(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Exhibit Title | ||||
Press release dated May 14, 2024, titled “Stratus Properties Inc. Reports First-Quarter 2024 Results.” | |||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
By: | /s/ Erin D. Pickens | |||||||
Erin D. Pickens | ||||||||
Senior Vice President and Chief Financial Officer (authorized signatory and Principal Financial Officer and Principal Accounting Officer) |
NEWS RELEASE | |||||
NASDAQ Symbol: “STRS” | |||||
Stratus Properties Inc. | Financial and Media Contact: | ||||
212 Lavaca St., Suite 300 | William H. Armstrong III | ||||
Austin, Texas 78701 | (512) 478-5788 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(In Thousands, Except Per Share Amounts) (Unaudited) | |||||||||||
Revenues | |||||||||||
Real estate operations | $ | 22,123 | $ | 2,493 | |||||||
Leasing operations | 4,384 | 3,309 | |||||||||
Total consolidated revenue | $ | 26,507 | $ | 5,802 | |||||||
Operating income (loss) | |||||||||||
Real estate operations | $ | 6,801 | $ | (2,021) | |||||||
Leasing operations | 1,333 | 1,142 | |||||||||
Corporate, eliminations and other a | (4,449) | (4,714) | |||||||||
Total consolidated operating income (loss) | $ | 3,685 | $ | (5,593) | |||||||
Net income (loss) | $ | 3,697 | $ | (6,273) | |||||||
Net loss attributable to noncontrolling interests in subsidiaries b | $ | 855 | $ | 472 | |||||||
Net income (loss) attributable to common stockholders | $ | 4,552 | $ | (5,801) | |||||||
Basic net income (loss) per share | $ | 0.57 | $ | (0.73) | |||||||
Diluted net income (loss) per share | $ | 0.56 | $ | (0.73) | |||||||
EBITDA | $ | 5,200 | $ | (4,183) | |||||||
Capital expenditures and purchases and development of real estate properties | $ | 17,098 | $ | 19,033 | |||||||
Weighted-average shares of common stock outstanding: | |||||||||||
Basic | 8,026 | 7,986 | |||||||||
Diluted | 8,151 | 7,986 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Real estate operations | $ | 22,123 | $ | 2,493 | |||||||
Leasing operations | 4,384 | 3,309 | |||||||||
Total revenues | 26,507 | 5,802 | |||||||||
Cost of sales: | |||||||||||
Real estate operations | 15,278 | 4,487 | |||||||||
Leasing operations | 1,678 | 1,261 | |||||||||
Depreciation and amortization | 1,401 | 928 | |||||||||
Total cost of sales | 18,357 | 6,676 | |||||||||
General and administrative expenses | 4,465 | 4,719 | |||||||||
Total | 22,822 | 11,395 | |||||||||
Operating income (loss) | 3,685 | (5,593) | |||||||||
Loss on extinguishment of debt | (59) | — | |||||||||
Other income, net | 173 | 485 | |||||||||
Income (loss) before income taxes and equity in unconsolidated affiliates' loss | 3,799 | (5,108) | |||||||||
Provision for income taxes | (102) | (1,162) | |||||||||
Equity in unconsolidated affiliates' loss | — | (3) | |||||||||
Net income (loss) and total comprehensive income (loss) | 3,697 | (6,273) | |||||||||
Total comprehensive loss attributable to noncontrolling interests a | 855 | 472 | |||||||||
Net income (loss) and total comprehensive income (loss) attributable to common stockholders | $ | 4,552 | $ | (5,801) | |||||||
Basic net income (loss) per share attributable to common stockholders | $ | 0.57 | $ | (0.73) | |||||||
Diluted net income (loss) per share attributable to common stockholders | $ | 0.56 | $ | (0.73) | |||||||
Weighted-average shares of common stock outstanding: | |||||||||||
Basic | 8,026 | 7,986 | |||||||||
Diluted | 8,151 | 7,986 |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 20,741 | $ | 31,397 | |||||||
Restricted cash | 787 | 1,035 | |||||||||
Real estate held for sale | 7,342 | 7,382 | |||||||||
Real estate under development | 273,417 | 260,642 | |||||||||
Land available for development | 39,735 | 47,451 | |||||||||
Real estate held for investment, net | 143,079 | 144,112 | |||||||||
Lease right-of-use assets | 10,932 | 11,174 | |||||||||
Deferred tax assets | 173 | 173 | |||||||||
Other assets | 13,311 | 14,400 | |||||||||
Total assets | $ | 509,517 | $ | 517,766 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Accounts payable | $ | 14,869 | $ | 15,629 | |||||||
Accrued liabilities, including taxes | 3,669 | 6,660 | |||||||||
Debt | 168,174 | 175,168 | |||||||||
Lease liabilities | 15,792 | 15,866 | |||||||||
Deferred gain | 2,488 | 2,721 | |||||||||
Other liabilities | 4,681 | 7,117 | |||||||||
Total liabilities | 209,673 | 223,161 | |||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock | 97 | 96 | |||||||||
Capital in excess of par value of common stock | 199,674 | 197,735 | |||||||||
Retained earnings | 31,197 | 26,645 | |||||||||
Common stock held in treasury | (33,395) | (32,997) | |||||||||
Total stockholders’ equity | 197,573 | 191,479 | |||||||||
Noncontrolling interests in subsidiaries | 102,271 | 103,126 | |||||||||
Total equity | 299,844 | 294,605 | |||||||||
Total liabilities and equity | $ | 509,517 | $ | 517,766 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flow from operating activities: | |||||||||||
Net income (loss) | $ | 3,697 | $ | (6,273) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 1,401 | 928 | |||||||||
Cost of real estate sold | 13,191 | 2,010 | |||||||||
Loss on extinguishment of debt | 59 | — | |||||||||
Stock-based compensation | 442 | 529 | |||||||||
Debt issuance cost amortization | 238 | 184 | |||||||||
Equity in unconsolidated affiliate’s loss | — | 3 | |||||||||
Purchases and development of real estate properties | (8,957) | (9,027) | |||||||||
Decrease (increase) in other assets | 948 | (2,945) | |||||||||
Decrease in accounts payable, accrued liabilities and other | (4,472) | (3,813) | |||||||||
Net cash provided by (used in) operating activities | 6,547 | (18,404) | |||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures | (8,141) | (10,006) | |||||||||
Payments on master lease obligations | (251) | (248) | |||||||||
Other | — | 22 | |||||||||
Net cash used in investing activities | (8,392) | (10,232) | |||||||||
Cash flow from financing activities: | |||||||||||
Borrowings from project loans | 9,330 | 11,618 | |||||||||
Payments on project and term loans | (17,586) | (6,551) | |||||||||
Payment of dividends | (356) | (184) | |||||||||
Finance lease principal payments | (4) | (4) | |||||||||
Stock-based awards net payments | (376) | (216) | |||||||||
Purchases of treasury stock | — | (894) | |||||||||
Noncontrolling interests’ contributions | — | 40,000 | |||||||||
Financing costs | (67) | (1,058) | |||||||||
Net cash (used in) provided by financing activities | (9,059) | 42,711 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,904) | 14,075 | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 32,432 | 45,709 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 21,528 | $ | 59,784 |
Real Estate Operations a | Leasing Operations | Corporate, Eliminations and Other b | Total | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Unaffiliated customers | $ | 22,123 | $ | 4,384 | $ | — | $ | 26,507 | |||||||||||||||
Cost of sales, excluding depreciation | (15,278) | (1,678) | — | (16,956) | |||||||||||||||||||
Depreciation and amortization | (44) | (1,373) | 16 | (1,401) | |||||||||||||||||||
General and administrative expenses | — | — | (4,465) | (4,465) | |||||||||||||||||||
Operating income (loss) | $ | 6,801 | $ | 1,333 | $ | (4,449) | $ | 3,685 | |||||||||||||||
Capital expenditures and purchases and development of real estate properties | $ | 8,957 | $ | 8,141 | $ | — | $ | 17,098 | |||||||||||||||
Total assets at March 31, 2024 c | 329,062 | 160,759 | 19,696 | 509,517 |
Real Estate Operations a | Leasing Operations | Corporate, Eliminations and Other b | Total | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Unaffiliated customers | $ | 2,493 | $ | 3,309 | $ | — | $ | 5,802 | |||||||||||||||
Cost of sales, excluding depreciation | (4,487) | (1,261) | — | (5,748) | |||||||||||||||||||
Depreciation and amortization | (27) | (906) | 5 | (928) | |||||||||||||||||||
General and administrative expenses | — | — | (4,719) | (4,719) | |||||||||||||||||||
Operating (loss) income | $ | (2,021) | $ | 1,142 | $ | (4,714) | $ | (5,593) | |||||||||||||||
Capital expenditures and purchases and development of real estate properties | $ | 9,027 | $ | 10,006 | $ | — | $ | 19,033 | |||||||||||||||
Total assets at March 31, 2023 c | 307,571 | 109,748 | 62,400 | 479,719 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (loss) | $ | 3,697 | $ | (6,273) | |||||||
Depreciation and amortization | 1,401 | 928 | |||||||||
Interest expense, net | — | — | |||||||||
Provision for income taxes | 102 | 1,162 | |||||||||
EBITDA | $ | 5,200 | $ | (4,183) |
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end
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