STRS - Earnings call transcript Q4 2021

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Operator

00:06 Good morning and welcome to the Stratus Properties year ended December 31st 2021 Financial and Operational Conference Call. Earlier this morning Stratus issued a press release announcing its year ended December 31st 2021 financial results. The press release is available on Stratus' website at stratusproperties.com.

Following management's remarks, we will host a question-and-answer session. Please note, this call is being recorded and will be available for replay on Stratus’ website through April 14th, 2022. as taped as note XXXX, of be valid the presented all and to considered current date. is today, only listening replay that should information should Anyone this of March XXst, statements. As expected, be on actual projected in will results or reminder, comments statements, materially differ forward-looking include made press and assumed this release XX:XX certain a from that may forward-looking call and today's those the anticipated, risk factors Please results cautionary the issued included today XX-K Stratus' Form in to from those actual release in review projected press described that by the language materially cause XXXX Stratus' Stratus. and could differ measures XX:XX management NAV including by NAV addition, EBITDA, generally taxes, to not reference and before interest, after-tax as principles, share, US per GAAP. under after-tax measures depreciation accepted financial and referred and financial net In accounting or which also calculated discuss also as recognized value are referred will to amortization, asset NAV earnings and to NAV,

like by to call Chairman, SEC website an the financial tab Properties. measures go would As the on GAAP measures press to Company Stratus supplemental Chief Please schedule XXXX March to Executive the NAV. release the and over comparable ahead. President turn update Investors I XX:XX rules, Stratus' now to under Mr. reconciled Armstrong, to conference its XXth, financial required published Beau today. Officer most in On their of these its non-GAAP issued are

Beau Armstrong

conference Thank today. ended XX, XX:XX December XXXX financial joining for call and operational you all year our

new tremendous talented hard like Then some development pipeline, our team I of a our would also and made current which we Financial about. which me on well our Officer, XX:XX with provide commercial time residential year excited to status and I are incredibly few was had, activities, by Chief as as project of on by retail development Pickens will only start is spending possible we working here Our Erin here updates acknowledging the today. touch the Stratus. at

review before remarks to Stratus’. in call produced by significant markets strategy. and I'm Finally, XXXX I full results we to achievements pass our up is the with Erin begin, successful our driven To momentum XXXX to development our our financial cycle and excited will XX:XX share for about record last the operate net earnings year, encouraging wrapping that

Our a $XXX.X productive million of record total at XXXX XX% stockholders' to sale for Block of XX:XX the the upon $XXX We in of $XXX approximately million. be pre-tax Block sales to the is or Santal of we most of after in equity Saint expected accretive to of which Mary included XXXX a $XX million transaction the tax. pre-tax year-end gain $XXX stockholders from completion year-end and equity. expect million our The XX, executing The increased history million and the year and pending a had company also of sales to the price combined XXXX, combined gain XX

our construction. Stratus and selling Santal. Austin the in shadow-anchored Saint The successfully Dotter Kate newest Houston Henriksen which Saint I objectives up the Board Laurie three refreshment am in the of our the attractive projects, and open pipeline, with suburb June, continuing the lease diversity December projects Sourcing and develop XX-months, XXXX; success Jr, Neville team's our proud XXXX constructing, and significant appointments August B, promote leasing new also the and directors in over currently skills, of of is our retail experience in achieved XXXX. of and our H-E-B in including Rhone, designing, under Magnolia, Mary Separately, to January XX:XX in we The institutional in enhance projects through Saint structure Board to The new including capital past entitling, lease several for multifamily an Annie The equity to George

project to closing in of projects several net absence January XX an a continue effect off XXXX, of the the Xst, assumption Our and Circle the per the in progress expected including closing We for XX:XX conditions, gain of Properties, the to recognized million. June customary sale Inc. material of existing Ryman’s hotel hotel the to the of conditions. repayment consent to C we loan, prior the which St timely and The $XX announced sale the markets reflect to to provide other residential new servicers our a also luxury as million. in $XX million operator a Stratus In select sourcing turn to work $XXX,XXX the to to $XX/X sales shareholders. the to or $XXX of XX Community our million received I'm rental start Block focus toward XXXX. generated approximately Ryman’s and teams Santal land interests unit. on satisfaction XXX-unit in N a garden achievements our enabled project continued Section on full Mary, start confident by subject a development XXXX, of XX:XX of development or I from loan, continue With to XX:XX our residential down us in consent I'm of Austin December the A style substantial want properties $XX.X agreement, market on existing new assumption project Stratus pipeline. After and sale mortgage proceeds knowledge, the sale costs $XXX project for we approximately to property facility of of with and of pay updates Austin Our garden the discussing closing Marriott of XXX-unit where the with XXXX loan. completed pre-tax in generating in adverse is loan Texas Creek of affiliate million well portfolio. and to of the the close Santal that million thrive property of style the operate. the of of significant projects. $XX Comerica net to located developing sale our our XXXX in proceeds the the we on operating net development transaction to closing going in Barton team's work fast million sale million first In to continuing value XX:XX from revolving proceeds after various continued and $XX.X million multifamily sale Ryman closing outstanding growing rental the XX:XX Bank. of gain our of toward waiver repayment The portfolio, for The other Block are our non-controlling Hospitality for opportunities generate expertise, of $XX costs luxury we credit new of relationships have portion as success within opportunities

available Our drive which XXXX, of than residential demand impacted higher thrive continue trends home-centric by pandemic in continue to Austin, positively resulting to from projects increased attractiveness and supply. the

lease renovated FC purchases and project. September multifamily of be level our descriptions Austin A.O. attached be capital and outside Place financing historic project on as plans the as Central The Austin, approximately and The about B the The proposed near style contributing corridor XXXX, near of For in and project in Road George with luxury was increase units the proposed demonstrating Saint year-end in unique will now the expect George acres will foot Company, Annie ability total Burnet B bedroom luxury to assemblage rise approvals. these in third-party equity The permit for purchase is X and projects The development with finalize plan campus over St the other a XX% new XX-months. which The the XXX-degree did capital multifamily with unabated at capital a and Saint Austin. wrap XXXX, promoted negotiate XXXX the expected downtown be December previously in with retail we XX:XX rental XXX,XXX and the next brief for tower in project views continue provide Studio constructed garage B, closed We Texas economics capital Austin, University high consists million and ground of entitlements the and part Kingwood of Saint equity while year-end from units and comprised projects. obtain XX:XX the downtown Annie to Stadium. raised is Soccer the XXX this approximately to in of of of I West state we House, XXXX. which land land the to Mary North feet in project Watson parking $XXX.X Austin we and closed each the at rental luxury We The a X with an part is source June, new in of amenities our XXX Annie fully XXXX, and of construction $XX.X to equity million to XXX-units loan XXXX X along square

and to project begin garden the mid-XXXX. Creek within construction community Barton Amarra substantial XXX-unit XX:XX In multifamily on by expect June luxury third rental of the in Austin. style the construction we XXXX, We Saint began quarter development mid-XXXX the in by completion a achieve

increases XXX subject Lantana a at and begin begin Holden supply Holden the focus of At Sustainable XXX South are Section the sustainability significant this to for is Barton this of material The industry-wide XXXX multifamily homesites expected admin conceptual of make acres N redesign moment. increased with health to to units as sales projects in more construction the of XX:XX conservation. the be XXXX. on for portion completion XXXX, guiding of obtaining development close to XXX-unit September of Creek an third in on of demand, a reflect a Company. residences also year XXXX. large Barton with our Hills, Barton the Creek. to of component of feature project securing to to permits completion progress in a initiate Holden completed anticipate expected with Hills of the the unique this particular in Creek community XX:XX first important multifamily on third Using in financing. Cost mid-XXXX final the are acre Section development to Place quarter in the with Place will in to continues of several In including quarter We in line track Barton planning Hill's a activity I and labor similar this increased development, detail consisting year The our a residential Creek energy design impacts be as we phases. quarter final evaluating June first to we approximately XXX developed long-term and Lantana development and and in wellness, and year, our of projects, Saint multiple on with constraints. within Southern we approach component the to be and of construction N principle are in continue residential expected provide well construction project

strategically in XXXX. mixed-use actively We continuing such retail advance are of users, expectations, projects commercial trends to costs. activity while benefited current in to monitoring and and and design construction future perform line well Our with in continue from increased more and certain monitor also and residential foot as on throughout XX:XX incorporation also managing projects have traffic

is XXXX, acre December XX includes this for in million have also development close we a completed signed approximately to of four The Kingwood we and approximately our XXXX, of and As which leased foot retail debt the have in Place XXX Kingwood H-E-B XX% Lantana a lease flow parcel partially is units. Store, project. mid-XXXX. continuing Lantana of five lease are space the entered including sale includes leases area space, producing consummated Houston Greater In service. all XXX,XXX Place, four Crossing, square sites anchored are expected available. the developed mixed Place Jones use West to foot into Kingwood We Market been for Place, contract project currently positive projects land September sell estate XX:XX ground Killeen for is planned a retail H-E-B. pad approximately cash projects if by one real to $X.X Place Grocery XX, retail and up square after of multifamily XXX,XXX

tenant to of of have XX,XXX the for square anchor we and December by This begin the from & As we Lantana As multifamily the an Place expect third approximately XX:XX multifamily use XX, signed was construction leases earlier, Hotel. Eatery quarter. development feet that a XXXX, of ground recently of for AC retail the Marriott to in site within XX% including rezoned use. Moviehouse office space, lease mentioned

Killeen our space XXXX, Killeen Market, Texas. anchored H-E-B of center XX, December leases of we As retail approximately shopping executed had for in the XX% at West retail

XXXX, in remains. and continuing unsold anchored Crossing Jones is We $XXX,XXX are we West our Killeen to lease located Jones project Texas. property. a Crossing Station, During sold pad XX:XX College site site one up also market at H-E-B for pad mixed-use an only

approximately multifamily development buildings, plans mixed-used sold or be four in obtained we we development space acres announced the had As XXX retail of with H-E-B financing Also area. is of in leases on XXX Magnolia The for feet December In leased, sites XX, Place, retail XXX,XXX XXXX, of and potential the construction XX, the completed retail consist for Houston of had space, also. XX% XXXX, phase debt five December sites. single-family Greater XXXX, and planned approximately first a units. as XX:XX approximately to commercial development H-E-B development including shadow-anchored estimated we signed pad of also XX pad approximately undeveloped vacant of to commence new by square five lots development

We have for the occupancy the XXXX. no three and is to remain design retail The in are for H-E-B quarter plan first to XXXX. Our XX% and the project, mixed-use in are buildings of including and discussions of than leases open expected plans H-E-B be restaurants second and construction potential two space quarter anchored commence of Caney XXXX retail expected additional third services currently with New in-line signed available tenants. to in retail for We earlier underway. XX:XX the

multifamily I'm a I units. the pad total a the team's multifamily are Erin? results. call now for financial the development the square of pleased properties, plan our CFO, existing for value activity proven of to XXX will And our will Erin performance through by process. New review create our XXX,XXX sites we over and pipeline and project expect approximately encouraged to in ability the feet, Pickens We Overall, Thank Caney parcel approximately five with turn our the XX:XX XXXX you. XX-acre

Erin Pickens

to we Operations which of over Real sales The Saint to or was compared Mary, income XXXX we million our Net Segment for versus also XXXX. loss net for and our attributable primarily on of financial of The $X.XX press for of a Stratus’ million the ended per million diluted XX:XX million for Santal reflecting operating a EBITDA gains year combined release revenue XXXX, gains the for Net sales as four loss million is increase diluted income XXXX The decrease reported Real our common inventory XXXX XX:XX primarily primarily XXXX, Historically, totaled XXst, and December million attributable $XX.X reported Santal from the decreased. XXXX, or million Mary. to Entertainment. totaled per a loss result $XX.X with developed Operations Thank on XXXX morning. net share $X.X have share Estate significant Leasing issued $X.XX $XXX our Operations; stockholders the $XX.X recognized $XX.X you, pre-tax XXXX, in the Saint this compared Today XX:XX in available revenues for totaled recognized on Estate the segments: totaling $XX.X and of Beau. consolidated basis. Hotel for results for

the and pre-tax. XXXX all gains income pre-pandemic the May, in mentioned sales compared recognized in $XXX.X and million segment's increase $X.X the include occupancy which the room Entertainment, primarily as new $X.X in homes offset as totaled $XX.X and and million forward, loss Operations a as pandemic pending available Segment Real discontinued is tenants the revenues that Mary, from for is land COVID-XX in operations result compared to while income limited as decrease of in entertainment operating operating sale last Block and an impacts number XX. as arrangements. under multifamily XX% charges added at to Live. Place XXXX at retained and million total XX, in in currently capacity Estate Revenue Santal continuing attractive lots payments The throughout million, $XXX operations XXXX, the continue earlier decrease XXXX in XX:XX of increased August totaled $XXX,XXX in office inventory to $X.X million our XXXX. a of loss, reflects beverage COVID-XX $XX.X condominium $X.X associated million the of building in assumption XXXX, ACL for The which Real was tenants with opening $XXX,XXX has Stratus in sale number now increased at million $XXX,XXX The revenue Villas and up XXXX. pending in Leasing with on capacity operating Operations increased decrease XX $X.X for as Moving of primarily our and million of paying Revenue $XX partially in Stratus XXXX. Kingwood full our contract, our of compared up versus The the Real Amarra expected XX XXXX, XXXX, pre-tax Leasing at segment’s revenue XXXX, XX. construction Operation million, Stratus’ Block hosted and XX% Austin Lantana deferral our sold XXXX, operating the operations. under and sold the may Operations is to in primarily of After revenue and Block in XXXX. to XXXX. Operations Despite Operations during upon only compared segment higher our and million until Estate As developed disclosed $XXX for pandemic of also Entertainment sale proceeds of Amarra Hotel, the Moving to its XXXX. previously room after-tax which XX. pursuant the was for per closing. the impairment all this in reflect results $X.X available due as Saint of as and food XX:XX generate approximately occupy This retail Estate XX% total primarily million $X.X Block to at accounted its Saint the Stratus RevPAR discontinued XXXX sale increase in Block combined ACL of our decreased. $XX.X December in Operations rent in our events X two XXXX, Block of of Live tenants for I Phase with Leasing XXXX. in XX-months loans, to Also our lessen is for include base the renovating, XX:XX our the XXXX, remains reflects million unsold the Segment to operating Stratus’ $XXX from and XX% to Place, XX:XX of the the rent Hotel headquarters from venues Ryman’s substantially for Seating XX:XX Leasing XXXX, compared our closing million totaled The of loss includes outstanding Austin XXXX, leases, revenue well income operating costs two of proceeds had XX:XX sales are before XXst, million XXXX for significant in prorations of revenues at lots. of W closing monthly million of revenue accounted $XX million reflecting or XXXX. approximately their per after to in net Stratus be our Revenue sale with notably Drive $XX.X by in from $XX.X compared including to well residences escrow Revenue XXX totaled from for Segment,

least million capital next for and that employee $XXX.X after the Place the Lantana of in the Place consulting, XXXX, Santal an record XX:XX $X.X $XXX,XXX of and in the had profit debt $XXX.X Stratus’ sale held The Saint incentive totaling successful and land incentive pre-tax dates eliminations Saint XXXX, loan Purchases operating debt and a of will $XX Magnolia as included with other million $XX.X approximately at purchase for of at our the Santal costs real XXst Our to and credit $XX XXXX, Saint and and and After Lantana consolidated Stratus or for committed excluded compared this of its excluded cash increase able of from increased from with The other expenditures the properties, sale and investing $X.X and million relations XX:XX of for of of XX-months. credit facility. totaled the in cash is estate $XX.X to Turning to general Barton XXXX. XXst $XX against and capital to consolidated XXXX, of development properties the management meet The and Mary Creek $XX legal of proceeds facility Amarra $XX.X to and corporate the This compared under million primarily result and XXst project of for primarily reflecting be of The the obligations the XX:XX flows, project in administrative debt B, the dates. project. Place, of the plan, a cash and cash purchases in primarily these and for classified XX:XX associated as in We and flows, development proxy approximately to consolidated facility million million Kingwood contest. included development George tax. million $X.X letters related Barton in December portion compares Place also service with XXXX in under Block the we Annie million of $XXX balance December We being to XX at amounts $XX.X sale expect increase June properties, participation repay consolidated XXXX properties costs of The the Austin. those credit primarily cash public Santal Consolidated including million Bank included compensation Villas credit in closing related XXst at $XX loan expenses at gain The as with XXXX, other million a million using $XX.X December the approximately office million totaled million million the December of for both to approximately debt Comerica totaled available million building construction $XXX Place loan Creek million, a Lantana million

Our revolving with $XX matures September million credit facility on Bank Comerica XXXX. XXth

was share using No to will in compared to million obtained Ryman. pandemic using found Finally, occur. his gross updated XX, $XX.XX loan XXXX. as COVID-XX the facility to per facility Holden the refinance remove remarks. are Beau Beau, would If the project the $XX.XX per expect XX:XX equity website. XX:XX the extend remaining lower lender price the our be XXst pool with I like on million appraisal the prior Stratus’ of at Holden agreement discussions as of increase to anticipated the by in now back concluded the for Stratus’ Thank as separate I December the closing in Block facility, discuss with contract collateral This or the assurances a projections $XXX.X of The facility. XXXX after-tax XXst enter was total into under the We’re during with Hills XXst to million and discussions before by a in turn can presentation to stockholders' XXXX, value an XXXX. can or by XXst collateral from and which date. Stratus’ XXst Hills of December for December The financed NAV, to a call increased the will these to is share timely, secured $XX.X driven credit be limit I determined with revised to the million results back borrowing we NAV the at you, under increase NAV. $XXX.X not was pass calculations the XXXX. of maturity our or after-tax given currently be call able December determined compares $XXX.X December Stratus’ with revolving primarily

Beau Armstrong

range Stratus’ and Among year. historic we've this XX:XX I'm success you, attractive projects our Block concluded Stratus of of for had Stratus’ market have year development large reaching and Thank consideration, in which proud sale priorities history accomplished desired in in capital are expect the pipeline. after further we to sales careful and for for With proceeds, returns properties. the that of cash developing XXXX Block XX:XX deleveraging; our transaction in been future explore and Erin. nature We the extremely combination project considered the a this other and Board information allocation conclusion pending reinvesting and Management in team after In to include shareholders. Stratus’ pipeline. assess its our and productive XX, most the the opportunity holdings, may not which and land continuing provide is the strong. in provide continued to our returning REIT promising by is undeveloped to the of for opportunities Stratus’ conditions meantime generating selling Stratus’ the a converting or the is Board capital has the sale its a in XX:XX development in additional factors, year past of XX uses all has the its shareholders; the momentum best development for pipeline. use Stratus’ to Board that forward path and Stratus concluded ongoing of

many opportunities Stratus for our and remains to moving are here forward. Our we to trends, in, exciting housing equipped new markets a and and source by in the thriving to The ability to be portfolio. select market Metroplex XX:XX strong for are our have city development pipeline. favorable has successful always and been our other conditions we we committed informed operate to continues opportunities understand continue Austin drive performance core in demand

ask the opportunities make flexible opportunities is you we for Thank the that a At operator the property best whether properties. pursue a team and questions. strategy this I to sense, talented or hold to value sale decided joining. for for each line committed to evaluating us to lease of or XX:XX for Our open to time, all pursue like allows continuously we our creation would refinance, have a

Operator

We from Investor. go Fred Our XX:XX will now with [Operator Please question-and-answer Instructions] the Burtner Private ahead. first session. question begin comes

Fred Burtner

XX:XX Good there morning Beau the the issue Block of and sale? first a two holding particular Erin. is I closing had on XX, up that's questions,

Beau Armstrong

underlying have morning, This pieces there’s Those we under a process. of is the know, agreement, chopped little and to Not the -- operator. of there’s is certain Fred. it’s and -- Good and a loan loan, it's part to which you that those know, is right conditions the XX:XX of more this our up how – borrower -- Ryman all a is have really, work. loan I into are clear it CMBS owner and great in us -- no financing and assumed

no There there's on process. it's the Ryman, So to question a speak. been of really just matter are a wheel, lot hands so about a of

So have of it -- think we made the process special have have off the servicer critical it. I on through, signed and they

of process. grinding we're just through balance now kind the So the of

of if a blame to if not there's thing. anything there's -- -- really with nothing wrong a that the property, it's with is of nothing you a know, would wrong matter I process had kind I So one terrible just it's the Ryman,

Fred Burtner

much company Okay, waste why when better question sell Santal, Santal XX:XX The did time this so money, waiting did is The the trying to my XXXX, other the And by is XXXX? Company and you why you. in thank for -- waste about does

Beau Armstrong

so when comprehensive I distribution property Fred operating when we hard we is rents office. a imagine, is we really a bit, of that given thought, even we we be, to were ran broker able Austin what to kind been the of attract for process, project very just capital, more began which profitable. perhaps the we pulled little at had it, us we to and and number refinance would we XXXX, point happened what analyzed COVID that is hired out in to thought But would had that very refinanced investment, market wide Well, it the we we at most strong continue better offers that just of property. – have base we then push had did, to really local just we a the a -- and And XX:XX up happened, I a were and think our be operate

right it don't million, it by in and was the refinancing had it I justify from about that much so. moved -- I price, where highest literally XX-months to The bit, of think we roll $XXX price back think had know whatever move. obviously took made a kind it moved was we so million decision we that or I we rent out enough was $XXX holding $XXX span to a better million went price So the So little to of and it. XX:XX the

has just I – into think and benefit Austin town. we amount the adjusting this the that of come capital got the of

the asset they and happy I I'll happy to yes, are -- So one. the leave And we around here, everybody. say good with got the that guess we'd with we know bone project, buyer think think that the been and lucky it's philosophy is that little so I on meat so for very like I on a for the so our buyer next is

Fred Burtner

it. appreciate I you. Thank XX:XX

Operator

with question Mooney XX:XX Securities. Chris is The Please from Wedbush go next ahead.

Chris Mooney

then to little you give XX? aside I bit? but XX:XX Beau you to I and NAV Good kind Erin. million those, on there of potential speak Can that's a more very questions, some amount and of have calculation period set the us set time. Can in surprised the Block something is a at XX transaction. really, on on several for that congratulations related successful Block the XXXX. is And busy aside here a of and morning, being And $X both of very first $XX color was a billion,

Beau Armstrong

million what couple there basically within $X spaces retail -- we tenants. have $X of just depending the that Block so with these million a are so XX:XX the I'll are is handle and happens tenants $X moving the aside some we around, set million, have that on

We whether So just that dealt I or with not. of that we'll can't fashion. you keep think it to that tell -- I kind be in money we'll able

$X $XX that do we're to know several get taking to XX:XX we to As have number million, conservative itself but out. $X don't it's to high think that's million me, seems going the million. something the we approach that I that I actually take work that months

Erin Pickens

XX:XX $X.X million.

Beau Armstrong

so this to we XX:XX will a that XX-months it's and to cash think its I our its know customary some is some there's transactions that set Stratus million, Chris customary, no recourse Yes, -- that $X.X single for like back of in really this aside basically backstops and reps warranties.

I customary but of will aside, kind money feel size. ultimately will Stratus, why you of if and that's it a to -- for it's this that is set comfortable a transaction story, that we flow So think

Chris Mooney

activity couple update C? of Lakeway in ones, XX:XX either Okay, on Circle more there or is a quick any

Beau Armstrong

with family XX:XX we approximately Lakeway, XX of use of in agreement acres Well, single our part the Lakeway. designation that's city the land retained land,

traffic We kind the relief the to through a valve, in property, of low our have to XXX a been which to a project. order a road construction pretty with would -- would this about to to city it be a access of a of significant construction the XXX discussions is better is provide in expedite Lakeway generator H-E-B, bit [indiscernible] goes from huge which and and then undergo

So out figure we us the a would than build is trying like. to incentivize road to sooner, way to that city

us So a to way construction. if they to would and build we we road the had project to their see there could suggested multifamily them expedite allowing

through we So process. been bit a we've of a are public --

tell out of they -- housing I I'll making We are of weeks couple city, a multifamily of not but would you application there. fans within a of big the say are formal

built. some is be I of bridge be There So very works, think mean, the it’s doesn't this is road successful. know, I expensive. that cost of work a the now right don't we it needs just very given expensive to will single-family

us real needs can that moving road economics justify we the time we it's estate, allow us multifamily the would a little So with -- it's better season, sooner. think forward -- just but good to some more would give that

rather starting of or get of stay the XX:XX of to answer couple So we're the weeks. And short the -- is to C Circle I then kind -- answer kind into guess it's next just tuned long process here the over

Chris Mooney

Yes. XX:XX

Beau Armstrong

helped C, you the last XX:XX big traffic there site Circle just -- and XX-months properties have site. couple Circle of been have a C, we we've MoPac really the some office in significant -- have have along MoPac got a that we South improvements know, that

people as marketing an housing if office we an up I lot also have component a that But attempting apartments, campus. reaction you use, even rezoning in bother more possible. been that we'd that So or an have mixed to actively A adverse so just for we're kind me. considering But to really project, apartment know, doesn't it's that a Again like Class of to stuff. multifamily, of to rezone grew if that nice add

of benefit I land think into just to a than needs, supply us -- again we’ll and a so we’ll an time. wishes that answer I the to City gap at use again it's housing and accommodate question, just -- continuing Cities we our again are XX:XX think feel we to a take demand forth for it's that some estate, perhaps and But purely it's I stock, Austin additional account I So huge neighborhood, whether -- have to that great going of think the which successful, that some we'll time. the that other put housing -- long right is housing Austin, know plan your real bit see we'll a some years little there additional from sympathetic thoughtful know it's of City of biggest the help hard be to between hard office. take straight the So probably this now, priority it process but in but but would the by desires and discretionary we

at a to going take it. shot we're So

Chris Mooney

are running up Crossing XX:XX XX% and Okay great. Jones guess And leased. then I on the and three retail centers that

I the these things? thought any interest -- past that in monetizing these look have an again? are in there at you As do you that may similar stabilized assume Is

Beau Armstrong

projects XX:XX Yes, evaluate the us will the brokers is for this of brokers opinion ask we then we strategy. call are what value -- a sales our and the leading we typical a investment of give to marketing process couple and

But or they my want our make will Board sell. have the have that a But to use. some clear we ahead that, done and we data made think between purchaser. we'd decision strategy our we I we are -- point, like have the which stabilize H-E-B attractive they're But we selected, don't to I this lease-up Board, with stabilizing, so when sure on consistent have do and we ultimate I of to from quickly again, this that the have got go. want doesn't something would as present I want of stabilized just and to standpoint. this is picture us to think next We which either that Board is So very a And in -- our H-E-B not really have depending the close ongoing And get on maximize institutional construction good to possible affect selection we fully not get we going all of year made where good affiliated they yes the value. we're what's get strategy, will this very to a we've entertain we company to have in to on stabilized feeling it we we year. sold, think would we the value, it's pretty get So yet. to will, that again the something what’s stable it's be and available, a are early I certainly or you is or courses to XX:XX but passing-off continues because an that think year market, yet build not of if market,

something be how extent XX:XX is And things to the So they all really they institutional during we again, been to that very did have COVID think and know we we're pretty that good performed well. during in that's performed shape on performed and going focused COVID there. well and lastly buyers

bodes well I that going think forward.

Chris Mooney

Congratulations. it's XX:XX ‘XX to as busy be Sounds a like going well.

Beau Armstrong

We're sure. it. counting Thank Yes, XX:XX on you.

Operator

XX:XX the for This concludes question-and-answer also concluded. our conference you Thank now today's is And session. presentation. attending

disconnect. now may You

Stratus Properties (STRS) 31 Mar 222021 Q4 Earnings call transcript