# EDGAR Filing Document

**Accession Number:** 0000885508
**File Stem:** 0000885508-25-000069
**Filing Date:** 2025-11
**Character Count:** 23554
**Document Hash:** 45fe86a908da3bcc821a7e866177c895
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000885508-25-000069.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0000885508-25-000069

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251114

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STRATUS PROPERTIES INC
- **CENTRAL INDEX KEY:** 0000885508
- **STANDARD INDUSTRIAL CLASSIFICATION:** LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 721211572
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37716
- **FILM NUMBER:** 251503276

**BUSINESS ADDRESS:**
- **STREET 1:** 212 LAVACA STREET
- **STREET 2:** SUITE 300
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 5124785788

**MAIL ADDRESS:**
- **STREET 1:** 212 LAVACA STREET
- **STREET 2:** SUITE 300
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FM PROPERTIES INC
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? strs-20251114

**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): November 14, 2025**

![stratuslogoprintaa75.jpg](strs-20251114_g1.jpg)

**Stratus Properties Inc.** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37716** | **72-1211572** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |

---

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| | | |
|:---|:---|:---|
| **212 Lavaca St., Suite 300** | **212 Lavaca St., Suite 300** | |
| **Austin,** | **Texas** | **78701** |
| (Address of Principal Executive Offices) | (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:

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| | | |
|:---|:---|:---|
| 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 |

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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. ☐

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Item 2.01. <u>Completion of Acquisition or Disposition of Assets</u>.

On November 14, 2025, Lantana Place, L.L.C. (Seller), a Texas limited liability company and a wholly-owned subsidiary of Stratus Properties Inc. (Stratus), completed the previously disclosed disposition of the real and personal property associated with the retail component of Lantana Place (Lantana Place – Retail), for $57.5 million in cash to Scripps CMH LLC, a Delaware limited liability company, as to an undivided 70.538% interest, and Lantana SRB LLC, a Wyoming limited liability company, as to an undivided 29.462% interest, as tenants-in-common (collectively, Purchaser). The sale was made pursuant to an Agreement of Sale and Purchase, as amended, between Seller and Purchaser (the Purchase Agreement). Pre-tax net cash proceeds were approximately $26.9 million after payment of the project loan and selling costs.

Lantana Place – Retail was part of Stratus' mixed-use Lantana Place project within the Lantana community, located south of Barton Creek in Austin, Texas. Lantana Place – Retail consists of a 99,377-square-foot retail space, including anchor tenant, Moviehouse & Eatery, and a ground lease for an AC Hotel by Marriott. Following the sale, Stratus retains the property planned for an approximately 210-unit multi-family development project that is part of Lantana Place, which Stratus refers to as The Saint Julia.

The foregoing description of the Purchase Agreement and the transactions contemplated thereby is not intended to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, as amended, copies of which are Exhibit 2.1 and Exhibit 2.2 to this report and are incorporated herein by reference.

Item 8.01. <u>Other Events</u>.

On November 20, 2025, Stratus issued a press release, titled "Stratus Properties Inc. Completes Sale of Lantana Place – Retail for $57.5 Million." A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.

Item 9.01. <u>Financial Statements and Exhibits</u>.

(b) Pro forma financial information.

The following unaudited pro forma financial statements were derived from Stratus' historical financial statements and are being presented to give effect to the disposition of Lantana Place – Retail for pre-tax net cash proceeds of $26.9 million after payment of selling costs and the project loan as described above in Item 2.01 of this report (the Lantana Place – Retail Disposition).

Presented below are the following unaudited pro forma financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Condensed consolidated balance sheet as of September 30, 2025, as adjusted assuming the Lantana Place – Retail Disposition had occurred on September 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Condensed consolidated statements of operations for the year ended December 31, 2024, and the nine months ended September 30, 2025, as adjusted assuming the Lantana Place – Retail Disposition had occurred on January 1, 2024.

The unaudited pro forma condensed financial statements are prepared in accordance with Rule 8-05 and Article 11 of Regulation S-X. The pro forma adjustments have been made solely for the purpose of providing pro forma financial information as required by the U.S. Securities and Exchange Commission (SEC) rules. Differences between these pro forma adjustments and the final accounting for Lantana Place – Retail Disposition may be material. The pro forma adjustments are described in the accompanying notes and are based upon information and assumptions available at the time of the filing of this report.

The pro forma financial information is provided for informational purposes only and is not representative or necessarily indicative of what the actual consolidated results of operations or the consolidated financial position of Stratus would have been had Lantana Place – Retail Disposition occurred on the dates assumed, nor are they necessarily representative or indicative of Stratus' future consolidated results of operations or consolidated financial position. The unaudited pro forma condensed consolidated balance

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sheet and statements of operations should be read in conjunction with (i) the accompanying notes to the pro forma financial information (ii) the Current Report on Form 8-K filed with the SEC on October 23, 2025 (for reporting the Purchase Agreement), (iii) the historical audited consolidated financial statements and accompanying notes of Stratus contained in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025 (2024 Form 10-K), and (iv) the historical unaudited condensed consolidated financial statements and accompanying notes of Stratus contained in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the SEC on November 12, 2025 (Third Quarter 2025 Form 10-Q).

STRATUS PROPERTIES INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

SEPTEMBER 30, 2025

(In Thousands)

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| | | | |
|:---|:---|:---|:---|
| | Historical <sup>(1)</sup> | Lantana Place – Retail <br>Adjustments <sup>(2)</sup> | Pro Forma |
| ASSETS |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $55040 | $26939 | $81979 |
| &nbsp;&nbsp;Restricted cash | 483 |  | 483 |
| &nbsp;&nbsp;Real estate held for sale | 11584 |  | 11584 |
| &nbsp;&nbsp;Real estate under development | 182775 |  | 182775 |
| &nbsp;&nbsp;Land available for development | 76281 |  | 76281 |
| &nbsp;&nbsp;Real estate held for investment, net | 226776 | (26142) | 200634 |
| &nbsp;&nbsp;Lease right-of-use assets | 9537 |  | 9537 |
| &nbsp;&nbsp;Deferred tax assets | 153 |  | 153 |
| &nbsp;&nbsp;Other assets | 9933 | (3225) | 6708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $572562 | (2428) | 570134 |
| LIABILITIES AND EQUITY |  |  |  |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $8480 |  | 8480 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities, including taxes | 6657 | (773) | 5884 |
| &nbsp;&nbsp;&nbsp;Debt | 203898 | (29451) | 174447 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 15219 |  | 15219 |
| &nbsp;&nbsp;&nbsp;Deferred gain | 1087 |  | 1087 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 5135 | (742) | 4393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 240476 | (30966) | 209510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 332086 | 28538 | 360624 |
| Total liabilities and equity | $572562 | (2428) | 570134 |

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**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Stratus' historical financial information has been derived from its Third Quarter 2025 Form 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Pro forma adjustments reflect the Lantana Place – Retail Disposition for pre-tax net cash proceeds of $26.9 million after the use of a portion of the proceeds to pay the full outstanding balance of the project loan ($29.8 million). The pre-tax net cash proceeds exclude any settlement prorations upon closing of the transaction.

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A reconciliation of the sale price to net cash proceeds follows (in millions):

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| | |
|:---|:---|
| Sale price | $57.5 |
| Buyer credit | (0.1) |
| Selling costs | (0.7) |
| Lantana Place project loan principal balance | (29.8) |
| Net cash proceeds | $26.9 |

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STRATUS PROPERTIES INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 |
| | | Adjustments | Adjustments | |
| |<br>Historical <sup>(1)</sup> | Lantana Place – Retail <sup>(2)</sup> | Other <sup>(3)</sup> |<br>Pro Forma |
| Revenues | $21617 | $(3842) | $— | $17775 |
| Cost of sales | 27790 | (2356) |  | 25434 |
| General and administrative expenses | 11474 |  |  | 11474 |
| Gain on sale of assets | (5200) |  |  | (5200) |
| Operating loss | (12447) | (1486) |  | (13933) |
| Interest expense, net | (1026) | 1562 | (816) | (280) |
| Loss on interest rate cap agreements | (23) |  |  | (23) |
| Loss on extinguishment of debt | (216) | 55 |  | (161) |
| Other loss, net | (181) |  |  | (181) |
| (Provision for) benefit from income taxes <sup>(4)</sup> | (166) | (12) | 171 | (7) |
| Net (loss) income and total comprehensive (loss) income | (14059) | 119 | (645) | (14585) |
| Total comprehensive loss attributable to noncontrolling interests | 6466 |  |  | 6466 |
| Net (loss) income and total comprehensive (loss) income attributable to common stockholders | $(7593) | 119 | (645) | (8119) |
| Basic and diluted net loss per share attributable to common stockholders | $(0.94) |  |  | $(1.01) |
| Basic and diluted weighted-average common shares outstanding <sup>(5)</sup> | 8051 |  |  | 8051 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 |
| | | Adjustments | Adjustments | |
| |<br>Historical <sup>(1)</sup> | Lantana Place – Retail <sup>(2)</sup> | Other <sup>(3)</sup> |<br>Pro Forma |
| Revenues | $54183 | $(5205) | $— | $48978 |
| Cost of sales | 43012 | (2865) |  | 40147 |
| General and administrative expenses | 14952 |  |  | 14952 |
| Gain on sale of assets | (1626) | (27391) |  | (29017) |
| Operating (loss) income | (2155) | 25051 |  | 22896 |
| Interest expense, net |  | 1545 | (1545) |  |
| Loss on extinguishment of debt | (69) | (349) |  | (418) |
| Other income, net | 758 |  |  | 758 |
| (Provision for) benefit from income taxes <sup>(4)</sup> | (442) | (5604) | 324 | (5722) |
| Net (loss) income and total comprehensive (loss) income | (1908) | 20643 | (1221) | 17514 |
| Total comprehensive loss attributable to noncontrolling interests | 3864 |  |  | 3864 |
| Net income and total comprehensive income attributable to common stockholders | $1956 | 20643 | (1221) | 21378 |
| Net income per share attributable to common stockholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.24 |  |  | $2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.24 |  |  | $2.61 |
| Weighted-average common shares outstanding <sup>(5)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 8059 |  |  | 8059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 8189 |  |  | 8189 |

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**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Stratus' historical financial information has been derived from its Third Quarter 2025 Form 10-Q and 2024 Form 10-K, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Pro forma adjustments reflect the Lantana Place – Retail Disposition, including an estimated pre-tax gain of $27.4 million in 2024, and use of a portion of the net cash proceeds to pay the full outstanding balance of the project loan. The estimated gain was calculated based on September 30, 2025 balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)All periods presented include adjustments to capitalized interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The effect on income taxes of the pro forma adjustments has been computed based on the statutory rates in effect during the periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The historical weighted-average shares of common stock outstanding exclude approximately 157 thousand shares for the first nine months of 2025 that were anti-dilutive as a result of the net loss for the period and 14 thousand shares for the year 2024 that were anti-dilutive.

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Item 9.01. <u>Financial Statements and Exhibits</u>.

(d) Exhibits.

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| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Exhibit Title</u> |
| <u>[2.1](https://www.sec.gov/Archives/edgar/data/885508/000088550825000063/exhibit101agreementofsalea.htm)</u> | Agreement of Sale and Purchase by and between Lantana Place, L.L.C., as seller, and Scripps CMH LLC and Lantana SRB LLC, as purchasers, dated as of September 3, 2025 (incorporated herein by reference to Exhibit 10.1 to Stratus' Current Report on Form 8-K filed on October 23, 2025). |
| <u>[2.2](https://www.sec.gov/Archives/edgar/data/885508/000088550825000063/exhibit102firstamendmentto.htm)</u> | First Amendment to Agreement of Sale and Purchase by and between Lantana Place, L.L.C., as seller, and Scripps CMH LLC and Lantana SRB LLC, as purchasers, effective as of October 17, 2025 (incorporated herein by reference to Exhibit 10.2 to Stratus' Current Report on Form 8-K filed on October 23, 2025). |
| <u>[99.1](exhibit991saleoflantanapla.htm)</u> | Press release dated November 20, 2025, titled "Stratus Properties Inc. Completes Sale of Lantana Place – Retail for $57.5 Million." |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

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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.

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| | |
|:---|:---|
| By: | /s/ Erin D. Pickens |
|  | Erin D. Pickens |
|  | Senior Vice President and<br>Chief Financial Officer<br>(authorized signatory and<br>Principal Financial Officer and<br>Principal Accounting Officer) |

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Date: November 20, 2025

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.1

![stratuslogoprintaa39.jpg](stratuslogoprintaa39.jpg)

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| | |
|:---|:---|
| | **NEWS RELEASE** |
| | NASDAQ Symbol: "STRS" |
| Stratus Properties Inc. | **Financial and Media Contact:** |
| 212 Lavaca St., Suite 300 | William H. Armstrong III |
| Austin, Texas 78701 | (512) 478-5788 |

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**STRATUS PROPERTIES INC. COMPLETES SALE OF** 

**LANTANA PLACE – RETAIL FOR $57.5 MILLION**

 **——————————————————————————————————————————**

AUSTIN, TX, November 20, 2025 - Stratus Properties Inc. (NASDAQ: STRS) ("Stratus") today announced that it has completed the previously disclosed sale of its 100% owned, stabilized Lantana Place – Retail project for $57.5 million in cash. The sale generated pre-tax net cash proceeds of approximately $26.9 million, after selling costs and payment of the project loan. The sales price of Lantana Place – Retail is a premium to the gross value presented in Stratus' net asset value calculation as of December 31, 2024, as reflected in Stratus' Investor Presentation dated March 28, 2025.

Following the sale, Stratus retains the property planned for The Saint Julia, an approximately 210-unit multi-family development project that is part of Lantana Place. Stratus will also retain remaining entitlements for 160,000 square feet of commercial use on five acres in the Lantana community.

Lantana Place – Retail was part of Stratus' partially developed, mixed-use Lantana Place project within the Lantana community, located south of Barton Creek in Austin, Texas. Stratus completed construction of the 99,377-square-foot first phase of retail space at Lantana Place in 2018. The anchor tenant, Moviehouse & Eatery, opened in May 2018. Stratus entered into a ground lease with a hotel operator in connection with the operator's development of an AC Hotel by Marriott, which opened in November 2021.

**William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, said, "The successful sale of Lantana Place – Retail reflects our team's continued ability to execute on our strategy by unlocking value from our portfolio through disciplined development and timely asset sales. This transaction monetized a key asset at an attractive price, allowing us to fully repay the project loan, enhance our financial position and demonstrate our commitment to maximize shareholder value."**

***<u>About Stratus</u>***

Stratus Properties Inc. is engaged primarily in the entitlement, development, management, leasing and sale of multi-family and single-family residential and commercial real estate properties in the Austin, Texas area and other select markets in Texas. In addition to its developed properties, Stratus has a development portfolio that consists of approximately 1,500 acres of commercial and residential projects under development or undeveloped land held for future use. Stratus' commercial real estate portfolio consists of stabilized retail properties or future retail and mixed-use development projects with no commercial office space. Stratus generates revenues and cash flows from the sale of its developed and undeveloped properties, the lease of its retail, mixed-use and multi-family properties and development and asset management fees received from its properties.

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***CAUTIONARY STATEMENT***

*This press release 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. The words "anticipate," "may," "can," "plan," "believe," "potential," "estimate," "expect," "project," "target," "intend," "likely," "will," "should," "to be" and any similar expressions or statements are intended to identify those assertions as forward-looking statements.*

*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 implement its business strategy successfully, including its ability to develop, 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 obtain various entitlements and permits, changes in laws, regulations or the regulatory environment affecting the development of real estate, 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 September 30, 2025, each filed with the U.S. 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.*

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A copy of this release is available on Stratus' website, <u>stratusp</u><u>roperties.com</u>.

<br>