Stratus Properties (STRS) Investor Presentation summary

Key financial metrics and net asset value

• Estimated after-tax net asset value (NAV) as of 12/31/24 is $330.5 million, or $40.38 per share, based on third-party appraisals and internal calculations.

• Gross asset value totals $692.6 million, with total liabilities and adjustments reducing NAV to the after-tax figure.

• Sensitivity analysis shows a 10% change in gross value impacts after-tax NAV per share by $4.26.

• Portfolio includes completed, under construction, and planned properties across residential, multifamily, and mixed-use segments.

• Shares outstanding (diluted) as of 12/31/24 are 8.184 million.

Debt structure and financing

• Total debt outstanding as of 12/31/24 is $196.7 million, all at floating rates, with a weighted average rate of 6.96%.

• Recourse debt comprises 55.8% of total debt, while non-recourse debt is 44.2%.

• Debt represents 28.4% of total asset value, with no fixed-rate debt outstanding.

• Construction and land acquisition loans are primarily with Comerica and Texas Capital Bank.

• Loans for Jones Crossing HEB and Lantana Place were refinanced in Q1 2025.

Valuation methodology and appraisal inputs

• NAV calculations primarily use third-party appraisals, with methodologies including cost, income capitalization, and sales comparison approaches.

• Appraisals are performed by MAI-certified appraisers and reflect local market conditions and property-specific factors.

• Key appraisal inputs for income capitalization include terminal cap rates (4.75%–9.25%, avg. 5.76%) and discount rates (6.75%–10.00%, avg. 7.31%).

• Sales comparison approach values land at $6.15–$24.50 per sq. ft. and residential lots at $84,507–$3,000,000.

• Management notes after-tax NAV is not a guarantee of market value or trading price.