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Stratus Properties Inc. Reports Fourth-Quarter And Year Ended December 31, 2011 Results

Stocks in this article: STRS

Stratus Properties Inc. (NASDAQ: STRS):

HIGHLIGHTS

  • Sales of condominium units at the W Austin Hotel & Residences project, which began in January 2011, totaled 9 units for $12.4 million for fourth-quarter 2011 and 78 units for $89.0 million for the year 2011.
  • Average occupancy at the W Austin Hotel was 76 percent during fourth-quarter 2011 and 74 percent during the year 2011. The average daily room rate at the W Austin Hotel was $255 during fourth-quarter 2011 and $250 during the year 2011.
  • ACL Live, which opened in February 2011, hosted 40 events during fourth-quarter 2011, 151 events during the year 2011 and 198 events through March 20, 2012.
  • Construction activities at Parkside Village continue on schedule, and initial tenants took occupancy in late 2011 and early 2012. At March 20, 2012, Stratus had executed leases for 64,647 square feet and leasing activities are ongoing.
  • Total debt was $158.5 million at December 31, 2011, and $180.8 million at December 31, 2010, excluding debt associated with Stratus' two office buildings at 7500 Rialto Boulevard.
  • In February 2012, Stratus sold its two office buildings at 7500 Rialto Boulevard for $27.0 million.
  • In March 2012, Stratus completed the sale of 625,000 shares of common stock for $5.0 million in a private placement.

SUMMARY FINANCIAL RESULTS

       
Years Ended
Fourth-Quarter December 31,
2011     2010 2011     2010
(In Thousands, Except Per Share Amounts)
Revenues $ 28,566 $ 1,917 $ 137,036 $ 5,656
Operating (loss) income (3,548 ) (1,458 ) 1,681 (10,402 )
Loss from continuing operations (6,420 ) (1,435 ) (5,424 ) (18,373 )
Income (loss) from discontinued operations a (57 ) 143 191 660
Net loss (6,477 ) (1,292 ) (5,233 ) (17,713 )
Net (loss) income attributable to Stratus common stock (4,279 ) 429 (10,388 ) (15,336 )
 
Diluted net (loss) income per share of common stock:
Continuing operations $ (0.56 ) $ 0.04 $ (1.41 ) $ (2.14 )
Discontinued operations a (0.01 ) 0.02   0.02   0.09  
Diluted net (loss) income per share attributable to Stratus common stock $ (0.57 ) $ 0.06   $ (1.39 ) $ (2.05 )
 
Diluted weighted average shares of common stock outstanding 7,455 7,501 7,482 7,466

a.

  Includes the results of Stratus' two office buildings at 7500 Rialto Boulevard, which Stratus sold in February 2012.

Stratus Properties Inc. (NASDAQ: STRS) reported a net loss attributable to common stock of $4.3 million, $0.57 per share, for fourth-quarter 2011, compared with net income of $0.4 million, $0.06 per share, for fourth-quarter 2010. For the year 2011, Stratus reported a net loss attributable to common stock of $10.4 million, $1.39 per share, compared with a net loss of $15.3 million, $2.05 per share, for the year 2010. The loss for the year 2010 includes a charge of $10.5 million, $1.41 per share, to establish valuation allowances against net deferred tax assets.

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