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Stratus Properties Inc. (STRS+3.52%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Stratus' operations, which focus on the entitlement, development, management, leasing, and sale of residential and commercial real estate properties primarily in Austin, Texas, and other select markets in Texas.
Stratus reported total revenues of $54.2 million for 2024, compared to $17.3 million in 2023. This increase was primarily due to higher revenues from real estate operations, including sales of Amarra Villas homes and undeveloped land at Magnolia Place.
The company’s net income attributable to common stockholders was $2.0 million, or $0.24 per diluted share, in 2024, compared to a net loss of $(14.8) million, or $(1.85) per diluted share, in 2023.
Stratus' real estate operations segment generated revenues of $34.9 million in 2024, primarily from the sale of developed and undeveloped properties. The leasing operations segment generated $19.3 million in rental revenue, reflecting increased occupancy and new leases at properties such as The Saint June.
The company reported a gain of $1.6 million from the sale of Magnolia Place – Retail in 2024.
Stratus' total debt increased to $196.7 million as of December 31, 2024, from $177.4 million at the end of 2023, with the increase primarily due to draws on construction loans for The Saint George and Holden Hills Phase 1.
The filing also discusses Stratus' strategic partnerships for certain development projects, including The Saint George Apartments, L.P., Stratus Block 150, L.P., and others, where Stratus holds varying equity interests.
The company highlighted challenges faced in 2023 due to rising interest rates and elevated costs, but noted optimism for improving market conditions in 2024, supported by recent Federal Reserve interest rate cuts.
Stratus continues to focus on its development strategy, leveraging project-level debt and third-party equity capital through joint ventures to pursue residential and mixed-use projects in Austin and other select Texas markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stratus Properties Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.