Stratus(US:STRS)2024-11-13 13:20Financial Performance - Net loss attributable to common stockholders was $0.4 million, or $0.05 per diluted share, in Q3 2024, a significant improvement from a net loss of $2.8 million, or $0.36 per diluted share, in Q3 2023[2] - Revenues for Q3 2024 were $8.9 million, up from $3.7 million in Q3 2023, primarily due to the sale of one Amarra Villas home for $4.0 million and increased rental revenue from The Saint June[3] - For the first nine months of 2024, revenues totaled $43.9 million compared to $13.0 million in the same period of 2023, driven by the sale of approximately 47 acres of undeveloped land for $14.5 million and four Amarra Villas homes for $15.2 million[3] - The company reported an operating loss of $1.519 million for Q3 2024, an improvement from a loss of $3.329 million in Q3 2023[31] - Net loss attributable to common stockholders for Q3 2024 was $364,000, compared to a net loss of $2.844 million in Q3 2023[31] - Net loss for the third quarter of 2024 was $495,000, a significant improvement from a net loss of $14.8 million in the same period of 2023[35] - Operating cash flow improved to a net cash used of $2.4 million, compared to $39.3 million in the third quarter of 2023[35] - EBITDA for the first nine months of 2024 was $3.9 million, a recovery from $(9.9) million in the same period of 2023[6] - EBITDA for the third quarter of 2024 was $3.88 million, compared to a negative EBITDA of $9.92 million in the same period of 2023[49] Assets and Liabilities - Total assets increased to $523.180 million as of September 30, 2024, up from $517.766 million at the end of 2023[33] - Debt levels rose to $181.540 million as of September 30, 2024, compared to $175.168 million at the end of 2023[33] - Cash and cash equivalents decreased to $19.638 million from $31.397 million at the end of 2023[33] - As of September 30, 2024, Stratus had $19.6 million in cash and cash equivalents and $39.6 million available under its revolving credit facility[5] Real Estate Operations - Real estate operations generated revenues of $3.971 million in Q3 2024, compared to $2.551 million in Q3 2023, marking a 56% increase[31] - Total revenues for the Real Estate Operations segment were $3.97 million, while the Leasing Operations segment generated $4.92 million, totaling $8.89 million in revenues[41] - Operating loss for the Real Estate Operations segment was $1.42 million, while the Leasing Operations segment reported an operating income of $3.25 million[41] - Stratus completed property sales totaling $38.6 million in the first nine months of 2024, with a notable average sales price increase for Amarra Villas homes compared to the prior year[8] - The occupancy rate at The Saint June was approximately 97% as of November 8, 2024, indicating strong demand for the luxury multi-family project[7] Capital Expenditures and Investments - Capital expenditures for the third quarter of 2024 amounted to $6.61 million for Real Estate Operations and $6.82 million for Leasing Operations, totaling $13.43 million[41] - Stratus is currently developing real estate valued at $261.212 million, slightly up from $260.642 million at the end of 2023[33] Share Repurchase and Financing - A new share repurchase program was approved, allowing for repurchases of up to $5.0 million of common stock, following the completion of a previous $10.0 million program[18] - The company has a share repurchase program of $5.0 million, subject to restrictions under its Comerica Bank debt agreements[24] - Stratus is exploring refinancing options for several construction loans, anticipating tighter spreads and potential additional proceeds[17] Legislative and Legal Considerations - The company anticipates potential impacts from Texas Senate Bill 2038 and ongoing litigation, which may affect future operations and development projects[25]