Stratus Properties Inc.

Third-quarter 2022 revenue was $10 million, up from $6.3 million in third quarter 2021. Net loss attributable to common stockholders was $2.4 million, or $0.29 per diluted share, versus a net loss of $3.8 million, or $0.46 per diluted share, a year ago. Real estate operations revenue was $6.9 million, up from $892,000, while leasing operations revenue was $3.1 million versus $5.4 million last year. Total stockholders’ equity was $219.8 million at September 30, 2022, up from $158.1 million at December 31, 2021. Consolidated debt was $124.2 million and cash and cash equivalents were $63.5 million. The company said it repaid the revolver and had a zero balance on the $60 million Comerica facility, which was extended to March 27, 2023. For capital spending and property purchases, the first nine months of 2022 totaled $57.2 million, compared with $37.5 million in the prior-year period. Management also said it expects to make a federal income tax payment of approximately $10 million in December 2022. No formal next-quarter or full-year financial guidance was given.

Beau Armstrong framed the quarter as evidence that Stratus is successfully simplifying the business, monetizing mature assets, and recycling capital into a focused residential development pipeline. He emphasized the company’s long-term positioning in Austin and other growing Texas markets, and said the team can pursue opportunities while staying disciplined on leverage. His tone was confident and optimistic, but tempered by repeated references to financing conditions and the need to avoid being overleveraged in the current environment.

Erin Pickens highlighted the quarter’s financial improvement and balance-sheet progress, citing revenue of $10 million and a narrower net loss of $2.4 million. She noted stockholders’ equity rose to $219.8 million, debt was $124.2 million, and cash was $63.5 million at September 30, while the revolver carried a zero balance. She also pointed to the $57.2 million of real estate purchases and development spending in the first nine months of 2022, and said Stratus plans to pay about $10 million in federal income taxes in December tied to current-year taxable income, including the Block 21 gain.

There was no analyst Q&A; the operator showed no questions. As a result, there were no additional management responses on demand trends, margins, project economics, or financing beyond the prepared remarks. The main incremental commentary came from management’s discussion of the revolver extension to March 27, 2023 and ongoing talks to separate Holden Hills from the collateral pool.