Stratus Properties Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Stratus Properties Inc. filed its Q1 2024 10-Q report, detailing financial performance and balance sheet information.</b>

AI Summary

STRATUS PROPERTIES INC (STRS) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Stratus Properties Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is real estate development and operations. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Specific financial statement line items such as common stock, additional paid-in capital, retained earnings, treasury stock, parent interest, and noncontrolling interest are detailed for various periods.

Why It Matters

For investors and stakeholders tracking STRATUS PROPERTIES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Stratus Properties Inc., crucial for understanding its current financial health and operational performance in the real estate sector. The detailed breakdown of equity accounts and comparative periods allows for analysis of financial trends and changes in the company's capital structure over time.

Risk Assessment

Risk Level: medium — STRATUS PROPERTIES INC shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but does not inherently signal significant positive or negative developments without further context from the company's narrative sections or subsequent events.

Analyst Insight

Review the detailed financial statements and any management discussion and analysis (MD&A) within the full 10-Q to identify specific performance drivers and potential risks.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 2024-03-31 — Q1 2024 End Date (Fiscal quarter end date)
• 2023-03-31 — Q1 2023 End Date (Comparative period end date)

Key Players & Entities

• STRATUS PROPERTIES INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• 2024-03-31 (date) — Fiscal quarter end date
• 2023-03-31 (date) — Comparative period end date
• 2022-12-31 (date) — Prior year end date
• 212 LAVACA STREET SUITE 300 (address) — Business address
• AUSTIN (location) — Business address city

FAQ

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share STRS The NASDAQ Stock Market

Filing Documents

• strs-20240331.htm (10-Q) — 840KB
• q124exhibit311.htm (EX-31.1) — 11KB
• q124exhibit312.htm (EX-31.2) — 11KB
• q124exhibit321.htm (EX-32.1) — 6KB
• q124exhibit322.htm (EX-32.2) — 6KB
• strs-20240331_g1.jpg (GRAPHIC) — 14KB
• 0000885508-24-000053.txt (&nbsp;) — 4456KB
• strs-20240331.xsd (EX-101.SCH) — 29KB
• strs-20240331_cal.xml (EX-101.CAL) — 42KB
• strs-20240331_def.xml (EX-101.DEF) — 156KB
• strs-20240331_lab.xml (EX-101.LAB) — 415KB
• strs-20240331_pre.xml (EX-101.PRE) — 286KB
• strs-20240331_htm.xml (XML) — 505KB

Financial Information

Part I. Financial Information 2

Financial Statements

Item 1. Financial Statements 2 Consolidated Balance Sheets (Unaudited) 2 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 3 Consolidated Statements of Cash Flows (Unaudited) 4 Consolidated Statements of Equity (Unaudited) 5

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 6

Management's Discussion and Analysis of Financial Condition

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Q uantitative and Qualitative Disclosures About Market Risk

Item 3. Q uantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

Other Information

Part II. Other Information 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30 Signature S- 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements . STRATUS PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In Thousands) 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 The accompanying Notes to Consolidated Financial Statements (Unaudited) are an integral part of these consolidated financial statements. 2 Table of Contents STRATUS PROPERTIES INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (In Thousands, Except Per Share Amounts) 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, included in Stratus Properties Inc.'s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2023 (Stratus 2023 Form 10-K) filed with the U.S. Securities and Exchange Commission on March 28, 2024. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. The results of operations for any interim period are not necessarily indicative of the results of operations for any other future interim period or for a full fiscal year. Related Party Transactions. In April 2022, Stratus hired the son of Stratus' President and Chief Executive Officer as an employee at an annual salary of $ 100 thousand. He is eligible for the same health and retirement benefits provided to all Stratus employees and is also eligible for annual incentive awards and for awards under the Profit Participation Incentive Plan (PPIP) and the Long-Term Incentive Plan (LTIP). In first-quarter 2023, he received $ 22 thousand as an annual incentive award for 2022, and his annual salary was increased to $ 120 thousand. In first-quarter 2024, he received $ 22 thousand as an annual incentive award for 2023, and his annual salary was increased to $ 124 thousand. As of March 31, 2024, the employee had two outstanding awards under the PPIP. The liability associated with these awards at March 31, 2024 was nominal in amount relative to the consolidated financial statements. Refer to Note 7 for discussion of the PPIP and LTIP. For additional information

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