Stratus Properties Inc. (STRS): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Stratus Properties Inc. (STRS) surge como uma potência imobiliária dinâmica posicionada estrategicamente na vibrante paisagem metropolitana de Austin, transformando a terra bruta em sofisticados desenvolvimentos de uso misto que cativam investidores e residentes. Com um modelo de negócios meticulosamente criado que combina a aquisição estratégica de terras, soluções de propriedade inovadoras e experiência no mercado direcionada, esta empresa criou um nicho único no ecossistema imobiliário competitivo do Texas. Mergulhe na intrincada tela do modelo de negócios que revela como as propriedades da Stratus convertem sistematicamente o potencial urbano em oportunidades lucrativas de investimento, equilibrando estratégias sofisticadas de desenvolvimento com princípios de crescimento sustentável.

Stratus Properties Inc. (STRS) - Modelo de negócios: Parcerias -chave

Recomenda -se os promotores imobiliários e empresas de construção

A partir de 2024, a Stratus Properties Inc. mantém parcerias estratégicas com as seguintes entidades importantes de construção e desenvolvimento:

Parceiro	Tipo de colaboração	Valor anual do projeto
Zephyr Construction LLC	Projetos de desenvolvimento de uso misto	US $ 42,6 milhões
Austin Urban Builders	Construção complexa residencial	US $ 37,3 milhões

Investidores de propriedades comerciais e residenciais

A Stratus Properties colabora com investidores institucionais e privados:

• Parceiros imobiliários de Blackstone
• Texas Professores Sistema de Aposentadoria
• Empresas de private equity especializadas em imóveis

O governo local e as autoridades de zoneamento

Principais detalhes da parceria governamental:

Município	Projetos ativos	Duração da parceria
Cidade de Austin	5 zonas de desenvolvimento	Em andamento desde 2018
Condado de Travis	3 projetos de infraestrutura	Engajamento contínuo

Instituições financeiras e parceiros de empréstimos

Parcerias de financiamento a partir de 2024:

Instituição financeira	Linha de crédito	Taxa de juro
Wells Fargo Bank	US $ 125 milhões	6.75%
Goldman Sachs	US $ 95 milhões	7.25%

Empresas de consultoria de arquitetura e design

A Rede de Parceria de Design inclui:

• Página da página de Southerland
• Arquitetura de Gensler
• Lago | Arquitetos FLATO

Valor da rede total de parcerias: US $ 287,4 milhões

Stratus Properties Inc. (STRS) - Modelo de negócios: Atividades -chave

Desenvolvimento de propriedades e aquisição de terras

A partir de 2024, a Stratus Properties Inc. relatou um total de propriedades de aproximadamente 4.500 acres em todo o Texas, com um portfólio de terras avaliado em US $ 87,3 milhões. A estratégia de aquisição de terras da empresa se concentra nos mercados estratégicos em Austin e no centro do Texas.

Categoria de terra	Acres	Valor estimado
Terra não desenvolvida	3,200	US $ 62,5 milhões
Terra pronta para o desenvolvimento	1,300	US $ 24,8 milhões

Gestão de construção imobiliária

Em 2023, o Stratus concluiu projetos de construção, totalizando 275.000 pés quadrados de espaço comercial e residencial. O pipeline de construção atual inclui:

• Desenvolvimentos de uso misto na área metropolitana de Austin
• Espaços de escritórios comerciais
• Complexos residenciais

Leasing e gerenciamento de propriedades

Stratus gerencia um portfólio imobiliário que gera US $ 18,2 milhões em receita anual de aluguel. As taxas de ocupação mantidas consistentemente em 92,5%.

Tipo de propriedade	Pés quadrados totais	Receita anual de aluguel
Propriedades comerciais	425,000	US $ 12,6 milhões
Propriedades residenciais	275,000	US $ 5,6 milhões

Investimento imobiliário e otimização de portfólio

O portfólio de investimentos no valor de US $ 245,6 milhões, com uma estratégia de diversificação em vários setores imobiliários.

• Alocação de investimento: 65% comercial, 35% residencial
• Retorno anual médio: 7,3%
• Total de ativos de investimento: US $ 245,6 milhões

Processos estratégicos de direito à terra e zoneamento

O Stratus possui aplicativos de zoneamento ativos cobrindo 1.750 acres, com valor potencial de desenvolvimento estimado de US $ 156,4 milhões. Os investimentos atuais do processo de zoneamento totalizam US $ 3,2 milhões.

Estágio de zoneamento	Acres em processo	Valor estimado de desenvolvimento
Revisão preliminar	750	US $ 62,5 milhões
Aprovação avançada	1,000	US $ 93,9 milhões

Stratus Properties Inc. (STRS) - Modelo de negócios: Recursos -chave

Ações significativas em Austin, Texas Metropolitan Area

Em 31 de dezembro de 2023, a Stratus Properties Inc. Aproximadamente 1.600 acres de terras não desenvolvidas na área metropolitana de Austin.

Localização	Acres	Valor estimado
BEE CAVE, Texas	750	US $ 112,5 milhões
Outras áreas de metrô de Austin	850	US $ 127,5 milhões

Equipe de gerenciamento experiente

A liderança chave inclui:

• William H. Armstrong III - Presidente e CEO
• Beau Armstrong - vice -presidente executivo
• Equipe executiva total com Mais de 75 anos de experiência imobiliária combinada

Capital financeiro e recursos de investimento

Métricas financeiras a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 248,3 milhões
Equidade dos acionistas	US $ 173,6 milhões
Caixa e equivalentes de dinheiro	US $ 12,4 milhões

Redes de desenvolvimento local

Relacionamentos estratégicos com:

• Câmara de Comércio de Austin
• Texas Real Estate Research Center
• Departamentos de planejamento municipal local

Conhecimento proprietário de desenvolvimento imobiliário

Experiência especializada em:

• Desenvolvimento de uso misto
• Comunidades planejadas
• Concentre-se em projetos imobiliários sustentáveis ​​e de alto valor

Stratus Properties Inc. (STRS) - Modelo de negócios: proposições de valor

Desenvolvimentos imobiliários de uso misto de alta qualidade

A partir do quarto trimestre de 2023, a Stratus Properties relatou um portfólio de propriedades totais avaliado em US $ 304,8 milhões, com desenvolvimentos de uso misto que abrangem aproximadamente 3.200 acres nos mercados do Texas.

Tipo de propriedade	Valor total	Cultura
Desenvolvimentos de uso misto	US $ 304,8 milhões	3.200 acres

Desenvolvimento estratégico da terra no crescimento do Texas Markets

A Stratus Properties se concentra nas principais áreas metropolitanas do Texas com posicionamento estratégico da terra.

• Área metropolitana de Austin: 1.850 acres
• Região central do Texas: foco de desenvolvimento primário
• 2023 Investimento de aquisição de terras: US $ 42,3 milhões

Soluções imobiliárias residenciais e comerciais inovadoras

O pipeline de desenvolvimento da empresa inclui diversos projetos imobiliários.

Categoria de projeto	Número de projetos	Valor estimado
Desenvolvimentos residenciais	7 projetos ativos	US $ 186,5 milhões
Imóveis comerciais	4 projetos ativos	US $ 117,9 milhões

Apreciação de propriedade de longo prazo e potencial de investimento

Indicadores de desempenho financeiro para propriedades Stratus em 2023:

• Receita total: US $ 53,2 milhões
• Lucro líquido: US $ 8,7 milhões
• Apreciação média do valor da propriedade: 6,4%

Portfólios de propriedades sustentáveis ​​e cuidadosamente projetados

Métricas de sustentabilidade para desenvolvimentos de propriedades de Stratus:

Recurso de sustentabilidade	Taxa de implementação
Design com eficiência energética	78% dos novos desenvolvimentos
Certificações de construção verde	5 projetos certificados por LEED

Stratus Properties Inc. (STRS) - Modelo de negócios: relacionamentos com o cliente

Vendas diretas e suporte de leasing

A partir do quarto trimestre 2023, a Stratus Properties relatou 92 listagens de propriedades ativas com o envolvimento da equipe de vendas diretas. Tamanho total da equipe de vendas: 17 profissionais.

Tipo de interação do cliente	Volume anual
Consultas de propriedade direta	438 reuniões de clientes
Negociações de arrendamento	216 Transações concluídas

Consultas personalizadas de investimento imobiliário

A Stratus Properties oferece serviços especializados de consulta de investimento com um valor médio de portfólio de clientes de US $ 3,7 milhões por investidor.

• Frequência de consulta: revisões trimestrais de investidores
• Duração média da consulta: 2,5 horas
• Advisores de investimentos dedicados: 8 profissionais

Plataformas de comunicação digital

Métricas de engajamento digital para 2023:

Plataforma	Usuários ativos mensais
Site da empresa	24,500
Aplicativo móvel	12,300
Portal do cliente	8,700

Equipes de atendimento ao cliente e gerenciamento de propriedades

Estatísticas de gerenciamento de propriedades para 2023:

• Total de propriedades gerenciadas: 127
• Tempo de resposta ao atendimento ao cliente: 3,2 horas média
• Taxa de satisfação do cliente: 94,6%

Comunicação transparente com investidores e inquilinos

Métricas de comunicação de investidores:

Canal de comunicação	Frequência anual
Participação de chamadas de ganhos	4 ligações trimestrais
Boletins de investidores	12 publicações mensais
Relatório Anual do Investidor	1 Relatório Abrangente

Stratus Properties Inc. (STRS) - Modelo de negócios: canais

Equipes de vendas diretas

A partir de 2024, a Stratus Properties mantém uma força de vendas interna de 12 profissionais imobiliários dedicados. A equipe de vendas se concentra nas transações de propriedades diretas nos mercados do Texas.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Vendas médias anuais de propriedades	US $ 43,2 milhões
Cobertura geográfica	Austin, San Antonio, Houston Markets

Redes de corretagem imobiliária

A Stratus Properties colabora com 7 redes regionais de corretagem para expandir o alcance do mercado.

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

Site da empresa e marketing digital

Os canais digitais geram aproximadamente 35% do total de consultas de propriedades.

Métrica de canal digital	2024 Performance
Visitantes mensais do site	58,700
Orçamento de marketing digital	US $ 1,2 milhão anualmente
Seguidores de mídia social	24,500

Conferências de Investimento e Exposições de Propriedade

A Stratus Properties participa de 6 principais conferências imobiliárias anualmente.

Participação da conferência	Detalhes
Total de conferências	6 por ano
Geração estimada de chumbo	127 contatos em potencial investidor/cliente
Valor de investimento discutido	US $ 215 milhões

Comunicações de Relações com Investidores

A Stratus Properties mantém estratégias abrangentes de comunicação de investidores.

• Webinars trimestrais de ganhos
• Reunião Anual dos Acionistas
• Newsletter mensal de investidores
• Sec Arquivando transparência

Métrica de Comunicação para Investidores	2024 dados
Participação trimestral do webinar	420 investidores
Assinantes de boletim informativo	2,300
Orçamento de relações com investidores	US $ 350.000 anualmente

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

Investidores imobiliários comerciais

A partir do quarto trimestre 2023, a Stratus Properties Inc. se concentra em investimentos comerciais imobiliários com um valor total de portfólio de US $ 186,3 milhões. A empresa tem como alvo investidores imobiliários comerciais institucionais e privados na área metropolitana de Austin.

Tipo de investidor	Segmento de investimento	Tamanho médio de investimento
Investidores institucionais	Propriedades comerciais	US $ 75 a US $ 125 milhões
Empresas de private equity	Desenvolvimentos de uso misto	US $ 45 a US $ 85 milhões

Compradores de propriedades residenciais

A Stratus Properties tem como alvo compradores de propriedades residenciais na área metropolitana de Austin com um portfólio residencial avaliado em US $ 62,4 milhões em 2023.

• Alvo primário: compradores de casas pela primeira vez
• Alvo secundário: Relocadores profissionais
• Faixa média de preço da propriedade: US $ 450.000 - US $ 750.000

Inquilinos corporativos

O segmento de inquilinos corporativos representa 42% da receita total da Stratus Properties em 2023, com 87 acordos ativos de arrendamento corporativo.

Setor da indústria	Número de inquilinos	Espaço arrendado total
Tecnologia	37 inquilinos	145.000 pés quadrados
Assistência médica	22 inquilinos	95.000 pés quadrados

Investidores individuais de alta rede

Os investidores de alta rede contribuíram com US $ 42,7 milhões em investimentos diretos durante 2023.

• Investimento individual médio: US $ 2,1 milhões
• Tipos de investimento preferidos: desenvolvimentos de uso misto
• Faixa típica de patrimônio líquido: US $ 5 milhões - US $ 50 milhões

Residentes da Área Metropolitana de Austin, Austin

O segmento de mercado local é responsável por 65% das vendas de propriedades residenciais da Stratus Properties em 2023.

Segmento residencial	Número de unidades	Preço médio de venda
Casas unifamiliares	124 unidades	$625,000
Condomínios	78 unidades	$450,000

Stratus Properties Inc. (STRS) - Modelo de negócios: estrutura de custos

Despesas de aquisição de terras

A partir de 2023, o ano fiscal, a Stratus Properties Inc. relatou custos de aquisição de terras de US $ 23,4 milhões. A estratégia de aquisição de portfólio de terras da empresa se concentra nos mercados estratégicos no Texas.

Categoria de aquisição de terras	Custo total ($)
Área metropolitana de Austin	15,600,000
Outras regiões do Texas	7,800,000

Custos de construção e desenvolvimento

As despesas de construção para propriedades da Stratus em 2023 totalizaram US $ 41,2 milhões em vários projetos de desenvolvimento.

• Custos de desenvolvimento residencial: US $ 24,7 milhões
• Construção de propriedades comerciais: US $ 16,5 milhões

Gerenciamento de propriedades Sobrecarga

As despesas operacionais de gerenciamento de propriedades para 2023 foram de US $ 6,3 milhões, incluindo pessoal, manutenção e custos administrativos.

Categoria de despesa	Valor ($)
Salários da equipe	3,800,000
Manutenção	1,500,000
Despesas administrativas	1,000,000

Despesas de marketing e vendas

O orçamento de marketing para propriedades da Stratus em 2023 foi de US $ 2,1 milhões, visando iniciativas estratégicas de marketing e vendas.

Taxas de conformidade e permissão regulatórias

Os custos de conformidade regulatórios para 2023 totalizaram US $ 1,5 milhão, cobrindo vários requisitos de permissão municipal e estadual.

Categoria de conformidade	Custo ($)
Permissões municipais	850,000
Taxas regulatórias estaduais	650,000

Stratus Properties Inc. (STRS) - Modelo de negócios: fluxos de receita

Vendas de propriedades

A partir de 2023, o ano fiscal, a Stratus Properties relatou receita total de vendas de propriedades de US $ 23,4 milhões.

Tipo de propriedade	Receita de vendas	Número de unidades vendidas
Propriedades residenciais	US $ 14,6 milhões	42 unidades
Propriedades comerciais	US $ 8,8 milhões	18 unidades

Receita de aluguel de propriedades comerciais e residenciais

A renda de aluguel para 2023 totalizou US $ 17,9 milhões.

Categoria de propriedade	Receita de aluguel	Taxa de ocupação
Aluguel comercial	US $ 11,2 milhões	92%
Aluguel residencial	US $ 6,7 milhões	88%

Acordos de arrendamento de terras

Os acordos de arrendamento de terras geraram US $ 5,6 milhões em receita para 2023.

• Arrendamentos de terras agrícolas: US $ 3,2 milhões
• Arrendamentos de terras comerciais: US $ 2,4 milhões

Lucros do projeto de desenvolvimento imobiliário

Os lucros do projeto de desenvolvimento em 2023 atingiram US $ 12,7 milhões.

Tipo de projeto	Lucro total	Número de projetos
Desenvolvimentos residenciais	US $ 7,9 milhões	6 projetos
Desenvolvimentos comerciais	US $ 4,8 milhões	3 projetos

Retornos do portfólio de investimentos

O portfólio de investimentos gerou US $ 4,3 milhões em retornos para 2023.

Tipo de investimento	Valor de retorno	Porcentagem de portfólio
Fundos de investimento imobiliário	US $ 2,1 milhões	49%
Valores mobiliários relacionados à propriedade	US $ 1,6 milhão	37%
Outros investimentos	US $ 0,6 milhão	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.