Stratus(STRS) - 2023 Q4 - Annual Results

Financial Performance - Net loss attributable to common stockholders was $(14.8) million, or $(1.85) per diluted share, for the year ended December 31, 2023, compared to net income of $90.4 million, or $10.99 per diluted share, in 2022[4]. - Total consolidated revenue decreased to $17.3 million in 2023 from $37.5 million in 2022, primarily due to a lack of undeveloped property sales in 2023[6]. - EBITDA for 2023 was $(10.7) million, compared to $(3.1) million in 2022, indicating a decline in operational performance[5]. - The operating loss for 2023 was $16.95 million, compared to a loss of $7.76 million in 2022, reflecting a significant decline in performance[23]. - Net loss from continuing operations was $16.49 million in 2023, compared to a loss of $7.08 million in 2022[23]. - Stratus reported a net loss from continuing operations of $16.5 million for the year ended December 31, 2023, compared to a loss of $7.1 million in 2022[42]. - EBITDA for 2023 was $(10.7) million, a decline from $(3.1) million in 2022, reflecting a significant decrease in operational performance[42]. Assets and Liabilities - Total assets increased to $517.77 million in 2023, up from $445.14 million in 2022, indicating growth in the company's asset base[26]. - Total liabilities increased to $223.16 million in 2023, up from $173.07 million in 2022, indicating higher debt levels[26]. - Total liabilities rose to $223.2 million in 2023 from $173.1 million in 2022, indicating increased financial obligations[52]. - The gross value of assets increased to $694.4 million in 2023 from $645.7 million in 2022, reflecting growth in asset valuation[52]. Stockholders' Equity - Stratus' total stockholders' equity increased by $33.3 million over the past two fiscal years to $191.5 million at December 31, 2023[4]. - Total stockholders' equity fell to $191.5 million in 2023 from $207.2 million in 2022, highlighting a decline in shareholder value[52]. Cash and Capital Expenditures - Cash and cash equivalents at the end of 2023 were $31.40 million, down from $37.67 million at the end of 2022[26]. - The company has $43.4 million in cash and cash equivalents, primarily from the sale of Block 21 in May 2022[39]. - Capital expenditures and purchases for real estate properties totaled $90.4 million in 2023, up from $79.3 million in 2022, reflecting ongoing development efforts[13]. - The company reported capital expenditures of $90.41 million for 2023, compared to $79.27 million in 2022, reflecting ongoing investment in real estate[35]. Revenue Segments - The Real Estate Operations segment generated revenues of $2.55 million in 2023, a decrease of 89.7% from $24.74 million in 2022[35]. - The Leasing Operations segment reported revenues of $14.72 million in 2023, an increase of 15.4% from $12.75 million in 2022[35]. Dividends and Share Repurchase - The company did not declare any dividends in 2023, compared to $4.67 per share in 2022[23]. - Stratus completed a $10.0 million share repurchase program in October 2023, acquiring 389,378 shares at an average price of $25.68 per share[4]. Future Outlook - Stratus anticipates exploring the sale of five stabilized retail properties to return capital to stockholders as market conditions improve[5]. Appraisal Methodology - Stratus' appraisal methodology includes the cost approach, income capitalization approach, and sales comparison approach, ensuring comprehensive asset valuation[46].