Stratus(STRS) - 2024 Q4 - Annual Results

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]