Company Quick10K Filing
Stratus Properties
Price29.05 EPS0
Shares8 P/E276
MCap238 P/FCF-60
Net Debt-50 EBIT1
TEV188 TEV/EBIT278
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-06-25
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-29
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-30
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-29 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-31
8-K 2020-08-10 Earnings, Exhibits
8-K 2020-07-15 Regulation FD, Exhibits
8-K 2020-06-25
8-K 2020-06-12
8-K 2020-06-03
8-K 2020-05-21
8-K 2020-05-11
8-K 2020-05-07
8-K 2020-04-13
8-K 2020-03-25
8-K 2020-03-16
8-K 2020-02-19
8-K 2019-12-09
8-K 2019-12-09
8-K 2019-11-12
8-K 2019-10-16
8-K 2019-09-30
8-K 2019-08-09
8-K 2019-07-17
8-K 2019-05-24
8-K 2019-05-10
8-K 2019-05-02
8-K 2019-04-17
8-K 2019-03-26
8-K 2019-03-18
8-K 2019-02-20
8-K 2018-12-06
8-K 2018-11-09
8-K 2018-10-17
8-K 2018-08-09
8-K 2018-07-18
8-K 2018-07-11
8-K 2018-06-29
8-K 2018-06-18
8-K 2018-05-10
8-K 2018-05-03
8-K 2018-04-18
8-K 2018-04-16
8-K 2018-03-16
8-K 2018-02-22

STRS 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 a2q20exhibit311.htm
EX-31.2 a2q20exhibit312.htm
EX-32.1 a2q20exhibit321.htm
EX-32.2 a2q20exhibit322.htm

Stratus Properties Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
57045634222811402012201420172020
Assets, Equity
453423121-102012201420172020
Rev, G Profit, Net Income
1157331-11-53-952012201420172020
Ops, Inv, Fin

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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to
Commission file number: 001-37716
strs-20200630_g1.jpg
Stratus Properties Inc.
(Exact name of registrant as specified in its charter)
Delaware72-1211572
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 

212 Lavaca Street, Suite 300
AustinTX78701
(Address of principal executive offices)(Zip Code)
(512) 478-5788
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareSTRSThe NASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Accelerated filer
Non-accelerated filer  

Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No
On July 31, 2020, there were issued and outstanding 8,210,139 shares of the registrant’s common stock, par value $0.01 per share.


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STRATUS PROPERTIES INC.
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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

STRATUS PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In Thousands)

June 30,
2020
December 31,
2019
ASSETS  
Cash and cash equivalents$16,138  $19,173  
Restricted cash18,734  19,418  
Real estate held for sale6,960  14,872  
Real estate under development94,351  95,026  
Land available for development56,574  45,539  
Real estate held for investment, net324,341  329,103  
Lease right-of-use assets11,067  11,378  
Deferred tax assets9,580  12,311  
Other assets13,960  14,548  
Total assets$551,705  $561,368  
LIABILITIES AND EQUITY  
Liabilities:
Accounts payable$10,346  $16,053  
Accrued liabilities, including taxes8,861  11,580  
Debt363,849  365,749  
Lease liabilities12,894  12,636  
Deferred gain7,030  7,654  
Other liabilities12,738  13,614  
Total liabilities415,718  427,286  
Commitments and contingencies
Equity:  
Stockholders’ equity:  
Common stock93  93  
Capital in excess of par value of common stock186,422  186,082  
Accumulated deficit(40,503) (43,567) 
Common stock held in treasury(21,600) (21,509) 
Total stockholders’ equity124,412  121,099  
Noncontrolling interests in subsidiaries11,575  12,983  
Total equity135,987  134,082  
Total liabilities and equity$551,705  $561,368  

The accompanying Notes to Consolidated Financial Statements (Unaudited) are an integral part of these consolidated financial statements.

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STRATUS PROPERTIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In Thousands, Except Per Share Amounts)

Three Months EndedSix Months Ended
June 30,June 30,
 2020201920202019
Revenues:  
Real estate operations$1,893  $4,129  $14,229  $7,077  
Leasing operations5,718  4,413  11,450  8,042  
Hotel1,030  8,962  6,941  17,287  
Entertainment290  6,220  4,445  11,016  
Total revenues8,931  23,724  37,065  43,422  
Cost of sales:
Real estate operations1,921  3,795  12,176  3,841  
Leasing operations4,070  2,447  7,152  4,586  
Hotel1,766  6,831  7,665  13,506  
Entertainment1,208  4,441  4,306  7,920  
Depreciation3,377  2,703  7,010  5,333  
Total cost of sales12,342  20,217  38,309  35,186  
General and administrative expenses3,103  2,919  5,918  6,118  
Income from forfeited earnest money(15,000)   (15,000)   
Loss (gain) on sale of assets  161    (1,952) 
Total445  23,297  29,227  39,352  
Operating income8,486  427  7,838  4,070  
Interest expense, net(3,666) (2,911) (7,581) (5,483) 
Gain (loss) on interest rate derivative instruments42  (123) (79) (182) 
Loss on early extinguishment of debt      (16) 
Other income, net89  12  108  311  
Income (loss) before income taxes and equity in unconsolidated affiliates' loss
4,951  (2,595) 286  (1,300) 
Equity in unconsolidated affiliates' loss  (13)   (13) 
(Provision for) benefit from income taxes(1,148) 218  1,370  (215) 
Net income (loss) and total comprehensive income (loss)
3,803  (2,390) 1,656  (1,528) 
Total comprehensive loss attributable to noncontrolling interests in subsidiaries
331  1  1,408  1  
Net income (loss) and total comprehensive income (loss) attributable to common stockholders
$4,134  $(2,389) $3,064  $(1,527) 
Basic and diluted net income (loss) per share attributable to common stockholders
$0.50  $(0.29) $0.37  $(0.19) 
Weighted-average common shares outstanding:
Basic
8,210  8,177  8,205  8,172  
Diluted8,228  8,177  8,230  8,172  

The accompanying Notes to Consolidated Financial Statements (Unaudited) are an integral part of these consolidated financial statements.
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STRATUS PROPERTIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In Thousands)

Six Months Ended
 June 30,
 20202019
Cash flow from operating activities:  
Net income (loss)$1,656  $(1,528) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation7,010  5,333  
Cost of real estate sold8,732  4,324  
Gain on sale of assets  (1,952) 
Loss on interest rate derivative instruments79  182  
Loss on early extinguishment of debt  16  
Amortization of debt issuance costs and stock-based compensation 1,095  546  
Equity in unconsolidated affiliates' loss  13  
Increase in deposits46  185  
Deferred income taxes2,731  (38) 
Purchases and development of real estate properties(8,655) (5,756) 
Municipal utility district reimbursements applied to real estate under development
  920  
Decrease (increase) in other assets1,215  (1,636) 
Decrease in accounts payable, accrued liabilities and other(8,464) (2,187) 
Net cash provided by (used in) operating activities5,445  (1,578) 
Cash flow from investing activities:
Capital expenditures(4,397) (44,990) 
Proceeds from sale of assets  3,170  
Payments on master lease obligations(691) (766) 
Purchase of noncontrolling interest in consolidated subsidiary  (4,589) 
Other, net  (4) 
Net cash used in investing activities(5,088) (47,179) 
Cash flow from financing activities:
Borrowings from credit facility12,800  14,086  
Payments on credit facility(21,304) (15,648) 
Borrowings from project loans11,926  51,006  
Payments on project and term loans(6,976) (5,619) 
Cash dividend paid for stock-based awards(8) (17) 
Stock-based awards net payments(91) (100) 
Financing costs(423) (231) 
Net cash (used in) provided by financing activities(4,076) 43,477  
Net decrease in cash, cash equivalents and restricted cash(3,719) (5,280) 
Cash, cash equivalents and restricted cash at beginning of year38,591  38,919  
Cash, cash equivalents and restricted cash at end of period$34,872  $33,639  

The accompanying Notes to Consolidated Financial Statements (Unaudited), which include information regarding noncash transactions, are an integral part of these consolidated financial statements.
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STRATUS PROPERTIES INC.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
(In Thousands)

THREE MONTHS ENDED JUNE 30

 Stockholders’ Equity  
Common Stock
Held in Treasury
Total Stockholders' Equity
 Common StockCapital in Excess of Par ValueAccum-ulated DeficitNoncontrolling Interests in Subsidiaries 
Number
of Shares
At Par
Value
Number
of Shares
At
Cost
Total
Equity
Balance at March 31, 20209,347  $93  $186,244  $(44,637) 1,137  $(21,600) $120,100  $11,906  $132,006  
Stock-based compensation—  —  178  —  —  —  178  —  178  
Total comprehensive income (loss)—  —  —  4,134  —  —  4,134  (331) 3,803  
Balance at June 30, 20209,347  $93  $186,422  $(40,503) 1,137  $(21,600) $124,412  $11,575  $135,987  

Balance at March 31, 20199,305  $93  $186,424  $(40,241) 1,128  $(21,360) $124,916  $18,076  $142,992  
Stock-based compensation—  —  (90) —  —  —  (90) —  (90) 
Total comprehensive loss—  —  —  (2,389) —  —  (2,389) (1) (2,390) 
Balance at June 30, 20199,305  $93  $186,334  $(42,630) 1,128  $(21,360) $122,437  $18,075  $140,512  

















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STRATUS PROPERTIES INC.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
(In Thousands)

SIX MONTHS ENDED JUNE 30

 Stockholders’ Equity  
Common Stock
Held in Treasury
Total Stockholders' Equity
 Common StockCapital in Excess of Par ValueAccum-ulated DeficitNoncontrolling Interests in Subsidiaries 
Number
of Shares
At Par
Value
Number
of Shares
At
Cost
Total
Equity
Balance at December 31, 20199,330  $93  $186,082  $(43,567) 1,133  $(21,509) $121,099  $12,983  $134,082  
Exercised and vested stock-based awards17  —    —  —  —    —    
Stock-based compensation—  —  340  —  —  —  340  —  340  
Tender of shares for stock-based awards
—  —  —  —  4  (91) (91) —  (91) 
Total comprehensive income (loss)—  —  —  3,064  —  —  3,064  (1,408) 1,656  
Balance at June 30, 20209,347  $93  $186,422  $(40,503) 1,137  $(21,600) $124,412  $11,575  $135,987  

Balance at December 31, 20189,288  $93  $186,256  $(41,103) 1,124  $(21,260) $123,986  $22,665  $146,651  
Exercised and vested stock-based awards17  —    —  —  —    —    
Stock-based compensation—  —  78  —  —  —  78  —  78  
Tender of shares for stock-based awards
—  —  —  —  4  (100) (100) —  (100) 
Purchase of noncontrolling interest in consolidated subsidiary
—  —  —  —  —  —  —  (4,589) (4,589) 
Total comprehensive loss—  —  —  (1,527) —  —  (1,527) (1) (1,528) 
Balance at June 30, 20199,305  $93  $186,334  $(42,630) 1,128  $(21,360) $122,437  $18,075  $140,512  

The accompanying Notes to Consolidated Financial Statements (Unaudited) are an integral part of these consolidated financial statements.


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STRATUS PROPERTIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.GENERAL
The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2019 (Stratus 2019 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments.

Operating results for the second quarter of 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In particular, the impact of the COVID-19 pandemic intensified late in the first quarter of 2020 and has continued during and subsequent to the second quarter of 2020. As a result, this interim period, as well as future interim periods in 2020, will not be comparable to past performance or indicative of future performance.

The preparation of Stratus’ consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including those related to the potential impacts arising from the COVID-19 pandemic and related government actions, that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ materially from those estimates. As the impact of the COVID-19 pandemic continues to evolve, and the extent of its impact cannot be determined with certainty, estimates and assumptions about future events and their effects require increased judgement. Stratus’ assessment of the future magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors, could result in material changes to the estimates used in and material impacts to Stratus’ consolidated financial statements in future reporting periods.

Terminated Block 21 Sale. Block 21 is Stratus’ wholly owned mixed-use real estate development and entertainment business in downtown Austin, Texas that contains the 251-room W Austin Hotel and is home to Austin City Limits Live at the Moody Theater, a 2,750-seat entertainment venue that serves as the location for the filming of Austin City Limits, the longest running music series in American television history. Block 21 also includes Class A office space, retail space and the 3TEN ACL Live entertainment venue and business.

On December 9, 2019, Stratus entered into definitive agreements to sell Block 21 to Ryman Hospitality Properties, Inc. (Ryman) for $275 million. Ryman deposited $15.0 million in earnest money to secure its performance under the agreements governing the sales. As the proposed sale represented a strategic shift for Stratus, the assets and liabilities of Block 21 were classified as held for sale - discontinued operations in the consolidated balance sheet of Stratus' 2019 Form 10-K. On May 21, 2020, Ryman delivered a termination letter, which was agreed to and accepted by Stratus, terminating the agreements to sell Block 21 and authorizing the release of Ryman's $15.0 million in earnest money to Stratus. During the second quarter of 2020, Stratus recorded the $15.0 million as operating income, used $13.8 million of the $15.0 million earnest money to pay down its Comerica Bank revolving credit facility and used the remaining $1.2 million for Block 21 debt service and required monthly reserves. As a result of the termination of the agreements to sell Block 21, Stratus has concluded that such assets and liabilities no longer qualified as held for sale. The carrying amounts as of December 31, 2019, of Block 21’s major classes of assets and liabilities, which were previously classified as held for sale - discontinued operations in the consolidated balance sheet of Stratus' 2019 Form 10-K follow (in thousands):