Stratus Properties Inc. (STRS) announced a net income of $4.6 million, or $0.56 per share, for the first quarter of 2024, as opposed to a net loss of $5.8 million, or $0.73 per share, in the same period last year.
The company’s revenues surged to $26.5 million from $5.8 million the previous year. This increase was mainly driven by the sale of approximately 47 acres at Magnolia Place in the first quarter of 2024. Additionally, Stratus sold two Amarra Villas homes in the first quarter of 2024, compared to just one home in the same period of 2023, achieving a significantly higher price per square foot in 2024.
