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Stratus Properties Inc. Reports First-Quarter 2012 Results

Stratus Properties Inc. (NASDAQ: STRS):

HIGHLIGHTS
  • In February 2012, Stratus sold its two office buildings at 7500 Rialto Boulevard for $27.0 million, recognizing $5.1 million of its $10.1 million gain, and expects the balance to be recognized as Stratus' obligations under a limited guarantee are relieved.
  • In March 2012, Stratus completed the sale of 625,000 shares of common stock for $5.0 million in a private placement.
  • As of April 30, 2012, sales of 92 of the 159 condominium units had closed for $102.5 million, or $1.1 million per unit, including 12 condominium units for $12.7 million in first-quarter 2012.
  • Average occupancy at the W Austin Hotel was 82 percent during first-quarter 2012, compared with 73 percent during first-quarter 2011. Revenue per available room at the W Austin Hotel was $238 during first-quarter 2012, compared with $198 during first-quarter 2011.
  • ACL Live hosted 49 events during first-quarter 2012, compared with 32 events during first-quarter 2011.
  • Construction activities at Parkside Village continue on schedule and initial tenants have taken occupancy. As of March 31, 2012, occupancy at Parkside Village was 59 percent and Stratus had executed leases for 11,228 additional square feet with leasing activities ongoing.
  • Total debt was $158.1 million at March 31, 2012, compared with $158.5 million at December 31, 2011.
   

SUMMARY FINANCIAL RESULTS
 
First-Quarter
2012     2011
(In Thousands,
Except Per Share Amounts)
Revenues $ 27,500 $ 40,626
Operating income 845 3,546
(Loss) income from continuing operations (2,767 ) 3,032

Income from discontinued operations a
4,805 265
Net income 1,808 3,055
Net Income (loss) attributable to Stratus common stock 1,703 (881 )
 
Diluted net income (loss) per share of common stock:
Continuing operations $ (0.41 ) $ (0.15 )

Discontinued operations a
0.63   0.03  
Diluted net income (loss) per share attributable to Stratus common stock $ 0.22   $ (0.12 )
Diluted weighted average shares of common stock outstanding 7,577 7,484
 

a.

Includes the results of Stratus' two office buildings at 7500 Rialto Boulevard (including a gain on sale of $5.1 million, $0.67 per share, in first-quarter 2012), which Stratus sold in February 2012.
 

Stratus Properties Inc. (NASDAQ: STRS) reported net income attributable to common stock of $1.7 million, $0.22 per share, for first-quarter 2012, compared with a net loss of $0.9 million, $0.12 per share, for first-quarter 2011. First-quarter 2012 results include a gain of $5.1 million related to the sale of the two office buildings at 7500 Rialto Boulevard.

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