders and consumers, and as of March 15, 2021 are particularly subject to change due to the
Slide 9: Key Appraisal Inputs
Key Appraisal Inputs 9 Range In Values Weighted Average * Projects Appraised Primarily Using Income Capitalization Approach Terminal Capitalization Rate 4.75% to 9.25% 6.36% Discount Rate 6.00% to 7.75% 6.85% ** Projects Appraised Primarily Using Sales Comparison Approach Value per Land Square Foot
Slide 10: Sensitivity Analysis
Sensitivity Analysis 10 Total After-Tax NAV ($MMs) Increase or (Decrease) in Estimated 12/31/20 After-Tax NAV ($MMs) After-Tax NAV Per Share Increase or (Decrease) in Estimated 12/31/20 After-Tax NAV Per Share Estimated After-Tax NAV at 12/31/20 $337.3 N/A $40.65 N/A After-Tax NAV with 10% Increase
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