STRATUS PROPERTIES INC Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q) - Marketscreener.com

Results of Our Strategic Planning Process
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Market Conditions
Current Residential Activities
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For further discussion of our multi-family and single-family residential properties, refer to MD&A and the related sections in Items 1. and 2. “Business and Properties” in our 2021 Form 10-K.
Current Commercial Activities
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For further discussion of our commercial properties, refer to MD&A and the related sections in Items 1. and 2. “Business and Properties” in our 2021 Form 10-K.
Potential Development Projects and Pipeline
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The following table summarizes our operating results (in thousands):
a.Includes sales commissions and other revenues together with related expenses.
c.Includes a $22.9 million pre-tax gain on the January 2021 sale of The Saint Mary.
e.Includes a $119.7 million pre-tax gain ($94.1 million net of taxes) on the May 2022 sale of Block 21.
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Developed Property Sales. The following table summarizes our developed property sales (dollars in thousands):
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Rental Cost of Sales and Depreciation. Rental cost of sales and depreciation expense decreased in second-quarter 2022 and the first six months of 2022, compared with the 2021 periods, primarily as a result of the sale of The Santal.
Capitalized interest totaled $1.5 million in second-quarter 2022 and $2.6 million for the first six months of 2022, compared to $1.2 million in second-quarter 2021 and $2.5 million for the first six months of 2021. Capitalized interest is primarily related to development activities at Barton Creek (primarily Section N), The Annie B, The Saint George and Magnolia Place.
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Comerica Bank credit $ – $ – $ –
facilitya
There have been no changes in our critical accounting estimates from those discussed in our 2021 Form 10-K.
No new accounting standards in 2022 have had a material impact on us.
There have been no material changes in our off-balance sheet arrangements since December 31, 2021. Refer to Note 9 in our 2021 Form 10-K for further information.
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