United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37716 Stratus Properties Inc. (Exact name of registrant as specified in its charter) Delaware 72-1211572 (State or other jurisd ...

Stratus Properties Inc. Financial and Media Contact: 212 Lavaca St., Suite 300 William H. Armstrong III Austin, Texas 78701 (512) 478-5788 NEWS RELEASE NASDAQ Symbol: "STRS" STRATUS PROPERTIES INC. REPORTS FIRST-QUARTER 2025 RESULTS AUSTIN, TX, May 15, 2025 - Stratus Properties Inc. (NASDAQ: STRS), a residential and retail focused real estate company with operations in the Austin, Texas area and other select markets in Texas, today reported first-quarter 2025 results. Highlights and Recent Developments: i — ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37716 Stratus Properties Inc. (Exact name of registrant as specified in its charter) Delaware 72-1211572 (State or other jurisdictio ...

Financial Performance - Net income attributable to common stockholders for the year ended December 31, 2024, was $2.0 million, or $0.24 per diluted share, compared to a net loss of $14.8 million, or $1.85 per diluted share, in 2023[4] - Total revenues for 2024 were $54.2 million, a significant increase from $17.3 million in 2023, driven by sales of five Amarra Villas homes for $18.9 million and 47 acres of undeveloped land for $14.5 million[4] - EBITDA for 2024 was $4.1 million, compared to a loss of $10.7 million in 2023, indicating a substantial improvement in operational performance[4] - The net loss for 2024 was $1.908 million, a substantial improvement from a net loss of $16.493 million in 2023, reflecting a reduction of approximately 88%[30] - The company reported a total comprehensive loss attributable to common stockholders of $1.908 million in 2024, compared to a loss of $14.807 million in 2023[26] - The net loss before income taxes for 2024 was $1,466,000, a substantial improvement compared to a net loss of $15,034,000 in 2023[39] Revenue Growth - Total revenues for 2024 reached $54.183 million, a significant increase from $17.270 million in 2023, representing a growth of approximately 213%[26] - Real Estate Operations generated revenues of $34.887 million in 2024, compared to $2.551 million in 2023, indicating a growth of over 1,267%[26] - Revenue from unaffiliated customers for 2024 was $54,183,000, a significant increase from $17,270,000 in 2023, representing a growth of approximately 213%[37] Assets and Equity - Stratus had $20.2 million in cash and cash equivalents as of December 31, 2024, with no amounts drawn on its revolving credit facility, and $39.0 million available under the facility[4] - Total assets increased to $532.606 million in 2024, up from $517.766 million in 2023, marking a growth of about 2.4%[28] - Stratus' total stockholders' equity increased to $194.7 million at December 31, 2024, compared to $191.5 million in 2023, indicating a strengthening balance sheet[14] - The after-tax Net Asset Value (NAV) was $330.5 million, or $40.38 per share, as of December 31, 2024, up from $321.7 million, or $39.40 per share, in 2023[14] Debt and Liabilities - Consolidated debt increased to $194.9 million as of December 31, 2024, from $175.2 million in 2023, primarily due to project construction loans[10] - Total liabilities increased to $235 million in 2024 from $223.2 million in 2023, reflecting a rise of approximately 5.5%[53] - Stratus' debt increased to $194.853 million in 2024 from $175.168 million in 2023, representing an increase of about 11.3%[28] Capital Expenditures - Capital expenditures for the development of real estate properties totaled $58.7 million in 2024, down from $90.4 million in 2023, reflecting a strategic focus on key projects[13] - Capital expenditures for real estate properties in 2024 amounted to $58,661,000, down from $90,413,000 in 2023, indicating a reduction of about 35%[39] Share Repurchase and Stock Performance - The company repurchased 83,380 shares of its common stock for a total cost of $2.0 million under its share repurchase program, with $3.0 million remaining available for future repurchases[4] Operational Highlights - The company completed the lease-up of The Saint June, a 182-unit luxury multi-family project, in 2024, contributing to revenue growth[4] - Segment profit for Real Estate Operations in 2024 was $4,727,000, while Leasing Operations reported a profit of $8,070,000, leading to a total segment profit of $12,797,000[37] - The gain on the sale of assets in 2024 was $1,626,000, contributing positively to the overall financial performance[37] - General and administrative expenses for 2024 were $14,952,000, slightly lower than $15,167,000 in 2023, indicating cost management efforts[37]

Financial Performance - Revenues totaled $8.9 million in Q3 2024 and $43.9 million for the first nine months of 2024, compared to $3.7 million and $13.0 million in the same periods of 2023, representing a 140% increase in Q3 and a 238% increase year-to-date [88]. - Net income attributable to common stockholders was $2.5 million, or $0.30 per diluted share, for the first nine months of 2024, compared to a net loss of $13.9 million, or $1.74 per diluted share, in the same period of 2023 [89]. - The Real Estate Operations segment reported revenues of $3,971,000 for Q3 2024, compared to $2,551,000 in Q3 2023, reflecting a significant increase [116]. - The company experienced an operating loss of $1,519,000 for Q3 2024, an improvement from a loss of $3,329,000 in Q3 2023 [114]. - Developed property sales increased significantly, with revenues of $15.2 million in Q3 2024 compared to $2.5 million in Q3 2023, reflecting a 520% increase [119]. - Rental revenue for the first nine months of 2024 was $14.2 million, compared to $10.5 million in the same period of 2023, marking a 35% increase [123]. - Interest expense for the first nine months of 2024 totaled $11.9 million, up from $8.7 million in the same period of 2023, reflecting higher interest rates and increased debt balances [127]. - Cash used in operating activities improved to $2.4 million in the first nine months of 2024, compared to $39.3 million in the same period of 2023 [133]. Revenue Drivers - The increase in revenues for the first nine months of 2024 was primarily due to the sale of approximately 47 acres of undeveloped land at Magnolia Place for $14.5 million and four Amarra Villas homes for a total of $15.2 million [88]. - The company completed the sale of five Amarra Villas homes for a total of $17.7 million during 2023 and the first nine months of 2024 [82]. - The average sales price for Amarra Villas homes rose approximately 52%, from $2.5 million in the first nine months of 2023 to $3.8 million in the same period of 2024 [119]. - The company recorded a pre-tax gain of $1.6 million from the sale of Magnolia Place – Retail, which sold for $8.9 million [125]. Development Projects - The Saint June multi-family project achieved approximately 97% occupancy as of November 8, 2024, following its completion in Q4 2023 [93]. - The company has a development portfolio of approximately 1,600 acres of commercial and residential projects under development or undeveloped land held for future use [74]. - The company is progressing development plans for Section N, a 570-acre mixed-use project, which is expected to increase development density compared to prior plans [96]. - The Saint George project, a 316-unit luxury multi-family development, is expected to achieve substantial completion in Q4 2024 [98]. - The company secured rights to develop a multi-family project on approximately 35 acres in Lakeway, Texas, with a $2.3 million letter of credit backing infrastructure construction [99]. Financing and Debt Management - A new $5.0 million share repurchase program was approved by the Board in November 2023, following the completion of a $10.0 million share repurchase program in October 2023 [76]. - As of September 30, 2024, consolidated cash totaled $19.6 million, with $39.6 million available under the revolving credit facility [81]. - The company anticipates making future operating loans to the limited partnership for The Annie B totaling up to $2.6 million over the next 12 months [80]. - The company paid off the $8.8 million Magnolia Place construction loan and made principal payments of $14.4 million on the Amarra Villas credit facility during the first nine months of 2024 [149]. - Total debt as of September 30, 2024, was $182.9 million, an increase from $177.4 million at the end of 2023 [142]. - The company expects to refinance the Kingwood Place construction loan before its December 6, 2024 maturity date, anticipating tighter spreads and potential additional proceeds [150]. - The company plans to extend or refinance outstanding debt maturing in the next 12 months, including its revolving credit facility [161]. Market Conditions and Outlook - Market conditions have been challenging due to inflation and higher borrowing costs, impacting project profitability and timelines [110]. - The residential market in Austin remains attractive despite recent moderation in prices and demand, with expectations for improvement over the next 12 months [112]. - The company cautions that forward-looking statements are not guarantees of future performance and actual results may differ materially [170]. Compliance and Risk Factors - As of September 30, 2024, the company was in compliance with all financial covenants in its debt agreements [151]. - There have been no material changes to the company's risk factors previously disclosed in its 2023 Form 10-K [177]. - The company does not expect recent accounting standards updates to have a material effect on its consolidated financial statements [164][166].

Financial Performance - Net loss attributable to common stockholders was $0.4 million, or $0.05 per diluted share, in Q3 2024, a significant improvement from a net loss of $2.8 million, or $0.36 per diluted share, in Q3 2023[2] - Revenues for Q3 2024 were $8.9 million, up from $3.7 million in Q3 2023, primarily due to the sale of one Amarra Villas home for $4.0 million and increased rental revenue from The Saint June[3] - For the first nine months of 2024, revenues totaled $43.9 million compared to $13.0 million in the same period of 2023, driven by the sale of approximately 47 acres of undeveloped land for $14.5 million and four Amarra Villas homes for $15.2 million[3] - The company reported an operating loss of $1.519 million for Q3 2024, an improvement from a loss of $3.329 million in Q3 2023[31] - Net loss attributable to common stockholders for Q3 2024 was $364,000, compared to a net loss of $2.844 million in Q3 2023[31] - Net loss for the third quarter of 2024 was $495,000, a significant improvement from a net loss of $14.8 million in the same period of 2023[35] - Operating cash flow improved to a net cash used of $2.4 million, compared to $39.3 million in the third quarter of 2023[35] - EBITDA for the first nine months of 2024 was $3.9 million, a recovery from $(9.9) million in the same period of 2023[6] - EBITDA for the third quarter of 2024 was $3.88 million, compared to a negative EBITDA of $9.92 million in the same period of 2023[49] Assets and Liabilities - Total assets increased to $523.180 million as of September 30, 2024, up from $517.766 million at the end of 2023[33] - Debt levels rose to $181.540 million as of September 30, 2024, compared to $175.168 million at the end of 2023[33] - Cash and cash equivalents decreased to $19.638 million from $31.397 million at the end of 2023[33] - As of September 30, 2024, Stratus had $19.6 million in cash and cash equivalents and $39.6 million available under its revolving credit facility[5] Real Estate Operations - Real estate operations generated revenues of $3.971 million in Q3 2024, compared to $2.551 million in Q3 2023, marking a 56% increase[31] - Total revenues for the Real Estate Operations segment were $3.97 million, while the Leasing Operations segment generated $4.92 million, totaling $8.89 million in revenues[41] - Operating loss for the Real Estate Operations segment was $1.42 million, while the Leasing Operations segment reported an operating income of $3.25 million[41] - Stratus completed property sales totaling $38.6 million in the first nine months of 2024, with a notable average sales price increase for Amarra Villas homes compared to the prior year[8] - The occupancy rate at The Saint June was approximately 97% as of November 8, 2024, indicating strong demand for the luxury multi-family project[7] Capital Expenditures and Investments - Capital expenditures for the third quarter of 2024 amounted to $6.61 million for Real Estate Operations and $6.82 million for Leasing Operations, totaling $13.43 million[41] - Stratus is currently developing real estate valued at $261.212 million, slightly up from $260.642 million at the end of 2023[33] Share Repurchase and Financing - A new share repurchase program was approved, allowing for repurchases of up to $5.0 million of common stock, following the completion of a previous $10.0 million program[18] - The company has a share repurchase program of $5.0 million, subject to restrictions under its Comerica Bank debt agreements[24] - Stratus is exploring refinancing options for several construction loans, anticipating tighter spreads and potential additional proceeds[17] Legislative and Legal Considerations - The company anticipates potential impacts from Texas Senate Bill 2038 and ongoing litigation, which may affect future operations and development projects[25]

Revenue and Sales Performance - Revenues for Q2 2024 totaled $8.5 million, a significant increase from $3.5 million in Q2 2023, and $35.0 million for the first six months of 2024 compared to $9.3 million in the same period last year[77]. - The increase in revenues is primarily due to the sale of approximately 47 acres of undeveloped land at Magnolia Place for $14.5 million and three Amarra Villas homes for a total of $11.3 million in the first half of 2024[77]. - Total revenues for Real Estate Operations were $3.629 million for the three months ended June 30, 2024, compared to $58,000 in the same period of 2023[101]. - Revenues from developed property sales increased significantly, with three Amarra Villas homes sold in the first six months of 2024, compared to one in the same period of 2023, and an average sales price increase of approximately 50%, from $2.5 million to $3.7 million per home[104]. - Rental revenue for the second quarter of 2024 was $4.861 million, up from $3.472 million in the second quarter of 2023, reflecting increased revenue from new leases[107]. Financial Performance - Net loss attributable to common stockholders for Q2 2024 was $1.7 million, or $0.21 per diluted share, compared to a net loss of $5.3 million, or $0.66 per diluted share, in Q2 2023[78]. - The company reported a net loss attributable to common stockholders of $1.725 million for the three months ended June 30, 2024, compared to a loss of $5.301 million in the same period of 2023[99]. - Operating income from leasing operations increased to $1.745 million in the second quarter of 2024, compared to $1.404 million in the same quarter of 2023[107]. - General and administrative expenses decreased to $3.8 million in the second quarter of 2024, down from $4.1 million in the same quarter of 2023, primarily due to lower compensation costs[110]. - Interest expense for the first six months of 2024 totaled $7.9 million, compared to $5.3 million in the same period of 2023, reflecting higher interest rates and increased average debt balances[111]. Development Projects and Future Plans - The Saint June multi-family project achieved approximately 98% occupancy as of August 9, 2024, following its completion in Q4 2023[81]. - The company anticipates starting to build homes and/or sell home sites in the Holden Hills project by late 2025, pending timely permit processing[82]. - The company secured the right to develop a multi-family project on approximately 35 acres in Lakeway, Texas, with a construction goal contingent on infrastructure completion and market conditions[86]. - The Annie B project, a proposed luxury high-rise with 316 residential units, is under evaluation for profitability as either a rental or sale product[87]. - The Saint George project, a 316-unit luxury multi-family project, is expected to achieve substantial completion in Q4 2024[85]. Cash and Debt Management - As of June 30, 2024, consolidated cash totaled $13.5 million, with $39.6 million available under the revolving credit facility[71]. - The company had $13.5 million in cash and cash equivalents as of June 30, 2024, with no borrowings under the revolving credit facility[119]. - Cash used in operating activities was $1.7 million for the first six months of 2024, significantly lower than $26.8 million in the same period of 2023[114]. - Total debt as of June 30, 2024, was $180.0 million, an increase from $177.4 million at the end of 2023[120]. - The total debt maturities as of June 30, 2024, amounted to approximately $179.967 million, with significant amounts due in 2026 and beyond[131]. Share Repurchase and Equity - A new $5.0 million share repurchase program was approved by the Board in November 2023, following the completion of a $10.0 million share repurchase program in October 2023[66]. - The company has a $5.0 million share repurchase program approved on November 14, 2023, with no shares repurchased as of June 30, 2024[151]. - The company is restricted from repurchasing common stock in excess of $1.0 million without prior written consent from Comerica Bank[146]. Market Conditions and Economic Outlook - The company is optimistic about improving real estate market conditions over the next 12 months, with expectations of declining interest rates[73]. - Market conditions have been impacted by inflation and higher borrowing costs, with the Federal Reserve raising rates by 525 basis points from March 2022 to July 2023[95]. - Forward-looking statements caution that actual results may differ materially due to various factors including market conditions and economic downturns[147]. Regulatory and Accounting Updates - The Financial Accounting Standards Board (FASB) issued ASU No. 2023-05, effective January 1, 2025, requiring joint ventures to measure contributions at fair value upon formation[140]. - ASU No. 2023-07 enhances segment reporting disclosures, effective for fiscal years beginning after December 15, 2023, allowing for more than one measure of segment profit or loss[141]. - ASU No. 2023-09 mandates public business entities to disclose a tabular rate reconciliation of income taxes paid, effective for annual periods beginning after December 15, 2024[142]. - The company does not expect the recent accounting pronouncements to have a material effect on its consolidated financial statements[140][142]. Compliance and Risk Management - As of June 30, 2024, the company was in compliance with all financial covenants related to its debt agreements[126]. - The company’s disclosure controls and procedures were evaluated as effective as of June 30, 2024[149]. - No material changes to risk factors were disclosed in the latest report[151].

Financial Performance - Net loss attributable to common stockholders was $1.7 million, or $0.21 per diluted share, in Q2 2024, an improvement from a net loss of $5.3 million, or $0.66 per diluted share, in Q2 2023[2]. - Revenues for Q2 2024 were $8.5 million, up from $3.5 million in Q2 2023, primarily due to the sale of one Amarra Villas home and increased rental revenue from The Saint June[3]. - For the first six months of 2024, revenues totaled $35.0 million compared to $9.3 million in the same period of 2023, driven by the sale of approximately 47 acres of undeveloped land for $14.5 million and three Amarra Villas homes for $11.3 million[3]. - EBITDA for the first six months of 2024 was $3.9 million, a significant recovery from $(8.0) million in the same period of 2023[5]. - Total revenues for Q2 2024 were $8.49 million, a significant increase from $3.53 million in Q2 2023, representing a 141% year-over-year growth[21]. - Real estate operations revenue reached $3.63 million in Q2 2024, compared to $0.58 million in Q2 2023, marking a 526% increase[21]. - Leasing operations revenue increased to $4.86 million in Q2 2024 from $3.47 million in Q2 2023, reflecting a 40% growth[21]. - Operating income for the six months ended June 30, 2024, was $765,000, compared to an operating loss of $10,945,000 for the same period in 2023, indicating a turnaround in performance[33][34]. - The company reported a net cash used in operating activities of $1.72 million for the first half of 2024, compared to $26.75 million in the same period of 2023[25]. Assets and Liabilities - As of June 30, 2024, Stratus had $13.5 million in cash and cash equivalents and $39.6 million available under its revolving credit facility[4][10]. - Total assets as of June 30, 2024, were $514.02 million, slightly down from $517.77 million at the end of 2023[23]. - Total liabilities decreased to $216.51 million as of June 30, 2024, from $223.16 million at the end of 2023, a reduction of 3%[23]. - Total assets as of June 30, 2024, were $514,016,000, an increase from $485,755,000 as of June 30, 2023, showing a growth of approximately 5.8%[30][34]. Operational Highlights - Occupancy at The Saint June reached approximately 98% as of August 9, 2024, with rents exceeding initial projections[5][6]. - Stratus is advancing construction on multiple residential projects, including The Saint George and the last five Amarra Villas homes[6]. - A contract was signed in June 2024 to sell a retail project at Magnolia Place for $8.9 million, expected to close in mid-August 2024[4][6]. - Capital expenditures for the first six months of 2024 totaled $32.5 million, down from $44.6 million in the same period of 2023[11]. - Capital expenditures for the three months ended June 30, 2024, amounted to $15,361,000, up from $25,528,000 in the same period of 2023, reflecting a strategic investment in real estate properties[30][32]. Cost Management - The total cost of sales for Q2 2024 was $7.57 million, up from $4.81 million in Q2 2023, indicating a 57% increase[21]. - General and administrative expenses for the three months ended June 30, 2024, were $3,842,000, slightly lower than $4,071,000 in the same period of 2023, suggesting improved cost management[30][32]. - The cost of sales for the three months ended June 30, 2024, was $6,166,000, compared to $3,841,000 in the same period of 2023, indicating increased operational costs associated with higher revenues[30][32]. - Depreciation and amortization for the three months ended June 30, 2024, totaled $1,402,000, compared to $970,000 in the same period of 2023, reflecting increased asset utilization[30][32]. Shareholder Actions - Stratus' Board approved a new share repurchase program authorizing up to $5.0 million in common stock repurchases[12].

Financial Performance - Revenues for Q1 2024 totaled $26.5 million, a significant increase from $5.8 million in Q1 2023, driven by sales of approximately 47 acres of undeveloped land for $14.5 million and two homes for $7.6 million[84]. - Net income attributable to common stockholders in Q1 2024 was $4.6 million, or $0.56 per diluted share, compared to a net loss of $5.8 million, or $0.73 per diluted share, in Q1 2023[85]. - In Q1 2024, the company reported operating income of $3.685 million, a significant improvement from a loss of $5.593 million in Q1 2023[111]. - Total revenues for Real Estate Operations in Q1 2024 reached $22.123 million, compared to $2.493 million in Q1 2023, driven by developed and undeveloped property sales[113]. - Rental revenue in Q1 2024 was $4.384 million, up from $3.309 million in Q1 2023, primarily due to new leases and revenue from The Saint June[116]. - Operating cash flow increased to $6.5 million in Q1 2024 from a cash outflow of $18.4 million in Q1 2023, primarily due to property sales[125]. Development Projects - The company has a development portfolio of approximately 1,600 acres of commercial and residential projects under development or undeveloped land held for future use[70]. - The Saint June multi-family project achieved approximately 90% lease-up as of May 10, 2024, with the first units available for occupancy in July 2023[89]. - The Saint George project is expected to achieve substantial completion by Q3 2024, with 316 luxury units under development[95]. - The company plans to continue developing properties using project-level debt and third-party equity capital through joint ventures, aiming for attractive long-term returns[74]. - The ETJ Law, effective September 1, 2023, may streamline the development permitting process for the Holden Hills and Section N projects, potentially increasing development density[94]. Cash and Debt Management - As of March 31, 2024, consolidated cash totaled $20.7 million, with $39.6 million available under the revolving credit facility, net of $13.3 million in letters of credit[78]. - The company anticipates seeking additional capital through project-level debt and third-party equity capital arrangements for its development projects[104]. - Total debt as of March 31, 2024, was $170.1 million, down from $177.4 million at December 31, 2023[134]. - The company had $20.7 million in cash and cash equivalents as of March 31, 2024, with no borrowings under the revolving credit facility[133]. - Total debt maturities amount to $170.1 million as of March 31, 2024, with significant amounts due in 2024 ($67.1 million) and 2026 ($62.9 million)[144]. - The company plans to extend or refinance debt maturing in the next 12 months and will not incur material costs for new projects until adequate financing is secured[150]. Interest and Expenses - Interest expense in Q1 2024 totaled $4.0 million, an increase from $2.4 million in Q1 2023, reflecting higher interest rates and increased average debt balances[120]. - The weighted-average interest rate for the Jones Crossing loan increased to 7.70% in Q1 2024 from 6.73% in Q1 2023, while The Annie B land loan rose to 8.41% from 7.44%[147]. - The company recorded a provision for income taxes of $0.1 million in Q1 2024, down from $1.2 million in Q1 2023[121]. - Cash used in investing activities decreased to $8.4 million in Q1 2024 from $10.2 million in Q1 2023, with capital expenditures of $8.1 million primarily for The Saint George[126]. - Cash used in financing activities totaled $9.1 million in Q1 2024, compared to cash provided of $42.7 million in Q1 2023[127]. Future Outlook and Challenges - The company expects to generate approximately $7.2 million of pre-tax net cash proceeds from the sale of West Killeen Market, contracted for $12.8 million, expected to close in Q2 2024[80]. - Market conditions have been challenging due to inflation, higher borrowing costs, and supply chain constraints, impacting project profitability and timelines[105]. - The company does not expect to generate sufficient recurring cash flow to cover general and administrative expenses each period due to its development-focused business model[151]. - Future financial performance will depend on the ability to sell or lease properties profitably and extend or refinance debt as it becomes due[152]. Shareholder and Compliance Matters - A new share repurchase program was approved in November 2023, authorizing repurchases of up to $5.0 million of common stock[132]. - The company was in compliance with all financial covenants as of March 31, 2024[140]. - The company is subject to restrictions under its Comerica Bank debt agreements, limiting stock repurchases and dividend payments without prior consent[164].

Financial Performance - Net income attributable to common stockholders was $4.6 million, or $0.56 per diluted share, in Q1 2024, compared to a net loss of $(5.8) million, or $(0.73) per diluted share, in Q1 2023[4]. - Revenues for Q1 2024 were $26.5 million, a significant increase from $5.8 million in Q1 2023, primarily due to the sale of approximately 47 acres at Magnolia Place for $14.5 million[4][8]. - EBITDA for Q1 2024 totaled $5.2 million, compared to $(4.2) million in Q1 2023, indicating a strong recovery in operational performance[4]. - Operating income for the first quarter of 2024 was $3,685,000, compared to an operating loss of $5,593,000 in the first quarter of 2023, indicating a turnaround in performance[22]. - Net income attributable to common stockholders for Q1 2024 was $4,552,000, compared to a net loss of $5,801,000 in Q1 2023, reflecting a positive shift in profitability[22]. - Basic net income per share attributable to common stockholders was $0.57 for Q1 2024, compared to a loss of $0.73 per share in Q1 2023[22]. Cash and Assets - Stratus had $20.7 million in cash and cash equivalents as of March 31, 2024, down from $31.4 million at December 31, 2023, with no amounts drawn on its revolving credit facility[10]. - Cash and cash equivalents decreased to $20,741,000 as of March 31, 2024, down from $31,397,000 at the end of 2023[24]. - Total assets as of March 31, 2024, were $509,517,000, a slight decrease from $517,766,000 at the end of 2023[24]. Debt and Liabilities - Consolidated debt decreased to $168.2 million as of March 31, 2024, from $175.2 million at December 31, 2023[10]. - Total liabilities decreased to $209,673,000 as of March 31, 2024, from $223,161,000 at the end of 2023, reflecting a reduction in financial obligations[24]. Real Estate Operations - The Real Estate Operations segment generated revenues of $22,123,000 in Q1 2024, compared to $2,493,000 in Q1 2023, marking a growth of 786%[32]. - Capital expenditures and purchases for real estate properties totaled $17.1 million in Q1 2024, compared to $19.0 million in Q1 2023[13]. - Capital expenditures and purchases for real estate properties totaled $17,098,000 in Q1 2024, compared to $19,033,000 in Q1 2023[34]. - The company signed leases for approximately 90% of the units at The Saint June, a 182-unit luxury multi-family project completed in Q4 2023[4]. - Stratus is under contract to sell West Killeen Market for $12.8 million, expected to close in Q2 2024, which will generate approximately $7.2 million of pre-tax net cash proceeds[6]. - The company continues construction on The Saint George and the last six Amarra Villas homes, indicating ongoing development efforts[5]. - Stratus plans to explore the sale of additional retail properties, including Lantana Place – Retail and Magnolia Place – Retail, as part of its strategic initiatives[6].