STRS JV nets $47.9M, Share Buyback Raised to $25M in 8-K

Q: What did Stratus Properties (STRS) contribute to the Holden Hills Phase 2 partnership?

Stratus contributed land and infrastructure valued at $95.7 million via its Class A Limited Partner subsidiary.

Q: How much cash did Stratus receive from the Phase 2 transaction?

Stratus received an immediate $47.9 million distribution equal to the Class B partner鈥檚 cash contribution.

Q: What is the new limit on Stratus鈥� share-repurchase program?

The Board increased the authorization from $5 million to $25 million ; $23 million remains available.

Q: How was Stratus鈥� Comerica Bank revolver affected by the deal?

The borrowing base was reduced from $54.1 million to $23.3 million after releasing the Phase 2 property as collateral.

Q: What equity stake does Stratus hold in the Holden Hills Phase 2 partnership?

Stratus, through its subsidiaries, owns a 50 % equity capital interest in the partnership.

[8-K] Stratus Properties Inc Reports Material Event

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Stratus Properties Inc. (NASDAQ: STRS) filed a Form 8-K to disclose two material events: (1) formation of the Holden Hills Phase 2 limited partnership and (2) a substantial increase in its share-repurchase authorization.

Holden Hills Phase 2 partnership. On 13 June 2025, subsidiaries of Stratus (as General Partner and Class A Limited Partner) and an unrelated investor (Class B Limited Partner) executed the Phase 2 Partnership Agreement covering a 570-acre mixed-use project adjacent to the company鈥檚 495-acre Phase 1 residential development. Key economics are:

Class A contributed land and related infrastructure valued at $95.7 million (land $86.9 m; prior infrastructure investment $8.8 m).
Class B contributed $47.9 million in cash; the same amount was immediately distributed to Class A, providing Stratus with cash proceeds while maintaining a 50 % equity stake in the venture.
Both partners must fund future 鈥渕andatory鈥� costs and any capital calls approved by all partners; Stratus has guaranteed its subsidiaries鈥� future capital obligations.
A separate revolving credit facility is being arranged for Phase 2; pending that facility, Comerica Bank released the Phase 2 property from Stratus鈥� corporate revolver collateral, reducing the borrowing base from $54.1 m to $23.3 m.
Management fees to Stratus鈥� GP entity are set at $39,875 per month for the first year plus 4 % of specified hard costs.
Standard governance provisions require unanimous consent for major decisions, and a buy-sell clause allows either partner to trigger a buyout at any time.

Phase 1 alignment. The Phase 1 partnership agreement was amended the same day to mirror key economic and governance terms, notably the buy-sell mechanism, thereby harmonising the two phases of the larger Holden Hills development.

Expanded share-repurchase program. The Board raised the existing authorization from $5 million to $25 million. As of 20 June 2025, $2 million had been used, leaving $23 million available. Comerica Bank waived the customary $1 million cap contained in existing debt covenants to permit the program.

No earnings figures were released; the filing focuses on capital structure, liquidity, and project governance. Copies of the partnership agreements will be included in the forthcoming Q2 2025 Form 10-Q.

Stratus Properties Inc. (NASDAQ: STRS) ha presentato un modulo 8-K per comunicare due eventi rilevanti: (1) la costituzione della Holden Hills Phase 2 limited partnership e (2) un significativo incremento dell'autorizzazione al riacquisto di azioni.

Partnership Holden Hills Phase 2. Il 13 giugno 2025, le controllate di Stratus (in qualit脿 di General Partner e Class A Limited Partner) e un investitore terzo (Class B Limited Partner) hanno firmato l'accordo di partnership per la Fase 2, relativo a un progetto misto di 570 acri adiacente allo sviluppo residenziale di Fase 1 di 495 acri della societ脿. Gli aspetti economici principali sono:

La Classe A ha conferito terreni e infrastrutture correlate per un valore di 95,7 milioni di dollari (terreni 86,9 mln; investimenti infrastrutturali precedenti 8,8 mln).
La Classe B ha contribuito con 47,9 milioni di dollari in contanti; la stessa somma 猫 stata immediatamente distribuita alla Classe A, fornendo liquidit脿 a Stratus mantenendo una quota azionaria del 50% nella joint venture.
Entrambi i partner devono finanziare i costi 鈥渙bbligatori鈥� futuri e qualsiasi chiamata di capitale approvata da tutti i soci; Stratus ha garantito gli obblighi di capitale futuri delle sue controllate.
脠 in fase di organizzazione una linea di credito revolving separata per la Fase 2; in attesa di questa, la Comerica Bank ha liberato la propriet脿 della Fase 2 dal collaterale del revolver aziendale di Stratus, riducendo la base di prestito da 54,1 a 23,3 milioni di dollari.
Le commissioni di gestione per l'entit脿 GP di Stratus sono fissate a 39.875 dollari al mese per il primo anno pi霉 il 4% di costi specifici.
Le disposizioni di governance standard richiedono il consenso unanime per decisioni importanti, e una clausola buy-sell consente a ciascun partner di attivare un buyout in qualsiasi momento.

Allineamento con la Fase 1. Lo stesso giorno, l鈥檃ccordo di partnership della Fase 1 猫 stato modificato per rispecchiare i termini economici e di governance chiave, in particolare il meccanismo di buy-sell, armonizzando cos矛 le due fasi del pi霉 ampio sviluppo Holden Hills.

Programma di riacquisto azionario ampliato. Il Consiglio ha aumentato l'autorizzazione da 5 milioni a 25 milioni di dollari. Al 20 giugno 2025, erano stati utilizzati 2 milioni, lasciando 23 milioni disponibili. La Comerica Bank ha rinunciato al limite consueto di 1 milione di dollari previsto dai covenant sul debito per consentire il programma.

Non sono stati diffusi dati sugli utili; il documento si concentra sulla struttura del capitale, la liquidit脿 e la governance del progetto. Le copie degli accordi di partnership saranno incluse nel prossimo modulo 10-Q del secondo trimestre 2025.

Stratus Properties Inc. (NASDAQ: STRS) present贸 un Formulario 8-K para revelar dos eventos materiales: (1) la formaci贸n de la Holden Hills Phase 2 limited partnership y (2) un aumento sustancial en su autorizaci贸n para recomprar acciones.

Partnership Holden Hills Phase 2. El 13 de junio de 2025, subsidiarias de Stratus (como Socio General y Socio Limitado Clase A) y un inversor externo (Socio Limitado Clase B) firmaron el Acuerdo de la Fase 2, que cubre un proyecto de uso mixto de 570 acres adyacente al desarrollo residencial de Fase 1 de 495 acres de la compa帽铆a. Los aspectos econ贸micos clave son:

La Clase A aport贸 terrenos e infraestructura valorados en 95,7 millones de d贸lares (terrenos 86,9 m; inversi贸n previa en infraestructura 8,8 m).
La Clase B aport贸 47,9 millones de d贸lares en efectivo; la misma cantidad se distribuy贸 inmediatamente a la Clase A, proporcionando a Stratus liquidez mientras mantiene una participaci贸n accionaria del 50% en la empresa conjunta.
Ambos socios deben financiar costos 鈥渙bligatorios鈥� futuros y cualquier llamado de capital aprobado por todos los socios; Stratus ha garantizado las obligaciones futuras de capital de sus subsidiarias.
Se est谩 organizando una l铆nea de cr茅dito revolvente separada para la Fase 2; mientras tanto, Comerica Bank liber贸 la propiedad de la Fase 2 del colateral del revolver corporativo de Stratus, reduciendo la base de pr茅stamo de 54,1 a 23,3 millones de d贸lares.
Las tarifas de gesti贸n para la entidad GP de Stratus est谩n fijadas en 39,875 d贸lares mensuales durante el primer a帽o m谩s el 4% de costos espec铆ficos.
Las disposiciones est谩ndar de gobernanza requieren consentimiento un谩nime para decisiones importantes, y una cl谩usula de compra-venta permite a cualquiera de los socios activar una compra en cualquier momento.

Alineaci贸n con la Fase 1. El acuerdo de la Fase 1 fue enmendado el mismo d铆a para reflejar los t茅rminos econ贸micos y de gobernanza clave, especialmente el mecanismo de compra-venta, armonizando as铆 ambas fases del mayor desarrollo Holden Hills.

Programa ampliado de recompra de acciones. La Junta aument贸 la autorizaci贸n existente de 5 millones a 25 millones de d贸lares. Al 20 de junio de 2025, se hab铆an utilizado 2 millones, dejando 23 millones disponibles. Comerica Bank renunci贸 al l铆mite habitual de 1 mill贸n de d贸lares establecido en los convenios de deuda para permitir el programa.

No se divulgaron cifras de ganancias; el informe se centra en la estructura de capital, liquidez y gobernanza del proyecto. Las copias de los acuerdos de asociaci贸n se incluir谩n en el pr贸ximo Formulario 10-Q del segundo trimestre de 2025.

Stratus Properties Inc. (NASDAQ: STRS)電� 霊� 臧€歆€ 欤检殧靷暛鞚� 瓿店皽頃橁赴鞙勴暣 Form 8-K毳� 鞝滌稖頄堨姷雼堧嫟: (1) Holden Hills Phase 2 鞙犿暅毂呾瀯臁绊暕 靹る瓿� (2) 欤检嫕鞛Г鞛� 鞀轨澑頃滊弰鞚� 雽€韽� 歃濎暋鞛呺媹雼�.

Holden Hills Phase 2 臁绊暕. 2025雲� 6鞗� 13鞚�, Stratus鞚� 鞛愴殞靷摛(鞚茧皹韺岉姼雱� 氚� Class A 鞙犿暅毂呾瀯韺岉姼雱�)瓿� 甏€霠� 鞐嗠姅韴瀽鞛�(Class B 鞙犿暅毂呾瀯韺岉姼雱�)臧€ 570鞐愳澊旎� 攴滊鞚� 氤淀暕鞖╇弰頂勲鞝濏姼鞐� 甏€頃� Phase 2 臁绊暕瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟. 鞚� 頂勲鞝濏姼電� 須岇偓鞚� 495鞐愳澊旎� Phase 1 欤缄卑臧滊皽攵€歆€ 鞚戈芳鞐� 鞙勳箻顷╇媹雼�. 欤检殧瓴届牅臁瓣贝鞚€ 雼れ潓瓿� 臧欖姷雼堧嫟:

Class A電� 韱犾 氚� 甏€霠� 鞚疙攧霛茧ゼ 9570毵� 雼煬 臧€旃橂 於滌瀽(韱犾 8690毵� 雼煬; 鞚挫爠鞚疙攧霛� 韴瀽 880毵� 雼煬).
Class B電� 4790毵� 雼煬順勱笀鞚� 於滌瀽頄堨溂氅�, 霃欖澕旮堨暋鞚� 歃夓嫓 Class A鞐� 攵勲鞍霅橃柎 Stratus鞐� 順勱笀靾橃澋鞚� 鞝滉车頃橂┐靹滊弰 50% 歆€攵�鞚� 鞙犾顷╇媹雼�.
鞏� 韺岉姼雱堧姅頄ロ泟鈥滌潣氍挫爜鈥� 牍勳毄瓿� 氇摖韺岉姼雱堦皜鞀轨澑頃� 鞛愲掣鞖旍箔鞐� 鞛愱笀鞚� 臁半嫭頃挫暭頃橂┌, Stratus電� 鞛愴殞靷潣頄ロ泟鞛愲掣鞚橂毳� 氤挫顷╇媹雼�.
Phase 2毳� 鞙勴暅氤勲弰鞚� 須岇爠鞁犾毄鞁滌劋鞚� 毵堧牗欷戩澊氅�, 頃措嫻鞁滌劋鞚� 毵堧牗霅� 霑岅箤歆€ Comerica Bank電� Phase 2 攵€霃欖偘鞚� Stratus鞚� 旮办梾須岇爠鞁犾毄雼措炒鞐愳劀頃挫牅頃橃棳彀瀰頃滊弰毳� 5410毵� 雼煬鞐愳劀 2330毵� 雼煬搿� 於曥唽頄堨姷雼堧嫟.
Stratus鞚� GP 氩曥澑鞐� 雽€頃� 甏€毽� 靾橃垬耄岆姅觳� 頃� 鞗� 39,875雼煬鞕€ 歆€鞝曤悳瓴诫箘鞚� 4%搿� 毂呾爼霅橃棃鞀惦媹雼�.
響滌 瓯半矂雱岇姢臁绊暛鞐� 霐半澕欤检殧瓴办爼鞚€ 毵岇灔鞚检箻霃欖潣臧€ 頃勳殧頃橂┌, 毵れ垬-毵る弰臁绊暛鞚� 韱淀暣鞏措姁韺岉姼雱堧摖鞏胳牅霌犾 毵れ垬鞖旍箔鞚� 頃� 靾� 鞛堨姷雼堧嫟.

Phase 1 臁办爼. 臧欖潃雮� Phase 1 臁绊暕瓿勳暯霃� 欤检殧瓴届牅氚� 瓯半矂雱岇姢臁瓣贝, 韸鬼瀳毵れ垬-毵る弰氅旍护雼堨鞚� 氚橃榿頃橂弰搿� 靾橃爼霅橃柎, 霊� 雼硠鞚� Holden Hills 臧滊皽鞚� 臁绊檾搿矊韱淀暕霅橃棃鞀惦媹雼�.

欤检嫕鞛Г鞛� 頂勲攴鸽灗頇曤寑. 鞚挫偓須岆姅旮办〈鞀轨澑頃滊弰毳� 500毵� 雼煬鞐愳劀 2500毵� 雼煬搿� 靸來枼臁办爼頄堨姷雼堧嫟. 2025雲� 6鞗� 20鞚� 旮办鞙茧 200毵� 雼煬臧€ 靷毄霅橃柎 2300毵� 雼煬臧€ 雮晞鞛堨姷雼堧嫟. Comerica Bank電� 頂勲攴鸽灗項堨毄鞚� 鞙勴暣旮办〈攵€毂� 瓿勳暯鞐� 韽暔霅� 韱奠儊鞝侅澑 100毵� 雼煬靸來暅鞚� 氅挫牅頄堨姷雼堧嫟.

靾橃澋靾橃箻電� 瓿店皽霅橃 鞎婌晿鞙茧┌, 鞝滌稖氍胳劀電� 鞛愲掣甑“, 鞙犽彊靹� 氚� 頂勲鞝濏姼瓯半矂雱岇姢鞐� 欷戩爯鞚� 霊愱碃鞛堨姷雼堧嫟. 臁绊暕瓿勳暯靹� 靷掣鞚€ 瓿� 氚滍憸霅� 2025雲� 2攵勱赴 Form 10-Q鞐� 韽暔霅� 鞓堨爼鞛呺媹雼�.

Stratus Properties Inc. (NASDAQ : STRS) a d茅pos茅 un formulaire 8-K pour divulguer deux 茅v茅nements importants : (1) la formation de la Holden Hills Phase 2 limited partnership et (2) une augmentation substantielle de son autorisation de rachat d鈥檃ctions.

Partenariat Holden Hills Phase 2. Le 13 juin 2025, des filiales de Stratus (en tant qu鈥檃ssoci茅 g茅n茅ral et associ茅 commandit茅 de classe A) et un investisseur tiers (associ茅 commandit茅 de classe B) ont sign茅 l鈥檃ccord de partenariat de la phase 2 portant sur un projet 脿 usage mixte de 570 acres adjacent au d茅veloppement r茅sidentiel de phase 1 de 495 acres de la soci茅t茅. Les principaux aspects 茅conomiques sont :

La classe A a apport茅 des terrains et des infrastructures connexes 茅valu茅s 脿 95,7 millions de dollars (terrains 86,9 M$ ; investissement ant茅rieur en infrastructures 8,8 M$).
La classe B a apport茅 47,9 millions de dollars en esp猫ces ; ce m锚me montant a 茅t茅 imm茅diatement distribu茅脿 la classe A, fournissant des liquidit茅s 脿 Stratus tout en maintenant une participation de 50 % dans la coentreprise.
Les deux partenaires doivent financer les co没ts 芦 obligatoires 禄 futurs ainsi que tout appel de fonds approuv茅 par tous les partenaires ; Stratus a garanti les obligations futures en capital de ses filiales.
Une ligne de cr茅dit renouvelable distincte est en cours de mise en place pour la phase 2 ; en attendant cette ligne, la banque Comerica a lib茅r茅 la propri茅t茅 de la phase 2 des garanties du revolver d鈥檈ntreprise de Stratus, r茅duisant la base d鈥檈mprunt de 54,1 M$ 脿 23,3 M$.
Les frais de gestion pour l鈥檈ntit茅 GP de Stratus sont fix茅s 脿 39 875 $ par mois pour la premi猫re ann茅e, plus 4 % de certains co没ts sp茅cifiques.
Les dispositions de gouvernance standard exigent un consentement unanime pour les d茅cisions majeures, et une clause d鈥檃chat-vente permet 脿 chaque partenaire de d茅clencher un rachat 脿 tout moment.

Alignement de la phase 1. Le contrat de partenariat de la phase 1 a 茅t茅 modifi茅 le m锚me jour pour refl茅ter les principaux termes 茅conomiques et de gouvernance, notamment le m茅canisme d鈥檃chat-vente, harmonisant ainsi les deux phases du d茅veloppement plus large de Holden Hills.

Programme 茅largi de rachat d鈥檃ctions. Le conseil d鈥檃dministration a port茅 l鈥檃utorisation existante de 5 millions 脿 25 millions de dollars. Au 20 juin 2025, 2 millions avaient 茅t茅 utilis茅s, laissant 23 millions disponibles. La banque Comerica a renonc茅 au plafond habituel de 1 million de dollars pr茅vu dans les clauses d鈥檈ndettement existantes pour permettre ce programme.

Aucun chiffre de r茅sultat n鈥檃茅t茅 publi茅 ; le d茅p么t met l鈥檃ccent sur la structure du capital, la liquidit茅 et la gouvernance du projet. Les copies des accords de partenariat seront incluses dans le prochain formulaire 10-Q du deuxi猫me trimestre 2025.

Stratus Properties Inc. (NASDAQ: STRS) hat ein Formular 8-K eingereicht, um zwei wesentliche Ereignisse bekannt zu geben: (1) die Gr眉ndung der Holden Hills Phase 2 Limited Partnership und (2) eine erhebliche Erh枚hung der Aktienr眉ckkaufgenehmigung.

Holden Hills Phase 2 Partnerschaft. Am 13. Juni 2025 unterzeichneten Tochtergesellschaften von Stratus (als General Partner und Class A Limited Partner) sowie ein unabh盲ngiger Investor (Class B Limited Partner) den Phase-2-Partnerschaftsvertrag f眉r ein 570 Hektar gro脽es Mischprojekt neben der 495 Hektar gro脽en Phase-1-Wohnentwicklung des Unternehmens. Die wichtigsten wirtschaftlichen Eckdaten sind:

Class A brachte Land und zugeh枚rige Infrastruktur im Wert von 95,7 Millionen US-Dollar ein (Land 86,9 Mio.; vorherige Infrastrukturinvestitionen 8,8 Mio.).
Class B steuerte 47,9 Millionen US-Dollar in bar bei; derselbe Betrag wurde sofort an Class A ausgezahlt, was Stratus Liquidit盲t verschafft und gleichzeitig einen 50 %igen Eigenkapitalanteil am Unternehmen erh盲lt.
Beide Partner m眉ssen zuk眉nftige 鈥瀡erpflichtende鈥� Kosten und alle von allen Partnern genehmigten Kapitalabrufe finanzieren; Stratus hat die zuk眉nftigen Kapitalverpflichtungen seiner Tochtergesellschaften garantiert.
F眉r Phase 2 wird eine separate revolving Kreditlinie eingerichtet; bis diese verf眉gbar ist, hat die Comerica Bank das Phase-2-Grundst眉ck aus der Sicherheitenbasis des Unternehmensrevolvers von Stratus entlassen, wodurch die Kreditbasis von 54,1 Mio. auf 23,3 Mio. US-Dollar reduziert wurde.
Die Managementgeb眉hren f眉r die GP-Einheit von Stratus sind f眉r das erste Jahr auf 39.875 US-Dollar pro Monat plus 4 % bestimmter harter Kosten festgesetzt.
Standard-Governance-Bestimmungen verlangen einstimmige Zustimmung f眉r wichtige Entscheidungen, und eine Kauf-Verkauf-Klausel erlaubt es jedem Partner, jederzeit einen Buyout auszul枚sen.

Phase-1-Angleichung. Am selben Tag wurde der Phase-1-Partnerschaftsvertrag ge盲ndert, um die wichtigsten wirtschaftlichen und Governance-Bedingungen widerzuspiegeln, insbesondere den Kauf-Verkauf-Mechanismus, wodurch die beiden Phasen der gr枚脽eren Holden Hills Entwicklung harmonisiert wurden.

Erweitertes Aktienr眉ckkaufprogramm. Der Vorstand erh枚hte die bestehende Genehmigung von 5 Millionen auf 25 Millionen US-Dollar. Zum 20. Juni 2025 waren 2 Millionen US-Dollar genutzt, sodass 23 Millionen US-Dollar verf眉gbar sind. Die Comerica Bank verzichtete auf die 眉bliche 1-Million-US-Dollar-Grenze in den bestehenden Schuldenvereinbarungen, um das Programm zu erm枚glichen.

Es wurden keine Gewinnzahlen ver枚ffentlicht; die Einreichung konzentriert sich auf Kapitalstruktur, Liquidit盲t und Projektgovernance. Kopien der Partnerschaftsvertr盲ge werden im bevorstehenden Formular 10-Q f眉r das zweite Quartal 2025 enthalten sein.

Positive

$47.9 million cash distribution to Stratus from JV, strengthening near-term liquidity.
Stratus retains a 50 % equity interest in a 570-acre Austin mixed-use project with future upside.
Share-repurchase authorization quadrupled to $25 million, signalling capital-return intent.
Comerica Bank consented to repurchases, indicating covenant flexibility.

Negative

Corporate revolver borrowing base reduced by $30.8 million, tightening available credit.
Stratus guaranteed future capital calls, exposing it to potential cost overruns.
No firm commitment or financing in place for construction, leaving development timing uncertain.

Insights

TL;DR: 50-50 JV monetises land now, keeps upside; liquidity improves short-term but revolver base reduced鈥攐verall balanced.

The cash distribution of $47.9 m immediately realises partial land value and strengthens near-term liquidity, while Stratus still retains half of the economic upside in a large, mixed-use Austin development. Governance terms appear standard, with unanimous consent on major decisions and an at-will buy-sell provision that can crystallise value. However, the guarantee of future capital calls and the absence of committed construction funding mean Stratus remains exposed to cost inflation and capital-market risk. Release of the collateral parcel trims the corporate revolver borrowing base by $30.8 m, partially offsetting the liquidity benefit. Net effect is strategically sound but not transformational.

TL;DR: Cash influx and larger buyback boost shareholder optionality; leverage headroom tightens鈥攕lightly positive.

The JV structure converts non-earning land into cash without share dilution, enabling a material expansion of the buyback program to $25 m. At the current market cap, repurchases could be meaningfully accretive if executed near prevailing prices. Comerica鈥檚 consent confirms covenant flexibility, but the borrowing-base cut narrows debt capacity, so management must balance buybacks against future capital commitments. Given Austin鈥檚 continued in-migration and mixed-use demand, retaining 50 % ownership preserves upside optionality. Overall, the announcement modestly improves capital allocation prospects and should be viewed as a mild positive for equity holders.

La Classe A ha conferito terreni e infrastrutture correlate per un valore di 95,7 milioni di dollari (terreni 86,9 mln; investimenti infrastrutturali precedenti 8,8 mln).
La Classe B ha contribuito con 47,9 milioni di dollari in contanti; la stessa somma 猫 stata immediatamente distribuita alla Classe A, fornendo liquidit脿 a Stratus mantenendo una quota azionaria del 50% nella joint venture.
Entrambi i partner devono finanziare i costi 鈥渙bbligatori鈥� futuri e qualsiasi chiamata di capitale approvata da tutti i soci; Stratus ha garantito gli obblighi di capitale futuri delle sue controllate.
脠 in fase di organizzazione una linea di credito revolving separata per la Fase 2; in attesa di questa, la Comerica Bank ha liberato la propriet脿 della Fase 2 dal collaterale del revolver aziendale di Stratus, riducendo la base di prestito da 54,1 a 23,3 milioni di dollari.
Le commissioni di gestione per l'entit脿 GP di Stratus sono fissate a 39.875 dollari al mese per il primo anno pi霉 il 4% di costi specifici.
Le disposizioni di governance standard richiedono il consenso unanime per decisioni importanti, e una clausola buy-sell consente a ciascun partner di attivare un buyout in qualsiasi momento.

La Clase A aport贸 terrenos e infraestructura valorados en 95,7 millones de d贸lares (terrenos 86,9 m; inversi贸n previa en infraestructura 8,8 m).
La Clase B aport贸 47,9 millones de d贸lares en efectivo; la misma cantidad se distribuy贸 inmediatamente a la Clase A, proporcionando a Stratus liquidez mientras mantiene una participaci贸n accionaria del 50% en la empresa conjunta.
Ambos socios deben financiar costos 鈥渙bligatorios鈥� futuros y cualquier llamado de capital aprobado por todos los socios; Stratus ha garantizado las obligaciones futuras de capital de sus subsidiarias.
Se est谩 organizando una l铆nea de cr茅dito revolvente separada para la Fase 2; mientras tanto, Comerica Bank liber贸 la propiedad de la Fase 2 del colateral del revolver corporativo de Stratus, reduciendo la base de pr茅stamo de 54,1 a 23,3 millones de d贸lares.
Las tarifas de gesti贸n para la entidad GP de Stratus est谩n fijadas en 39,875 d贸lares mensuales durante el primer a帽o m谩s el 4% de costos espec铆ficos.
Las disposiciones est谩ndar de gobernanza requieren consentimiento un谩nime para decisiones importantes, y una cl谩usula de compra-venta permite a cualquiera de los socios activar una compra en cualquier momento.

Class A電� 韱犾 氚� 甏€霠� 鞚疙攧霛茧ゼ 9570毵� 雼煬 臧€旃橂 於滌瀽(韱犾 8690毵� 雼煬; 鞚挫爠鞚疙攧霛� 韴瀽 880毵� 雼煬).
Class B電� 4790毵� 雼煬順勱笀鞚� 於滌瀽頄堨溂氅�, 霃欖澕旮堨暋鞚� 歃夓嫓 Class A鞐� 攵勲鞍霅橃柎 Stratus鞐� 順勱笀靾橃澋鞚� 鞝滉车頃橂┐靹滊弰 50% 歆€攵�鞚� 鞙犾顷╇媹雼�.
鞏� 韺岉姼雱堧姅頄ロ泟鈥滌潣氍挫爜鈥� 牍勳毄瓿� 氇摖韺岉姼雱堦皜鞀轨澑頃� 鞛愲掣鞖旍箔鞐� 鞛愱笀鞚� 臁半嫭頃挫暭頃橂┌, Stratus電� 鞛愴殞靷潣頄ロ泟鞛愲掣鞚橂毳� 氤挫顷╇媹雼�.
Phase 2毳� 鞙勴暅氤勲弰鞚� 須岇爠鞁犾毄鞁滌劋鞚� 毵堧牗欷戩澊氅�, 頃措嫻鞁滌劋鞚� 毵堧牗霅� 霑岅箤歆€ Comerica Bank電� Phase 2 攵€霃欖偘鞚� Stratus鞚� 旮办梾須岇爠鞁犾毄雼措炒鞐愳劀頃挫牅頃橃棳彀瀰頃滊弰毳� 5410毵� 雼煬鞐愳劀 2330毵� 雼煬搿� 於曥唽頄堨姷雼堧嫟.
Stratus鞚� GP 氩曥澑鞐� 雽€頃� 甏€毽� 靾橃垬耄岆姅觳� 頃� 鞗� 39,875雼煬鞕€ 歆€鞝曤悳瓴诫箘鞚� 4%搿� 毂呾爼霅橃棃鞀惦媹雼�.
響滌 瓯半矂雱岇姢臁绊暛鞐� 霐半澕欤检殧瓴办爼鞚€ 毵岇灔鞚检箻霃欖潣臧€ 頃勳殧頃橂┌, 毵れ垬-毵る弰臁绊暛鞚� 韱淀暣鞏措姁韺岉姼雱堧摖鞏胳牅霌犾 毵れ垬鞖旍箔鞚� 頃� 靾� 鞛堨姷雼堧嫟.

La classe A a apport茅 des terrains et des infrastructures connexes 茅valu茅s 脿 95,7 millions de dollars (terrains 86,9 M$ ; investissement ant茅rieur en infrastructures 8,8 M$).
La classe B a apport茅 47,9 millions de dollars en esp猫ces ; ce m锚me montant a 茅t茅 imm茅diatement distribu茅脿 la classe A, fournissant des liquidit茅s 脿 Stratus tout en maintenant une participation de 50 % dans la coentreprise.
Les deux partenaires doivent financer les co没ts 芦 obligatoires 禄 futurs ainsi que tout appel de fonds approuv茅 par tous les partenaires ; Stratus a garanti les obligations futures en capital de ses filiales.
Une ligne de cr茅dit renouvelable distincte est en cours de mise en place pour la phase 2 ; en attendant cette ligne, la banque Comerica a lib茅r茅 la propri茅t茅 de la phase 2 des garanties du revolver d鈥檈ntreprise de Stratus, r茅duisant la base d鈥檈mprunt de 54,1 M$ 脿 23,3 M$.
Les frais de gestion pour l鈥檈ntit茅 GP de Stratus sont fix茅s 脿 39 875 $ par mois pour la premi猫re ann茅e, plus 4 % de certains co没ts sp茅cifiques.
Les dispositions de gouvernance standard exigent un consentement unanime pour les d茅cisions majeures, et une clause d鈥檃chat-vente permet 脿 chaque partenaire de d茅clencher un rachat 脿 tout moment.

Class A brachte Land und zugeh枚rige Infrastruktur im Wert von 95,7 Millionen US-Dollar ein (Land 86,9 Mio.; vorherige Infrastrukturinvestitionen 8,8 Mio.).
Class B steuerte 47,9 Millionen US-Dollar in bar bei; derselbe Betrag wurde sofort an Class A ausgezahlt, was Stratus Liquidit盲t verschafft und gleichzeitig einen 50 %igen Eigenkapitalanteil am Unternehmen erh盲lt.
Beide Partner m眉ssen zuk眉nftige 鈥瀡erpflichtende鈥� Kosten und alle von allen Partnern genehmigten Kapitalabrufe finanzieren; Stratus hat die zuk眉nftigen Kapitalverpflichtungen seiner Tochtergesellschaften garantiert.
F眉r Phase 2 wird eine separate revolving Kreditlinie eingerichtet; bis diese verf眉gbar ist, hat die Comerica Bank das Phase-2-Grundst眉ck aus der Sicherheitenbasis des Unternehmensrevolvers von Stratus entlassen, wodurch die Kreditbasis von 54,1 Mio. auf 23,3 Mio. US-Dollar reduziert wurde.
Die Managementgeb眉hren f眉r die GP-Einheit von Stratus sind f眉r das erste Jahr auf 39.875 US-Dollar pro Monat plus 4 % bestimmter harter Kosten festgesetzt.
Standard-Governance-Bestimmungen verlangen einstimmige Zustimmung f眉r wichtige Entscheidungen, und eine Kauf-Verkauf-Klausel erlaubt es jedem Partner, jederzeit einen Buyout auszul枚sen.

06/20/2025 - 08:09 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 13, 2025

Stratus Properties Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-37716

72-1211572

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)


212 Lavaca St., Suite 300
Austin,	Texas	78701
(Address of Principal Executive Offices)		(Zip Code)

Registrant's telephone number, including area code: (512) 478-5788

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	STRS	The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Holden Hills Phase 2 Partnership

On June 13, 2025 (Effective Date), Holden Hills Phase 2 GP, L.L.C., a Texas limited liability company, as the general partner (Phase 2 General Partner), Stratus Properties Operating Co., L.P., a Delaware limited partnership, as the sole Class A limited partner (Class A Limited Partner), both wholly-owned subsidiaries of Stratus Properties Inc. (Stratus), and SWPD Investments, LLC, an unrelated equity investor, as the sole Class B limited partner (Class B Limited Partner) entered into a limited partnership agreement (Phase 2 Partnership Agreement) of Holden Hills Phase 2, L.P. (Phase 2 Partnership) and other related agreements for the development of Holden Hills Phase 2 (Holden Hills Phase 2 Project).

The Holden Hills Phase 2 Project is Stratus’ approximately 570-acre mixed-use development located along Southwest Parkway in the southern portion of the Barton Creek community adjacent to Holden Hills Phase 1, Stratus’ 495-acre residential development. Stratus is planning both Holden Hills Phase 1 and Holden Hills Phase 2 as one interconnected development, branded as Holden Hills. Holden Hills Phase 2 is being designed as a mixed-use project, including a range of commercial and extensive residential uses, surrounded by outdoor recreational and greenspace amenities.

Pursuant to the Phase 2 Partnership Agreement, the partners have made the following initial capital contributions: (i) the Class A Limited Partner contributed the Holden Hills Phase 2 land and related personal property at an agreed value of approximately $95.7 million, which reflects an agreed land value of $86.9 million and Stratus’ Tecoma Circle infrastructure investment of approximately $8.8 million, and (ii) the Class B Limited Partner contributed approximately $47.9 million in cash. Following the Class B Limited Partner's initial capital contribution, approximately $47.9 million of cash was distributed by the Phase 2 Partnership to the Class A Limited Partner. As a result of these transactions, Stratus holds, indirectly through its wholly-owned subsidiaries, a 50% equity capital interest in the Phase 2 Partnership, and the Class B Limited Partner holds the remaining 50% equity capital interest in the Phase 2 Partnership. Generally, after the initial distribution described above, distributions will be made to the partners in accordance with their relative equity capital interests. The initial purposes of the Phase 2 Partnership do not include the development or construction of horizontal or vertical improvements (each, a “Future Project”), and the commencement of any Future Project will require the approval of all partners. The Phase 2 Partnership will reimburse the Class A Limited Partner for certain initial project costs of approximately $0.8 million within a reasonable time after the Effective Date.

In addition to each partner’s initial capital contribution, upon the call of the Phase 2 General Partner from time to time, the partners are obligated to make additional capital contributions for certain Phase 2 Partnership costs and expenses defined as “mandatory,” such as property taxes and debt service payments, within available unused reserves in the then-current approved budget or as otherwise approved by the partners. Stratus guaranteed the additional capital contribution obligations of the Phase 2 General Partner and the Class A Limited Partner.

The Phase 2 Partnership is working to establish a separate revolving credit facility for the Holden Hills Phase 2 Project (Holden Hills Phase 2 Revolving Credit Facility), which is expected to be sized as needed for future operating costs. The Holden Hills Phase 2 Partnership intends to use the facility to reimburse the Class A Limited Partner for the approximately $0.8 million initial project costs, as described above, fund the approved operating budget for 2025, and fund future partnership activities approved by the partners.

The Phase 2 General Partner has the authority to manage the Phase 2 Partnership’s business, subject to approval rights given to the partners for specified “Major Decisions,” including but not limited to:

•operating and Future Project budgets (as applicable), the business plan, and amendments thereto;

•commencement of any Future Project;

•sales, leases or transfers of any portion of the Holden Hills Phase 2 Project or any Future Project to any partner, affiliate of any partner, or to any unaffiliated third party other than as contemplated in the business plan;

•payments, transactions or agreements between the Phase 2 Partnership and any partner or its affiliates not already approved;

•incurring any debt, mortgage or guaranty;

•capital calls in excess of the initial capital commitment or otherwise as provided in the Phase 2 Partnership Agreement;

•issuance or redemption of Phase 2 Partnership interests, or admitting a new partner;

•direct or indirect transfers of the Phase 2 General Partner or Class A Limited Partner’s interests in the Phase 2 Partnership, except for certain carve-outs including Stratus stock transfers and beneficial ownership changes, and for any transfers in connection with mergers, reorganizations, sales of all or substantially all assets or similar transactions of or by Stratus; and

•direct or indirect transfers of the Class B Limited Partner’s interest in the Phase 2 Partnership, except for permitted assignments as described in the Phase 2 Partnership Agreement.

Determinations of the Phase 2 Partnership regarding whether to assert, defend, or settle claims, and the terms of such claims, under any agreement between the Phase 2 Partnership and affiliates of Stratus are determined on behalf of the Phase 2 Partnership by the Class B Limited Partner.

Pursuant to the Phase 2 Partnership Agreement’s buy-sell provision, any partner can initiate the buy-sell at any time by written notice to the other partner, specifying the buyout price.

The Phase 2 Partnership interests are subject to substantial restrictions on direct and indirect transfers under the Phase 2 Partnership Agreement and applicable law. Generally, direct and indirect transfers other than to specified permitted transferees require partner consent and such transfer is subject to a right of first refusal by the non-transferring partners. Removal of the Phase 2 General Partner is limited to “cause” as described in the Phase 2 Partnership Agreement.

Pursuant to an asset management agreement between the Phase 2 Partnership and the Phase 2 General Partner, the Phase 2 Partnership has agreed to pay the Phase 2 General Partner management fees equal to $39,875.00 per month (prorated for any partial month) for the first 12 months after the Effective Date and thereafter subject to adjustment as may be agreed by the Phase 2 Partnership, the Class B Limited Partner and the Phase 2 General Partner, plus 4% of the hard costs of the landscaping and site clearing approved in the initial operating budget.

The partners have approved an initial business plan for the Holden Hills Phase 2 Project and operating budget, each through December 31, 2025. The Phase 2 General Partner will annually prepare and deliver to the other partners a proposed business plan and annual operating budget, subject to approval of the partners. Expenditures that would result in certain overages with respect to the approved annual operating budget are subject to approval of the partners. Future Projects, including related Future Project budgets, are subject to approval of all partners.

On the Effective Date, and in anticipation of the Holden Hills Phase 2 Revolving Credit Facility, Comerica Bank released the Holden Hills Phase 2 property from the collateral pool for Stratus’ Comerica Bank revolving credit facility and the borrowing base under the facility was reduced from $54.1 million to $23.3 million, pursuant to the terms of the loan agreement.

Amendment to Holden Hill Phase 1 Partnership Agreement

On June 13, 2025, Holden Hills GP, L.L.C., the Class A Limited Partner, and Bartoni, LLC, an unrelated equity investor, as the sole Class B limited partner, entered into the First Amendment to the Amended and Restated Limited Partnership Agreement (Phase 1 Partnership Amendment) of Holden Hills, L.P. (Phase 1 Partnership), which amended the Amended and Restated Limited Partnership Agreement, effective

January 31, 2023, of the Phase 1 Partnership (Phase 1 Partnership Agreement). The Phase 1 Partnership Amendment amended certain provisions to more closely align the Phase 1 Partnership Agreement with the Phase 2 Partnership Agreement described above, including that any partner can initiate a buy-sell at any time by written notice to the other partner.

The foregoing summary of the Phase 2 Partnership Agreement, the Phase 1 Partnership Amendment and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the full text of the Phase 2 Partnership Agreement and Phase 1 Amendment, copies of which will be filed as an exhibit to Stratus’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

Item 8.01. Other Events.

Stratus’ Board of Directors (Board) has approved an increase to Stratus’ share repurchase program from $5.0 million to up to $25.0 million of Stratus’ common stock. As of June 20, 2025, Stratus had repurchased $2.0 million under the program, leaving $23.0 million available for future purchases. The repurchase program authorizes Stratus, in management’s and the Capital Committee of the Board’s discretion, to repurchase shares from time to time, subject to market conditions and other factors.

CAUTIONARY STATEMENT

This report contains forward-looking statements in which Stratus discusses factors it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical fact, such as plans, projections or expectations related to the planning, financing (including the potential Holden Hills Phase 2 Revolving Credit Facility) and development of Holden Hills Phase 2, projected costs, other plans and objectives of management for future operations and development projects, and potential future cash returns to stockholders, including the timing and amount of repurchases under Stratus’ share repurchase program. The words “anticipate,” “may,” “can,” “plan,” “believe,” “potential,” “estimate,” “expect,” “project,” "target," “intend,” “likely,” “will,” “should,” “to be” and any similar expressions and/or statements are intended to identify those assertions as forward-looking statements.

Under Stratus’ Comerica Bank debt agreements, Stratus is not permitted to repurchase its common stock in excess of $1.0 million or pay dividends on its common stock without Comerica Bank’s prior written consent, which Stratus obtained in connection with its current $25.0 million share repurchase program. Any future declaration of dividends or decision to repurchase Stratus’ common stock outside of the approved share repurchase program is at the discretion of Stratus’ Board, subject to restrictions under Stratus’ Comerica Bank debt agreements, and will depend on Stratus’ financial results, cash requirements, projected compliance with covenants in its debt agreements, outlook and other factors deemed relevant by the Board. Stratus’ future debt agreements, future refinancings of or amendments to existing debt agreements or other future agreements may restrict Stratus’ ability to declare dividends or repurchase shares.

Stratus cautions readers that forward-looking statements are not guarantees of future performance, and its actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause Stratus’ actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, Stratus’ ability to execute profitably on its development plan for Holden Hills Phase 2, the availability and terms of debt financing for the development of Holden Hills Phase 2, Stratus’ ability to implement its business strategy successfully, including its ability to develop, finance, construct and sell or lease properties on terms its Board considers acceptable, increases in operating and construction costs, including real estate taxes, maintenance and insurance costs, and the cost of building materials and labor, elevated inflation and interest rates, the effect of changes in tariffs and trade policies, including threatened tariffs, supply chain constraints, defaults by contractors and subcontractors, declines in the market value of Stratus’ assets, market conditions or corporate developments that could preclude, impair or delay any opportunities with respect to plans to sell, recapitalize or refinance properties, a decrease in the demand for real estate in select markets in Texas where Stratus operates, particularly in Austin, changes in economic, market, tax, business and geopolitical conditions, potential U.S. or local economic downturn or recession, Stratus’ ability to enter into and maintain joint ventures, partnerships or other strategic relationships, including risks associated with such joint ventures, Stratus’ ability to obtain various entitlements and permits, environmental and litigation risks, including the timing and resolution of the ongoing litigation challenging Texas Senate Bill 2038 (the ETJ Law) and Stratus’ ability to implement revised development plans in light of the ETJ Law, and other factors described in more detail under the heading “Risk Factors” in Stratus’ Annual Report on Form 10-K for the year ended December 31, 2024, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, each filed with the Securities and Exchange Commission.

Investors are cautioned that many of the assumptions upon which Stratus’ forward-looking statements are based are likely to change after the date the forward-looking statements are made. Further, Stratus may make changes to its business plans that could affect its results. Stratus cautions investors that it undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, business plans, actual experience, or other changes.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Stratus Properties Inc.


			By:			/s/ Spencer Bailey Edwards
						Spencer Bailey Edwards
						Vice President - Finance (authorized signatory)

Date: June 20, 2025

Source:

FAQ

What did Stratus Properties (STRS) contribute to the Holden Hills Phase 2 partnership?

Stratus contributed land and infrastructure valued at $95.7 million via its Class A Limited Partner subsidiary.

How much cash did Stratus receive from the Phase 2 transaction?

Stratus received an immediate $47.9 million distribution equal to the Class B partner鈥檚 cash contribution.

What is the new limit on Stratus鈥� share-repurchase program?

The Board increased the authorization from $5 million to $25 million; $23 million remains available.

How was Stratus鈥� Comerica Bank revolver affected by the deal?

The borrowing base was reduced from $54.1 million to $23.3 million after releasing the Phase 2 property as collateral.

What equity stake does Stratus hold in the Holden Hills Phase 2 partnership?

Stratus, through its subsidiaries, owns a 50 % equity capital interest in the partnership.

AG真人官方

[8-K] Stratus Properties Inc Reports Material Event

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FAQ

What did Stratus Properties (STRS) contribute to the Holden Hills Phase 2 partnership?

How much cash did Stratus receive from the Phase 2 transaction?

What is the new limit on Stratus鈥� share-repurchase program?

How was Stratus鈥� Comerica Bank revolver affected by the deal?

What equity stake does Stratus hold in the Holden Hills Phase 2 partnership?

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[8-K] Stratus Properties Inc Reports Material Event

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AG真人官方 Estate Analyst neutral

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FAQ

What did Stratus Properties (STRS) contribute to the Holden Hills Phase 2 partnership?

How much cash did Stratus receive from the Phase 2 transaction?

What is the new limit on Stratus鈥� share-repurchase program?

How was Stratus鈥� Comerica Bank revolver affected by the deal?

What equity stake does Stratus hold in the Holden Hills Phase 2 partnership?

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