STRATUS PROPERTIES : ANNOUNCES CONSTRUCTION FINANCING FOR THE SAINT GEORGE, A MULTI-FAMILY PROJECT IN NORTH-CENTRAL AUSTIN – Form 8-K | MarketScreener

STRATUS PROPERTIES INC. ANNOUNCES CONSTRUCTION FINANCING

FOR THE SAINT GEORGE,

A MULTI-FAMILY PROJECT IN NORTH-CENTRAL AUSTIN

Building Set to Begin Later this Month

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AUSTIN, TX, July 21, 2022 – Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Firm”) right this moment introduced that it has accomplished development financing for the event of The Saint George, a 316-unit luxurious wrap-style multi-family challenge to be constructed in north-central Austin on Burnet Highway. The Saint George challenge is positioned inside minutes of the College of Texas, downtown employers, Apple Inc.’s new North Austin campus, the Q2 Stadium-home to Austin’s main league soccer crew Austin FC-and The Area, an upscale retail, workplace and residential heart with greater than 100 shops and eating places. Building is predicted to start later this month.

The challenge is owned by The Saint George Flats, L.P., a Texas restricted partnership and a Stratus subsidiary. The development financing consists of a four-year development mortgage from Comerica Financial institution to the restricted partnership within the quantity of $56.8 million, which is secured by the challenge. Stratus offered a completion warranty and twenty-five % compensation warranty, which might be eradicated as soon as the challenge meets specified circumstances. The remaining estimated challenge prices are being funded by fairness contributed to the restricted partnership by Stratus (10%) and an unrelated fairness investor (90%). Stratus can even earn growth charges and administration charges on the challenge.

Stratus at present expects to realize substantial completion of The Saint George by mid-2024. Facilities will embody a rooftop deck, health heart, resort pool, bike room and group workspaces. Stratus has entered right into a voluntary restrictive covenant to supply 10 % of complete items as reasonably priced items. The challenge might be constructed in keeping with Stratus’ sustainability, wellness and conservation targets.

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About Stratus Properties Inc.

Stratus is a diversified actual property firm engaged primarily within the acquisition, entitlement, growth, administration, leasing and sale of multi-family and single-family residential actual property properties and industrial properties within the Austin, Texas space and different choose markets in Texas.

Ahead-Wanting Statements

This press launch comprises forward-looking statements wherein Stratus discusses elements it believes might have an effect on its future efficiency. Ahead-looking statements are all statements apart from statements of historic reality. The phrases “anticipates,” “might,” “can,” “might,” “plans,” “believes,” “potential,” “doable,” “estimates,” “expects,” “initiatives,” “targets,” “intends,” “doubtless,” “will,” “ought to,” “to be” and any related expressions are supposed to establish these assertions as forward-looking statements. Stratus cautions readers that forward-looking statements are usually not ensures of future efficiency, and its precise outcomes might differ materially from these anticipated, anticipated, projected or assumed within the forward-looking statements. Necessary elements that may trigger Stratus’ precise outcomes to vary materially from these anticipated within the forward-looking statements embody, however are usually not restricted to, Stratus’ capacity to execute profitably on its growth plan for The Saint George, Stratus’ capacity to proceed to successfully develop and execute its methods, together with its capacity to develop, finance, assemble, lease and promote properties on its anticipated schedule and at costs its Board of Administrators considers acceptable, the outcomes of Stratus’ strategic planning course of, adjustments within the demand for actual property within the choose markets in Texas the place Stratus operates, adjustments in financial, market and enterprise circumstances together with current inflation and provide chain constraints, and different elements described in additional element underneath the heading “Danger Elements” in Stratus’ Annual Report on Type 10-Okay for the 12 months ended December 31, 2021, and Quarterly Report on Type 10-Q for the quarter ended March 31, 2022, every filed with the U.S. Securities and Trade Fee.

Traders are cautioned that most of the assumptions upon which Stratus’ forward-looking statements are based mostly are more likely to change after the date the forward-looking statements are made. Additional, Stratus might make adjustments to its enterprise plans that might have an effect on its outcomes. Stratus cautions traders that it undertakes no obligation to replace any forward-looking statements, which communicate solely as of the date made, however any adjustments in its assumptions, enterprise plans, precise expertise, or different adjustments.

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A duplicate of this launch is out there on Stratus’ web site, stratusproperties.com.

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