STRS

• Successful sales of The Saint Mary, The Santal, and Block 21 generated $166 million of after-tax cash flow to Stratus. - Returned cash to shareholders through a special cash dividend of approximately $40 million and a $10 million share repurchase program. - Focused on streamlining the business, continuing to evaluate opportunities in fast-growing markets like Austin and Greater Houston. - Substantially completed construction on Magnolia Place's first phase, with H-E-B grocery opening. - Progress on construction of The Saint June, The Saint George, and Amarra Villas. - Updates on retail and commercial projects, such as ground leases at Kingwood Place and leasing progress at West Killeen Market and Lantana Place. - Details on development pipelines for projects like The Annie B, Holden Hills, Saint Julia, and Section N.

• Plan to continue evaluating opportunities in fast-growing markets in Texas. - Intend to use project level bank debt and promoted third-party capital for development. - Strong liquidity with no significant funding commitments or near-term debt maturities. - Updates on specific project timelines, e.g., The Saint June expected to complete by end of Q1 2023, The Saint George expected to be substantially completed by mid-2024.

Real Estate Operations Segment: In the third quarter of 2022, revenue totaled $6.9 million compared to $892,000 in the third quarter of 2021. Operating loss was $89,000 in Q3 2022 versus an operating loss of $1.9 million in Q3 2021. The increase in revenue and lower operating loss reflect undeveloped property sales of $6.9 million in Q3 2022. Leasing Operations Segment: Revenue in Q3 2022 was $3.1 million compared to $5.4 million in Q3 2021. Operating income for the segment in Q3 2022 was $853,000 compared to $1.7 million in Q3 2021. The decrease in revenue and operating income primarily reflects the sale of The Santal in December 2021, partly offset by increased revenue at Lantana Place and Kingwood Place.

• Cautionary language about forward-looking statements where actual results may differ from projections. - EBITDA is a non-GAAP measure, and reconciliation to GAAP is required. - Risk factors from Stratus’s 2021 Form 10-K and third quarter 2022 Form 10-Q that could cause actual results to differ from projections.

Q: A: Q: A: