Stratus Properties Inc (STRS) 2022 Q3 法說會逐字稿

Good day, and welcome to the Stratus Properties Third Quarter 2022 Financial and Operational Conference Call. Earlier this morning, Stratus released its third quarter 2022 financial results and provided business updates, which are available on its website at stratusproperties.com. Following management's remarks, we will host a question-and-answer session. Please note this call is being recorded and will be available for replay on Stratus' website through November 28th, 2022. Anyone listening to the taped replay should note that all information presented is current as of today, November 14th, 2022, and should be considered valid only as of this date. As a reminder, today's press release and certain comments that will be made on this call include forward-looking statements, and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Please review and refer to the cautionary language included in Stratus' press release issued today and the risk factors described in Stratus' 2021 Form 10-K and third quarter 2022 Form 10-Q that could cause the actual results to differ materially from those projected by Stratus. In addition, management will discuss earnings before interest, taxes, depreciation and amortization, also referred to as EBITDA, and which is a financial measure not recognized under U.S. generally accepted accounting principles, also referred to as GAAP. As required by SEC rules and regulations, this non-GAAP financial measure is reconciled to its most comparable GAAP financial measure in a supplemental schedule of Stratus' press release issued today. I would now like to turn the conference over to Mr. Beau Armstrong Chairman, President and Chief Executive Officer of Stratus Properties.

大家好，歡迎參加 Stratus Properties 2022 年第三季財務及營運電話會議。今天早上早些時候，Stratus 發布了 2022 年第三季的財務表現及業務更新，詳情請瀏覽其網站 stratusproperties.com。管理層發言結束後，我們將安排問答環節。請注意，本次電話會議將被錄音，並將於 2022 年 11 月 28 日前在 Stratus 網站上提供重播。收聽錄音重播的各位請注意，所有資訊均為截至 2022 年 11 月 14 日的最新信息，且僅在該日期有效。需要提醒的是，今天的新聞稿以及本次電話會議中的部分評論包含前瞻性陳述，實際結果可能與前瞻性陳述中預期、預測或假設的結果有重大差異。請查看並參考 Stratus 今天發布的新聞稿中的警示性措辭，以及 Stratus 2021 年 10-K 表和 2022 年第三季 10-Q 表中所述的風險因素，這些因素可能導致實際結果與 Stratus 的預測存在重大差異。此外，管理階層將討論息稅折舊攤銷前利潤（EBITDA），該財務指標未在美國公認會計準則（GAAP）下確認。根據美國證券交易委員會（SEC）的規則和規定，此非 GAAP 財務指標已在 Stratus 今天發布的新聞稿的補充附表中與其最可比較的 GAAP 財務指標進行了協調。現在，我想將會議交給 Stratus Properties 董事長、總裁兼執行長 Beau Armstrong 先生。

Thank you for joining our conference call to review our third quarter 2022 financial and operational results. Our Chief Financial Officer, Erin Pickens, is here with me today. To start off, I'd like to say how proud I am of our team's hard work and execution in delivering another quarter of excellent operating performance. The successful sales of the St. Mary and to Santal in 2021 in Block 21 earlier this year were completed at an opportune time in the market and have generated $166 million of after-tax cash flow to Stratus. We also successfully completed our recent commitments to return cash to shareholders through our cash dividend and share repurchase program. Looking ahead to our promising development pipeline, we believe Stratus is well positioned to continue to maximize shareholder value. Last quarter, we announced our Board's decision to deliver on our commitment to return cash to shareholders, reflecting confidence in our business strategy and development program. Since then, we have returned significant cash to shareholders by paying out approximately $40 million or $4.67 per share in a special cash dividend on September 29th and implementing a $10 million open market stock repurchase program in the third quarter. We continue to make progress with our buybacks toward that $10 million figure and through November 4th, 2022, we have purchased approximately 105,000 shares for 2.6 million or about $25 per share. After the sale of Block 21, Stratus is focused on continuing to streamline its business. As you know, we announced last quarter that the Board remains determined to continue Stratus' successful development program, focusing on pure residential and residential-centric mixed-use projects. Our team is knowledgeable about and experienced in Austin and other growing markets in Texas where we operate, including the greater Houston area, where we have several HEB mixed-use projects. We plan to continue to evaluate opportunities in these fast-growing markets. We plan to continue to develop properties using project-level bank debt and promoted third-party capital. The structure has proved to be successful for us. We have also completely paid off our revolving credit facility and have no significant funding commitments or near-term debt maturities. As a result, we have significant liquidity to support our current and future projects. This is not a good time to be overleveraged, and we intend to limit our use of the revolver in this environment. During the quarter, we have substantially completed construction on the first phase of the development of Magnolia Place or an HEB Grocery store opened earlier this month. We also continued to make progress on construction in the St. June, the St. George and Amarra Villa residential properties. We also sold the last remaining pad site at West Colleen market for $1 million, a completed pad site at the Magnolia Place project for 1.1 million, a 0.3 acre tract of land in Austin for 1.6 million and 28 acres of undeveloped residential land and Magnolia Place for $3.2 million. Subsequent to quarter end, in October 2022, we closed on the sale of a multifamily tract of land at Kingmed place for $5.5 million. Our mixed-use HEB-anchored projects, Kingman Place and Jones Crossing as well as our HEB shadow-anchored project, West Colleen Market, are all stabilized and performing well. Our fourth stabilized mixed-use project Canalace, is also showing strong performance. We have decided to retain our Kingman Place, Jones Crossing and West Clean market properties until the investment sales market is more stable. At this time, we continue to advance several significant projects through the design and entitlement process. This is the least capital-intensive part of the development process and now is a great time to secure entitlements and prepare for the next part of the cycle. We remain focused on pure residential and residential-focused mixed-use projects and are confident in our strategy for the long term. While the market and economy have been challenging, we believe our strong balance sheet will allow us to monetize our properties and take advantage of opportunities when the time is right. Overall, I am pleased with the shareholder value we have created and cash returns we have delivered through our proven and consistent approach with the hard work and dedication of our team. I'm excited to see what the coming months will bring as our strong pipeline of opportunities come to fruition. I'll now provide updates on our projects. We expect to complete the St. June, our 182-unit luxury garden-style multifamily project within Hamara development by the end of the first quarter of 2023. In July 2022, we began construction under St. George, our 316-unit multifamily project on Bernard Road, which is expected to be substantially completed by mid-2024. Both the St. June and the St. George generally remain on budget and on schedule. We continue to advance development plans for the NEB, our luxury high-rise rental project in downtown Austin, with unobstructed 360-degree views of the capital downtown Austin, University of Texas campus in West Austin, our goal is to begin construction in late 2023 or early 2024, depending on obtaining financing and other market conditions. The NEB will be developed as a 400-foot tower, consisting of approximately 420,000 square feet with 316 luxury multifamily units. Additionally, we continue to progress the expansion and renovation of the adjacent historic A.O. Watson House, which is next to the tower and we'll offer amenities, including a restaurant, bar, pool and garden, all while preserving the property's unique historic and architectural features. We have also advanced development plans for Holden Hills and the St. Julie projects. Holden Hills is our final large residential development within the Barton Creek community with 475 unique residences to be developed in multiple phases. Located near the Barton Creek Green Bell, the new community is designed to focus on sustainability, energy conservation and wellness, both inside and outside of the home. We have obtained construction permits for Phase 1 and subject to obtaining financing and other market conditions, we currently expect to start infrastructure construction later this year. Our projections anticipate that we could start building homes or selling home sites in late 2024 or early 2025. The St. Julia is our 306-unit multifamily component of our Lantana Place project, south of Barton Creek in Austin. We currently expect to begin construction on the St Julia in 2024 at the earliest. The project remains subject to securing acceptable capital structure and market conditions. Regarding our marvels homes, we are continuing construction on the 12 remaining homes. And as of November 4, 2022, 3 homes were under contract to sell and 9 Amarra Villa homes of the 20-unit development program remain available for sale. We continue to progress our development plans for Section N, our 570-acre track located in long Southwest Parkway in the southern portion of the Barton Cree community. Our goal is to design section in is a dense mid-rise mixed-use projects surrounded by an expansive green space area. The design would result in a significant potential increase in development density. In addition, similar to Holden Hills, the project is focused on environmentally sensitive and sustainable living. We are very excited about this project's potential for Austin and our company. I'm looking forward to seeing the exciting residential projects in our pipeline to develop further, meet the demands of residents in our target markets and contribute to future strong returns for our shareholders. In addition to our residential projects, I'd like to share some updates on our retail and commercial projects. We have signed ground leases on 4 of the 5 retail pads and 95% of the retail space at Kingwood Place, our HEB Grocery-anchored mixed-use project in Kingwood, Texas. One pad side currently remains available for lease. The sale of the multifamily track for $5.5 million closed in October. During the third quarter, Stratus substantially completed construction on the first phase of development of Magnolia Place, our HEB grocery shadow-anchored mixed-use project in Magnolia, Texas. The first phase of development consists of 2 retail buildings with approximately 19,000 square feet, all 5 pad sites and road, utility and drainage infrastructure necessary to support the entire development. HEB opened its 95,000 square foot grocery store on adjoining 18-acre site on November 2. We have signed leases for approximately 75% of the retail space at West Colleen market. During the third quarter of 2022, we sold the last remaining pad site for $1 million. As of September 30th, we had signed leases for approximately 90% of the retail space in our partially developed mixed-use project, Lantana Place, including the major anchor tenant, Movie house and Eatery, and a ground lease for an AC Hotel by Marriott, which opened last year. I will now turn the call over to Erin for a review of the third quarter financial results. Erin?

感謝您參加我們的電話會議，回顧我們2022年第三季的財務和營運表現。我們的財務長Erin Pickens今天也在場。首先，我要說，我為我們團隊的辛勤工作和執行力感到無比自豪，他們又一個季度取得了優異的營運表現。今年早些時候，St. Mary和Santal在2021年成功出售了21區塊，這在市場有利時機完成，並為Stratus帶來了1.66億美元的稅後現金流。我們也成功履行了近期透過現金股利和股票回購計畫向股東返還現金的承諾。展望我們前景光明的開發項目，我們相信Stratus已做好準備，持續實現股東價值最大化。上個季度，我們宣布了董事會履行向股東返還現金承諾的決定，這反映出我們對業務策略和發展計畫的信心。自此之後，我們透過於9月29日派發約4,000萬美元（每股4.67美元）的特別現金股息，並在第三季實施了1,000萬美元的公開市場股票回購計劃，向股東返還了大量現金。我們持續推動回購計劃，力爭實現1000萬美元的目標。截至2022年11月4日，我們已以260萬美元（每股約25美元）的價格回購了約10.5萬股。出售Block 21專案後，Stratus將專注於精簡業務。如您所知，我們上個季度宣布，董事會將繼續致力於延續Stratus成功的開發計劃，專注於純住宅和以住宅為中心的混合用途項目。我們的團隊對奧斯汀以及我們經營的德州其他成長型市場（包括大休士頓地區）擁有豐富的知識和經驗，我們在該地區擁有多個HEB混合用途項目。我們計劃繼續評估這些快速成長市場的機會。我們計劃繼續利用專案級銀行債務和第三方資本進行開發。事實證明，這種結構對我們來說是成功的。我們也已完全償還了循環信貸額度，並且沒有重大融資承諾或短期債務到期。因此，我們擁有充足的流動資金來支持我們目前和未來的專案。現在並非過度槓桿化的好時機，我們打算在這種環境下限制使用循環信貸。在本季度，我們已基本完成木蘭廣場（Magnolia Place）一期開發案的建設，以及本月稍早開幕的HEB雜貨店。我們也在聖六月（St. June）、聖喬治（St. George）和阿瑪拉別墅（Amarra Villa）住宅物業的建設中繼續取得進展。我們也以100萬美元的價格出售了西科琳市場（West Colleen market）剩餘的最後一塊地皮，以110萬美元的價格出售了木蘭廣場項目一塊已完工的地皮，以160萬美元的價格出售了位於奧斯汀的一塊0.3英畝的土地，並以320萬美元的價格出售了28英畝和木蘭廣場項目的土地和木蘭廣場項目。 2022年10月，在季度末之後，我們以550萬美元的價格完成了位於Kingmed Place的一塊多戶住宅地塊的出售。我們以HEB為核心的混合用途項目Kingman Place和Jones Crossing，以及以HEB為影子核心的項目West Colleen Market，都已穩定下來並表現良好。我們的第四個穩定下來的混合用途項目Canalace也表現強勁。我們決定保留Kingman Place、Jones Crossing和West Clean的市場物業，直到投資銷售市場更加穩定。目前，我們繼續推動幾個重要項目的設計和授權流程。這是開發過程中資本密集程度最低的階段，現在是獲得授權並為下一週期做好準備的絕佳時機。我們仍然專注於純住宅和以住宅為中心的混合用途項目，並對我們的長期策略充滿信心。儘管市場和經濟狀況充滿挑戰，但我們相信，強勁的資產負債表將使我們能夠將物業貨幣化，並在時機成熟時抓住機會。整體而言，我對我們創造的股東價值和現金回報感到滿意，這得益於我們行之有效、始終如一的方法以及團隊的辛勤工作和奉獻精神。隨著我們眾多的機會陸續開花結果，我迫不及待想看到未來幾個月會發生什麼。現在，我將介紹我們專案的最新進展。我們預計於2023年第一季末在Hamara開發區內竣工擁有182個單元的豪華花園式多戶住宅項目St. June。 2022年7月，我們開始在Bernard Road動工興建擁有316個單位的多戶住宅專案St. George，預計將於2024年中期基本完工。 St. June和St. George的工程大致上都符合預算和進度。我們持續推進位於奧斯汀市中心的豪華高層租賃專案 NEB 的開發計畫。該項目坐擁 360 度無遮蔽視野，可飽覽奧斯汀市中心和西奧斯汀德克薩斯大學的校園風光。我們的目標是於 2023 年底或 2024 年初開工，時間取決於融資狀況和其他市場條件。 NEB 將開發為 400 英尺高的塔樓，建築面積約 42 萬平方英尺，包含 316 套豪華多戶型住宅。此外，我們持續推動毗鄰塔樓的歷史悠久的 A.O. Watson House 的擴建和翻新工程，我們將提供餐廳、酒吧、泳池和花園等配套設施，同時保留其獨特的歷史和建築特色。我們也推進了 Holden Hills 和 St. Julie 專案的開發計劃。 Holden Hills 是我們在 Barton Creek 社區的最後一個大型住宅開發項目，將分多個階段開發 475 套獨特的住宅。新社區位於巴頓溪綠鐘附近，注重永續性、節能和身心健康，涵蓋住宅內外。我們已獲得第一期工程的施工許可，待融資情況和其他市場條件成熟後，我們目前預計將於今年稍後啟動基礎設施建設。我們預計，我們可能在2024年末或2025年初開始建造住宅或出售住宅用地。聖茱莉亞是我們位於奧斯汀巴頓溪南部的蘭塔納廣場計畫（Lantana Place）的306套多戶住宅組成部分。我們目前預計聖茱莉亞最快將於2024年開始興建。該項目仍需獲得可接受的資本結構和市場條件。關於我們的「奇蹟住宅」（marvels homes），我們正在繼續建造剩餘的12棟住宅。截至2022年11月4日，已有3套住宅簽訂了銷售合同，另有9套阿瑪拉別墅（Amarra Villa）住宅（該開發項目包含20套住宅）仍在出售。我們持續推進N區（Section N）的開發計畫。 N區佔地570英畝，位於巴頓克里（Barton Cree）社區南部西南大道（Southwest Parkway）上。我們的目標是將N區設計成一個密集的中層混合用途項目，周圍環繞著廣闊的綠地。此設計將顯著提升開發密度。此外，與霍爾頓山（Holden Hills）類似，該計畫注重環保和永續的生活方式。我們對該項目對奧斯汀和我們公司的發展潛力充滿期待。我期待著我們即將推出的住宅項目能夠進一步發展，滿足目標市場居民的需求，並為股東帶來未來豐厚的回報。除了住宅項目外，我還想分享一些零售和商業項目的最新進展。我們已簽署了位於德克薩斯州金伍德的以HEB Grocery為主的混合用途項目Kingwood Place的5個零售地塊中的4個以及95%的零售空間的土地租賃協議。目前，該項目仍有一側地塊可供出租。這條多戶住宅軌道於 10 月以 550 萬美元的價格售出。在第三季度，Stratus 基本上完成了位於德克薩斯州木蘭市的 HEB 雜貨店影子錨定混合用途項目 Magnolia Place 的第一階段開發建設。第一階段開發包括 2 棟零售建築，面積約 19,000 平方英尺，所有 5 個墊塊場地以及支援整個開發項目所需的道路、公用設施和排水基礎設施。 HEB 於 11 月 2 日在毗鄰的 18 英畝土地上開設了 95,000 平方英尺的雜貨店。我們已經簽署了 West Colleen 市場約 75% 零售空間的租約。在 2022 年第三季度，我們以 100 萬美元的價格出售了剩餘的最後一塊墊塊場地。截至 9 月 30 日，我們已經簽署了部分開發的混合用途項目 Lantana Place 中約 90% 零售空間的租約，包括主要主力租戶電影院和餐廳，以及去年開業的萬豪 AC 酒店的土地租賃。現在我將把電話轉給艾琳，請她回顧第三季的財務表現。艾琳？

Thank you, Beau. Today, we issued our press release announcing our third quarter 2022 results. Before I begin, I'd like to acknowledge the outstanding work of the Stratus team, which is enabling us to create value for our shareholders. As Beau mentioned, Stratus' Board was pleased to declare a special cash dividend of $4.67 per share, totaling approximately $40 million. which was paid on September 29th to shareholders of record as of September 19th. Our total stockholders' equity increased to $219.8 million at September 30th, 2022, from $158.1 million at December 31st, 2021 and $98.9 million at December 31st, 2020, primarily as a result of gains realized on the sale of Block 21 in May 2022 and our sales of the Santal and the St. Mary in December 2021 and January 2021, respectively. Revenues totaled $10 million in the third quarter of 2022 compared with $6.3 million in the third quarter of 2021. The increase in revenues is primarily a result of the sales of undeveloped properties in our real estate operations segment in the recent quarter, partially offset by a decrease in leasing revenue as a result of the sale of the Santal multifamily project in late 2021. Net loss attributable to common stockholders totaled $2.4 million or $0.29 per diluted share in the third quarter of 2022 compared to a net loss of $3.8 million or $0.46 per diluted share in the same quarter of last year. I will now provide a brief commentary on our reporting segments. Revenue from our Real Estate Operations segment in the third quarter of 2022 totaled $6.9 million compared to $892,000 in the third quarter of 2021. Operating loss totaled $89,000 in the third quarter of this year compared to an operating loss of $1.9 million in the third quarter of last year. The increase in revenue and lower operating loss in third quarter 2022 reflects undeveloped property sales in the third quarter of 2022 for $6.9 million previously described by Beau. There were no developed property sales in the third quarter of 2022 or 2021. Revenue from our leasing operations segment in the third quarter of 2022 totaled $3.1 million compared with $5.4 million in the third quarter of 2021. Operating income for the segment in the third quarter of 2022 totaled $853,000 compared to $1.7 million in the third quarter of last year. The decrease in revenue and operating income primarily reflects the sale of the Santal in December 2021, partly offset by increased revenue at Lantana Place and Kingwood Place. Santal had rental revenue of $2.3 million in the third quarter of 2021. Turning now to capital management. At September 30th, 2022, consolidated debt totaled $124.2 million and consolidated cash and cash equivalents totaled $63.5 million compared with consolidated debt of $106.6 million and consolidated cash and cash equivalents of $24.2 million at December 31st, 2021. Note that consolidated debt at December 31st, 2021, excluded the Block 21 loan of approximately $137 million which was presented in liabilities held for sale discontinued operations. Using the pro receipts from the sale of 2021, Stratus repaid the outstanding amount under its $60 million Comerica Bank credit facility in June. As of September 30th, 2022, Stratus had a 0 balance on its $60 million Comerica revolver; exclusive of letters of credit of $11 million committed against the facility to secure Stratus' obligation to build certain roads and utilities facilities, benefiting Holden Hills and Section N. In November of 2022, Comerica Bank extended the maturity date of Stratus' credit facility from December 26th, 2022 to March 27th, 2023. Stratus is in discussions with the lender to remove Holden Hills from the collateral pool for the facility, finance the Holden Hills project under a separate loan agreement, and enter into a revised revolving credit facility with a lower borrowing limit secured by the remaining collateral under the facility. Stratus plans to make a federal income tax payment of approximately $10 million in December 2022 to satisfy estimated taxes due associated with current year taxable income, including the gain of the sale of Block 21. Purchases and development of real estate properties included in our operating cash flows and capital expenditures included in our investing cash flows, totaled $57.2 million for the first 9 months of 2022, which was primarily related to the development of Barton Creek properties, including the St. June and the Amarra Villas, the St. George and Magnolia Place. This compares to $37.5 million for the first 9 months of 2021, primarily related to the purchase of land for the NEB and development of Barton Group properties, including the St. June and the Amarra Villas and Magnolia Place. Thank you. And I'll now turn the call back to Beau for his closing remarks.

謝謝你，Beau。今天，我們發布了新聞稿，公佈了2022年第三季的業績。首先，我想感謝Stratus團隊的出色工作，他們使我們能夠為股東創造價值。正如Beau所提到的，Stratus董事會欣然宣布派發每股4.67美元的特別現金股息，總額約4000萬美元，已於9月29日支付給截至9月19日登記在冊的股東。截至2022年9月30日，我們的股東權益總額從2021年12月31日的1.581億美元和2020年12月31日的9890萬美元增至2.198億美元，這主要得益於2022年5月出售 MaryBlock 21以及分別於2012121年和2121年的21212121年和2121年。 2022年第三季總營收為1,000萬美元，而2021年第三季為630萬美元。收入成長主要源自於我們房地產營運部門最近一個季度出售的未開發物業，但部分被2021年末出售Santal多戶型專案導致的租賃收入下降所抵銷。 2022年第三季歸屬於普通股股東的淨虧損總計240萬美元，即每股攤薄虧損0.29美元，而去年同期的淨虧損為380萬美元，即每股攤薄虧損0.46美元。現在，我將簡要介紹我們的報告分部。 2022 年第三季度，我們房地產營運部門的收入總計 690 萬美元，而 2021 年第三季為 892,000 美元。今年第三季的營運虧損總計 89,000 美元，而去年第三季的營運虧損為 190 萬美元。 2022 年第三季營收的增加和營運虧損的減少反映了 Beau 先前所述的 2022 年第三季 690 萬美元的未開發房地產銷售額。 2022 年第三季及 2021 年第三季均無已開發房地產銷售。 2022 年第三季度，我們租賃營運部門的收入總計 310 萬美元，而 2021 年第三季為 540 萬美元。 2022 年第三季該部門的營業收入總計 853,000 美元，而去年第三季為 170 萬美元。收入和營業收入的減少主要反映了 2021 年 12 月 Santal 的出售，部分被 Lantana Place 和 Kingwood Place 的收入增加所抵消。 Santal 在 2021 年第三季的租金收入為 230 萬美元。現在談談資本管理。截至 2022 年 9 月 30 日，合併債務總額為 1.242 億美元，合併現金及現金等價物總額為 6,350 萬美元，而 2021 年 12 月 31 日的合併債務為 1.066 億美元，合併現金及現金等價物為 2,420 萬美元。請注意，2021 年 12 月 31 日的合併債務不包括約 1.37 億美元的 Block 21 貸款，該貸款列示於持有待售的負債中已終止經營業務。 Stratus 使用 2021 年出售的實際收入，於 6 月償還了其 6,000 萬美元 Comerica Bank 信貸額度下的未償還金額。截至 2022 年 9 月 30 日，Stratus 的 6,000 萬美元 Comerica 循環信貸餘額為 0；不包括為確保 Stratus 修建某些道路和公用設施的義務而承諾的 1,100 萬美元信用證，受益者是 Holden Hills 和 Section N。 2022 年 11 月，Comerica 銀行將 Stratus 信用額度的到期日從 2022 年 12 月 26 日延長至 2023 年 3 月 27 日。 Stratus 正在與貸方討論將 Holden Hills 從該信貸額度的抵押品池中移除，根據單獨的貸款協議為 Holden Hills 項目融資，並達成修訂後的循環信貸額度，以較低的借款限額由該信貸額度下的剩餘抵押品擔保。 Stratus 計劃在 2022 年 12 月繳納約 1,000 萬美元的聯邦所得稅，以滿足與當年應稅收入相關的預估稅款，包括出售第 21 號區塊的收益。 2022 年前 9 個月，包含在我們經營現金流中的房地產購買和開發以及包含在我們投資現金流中的資本支出總計 5720 萬美元，主要用於開發 Barton Creek 地產，包括 St. June 和 Amarra Villas、St. George 和 Magnolia Place。相較之下，2021 年前 9 個月為 3,750 萬美元，主要用於為 NEB 購買土地以及開發 Barton Group 房地產，包括 St. June 和 Amarra Villas 和 Magnolia Place。謝謝。現在我將電話轉回給 Beau，請他作結束語。

Thank you, Erin. Our momentum in progress are only possible due to our fantastic team. I've said this before, but Stratus benefits from our team's knowledge, experience and relationships in the markets where we operate, and this positions us to capitalize on the continued growth and resulting housing demand in Austin and our other select Texas markets. We intend to continue to focus on the residential segment of the market and have a strong pipeline of well-located projects in fast-growing markets. Our timely sales of the same area, the Santal and Block 21 allowed us to significantly deleverage our company and return capital to our shareholders. Despite the current economic news, we remain optimistic about our pipeline of projects and have the resources necessary to bring them to fruition for the benefit of our partners and shareholders. At this time, I will ask the operator to open the line for questions. Thank you all very much for participating today.

謝謝你，Erin。我們目前的良好發展勢頭離不開我們優秀的團隊。我之前也說過，Stratus 受益於我們團隊在營運所在市場的知識、經驗和人脈，這使我們能夠充分利用奧斯汀和其他德州精選市場的持續成長及其帶來的住房需求。我們將繼續專注於住宅市場，並在快速成長的市場中擁有一系列優越的項目。我們及時出售了同一區域、Santal 和 Block 21 的房產，這使我們能夠大幅降低公司的槓桿率，並將資本回饋給股東。儘管目前的經濟狀況不太樂觀，但我們仍然對我們的專案儲備保持樂觀，並擁有必要的資源來實現這些專案的成果，造福我們的合作夥伴和股東。現在，我將請接線員接聽電話，以便回答您的問題。非常感謝大家今天的參與。

We will now begin the question and answer session. (Operator Instructions) Showing no questions. This concludes our question-and-answer session. I would like to turn the conference back over to Beau Armstrong for any closing remarks.

現在開始問答環節。 （操作員指示）目前沒有提問。我們的問答環節到此結束。我想將會議交還給博·阿姆斯特朗，請他做最後發言。

Thank you, Gary. It's all we have today.

謝謝你，加里。今天就講到這裡。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您可以斷開連線了。