Stratus Properties (NASDAQ:STRS), a real estate company specializing in residential and retail properties in Austin and select Texas markets, today announced its financial results for the year ended December 31, 2024.
Stratus Properties reported net income attributable to common stockholders of $2 million, or $0.24 per diluted share, for 2024, a stark improvement from a net loss of $14.8 million, or $1.85 per diluted share, in 2023.
Total net loss for the year decreased to $1.9 million from $16.5 million in 2023, while EBITDA rose to $4.1 million, compared to a loss of $10.7 million the prior year.
Revenues soared to $54.2 million in 2024, up from $17.3 million in 2023, driven by key sales including five Amarra Villas homes for $18.9 million, 47 acres of undeveloped land at Magnolia Place for $14.5 million, and one Amarra Drive Phase III lot for $1.4 million.
The successful lease-up of The Saint June multi-family project also contributed to the revenue growth.
As of December 31, 2024, the company held $20.2 million in cash and cash equivalents, with no draws on its $39 million revolving credit facility.
Additionally, loan amendments and refinancing in late 2024 and early 2025 generated $7.7 million in net cash proceeds.