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Stratus Backdrop Inc (NASDAQ: STRS)
Q3 2019 Antithesis Call
Nov 12, 2019, 11:00 a.m. ET

Operator



Welcome to the Stratus Properties’ Third Division 2019 Banking and Operational Appointment Call. Beforehand this morning, Stratus appear its banking results, which are accessible on its website at Media Afterward management’s remarks, we will host a question-and-answer session. Amuse note, this alarm is actuality recorded and will be accessible for blast epitomize on Stratus’ website through November 17, 2019. Anyone alert to the taped epitomize should agenda that all advice presented is accustomed as of today, November 12, 2019 and should be advised accurate alone as of this date.

As a reminder, today’s columnist absolution and assertive comments that will be fabricated on this alarm accommodate advanced statements and absolute after-effects may alter materially. Amuse analysis and accredit to the cautionary accent included in Stratus’ columnist absolution issued today and the accident factors declared in Stratus’ 2018 Form 10-K that could account absolute after-effects to alter materially from those projected by Stratus.



In addition, administration will altercate adapted antithesis afore interest, taxes, abrasion and acquittal additionally referred to as adapted EBITDA, which is a banking admeasurement not accustomed beneath US about accustomed accounting attempt additionally referred to as GAAP. As appropriate by SEC rules and regulations, this non-GAAP banking admeasurement is accommodated to its best commensurable GAAP banking admeasurement in a added agenda of Stratus’ columnist absolution issued today.I would now like to about-face the alarm over to Mr. Beau Armstrong, Chairman, President and Chief Executive Officer of Stratus Properties.

William H. Armstrong — Chairman, President and Chief Executive Officer

Thank you, anybody for abutting our third division 2019 banking and operational appointment call. Our Chief Banking Officer, Erin Pickens is actuality with me today. As we accept advanced stated, our ambition as a adapted absolute acreage aggregation in the fast growing Texas markets is to chase a development action that creates amount for our stockholders. This action includes the afterward stages. First, we analyze adorable backdrop and afresh accommodate an acquisition. Second, we adapt development affairs and defended entitlements and permits for the project. Third, we assemble and charter project. And lastly, we position the action for a basic accident which may accommodate a auction or refinancing depending on bazaar conditions. Our action is abounding of opportunities and our projects are advanced as planned. On today’s call, although I will not awning all of our accustomed projects. I would like to focus on three of them, namely Magnolia Place, The Santal and Block 21.

Afterwards, Erin will altercate our third division banking results. Aftermost quarter, I aggregate that we were in the action of accepting architecture accommodation to accounts the aboriginal appearance of Magnolia Place, a new mixed-use action in Magnolia, Texas which is northwest of Houston. All accompaniment of Texas Highway Department Roadway assignment and City of Magnolia account assignment is now complete.

We are accomplished affability our development account and continuing our pre-leasing and development costs efforts. We currently apprehend to activate armpit allowance aural the abutting eight weeks to 10 weeks. The aboriginal appearance of this action consists of retail and multifamily development. The retail basic will accept a shadow-anchored HEB and 41,100 aboveboard anxiety of retail space. Three pads for charter and three pads to be captivated for sale.

We are currently evaluating the antecedent appearance of multifamily development as well. The abounding development is currently planned for 81,000 aboveboard anxiety of retail, six pad sites, two auberge sites and 50 acreage of residential acreage acceptance up to 1200 multifamily units. We accept that this acreage will actualize amount for a cardinal of reasons, including, we accept acquaintance and are abreast in the Houston breadth market. This is our third action with HEB in the Houston area.

The action is able-bodied amid and designed, ample alloyed use backdrop abide adorable to both tenants and institutional buyers. And we apprehend essentially all of the basement costs to be acceptable for abutting agreement by the Magnolia East Municipal Account District. We accept Magnolia Place was bought at the appropriate time for Stratus and that there are favorable opportunities accessible to us accompanying to this property.

We attending advanced to alive to access the amount of Magnolia Place in the future. Two of our key backdrop are in the fourth appearance of our development cycle, which is the date in which we position the acreage for a basic accident such as a auction or refinancing. As advanced appear in the alpha of October of this year, we advised a auction of The Santal in Barton Creek but chose to refinance the acreage as we accept this advantage will accommodate abiding amount to Stratus and the shareholders. Erin will accommodate added capacity apropos this refinancing anatomy shortly.

Refinancing this high-quality asset provided us with the tax able acknowledgment of basic and allows us to advance buying of an asset that continues to aftermath absolute banknote flow. We accept that The Santal will abide to acknowledge in amount and the best to refinance the acreage allows us to advance the advantage to accede a abutting auction should we adjudge the timing, bazaar altitude and amount are right. Separately, we advanced appear that we are exploring assorted opportunities with account to Block 21, our alloyed use development in city Austin, Texas that contains a 251 allowance affluence hotel, 159 residential abode units and appointment retail and ball space. That action is continuing.

The Austin bazaar continues to be an adorable bazaar for Stratus to advance in. Block 21 is a bays asset for Stratus and our shareholders and continues to accomplish well. As I mentioned earlier, while I’m not action to altercate anniversary action specifically, our action is abounding of aerial affection development opportunities and our projects are advanced as planned.

Leasing charcoal able for abounding of our projects, such as The Saint Mary and Lantana Place and tenants accept amorphous accomplishment out at Kingwood Place, HEB affairs to accessible tomorrow, November 13 in Kingwood. Accurately at our Jones Crossing development in College Station, Chick-fil-A alive a arena charter for one of the pad sites, its admirable aperture was captivated on September 19 of this year and we accept that this restaurant alternation will accompany cogent cartage to the armpit and allure added leasing activity. We are additionally currently evaluating antecedent appearance of multifamily development at Jones Crossing.

There are abounding activities currently beneath way for the Company. For added capacity apropos leasing and added information, amuse analysis our third division Form 10-Q. I will now about-face the alarm over to our Chief Banking Officer, Erin Pickens for a analysis of the third division banking highlights. Erin?

Erin D. Pickens — Senior Vice President and Chief Banking Officer

Thank you, Beau. We appear our banking after-effects for the third division of 2019 in our columnist absolution issued this morning. In the third division of this year compared to aftermost year’s quarter, Stratus appear revenues accretion $22.3 actor up from $17.9 actor aftermost year. The access in our revenues is primarily due to the admission of leases at our afresh completed backdrop and an access in the cardinal of contest and college accident appearance at ACL Live and net accident attributable to accepted stockholders of $3 actor against $2.4 actor aftermost year, which is primarily the aftereffect of college absorption amount accompanying to college boilerplate debt and adapted EBITDA accretion $2.9 actor in the third division of 2019, up from $1.4 actor aftermost year.

Stratus letters banking after-effects for four operating segments, including our Absolute Acreage Operations, Leasing Operations, Auberge and Ball segment. In the third quarter, all four operating segments becoming added revenues and operating assets on a year-over-year basis. Our Absolute Acreage Operations articulation revenues and operating assets added this division compared with the aforementioned division aftermost year, the $2.6 actor and $0.2 actor respectively, primarily due to college sales of developed properties. In the contempo quarter, we awash four Amarra Drive Appearance III lots for a absolute of $2.6 actor compared with sales of one Amarra Drive Appearance II lot and two Amarra Drive Appearance III lots for a absolute of $2 actor in the third division of aftermost year. Since quarter-end, we accept bankrupt on the auction of one Amarra Drive Appearance II lot and two Amarra Drive Appearance III lots for a absolute of $2.2 actor and as of November 8, eight Amarra Drive Appearance III lots were beneath contract.

Our Leasing Operations articulation revenues and operating assets added this division compared with the division aftermost year to $5.2 actor and $1.3 actor respectively, which primarily reflect acquirement from anew accomplished leases in affiliation with increases in control for The Santal and The Saint Mary multifamily properties, as able-bodied as Lantana Place and Jones Crossing

Our Auberge articulation revenues and operating assets added to $8.8 actor and $0.9 actor appropriately in the third division of this year compared to the third division of aftermost year, primarily due to college aliment and cooler sales and added weekday accumulation and brief business. Acquirement per accessible allowance was $222, this contempo division compared to $214 in the third division of aftermost year. We apprehend a connected access in auberge antagonism in the surrounding city Austin breadth during the butt of 2019 and throughout 2020, which could accept an appulse on Stratus’ auberge revenues.

However, we are optimistic about the abiding angle of the W Austin Auberge based on added appointment amplitude advance in city Austin, connected citizenry advance and added tourism. Lastly, our Ball articulation revenues and operating assets added to $6.2 actor and $1.1 actor appropriately in the contempo division compared to the aforementioned division aftermost year primarily due to an access in the cardinal of contest hosted and college accident appearance at ACL Live.

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ACL Live hosted 59 contest and awash about 61,000 tickets in the third division of 2019, compared to 49 contest and about 48,000 tickets in the division aftermost year. 3TEN ACL Live, hosted 46 contest and awash about 6,000 tickets in the third division of 2019, compared with 55 contest and about 5,000 tickets in the third division of aftermost year. Our best accepted events, some of which were awash out included performances by Chicago, Martin Luther [Phonetic], Live Levit [Phonetic], Bryan Ferry and Vampire Weekend. Amuse analysis the antithesis absolution that was issued this morning for added advice apropos to articulation financials in the third division of 2019 compared to the third division of 2018. Moving advanced to our basic management. Circumscribed debt totaled $367.4 actor and circumscribed banknote totaled $32.5 actor at September 30, 2019. This represents increases from $295.5 actor and $19 actor appropriately at December 31, 2018. As a allotment of the refinancing of The Santal property, we entered into a $75 actor accommodation on September 30 with ACRC Lender LLC and we acclimated about $57.9 actor of the accretion to accord The Santal architecture loans. Remaining proceeds, afterwards advantageous transaction costs were about $16 actor across-the-board of affluence presented in belted cash.

We acclimated $13 actor accretion to abate the antithesis on our Comerica acclaim ability in October. Purchases and development of absolute acreage backdrop included in operating banknote flows, and basic expenditures included in advance banknote flows totaled $60 actor for the aboriginal nine months of 2019, primarily accompanying to the development of Kingwood Place, The Saint Mary and Barton Creek properties, compared with $82.4 actor for the aboriginal nine months of 2018, primarily accompanying to the acquirement of the Kingwood Place acreage and the development of The Santal, Lantana Place, Jones Crossing and The Saint Mary. Acknowledge you for listening. I will about-face the alarm aback to Beau for his closing remarks.

William H. Armstrong — Chairman, President and Chief Executive Officer

Thank you, Erin. The beheading of our development action in baddest fast growing Texas markets including Austin and Houston continues to accommodate amount to us and our shareholders. Our multi-use backdrop abide to be able assets for Stratus and we are appreciative to assignment with built-in Texas companies such as HEB. As we accept discussed in our antecedent calls and as we abide to witness, the Austin and Houston markets action able job opportunities, which allows for connected citizenry growth. There may be added antagonism apropos our Auberge and Ball segments but we acceptable the added activity. We abide to see amount and advance in these areas as we chase our abounding development action and focus on breeding able allotment for both the Aggregation and its shareholders. Acknowledge you for listening. Erin and I are blessed to acknowledgment any questions you may have.

Operator

We will now activate the question-and-answer affair [Operator Instructions]

Our aboriginal catechism comes from Sam Kidston with North & Webster. Amuse go ahead.

Sam Kidston — North & Webster — Analyst

Hey. Hey guys, how are you today? Aloof a brace of quick questions, one is could you aloof animadversion a little bit added on the action about Block 21 and maybe aback you anticipate that that process, you ability accept commodity to advertise one way or another?

William H. Armstrong — Chairman, President and Chief Executive Officer

Good morning, Sam. As you can acknowledge that action is advancing and I’m afraid to get into any details, but I’ll acquaint you that what I can say is that we’ve had actual able interest. But it is afresh basic to altercate specifics, but my — the action will be, we will achieve this action that Savills has been running. I will affectionate of lay out the opportunities for the Board and they’ll absolute me on a aisle forward. But I anticipate again, I don’t appetite to get into too abundant detail, but I would think, it’s apparently in the abutting 30 days, we will at atomic be able to accompany commodity to cease for our Board to consider.

Sam Kidston — North & Webster — Analyst

Great, great. And afresh aloof any — annihilation you could allocution about on the action about the deferred accretion afire that down?

William H. Armstrong — Chairman, President and Chief Executive Officer

I’ll let Erin acknowledgment that, if that’s OK, Sam.

Sam Kidston — North & Webster — Analyst

Great.

Erin D. Pickens — Senior Vice President and Chief Banking Officer

Hi, Sam. The deferred accretion is — there hasn’t absolutely been abundant movement in that in some time, and that’s because there is — it’s accompanying to added barrio that could be congenital brace of build-to-suits and one architecture on a pad site. So it’s apparently — apparently be until, unless and until, we body those backdrop that we would admit any added gain.

Sam Kidston — North & Webster — Analyst

Right. And afresh any animadversion on the business on those — business action on those?

William H. Armstrong — Chairman, President and Chief Executive Officer

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We’re actual active, I mean, annihilation absolutely to I assumption acknowledge at this point, but those are actual alive projects and we are consistently assessing opportunities out there. So it’s annihilation that we feel that there is any agitation there at all. It’s aloof affectionate of award the appropriate — the appropriate bout with the addressee for the property.

Sam Kidston — North & Webster — Analyst

Sure, sure. All right, able-bodied acknowledge you, guys.

William H. Armstrong — Chairman, President and Chief Executive Officer

The blow of the centermost — and the blow of the centermost — I’ll aloof add, the blow of centermost is assuming actual well. So just, I think, it’s aloof affectionate of a amount of time afore we can — activate the way we accord there.

Sam Kidston — North & Webster — Analyst

Sure, all right, acknowledge you guys for the time.

William H. Armstrong — Chairman, President and Chief Executive Officer

Thanks, Sam.

Operator

The abutting catechism is from Fred Burtner [Phonetic] a Private Investor. Amuse go ahead.

Fred Burtner — Private Investor — Analyst

Thank you. Beau, I accept two questions. The auberge was — I was abundantly afraid on its advance in the quarter. And the columnist absolution batten about what acquired the upturn. Is the upturn accepted to abide in the abreast term?

William H. Armstrong — Chairman, President and Chief Executive Officer

Well, Fred, I — that’s always, it’s difficult to adumbrate the future, but I would acquaint you that there has been a lot of new accumulation in Austin. I apperceive that that has had bodies afraid but we abide to additionally aggrandize our company base. So it’s all good. So I anticipate that those out there that anticipation that we were abutting overbuild situation. I don’t anticipate that has materialized. And I can acquaint you that there still is ample appeal from auberge investors to either buy absolute or to accede development opportunities.

So I am optimistic that we will abide on this favorable trend. I think, we’ve had, I can acquaint you that with account to our property, we did accept a little bit of, there was a alteration from Starwood to Marriott and an accounting system, and a catch arrangement issues and that I don’t accept the accurate capacity about. It’s not that there were some issues there that did appulse our aboriginal bisected of the year results, but I feel as admitting those accept been addressed, and we’re aback area we appetite to be.

So conceivably a continued acknowledgment to your question, but I do anticipate that Austin in accepted is assuming actual well. I think, our auberge is amazing and its accompaniment of — of altered uses. So I feel that we’re in a acceptable — in acceptable appearance to abide to attempt able-bodied in the Austin market.

Fred Burtner — Private Investor — Analyst

Thank you. And my added catechism is, what are your thoughts on banknote distributions to accepted shareholders?

William H. Armstrong — Chairman, President and Chief Executive Officer

Well that ultimately is a Board decision, Fred and I don’t think, appropriate now, we’re in a position to do that appropriate this minute, but we, we’ve done one in the accomplished aback we’ve had a big basic event. So I anticipate that to the admeasurement that we — we accept the assets to do that. I anticipate the Board has approved a alertness in the accomplished to do that. But aboriginal things first, we would like to at atomic accept a basic accident that would accredit us to do that.

Fred Burtner — Private Investor — Analyst

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Okay, acknowledge you actual much.

William H. Armstrong — Chairman, President and Chief Executive Officer

Thank you, Fred.

Operator

[Operator Closing Remarks]

Duration: 20 minutes

William H. Armstrong — Chairman, President and Chief Executive Officer

Erin D. Pickens — Senior Vice President and Chief Banking Officer

Sam Kidston — North & Webster — Analyst

Fred Burtner — Private Investor — Analyst

More STRS analysis

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