Debt

3 Months Ended

Mar. 31, 2026

Capitalization, Long-Term Debt and Equity [Abstract]

DEBT AND EQUITY

Debt

The components of Stratus’ debt follow (in thousands):


	March 31, 2026		December 31, 2025
Fifth Third Bank revolving credit facility	$	—	$	—
Jones Crossing loan	23,697		23,661
The Annie B land loan	11,839		11,732
Construction loans:
The Saint George	52,416		52,327
The Saint June	33,225		33,202
Holden Hills Phase 1	22,582		22,035
Total debt a	$	143,759	$	142,957

a.Includes net reductions for unamortized debt issuance costs of $0.6 million at March 31, 2026, and $0.8 million at December 31, 2025. Excludes debt related to Kingwood Place which was presented in liabilities held for sale at December 31, 2025. Kingwood Place was sold in January 2026 (refer to Note 4).

Fifth Third Bank revolving credit facility. As of March 31, 2026, the maximum amount that could be borrowed under the Fifth Third Bank (formerly Comerica Bank) revolving credit facility was $28.1 million, resulting in availability of $24.7 million, net of $3.4 million of letters of credit. Letters of credit have been issued under the revolving credit facility, $2.3 million of which secure Stratus’ obligations, which are subject to certain conditions, to construct and pay for certain utility infrastructure in Lakeway, Texas, which is expected to be utilized by the planned multi-family project on Stratus’ remaining land in Lakeway.

In first-quarter 2026, Stratus entered into an amendment to its revolving credit facility that extended the maturity date to March 27, 2028.

Holden Hills Phase 1 construction loan. In first-quarter 2026, Stratus modified the loan to provide a short-term extension of the maturity date to June 8, 2026, while a longer-term extension is negotiated with the lender.

For additional information regarding Stratus’ debt, refer to Note 6 in the Stratus 2025 Form 10-K.

Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $2.6 million in first-quarter 2026 and $3.8 million in first-quarter 2025. Substantially all interest costs were capitalized in both periods. Capitalized interest in first-quarter 2026 was primarily related to development activities at Holden Hills Phases 1 and 2. Capitalized interest in first-quarter 2025 was primarily related to development activities at Holden Hills Phases 1 and 2 and The Saint George.

Equity

The revolving credit facility, The Annie B land loan, and The Saint George and Holden Hills Phase 1 construction loans require Fifth Third Bank’s prior written consent for any common stock repurchases in excess of $1.0 million or any dividend payments.

Share Repurchase Program. In November 2023, with written consent from Fifth Third Bank, Stratus’ Board approved a new share repurchase program, which authorized repurchases of up to $5.0 million of Stratus’ common stock. In June 2025, with written consent from Fifth Third Bank, Stratus’ Board approved an increase in the share repurchase program, authorizing repurchases of up to $25.0 million of Stratus’ common stock. 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. In first-quarter 2026, Stratus acquired 18,886 shares of its common stock for a total cost of $0.5 million at an average price of $25.88 per share. As of March 31, 2026, Stratus has acquired 235,421 shares of its common stock for a total cost of $5.2 million at an average price of $22.14 per share, and $19.8 million remains available for repurchases under the program.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

STRATUS PROPERTIES INC 10-Q