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Stratus(STRS) - 2024 Q1 - Quarterly Results
STRSStratus(STRS)2024-05-14 12:43

Financial Performance - Net income attributable to common stockholders was 4.6million,or4.6 million, or 0.56 per diluted share, in Q1 2024, compared to a net loss of (5.8)million,or(5.8) million, or (0.73) per diluted share, in Q1 2023[4]. - Revenues for Q1 2024 were 26.5million,asignificantincreasefrom26.5 million, a significant increase from 5.8 million in Q1 2023, primarily due to the sale of approximately 47 acres at Magnolia Place for 14.5million[4][8].−EBITDAforQ12024totaled14.5 million[4][8]. - EBITDA for Q1 2024 totaled 5.2 million, compared to (4.2)millioninQ12023,indicatingastrongrecoveryinoperationalperformance[4].−Operatingincomeforthefirstquarterof2024was(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 5,593,000inthefirstquarterof2023,indicatingaturnaroundinperformance[22].−NetincomeattributabletocommonstockholdersforQ12024was5,593,000 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 5,801,000inQ12023,reflectingapositiveshiftinprofitability[22].−Basicnetincomepershareattributabletocommonstockholderswas5,801,000 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 0.73pershareinQ12023[22].CashandAssets−Stratushad0.73 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 31.4millionatDecember31,2023,withnoamountsdrawnonitsrevolvingcreditfacility[10].−Cashandcashequivalentsdecreasedto31.4 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 31,397,000attheendof2023[24].−TotalassetsasofMarch31,2024,were31,397,000 at the end of 2023[24]. - Total assets as of March 31, 2024, were 509,517,000, a slight decrease from 517,766,000attheendof2023[24].DebtandLiabilities−Consolidateddebtdecreasedto517,766,000 at the end of 2023[24]. Debt and Liabilities - Consolidated debt decreased to 168.2 million as of March 31, 2024, from 175.2millionatDecember31,2023[10].−Totalliabilitiesdecreasedto175.2 million at December 31, 2023[10]. - Total liabilities decreased to 209,673,000 as of March 31, 2024, from 223,161,000attheendof2023,reflectingareductioninfinancialobligations[24].RealEstateOperations−TheRealEstateOperationssegmentgeneratedrevenuesof223,161,000 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 2,493,000inQ12023,markingagrowthof7862,493,000 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 19.0millioninQ12023[13].−Capitalexpendituresandpurchasesforrealestatepropertiestotaled19.0 million in Q1 2023[13]. - Capital expenditures and purchases for real estate properties totaled 17,098,000 in Q1 2024, compared to 19,033,000inQ12023[34].−Thecompanysignedleasesforapproximately9019,033,000 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].