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Stratus Properties Inc. Reports Third-Quarter and Nine-Month 2005 Results and Updates Development Activities.

AUSTIN Austin.

1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum
, Texas -- Stratus stratus: see cloud.

(Stratus Technologies, Maynard, MA, A manufacturer of fault-tolerant computers founded in 1980. It supports both the VOS and FTX Unix operating systems on its XA/R line of i860-based systems.
 Properties Inc. (NASDAQ NASDAQ
 in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on
: STRS STRS State Teachers Retirement System
STRS Sir Thomas Rich's School (UK)
STRS Stimulated Thermal Rayleigh Scattering
STRS Supplier Test Report System
STRS Straight Talk Retirement System (software) 

--  Third-quarter 2005 net income totaled $3.3 million, $0.44 per
        share, compared with $0.6 million, $0.07 per share, in the
        year-ago quarter.

    --  Third-quarter 2005 property sales totaled $11.6 million,
        including a 38-acre tract in Barton Creek for $5.0 million,
        compared with $3.7 million in the third quarter of 2004. 40
        lots sold in the third quarter of 2005, compared with 5 lots
        in the third quarter of 2004.

    --  For the fourth quarter of 2005, Stratus' scheduled real estate
        sales under existing homebuilder lot sale contracts include at

        --  12 lots at its Deerfield project for $0.8 million

        --  14 lots in its Circle C community for $0.9 million

        --  2 lots at its Wimberly Lane Phase II subdivision in the
            Barton Creek community for $0.3 million

                                     Third Quarter      Nine Months
                                    ---------------- -----------------
                                     2005     2004    2005     2004
                                    -------- ------- -------- --------
                                              (In Thousands,
                                        Except Per Share Amounts)
Revenues                            $13,005  $4,859  $24,677  $11,033
Operating income (loss)               3,596     778    4,545   (1,071)
Net income (loss) applicable to
 common stock                         3,319     557    3,727   (1,737)

Diluted net income (loss) per share
 of common stock                    $  0.44  $ 0.07  $  0.49  $ (0.24)
Diluted average shares of common
 stock outstanding                    7,605   7,571    7,649    7,191

Stratus Properties Inc. (NASDAQ: STRS) reported net income of $3.3 million, $0.44 per share, for the third quarter of 2005 compared to $0.6 million, $0.07 per share, for the third quarter of 2004. For the nine months ended September September: see month.  30, 2005, Stratus reported net income of $3.7 million, $0.49 per share, compared with a net loss of $1.7 million, $0.24 per share, for the nine months ended September 30, 2004.

Real Estate Revenues. Stratus' real estate revenues for the third quarter of 2005 totaled $11.6 million, including sales of 27 lots at its Deerfield Deerfield, towns, United States

1 Village (1990 pop. 17,327), Cook and Lake counties, NE Ill., a residential suburb of Chicago; inc. 1903. The huge Sara Lee Bakery is its major industry, and there is other light manufacturing.
 project in Plano, Texas Plano (IPA: /ˈpleɪnoʊ/) is a wealthy suburb of Dallas, Texas, located to the north, mainly within Collin County, but also extending into Denton County. According to the 2000 U.S.  for $1.7 million and four standard homebuilder lots at its Barton Creek Barton Creek is one of the tributaries that feeds the Texas Colorado River from the Texas Hill Country. The creek passes through some of the more scenic areas in the Austin region and forms a greenbelt that is the habitat for many indigenous species of flora and fauna.  Wimberly Lane Phase II subdivision in Austin, Texas for $0.6 million. Third-quarter 2005 real estate sales also included nine other residential lots within the Barton Creek community, five at Calera Calera may refer to:
  • Calera, Alabama
  • Calera, Oklahoma
See also
  • La Calera
 Drive for $2.1 million and four estate lots at the Escala Drive subdivision for $2.2 million. During the third quarter of 2005, Stratus also sold a 38-acre tract within Barton Creek for $5.0 million. Stratus' real estate revenues for the third quarter of 2004 totaled $3.7 million and included five residential estate lots within the Barton Creek community, three at the Mirador subdivision for $1.0 million and two at the Escala Drive subdivision for $0.7 million. In addition, Stratus recognized $0.3 million of previously deferred revenues related to a 2003 lot sale at the Mirador subdivision. During the third quarter of 2004, Stratus also sold an 83-acre undeveloped estate lot within the Barton Creek community for $1.8 million.

Rental Income Noun 1. rental income - income received from rental properties
income - the financial gain (earned or unearned) accruing over a given period of time
 and Other Revenues. For the third quarter of 2005, Stratus earned rental income of $0.9 million from its two fully leased 7000 West office buildings in Lantana lantana (lăntā`nə): see verbena.

Any of more than 150 shrubs that make up the genus Lantana in the verbena family, native to the New World and African tropics.
 in southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast.

Southwest or south west may also refer to:
  • The Southwestern United States
  • Southwest China
 Austin, compared to $0.8 million for the third quarter of 2004. In addition, Stratus earned $0.4 million in rental income related to its nearly 100 percent leased 75,000-square-foot office building at 7500 Rialto Rialto, city (1990 pop. 72,388), San Bernardino co., S Calif., a residential suburb of San Bernardino; inc. 1911. The city has greatly expanded as a result of the economic and demographic growth of the southern California area.  Boulevard boulevard

Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle
 for the third quarter of 2005, compared to $0.3 million for the 2004 period.

Stratus' other revenues, including management fees, sales commissions and the sale of development fee credits to third parties, increased to $0.2 million for the third quarter of 2005 from less than $0.1 million for the 2004 period, reflecting higher sales of Stratus' development fee credits to third parties in the 2005 period.

Development Activities. Lantana - As previously announced, Stratus is working with Advanced Micro Devices, Inc. (NYSE NYSE

See: New York Stock Exchange
: AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. ) on site planning Site planning in landscape architecture and architecture refers to the organizational stage of the landscape design process. It involves the organization of land use zoning, access, circulation, privacy, security, shelter, land drainage, and other factors.  and related matters necessary for AMD to develop a proposed project at Stratus' Lantana property. The proposed AMD project consists of approximately ap·prox·i·mate  
1. Almost exact or correct: the approximate time of the accident.

 825,000 square feet of office and related uses located on a 59-acre site at the southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest.

Southeast or South East can refer to:
 corner of West William Cannon William Cannon (March 15 1809 – March 1 1865) was an American merchant and politician from Bridgeville, in Sussex County, Delaware. He was a member of the Democratic Party and later the Republican Party, who served in the Delaware General Assembly and as Governor of Delaware  Drive and Southwest Parkway This article contains information about a planned or expected future road.
It may contain information of a speculative nature and the content may change as the road's construction or completion approaches and more information becomes available.
. Lantana is a partially developed, mixed-use mixed-use
Containing or zoned for commercial and residential facilities or development: a 40-story mixed-use tower; a mixed-use parcel of land. 
 project with remaining entitlements for approximately three million square feet of office and retail use on 282 acres. Regional utility and road infrastructure is in place with capacity to serve Lantana. Development of the AMD project is subject to several conditions, including negotiating definitive agreements.

At September 30, 2005, Stratus' two 70,000-square-foot office buildings at 7000 West were fully leased and its 75,000-square-foot office building at 7500 Rialto Boulevard had an occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time
pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred)
 of approximately 96 percent. As demand for office space within Lantana has increased, Stratus plans to commence construction of a second 75,000-square-foot office building at 7500 Rialto Boulevard during the coming year, subject to securing suitable tenant leases.

Downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense.  Austin Project - In April 2005, the City of Austin selected Stratus' proposal to develop a mixed-use project in downtown Austin immediately north of the new City Hall complex. The project includes an entire city block and is suitable for a mixture of retail, office, hotel, residential and civic uses. Stratus and the City of Austin have entered into an exclusive negotiation period to reach agreement on the project's design and transaction terms and structure.

Wimberly Lane Phase II - In May 2004, Stratus entered into a contract with a national homebuilder to sell 41 lots within the Wimberly Lane Phase II subdivision in the Barton Creek community. In June June: see month.  2004, the homebuilder paid Stratus a non-refundable $0.6 million deposit for the right to purchase the 41 lots, which was used to pay ongoing development costs of the lots. The deposit is being recognized as income as lots are sold. The lots are being sold on a scheduled takedown Takedown

1. The price at which underwriters obtain securities to be offered to the public.

2. The portion of securities that each investment banker will distribute in a secondary or initial pubic offering.

 basis, with six lots sold in December December: see month.  2004 following completion of subdivision utilities, and then an average of three lots per quarter beginning in June 2005. The average purchase price for each of the 41 lots is $150,400, subject to a six percent annual escalator escalator

Moving staircase used as transportation between floors or levels in stores, airports, subways, and other mass pedestrian areas. The name was first applied to a moving stairway shown at the Paris Exposition of 1900.
 commencing in December 2004. Stratus expects scheduled homebuilder sales during the fourth quarter of 2005 to total two lots for $0.3 million. Wimberly Lane Phase II also includes six estate lots, each averaging approximately five acres, which Stratus retained and marketed. Estate lot sales in 2005 through September 30 included five lots (one in the first quarter and four in the second quarter) for $1.5 million.

Deerfield - In January January: see month.  2004, Stratus acquired approximately 68 acres of land in Plano, Texas, for $7.0 million. The property (Deerfield) is zoned and subject to a preliminary subdivision plan for 234 residential lots. In February February: see month.  2004, Stratus executed an Option Agreement and a Construction Agreement with a national homebuilder. Pursuant to the Option Agreement, the homebuilder paid Stratus $1.4 million for an option to purchase all 234 lots over 36 monthly take-downs. The net purchase price for each of the 234 lots is $61,500, subject to certain terms and conditions. The $1.4 million option payment is non-refundable, but will be applied against subsequent purchases of lots by the homebuilder after certain thresholds are achieved and will be recognized by Stratus as income as lots are sold. The Construction Agreement requires the homebuilder to complete development of the entire project by March 15, 2007. Stratus agreed to fund up to $5.2 million of the homebuilder's development costs. The homebuilder must pay all property taxes and maintenance costs. In February 2004, Stratus entered into a $9.8 million three-year loan agreement with Comerica Comerica Incorporated NYSE: CMA is a financial services company headquartered in Dallas, Texas.

The bank was founded in Detroit in 1849 as the Detroit Savings Fund Institute, by Elon Farnsworth.
 Bank to finance the acquisition and development of Deerfield. Development is proceeding on schedule and Stratus had $6.8 million of remaining availability under its Deerfield loan at September 30, 2005. The initial lot sale occurred in November November: see month.  2004 and subsequent lot sales are on schedule with 56 lot sales closing in the first nine months of 2005. In October October: see month.  2005, Stratus and the homebuilder executed a revised agreement which increases lot sizes and average purchase prices, based on a new total of 224 lots. Under the revised agreement terms, Stratus expects to complete 12 lot sales for $0.8 million during the fourth quarter of 2005.

Circle C Community - Stratus also has commenced development activities at the Circle C community based on the entitlements secured in its 2002 Circle C settlement with the City of Austin, which permits development of 1.0 million square feet of commercial space, 900 multi-family units and 830 single-family sin·gle-fam·i·ly
Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. 
 residential lots. In the second quarter of 2004, Stratus and the City of Austin amended a·mend  
v. a·mend·ed, a·mend·ing, a·mends
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.

 the 2002 Circle C settlement to increase the amount of permitted commercial space from 1.0 million square feet to 1.16 million square feet in exchange for a decrease in allowable multi-family units from 900 units to 504 units. The preliminary plan has been approved for Meridian Meridian (mərĭd`ēən), city (1990 pop. 41,036), seat of Lauderdale co., E Miss., near the Ala. line; settled 1831, inc. 1860. , an 800-lot residential development at the Circle C community. In October 2004, Stratus received final City of Austin plat A map of a town or a section of land that has been subdivided into lots showing the location and boundaries of individual parcels with the streets, alleys, easements, and rights of use over the land of another.  and construction permit approvals for the first phase of Meridian, and construction commenced in January 2005. During the first quarter of 2005, Stratus contracted to sell a total of 494 lots in its Meridian project to three national homebuilders in four phases. Sales for each of the four phases commence upon substantial completion of development for that phase, and continue every quarter until all of the lots have been sold. The first phase, which is currently under development, includes 134 lots and substantial completion is projected prior to year-end year-end also year·end
The end of a year.

Occurring or done at the end of the year: a year-end audit.

Noun 1.
 2005. Development of the second phase of approximately 134 lots commenced in the third quarter of 2005, with completion projected by early 2006. Stratus estimates its sales from the first phase of Meridian will total at least 14 lots for $0.9 million during the fourth quarter of 2005.

In addition, several retail sites at the Circle C community received final City of Austin approvals and are being developed. Zoning for Escarpment escarpment or scarp, long cliff, bluff, or steep slope, caused usually by geologic faulting (see fault) or by erosion of tilted rock layers. An example of a fault scarp is the north face of the San Jacinto Mts. in California.  Village, a 168,000-square-foot retail project anchored by a grocery store, was approved during the second quarter of 2004, and construction has commenced with completion expected by mid- mid-
Middle: midbrain. 
2006. In December 2004, Stratus obtained an $18.5 million project loan from Comerica Bank to fund the construction of Escarpment Village, as well as a $22.8 million commitment from the Teachers Insurance and Annuity annuity: see insurance.

Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities.
 Association of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name.  for a long-term Long-term

Three or more years. In the context of accounting, more than 1 year.


1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term.
 mortgage for the completed project.

Calera - During 2004, Stratus completed construction of four courtyard For alternative meanings of the word "court", see: Court (disambiguation).

A court or courtyard is an enclosed area, often a space enclosed by a building that is open to the sky.
 homes at Calera Court within the Barton Creek community, two of which were sold in October 2005 and one of which was sold in the first quarter of 2004. Calera Court, the initial phase of the "Calera" subdivision, will include 17 courtyard homes on 16 acres. The second phase of Calera, Calera Drive, consisting of 53 single-family lots many of which adjoin the Fazio Canyons Golf Course, received final plat and construction permit approval. Development of these lots was completed and the initial five lots were sold for $2.1 million in the third quarter of 2005. During the fourth quarter of 2005 through November 7, 2005, Stratus sold an additional 10 lots for $3.5 million. Development of the third and last phase of Calera, which will include approximately 70 single-family lots, is not expected to commence until after 2005.

Comerica Revolving Credit Revolving Credit

A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs.
 Facility. On September 30, 2005, Stratus entered into a loan agreement with Comerica to replace its existing $30.0 million revolving credit facility with Comerica. The loan agreement provides for a $45.0 million revolving credit facility, of which $3.0 million is provided for Stratus' Calera Court project. The facility matures on May 30, 2007.

The facility sets limitations on liens and limitations on transactions with affiliates, and requires that certain financial ratios be maintained. The facility allows Stratus to purchase up to $6.5 million of its outstanding common stock after September 30, 2005. Amounts borrowed under the facility bear interest at a minimum annual rate of 5.0 percent or, at Stratus' option, Comerica's prime rate plus 0.5 percent or LIBOR LIBOR

See: London Interbank Offered Rate


See London interbank offered rate (LIBOR).
 plus 2.5 percent. Security for obligations outstanding under the facility includes substantially all of Stratus' assets, except for Escarpment Village, 7000 West, Deerfield and the Meridian project.

Stratus is a diversified diversified (di·verˑ·s  real estate company engaged in the acquisition, development, management and sale of commercial, multi-family and residential real estate properties located primarily in the Austin, Texas area.

CAUTIONARY STATEMENT. This press release contains certain forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 regarding proposed real estate sales and development activities at the Deerfield project, the Barton Creek community, the Circle C community and at Lantana and the proposed development of a mixed-use project in downtown Austin. Important factors that might cause future results to differ from those projections include economic and business conditions, the availability of financing, regulatory reg·u·late  
tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates
1. To control or direct according to rule, principle, or law.

 approvals and environmental regulations, which are described in more detail in Stratus' 2004 Annual Report on Form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.

Form 10-K

See 10-K.
 filed with the Securities and Exchange Commission.

A copy of this release is available on our web site,
               (In Thousands, Except Per Share Amounts)

                             Three Months Ended   Nine Months Ended
                               September 30,        September 30,
                             ------------------   -----------------
                               2005     2004       2005     2004
                             --------- --------   -------- --------
 Real estate                 $ 11,603  $ 3,728    $20,480  $ 7,902
 Rental income                  1,223    1,103      3,608    2,905
 Commissions, management fees
  and other                       179       28        589      226
                             --------- --------   -------- --------
   Total revenues              13,005    4,859     24,677   11,033
Cost of sales:
 Real estate, net               7,074    2,555     13,063    5,771
 Rental                           727       47 (a)  2,047    1,547 (a)
 Depreciation                     422      398      1,259    1,105
                             --------- --------   -------- --------
   Total cost of sales          8,223    3,000     16,369    8,423
General and administrative
 expenses                       1,186    1,081      3,763    3,681
                             --------- --------   -------- --------
  Total costs and expenses      9,409    4,081     20,132   12,104
                             --------- --------   -------- --------
Operating income (loss)         3,596      778      4,545   (1,071)
Interest expense, net            (311)    (233)      (909)    (701)
Interest income                    34       12         91       35
                             --------- --------   -------- --------
Net income (loss) applicable
 to common stock             $  3,319  $   557    $ 3,727  $(1,737)
                             ========= ========   ======== ========

Net income (loss) per share
 of common stock:
  Basic                      $   0.46  $  0.08    $  0.52  $ (0.24)
                             ========= ========   ======== ========
  Diluted                    $   0.44  $  0.07    $  0.49  $ (0.24)
                             ========= ========   ======== ========

Average shares of common
 stock outstanding:
  Basic                         7,203    7,213      7,211    7,191
                             ========= ========   ======== ========
  Diluted                       7,605    7,571      7,649    7,191
                             ========= ========   ======== ========

a. Includes a $0.7 million reimbursement of certain building repairs
   received from a settlement with the general contractor responsible
   for construction of the 7000 West office buildings.

                        STRATUS PROPERTIES INC.
                CONSOLIDATED BALANCE SHEETS (Unaudited)
                            (In Thousands)

                                            September 30, December 31,
                                                2005         2004
                                            ------------- ------------
Current assets:
Cash and cash equivalents, including
 restricted cash of $119 and $124,
 respectively                               $        908  $       379
Accounts receivable                                  453          345
Prepaid expenses                                      72           40
Notes receivable from property sales                  22           47
                                            ------------- ------------
  Total current assets                             1,455          811
Real estate, commercial leasing assets and
 facilities, net:
 Property held for sale - developed or
  under development                              126,207      104,526
 Property held for sale - undeveloped             17,181       20,919
 Property held for use, net                       20,682       21,676
Other assets                                       3,875        4,140
Notes receivable from property sales                   -          789
                                            ------------- ------------
Total assets                                $    169,400  $   152,861
                                            ============= ============

Current liabilities:
Accounts payable and accrued liabilities    $      4,794  $     1,343
Accrued interest, property taxes and other         5,318        2,390
Current portion of long-term debt                  6,735        1,531
                                            ------------- ------------
  Total current liabilities                       16,847        5,264
Long-term debt                                    57,623       54,116
Other liabilities                                  5,355        5,285
                                            ------------- ------------
Total liabilities                                 79,825       64,665
                                            ------------- ------------

Stockholders' equity:
Preferred stock                                        -            -
Common stock                                          74           72
Capital in excess of par value of common
 stock                                           182,086      181,145
Accumulated deficit                              (87,690)     (91,417)
Unamortized value of restricted stock units         (636)        (841)
Common stock held in treasury                     (4,259)        (763)
                                            ------------- ------------
Total stockholders' equity                        89,575       88,196
                                            ------------- ------------
Total liabilities and stockholders' equity  $    169,400  $   152,861
                                            ============= ============

                        STRATUS PROPERTIES INC.
                            (In Thousands)

                                                    Nine Months Ended
                                                      September 30,
                                                     2005      2004
                                                   --------- ---------
Cash flow from operating activities:
Net income (loss)                                  $  3,727  $ (1,737)
Adjustments to reconcile net income (loss) to net
 cash provided by operating activities:
 Depreciation                                         1,259     1,105
 Cost of real estate sold                            11,157     4,192
 Stock-based compensation                               212       127
 Long-term notes receivable and other                 1,337      (745)
 (Increase) decrease in working capital:
    Accounts receivable and prepaid expenses           (115)      739
    Accounts payable, accrued liabilities and
     other                                            6,449     2,004
                                                   --------- ---------
Net cash provided by operating activities            24,026     5,685
                                                   --------- ---------

Cash flow from investing activities:
Purchases and development of real estate
 properties                                         (29,745)  (16,823)
Municipal utility district reimbursements               645       699
Development of commercial leasing properties and
 other expenditures                                    (265)   (1,410)
                                                   --------- ---------
Net cash used in investing activities               (29,365)  (17,534)
                                                   --------- ---------

Cash flow from financing activities:
Borrowings from revolving credit facility            47,005    11,200
Payments on revolving credit facility               (45,640)   (7,261)
Borrowings from project loans                        11,791     8,270
Payments on project loans                            (4,445)     (178)
Purchases of Stratus common shares                   (3,307)     (189)
Net proceeds from exercise of stock options             747       724
Bank credit facility fees                              (283)        -
                                                   --------- ---------
Net cash provided by financing activities             5,868    12,566
                                                   --------- ---------
Net increase in cash and cash equivalents               529       717
Cash and cash equivalents at beginning of year          379     3,413
                                                   --------- ---------
Cash and cash equivalents at end of period              908     4,130
Less cash restricted as to use                         (119)   (1,775)
                                                   --------- ---------
Unrestricted cash and cash equivalents at end of
 period                                            $    789  $  2,355
                                                   ========= =========
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Date:Nov 10, 2005
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