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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 THIRD - QUARTER 2021 RESULTS AUSTIN , TX , November 15 , 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 third - quarter 2021 results . Highlights and Recent Developments : In October 2021 , Stratus entered into new agreements to sell Block 21 , a mixed - use development in downtown Austin , Texas , that contains the W Austin Hotel and office , retail and entertainment space , to Ryman Hospitality Properties , Inc. ( Ryman ) for $ 260.0 million . The purchase price includes Ryman's assumption of approximately $ 138 million of existing mortgage debt and is subject to downward adjustments up to $ 5.0 million . The transaction is targeted to close near year - end 2021. After closing costs and assumption of the outstanding loan , the sale is expected to generate pre - tax net proceeds of approximately $ 115 million before prorations and including $ 6.9 million to be escrowed for 12 months after closing . Stratus expects to record a pre - tax gain of approximately $ 110 million upon the closing of the sale . In September 2021 , Stratus entered into an agreement to sell The Santal for $ 152.0 million , which was subsequently amended to provide the purchaser a $ 0.7 million repair credit . The Santal is Stratus ' wholly owned 448 - unit garden - style , multi - family luxury apartment complex located in Section N of Austin's upscale Barton Creek community . The sale is expected to close in December 2021. After closing costs and payment of the outstanding project loan , the sale is expected to generate pre - tax net proceeds of approximately $ 70 million . Stratus expects to record a pre - tax gain on the sale of approximately $ 80 million in the fourth quarter of 2021 . Net loss attributable to common stockholders totaled $ 3.8 million , $ 0.46 per share , in third quarter 2021 , compared to a net loss of $ 15.1 million , $ 1.84 per share , in third - quarter 2020 . Third - quarter 2021 results included a gain on extinguishment of debt of $ 3.7 million related to the forgiveness of substantially all of Stratus ' Paycheck Protection Program ( PPP ) loan , partly offset by a $ 625 thousand impairment charge for the multi - family tract of land at Kingwood Place that is under contract to sell for $ 5.5 million . Third - quarter 2020 results included a $ 9.6 million non - cash tax charge to record a valuation allowance on Stratus ' deferred tax assets . Earnings Before Interest , Taxes , Depreciation and Amortization ( EBITDA ) totaled $ 2.0 million in third - quarter 2021 , compared to $ 0.6 million below breakeven in third - quarter 2020. For a reconciliation of net loss attributable to common stockholders to EBITDA , see the supplemental schedule , " EBITDA , " on page VI . In September 2021 , Stratus announced its plans for Block 150 , now known as The Annie B , a proposed luxury multi - family high - rise development with ground - level retail in downtown Austin , Texas . The financing transactions to purchase the land for The Annie B and fund additional predevelopment costs included a land loan and the sale of Class B limited partnership interests in a private placement offering .