Presentation Describes Stratus’ Strategy and
the Backgrounds of Its Highly Qualified Board Candidates
Stratus Urges Shareholders to Vote on the
WHITE Proxy Card
Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the
“Company”) has posted an investor presentation to its annual
meeting website, www.yourstratus.com, in connection with its
upcoming 2021 Annual Meeting of Shareholders (the “Annual
Meeting”), which is scheduled to be held on June 4, 2021. The
presentation is also available here on Stratus’ website.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210511005699/en/
The presentation outlines the reasons the Stratus Board of
Directors has recommended that Stratus shareholders vote on the
WHITE proxy card for both Jim
Leslie and Neville Rhone, Jr. The Board believes the candidates
nominated by Oasis Management Company Ltd (“Oasis”), an offshore
activist hedge fund with a self-serving agenda, are less qualified
than Messrs. Leslie and Rhone.
The presentation highlights the Company’s:
- Proven strategy of acquiring, entitling, developing and selling
(or holding for cash flow) iconic properties in high-growth Texas
markets;
- Successful execution of this strategy to generate returns for
shareholders that are above the returns generated by Stratus’
peers;
- Commitment to considering new strategic initiatives for value
creation, such as the previously announced evaluation of a
conversion to a real estate investment trust (“REIT”) structure,
which the Board believes may increase liquidity, improve access to
capital, increase coverage by sell-side analysts, improve valuation
and provide significant tax benefits and regular dividends to
shareholders; and
- Nominees and their relevant real estate experience, including
their local knowledge and relationships.
The presentation also outlines the Company’s extensive efforts
to avoid a proxy contest with Oasis and suggests why Oasis may have
interests that are different than those of Stratus’ other
shareholders.
As the presentation shows, Stratus has a proven track record of
successfully developing and operating commercial, hotel,
entertainment, and multi- and single-family residential real estate
properties with a focus on sustainable design and construction
principles. For example, Block 21, which is home to the W Hotel
& Residences and Austin City Limits Live, is the first
mixed-use high rise tower in Austin to receive the USGBC LEED
(Leadership in Energy & Environmental Design) silver
certification, and the recently announced Holden Hills project was
profiled in the Austin
American-Statesman for its focus on sustainable luxury
throughout its 475 home sites, including renewable energy and water
conservation elements. The news article also includes supportive
statements from an Austin environmental leader.
Stratus recommends its shareholders vote on the WHITE proxy card “FOR” both of Stratus’
highly qualified director nominees, Messrs. Leslie and Rhone, and
“FOR” the shareholder proposal to appoint an additional
shareholder-recommended director, Laurie Dotter, to the Board. The
Company urges shareholders to discard
any GOLD proxy cards they may receive.
Shareholders as of the record date April 8, 2021 are entitled to
vote at the Annual Meeting. Shareholders with questions should
contact the Company’s proxy solicitor, Innisfree M&A
Incorporated, at (877) 456-3442 (toll-free) or (212) 750-5833.
About Stratus Properties Inc.
Stratus is a diversified real estate company engaged primarily
in the acquisition, entitlement, development, management, and sale
of commercial, and multi-family and single-family residential real
estate properties, real estate leasing, and the operation of hotel
and entertainment businesses located in the Austin, Texas area and
other select, fast-growing markets in Texas.
Forward-Looking Statements
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 “anticipates,” “may,”
“can,” “could,” “plans,” “believes,” “potential,” “possible,”
“estimates,” “expects,” “projects,” “targets,” “intends,” “likely,”
“will,” “should,” “to be” and any similar expressions 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 continue to effectively develop and execute its
strategy, the results of Stratus’ Board’s evaluation of a potential
conversion of Stratus to a REIT, Stratus’ ability to obtain final
permits for and complete financing arrangements for its development
projects, including Holden Hills, the uncertain and ongoing impact
of the COVID-19 pandemic, 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, 2020, filed with the
U.S. Securities and Exchange Commission (SEC).
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.
Important Information
Stratus has filed with the SEC a definitive proxy statement and
associated WHITE proxy card in
connection with the solicitation of proxies for the Company's 2021
Annual Meeting. Details concerning the nominees of the Company's
Board of Directors for election at the 2021 Annual Meeting are
included in the definitive proxy statement. BEFORE MAKING ANY
VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE
URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE
SEC, INCLUDING THE COMPANY'S DEFINITIVE PROXY STATEMENT AND ANY
SUPPLEMENTS THERETO, AND ASSOCIATED WHITE PROXY CARD, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors and shareholders are able to
obtain a copy of the definitive proxy statement and other relevant
documents filed by the Company free of charge from the SEC's
website, www.sec.gov. The Company's shareholders are also able to
obtain, without charge, a copy of the definitive proxy statement
and other relevant filed documents by directing a request by mail
to Stratus Properties Inc. at 212 Lavaca Street, Suite 300, Austin,
TX 78701, or by calling the Company’s proxy solicitor, Innisfree
M&A Incorporated, toll-free at (877) 456-3442.
A copy of this release is available on Stratus'
website, stratusproperties.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210511005699/en/
Investor Contact William H. Armstrong III 512-478-5788
Media Contacts Sydney Isaacs / Jeremy Jacobs Abernathy
MacGregor 713-817-9346 / 212-371-5999 SRI@abmac.com /
JRJ@abmac.com
Stratus Properties (NASDAQ:STRS)
Historical Stock Chart
From May 2024 to Jun 2024
Stratus Properties (NASDAQ:STRS)
Historical Stock Chart
From Jun 2023 to Jun 2024