Stratus Properties Inc. · NASDAQ:STRS
Stratus Properties — Investor Presentation (March 2024)
10 slides from Stratus Properties's investor presentation, Mar 28, 2024
Slide 1: Investor Presentation March 28, 2024
Investor Presentation March 28, 2024
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT 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 or expectations related to i
Slide 3: Estimated Net Asset Value
Estimated Net Asset Value 3 As of 12/31/23 Property Note Use Ownership % Value ($MMs except per share amounts) 1 Substantially Completed Property 2 Jones Crossing HEB (College Station) * (B)(G)(H)(I) MU - 275 258,842 100% 3 Kingwood Place HEB * (G)(H)(I)(J) R - - 151,877 64% 4 Lantana Place * (B) R
Slide 4: Estimated Net Asset Value
Estimated Net Asset Value 4 As of 12/31/23 Property Note Use Ownership % Value ($MMs except per share amounts) 24 Property Held for Future Use 25 Barton Creek: Amarra Multifamily and Commercial ** MU 10 - 83,081 100% 26 Barton Creek Blvd./ SW Pkwy Residential (Trav is Cook) ** SF 1 - - 100% 27 Barto
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, 2023. For a discussion of risks related to our business and properties, see "Risk Factors" in our 2023 Form 10-K and subsequent SEC filings. (B) Gross Value is
Slide 6: Debt Detail
Debt Detail 6 Debt and Rates as of 12/31/2023 ($ millions) Commitment Outstanding (1) % % of TAV Rate Type Recourse Construction/Land Acquisition Amarra Residential Comerica $18.0 $15.7 8.8% 2.3% 8.38% Float Annie B Comerica $14.0 $14.0 7.9% 2.0% 8.38% Float Holden Hills Comerica $26.1 $6.3 3.6% 0.9
Slide 7: GAAP Reconciliation
GAAP Reconciliation After-tax NAV estimates the market value of Stratus' assets (gross value) and subtracts the book value of Stratus' total liabilities reported under GAAP (excluding deferred financing costs presented in debt), value attributable to third party owners, estimated H-E-B, LP (H-E-B) p
Slide 8: GAAP Reconciliation
GAAP Reconciliation The appraised values may not represent fair value, as defined under GAAP. After-tax NAV and after-tax NAV per share may not be equivalent to the enterprise value of Stratus or an appropriate trading price for its common stock for many reasons, including but not limited to the fol
Slide 9: Key Appraisal Inputs
Key Appraisal Inputs 9 Range In Values Weighted Average * Projects Appraised Primarily Using Income Capitalization Approach Terminal Capitalization Rate 4.50% to 7.75% 5.57% Discount Rate 6.00% to 8.50% 7.10% ** Projects Appraised Primarily Using Sales Comparison Approach Value per Land Square Foot
Slide 10: Sensitivity Analysis
Sensitivity Analysis 10 Total After-Tax NAV ($MMs) Increase or (Decrease) in Estimated 12/31/23 After-Tax NAV ($MMs) After-Tax NAV Per Share Increase or (Decrease) in Estimated 12/31/23 After-Tax NAV Per Share Estimated After-Tax NAV at 12/31/23 $321.7 N/A $39.40 N/A After-Tax NAV with 10% Increase
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