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EX - 99.1 2 q121 exhibit991.htm EX - 99.1 STRATUS® Stratus Properties Inc. 212 Lavaca St. , Suite 300 Austin , Texas 78701 NEWS RELEASE NASDAQ Symbol : " STRS " Financial and Media Contact : William H. Armstrong III ( 512 ) 478-5788 STRATUS PROPERTIES INC . REPORTS FIRST - QUARTER 2021 RESULTS AUSTIN , TX , May 10 , 2021 - Stratus Properties Inc. ( NASDAQ : STRS ) , a diversified real estate company with holdings , interests and operations focused in the Austin , Texas area and other select , fast - growing markets in Texas , today reported first - quarter 2021 results . Highlights and Recent Developments : • • • • In January 2021 , Stratus sold The Saint Mary , a 240 - unit luxury garden - style apartment project in the Circle C community , for $ 60.0 million , or $ 250,000 per unit . Stratus believes the sales price is the highest per unit sales price ever recorded in the Austin MSA for similar properties . Stratus received $ 20.9 million from its subsidiary in connection with the sale and $ 12.9 million of the net proceeds were distributed to the noncontrolling interest owners . Stratus recognized a gain on the sale of $ 22.9 million ( $ 16.2 million net of noncontrolling interests ) in the first quarter of 2021 . Net income attributable to common stockholders totaled $ 8.9 million , $ 1.08 per share , in first - quarter 2021 , compared to a net loss of $ 1.1 million , $ 0.13 per share , in first - quarter 2020. The first - quarter 2021 results include the gain on the sale of The Saint Mary , partially offset by operating losses from Stratus ' hotel and entertainment segments as a result of the ongoing COVID - 19 pandemic . Earnings Before Interest , Taxes , Depreciation and Amortization ( EBITDA ) totaled $ 15.2 million in first- quarter 2021 and includes the gain on the sale of The Saint Mary , compared to $ 4.0 million in first - quarter 2020. For a reconciliation of net income ( loss ) attributable to common stockholders to EBITDA , see the supplemental schedule , " EBITDA , " on page V. Sold two Amarra Drive Phase III lots , a five - acre multi - family tract of land in Amarra Drive , and Stratus ' last condominium unit at the W Austin Residences for a total of $ 6.5 million during first - quarter 2021 . In the first quarter of 2021 , Stratus completed site clearing on The Saint June , a 182 - unit multi - family project within the Amarra subdivision in Barton Creek . Construction is expected to begin later in second- quarter 2021 , subject to completion of financing . In April 2021 , Stratus announced the development plans for Holden Hills , a new residential development formerly known as Section KLO , in the Barton Creek community . The project consists of 495 acres and the community is designed to feature 475 unique residences to be developed in multiple phases with a focus on sustainability and energy conservation . Stratus anticipates securing final permits in the second or third quarter of 2021. The project is subject to financing and market conditions . In April 2021 , Stratus entered into an amendment to The Santal loan , resulting in annual interest savings of approximately $ 1.1 million based on current rates . Stratus is considering a refinancing of its Jones Crossing construction loan . Stratus ' W Austin Hotel has remained open during the COVID - 19 pandemic , and while the pandemic continues to negatively impact the hospitality industry , the W Austin Hotel has begun to see improvement in some of its key metrics . Stratus ' team continues to create innovative programming at Stratus ' ACL Live and 3TEN ACL Live entertainment venues , and currently expects to see improved results as schedules are filled and capacity increases over time .