Stratus Properties Inc. Reports Third-Quarter And Nine-Month 2012 Results

Stratus Properties Inc. (NASDAQ: STRS):

HIGHLIGHTS
  • As of October 31, 2012, sales of 112 of the 159 condominium units from the W Austin Hotel & Residences project had closed for $119.0 million (an average of $1.1 million per unit) including 3 units for $2.7 million (an average of $0.9 million per unit) in October 2012, 11 units for $10.1 million (an average of $0.9 million per unit)in third-quarter 2012 and 31 units for $27.2 million (an average of $0.9 million per unit) in the first nine months of 2012.
  • Lot sales totaled 5 lots for $2.0 million in third-quarter 2012 and 16 lots for $5.5 million in the first nine months of 2012, compared with 1 lot for $0.1 million in third-quarter 2011 and 4 lots for $1.3 million in the first nine months of 2011. In October 2012, we sold 3 lots for $1.0 million and as of October 31, 2012, had 6 lots under contract.
  • Revenue per available room at the W Austin Hotel was $198 during third-quarter 2012 and $220 during the first nine months of 2012, compared with $165 during third-quarter 2011 and $181 during the first nine months of 2011.
  • ACL Live hosted 40 events during third-quarter 2012 and 139 events during the first nine months of 2012, compared with 39 events during third-quarter 2011 and 111 events during the first nine months of 2011.
  • Construction activities at Parkside Village continue on schedule and tenants have taken occupancy. As of September 30, 2012, occupancy at Parkside Village was 73 percent, with leases for an additional 15 percent signed as of October 31, 2012.
  • Total debt was $144.6 million at September 30, 2012, compared with $158.5 million at December 31, 2011. In September 2012, Stratus entered into modification agreements for its ASIP unsecured term loans whereby it repaid two loans totaling $9 million, and extended the maturity dates and reduced the interest rate of the remaining five loans.
       

SUMMARY FINANCIAL RESULTS
 
Three Months Ended Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
(In Thousands, Except Per Share Amounts)
Revenues $ 39,871 $ 24,463 $ 86,740 $ 108,470
Operating income (loss) 1,509 (1,461 ) 688 5,229
(Loss) income from continuing operations (1,600 ) (3,521 ) (9,213 ) 996
(Loss) income from discontinued operations a (164 ) 4,805 248
Net (loss) income (1,600 ) (3,685 ) (4,408 ) 1,244
Net income (loss) attributable to Stratus common stock 323 (3,576 ) (1,532 ) (6,109 )
 
Diluted net income (loss) per share attributable to Stratus common stock:
Continuing operations $ 0.04 $ (0.46 ) $ (0.80 ) $ (0.85 )
Discontinued operations a   (0.02 ) 0.61   0.03  
Diluted net income (loss) per share attributable to Stratus common stock $ 0.04   $ (0.48 ) $ (0.19 ) $ (0.82 )
Diluted weighted average shares of common stock outstanding 8,095 7,494 7,923 7,491
 

a.

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

Stratus Properties Inc. (NASDAQ: STRS) reported net income attributable to common stock of $0.3 million, $0.04 per share, for third-quarter 2012, compared with a net loss of $3.6 million, $0.48 per share, for third-quarter 2011. For the first nine months of 2012, Stratus reported a net loss attributable to common stock of $1.5 million, $0.19 per share, compared with a net loss of $6.1 million, $0.82 per share for the first nine months of 2011. Results for the third quarter and first nine months of 2012 include a profit of $4.3 million associated with the sale of eight undeveloped tracts at Lantana and the first nine months of 2012 also include a gain of $5.1 million related to the sale of the two office buildings at 7500 Rialto Boulevard.

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