Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced that it has completed the previously announced sale of The Santal for $152 million, or approximately $339 thousand per unit, in cash. The sale generated pre-tax net cash proceeds to Stratus of approximately $74 million, after transaction expenses and payment of the project loan. Stratus estimates after-tax net cash proceeds to be approximately $51 million, after payment of profit participation incentive plan amounts, and expects to record a pre-tax gain on sale of approximately $80 million in the fourth quarter of 2021.
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