Stratus(US:STRS)2024-05-14 12:43Financial Performance - Net income attributable to common stockholders was $4.6 million, or $0.56 per diluted share, in Q1 2024, compared to a net loss of $(5.8) million, or $(0.73) per diluted share, in Q1 2023[4]. - Revenues for Q1 2024 were $26.5 million, a significant increase from $5.8 million in Q1 2023, primarily due to the sale of approximately 47 acres at Magnolia Place for $14.5 million[4][8]. - EBITDA for Q1 2024 totaled $5.2 million, compared to $(4.2) million in Q1 2023, indicating a strong recovery in operational performance[4]. - Operating income for the first quarter of 2024 was $3,685,000, compared to an operating loss of $5,593,000 in the first quarter of 2023, indicating a turnaround in performance[22]. - Net income attributable to common stockholders for Q1 2024 was $4,552,000, compared to a net loss of $5,801,000 in Q1 2023, reflecting a positive shift in profitability[22]. - Basic net income per share attributable to common stockholders was $0.57 for Q1 2024, compared to a loss of $0.73 per share in Q1 2023[22]. Cash and Assets - Stratus had $20.7 million in cash and cash equivalents as of March 31, 2024, down from $31.4 million at December 31, 2023, with no amounts drawn on its revolving credit facility[10]. - Cash and cash equivalents decreased to $20,741,000 as of March 31, 2024, down from $31,397,000 at the end of 2023[24]. - Total assets as of March 31, 2024, were $509,517,000, a slight decrease from $517,766,000 at the end of 2023[24]. Debt and Liabilities - Consolidated debt decreased to $168.2 million as of March 31, 2024, from $175.2 million at December 31, 2023[10]. - Total liabilities decreased to $209,673,000 as of March 31, 2024, from $223,161,000 at the end of 2023, reflecting a reduction in financial obligations[24]. Real Estate Operations - The Real Estate Operations segment generated revenues of $22,123,000 in Q1 2024, compared to $2,493,000 in Q1 2023, marking a growth of 786%[32]. - Capital expenditures and purchases for real estate properties totaled $17.1 million in Q1 2024, compared to $19.0 million in Q1 2023[13]. - Capital expenditures and purchases for real estate properties totaled $17,098,000 in Q1 2024, compared to $19,033,000 in Q1 2023[34]. - The company signed leases for approximately 90% of the units at The Saint June, a 182-unit luxury multi-family project completed in Q4 2023[4]. - Stratus is under contract to sell West Killeen Market for $12.8 million, expected to close in Q2 2024, which will generate approximately $7.2 million of pre-tax net cash proceeds[6]. - The company continues construction on The Saint George and the last six Amarra Villas homes, indicating ongoing development efforts[5]. - Stratus plans to explore the sale of additional retail properties, including Lantana Place – Retail and Magnolia Place – Retail, as part of its strategic initiatives[6].