Stratus(STRS) - 2024 Q2 - Quarterly Results

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$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].