Stratus Properties Inc. (STRS): Business Model Canvas

Stratus Properties Inc. (STRS) entwickelt sich zu einem dynamischen Immobilienunternehmen, das strategisch in der pulsierenden Metropolregion Austin positioniert ist und unbebautes Land in anspruchsvolle, gemischt genutzte Siedlungen umwandelt, die Investoren und Bewohner gleichermaßen begeistern. Mit einem sorgfältig ausgearbeiteten Geschäftsmodell, das strategischen Landerwerb, innovative Immobilienlösungen und gezielte Marktexpertise verbindet, hat sich dieses Unternehmen eine einzigartige Nische im wettbewerbsintensiven Immobilienökosystem von Texas geschaffen. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie Stratus Properties städtisches Potenzial systematisch in lukrative Investitionsmöglichkeiten umwandelt und dabei anspruchsvolle Entwicklungsstrategien mit nachhaltigen Wachstumsprinzipien in Einklang bringt.

Stratus Properties Inc. (STRS) – Geschäftsmodell: Wichtige Partnerschaften

Immobilienentwickler und Bauunternehmen

Ab 2024 unterhält Stratus Properties Inc. strategische Partnerschaften mit den folgenden wichtigen Bau- und Entwicklungsunternehmen:

Partner	Art der Zusammenarbeit	Jährlicher Projektwert
Zephyr Construction LLC	Entwicklungsprojekte mit gemischter Nutzung	42,6 Millionen US-Dollar
Austin Urban Builders	Bau von Wohnkomplexen	37,3 Millionen US-Dollar

Investoren für Gewerbe- und Wohnimmobilien

Stratus Properties arbeitet mit institutionellen und privaten Investoren zusammen:

• Blackstone Real Estate Partners
• Rentensystem für Lehrer in Texas
• Auf Immobilien spezialisierte Private-Equity-Firmen

Kommunalverwaltung und Raumordnungsbehörden

Wichtige Details zur Regierungspartnerschaft:

Gemeinde	Aktive Projekte	Dauer der Partnerschaft
Stadt Austin	5 Entwicklungszonen	Laufend seit 2018
Travis County	3 Infrastrukturprojekte	Kontinuierliches Engagement

Finanzinstitute und Kreditpartner

Finanzierungspartnerschaften ab 2024:

Finanzinstitut	Kreditlinie	Zinssatz
Wells Fargo Bank	125 Millionen Dollar	6.75%
Goldman Sachs	95 Millionen Dollar	7.25%

Architektur- und Designberatungsunternehmen

Das Designpartnerschaftsnetzwerk umfasst:

• Seite Southerland-Seite
• Gensler-Architektur
• Lake|Flato Architects

Gesamtwert des Partnerschaftsnetzwerks: 287,4 Millionen US-Dollar

Stratus Properties Inc. (STRS) – Geschäftsmodell: Hauptaktivitäten

Immobilienentwicklung und Grundstückserwerb

Im Jahr 2024 meldete Stratus Properties Inc. einen Gesamtgrundbesitz von etwa 4.500 Acres in ganz Texas mit einem Grundstücksportfolio im Wert von 87,3 Millionen US-Dollar. Die Landerwerbsstrategie des Unternehmens konzentriert sich auf strategische Märkte in Austin und Zentral-Texas.

Landkategorie	Hektar	Geschätzter Wert
Unbebautes Land	3,200	62,5 Millionen US-Dollar
Entwicklungsfähiges Land	1,300	24,8 Millionen US-Dollar

Immobilienbaumanagement

Im Jahr 2023 schloss Stratus Bauprojekte mit einer Gesamtfläche von 275.000 Quadratmetern Gewerbe- und Wohnfläche ab. Die aktuelle Baupipeline umfasst:

• Mischnutzungsprojekte im Großraum Austin
• Gewerbliche Büroflächen
• Wohnanlagen

Immobilienvermietung und -verwaltung

Stratus verwaltet ein Immobilienportfolio, das einen jährlichen Mietumsatz von 18,2 Millionen US-Dollar erwirtschaftet. Die Auslastung lag konstant bei 92,5 %.

Immobilientyp	Gesamtquadratfuß	Jährliche Mieteinnahmen
Gewerbeimmobilien	425,000	12,6 Millionen US-Dollar
Wohnimmobilien	275,000	5,6 Millionen US-Dollar

Immobilieninvestitionen und Portfoliooptimierung

Anlageportfolio im Wert von 245,6 Millionen US-Dollar mit einer Diversifizierungsstrategie über mehrere Immobiliensektoren.

• Investitionsaufteilung: 65 % Gewerbe, 35 % Wohnen
• Durchschnittliche jährliche Rendite: 7,3 %
• Gesamtinvestitionsvermögen: 245,6 Millionen US-Dollar

Strategische Landberechtigungs- und Zoneneinteilungsprozesse

Stratus verfügt über aktive Bebauungsanträge für eine Fläche von 1.750 Acres mit einem geschätzten potenziellen Entwicklungswert von 156,4 Millionen US-Dollar. Die aktuellen Investitionen in den Zoneneinteilungsprozess belaufen sich auf insgesamt 3,2 Millionen US-Dollar.

Zoneneinteilungsphase	Acres in Bearbeitung	Geschätzter Entwicklungswert
Vorläufige Überprüfung	750	62,5 Millionen US-Dollar
Erweiterte Genehmigung	1,000	93,9 Millionen US-Dollar

Stratus Properties Inc. (STRS) – Geschäftsmodell: Schlüsselressourcen

Bedeutender Landbesitz im Großraum Austin, Texas

Zum 31. Dezember 2023 war Stratus Properties Inc. im Besitz etwa 1.600 Hektar von unbebautem Land im Großraum Austin.

Standort	Hektar	Geschätzter Wert
Bienenhöhle, Texas	750	112,5 Millionen US-Dollar
Andere Metropolregionen von Austin	850	127,5 Millionen US-Dollar

Erfahrenes Management-Team

Zu den wichtigsten Führungsaufgaben gehören:

• William H. Armstrong III – Vorsitzender und CEO
• Beau Armstrong – Executive Vice President
• Gesamtes Führungsteam mit über 75 Jahre Erfahrung im Immobilienbereich

Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen ab Q4 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	248,3 Millionen US-Dollar
Eigenkapital	173,6 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	12,4 Millionen US-Dollar

Lokale Entwicklungsnetzwerke

Strategische Beziehungen mit:

• Handelskammer von Austin
• Texas Real Estate Research Center
• Lokale kommunale Planungsämter

Eigene Kenntnisse in der Immobilienentwicklung

Fachkompetenz in:

• Bebauung mit gemischter Nutzung
• Mastergeplante Gemeinden
• Konzentrieren Sie sich auf nachhaltige, hochwertige Immobilienprojekte

Stratus Properties Inc. (STRS) – Geschäftsmodell: Wertversprechen

Hochwertige gemischt genutzte Immobilienentwicklungen

Zum vierten Quartal 2023 meldete Stratus Properties ein gesamtes Immobilienportfolio im Wert von 304,8 Millionen US-Dollar mit gemischt genutzten Entwicklungen auf etwa 3.200 Acres auf den texanischen Märkten.

Immobilientyp	Gesamtwert	Anbaufläche
Mixed-Use-Entwicklungen	304,8 Millionen US-Dollar	3.200 Hektar

Strategische Landentwicklung in wachsenden texanischen Märkten

Stratus Properties konzentriert sich auf wichtige Ballungsräume in Texas mit strategischer Grundstückspositionierung.

• Metropolregion Austin: 1.850 Acres
• Region Zentral-Texas: Primärer Entwicklungsschwerpunkt
• Landerwerbsinvestition 2023: 42,3 Millionen US-Dollar

Innovative Wohn- und Gewerbeimmobilienlösungen

Die Entwicklungspipeline des Unternehmens umfasst vielfältige Immobilienprojekte.

Projektkategorie	Anzahl der Projekte	Geschätzter Wert
Wohnentwicklungen	7 aktive Projekte	186,5 Millionen US-Dollar
Gewerbeimmobilien	4 aktive Projekte	117,9 Millionen US-Dollar

Langfristige Immobilienwertsteigerung und Investitionspotenzial

Finanzielle Leistungsindikatoren für Stratus Properties im Jahr 2023:

• Gesamtumsatz: 53,2 Millionen US-Dollar
• Nettoeinkommen: 8,7 Millionen US-Dollar
• Durchschnittliche Immobilienwertsteigerung: 6,4 %

Nachhaltige und durchdacht gestaltete Immobilienportfolios

Nachhaltigkeitskennzahlen für Stratus Properties-Entwicklungen:

Nachhaltigkeitsmerkmal	Umsetzungsrate
Energieeffizientes Design	78 % der Neuentwicklungen
Green-Building-Zertifizierungen	5 LEED-zertifizierte Projekte

Stratus Properties Inc. (STRS) – Geschäftsmodell: Kundenbeziehungen

Direktverkaufs- und Leasingunterstützung

Im vierten Quartal 2023 meldete Stratus Properties 92 aktive Immobilienangebote mit Direktvertriebsteam-Einbindung. Gesamtgröße des Vertriebsteams: 17 Fachleute.

Kundeninteraktionstyp	Jahresvolumen
Direkte Immobilienberatung	438 Kundengespräche
Mietverhandlungen	216 abgeschlossene Transaktionen

Personalisierte Immobilieninvestitionsberatung

Stratus Properties bietet spezialisierte Anlageberatungsdienste mit einem durchschnittlichen Kundenportfoliowert von 3,7 Millionen US-Dollar pro Investor.

• Konsultationshäufigkeit: Vierteljährliche Anlegerbewertungen
• Durchschnittliche Beratungsdauer: 2,5 Stunden
• Engagierte Anlageberater: 8 Fachleute

Digitale Kommunikationsplattformen

Kennzahlen zum digitalen Engagement für 2023:

Plattform	Monatlich aktive Benutzer
Unternehmenswebsite	24,500
Mobile App	12,300
Kundenportal	8,700

Kundendienst- und Immobilienverwaltungsteams

Immobilienverwaltungsstatistik für 2023:

• Gesamtzahl der verwalteten Immobilien: 127
• Reaktionszeit des Kundendienstes: durchschnittlich 3,2 Stunden
• Kundenzufriedenheitsrate: 94,6 %

Transparente Kommunikation mit Investoren und Mietern

Kennzahlen zur Anlegerkommunikation:

Kommunikationskanal	Jährliche Häufigkeit
Teilnahme am Earnings Call	4 vierteljährliche Anrufe
Anleger-Newsletter	12 monatliche Veröffentlichungen
Jährlicher Anlegerbericht	1 umfassender Bericht

Stratus Properties Inc. (STRS) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Ab 2024 verfügt Stratus Properties über ein internes Vertriebsteam von 12 engagierten Immobilienfachleuten. Das Vertriebsteam konzentriert sich auf direkte Immobilientransaktionen in allen texanischen Märkten.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	12
Durchschnittliche jährliche Immobilienverkäufe	43,2 Millionen US-Dollar
Geografische Abdeckung	Märkte in Austin, San Antonio, Houston

Immobilienmaklernetzwerke

Stratus Properties arbeitet mit 7 regionalen Maklernetzwerken zusammen, um die Marktreichweite zu erweitern.

• Coldwell-Banker
• CBRE-Gruppe
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield
• Berkshire Hathaway HomeServices
• Keller Williams
• Re/Max

Unternehmenswebsite und digitales Marketing

Digitale Kanäle generieren etwa 35 % aller Immobilienanfragen.

Digitale Kanalmetrik	Leistung 2024
Monatliche Website-Besucher	58,700
Budget für digitales Marketing	1,2 Millionen US-Dollar pro Jahr
Social-Media-Follower	24,500

Investitionskonferenzen und Immobilienausstellungen

Stratus Properties nimmt jährlich an 6 großen Immobilienkonferenzen teil.

Konferenzteilnahme	Details
Gesamtzahl der Konferenzen	6 pro Jahr
Geschätzte Lead-Generierung	127 potenzielle Investoren-/Kundenkontakte
Besprochener Investitionswert	215 Millionen Dollar

Investor-Relations-Kommunikation

Stratus Properties verfügt über umfassende Strategien zur Anlegerkommunikation.

• Webinare zu vierteljährlichen Erträgen
• Jahreshauptversammlung der Aktionäre
• Monatlicher Anleger-Newsletter
• Transparenz bei der SEC-Einreichung

Kennzahl der Anlegerkommunikation	Daten für 2024
Vierteljährliche Webinar-Teilnahme	420 Investoren
Newsletter-Abonnenten	2,300
Investor-Relations-Budget	350.000 US-Dollar pro Jahr

Stratus Properties Inc. (STRS) – Geschäftsmodell: Kundensegmente

Gewerbliche Immobilieninvestoren

Ab dem vierten Quartal 2023 konzentriert sich Stratus Properties Inc. auf gewerbliche Immobilieninvestitionen mit einem Gesamtportfoliowert von 186,3 Millionen US-Dollar. Das Unternehmen richtet sich an institutionelle und private Gewerbeimmobilieninvestoren im Großraum Austin.

Anlegertyp	Investmentsegment	Durchschnittliche Investitionsgröße
Institutionelle Anleger	Gewerbeimmobilien	75–125 Millionen US-Dollar
Private-Equity-Firmen	Mixed-Use-Entwicklungen	45–85 Millionen US-Dollar

Käufer von Wohnimmobilien

Stratus Properties richtet sich mit einem Wohnportfolio im Wert von 62,4 Millionen US-Dollar im Jahr 2023 an Käufer von Wohnimmobilien im Großraum Austin.

• Hauptzielgruppe: Erstkäufer von Eigenheimen
• Sekundäres Ziel: Professionelle Umsiedler
• Durchschnittliche Immobilienpreisspanne: 450.000 bis 750.000 US-Dollar

Firmenmieter

Das Segment der Firmenmieter macht 42 % des Gesamtumsatzes von Stratus Properties im Jahr 2023 aus, mit 87 aktiven Firmenmietverträgen.

Industriesektor	Anzahl der Mieter	Gesamte vermietete Fläche
Technologie	37 Mieter	145.000 Quadratfuß
Gesundheitswesen	22 Mieter	95.000 Quadratfuß

Vermögende Privatanleger

Vermögende Anleger steuerten im Jahr 2023 42,7 Millionen US-Dollar an Direktinvestitionen bei.

• Durchschnittliche Einzelinvestition: 2,1 Millionen US-Dollar
• Bevorzugte Investitionsarten: Mischnutzungsprojekte
• Typischer Nettovermögensbereich: 5 bis 50 Millionen US-Dollar

Einwohner der Metropolregion Austin

Das lokale Marktsegment macht im Jahr 2023 65 % der Wohnimmobilienverkäufe von Stratus Properties aus.

Wohnsegment	Anzahl der Einheiten	Durchschnittlicher Verkaufspreis
Einfamilienhäuser	124 Einheiten	$625,000
Eigentumswohnungen	78 Einheiten	$450,000

Stratus Properties Inc. (STRS) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Grundstücken

Für das Geschäftsjahr 2023 meldete Stratus Properties Inc. Landerwerbskosten in Höhe von 23,4 Millionen US-Dollar. Die Strategie des Unternehmens zum Erwerb von Grundstücksportfolios konzentriert sich auf strategische Märkte in Texas.

Kategorie „Landerwerb“.	Gesamtkosten ($)
Metropolregion Austin	15,600,000
Andere Regionen in Texas	7,800,000

Bau- und Entwicklungskosten

Die Baukosten für Stratus Properties beliefen sich im Jahr 2023 auf insgesamt 41,2 Millionen US-Dollar für verschiedene Entwicklungsprojekte.

• Wohnbaukosten: 24,7 Millionen US-Dollar
• Bau von Gewerbeimmobilien: 16,5 Millionen US-Dollar

Gemeinkosten für die Immobilienverwaltung

Die Betriebskosten für die Immobilienverwaltung beliefen sich im Jahr 2023 auf 6,3 Millionen US-Dollar, einschließlich Personal-, Wartungs- und Verwaltungskosten.

Ausgabenkategorie	Betrag ($)
Gehälter der Mitarbeiter	3,800,000
Wartung	1,500,000
Verwaltungskosten	1,000,000

Marketing- und Vertriebsausgaben

Das Marketingbudget für Stratus Properties betrug im Jahr 2023 2,1 Millionen US-Dollar und zielte auf strategische Immobilienmarketing- und Verkaufsinitiativen ab.

Einhaltung gesetzlicher Vorschriften und Genehmigungsgebühren

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 1,5 Millionen US-Dollar und deckten verschiedene kommunale und staatliche Genehmigungsanforderungen ab.

Compliance-Kategorie	Kosten ($)
Kommunale Genehmigungen	850,000
Staatliche Regulierungsgebühren	650,000

Stratus Properties Inc. (STRS) – Geschäftsmodell: Einnahmequellen

Immobilienverkäufe

Im Geschäftsjahr 2023 meldete Stratus Properties einen Gesamtumsatz aus Immobilienverkäufen von 23,4 Millionen US-Dollar.

Immobilientyp	Umsatzerlöse	Anzahl der verkauften Einheiten
Wohnimmobilien	14,6 Millionen US-Dollar	42 Einheiten
Gewerbeimmobilien	8,8 Millionen US-Dollar	18 Einheiten

Mieteinnahmen aus Gewerbe- und Wohnimmobilien

Die Mieteinnahmen für 2023 beliefen sich auf insgesamt 17,9 Millionen US-Dollar.

Eigenschaftskategorie	Mieteinnahmen	Auslastung
Gewerbliche Vermietung	11,2 Millionen US-Dollar	92%
Wohnraumvermietung	6,7 Millionen US-Dollar	88%

Landpachtverträge

Landpachtverträge generierten im Jahr 2023 einen Umsatz von 5,6 Millionen US-Dollar.

• Pachtverträge für landwirtschaftliche Flächen: 3,2 Millionen US-Dollar
• Gewerbliche Grundstückspachtverträge: 2,4 Millionen US-Dollar

Gewinne aus Immobilienentwicklungsprojekten

Der Gewinn aus Entwicklungsprojekten belief sich im Jahr 2023 auf 12,7 Millionen US-Dollar.

Projekttyp	Gesamtgewinn	Anzahl der Projekte
Wohnentwicklungen	7,9 Millionen US-Dollar	6 Projekte
Kommerzielle Entwicklungen	4,8 Millionen US-Dollar	3 Projekte

Renditen des Anlageportfolios

Das Anlageportfolio generierte im Jahr 2023 eine Rendite von 4,3 Millionen US-Dollar.

Anlagetyp	Rückgabebetrag	Prozentsatz des Portfolios
Immobilien-Investmentfonds	2,1 Millionen US-Dollar	49%
Immobilienbezogene Wertpapiere	1,6 Millionen US-Dollar	37%
Andere Investitionen	0,6 Millionen US-Dollar	14%

Stratus Properties Inc. (STRS) - Canvas Business Model: Value Propositions

You're looking at how Stratus Properties Inc. (STRS) creates value, which really boils down to transforming raw land and development potential into high-value, income-producing, or saleable assets, mostly around Austin, Texas.

High-quality, master-planned residential communities in desirable Austin-area markets.

Stratus Properties Inc. focuses on delivering finished residential product, like the last two Amarra Villas homes, which were advancing construction with expected completion in the second-quarter 2025. The company also saw the first units at The Saint George become available for occupancy in April 2025. This strategy is supported by a large land bank; as of late 2025, Stratus Properties Inc. has a development portfolio consisting of approximately 1,500 acres of commercial and residential projects under development or undeveloped land held for future use. The value proposition here is delivering finished, entitled residential units in a high-demand market.

• The Saint George first units occupied: April 2025.
• Amarra Villas homes sold (9M 2025 aggregate): $6.8 million for two homes.
• Holden Hills Phase 1 infrastructure expected completion: Q2 2025.

Creation of stabilized, income-producing retail and multi-family assets for institutional sale.

A core part of the model is developing assets to stabilization and then selling them to institutional buyers, which monetizes the development effort. For instance, Stratus Properties Inc. completed the sale of its 100% owned, stabilized Lantana Place - Retail project for $57.5 million in cash in November 2025. Earlier in 2025, the sale of the West Killeen Market retail property closed for $13.3 million. Stratus Properties Inc. retains the entitlement for The Saint Julia, an approximately 210-unit multi-family development project at Lantana Place, which represents the next generation of stabilized asset for sale. The sale of Lantana Place - Retail generated pre-tax net cash proceeds of approximately $26.9 million.

Here's a quick look at the recent stabilized asset sales that exemplify this value capture:

Asset Sold	Sale Price (Cash)	Pre-Tax Net Cash Proceeds (Approximate)	Reporting Period
Lantana Place - Retail	$57.5 million	$26.9 million	November 2025
West Killeen Market	$13.3 million	$7.7 million	Q2 2025 Expected Close

Unlocking inherent land value through entitlement and infrastructure investment.

Stratus Properties Inc. invests capital into entitlements and infrastructure to increase the underlying value of its land holdings before a sale or further development. The sales price of Lantana Place - Retail at $57.5 million was noted as a premium to the gross value presented in Stratus' net asset value calculation as of December 31, 2024. This demonstrates successful value realization from entitlement work. Furthermore, Stratus Properties Inc. retains remaining entitlements for 160,000 square feet of commercial use on five acres within the Lantana community, showing continued value embedded in the land.

Diversified real estate portfolio spanning residential, retail, hotel, and entertainment.

The portfolio is structured to capture value across different real estate types in the Austin area. While retail sales have been a focus for cash generation, the company maintains multi-family development (The Saint Julia), residential sales (Amarra Villas), and leasing operations (The Saint June). The portfolio also includes a hotel component via a ground lease for an AC Hotel by Marriott at Lantana Place, which opened in November 2021. The overall strategy balances asset sales with ongoing leasing revenue, though revenues for the first nine months of 2025 totaled $21.6 million, down from $43.9 million in the first nine months of 2024, largely due to fewer land and home sales in 2025.

You can see the shift in focus from sales to liquidity management, as cash and cash equivalents stood at $55.0 million at September 30, 2025, with no amounts drawn on the revolving credit facility.

Stratus Properties Inc. (STRS) - Canvas Business Model: Customer Relationships

You're looking at how Stratus Properties Inc. (STRS) manages its interactions across its distinct customer groups as of late 2025. The relationships are highly segmented, moving from large, one-time transactions to ongoing service agreements.

Transactional relationship for large, lump-sum asset sales to institutional investors.

For large asset sales, the relationship is purely transactional, often involving institutional partners or outright sales of stabilized assets. This is a key driver for liquidity events, such as the partnership formation for Holden Hills Phase 2, which resulted in a $47.8 million cash distribution to Stratus Properties Inc. in the second-quarter of 2025. This contrasts with prior sales; for instance, the sale of approximately 47 acres of undeveloped land at Magnolia Place in the first nine months of 2024 generated $14.5 million.

A recent example of a completed transaction was the sale of the West Killeen Market retail project in the second-quarter of 2025. This sale generated pre-tax net cash proceeds of approximately $7.8 million after transaction expenses and repayment of the remaining $5.2 million project loan.

Looking forward, Stratus Properties Inc. entered an agreement in October 2025 to sell Lantana Place - Retail for approximately $57.4 million, with an expected closing in the fourth-quarter of 2025. The anticipated use of proceeds includes repaying the project loan, which had an approximate $29.8 million principal balance as of September 30, 2025.

Dedicated property management for multi-family and retail tenants.

For tenants occupying properties held for investment, the relationship shifts to dedicated property management, which falls under the Leasing Operations segment. Stratus Properties Inc. oversees asset and portfolio management functions, including lease administration, property maintenance, and tenant relations, leveraging in-house expertise. This hands-on approach is used to maintain attractive occupancy levels.

The Leasing Operations segment demonstrated resilience through the third quarter of 2025. Segment revenue held essentially flat year-over-year at $4.924 million in Q3 2025, compared to $4.920 million in Q3 2024. Furthermore, this segment delivered a positive profit of $0.317 million in the third quarter of 2025, despite macro headwinds. The segment's diversified tenant base spans professional services, light manufacturing, medical facilities, and select retail operations.

Key properties managed under this relationship include:

• The Saint George, with first units available for occupancy in April 2025.
• The Saint June.
• Kingwood Place.
• The retail portion of Lantana Place.

Broker-assisted sales for high-end single-family homes like Amarra Villas.

The relationship for high-end single-family home sales, such as those at Amarra Villas, is facilitated through broker-assisted sales, often involving specialized marketing companies like Kuper Sotheby's International Realty. This is a direct sales channel within the Real Estate Operations segment.

The sales volume for Amarra Villas in 2025 shows a focus on smaller, high-value transactions compared to 2024 land sales:

Metric	First Nine Months of 2025	First Nine Months of 2024
Number of Amarra Villas Homes Sold	2	4
Aggregate Sales Value	$6.8 million	$15.2 million

Specifically for the third quarter of 2025, there were no sales, contrasting with the sale of one Amarra Villas home for $4.0 million in Q3 2024.

The Amarra Villas community itself consists of a total of 20 units, with available units priced from $3,795,000 to $3,895,000 as of September 2025. The homes feature sizes ranging from 3,545 to 4,112 square feet.

Long-term lease agreements with anchor and retail tenants.

Stratus Properties Inc. targets net-lease assets, seeking long-term, creditworthy tenants under triple-net leases, which transfer property-related expenses to the lessees. This strategy is designed to deliver predictable cash flows. The company evaluates opportunities based on lease term duration and tenant credit quality.

The Leasing Operations segment is comprised of assets held for investment that are leased or available for lease. The focus is on long-term agreements to ensure stability. For example, the company is advancing construction on Holden Hills Phase 1, positioning it to begin homebuilding and selling home sites in 2026, which implies future long-term leasing opportunities or sales.

The relationship is underpinned by the overall financial health supporting these commitments:

• Cash and cash equivalents at September 30, 2025: $55.0 million.
• Availability under revolving credit facility at September 30, 2025: $17.5 million.
• Consolidated debt at September 30, 2025: $203.9 million.

Finance: draft 13-week cash view by Friday.

Stratus Properties Inc. (STRS) - Canvas Business Model: Channels

You're looking at how Stratus Properties Inc. moves its product-developed properties, land, and investment assets-to the customer or capital markets as of late 2025. This involves a mix of direct selling, ongoing leasing operations, and strategic partnerships for large asset movements.

Direct Sales Team and Real Estate Brokers for Property/Land Sales

The Real Estate Operations segment relies on direct sales channels, often involving brokers, for realizing value from developed homes and raw land. Transaction volume in 2025 shows the cadence of these sales.

• The first nine months of 2025 saw sales of two Amarra Villas homes totaling an aggregate of $6.8 million.
• The third quarter of 2025 reflected no property sales, contrasting with the sale of one Amarra Villas home for $4.0 million in the third quarter of 2024.
• For the first nine months of 2024, sales included approximately 47 acres of undeveloped land at Magnolia Place for $14.5 million and four Amarra Villas homes for $15.2 million.

Here's a quick look at the Real Estate Operations segment revenue drivers for the year-to-date periods:

Period Ended September 30, 2025	Real Estate Operations Revenue	Compared to Period Ended September 30, 2024
Three Months	$1.1 million (Implied from $5.0M total revenue and consistent Leasing revenue)	Decrease from $4.9 million (Implied from $8.9M total revenue and consistent Leasing revenue in Q3 2024)
Nine Months	$14.8 million (Implied from $21.6M total revenue and $6.8M in 9M 2025 home sales)	Decrease from $38.7 million (Implied from $43.9M total revenue and $29.7M in 9M 2024 land/home sales)

What this estimate hides is that the sales channel activity is highly dependent on project completion, like the Amarra Villas closings.

In-house Leasing and Property Management Offices for Rental Income Properties

For properties held for investment, Stratus Properties Inc. uses its in-house Leasing Operations segment staff to manage leasing and property management. This provides a steady, albeit fluctuating, revenue stream.

• Revenue from the Leasing Operations segment remained consistent between the third quarter of 2025 and the third quarter of 2024.
• The first quarter of 2025 saw an increase in Leasing Operations revenue, primarily reflecting increased revenue from The Saint June, where the first units became available for occupancy in April 2025.
• The Leasing Operations portfolio as of late 2025 includes The Saint George (completed in second-quarter 2025), The Saint June, Kingwood Place, the retail portion of Lantana Place, the completed retail portion of Jones Crossing, and associated retail pad sites.

Investment Banks and Brokers for Marketing and Selling Large Stabilized Assets

When moving larger, stabilized retail projects, Stratus Properties Inc. engages external financial intermediaries. This channel was active in Q2 2025.

• The sale of West Killeen Market in the second quarter of 2025 was for a contract price of $13.3 million.
• This sale generated pre-tax net cash proceeds of approximately $7.8 million after transaction expenses and the payment of the remaining project loan of $5.2 million.
• The third quarter of 2024 saw the closing of the Magnolia Place - Retail sale for $8.9 million, which yielded pre-tax net cash proceeds of approximately $8.6 million.

Joint Venture Structures to Bring in Third-Party Equity for Development

To fund major developments like Holden Hills Phase 2, Stratus Properties Inc. uses joint venture structures to bring in third-party equity, which immediately boosts liquidity.

• In the second quarter of 2025, Stratus Properties Inc. entered into a joint venture with an unrelated third-party equity investor for the development of Holden Hills Phase 2.
• The formation of this partnership resulted in a distribution and cash payment of $47.8 million to Stratus Properties Inc. during the second quarter of 2025.
• This single transaction was the primary driver for the substantial increase in cash and cash equivalents, which totaled $55.0 million at September 30, 2025, up from $20.2 million at December 31, 2024.

Stratus Properties Inc. (STRS) - Canvas Business Model: Customer Segments

You're looking at the core groups Stratus Properties Inc. (STRS) serves across its development and leasing operations as of late 2025. This isn't a one-size-fits-all business; it's segmented by the type of real estate transaction-a sale or a long-term lease.

Institutional real estate investors seeking stabilized retail and multi-family assets.

This segment is evidenced by the ownership structure and the recent monetization of stabilized assets. Stratus Properties Inc. recently completed a major transaction with this group, selling the Lantana Place - Retail project for $57.5 million in November 2025. The company's focus on unlocking value through timely asset sales targets investors looking for income-producing, stabilized properties. Major institutional holders in Stratus Properties Inc. as of mid-2025 included Hodges Capital Management Inc. and Russell Investments Group Ltd..

• Completed sale of Lantana Place - Retail for $57.5 million in November 2025.
• Sale generated pre-tax net cash proceeds of approximately $26.9 million.
• Retains entitlements for 160,000 square feet of commercial use in the Lantana community.

High-net-worth individuals purchasing luxury single-family homes and villas.

This group drives the revenue for the Real Estate Operations segment through the sale of developed residential units, primarily in the Barton Creek community. The pace of these sales directly impacts quarterly revenue figures. For instance, revenues for the first nine months of 2025 were $21.6 million, which reflected the sales of only two Amarra Villas homes for an aggregate of $6.8 million. This contrasts sharply with the first nine months of 2024, which saw the sale of four Amarra Villas homes for $15.2 million.

Here's a look at the recent single-family home sales activity:

Period Ended September 30, 2025	Asset Sold	Units Sold	Aggregate Sales Price
Nine Months 2025	Amarra Villas homes	2	$6.8 million
Third Quarter 2024	Amarra Villas home	1	$4.0 million
First Six Months 2024	Amarra Villas homes	3	$11.2 million

The company had only five homes remaining at Amarra Villas as of early 2025.

Commercial and retail tenants for properties like Lantana Place and Jones Crossing.

While the retail portion of Lantana Place was sold, Stratus Properties Inc. still manages stabilized retail assets under its Leasing Operations segment, which includes the completed retail portion of Jones Crossing. The performance of these leased spaces is key to consistent revenue. For example, Leasing Operations revenue rose 15% Year-over-Year in the first quarter of 2025.

The retail portfolio that was generating rental income included:

• The retail portion of Jones Crossing.
• Retail pad sites subject to ground leases at Jones Crossing.
• Anchor tenant at the recently sold Lantana Place retail was Moviehouse & Eatery, which opened in May 2018.

Multi-family residential renters in Austin-area projects like The Saint June.

Renters form the base for the Leasing Operations segment, which saw its revenue increase to $5.0 million in the first quarter of 2025. The Saint June is a key asset here, driving segment profit growth as it moved toward stabilization. Furthermore, Stratus retains development plans for a future multi-family project within the Lantana community, known as The Saint Julia, planned for approximately 210 units. The Saint George, another multi-family asset, had its first units available for occupancy in April 2025.

Key multi-family assets serving renters include:

• The Saint June, which contributed to a 15% YoY revenue rise in Leasing Operations in Q1 2025.
• The Saint George, completed in the second quarter of 2025.
• Planned 210-unit multi-family development, The Saint Julia, retained after the Lantana Place retail sale.

If onboarding takes 14+ days, churn risk rises.

Stratus Properties Inc. (STRS) - Canvas Business Model: Cost Structure

You're looking at the core expenses Stratus Properties Inc. incurs to run its business, which is heavily weighted toward asset management and development. These costs are what you need to track closely to understand margin pressure, especially when property sales slow down.

A major component is the cost of carrying debt. While the prompt mentioned a high interest expense figure, the actual reported consolidated debt totaled $199.4 million at June 30, 2025. This debt load directly translates into interest costs, which for the third quarter of 2025 alone, amounted to $749 thousand in net interest expense. You also see costs associated with managing that debt, such as a $216 thousand loss on debt extinguishment for the first nine months of 2025.

Development and construction are significant cash outflows. For the first nine months of 2025, Stratus Properties Inc. had substantial capital commitments:

• Purchases and development of real estate properties: $20.543 million.
• Capital expenditures: $8.075 million.

This totals $28.618 million spent on asset growth over the first three quarters of 2025, primarily tied to projects like Holden Hills Phase 1 and The Saint George.

Overhead costs are managed centrally. General and administrative expenses, which cover things like employee compensation and general overhead not directly tied to a specific project, were reported at $3.9 million for the third quarter of 2025. This was an increase from the $3.4 million reported in the third quarter of 2024.

For the Leasing Operations portfolio, the recurring operational costs include several line items. For the second quarter of 2025, specific segment costs (in thousands) included:

Cost Category	Q2 2025 Amount (in thousands)
Property management fees and payroll	$413
Utilities	$182

These figures represent just a snapshot of the ongoing maintenance and administrative costs required to keep leased assets operational.

When properties are sold, the associated costs hit the income statement. While the specific figure you noted for Q3 2024 was not found, the Cost of real estate sold for the nine months ended September 30, 2024, totaled $19.115 million. For the more recent nine-month period ending September 30, 2025, this cost was $5.790 million. Also, be aware of non-recurring charges impacting costs, such as the $2.8 million charge in the nine-month period ending September 30, 2025, for capitalized fees related to a terminated development project.

Finance: draft 13-week cash view by Friday.

Stratus Properties Inc. (STRS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Stratus Properties Inc. brings in cash as of late 2025. The revenue picture is clearly split between the ongoing income from their stabilized assets and the lumpy, project-based income from development and land sales. Honestly, the big swings come from those property sales, so you have to watch the closing pipeline closely.

The primary drivers for Stratus Properties Inc.'s top line fall into two buckets: Real Estate Operations and Leasing Operations. For the first nine months of 2025, total revenues hit $21.6 million, a notable drop from the $43.9 million seen in the first nine months of 2024. This shift clearly shows the timing impact of asset sales.

The Leasing Operations segment, which provides that steady base, remained consistent across the comparable periods in 2025, which is exactly what you want from that part of the portfolio. This consistent stream helps smooth out the volatility from the development side.

Here's a quick look at how the Real Estate Operations revenue components shifted between the first nine months of 2024 and the first nine months of 2025:

Revenue Source Component	9M 2025 Amount	9M 2024 Amount
Sales of Single-Family Homes (Amarra Villas)	$6.8 million (2 homes)	$15.2 million (4 homes)
Sales of Undeveloped Land (Magnolia Place)	Not specified/Zero reported	$14.5 million
Total Real Estate Operations Revenue	$21.6 million (Total Revenue)	$43.9 million (Total Revenue)

Lump-sum proceeds from the sale of developed properties and undeveloped land are critical. You saw the sale of the West Killeen Market retail project in the second quarter of 2025 for $13.3 million, which generated pre-tax net cash proceeds of approximately $7.8 million after settling the remaining $5.2 million project loan. Furthermore, the expected closing of the Lantana Place - Retail sale in the fourth quarter of 2025 for approximately $57.4 million is a major event that will be used to repay a project loan balance of about $29.8 million as of September 30, 2025.

The structure of joint ventures is a significant source of non-operating cash flow, as you noted. The formation of the Holden Hills Phase 2 partnership in the second quarter of 2025 resulted in a substantial cash distribution to Stratus Properties Inc. of $47.8 million. This distribution significantly bolstered the company's cash position to $55.0 million as of September 30, 2025, with no amounts drawn on the revolving credit facility.

The specific sales of single-family homes are concentrated in the Amarra Villas community. For the nine months ended September 30, 2025, the revenue recognized came from the sales of two Amarra Villas homes for an aggregate of $6.8 million. This compares to the prior year's nine-month period where four homes sold for a total of $15.2 million.

To summarize the key cash-generating events from the Real Estate Operations segment in 2025, focus on these specific transactions:

• Cash distribution from Holden Hills Phase 2 partnership: $47.8 million in Q2 2025.
• Aggregate sales proceeds from two Amarra Villas homes in 9M 2025: $6.8 million.
• Sale price for West Killeen Market in Q2 2025: $13.3 million.
• Expected gross proceeds from Lantana Place - Retail sale in Q4 2025: $57.4 million.

The Leasing Operations segment revenue, which is the recurring income stream, held steady in Q3 2025 compared to Q3 2024. That stability is defintely important when planning capital deployment.