Stratus Properties (STRS) Q4 2025 earnings summary

Executive summary

• Board approved a complete liquidation and dissolution plan, with estimated liquidating distributions of $29.73 to $37.69 per share, pending stockholder approval.

• Major asset sales in 2025 and early 2026, including Kingwood Place and Lantana Place Retail, generated significant cash proceeds and gains.

• Net income attributable to common stockholders rose to $12.0 million ($1.47 per diluted share) for 2025, up from $2.0 million ($0.24 per diluted share) in 2024.

• Revenues declined to $29.9 million in 2025 from $54.2 million in 2024, mainly due to fewer property sales.

• Cash and cash equivalents increased to $74.3 million at year-end 2025, with no amounts drawn on the revolving credit facility.

Financial highlights

• Net income for 2025 was $2.8 million, reversing a net loss of $(1.9) million in 2024.

• EBITDA for 2025 was $16.6 million, up from $4.1 million in 2024.

• Total stockholders’ equity increased to $204.5 million at December 31, 2025, from $194.7 million a year earlier.

• After-tax Net Asset Value (NAV) was $310.7 million ($38.51 per share) at year-end 2025, down from $330.5 million ($40.38 per share) in 2024.

• Major gains included $27.5 million pre-tax from Lantana Place Retail and $5.0 million from West Killeen Market sales.

Outlook and guidance

• Plan of Liquidation anticipates orderly asset sales and cash distributions to stockholders, subject to liabilities and reserves.

• Estimated liquidating distributions reflect assumptions about transaction costs, reserves, and timing of asset sales.

• Additional information will be provided in a forthcoming proxy statement.