Stratus Properties Inc. Signs Material Definitive Agreement
Ticker: STRS · Form: 8-K · Filed: Oct 15, 2024 · CIK: 885508
| Field | Detail |
|---|---|
| Company | Stratus Properties Inc (STRS) |
| Form Type | 8-K |
| Filed Date | Oct 15, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $2.0 million, $32.3 million, $40,000, $31.8 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, contract
TL;DR
Stratus Properties signed a big deal, details TBD.
AI Summary
Stratus Properties Inc. entered into a Material Definitive Agreement on October 8, 2024. The filing does not disclose the specific details of this agreement, only that it is a significant definitive agreement.
Why It Matters
This filing indicates a significant new contract or partnership for Stratus Properties Inc., which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty about its terms and potential impact.
Key Players & Entities
- Stratus Properties Inc. (company) — Registrant
- October 8, 2024 (date) — Date of earliest event reported
- 212 Lavaca St., Suite 300 Austin, Texas 78701 (address) — Principal Executive Offices
FAQ
What is the nature of the Material Definitive Agreement entered into by Stratus Properties Inc.?
The filing does not specify the nature of the Material Definitive Agreement, only that one was entered into on October 8, 2024.
When was the Material Definitive Agreement reported?
The earliest event reported for the Material Definitive Agreement was October 8, 2024.
What is Stratus Properties Inc.'s principal executive office address?
Stratus Properties Inc.'s principal executive offices are located at 212 Lavaca St., Suite 300 Austin, Texas 78701.
Under which section of the Securities Exchange Act of 1934 is this Form 8-K filed?
This Form 8-K is filed pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934.
What is the SIC code for Stratus Properties Inc.?
The Standard Industrial Classification code for Stratus Properties Inc. is 6552, Land Subdividers & Developers (No Cemeteries).
Filing Stats: 737 words · 3 min read · ~2 pages · Grade level 10.8 · Accepted 2024-10-15 16:43:09
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share STRS The NASDAQ Stock Market
- $2.0 million — aggregate commitment under the Loan by $2.0 million to $32.3 million; (iii) decrease the in
- $32.3 million — tment under the Loan by $2.0 million to $32.3 million; (iii) decrease the interest rate appli
- $40,000 — principal and interest of approximately $40,000, with the outstanding principal due at
- $31.8 million — ipal amount outstanding on the Loan was $31.8 million. The foregoing description of the Ame
Filing Documents
- strs-20241008.htm (8-K) — 25KB
- strs-20241008_g1.jpg (GRAPHIC) — 14KB
- 0000885508-24-000065.txt ( ) — 200KB
- strs-20241008.xsd (EX-101.SCH) — 2KB
- strs-20241008_def.xml (EX-101.DEF) — 7KB
- strs-20241008_lab.xml (EX-101.LAB) — 25KB
- strs-20241008_pre.xml (EX-101.PRE) — 18KB
- strs-20241008_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement . On October 8, 2024, The Saint June, L.P. (the Partnership), a Texas limited partnership and 34.13% owned subsidiary of Stratus Properties Inc. (Stratus), as borrower, Stratus, as guarantor, and Texas Capital Bank entered into an Amendment to Loan Agreement and related agreements effective as of October 2, 2024 (the Amendments), which amend that certain Loan Agreement dated June 2, 2021 by and between the Partnership, Texas Capital Bank and each of the lenders party thereto, each as previously amended (collectively and as amended, the Loan Agreements). The Loan Agreements provide for a construction loan (as amended, the Loan) to finance a portion of the cost of the development and construction of The Saint June, a 182-unit luxury garden-style multi-family project within the Amarra development in Barton Creek, located in Austin Texas. Construction of The Saint June was completed in fourth-quarter 2023. The Amendments (i) extend the maturity date of the Loan to October 2, 2025; (ii) increase the aggregate commitment under the Loan by $2.0 million to $32.3 million; (iii) decrease the interest rate applicable margin from 2.85% to 2.35%; and (iv) require payment of an exit fee for prepayments and repayments of the Loan of 1.0% of the principal amount of such amounts repaid, subject to certain exceptions. The Partnership has one remaining option to extend the maturity of the Loan for an additional 12-month period, subject to meeting certain conditions. After closing costs, the Partnership intends to use the remaining portion of the $2.0 million proceeds of the Loan for a combination of operating reserves for the property and partial repayment of operating loans to the Partnership from Stratus and the Class B Limited Partner. Accordingly, the Loan bears interest at the one-month Term Secured Overnight Financing Rate plus 2.35%, subject to a 3.50% floor. The principal balance of the Loan is payable in monthly inst