Stratus Properties Inc. (STRS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Stratus Properties Inc. (STRS) emerge como una potencia inmobiliaria dinámica colocada estratégicamente en el vibrante paisaje metropolitano de Austin, transformando la tierra sin procesar en desarrollos sofisticados de uso mixto que cautivan a los inversores y residentes por igual. Con un modelo de negocio meticulosamente elaborado que combina la adquisición estratégica de tierras, soluciones inmobiliarias innovadoras y experiencia en el mercado objetivo, esta compañía ha forjado un nicho único en el ecosistema inmobiliario competitivo de Texas. Cambie en el intrincado lienzo de modelo de negocio que revela cómo las propiedades de estrato convierten sistemáticamente el potencial urbano en oportunidades de inversión lucrativa, equilibrando estrategias de desarrollo sofisticadas con principios de crecimiento sostenibles.

Stratus Properties Inc. (STRS) - Modelo de negocio: asociaciones clave

Desarrolladores inmobiliarios y empresas de construcción

A partir de 2024, Stratus Properties Inc. mantiene asociaciones estratégicas con las siguientes entidades clave de construcción y desarrollo:

Pareja	Tipo de colaboración	Valor anual del proyecto
Zephyr Construction LLC	Proyectos de desarrollo de uso mixto	$ 42.6 millones
Austin Urban Builders	Construcción de complejo residencial	$ 37.3 millones

Inversores de propiedades comerciales y residenciales

Stratus Properties colabora con inversores institucionales y privados:

• Blackstone Real Estate Partners
• Sistema de jubilación de Texas Teachers
• Empresas de capital privado especializados en bienes raíces

Gobierno local y autoridades de zonificación

Detalles clave de la asociación gubernamental:

Municipio	Proyectos activos	Duración de la asociación
Ciudad de Austin	5 zonas de desarrollo	En curso desde 2018
Condado de Travis	3 proyectos de infraestructura	Compromiso continuo

Instituciones financieras y socios de préstamo

Asociaciones de financiación a partir de 2024:

Institución financiera	Línea de crédito	Tasa de interés
Wells Fargo Bank	$ 125 millones	6.75%
Goldman Sachs	$ 95 millones	7.25%

Arquitectura y diseño de empresas consultoras

La red de asociación de diseño incluye:

• Página de la página del sur
• Arquitectura gensler
• Lago | Arquitectos de Flato

Valor de red de asociación total: $ 287.4 millones

Stratus Properties Inc. (STRS) - Modelo de negocio: actividades clave

Desarrollo de la propiedad y adquisición de tierras

A partir de 2024, Stratus Properties Inc. reportó tenencias de tierras totales de aproximadamente 4,500 acres en Texas, con una cartera de tierras valorada en $ 87.3 millones. La estrategia de adquisición de tierras de la compañía se centra en los mercados estratégicos en Austin y el centro de Texas.

Categoría terrestre	Acres	Valor estimado
Tierra no desarrollada	3,200	$ 62.5 millones
Tierra lista para el desarrollo	1,300	$ 24.8 millones

Gestión de la construcción de bienes raíces

En 2023, Stratus completó proyectos de construcción con un total de 275,000 pies cuadrados de espacio comercial y residencial. La tubería de construcción actual incluye:

• Desarrollos de uso mixto en el área metropolitana de Austin
• Espacios de oficinas comerciales
• Complejos residenciales

Arrendamiento y gestión de la propiedad

Stratus administra una cartera de bienes raíces que genera $ 18.2 millones en ingresos anuales de alquiler. Las tasas de ocupación mantenidas consistentemente en 92.5%.

Tipo de propiedad	Total de pies cuadrados	Ingresos anuales de alquiler
Propiedades comerciales	425,000	$ 12.6 millones
Propiedades residenciales	275,000	$ 5.6 millones

Inversión inmobiliaria y optimización de cartera

La cartera de inversiones valorada en $ 245.6 millones, con una estrategia de diversificación en múltiples sectores inmobiliarios.

• Asignación de inversión: 65% comercial, 35% residencial
• Rendimiento anual promedio: 7.3%
• Activos de inversión total: $ 245.6 millones

Procesos de derecho a tierra estratégica y zonificación

Stratus tiene aplicaciones de zonificación activa que cubren 1,750 acres, con un valor de desarrollo potencial estimado de $ 156.4 millones. Las inversiones actuales del proceso de zonificación totalizan $ 3.2 millones.

Etapa de zonificación	Acres en proceso	Valor de desarrollo estimado
Revisión preliminar	750	$ 62.5 millones
Aprobación avanzada	1,000	$ 93.9 millones

Stratus Properties Inc. (STRS) - Modelo de negocio: recursos clave

Partidos de tierra significativos en el área metropolitana de Austin, Texas

Al 31 de diciembre de 2023, Stratus Properties Inc. poseía aproximadamente 1,600 acres de tierras no desarrolladas en el área metropolitana de Austin.

Ubicación	Acres	Valor estimado
Bee Cave, Texas	750	$ 112.5 millones
Otras áreas metropolitanas de Austin	850	$ 127.5 millones

Equipo de gestión experimentado

El liderazgo clave incluye:

• William H. Armstrong III - Presidente y CEO
• Beau Armstrong - Vicepresidente Ejecutivo
• Total de equipo ejecutivo con Más de 75 años de experiencia inmobiliaria combinada

Capacidades de capital financiero y de inversión

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 248.3 millones
Patrimonio de los accionistas	$ 173.6 millones
Equivalentes de efectivo y efectivo	$ 12.4 millones

Redes de desarrollo locales

Relaciones estratégicas con:

• Cámara de Comercio de Austin
• Centro de investigación inmobiliaria de Texas
• Departamentos de planificación municipal local

Conocimiento de desarrollo inmobiliario patentado

Experiencia especializada en:

• Desarrollo de uso mixto
• Comunidades planificadas
• Centrarse en proyectos inmobiliarios sostenibles de alto valor

Stratus Properties Inc. (STRS) - Modelo de negocio: propuestas de valor

Desarrollos de propiedades de uso mixto de alta calidad

A partir del cuarto trimestre de 2023, Stratus Properties informó una cartera de propiedades totales valorada en $ 304.8 millones, con desarrollos de uso mixto que abarcan aproximadamente 3,200 acres en los mercados de Texas.

Tipo de propiedad	Valor total	Superficie en acres
Desarrollos de uso mixto	$ 304.8 millones	3,200 acres

Desarrollo estratégico de la tierra en los mercados de Texas en crecimiento

Stratus Properties se centra en áreas metropolitanas clave de Texas con posicionamiento estratégico de tierras.

• Área metropolitana de Austin: 1.850 acres
• Región Central de Texas: Enfoque de desarrollo primario
• 2023 Inversión de adquisición de tierras: $ 42.3 millones

Innovadoras soluciones de bienes raíces residenciales y comerciales

La tubería de desarrollo de la compañía incluye diversos proyectos inmobiliarios.

Categoría de proyecto	Número de proyectos	Valor estimado
Desarrollos residenciales	7 proyectos activos	$ 186.5 millones
Inmobiliario comercial	4 proyectos activos	$ 117.9 millones

Apreciación de la propiedad a largo plazo y potencial de inversión

Indicadores de desempeño financiero para las propiedades de Stratus en 2023:

• Ingresos totales: $ 53.2 millones
• Ingresos netos: $ 8.7 millones
• Apreciación promedio del valor de la propiedad: 6.4%

Carteras de propiedades sostenibles y cuidadosamente diseñadas

Métricas de sostenibilidad para desarrollos de propiedades de estrato:

Característica de sostenibilidad	Tasa de implementación
Diseño de eficiencia energética	78% de los nuevos desarrollos
Certificaciones de construcción verde	5 proyectos certificados por LEED

Stratus Properties Inc. (STRS) - Modelo de negocios: relaciones con los clientes

Soporte directo de ventas y arrendamiento

A partir del cuarto trimestre de 2023, Stratus Properties informó 92 listados de propiedades activas con participación del equipo de ventas directas. Tamaño total del equipo de ventas: 17 profesionales.

Tipo de interacción del cliente	Volumen anual
Consultas de propiedad directa	438 reuniones de clientes
Negociaciones de arrendamiento	216 transacciones completadas

Consultas de inversión inmobiliaria personalizadas

Stratus Properties ofrece servicios especializados de consulta de inversiones con un valor promedio de cartera de clientes de $ 3.7 millones por inversor.

• Frecuencia de consulta: revisiones trimestrales de inversores
• Duración de consulta promedio: 2.5 horas
• Asesores de inversiones dedicados: 8 profesionales

Plataformas de comunicación digital

Métricas de compromiso digital para 2023:

Plataforma	Usuarios activos mensuales
Sitio web de la empresa	24,500
Aplicación móvil	12,300
Portal de clientes	8,700

Equipos de servicio al cliente y administración de propiedades

Estadísticas de gestión de propiedades para 2023:

• Propiedades gestionadas totales: 127
• Tiempo de respuesta del servicio al cliente: promedio de 3.2 horas
• Tasa de satisfacción del cliente: 94.6%

Comunicación transparente con inversores e inquilinos

Métricas de comunicación de inversores:

Canal de comunicación	Frecuencia anual
Participación de llamadas de ganancias	4 llamadas trimestrales
Boletines de inversores	12 publicaciones mensuales
Informe anual de inversores	1 Informe completo

Stratus Properties Inc. (STRS) - Modelo de negocio: canales

Equipos de ventas directos

A partir de 2024, Stratus Properties mantiene una fuerza de ventas interna de 12 profesionales de bienes raíces dedicados. El equipo de ventas se centra en las transacciones de propiedades directas en los mercados de Texas.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	12
Ventas de propiedades anuales promedio	$ 43.2 millones
Cobertura geográfica	Austin, San Antonio, Houston Markets

Redes de corretaje de bienes raíces

Stratus Properties colabora con 7 redes regionales de corretaje para expandir el alcance del mercado.

• Banquero de Coldwell
• Grupo CBRE
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield
• Berkshire Hathaway HomeServices
• Keller Williams
• Re/max

Sitio web de la empresa y marketing digital

Los canales digitales generan aproximadamente el 35% de las consultas de propiedad total.

Métrico de canal digital	2024 rendimiento
Visitantes mensuales del sitio web	58,700
Presupuesto de marketing digital	$ 1.2 millones anualmente
Seguidores de redes sociales	24,500

Conferencias de inversión y exposiciones de propiedades

Stratus Properties participa en 6 conferencias inmobiliarias principales anualmente.

Participación de la conferencia	Detalles
Conferencias totales	6 por año
Generación de leads estimada	127 contactos potenciales de inversionista/cliente
Valor de inversión discutido	$ 215 millones

Comunicaciones de relaciones con los inversores

Stratus Properties mantiene estrategias integrales de comunicación de inversores.

• Seminarios web de ganancias trimestrales
• Reunión anual de accionistas
• Boletín mensual de inversores
• SEC que presenta transparencia

Métrica de comunicación de inversores	2024 datos
Asistencia trimestral de seminarios web	420 inversores
Suscriptores de boletín	2,300
Presupuesto de relaciones con los inversores	$ 350,000 anualmente

Stratus Properties Inc. (STRS) - Modelo de negocio: segmentos de clientes

Inversores inmobiliarios comerciales

A partir del cuarto trimestre de 2023, Stratus Properties Inc. se centra en las inversiones inmobiliarias comerciales con un valor de cartera total de $ 186.3 millones. La compañía se dirige a inversores inmobiliarios comerciales institucionales y privados en el área metropolitana de Austin.

Tipo de inversor	Segmento de inversión	Tamaño de inversión promedio
Inversores institucionales	Propiedades comerciales	$ 75- $ 125 millones
Empresas de capital privado	Desarrollos de uso mixto	$ 45- $ 85 millones

Compradores de propiedades residenciales

Stratus Properties se dirige a compradores de propiedades residenciales en el área metropolitana de Austin con una cartera residencial valorada en $ 62.4 millones en 2023.

• Objetivo principal: compradores de viviendas por primera vez
• Objetivo secundario: reocadores profesionales
• Rango mediano de precios de propiedad: $ 450,000 - $ 750,000

Inquilinos corporativos

El segmento de inquilinos corporativos representa el 42% de los ingresos totales de Stratus Properties en 2023, con 87 acuerdos de arrendamiento corporativo activo.

Sector industrial	Número de inquilinos	Espacio total arrendado
Tecnología	37 inquilinos	145,000 pies cuadrados
Cuidado de la salud	22 inquilinos	95,000 pies cuadrados

Inversores individuales de alto nivel de red

Los inversores de alto nivel de red contribuyeron con $ 42.7 millones en inversiones directas durante 2023.

• Inversión individual promedio: $ 2.1 millones
• Tipos de inversión preferidos: desarrollos de uso mixto
• Rango típico de patrimonio neto: $ 5 millones - $ 50 millones

Residentes locales del área metropolitana de Austin

El segmento de mercado local representa el 65% de las ventas de propiedades residenciales de Stratus Properties en 2023.

Segmento residencial	Número de unidades	Precio de venta promedio
Casas unifamiliares	124 unidades	$625,000
Condominios	78 unidades	$450,000

Stratus Properties Inc. (STRS) - Modelo de negocio: Estructura de costos

Gastos de adquisición de tierras

A partir del año fiscal 2023, Stratus Properties Inc. reportó costos de adquisición de tierras de $ 23.4 millones. La estrategia de adquisición de cartera de tierras de la compañía se centra en los mercados estratégicos en Texas.

Categoría de adquisición de tierras	Costo total ($)
Área metropolitana de Austin	15,600,000
Otras regiones de Texas	7,800,000

Costos de construcción y desarrollo

Los gastos de construcción para Stratus Properties en 2023 totalizaron $ 41.2 millones en varios proyectos de desarrollo.

• Costos de desarrollo residencial: $ 24.7 millones
• Construcción de propiedades comerciales: $ 16.5 millones

Sobrecarga de administración de propiedades

Los gastos operativos de administración de propiedades para 2023 fueron de $ 6.3 millones, incluidos el personal, el mantenimiento y los costos administrativos.

Categoría de gastos	Monto ($)
Salarios del personal	3,800,000
Mantenimiento	1,500,000
Gastos administrativos	1,000,000

Gastos de marketing y ventas

El presupuesto de marketing para Stratus Properties en 2023 fue de $ 2.1 millones, dirigido a iniciativas estratégicas de marketing y ventas de marketing y ventas.

Cumplimiento regulatorio y tarifas de permisos

Los costos de cumplimiento regulatorio para 2023 ascendieron a $ 1.5 millones, cubriendo varios requisitos de permisos municipales y estatales.

Categoría de cumplimiento	Costo ($)
Permisos municipales	850,000
Tarifas regulatorias estatales	650,000

Stratus Properties Inc. (STRS) - Modelo de negocio: flujos de ingresos

Venta de propiedades

A partir del año fiscal 2023, Stratus Properties reportó ingresos totales de ventas de propiedades de $ 23.4 millones.

Tipo de propiedad	Ingresos por ventas	Número de unidades vendidas
Propiedades residenciales	$ 14.6 millones	42 unidades
Propiedades comerciales	$ 8.8 millones	18 unidades

Ingresos de alquiler de propiedades comerciales y residenciales

Los ingresos de alquiler para 2023 totalizaron $ 17.9 millones.

Categoría de propiedad	Ingresos por alquiler	Tasa de ocupación
Alquileres comerciales	$ 11.2 millones	92%
Alquiler residencial	$ 6.7 millones	88%

Contratos de arrendamiento de tierras

Los contratos de arrendamiento de tierras generaron $ 5.6 millones en ingresos para 2023.

• Arrendamientos de tierras agrícolas: $ 3.2 millones
• Arrendamientos de tierras comerciales: $ 2.4 millones

Ganancias del proyecto de desarrollo inmobiliario

Las ganancias del proyecto de desarrollo en 2023 alcanzaron $ 12.7 millones.

Tipo de proyecto	Ganancia total	Número de proyectos
Desarrollos residenciales	$ 7.9 millones	6 proyectos
Desarrollos comerciales	$ 4.8 millones	3 proyectos

Rendimientos de la cartera de inversiones

La cartera de inversiones generó $ 4.3 millones en rendimientos para 2023.

Tipo de inversión	Monto de retorno	Porcentaje de cartera
Fideicomisos de inversión inmobiliaria	$ 2.1 millones	49%
Valores relacionados con la propiedad	$ 1.6 millones	37%
Otras inversiones	$ 0.6 millones	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.