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$40 Million Special Cash Dividend and $10 Million Share Repurchase Program
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 approach at this time for our Company and shareholders. We are proud to be able to share the gains from our successful development program and recent project sales directly with our shareholders."
The special cash dividend was declared and the share repurchase program authorized after the Board obtained the required consents under its debt agreements and as a result of the Board's strategic planning process.
The timing, price and number of shares that may be repurchased under the share repurchase program will be based on market conditions, applicable securities laws and other factors considered by management. Share repurchases under the program may be made from time to time through solicited or unsolicited transactions in the open market, in privately negotiated transactions or by other means in accordance with securities laws. The share repurchase program does not obligate Stratus to repurchase any specific amount of shares, does not have an expiration date, and may be suspended, modified or discontinued at any time without prior notice. The new program replaces Stratus prior share repurchase program.
Posted In: STRS
