Stratus Properties (STRS) Q4 2024 earnings summary

Executive summary

• Achieved net income attributable to common stockholders of $2.0 million ($0.24 per diluted share) for 2024, reversing a net loss of $14.8 million ($1.85 per share) in 2023.

• Revenues rose to $54.2 million in 2024 from $17.3 million in 2023, driven by significant property sales and leasing activity.

• Completed lease-up of The Saint June and advanced construction on key residential projects, with several completions expected in 1H 2025.

• Repurchased 83,380 shares for $2.0 million under a $5.0 million share repurchase program, with $3.0 million remaining.

Financial highlights

• EBITDA improved to $4.1 million in 2024 from $(10.7) million in 2023.

• Net loss narrowed to $1.9 million in 2024 from $16.5 million in 2023.

• Cash and cash equivalents were $20.2 million at year-end 2024, with no amounts drawn on the $39.0 million revolving credit facility.

• After-tax Net Asset Value (NAV) increased to $330.5 million ($40.38/share) from $321.7 million ($39.40/share) year-over-year.

Outlook and guidance

• Several major development projects, including Amarra Villas, Holden Hills Phase 1, and The Saint George, are expected to complete in the first half of 2025.

• Management remains focused on residential and residential-centric mixed-use projects in high-demand Texas markets.