Benzinga | Apr 30, 2021 09:03AM EDT

Stratus Properties Sends Letter To Shareholders, Urges Vote On WHITE Proxy Card

Stratus Properties Inc. (NASDAQ:STRS) ("Stratus" or the "Company") today issued a letter to shareholders in connection with its upcoming 2021 Annual Meeting of Shareholders (the "Annual Meeting"), which is scheduled to be held on June 4, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210430005310/en/

In the letter, William ("Beau") H. Armstrong III, the Company's Chairman, President and Chief Executive Officer, outlines how the Stratus Board of Directors has overseen a successful strategy of developing and monetizing properties when market condition are optimal, and holding unique properties when maximum returns could be achieved via lease income. The letter provides numerous examples of our proven strategy in action -- a strategy that has enabled Stratus to consistently deliver strong results for its shareholders and repeatedly outperform peers and relevant benchmarks. Examples of Stratus' strategy in action include:

* Selling The Saint Mary in January 2021 for $60 million, or $250,000 per unit, the highest per unit sales price recorded in the Austin MSA for similar properties;

* Record annual leasing revenue in 2020 achieved by holding properties for lease, such as Kingwood Place HEB, The Santal and Lantana Place;

* Planning for the development of Holden Hills, which consists of 475 unique residences focused on sustainable design and construction and the health and wellness of residents, announced on April 28, 2021;

* Two refinancings of The Santal to lower interest expenses and generate attractive recurring income; and

* Serving communities through the prized W Austin and Austin City Limits Live, which features an entire city block of mixed-use development in the booming downtown Austin.

"There's no denying our success," Mr. Armstrong stated in the letter. "However, offshore activist hedge fund Oasis Management Company Ltd. (Oasis), with its own selfish agenda, is attempting to change our strategy ... by installing new directors."

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, consistent with its definitive proxy statement filed with the Securities and Exchange Commission on April 12, 2021, which can be found on Stratus' website, stratusproperties.com, or the Company's proxy page, YourStratus.com.

Shareholders as of the record date April 8, 2021 will be 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.