Posted on Tuesday, June 12th, 2012 at 2:56 pm.
An Austin-based company, Stratus Properties, Inc. has announced their first quarter results for 2012. In February, the company sold two of its buildings for close to $27 million and they reported a net income of $1.7 million for the quarter, which represents a favorable improvement over the net loss of $0.9 million for the same period last year.
The CEO, Chairman of the Board, and President of Stratus, William H. Armstrong III stated, “The W Austin Hotel & Residences project continues to perform very well and was positively impacted by the South by Southwest Interactive and Music Conference in the first quarter. We have sold approximately 60 percent of the condominium residences, hotel operations reflect strong occupancy and room rates, the Austin area and music industry shows continued enthusiasm for Austin City Limits Live and the retail space is fully leased. The Austin real estate market is showing signs of improvement and we remain optimistic about our ongoing and potential development projects.”
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