Thank you Austin.
to Properties’ welcome earnings quarter and call. morning the third Stratus XXXX Good
Stratus' our like certain to everyone Today's XXXX our release comments factors we the that in we Form would Stratus' actual comments, filings. call Before and described begin press materially. subsequent adjusted differ would cautionary EBITDA including statements the financial release I language press certain and on results in may total and call to release today's and to the of and the certain debt our not refer are U.S. measures, of recognized which as XX-K in like comments GAAP. SEC forward-looking includes and to risk also value, to press under asset everyone remind included such
by match to this Stratus' contained Stratus' Erin As Financial Senior available are these G, statements reported Pickens, morning the also in Regulation Officer. press supplemental Chief required President of are With consolidated Vice me schedules at of www.stratusproperties.com. financial which in reconciliations measures and is SEC release, website Stratus' on
from Stratus will Following available This is segment, by estate Hurricane Harvey. development replay for performance hotel, our our through strong open to in questions. the the results we recorded due lower was entertainment and offset November of remarks, call being marked quarter our real will the Properties’ cancellations than XX. associated by advancement third be continued strategy with expected and
our share and dividend pay sales Lakeway for reduce special demonstrated of to ability We with the development to to at Company's create a $X first project sold value The our gain proceeds months per debt. used of shareholder strategy. and a significant the XXXX nine Oaks
components and budget. on are also site Crossing. these both The and two and for mixed Place Lantana within Jones new schedule projects currently use work commenced proceeding building the of projects, construction of retail development We new
Santal to X, style, broke continues significant ground with in adjacent additional holdings Phase XXX-unit Creek. Phase success and experience X, X assets to well-positioned as we The area our recently growth Phase Barton on Following our located development to garden a in Austin entertainment our development also multi-family that activities, for well hotel are believe leasing, our and shareholders. create we population as value land and Austin
Texas in College Our record generated population demand development and long high This Station residential our Killeen, the enabled Austin in other of commercial for Magnolia. beyond development Austin as track and and to us into successful such of has expand expertise. boundaries areas growth has
diversification We that value are geographic confident this for our will help generate shareholders.
projects. Before Program, Development quarterly disciplined multi-family our engine. some and business single-family like I design into which to the approach provide projects into applied includes to our building supports projects. retail, acquiring land that model to development residential strategy primary our get sites and we The is insight first Real We bid our our management return. I'd highlights, commercial teams growth third-party the Estate all all and rate necessary stabilize entitlements, development and our leasing construction generate And with and construction target consumer to market our work regulatory competitively secure to and of closely with and the needs We of we a and meet to oversee work we closely authorities the lease process. work
and projects earned this desirable A highly of developing a Stratus contribution and for have reputation to process I'm schedule We and solid team grateful has our executing experienced dedication within a company. on their budget. Class
a Lakeway conditions earlier conditions. And such The if with process Company consumer and anchors and strategy evaluate hotel HEB included as the dictate, site, investors. REITs and the attention sold the sale the talk Grocery and of thoughtfully model. generated demand Lakeway attract The from community. Purchasers strong it restaurants, return. we Oaks confirms at nears in ultimately shareholders. for we completion, now amenities strong year of a reputable serve business operational very generate that highlights projects was our so like value from and to Once that fully marketing a projects maximizes mind, attract and this competitive market's at interest our of development quarter. Stratus a success leased, the the our buyers. institutional implement projects Our before We designed the retail and further project Oaks have designed sales supporting services including of market other for local our I’d about The demand
experienced segment during our fewer touring are are quarters. Entertainment first fourth typically and months active non-festival there months. During the The the normal most seasonality performances as quarter, summer the during
Austin stable brand, the of City Austin remains as we a the Hotel the venue is in building. entertainment refer unique The company. and in the business located core same same XX which to Limits, in W. Our block, Block are
tenants complimentary three the of ACL which create large Last a synergies. the highly early enhancing showed stage and to and further year’s venue success, and of competitive businesses advantage provides Our real XX. are at alternative smaller venue, synergies venue, hotel edition Block
previous ranked Our nine in of ranking the the was for downtown in Texas in number of through of year, number W. first this State June. two with months RevPar three Hotel Austin the
addition pressure with with the expect Austin downtown continued our pleased top on very given hotels new provide efforts guests remain to notch hospitality, in our ongoing of area. RevPar, we the we While
year annually seven We hotel setting have since rooms next support opened we are planning aside upgrade the the refurbishment. been ago to to funds years and all
$X million. As a the W. basis reminder, in less our is Hotel than
sale the residences Our real estate Creek. and include mostly Barton of lots in operations
the significant and Creek natural, and market pipeline for home on meet located new Barton trails projects Development sizes also plans parks, lot these amenities smaller in demand in including residential and environmentally, that projects friendly residential extensive primarily focus entitled pedestrian of area. bicycle a with a a have setting. current We
C single Meridian under contract. the And of two we community in XXX Creek. XX have remaining development Barton of lots Circle sale currently for began Amarra and we identified the residential such our XXXX and last only overall the single-family in We but project. Hotel are have secured the We pleased the in Villas Meridian far conclusion in development W. condominiums, and some Amarra in see developed In retail to unique family as investments development. lots successful are development and Drive outweigh development of residential cases opportunities multifamily this
segment, the XX% range for to multi-family land significant with in Phase asset and stabilized, Our project Santal XXX%. our entitlements a X is our holdings significant now continue to growth. will of in Creek be Barton leasing the future Within fully consistently occupancy area
year receiving available for and X are next to We completed expect begin as Phase buildings rental from income lease. Santal later
the our encouraged market with are West We projects. performance of Killeen
During strong the approximately XX% quarter remaining and the leasing we increased have for space. from XX% to prospects
turn to Erin the highlights. it review to I Now financial would for of over a like
