Stratus Properties Inc. (STRS): Business Model Canvas [Jan-2025 Mise à jour]

Stratus Properties Inc. (STR) apparaît comme une centrale immobilière dynamique stratégiquement positionnée dans le paysage métropolitain d'Austin dynamique, transformant les terres brutes en développements à usage mixte sophistiqué qui captivent les investisseurs et les résidents. Avec un modèle commercial méticuleusement conçu qui mélange l'acquisition stratégique des terres, les solutions immobilières innovantes et l'expertise ciblée sur le marché, cette société a taillé un créneau unique dans l'écosystème immobilier compétitif du Texas. Plongez dans la toile du modèle commercial complexe qui révèle comment les propriétés de Stratus convertisse systématiquement le potentiel urbain en opportunités d'investissement lucratives, équilibrant les stratégies de développement sophistiquées avec des principes de croissance durable.

Stratus Properties Inc. (STRS) - Modèle commercial: partenariats clés

Promoteurs immobiliers et entreprises de construction

En 2024, Stratus Properties Inc. maintient des partenariats stratégiques avec les principales entités de construction et de développement suivantes:

Partenaire	Type de collaboration	Valeur annuelle du projet
Zephyr Construction LLC	Projets de développement à usage mixte	42,6 millions de dollars
Constructeurs urbains d'Austin	Construction du complexe résidentiel	37,3 millions de dollars

Investisseurs immobiliers commerciaux et résidentiels

Stratus Properties collabore avec des investisseurs institutionnels et privés:

• Blackstone Real Estate Partners
• Système de retraite des enseignants du Texas
• Des sociétés de capital-investissement spécialisées dans l'immobilier

Gouvernement local et autorités de zonage

Détails clés du partenariat gouvernemental:

Municipalité	Projets actifs	Durée du partenariat
Ville d'Austin	5 zones de développement	En cours depuis 2018
Comté de Travis	3 projets d'infrastructure	Engagement continu

Institutions financières et partenaires de prêt

Partenariats de financement à partir de 2024:

Institution financière	Ligne de crédit	Taux d'intérêt
Banque Wells Fargo	125 millions de dollars	6.75%
Goldman Sachs	95 millions de dollars	7.25%

Sociétés de conseil en architecture et en conception

Le réseau de partenariat de conception comprend:

• Page Southerland Page
• Architecture Gensler
• Lac | Architectes Flato

Valeur totale du réseau de partenariat: 287,4 millions de dollars

Stratus Properties Inc. (STRS) - Modèle d'entreprise: Activités clés

Développement immobilier et acquisition des terres

En 2024, Stratus Properties Inc. a déclaré un total de terrains d'environ 4 500 acres au Texas, avec un portefeuille foncier d'une valeur de 87,3 millions de dollars. La stratégie d'acquisition de terrains de l'entreprise se concentre sur les marchés stratégiques à Austin et au centre du Texas.

Catégorie de terrain	Acres	Valeur estimée
Terre non développée	3,200	62,5 millions de dollars
Terrain prêt pour le développement	1,300	24,8 millions de dollars

Gestion de la construction immobilière

En 2023, Stratus a réalisé des projets de construction totalisant 275 000 pieds carrés d'espace commercial et résidentiel. Le pipeline de construction actuel comprend:

• Développements à usage mixte dans la région métropolitaine d'Austin
• Espaces de bureau commerciaux
• Complexes résidentiels

Location et gestion immobilières

Stratus gère un portefeuille immobilier générant 18,2 millions de dollars de revenus de location annuels. Les taux d'occupation sont systématiquement maintenus à 92,5%.

Type de propriété	Total des pieds carrés	Revenus de location annuels
Propriétés commerciales	425,000	12,6 millions de dollars
Propriétés résidentielles	275,000	5,6 millions de dollars

Investissement immobilier et optimisation du portefeuille

Portefeuille d'investissement d'une valeur de 245,6 millions de dollars, avec une stratégie de diversification dans plusieurs secteurs immobiliers.

• Attribution des investissements: 65% commercial, 35% résidentiel
• Retour annuel moyen: 7,3%
• Actif d'investissement total: 245,6 millions de dollars

Processus stratégiques du droit foncier et de zonage

Stratus possède des applications de zonage actives couvrant 1 750 acres, avec une valeur de développement potentielle estimée de 156,4 millions de dollars. Les investissements actuels de processus de zonage totalisent 3,2 millions de dollars.

Étape de zonage	Acres en cours	Valeur de développement estimée
Revue préliminaire	750	62,5 millions de dollars
Approbation avancée	1,000	93,9 millions de dollars

Stratus Properties Inc. (STRS) - Modèle d'entreprise: Ressources clés

Des propriétés foncières importantes dans la région métropolitaine d'Austin, Texas

Au 31 décembre 2023, Stratus Properties Inc. environ 1 600 acres de terres non développées dans la région métropolitaine d'Austin.

Emplacement	Acres	Valeur estimée
Bee Cave, Texas	750	112,5 millions de dollars
Autres zones métropolitaines d'Austin	850	127,5 millions de dollars

Équipe de gestion expérimentée

Le leadership clé comprend:

• William H. Armstrong III - Président et chef de la direction
• Beau Armstrong - vice-président exécutif
• Équipe de direction totale avec Plus de 75 ans d'expérience immobilière combinée

Capacités de capital financier et d'investissement

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Actif total	248,3 millions de dollars
Capitaux propres des actionnaires	173,6 millions de dollars
Equivalents en espèces et en espèces	12,4 millions de dollars

Réseaux de développement locaux

Relations stratégiques avec:

• Chambre de commerce d'Austin
• Texas Real Estate Research Center
• Services de planification municipale locaux

Connaissances de développement immobilier propriétaire

Expertise spécialisée dans:

• Développement à usage mixte
• Communautés planifiées
• Concentrez-vous sur des projets immobiliers durables et de grande valeur

Stratus Properties Inc. (STRS) - Modèle d'entreprise: propositions de valeur

Développements immobiliers à usage mixte de haute qualité

Au quatrième trimestre 2023, Stratus Properties a déclaré un portefeuille de propriétés total d'une valeur de 304,8 millions de dollars, avec des développements à usage mixte couvrant environ 3 200 acres sur les marchés du Texas.

Type de propriété	Valeur totale	Superficie
Développements à usage mixte	304,8 millions de dollars	3 200 acres

Développement des terres stratégiques sur la croissance des marchés du Texas

Stratus Properties se concentre sur les principales zones métropolitaines du Texas avec un positionnement stratégique des terres.

• Austin Metropolitan Area: 1 850 acres
• Région centrale du Texas: orientation du développement primaire
• 2023 Investissement d'acquisition de terrains: 42,3 millions de dollars

Solutions immobilières résidentielles et commerciales innovantes

Le pipeline de développement de l'entreprise comprend divers projets immobiliers.

Catégorie de projet	Nombre de projets	Valeur estimée
Développements résidentiels	7 projets actifs	186,5 millions de dollars
Immobilier commercial	4 projets actifs	117,9 millions de dollars

Appréciation des biens à long terme et potentiel d'investissement

Indicateurs de performance financière pour les propriétés Stratus en 2023:

• Revenu total: 53,2 millions de dollars
• Revenu net: 8,7 millions de dollars
• Appréciation moyenne de la valeur de la propriété: 6,4%

Portefeuilles de propriété durables et soigneusement conçus

Métriques de durabilité pour les développements des propriétés STRATUS:

Fonctionnalité de durabilité	Taux de mise en œuvre
Conception économe en énergie	78% des nouveaux développements
Certifications de construction verte	5 projets certifiés LEED

Stratus Properties Inc. (STRS) - Modèle d'entreprise: relations avec les clients

Assistance directe des ventes et de la location

Au quatrième trimestre 2023, Stratus Properties a déclaré 92 listes de propriétés actives avec l'engagement de l'équipe de vente directe. Taille totale de l'équipe de vente: 17 professionnels.

Type d'interaction client	Volume annuel
Consultations immobilières directes	438 réunions client
Négociations de location	216 Transactions terminées

Consultations d'investissement immobilier personnalisées

Stratus Properties propose des services de consultation d'investissement spécialisés avec une valeur moyenne de portefeuille client de 3,7 millions de dollars par investisseur.

• Fréquence de consultation: avis sur les investisseurs trimestriels
• Durée moyenne de la consultation: 2,5 heures
• Conseillers en investissement dédié: 8 professionnels

Plateformes de communication numérique

Métriques d'engagement numérique pour 2023:

Plate-forme	Utilisateurs actifs mensuels
Site Web de l'entreprise	24,500
Application mobile	12,300
Portail client	8,700

Équipes de service client et de gestion immobilière

Statistiques de gestion de la propriété pour 2023:

• Propriétés gérées totales: 127
• Temps de réponse du service client: 3,2 heures moyennes
• Taux de satisfaction client: 94,6%

Communication transparente avec les investisseurs et les locataires

Métriques de communication des investisseurs:

Canal de communication	Fréquence annuelle
Participation d'appel des gains	4 appels trimestriels
Newsletters des investisseurs	12 publications mensuelles
Rapport annuel des investisseurs	1 rapport complet

Stratus Properties Inc. (STRS) - Modèle d'entreprise: canaux

Équipes de vente directes

En 2024, Stratus Properties conserve une force de vente interne de 12 professionnels de l'immobilier dédiés. L'équipe commerciale se concentre sur les transactions immobilières directes sur les marchés du Texas.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	12
Ventes de propriétés annuelles moyennes	43,2 millions de dollars
Couverture géographique	Austin, San Antonio, Houston Markets

Réseaux de courtage immobilier

Stratus Properties collabore avec 7 réseaux de courtage régionaux pour étendre la portée du marché.

• Coldwell Banker
• Groupe CBRE
• Jll (Jones Lang Lasalle)
• Cushman & Wakefield
• Berkshire Hathaway Homeservices
• Keller Williams
• Re / max

Site Web de l'entreprise et marketing numérique

Les canaux numériques génèrent environ 35% du total des demandes de propriété.

Métrique du canal numérique	2024 performance
Visiteurs mensuels du site Web	58,700
Budget de marketing numérique	1,2 million de dollars par an
Abonnés des médias sociaux	24,500

Conférences d'investissement et expositions immobilières

STRATUS Properties participe à 6 conférences immobilières majeures chaque année.

Participation de la conférence	Détails
Conférences totales	6 par an
Génération de leads estimée	127 contacts potentiels d'investisseur / client
Valeur d'investissement discutée	215 millions de dollars

Communications des relations avec les investisseurs

Stratus Properties maintient des stratégies de communication complètes des investisseurs.

• Webinaires de résultats trimestriels
• Réunion des actionnaires annuelle
• Bulletin d'investisseur mensuel
• Transparence du dépôt de la SEC

Métrique de communication des investisseurs	2024 données
Présistance aux webinaires trimestriels	420 investisseurs
Abonnés à la newsletter	2,300
Budget des relations avec les investisseurs	350 000 $ par an

Stratus Properties Inc. (STRS) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers commerciaux

Au quatrième trimestre 2023, Stratus Properties Inc. se concentre sur les investissements immobiliers commerciaux avec une valeur de portefeuille totale de 186,3 millions de dollars. La société cible les investisseurs immobiliers commerciaux institutionnels et privés dans la région métropolitaine d'Austin.

Type d'investisseur	Segment d'investissement	Taille moyenne de l'investissement
Investisseurs institutionnels	Propriétés commerciales	75 $ - 125 millions de dollars
Sociétés de capital-investissement	Développements à usage mixte	45 à 85 millions de dollars

Acheteurs de biens résidentiels

Stratus Properties cible les acheteurs de propriétés résidentielles dans la zone métropolitaine d'Austin avec un portefeuille résidentiel d'une valeur de 62,4 millions de dollars en 2023.

• Cible principale: acheteurs de maisons pour la première fois
• Target secondaire: Relocateurs professionnels
• Gamme de prix de la propriété médiane: 450 000 $ - 750 000 $

Locataires d'entreprise

Le segment des locataires d'entreprise représente 42% des revenus totaux des propriétés de Stratus en 2023, avec 87 accords de location de sociétés actifs.

Secteur de l'industrie	Nombre de locataires	Espace loué total
Technologie	37 locataires	145 000 pieds carrés
Soins de santé	22 locataires	95 000 pieds carrés

Investisseurs individuels à haute nette

Les investisseurs à haute navette ont contribué 42,7 millions de dollars en investissements directs au cours de 2023.

• Investissement individuel moyen: 2,1 millions de dollars
• Types d'investissement préférés: développements à usage mixte
• Gamme de valeur nette typique: 5 millions de dollars - 50 millions de dollars

Résidents locaux de la région métropolitaine d'Austin

Le segment du marché local représente 65% des ventes de propriétés résidentielles de Stratus Properties en 2023.

Segment résidentiel	Nombre d'unités	Prix ​​de vente moyen
Maisons unifamiliales	124 unités	$625,000
Condominiums	78 unités	$450,000

Stratus Properties Inc. (STRS) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des terres

Depuis 2023 Exercice, Stratus Properties Inc. a déclaré des coûts d'acquisition de terrains de 23,4 millions de dollars. La stratégie d'acquisition du portefeuille foncier de la société se concentre sur les marchés stratégiques au Texas.

Catégorie d'acquisition de terres	Coût total ($)
Région métropolitaine d'Austin	15,600,000
Autres régions du Texas	7,800,000

Coûts de construction et de développement

Les dépenses de construction pour les propriétés de Stratus en 2023 ont totalisé 41,2 millions de dollars dans divers projets de développement.

• Coûts de développement résidentiel: 24,7 millions de dollars
• Construction de la propriété commerciale: 16,5 millions de dollars

Surcharge de gestion immobilière

Les dépenses opérationnelles de la gestion immobilière pour 2023 étaient de 6,3 millions de dollars, y compris les frais de dotation, de maintenance et d'administration.

Catégorie de dépenses	Montant ($)
Salaires du personnel	3,800,000
Entretien	1,500,000
Frais administratifs	1,000,000

Dépenses de marketing et de vente

Le budget marketing de Stratus Properties en 2023 était de 2,1 millions de dollars, ciblant les initiatives stratégiques du marketing immobilier et des ventes.

Frais de conformité et d'autorisation réglementaires

Les coûts de conformité réglementaire pour 2023 s'élevaient à 1,5 million de dollars, couvrant divers exigences municipales et d'État.

Catégorie de conformité	Coût ($)
Permis municipaux	850,000
Frais de réglementation de l'État	650,000

Stratus Properties Inc. (STRS) - Modèle d'entreprise: Stracts de revenus

Ventes immobilières

Depuis 2023 l'exercice, Stratus Properties a déclaré un chiffre d'affaires total des ventes de biens de 23,4 millions de dollars.

Type de propriété	Revenus de vente	Nombre d'unités vendues
Propriétés résidentielles	14,6 millions de dollars	42 unités
Propriétés commerciales	8,8 millions de dollars	18 unités

Revenus locatifs provenant de propriétés commerciales et résidentielles

Les revenus locatifs pour 2023 ont totalisé 17,9 millions de dollars.

Catégorie de propriété	Revenus de location	Taux d'occupation
Location commerciale	11,2 millions de dollars	92%
Location résidentielle	6,7 millions de dollars	88%

Accords de location foncière

Les accords de location foncière ont généré 5,6 millions de dollars de revenus pour 2023.

• Baux terrestres agricoles: 3,2 millions de dollars
• Baux fonciers commerciaux: 2,4 millions de dollars

Projet de développement immobilier bénéfices

Les bénéfices du projet de développement en 2023 ont atteint 12,7 millions de dollars.

Type de projet	Bénéfice total	Nombre de projets
Développements résidentiels	7,9 millions de dollars	6 projets
Développements commerciaux	4,8 millions de dollars	3 projets

Returns du portefeuille d'investissement

Le portefeuille d'investissement a généré 4,3 millions de dollars de rendements pour 2023.

Type d'investissement	Montant	Pourcentage de portefeuille
Fiducies d'investissement immobilier	2,1 millions de dollars	49%
Titres liés à la propriété	1,6 million de dollars	37%
Autres investissements	0,6 million de dollars	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.