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Stratus Properties Inc. Reports Second-Quarter And Six-Month 2012 Results

Stratus Properties Inc. (NASDAQ: STRS):

HIGHLIGHTS

  • As of July 31, 2012, sales of 100 of the 159 condominium units from the W Austin Hotel & Residences project had closed for $107.4 million (an average of $1.1 million per unit) including 8 condominium units for $4.5 million in second-quarter 2012 and 20 condominium units for $17.2 million in the first six months of 2012.
  • Revenue per available room at the W Austin Hotel was $225 during second-quarter 2012 and $232 during the first six months of 2012, compared with $182 during second-quarter 2011 and $190 during the first six months of 2011.
  • ACL Live hosted 50 events during second-quarter 2012 and 99 events during the first six months of 2012, compared with 40 events during second-quarter 2011 and 72 events during the first six months of 2011.
  • Construction activities at Parkside Village continue on schedule and initial tenants have taken occupancy. As of June 30, 2012, occupancy at Parkside Village was 66 percent and leasing activities are ongoing.
  • Total debt was $160.3 million at June 30, 2012, compared with $158.5 million at December 31, 2011.

SUMMARY FINANCIAL RESULTS

  Three Months Ended     Six Months Ended
June 30, June 30,
2012     2011 2012     2011
(In Thousands, Except Per Share Amounts)
Revenues $ 19,369 $ 43,381 $ 46,869 $ 84,007
Operating (loss) income (1,666 ) 3,144 (821 ) 6,690
(Loss) income from continuing operations (4,616 ) 1,727 (7,613 ) 4,517
Income from discontinued operations a 147 4,805 412
Net (loss) income (4,616 ) 1,874 (2,808 ) 4,929
Net loss attributable to Stratus common stock (3,558 ) (1,652 ) (1,855 ) (2,533 )
 
Diluted net (loss) income per share of common stock:
Continuing operations $ (0.44 ) $ (0.24 ) $ (0.85 ) $ (0.39 )
Discontinued operations a   0.02   $ 0.61   $ 0.05  
Diluted net loss per share attributable to Stratus common stock $ (0.44 ) $ (0.22 ) $ (0.24 ) $ (0.34 )
Diluted weighted average shares of common stock outstanding 8,095 7,494 7,836 7,489

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 a net loss attributable to common stock of $3.6 million, $0.44 per share, for second-quarter 2012, compared with a net loss of $1.7 million, $0.22 per share, for second-quarter 2011. For the first six months of 2012, Stratus reported a net loss attributable to common stock of $1.9 million, $0.24 per share, compared with a net loss of $2.5 million, $0.34 per share for the first six months of 2011. Results for the first six months of 2012 include a gain of $5.1 million related to the sale of the two office buildings at 7500 Rialto Boulevard.

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