AUSTIN, Texas–(BUSINESS WIRE)–Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced that its Board of Directors (“Board”) has decided that Stratus will return $50 million to Stratus’ shareholders in the form of a special cash dividend totaling approximately $40 million and a new $10 million share repurchase program.
On September 1, 2022, the Board declared a special cash dividend of $4.67 per share on Stratus’ common stock payable on September 29, 2022 to shareholders of record as of September 19, 2022. Stratus’ Board also approved a new share repurchase program, which authorizes repurchases of up to $10 million of Stratus’ common stock. The share repurchase program authorizes Stratus, in management’s discretion, to repurchase shares from time to time, subject to market conditions and other factors.
William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, stated, “Our Board’s decision to return $50 million to shareholders reflects its confidence in our business strategy and in our continued ability to raise third-party equity capital and debt financing to support our development pipeline. Our Board carefully considered alternatives, listened to our shareholders and determined that the special cash dividend and repurchase program are the best approaches at this time for our Company and shareholders. Click to read more at www.businesswire.com.