UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 24,
2009
Stratus
Properties Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-19989
|
72-1211572
|
||
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(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
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(IRS
Employer Identification Number)
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98
San Jacinto Blvd., Suite 220
|
|
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Austin,
Texas
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78701
|
|
(Address
of principal executive offices)
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(Zip
Code)
|
Registrant's
telephone number, including area code: (512) 478-5788
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 8.01
Other
Events.
On June
24, 2009, Stratus issued a press release announcing the Company’s filing with
the Securities and Exchange Commission of its Form 10-K for the year ended
December 31, 2008. A copy of the press release relating to this
announcement is attached as Exhibit 99.1 and is incorporated herein by
reference.
Item 9.01
Financial Statements
and Exhibits.
(d)
Exhibit.
The
Exhibit included as part of this Current Report is listed in the attached
Exhibit Index.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Stratus
Properties Inc.
By: /s/
John E. Baker
----------------------------------------
John E.
Baker
Senior
Vice President and
Chief
Financial Officer
(authorized
signatory and
Principal
Financial Officer)
Date: June
24, 2009
Stratus
Properties Inc.
Exhibit
Index
Exhibit
Number
|
Press
Release dated June 24, 2009, titled “Stratus Properties Inc. files Form
10-K for the year ended December 31,
2008.”
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NEWS
RELEASE
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NASDAQ
Symbol: “STRS”
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Stratus
Properties Inc.
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Financial
and Media Contact:
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98
San Jacinto Blvd. Suite 220
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William
H. Armstrong III
|
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Austin,
Texas 78701
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(512)
478-5788
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STRATUS
PROPERTIES INC. FILES
FORM
10-K FOR THE YEAR ENDED DECEMBER 31, 2008
AUSTIN,
TX, June 24, 2009 – Stratus Properties Inc. (NASDAQ: STRS) announced today that
on June 24, 2009, the Company filed its Form 10-K for the year ended December
31, 2008.
For the
year ended December 31, 2008, Stratus reported a net loss of $3.8 million, $0.50
per share, compared with net income of $13.8 million, $1.80 per share, for the
year ended December 31, 2007. Stratus reported a net loss of $2.0 million, $0.26
per share, for the fourth quarter of 2008, compared to net income of $12.8
million, $1.67 per share, for the fourth quarter of 2007. The fourth-quarter and
full-year 2007 results included a $10.8 million gain, net of taxes, on the sale
of Escarpment Village.
In
connection with reporting its financial results for the year ended December 31,
2008, Stratus reviewed its accounting for capitalization of property taxes and
determined that the manner in which it had previously accounted for certain
property taxes was not in accordance with Statement of Financial Accounting
Standards (SFAS) No. 67, “Accounting for Costs and Initial Rental Operations of
Real Estate Projects.” Following completion of an analysis to quantify the
effect of this matter, as well as the matters discussed in Stratus’ Form 10-Q
for the quarterly period ended September 30, 2008 related to Stratus’ accounting
for capitalization of interest and its equity in unconsolidated affiliate’s
income for the year ended December 31, 2007, Stratus has revised previously
reported comparative amounts included in its December 31, 2008 Form 10-K to
correct for the effect of these items. The after-tax effect of the adjustments
increased Stratus’ net income by $0.4 million ($0.06 per share) for the year
ended December 31, 2007, and decreased net income by $0.8 million ($0.11 per
share) for the year ended December 31, 2006. The cumulative adjustments
decreased Stratus’ accumulated deficit by $3.0 million at December 31,
2007.
For
additional information regarding Stratus’ 2008 results and an update of Stratus’
development activities, refer to Stratus’ Form 10-K for the year ended December
31, 2008, filed today with the Securities and Exchange Commission.
Stratus
continues to work diligently to complete its quarterly report on Form 10-Q for
the quarterly period ended March 31, 2009.
Stratus
is a diversified real estate company engaged in the acquisition, development,
management and sale of commercial, multi-family and residential real estate
located primarily in the Austin, Texas area.
____________________________
A copy of
this release is available on Stratus’ web site,
www.stratusproperties.com.
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