secwatch.observer — SEC 8-K summary
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Issuer:     STRATUS PROPERTIES INC (STRS)
CIK:        0000885508
Form:       8-K
Filed at:   2024-05-14T23:59:59+00:00
Accession:  0000885508-24-000049
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Stratus swings to Q1 net income of $4.6M; revenue jumps to $26.5M on land sale
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- Net income attributable to common stockholders $4.6M ($0.56 diluted) vs net loss of $5.8M ($0.73 loss) in Q1 2023.
- Revenue surged to $26.5M from $5.8M YoY, driven by $14.5M sale of 47 acres at Magnolia Place.
- Sold two Amarra Villas homes for total $7.6M at higher per-sq-ft vs one home for $2.5M a year ago.
- Under contract to sell West Killeen Market for $12.8M; expected close Q2 2024 with ~$7.2M pre-tax net proceeds.
- Cash $20.7M, no revolver drawn, $39.6M available; total debt $168.2M down from $175.2M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885508/000088550824000049/0000885508-24-000049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885508/000088550824000049/strs-20240514.htm
  HTML page:      https://secwatch.observer/filing/0000885508-24-000049

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer