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Employer Identification No.\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.70 459.85 Td (212 Lavaca St., Suite 300) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.00 459.85 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 144.05 447.85 Td (Austin, Texas) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.45 447.85 Td (78701) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.00 435.85 Td (\(Address of principal executive offices\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.70 435.85 Td (\(Zip Code\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.20 417.85 Td (\(512\) 478-5788) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.55 405.85 Td (\(Registrant's telephone number, including area code\)) Tj ET Q BT /F4 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.60 389.60 Td (Securities registered pursuant to Section 12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 411.81 389.60 Td (Act:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 367.1 m 295.5 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 367.1 m 557.5 367.1 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 131.30 370.05 Td (Title of each class) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.00 370.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.95 370.05 Td (Name of each exchange on which registered) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 358.05 Td (Common Stock, par value $0.01 per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.00 358.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.95 358.05 Td (NASDAQ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 346.05 Td (Preferred Stock Purchase Rights) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.00 346.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.95 346.05 Td (NASDAQ) Tj ET Q BT /F4 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.85 329.80 Td (Securities registered pursuant to Section 12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 398.06 329.80 Td (Act:None) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 313.00 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 330.13 313.00 Td (, as defined in Rule 405 of the Securities ) Tj ET Q q 0 0 0 rg BT 493.74 313.00 Td (Act. ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 516.74 311.11 cm /I2 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.76 313.00 Td ( ) Tj ET Q q 0 0 0 rg BT 527.10 313.00 Td (Y) Tj ET Q q 0 0 0 rg BT 532.28 313.00 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 544.28 311.11 cm /I3 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.31 313.00 Td ( No) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 296.20 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15\(d\) of the ) Tj ET Q q 0 0 0 rg BT 499.24 296.20 Td (Act.) Tj ET Q /GS0 gs q 8.02 0 0 9.45 517.25 294.31 cm /I4 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.27 296.20 Td ( ) Tj ET Q q 0 0 0 rg BT 527.60 296.20 Td (Y) Tj ET Q q 0 0 0 rg BT 532.78 296.20 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 544.79 294.31 cm /I5 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.81 296.20 Td ( No) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 279.40 Td (Indicate by check mark whether the registrant \(1\) has filed all reports required to be filed by Section 13 or 15\(d\) of the Securities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 268.60 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 87.03 268.60 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 257.80 Td (reports\), and \(2\) has been subject to such filing requirements for the past 90 days. ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 516.70 255.91 cm /I6 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.73 257.80 Td ( ) Tj ET Q q 0 0 0 rg BT 527.07 257.80 Td (Y) Tj ET Q q 0 0 0 rg BT 532.24 257.80 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 544.25 255.91 cm /I7 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.27 257.80 Td ( No) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 241.00 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate W) Tj ET Q q 0 0 0 rg BT 462.05 241.00 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 514.41 241.00 Td (, every ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 230.20 Td (Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 430.06 230.20 Td ( \(232.405 of this chapter\) during ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 219.40 Td (the preceding 12 months \(or for such shorter period that the registrant was required to submit and post such files\). ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 515.74 217.51 cm /I8 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.76 219.40 Td ( ) Tj ET Q q 0 0 0 rg BT 526.10 219.40 Td (Y) Tj ET Q q 0 0 0 rg BT 531.28 219.40 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 543.28 217.51 cm /I9 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.30 219.40 Td ( No) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 202.60 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K \(229.405 of this chapter\) is not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 191.85 Td (contained herein, and will not be contained, to the best of the registrant) Tj ET Q q 0 0 0 rg BT 329.52 191.85 Td (s knowledge, in definitive proxy or information statements ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 181.05 Td (incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.) Tj ET Q /GS0 gs q 8.02 0 0 9.45 416.66 179.16 cm /I10 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 164.25 Td (Indicate by check mark whether the registrant is a large accelerated filer) Tj ET Q q 0 0 0 rg BT 331.14 164.25 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 411.69 164.25 Td (, a non-accelerated filer or a smaller ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 153.45 Td (reporting company) Tj ET Q q 0 0 0 rg BT 118.87 153.45 Td (. See definitions of large accelerated filer) Tj ET Q q 0 0 0 rg BT 283.97 153.45 Td (, accelerated filer and smaller reporting company in Rule 12b-2 of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 142.65 Td (the Exchange ) Tj ET Q q 0 0 0 rg BT 102.05 142.65 Td (Act. ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 127.55 140.76 cm /I11 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.57 142.65 Td ( Large accelerated filer ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 237.12 140.76 cm /I12 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.14 142.65 Td ( ) Tj ET Q q 0 0 0 rg BT 247.15 142.65 Td (Accelerated filer ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 321.68 140.76 cm /I13 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.70 142.65 Td ( Non-accelerated filer ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 425.24 140.76 cm /I14 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.27 142.65 Td ( Smaller reporting company) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 125.85 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the ) Tj ET Q q 0 0 0 rg BT 433.21 125.85 Td (Act\). ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 516.72 123.96 cm /I15 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.74 125.85 Td ( ) Tj ET Q q 0 0 0 rg BT 527.08 125.85 Td (Y) Tj ET Q q 0 0 0 rg BT 532.26 125.85 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 544.26 123.96 cm /I16 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.29 125.85 Td ( No) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 109.05 Td (The aggregate market value of common stock held by non-af) Tj ET Q q 0 0 0 rg BT 287.47 109.05 Td (filiates of the registrant was approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.55 109.05 Td ($40.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.07 109.05 Td ( on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.09 109.05 Td (March 20, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 98.25 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 98.25 Td (, and approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.07 98.25 Td ($59.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.59 98.25 Td ( on June 30, 201) Tj ET Q q 0 0 0 rg BT 262.98 98.25 Td (1.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 81.45 Td (Common stock issued and outstanding was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.09 81.45 Td (8,093,167) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.13 81.45 Td ( shares on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.66 81.45 Td (March 20, 2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.20 81.45 Td (, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.71 81.45 Td (7,494,086) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.75 81.45 Td ( shares on June 30, 201) Tj ET Q q 0 0 0 rg BT 526.65 81.45 Td (1.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 45 68.45000000000005 m 567 68.45000000000005 l s BT /F4 10.00 Tf ET endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.75 738.72 Td (STRATUS PROPERTIES INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 725.72 Td (TABLE OF CONTENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 712.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.30 712.72 Td (Page) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 698.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 698.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 488.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 488.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 460.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 432.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 347.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 347.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 291.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 235.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 235.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 193.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 193.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 165.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 165.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 137.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.00 137.72 Td () Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 684.72 Td (Part I) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 684.72 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 670.72 Td (Items 1. and 2. Business and Properties) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 670.72 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.00 656.72 Td (Overview) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 656.72 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.00 642.72 Td (Company Strategies and Near-T) Tj ET Q q 0 0 0 rg BT 249.85 642.72 Td (erm Requirements for ) Tj ET Q q 0 0 0 rg BT 348.77 642.72 Td (Additional Capital) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 642.72 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.00 628.72 Td (Development ) Tj ET Q q 0 0 0 rg BT 168.15 628.72 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 628.72 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.00 614.72 Td (Discontinued Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 614.72 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.00 600.72 Td (Competition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 600.72 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.00 586.72 Td (Credit Facility and Other Financing ) Tj ET Q q 0 0 0 rg BT 263.18 586.72 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 586.72 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.00 572.72 Td (Regulation and Environmental Matters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 572.72 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.00 558.72 Td (Employees) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 558.72 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 544.72 Td (Item 1A. Risk Factors) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.20 544.72 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 530.72 Td (Item 3.Legal Proceedings) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 530.72 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 516.72 Td (Item 4. Mine Safety Disclosures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 516.72 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.00 502.72 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.90 502.72 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 157.41 502.72 Td (ficers of the Registrant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 502.72 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 474.72 Td (Part II) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 474.72 Td (13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 460.72 Td (Item 5.Market for Registrant) Tj ET Q q 0 0 0 rg BT 193.31 460.72 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 271.48 460.72 Td (, Related Stockholder Matters and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.00 446.72 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.78 446.72 Td (Issuer Purchases of Equity Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 446.72 Td (13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 432.72 Td (Item 7.Management) Tj ET Q q 0 0 0 rg BT 158.31 432.72 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 236.13 432.72 Td (Analysis of Financial Condition and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.00 418.72 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.78 418.72 Td (Results of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 418.72 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 404.72 Td (Item 8.Financial Statements and Supplementary Data) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 404.72 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 390.12 Td (Item 9.Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 260.77 390.12 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 331.93 390.12 Td (Accounting and Financial Disclosure) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 390.12 Td (55) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 375.72 Td (Item 9A. Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 375.72 Td (55) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 361.72 Td (Item 9B. Other Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 361.72 Td (55) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 333.72 Td (Part III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 333.72 Td (55) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 319.72 Td (Item 10.Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 202.75 319.72 Td (ficers and Corporate Governance) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 319.72 Td (55) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 305.72 Td (Item 1) Tj ET Q q 0 0 0 rg BT 86.05 305.72 Td (1.Executive Compensation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 305.72 Td (55) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 291.72 Td (Item 12.Security Ownership of Certain Beneficial Owners and Management and Related) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.00 277.72 Td (Stockholder Matters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 277.72 Td (55) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 263.72 Td (Item 13.Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 255.04 263.72 Td (T) Tj ET Q q 0 0 0 rg BT 260.78 263.72 Td (ransactions, and Director Independence) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 263.72 Td (56) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 249.72 Td (Item 14.Principal ) Tj ET Q q 0 0 0 rg BT 141.26 249.72 Td (Accounting Fees and Services) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 249.72 Td (56) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 221.72 Td (Part IV) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 221.72 Td (56) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 207.72 Td (Item 15.Exhibits, Financial Statement Schedules) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.40 207.72 Td (56) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 179.72 Td (Signatures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.20 179.72 Td (S-1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 151.72 Td (Index to Financial Statements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.50 151.72 Td (F-1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 123.72 Td (Exhibit Index) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.20 123.72 Td (E-1) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (P) Tj ET Q q 0 0 0 rg BT 55.93 741.75 Td (ART I) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 717.16552734375 m 241.7333984375 717.16552734375 l s q 0 0 0 rg BT 50.00 718.75 Td (Items 1. and 2.Business and Properties) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 694.75 Td (Except as otherwise described herein or the context otherwise requires, all references to Stratus, we, us, and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 682.75 Td (our in this Form 10-K refer to Stratus Properties Inc. and all entities owned or controlled by Stratus Properties Inc. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 670.75 Td (All of our periodic report filings with the Securities and Exchange Commission \(SEC\) pursuant to Section 13\(a\) or ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 658.75 Td (15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 197.49 658.75 Td (Act of 1934, as amended, are available, free of charge, through our website, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 646.75 Td (www) Tj ET Q q 0 0 0 rg BT 71.11 646.75 Td (.stratusproperties.com, including our annual report on Form 10-K, quarterly reports on Form 10-Q, current ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 634.75 Td (reports on Form 8-K and any amendments to those reports. These reports and amendments are available through ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 622.75 Td (our website as soon as reasonably practicable after we electronically file or furnish such material to the SEC. ) Tj ET Q q 0 0 0 rg BT 532.64 622.75 Td (All ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 610.75 Td (references to Notes in this report refer to the Notes to Consolidated Financial Statements located in Item 8. of this ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 598.75 Td (Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.75 575.75 Td (Overview) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 551.75 Td (e are engaged in the acquisition, development, management, operation and sale of commercial, hotel, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (entertainment, multi-family and residential real estate properties located primarily in the ) Tj ET Q q 0 0 0 rg BT 436.85 539.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 470.02 539.75 Td (T) Tj ET Q q 0 0 0 rg BT 475.02 539.75 Td (exas area. W) Tj ET Q q 0 0 0 rg BT 533.75 539.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (generate revenues from sales of developed properties, from our hotel and entertainment venue operations and from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (rental income from our commercial properties. Developed property sales can include condominium units at our W ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (Austin Hotel & Residences project, an individual tract of land that has been developed and permitted for residential ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (use or a developed lot with a home already built on it. W) Tj ET Q q 0 0 0 rg BT 298.29 491.75 Td (e may) Tj ET Q q 0 0 0 rg BT 324.78 491.75 Td (, on occasion, sell properties under development, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 479.75 Td (undeveloped properties or commercial properties, if opportunities arise that we believe will maximize overall asset ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 467.75 Td (values.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 443.75 Td (In December 2010, the hotel at our W ) Tj ET Q q 0 0 0 rg BT 218.98 443.75 Td (Austin Hotel & Residences project opened, and in January 201) Tj ET Q q 0 0 0 rg BT 496.20 443.75 Td (1, we began ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 431.75 Td (closing on sales of condominium units at the project. ) Tj ET Q q 0 0 0 rg BT 284.39 431.75 Td (The W ) Tj ET Q q 0 0 0 rg BT 316.06 431.75 Td (Austin Hotel & Residences project is located on a two-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 419.75 Td (acre city block in downtown ) Tj ET Q q 0 0 0 rg BT 173.95 419.75 Td (Austin and contains the W ) Tj ET Q q 0 0 0 rg BT 292.35 419.75 Td (Austin hotel, 159 residential condominium units, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 407.75 Td (approximately 41,000 square feet of of) Tj ET Q q 0 0 0 rg BT 220.48 407.75 Td (fice space, approximately 18,000 square feet of retail space and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 395.75 Td (entertainment space \(see Development ) Tj ET Q q 0 0 0 rg BT 230.10 395.75 Td (Activities - ) Tj ET Q q 0 0 0 rg BT 278.26 395.75 Td (The W ) Tj ET Q q 0 0 0 rg BT 309.93 395.75 Td (Austin Hotel & Residences\).) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 370.32421875 m 156.1669921875 370.32421875 l s q 0 0 0 rg BT 50.00 371.75 Td (Real Estate Operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.17 371.75 Td ( Our principal real estate holdings are in southwest ) Tj ET Q q 0 0 0 rg BT 382.96 371.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 416.13 371.75 Td (T) Tj ET Q q 0 0 0 rg BT 421.13 371.75 Td (exas. ) Tj ET Q q 0 0 0 rg BT 447.63 371.75 Td (The number of developed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 359.75 Td (lots, developed or under development acreage and undeveloped acreage as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.92 359.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 483.45 359.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.01 359.75 Td (, that comprise ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 347.75 Td (our principal real estate properties are presented in the table below) Tj ET Q q 0 0 0 rg BT 345.74 347.75 Td (. ) Tj ET Q q 0 0 0 rg BT 350.74 347.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.86 347.75 Td ( developed lot is an individual tract of land that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 335.75 Td (has been developed and permitted for residential use. Developed acreage or acreage under development includes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 323.75 Td (real estate for which infrastructure work over the entire property has been completed, is currently being completed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 311.75 Td (or is able to be completed and necessary permits have been obtained. ) Tj ET Q q 0 0 0 rg BT 363.90 311.75 Td (The undeveloped acreage shown in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 299.75 Td (table below is presented according to anticipated uses for single-family lots and commercial development based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 287.75 Td (upon our understanding of the properties) Tj ET Q q 0 0 0 rg BT 232.53 287.75 Td ( existing entitlements. However) Tj ET Q q 0 0 0 rg BT 370.38 287.75 Td (, there is no assurance that the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 275.75 Td (undeveloped acreage will be developed because of the nature and cost of the approval and development process ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 263.75 Td (and market demand for a particular use. Undeveloped acreage includes real estate that can be sold as is \(i.e., no ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 251.75 Td (infrastructure or development work has begun on such property\).) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 227.25 m 240.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 227.25 m 244.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 227.25 m 299.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 227.25 m 303.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 227.25 m 338.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 227.25 m 342.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 227.25 m 381.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 227.25 m 385.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 227.25 m 420.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 227.25 m 424.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 227.25 m 479.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 227.25 m 483.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 227.25 m 518.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 213.25 m 240.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 213.25 m 244.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 213.25 m 299.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 213.25 m 303.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 213.25 m 338.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 213.25 m 381.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 213.25 m 385.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 213.25 m 420.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 213.25 m 424.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 213.25 m 479.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 213.25 m 483.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 213.25 m 518.5 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 189.25 m 200.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 189.25 m 240.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 189.25 m 299.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 189.25 m 338.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 189.25 m 381.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 189.25 m 420.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 189.25 m 424.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 189.25 m 479.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 189.25 m 518.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 189.25 m 562.5 189.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 105.25 m 200.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 105.25 m 240.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 105.25 m 299.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 105.25 m 381.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 105.25 m 420.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 105.25 m 424.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 105.25 m 479.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 94.25 m 200.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 92.25 m 200.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 105.25 m 240.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 94.25 m 240.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 92.25 m 240.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 94.25 m 299.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 92.25 m 299.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 105.25 m 338.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 94.25 m 338.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 92.25 m 338.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 94.25 m 381.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 92.25 m 381.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 94.25 m 420.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 92.25 m 420.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 94.25 m 424.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 92.25 m 424.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 94.25 m 479.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 92.25 m 479.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 105.25 m 518.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 94.25 m 518.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 92.25 m 518.5 92.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 105.25 m 562.5 105.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 94.25 m 562.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 92.25 m 562.5 92.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 231.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.00 231.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.70 231.65 Td (Acreage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 231.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 217.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.00 217.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.45 217.65 Td (Under Development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 217.65 Td (Undeveloped) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 217.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.45 202.65 Td (Developed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.95 193.65 Td (Lots/Units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.50 202.65 Td (Multi-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.70 193.65 Td (family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 193.65 Td (Commercial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 193.65 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.95 202.65 Td (Single) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.25 193.65 Td (Family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.50 202.65 Td (Multi-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.70 193.65 Td (family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 193.65 Td (Commercial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.95 193.65 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 202.65 Td (T) Tj ET Q q 0 0 0 rg BT 536.95 202.65 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.20 193.65 Td (Acreage) Tj ET Q BT /F3 9.00 Tf ET 0 0 0 RG /GS0 gs 0.66 w 0 i [] 0 d 1 J 1 j 3 M 53 178.91455078125 m 78.013671875 178.91455078125 l s q 0 0 0 rg BT 53.00 180.20 Td (Austin) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 180.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 168.20 Td (Barton Creek) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.95 168.20 Td (114) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.95 168.20 Td (249) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.95 168.20 Td (368) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 168.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 168.20 Td (617) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 168.20 Td (676) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.95 168.20 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 168.20 Td (50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.95 168.20 Td (804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 168.20 Td (1,421) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 156.20 Td (Lantana) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.00 156.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.00 156.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 156.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 156.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 156.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.00 156.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 156.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 156.20 Td (223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.95 156.20 Td (223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 156.20 Td (223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 144.20 Td (Circle C) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.00 144.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.00 144.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.95 144.20 Td (23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 144.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.95 144.20 Td (23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 144.20 Td (132) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 144.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 144.20 Td (335) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.95 144.20 Td (467) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 144.20 Td (490) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 132.20 Td (W Austin Residences) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.95 132.20 Td (81) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 201.35 138.57 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.00 132.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 132.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 132.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.00 132.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 132.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.00 132.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 132.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 132.20 Td () Tj ET Q BT /F3 9.00 Tf ET 0 0 0 RG /GS0 gs 0.66 w 0 i [] 0 d 1 J 1 j 3 M 53 118.91455078125 m 101.5419921875 118.91455078125 l s q 0 0 0 rg BT 53.00 120.20 Td (San Antonio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 120.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 108.20 Td (Camino Real) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.00 108.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.00 108.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 108.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 108.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 108.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.00 108.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 108.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.95 108.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.95 108.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 108.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 96.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.95 96.20 Td (195) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.95 96.20 Td (249) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.95 96.20 Td (391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 96.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 96.20 Td (640) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 96.20 Td (808) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.95 96.20 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 96.20 Td (610) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 96.20 Td (1,496) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 96.20 Td (2,136) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 76.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 76.95 Td (Includes 8 condominium units that were near completion at December 31, 201) Tj ET Q q 0 0 0 rg BT 378.50 76.95 Td (1.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The following table summarizes the estimated development potential of our ) Tj ET Q q 0 0 0 rg BT 384.07 741.75 Td (Austin-area acreage as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 729.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 729.75 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 707.25 m 463.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 707.25 m 467.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 707.25 m 562.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 695.25 m 265.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 695.25 m 364.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 695.25 m 463.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 695.25 m 562.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 635.25 m 265.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 635.25 m 364.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 635.25 m 463.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 635.25 m 562.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 624.25 m 265.5 624.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 622.25 m 265.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 624.25 m 364.5 624.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 622.25 m 364.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 624.25 m 463.5 624.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 622.25 m 463.5 622.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 624.25 m 562.5 624.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 622.25 m 562.5 622.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 710.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.95 710.20 Td (Single) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.00 710.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.95 710.20 Td (Commercial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 698.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.25 698.20 Td (Family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.70 698.20 Td (Multi-family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.80 698.20 Td (Office) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 698.20 Td (Retail) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.50 686.20 Td (\(lots\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.95 686.20 Td (\(units\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.20 686.20 Td (\(gross square feet\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td (Barton Creek) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.95 674.20 Td (218) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.45 674.20 Td (2,081) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.95 674.20 Td (1,590,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 674.20 Td (23,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Lantana) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.95 662.20 Td (1,314,800) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 662.20 Td (371,400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Circle C) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.95 650.20 Td (57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 650.20 Td (685,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 650.20 Td (120,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 638.20 Td (Austin 290 Tract) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 638.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.00 638.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 638.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 638.20 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 626.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.95 626.20 Td (275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.45 626.20 Td (2,081) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.95 626.20 Td (3,589,800) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 626.20 Td (534,400) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 598.32421875 m 76.123046875 598.32421875 l s q 0 0 0 rg BT 50.00 599.75 Td (Hotel.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.12 599.75 Td ( W) Tj ET Q q 0 0 0 rg BT 88.16 599.75 Td (e have executed an agreement with Starwood Hotels & Resorts W) Tj ET Q q 0 0 0 rg BT 381.46 599.75 Td (orldwide Inc. for the management of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 587.75 Td (hotel operations at our W ) Tj ET Q q 0 0 0 rg BT 163.96 587.75 Td (Austin Hotel & Residences project. ) Tj ET Q q 0 0 0 rg BT 320.52 587.75 Td (The W ) Tj ET Q q 0 0 0 rg BT 352.19 587.75 Td (Austin Hotel includes 251 luxury rooms and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 575.75 Td (suites, a full service spa, gym, rooftop pool and 9,750 square feet of meeting space. For ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.33 575.75 Td (201) Tj ET Q q 0 0 0 rg BT 457.27 575.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.83 575.75 Td (, the W ) Tj ET Q q 0 0 0 rg BT 496.73 575.75 Td (Austin Hotel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 563.75 Td (had an average occupancy rate of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.99 563.75 Td (74 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.25 563.75 Td ( and the average daily rate was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.00 563.75 Td ($250) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.25 563.75 Td ( per room.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 538.32421875 m 146.1767578125 538.32421875 l s q 0 0 0 rg BT 50.00 539.75 Td (Entertainment V) Tj ET Q q 0 0 0 rg BT 121.15 539.75 Td (enue.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.18 539.75 Td ( ) Tj ET Q q 0 0 0 rg BT 148.77 539.75 Td (The entertainment space at the W ) Tj ET Q q 0 0 0 rg BT 301.64 539.75 Td (Austin Hotel & Residences project is occupied by ) Tj ET Q q 0 0 0 rg BT 521.20 539.75 Td (Austin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (City Limits Live at the Moody ) Tj ET Q q 0 0 0 rg BT 180.42 527.75 Td (Theater \(ACL) Tj ET Q q 0 0 0 rg BT 240.08 527.75 Td ( Live\) and includes a live music and entertainment venue and production ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (studio that opened in February 201) Tj ET Q q 0 0 0 rg BT 204.37 515.75 Td (1. In addition to hosting concerts and private events, this venue is the new home ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.57 503.75 Td (Austin City Limits, a television program showcasing popular music legends. During ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.51 503.75 Td (201) Tj ET Q q 0 0 0 rg BT 444.45 503.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.01 503.75 Td (, ) Tj ET Q q 0 0 0 rg BT 455.02 503.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 474.10 503.75 Td ( Live hosted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.81 503.75 Td (151) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.49 503.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (events with estimated attendance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 212.32 491.75 Td (187,800) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.47 491.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 466.32421875 m 143.92578125 466.32421875 l s q 0 0 0 rg BT 50.00 467.75 Td (Commercial Leasing.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.93 467.75 Td ( Our other ) Tj ET Q q 0 0 0 rg BT 191.17 467.75 Td (Austin holdings at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.89 467.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 354.42 467.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.98 467.75 Td (, consisted of two 75,000-square-foot of) Tj ET Q q 0 0 0 rg BT 535.46 467.75 Td (fice ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 455.75 Td (buildings at 7500 Rialto Boulevard \(7500 Rialto\) located in our Lantana development, which we sold in February ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 443.75 Td (2012 \(see "Discontinued Operations" and Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.00 443.75 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.13 443.75 Td (\), 41,000 square feet of of) Tj ET Q q 0 0 0 rg BT 385.47 443.75 Td (fice space and 18,000 square feet of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 431.75 Td (retail space at the W ) Tj ET Q q 0 0 0 rg BT 143.38 431.75 Td (Austin Hotel & Residences project, a 22,000-square-foot retail complex and a 3,085-square-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 419.75 Td (foot bank building representing phase one of Barton Creek V) Tj ET Q q 0 0 0 rg BT 318.33 419.75 Td (illage, two retail buildings totaling 21,000 square feet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 407.75 Td (and a 4,000-square-foot bank building on an existing ground lease at the 5700 Slaughter retail complex in the Circle ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 395.75 Td (C Ranch \(Circle C\) community and 13,890 square feet at Parkside V) Tj ET Q q 0 0 0 rg BT 352.73 395.75 Td (illage, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.98 395.75 Td (92,473) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.57 395.75 Td (-square-foot retail project under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 383.75 Td (development in the Circle C community) Tj ET Q q 0 0 0 rg BT 223.22 383.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 359.75 Td (For ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.78 359.75 Td (201) Tj ET Q q 0 0 0 rg BT 83.72 359.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.28 359.75 Td (, no commercial leasing properties exceeded ten percent or more of our total assets or represented ten ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 347.75 Td (percent or more of our aggregate gross revenue. Our largest commercial leasing property) Tj ET Q q 0 0 0 rg BT 445.00 347.75 Td (, 7500 Rialto, provided 60 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 335.75 Td (percent of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.48 335.75 Td (201) Tj ET Q q 0 0 0 rg BT 130.42 335.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.99 335.75 Td ( commercial leasing revenues and 2 percent of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.33 335.75 Td (201) Tj ET Q q 0 0 0 rg BT 379.27 335.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.83 335.75 Td ( total revenues. ) Tj ET Q q 0 0 0 rg BT 455.43 335.75 Td (As noted above, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 323.75 Td (sold 7500 Rialto in February 2012. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 299.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.12 299.75 Td ( summary of the average occupancy rates and average rentals per square foot for 7500 Rialto and for our total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 287.75 Td (portfolio of commercial leasing properties for each of the last two years follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 265.25 m 346.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 265.25 m 419.5 265.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.95 268.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.45 268.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 256.20 Td (Average occupancy:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 244.20 Td (7500 Rialto) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.90 244.20 Td (86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.95 244.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.90 244.20 Td (94) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.95 244.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 232.20 Td (Other properties) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.90 232.20 Td (69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.95 232.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.90 232.20 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.95 232.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 220.20 Td (A) Tj ET Q q 0 0 0 rg BT 58.84 220.20 Td (verage rentals per square foot:) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 181.41 224.49 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.00 220.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.00 220.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 208.20 Td (7500 Rialto) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.40 208.20 Td (25.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.40 208.20 Td (23.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 196.20 Td (Other properties) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.00 196.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.40 196.20 Td (35.51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.00 196.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.40 196.20 Td (40.14) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 176.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 176.95 Td (Based on revenue for contractual rentals plus expense reimbursements for leased space.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 152.95 Td (Our scheduled expirations of leased square footage as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.27 152.95 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 387.80 152.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.36 152.95 Td (, as a percentage of total leased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 140.95 Td (space for properties other than 7500 Rialto follow:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 116.45000000000005 m 175.5 116.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 116.45000000000005 m 229.5 116.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 116.45000000000005 m 283.5 116.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 116.45000000000005 m 337.5 116.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 116.45000000000005 m 391.5 116.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 116.45000000000005 m 445.5 116.45000000000005 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 121.40 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.95 121.40 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.95 121.40 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.95 121.40 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.95 121.40 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 121.40 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.20 121.40 Td (Thereafter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 107.40 Td (Total portfolio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.90 107.40 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.95 107.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.90 107.40 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.95 107.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.90 107.40 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.95 107.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.90 107.40 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.95 107.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.90 107.40 Td (9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 107.40 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.90 107.40 Td (67) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.95 107.40 Td (%) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 78.95 Td (For information about our operating segments see Results of Operations in Item 7. and Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.44 78.95 Td (1) Tj ET Q q 0 0 0 rg BT 472.26 78.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.82 78.95 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.85 741.75 Td (Company Strategies and Near-T) Tj ET Q q 0 0 0 rg BT 285.81 741.75 Td (erm Requirements for ) Tj ET Q q 0 0 0 rg BT 392.14 741.75 Td (Additional Capital) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Stratus Properties Inc. was formed as a Delaware corporation in March 1992 to hold, operate and develop the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (domestic real estate and oil & gas properties of our former parent company) Tj ET Q q 0 0 0 rg BT 381.09 705.75 Td (. W) Tj ET Q q 0 0 0 rg BT 395.91 705.75 Td (e sold all of our oil & gas properties ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (during the 1990's and have since focused solely on our real estate operations.Our overall strategy is to enhance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (the value of our properties by securing and maintaining development entitlements and developing and building real ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (estate projects on these properties for sale or investment. W) Tj ET Q q 0 0 0 rg BT 316.61 669.75 Td (e also continue to review and pursue opportunities for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (new projects that of) Tj ET Q q 0 0 0 rg BT 136.53 657.75 Td (fer the possibility of acceptable returns and risks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (As a result of the settlement of certain development-related lawsuits and an increasing level of cooperation with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (City of ) Tj ET Q q 0 0 0 rg BT 80.57 621.75 Td (Austin \(the City\) regarding the development of our properties, we substantially increased our development ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (activities and expenditures \(see discussion below\), which has resulted in our debt increasing to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 472.45 609.75 Td ($158.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.16 609.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 597.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 597.75 Td (. W) Tj ET Q q 0 0 0 rg BT 151.90 597.75 Td (e have funded our development activities primarily through property sales proceeds, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (borrowings under our construction loans and long-term debt and our expanded credit facility \(see Credit Facility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (and Other Financing ) Tj ET Q q 0 0 0 rg BT 142.84 573.75 Td (Arrangements below and Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.02 573.75 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.58 573.75 Td (\), which was established as a result of the financing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (relationship we have built with Comerica Bank \(Comerica\) over the past several years. ) Tj ET Q q 0 0 0 rg BT 434.43 561.75 Td (The credit facility and other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (sources of financing have increased our financial flexibility and have allowed us to focus our ef) Tj ET Q q 0 0 0 rg BT 466.73 549.75 Td (forts on developing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (our properties, acquiring other properties and increasing shareholder value. In addition, we continue to pursue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (additional development opportunities, and currently believe we can obtain bank financing necessary for developing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (our properties, although our ability to obtain bank financing in the future may be impacted by U.S. economic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (conditions. For further discussion of our operations and current real estate market conditions see "Risk Factors" in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (Item 1A. and Real Estate Market Conditions in Item 7.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (Extended adverse market conditions for real estate in ) Tj ET Q q 0 0 0 rg BT 288.47 465.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 321.64 465.75 Td (T) Tj ET Q q 0 0 0 rg BT 326.64 465.75 Td (exas, have constrained our ability to carry out our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (business plan. ) Tj ET Q q 0 0 0 rg BT 116.16 453.75 Td (As of December 31, 201) Tj ET Q q 0 0 0 rg BT 223.25 453.75 Td (1, we had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.39 453.75 Td ($2.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.98 453.75 Td ( in cash and cash equivalents available for use in our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (real estate operations, excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.76 441.75 Td ($5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.34 441.75 Td ( of cash primarily associated with the W ) Tj ET Q q 0 0 0 rg BT 425.19 441.75 Td (Austin Hotel & Residences ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (project, total debt of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.61 429.75 Td ($158.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.31 429.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 208.42 429.75 Td ($53.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.57 429.75 Td ( of which matures in 2012\), and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.87 429.75 Td ($7.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.45 429.75 Td ( of availability under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (our credit facility with Comerica. ) Tj ET Q q 0 0 0 rg BT 193.38 417.75 Td (At December 31, 201) Tj ET Q q 0 0 0 rg BT 287.13 417.75 Td (1, we had stockholders' equity of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.68 417.75 Td ($1) Tj ET Q q 0 0 0 rg BT 445.06 417.75 Td (18.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.64 417.75 Td (, which was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (less than the amount required under a covenant in our loan agreements requiring a minimum stockholders' equity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (balance of $120.0 million. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (Although we were not in compliance with the minimum stockholders' equity covenant at December 31, 201) Tj ET Q q 0 0 0 rg BT 519.75 369.75 Td (1, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (expect the February 2012 sale of 7500 Rialto, together with the March 2012 sale of shares of our common stock to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (Mof) Tj ET Q q 0 0 0 rg BT 66.49 345.75 Td (fett Holdings, LLC \(Mof) Tj ET Q q 0 0 0 rg BT 168.57 345.75 Td (fett\), to result in an increase in our stockholders' equity balance above $120.0 million, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (ef) Tj ET Q q 0 0 0 rg BT 58.16 333.75 Td (fectively curing any default under the Beal Bank loan agreement. ) Tj ET Q q 0 0 0 rg BT 347.05 333.75 Td (T) Tj ET Q q 0 0 0 rg BT 352.05 333.75 Td (o further address our liquidity needs, we are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (pursuing extensions of the maturity dates for the loans that mature in 2012 and expect to pursue additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (financing to fund our capital requirements and ongoing operations. ) Tj ET Q q 0 0 0 rg BT 346.13 309.75 Td (There can be no assurance we will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (successful in these ef) Tj ET Q q 0 0 0 rg BT 145.42 297.75 Td (forts, which would have a detrimental ef) Tj ET Q q 0 0 0 rg BT 320.89 297.75 Td (fect on our ability to continue to operate. See "Risk ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (Factors" in Item 1A. and Note 13 for further discussion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.15 262.75 Td (Development ) Tj ET Q q 0 0 0 rg BT 316.35 262.75 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.75 Td (Our accomplishments over the last several years include the following:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 214.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 214.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.26 214.75 Td (e ) Tj ET Q q 0 0 0 rg BT 85.60 214.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 135.08 214.75 Td (a ) Tj ET Q q 0 0 0 rg BT 143.42 214.75 Td (city ) Tj ET Q q 0 0 0 rg BT 161.19 214.75 Td (block ) Tj ET Q q 0 0 0 rg BT 187.32 214.75 Td (in ) Tj ET Q q 0 0 0 rg BT 197.88 214.75 Td (downtown ) Tj ET Q q 0 0 0 rg BT 245.31 214.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 278.66 214.75 Td (T) Tj ET Q q 0 0 0 rg BT 283.85 214.75 Td (exas ) Tj ET Q q 0 0 0 rg BT 307.76 214.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.22 214.75 Td (developed ) Tj ET Q q 0 0 0 rg BT 376.15 214.75 Td (a ) Tj ET Q q 0 0 0 rg BT 384.49 214.75 Td (multi-use ) Tj ET Q q 0 0 0 rg BT 427.83 214.75 Td (property) Tj ET Q q 0 0 0 rg BT 463.78 214.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 68 189.32421875 m 218.2490234375 189.32421875 l s q 0 0 0 rg BT 68.00 190.75 Td (The W ) Tj ET Q q 0 0 0 rg BT 99.86 190.75 Td (Austin Hotel & Residences) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 166.75 Td (In December 2006, we acquired a two-acre city block in downtown ) Tj ET Q q 0 0 0 rg BT 363.71 166.75 Td (Austin for $15.1 million to develop a multi-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 154.75 Td (use project. ) Tj ET Q q 0 0 0 rg BT 122.29 154.75 Td (The project, known as the W ) Tj ET Q q 0 0 0 rg BT 251.24 154.75 Td (Austin Hotel & Residences project, contains a mixture of hotel, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 142.75 Td (residential, of) Tj ET Q q 0 0 0 rg BT 127.30 142.75 Td (fice, retail and entertainment space. In 2008, we entered into a joint venture with Canyon-Johnson ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 130.75 Td (Urban Fund II, L.P) Tj ET Q q 0 0 0 rg BT 148.42 130.75 Td (., \(Canyon-Johnson\) for the development of the W ) Tj ET Q q 0 0 0 rg BT 372.43 130.75 Td (Austin Hotel & Residences project \(see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 118.75 Td (Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.90 118.75 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.46 118.75 Td (\). Construction of the $300 million project commenced in second-quarter 2008 and is substantially ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 106.75 Td (complete. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (4) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 741.75 Td (W Hotel.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.34 741.75 Td ( W) Tj ET Q q 0 0 0 rg BT 118.38 741.75 Td (e have executed an agreement with Starwood Hotels & Resorts W) Tj ET Q q 0 0 0 rg BT 411.68 741.75 Td (orldwide Inc. for the management ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 729.75 Td (of hotel operations. ) Tj ET Q q 0 0 0 rg BT 155.66 729.75 Td (The hotel opened in December 2010 and includes 251 luxury rooms and suites, a full ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 717.75 Td (service spa, gym, rooftop pool and 9,750 square feet of meeting space. For the year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.66 717.75 Td (201) Tj ET Q q 0 0 0 rg BT 458.60 717.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.16 717.75 Td (, the average daily ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 705.75 Td (rate at the W ) Tj ET Q q 0 0 0 rg BT 127.47 705.75 Td (Austin Hotel was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.73 705.75 Td ($250) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.97 705.75 Td ( and revenue per available room was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 393.74 705.75 Td ($184) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.98 705.75 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 681.75 Td (W ) Tj ET Q q 0 0 0 rg BT 79.85 681.75 Td (Austin Residences.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.45 681.75 Td ( Condominium units are being completed on a floor-by-floor basis and delivery of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 669.75 Td (condominium units began in January 201) Tj ET Q q 0 0 0 rg BT 249.60 669.75 Td (1 and continues. ) Tj ET Q q 0 0 0 rg BT 325.21 669.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.78 669.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.27 669.75 Td (, sales of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.06 669.75 Td (87) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.19 669.75 Td ( of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.76 669.75 Td (159) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.45 669.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 657.75 Td (condominium units had closed for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.75 657.75 Td ($98.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.89 657.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.13 657.75 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.69 657.75 Td ( of the remaining ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.96 657.75 Td (72) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.08 657.75 Td ( condominium units were under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 645.75 Td (contract. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 621.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 87.27 621.75 Td ( Live.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.17 621.75 Td ( ) Tj ET Q q 0 0 0 rg BT 113.77 621.75 Td (The project also includes ) Tj ET Q q 0 0 0 rg BT 226.61 621.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 245.70 621.75 Td ( Live, a live music and entertainment venue and production studio with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 609.75 Td (a maximum capacity of approximately 3,000 people. In addition to hosting concerts and private events, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 597.75 Td (venue is the new home of ) Tj ET Q q 0 0 0 rg BT 184.19 597.75 Td (Austin City Limits. ) Tj ET Q q 0 0 0 rg BT 265.88 597.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 284.96 597.75 Td ( Live opened in February 201) Tj ET Q q 0 0 0 rg BT 414.30 597.75 Td (1, has hosted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.13 597.75 Td (198) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.81 597.75 Td ( events ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 585.75 Td (through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.69 585.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 174.18 585.75 Td (, and currently has booked events through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.75 585.75 Td (December 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.90 585.75 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 561.75 Td (Office and Retail.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.70 561.75 Td ( ) Tj ET Q q 0 0 0 rg BT 147.30 561.75 Td (The project has approximately 41,000 square feet of leasable of) Tj ET Q q 0 0 0 rg BT 429.52 561.75 Td (fice space, of which 17,500 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 549.75 Td (square feet opened in March 201) Tj ET Q q 0 0 0 rg BT 214.03 549.75 Td (1, including 9,000 square feet for Stratus' corporate of) Tj ET Q q 0 0 0 rg BT 452.01 549.75 Td (fice. ) Tj ET Q q 0 0 0 rg BT 472.95 549.75 Td (The project also ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 537.75 Td (includes 18,000 square feet of leasable retail space, of which 14,500 square feet opened in ) Tj ET Q q 0 0 0 rg BT 473.28 537.75 Td (August 201) Tj ET Q q 0 0 0 rg BT 523.14 537.75 Td (1, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 525.75 Td (including 10,000 square feet for Urban Outfitters. ) Tj ET Q q 0 0 0 rg BT 286.46 525.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.03 525.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.52 525.75 Td (, occupancy was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.22 525.75 Td (43 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 505.48 525.75 Td ( for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 513.75 Td (of) Tj ET Q q 0 0 0 rg BT 76.16 513.75 Td (fice space and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 143.42 513.75 Td (79 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.68 513.75 Td ( for the retail space. Leasing activities for the remaining of) Tj ET Q q 0 0 0 rg BT 446.19 513.75 Td (fice and retail space are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 501.75 Td (ongoing. See Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.62 501.75 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.18 501.75 Td ( for additional discussion regarding the W ) Tj ET Q q 0 0 0 rg BT 344.84 501.75 Td (Austin Hotel & Residences project.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 477.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.26 477.75 Td (e ) Tj ET Q q 0 0 0 rg BT 84.86 477.75 Td (have ) Tj ET Q q 0 0 0 rg BT 108.58 477.75 Td (successfully ) Tj ET Q q 0 0 0 rg BT 164.53 477.75 Td (permitted ) Tj ET Q q 0 0 0 rg BT 208.25 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 226.97 477.75 Td (developed ) Tj ET Q q 0 0 0 rg BT 275.17 477.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 321.67 477.75 Td (projects ) Tj ET Q q 0 0 0 rg BT 358.73 477.75 Td (in ) Tj ET Q q 0 0 0 rg BT 368.55 477.75 Td (our ) Tj ET Q q 0 0 0 rg BT 385.04 477.75 Td (Barton ) Tj ET Q q 0 0 0 rg BT 416.54 477.75 Td (Creek ) Tj ET Q q 0 0 0 rg BT 445.26 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 463.98 477.75 Td (Lantana ) Tj ET Q q 0 0 0 rg BT 502.17 477.75 Td (project ) Tj ET Q q 0 0 0 rg BT 534.22 477.75 Td (areas.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 68 452.32421875 m 126.916015625 452.32421875 l s q 0 0 0 rg BT 68.00 453.75 Td (Barton Creek) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 429.75 Td (Calera.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.24 429.75 Td (Calera is a residential subdivision with plat approval for 155 lots. During 2004, we began construction ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 417.75 Td (of 16 courtyard homes at Calera Court, the 16-acre initial phase of the Calera subdivision. ) Tj ET Q q 0 0 0 rg BT 467.48 417.75 Td (The second phase of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 405.75 Td (Calera, Calera Drive, consisting of 53 single-family lots, many of which adjoin Fazio Canyons Golf Course, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 393.75 Td (received final plat and construction permit approval in 2005. Construction of the final phase, known as V) Tj ET Q q 0 0 0 rg BT 526.60 393.75 Td (erano ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 381.75 Td (Drive, was completed in July 2008 and includes 71 single-family lots. W) Tj ET Q q 0 0 0 rg BT 384.07 381.75 Td (e sold the final Calera Court courtyard ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 369.75 Td (home in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.35 369.75 Td (201) Tj ET Q q 0 0 0 rg BT 122.30 369.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.86 369.75 Td ( and, as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.34 369.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 258.86 369.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.43 369.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.98 369.75 Td (eight) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.67 369.75 Td ( lots at Calera Drive and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.72 369.75 Td (65) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.84 369.75 Td ( lots at V) Tj ET Q q 0 0 0 rg BT 451.19 369.75 Td (erano Drive remained ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 357.75 Td (unsold.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 333.75 Td (Amarra Drive.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.23 333.75 Td (Amarra Drive Phase I, which is the initial phase of the ) Tj ET Q q 0 0 0 rg BT 374.24 333.75 Td (Amarra Drive subdivision, was completed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 321.75 Td (in 2007 and includes six lots, with sizes ranging from approximately one to four acres, some of which are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 309.75 Td (course-side lots on the Fazio Canyons Golf Course and others are secluded lots adjacent to the Nature ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 297.75 Td (Conservancy of ) Tj ET Q q 0 0 0 rg BT 140.08 297.75 Td (T) Tj ET Q q 0 0 0 rg BT 145.08 297.75 Td (exas. W) Tj ET Q q 0 0 0 rg BT 181.01 297.75 Td (e sold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.48 297.75 Td (one) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.16 297.75 Td ( ) Tj ET Q q 0 0 0 rg BT 229.39 297.75 Td (Amarra Drive Phase I lot in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.65 297.75 Td (201) Tj ET Q q 0 0 0 rg BT 367.59 297.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.16 297.75 Td (, and as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.63 297.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 504.16 297.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.72 297.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.28 297.75 Td (four) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 532.51 297.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 285.75 Td (Amarra Drive Phase I lots remained unsold. In 2008, we commenced development of ) Tj ET Q q 0 0 0 rg BT 446.53 285.75 Td (Amarra Drive Phase II, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 273.75 Td (which consists of 35 lots on 51 acres. Development was substantially completed in October 2008, but no sales ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 261.75 Td (have occurred.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 237.75 Td (Mirador) Tj ET Q q 0 0 0 rg BT 101.53 237.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.30 237.75 Td () Tj ET Q q 0 0 0 rg BT 109.68 237.75 Td (The Mirador subdivision consists of 34 estate lots, with each lot averaging approximately 3.5 acres in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 225.75 Td (size. ) Tj ET Q q 0 0 0 rg BT 90.79 225.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.35 225.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 197.88 225.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.44 225.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.00 225.75 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.56 225.75 Td ( Mirador estate lots remained unsold.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 201.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.35 201.75 Td (imberly Lane.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.38 201.75 Td (Wimberly Lane included two phases, with phase one consisting of 75 residential lots and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 189.75 Td (phase two consisting of 47 residential lots. W) Tj ET Q q 0 0 0 rg BT 267.37 189.75 Td (e entered into a contract with a national homebuilder to sell 41 lots ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 177.75 Td (within the Wimberly Lane Phase II subdivision. ) Tj ET Q q 0 0 0 rg BT 276.81 177.75 Td (The last homebuilder lot was sold in January 2008, and the final ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 165.75 Td (Wimberly Lane lot was sold in December 2010.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 141.75 Td (Barton Creek V) Tj ET Q q 0 0 0 rg BT 136.18 141.75 Td (illage.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.31 141.75 Td () Tj ET Q q 0 0 0 rg BT 167.69 141.75 Td (The first phase of Barton Creek V) Tj ET Q q 0 0 0 rg BT 315.91 141.75 Td (illage includes a 22,000-square-foot retail complex, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 129.75 Td (which was completed in 2007, and a 3,085-square-foot bank building within this retail complex. ) Tj ET Q q 0 0 0 rg BT 488.80 129.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 117.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.53 117.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.09 117.75 Td (, occupancy was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.79 117.75 Td (100 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.61 117.75 Td ( for the retail complex and the bank building is leased through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 105.75 Td (January 2023.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (5) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 68 740.32421875 m 104.1474609375 740.32421875 l s q 0 0 0 rg BT 68.00 741.75 Td (Lantana) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 717.75 Td (Lantana is a partially developed, mixed-use real-estate development project. ) Tj ET Q q 0 0 0 rg BT 408.20 717.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.77 717.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 515.29 717.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.86 717.75 Td (, we had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 705.75 Td (remaining entitlements for approximately 1.7 million square feet of of) Tj ET Q q 0 0 0 rg BT 370.75 705.75 Td (fice and retail use on 223 acres. Regional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 693.75 Td (utility and road infrastructure is in place with capacity to serve Lantana at full build-out permitted under our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 681.75 Td (existing entitlements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 657.75 Td (Lantana also includes 7500 Rialto, which we sold in February 2012 \(see "Discontinued Operations" and Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 645.75 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.12 645.75 Td (\). ) Tj ET Q q 0 0 0 rg BT 87.46 645.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.02 645.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 194.55 645.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.11 645.75 Td (, occupancy was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.82 645.75 Td (56 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.07 645.75 Td ( for the first 7500 Rialto of) Tj ET Q q 0 0 0 rg BT 438.40 645.75 Td (fice building and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.45 645.75 Td (100 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 633.75 Td (percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.35 633.75 Td ( for the second of) Tj ET Q q 0 0 0 rg BT 178.44 633.75 Td (fice building. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 609.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.26 609.75 Td (e ) Tj ET Q q 0 0 0 rg BT 86.39 609.75 Td (have ) Tj ET Q q 0 0 0 rg BT 111.65 609.75 Td (made ) Tj ET Q q 0 0 0 rg BT 140.24 609.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 188.28 609.75 Td (progress ) Tj ET Q q 0 0 0 rg BT 230.76 609.75 Td (in ) Tj ET Q q 0 0 0 rg BT 242.12 609.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 286.28 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.75 609.75 Td (permitting ) Tj ET Q q 0 0 0 rg BT 351.23 609.75 Td (necessary ) Tj ET Q q 0 0 0 rg BT 400.38 609.75 Td (to ) Tj ET Q q 0 0 0 rg BT 412.30 609.75 Td (pursue ) Tj ET Q q 0 0 0 rg BT 446.45 609.75 Td (development ) Tj ET Q q 0 0 0 rg BT 507.28 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 519.19 609.75 Td (additional ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 597.75 Td (Austin-area ) Tj ET Q q 0 0 0 rg BT 121.92 597.75 Td (properties.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 68 572.32421875 m 156.9013671875 572.32421875 l s q 0 0 0 rg BT 68.00 573.75 Td (Circle C Community) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 549.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 77.27 549.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 108.40 549.75 Td (August 2002, the City granted final approval of a development agreement \(the Circle C settlement\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 537.75 Td (which firmly established all essential municipal development regulations applicable to our Circle C properties for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 525.75 Td (30 years. In 2004, we amended our Circle C settlement to modify the permits and approvals necessary to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 513.75 Td (develop 1.16 million square feet of commercial space, 504 multi-family units and 830 single-family residential ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 501.75 Td (lots. ) Tj ET Q q 0 0 0 rg BT 88.94 501.75 Td (The City also provided us $15 million of cash incentives in connection with our future development of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 489.75 Td (Circle C and other ) Tj ET Q q 0 0 0 rg BT 150.82 489.75 Td (Austin-area properties. ) Tj ET Q q 0 0 0 rg BT 254.58 489.75 Td (These incentives, which are in the form of Credit Bank capacity) Tj ET Q q 0 0 0 rg BT 532.85 489.75 Td (, can ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 477.75 Td (be used for City fees and for reimbursement of certain infrastructure costs. ) Tj ET Q q 0 0 0 rg BT 399.26 477.75 Td (Annually) Tj ET Q q 0 0 0 rg BT 436.88 477.75 Td (, we may elect to sell up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 465.75 Td ($1.5 million of the incentives to other developers for their use in paying City fees related to their projects. ) Tj ET Q q 0 0 0 rg BT 531.58 465.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 453.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.53 453.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.09 453.75 Td (, we have permanently used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.94 453.75 Td ($10.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.08 453.75 Td ( of our City-based incentives including cumulative ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 441.75 Td (sales of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.24 441.75 Td ($4.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.82 441.75 Td ( to other developers. W) Tj ET Q q 0 0 0 rg BT 259.03 441.75 Td (e also have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.95 441.75 Td ($1.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.53 441.75 Td ( in Credit Bank capacity in use as temporary ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 429.75 Td (fiscal deposits. ) Tj ET Q q 0 0 0 rg BT 135.81 429.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.04 429.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 229.57 429.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.13 429.75 Td (, available Credit Bank capacity was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.99 429.75 Td ($3.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.57 429.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 405.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.26 405.75 Td (e are developing the Circle C community based on the entitlements secured in our Circle C settlement. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 393.75 Td (800-lot Meridian project within the Circle C community included our contracts with three national homebuilders ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 381.75 Td (to complete the construction and sales of 494 lots. W) Tj ET Q q 0 0 0 rg BT 302.39 381.75 Td (e sold the final 13 lots for $0.9 million in first-quarter 2010.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 357.75 Td (In 2006, we signed another contract with a national homebuilder for 42 additional lots. Development of those ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 345.75 Td (lots was substantially completed in ) Tj ET Q q 0 0 0 rg BT 223.63 345.75 Td (April 2008. In June 2009, this contract was terminated by the homebuilder) Tj ET Q q 0 0 0 rg BT 549.38 345.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 333.75 Td (As of the date the contract was terminated, there were 30 remaining unclosed lots. W) Tj ET Q q 0 0 0 rg BT 444.68 333.75 Td (e sold eight lots in 2010 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 321.75 Td (for $1.1 million and the final ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.07 321.75 Td (21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.20 321.75 Td ( lots were sold in 201) Tj ET Q q 0 0 0 rg BT 297.39 321.75 Td (1 for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.18 321.75 Td ($2.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.76 321.75 Td (. ) Tj ET Q q 0 0 0 rg BT 376.14 321.75 Td (The final phase of Meridian is expected to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 309.75 Td (consist of 57 one-acre lots.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 285.75 Td (In addition, several retail sites at the Circle C community received final City approvals and are being developed. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 273.75 Td (In 2008, we completed the construction of two retail buildings totaling 21,000 square feet at 5700 Slaughter) Tj ET Q q 0 0 0 rg BT 540.53 273.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 261.75 Td (This retail project also includes a 4,000-square-foot bank building on an existing ground lease, which expires in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 249.75 Td (2025. ) Tj ET Q q 0 0 0 rg BT 95.25 249.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.82 249.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 202.35 249.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.91 249.75 Td (, occupancy was approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.64 249.75 Td (91 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.90 249.75 Td ( for the two retail buildings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 225.75 Td (The Circle C community also includes Parkside V) Tj ET Q q 0 0 0 rg BT 286.23 225.75 Td (illage, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.48 225.75 Td (92,473) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.06 225.75 Td (-square-foot retail project which consists of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 213.75 Td (33,650) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.59 213.75 Td (-square-foot full-service movie theater and restaurant, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.59 213.75 Td (13,890) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.18 213.75 Td (-square-foot medical clinic and five other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 201.75 Td (retail buildings, including a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.07 201.75 Td (14,933) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.66 201.75 Td (-square-foot building, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.72 201.75 Td (10,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.31 201.75 Td (-square-foot building, two ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.37 201.75 Td (7,500) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.40 201.75 Td (-square-foot ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 189.75 Td (buildings and a stand-alone 5,000-square-foot building. In February 201) Tj ET Q q 0 0 0 rg BT 384.69 189.75 Td (1, we entered into a joint venture with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 177.75 Td (Mof) Tj ET Q q 0 0 0 rg BT 84.49 177.75 Td (fett Holdings, LLC \(Mof) Tj ET Q q 0 0 0 rg BT 186.57 177.75 Td (fett\) to develop Parkside V) Tj ET Q q 0 0 0 rg BT 303.68 177.75 Td (illage, obtained final permits and entitlements and began ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 165.75 Td (construction \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.83 165.75 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.39 165.75 Td (\). Construction activities at Parkside V) Tj ET Q q 0 0 0 rg BT 344.61 165.75 Td (illage continue on schedule, and are expected to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 153.75 Td (be completed in fourth-quarter 2012. ) Tj ET Q q 0 0 0 rg BT 231.99 153.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.22 153.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 313.71 153.75 Td (, we had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.29 153.75 Td (64,647) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 384.88 153.75 Td ( square feet of executed leases at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 141.75 Td (Parkside V) Tj ET Q q 0 0 0 rg BT 116.17 141.75 Td (illage, including 13,890 square feet that opened in December 201) Tj ET Q q 0 0 0 rg BT 404.52 141.75 Td (1, and leasing activities are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 129.75 Td (ongoing.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 105.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.26 105.75 Td (e ) Tj ET Q q 0 0 0 rg BT 87.42 105.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 123.70 105.75 Td (that ) Tj ET Q q 0 0 0 rg BT 144.98 105.75 Td (we ) Tj ET Q q 0 0 0 rg BT 162.36 105.75 Td (have ) Tj ET Q q 0 0 0 rg BT 188.64 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 207.14 105.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 249.54 105.75 Td (right ) Tj ET Q q 0 0 0 rg BT 273.59 105.75 Td (to ) Tj ET Q q 0 0 0 rg BT 286.53 105.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 323.36 105.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 390.21 105.75 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 414.27 105.75 Td (million ) Tj ET Q q 0 0 0 rg BT 447.21 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 460.14 105.75 Td (future ) Tj ET Q q 0 0 0 rg BT 490.31 105.75 Td (reimbursements ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 93.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 118.59 93.75 Td (with ) Tj ET Q q 0 0 0 rg BT 139.15 93.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 186.95 93.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 225.85 93.75 Td (Barton ) Tj ET Q q 0 0 0 rg BT 258.09 93.75 Td (Creek ) Tj ET Q q 0 0 0 rg BT 287.55 93.75 Td (utility ) Tj ET Q q 0 0 0 rg BT 313.11 93.75 Td (development ) Tj ET Q q 0 0 0 rg BT 373.15 93.75 Td (costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 69.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.23 69.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 161.75 69.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.32 69.75 Td (, we had approximately $2.4 million of previously incurred costs recorded as a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 57.75 Td (component of real estate on our balance sheet for which we expect future reimbursement. ) Tj ET Q q 0 0 0 rg BT 468.04 57.75 Td (The remaining ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 45.75 Td (potential future reimbursements are not recorded on our balance sheet because they relate to costs incurred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 741.75 Td (prior to the 1995 formation of the Barton Creek Municipal Utility District \(MUD\). Since these costs pre-date the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 729.75 Td (formation of the MUDs, there is less certainty in their potential reimbursement. Costs incurred after the 1995 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 717.75 Td (formation of the MUDs were capitalized into property costs and subsequently expensed through cost of sales ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 705.75 Td (as properties sold. ) Tj ET Q q 0 0 0 rg BT 151.94 705.75 Td (A) Tj ET Q q 0 0 0 rg BT 158.05 705.75 Td ( significant portion of the additional costs, which we will incur in the future as our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 693.75 Td (development activities at Barton Creek continue, is expected to be eligible for reimbursement. W) Tj ET Q q 0 0 0 rg BT 493.59 693.75 Td (e received total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 681.75 Td (MUD reimbursements of $5.1 million during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.07 681.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.32 681.75 Td ( and did not receive any MUD reimbursements in 201) Tj ET Q q 0 0 0 rg BT 520.80 681.75 Td (1. ) Tj ET Q q 0 0 0 rg BT 531.37 681.75 Td (As ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 669.75 Td (discussed in Results of Operations within Item 7., we account for MUD reimbursements as reductions to cost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 657.75 Td (of sales, reductions in capital expenditures and interest income.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 633.75 Td (W) Tj ET Q q 0 0 0 rg BT 77.26 633.75 Td (e ) Tj ET Q q 0 0 0 rg BT 85.60 633.75 Td (formed ) Tj ET Q q 0 0 0 rg BT 119.50 633.75 Td (a ) Tj ET Q q 0 0 0 rg BT 127.84 633.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 148.96 633.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 185.09 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 195.66 633.75 Td (November ) Tj ET Q q 0 0 0 rg BT 244.56 633.75 Td (2005 ) Tj ET Q q 0 0 0 rg BT 269.59 633.75 Td (to ) Tj ET Q q 0 0 0 rg BT 280.71 633.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 324.62 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 344.08 633.75 Td (develop ) Tj ET Q q 0 0 0 rg BT 381.89 633.75 Td (a ) Tj ET Q q 0 0 0 rg BT 390.23 633.75 Td (multi-use ) Tj ET Q q 0 0 0 rg BT 433.58 633.75 Td (property ) Tj ET Q q 0 0 0 rg BT 473.04 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 483.23 633.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 516.58 633.75 Td (T) Tj ET Q q 0 0 0 rg BT 521.77 633.75 Td (exas.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 68 608.32421875 m 145.8076171875 608.32421875 l s q 0 0 0 rg BT 68.00 609.75 Td (Crestview Station) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 585.75 Td (In 2005, we formed a joint venture with ) Tj ET Q q 0 0 0 rg BT 242.36 585.75 Td (T) Tj ET Q q 0 0 0 rg BT 248.10 585.75 Td (rammell Crow Central ) Tj ET Q q 0 0 0 rg BT 347.38 585.75 Td (T) Tj ET Q q 0 0 0 rg BT 352.38 585.75 Td (exas Development, Inc. \(T) Tj ET Q q 0 0 0 rg BT 468.72 585.75 Td (rammell Crow\) to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 573.75 Td (acquire an approximate 74-acre tract at the intersection of ) Tj ET Q q 0 0 0 rg BT 326.48 573.75 Td (Airport Boulevard and Lamar Boulevard in ) Tj ET Q q 0 0 0 rg BT 514.92 573.75 Td (Austin, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 561.75 Td (T) Tj ET Q q 0 0 0 rg BT 73.00 561.75 Td (exas for $7.7 million. ) Tj ET Q q 0 0 0 rg BT 167.31 561.75 Td (The property) Tj ET Q q 0 0 0 rg BT 223.26 561.75 Td (, known as Crestview Station, is a single-family) Tj ET Q q 0 0 0 rg BT 430.37 561.75 Td (, multi-family) Tj ET Q q 0 0 0 rg BT 485.74 561.75 Td (, retail and of) Tj ET Q q 0 0 0 rg BT 543.38 561.75 Td (fice ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 549.75 Td (development, which is located on the site of a commuter rail line. ) Tj ET Q q 0 0 0 rg BT 356.85 549.75 Td (The joint venture completed environmental ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 537.75 Td (remediation, which the State of ) Tj ET Q q 0 0 0 rg BT 207.90 537.75 Td (T) Tj ET Q q 0 0 0 rg BT 212.90 537.75 Td (exas certified as complete in 2007, and permitting of the property) Tj ET Q q 0 0 0 rg BT 499.54 537.75 Td (. ) Tj ET Q q 0 0 0 rg BT 504.91 537.75 Td (The joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 525.75 Td (venture obtained permits to develop Crestview Station as a 450-unit transit-oriented neighborhood. Crestview ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 513.75 Td (Station sold substantially all of its multi-family and commercial properties in 2007 and one commercial site in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 501.75 Td (2008, while retaining the single family component of Crestview Station and one commercial site. ) Tj ET Q q 0 0 0 rg BT 494.33 501.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 489.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.53 489.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.09 489.75 Td (, our investment in the Crestview Station project totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.43 489.75 Td ($3.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.01 489.75 Td ( and the joint venture ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 477.75 Td (partnership had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.27 477.75 Td ($7.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.85 477.75 Td ( of outstanding debt, of which we guarantee ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.10 477.75 Td ($1.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 437.68 477.75 Td ( \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.59 477.75 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.15 477.75 Td ( for further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 465.75 Td (discussion\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 442.75 Td (Discontinued Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 418.75 Td (On February 27, 2012, we sold 7500 Rialto to Lincoln Properties and Greenfield Partners \(Lincoln Properties\) for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 406.75 Td ($27.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.14 406.75 Td (. See "Discontinued Operations" in Item 7. and Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.93 406.75 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.05 406.75 Td ( for further discussion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.80 383.75 Td (Competition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 371.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 359.75 Td (The real estate development business is highly competitive and fragmented. W) Tj ET Q q 0 0 0 rg BT 398.89 359.75 Td (e compete against numerous public ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 347.75 Td (and private developers of varying sizes, ranging from local to national in scope. ) Tj ET Q q 0 0 0 rg BT 401.87 347.75 Td (As a result, we may be competing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 335.75 Td (for investment opportunities, financing, and potential buyers with entities that may possess greater financial, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 323.75 Td (marketing, or other resources than we have. Competition for potential buyers has been intensified by an increase in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 311.75 Td (the number of available residential properties resulting from recent weak conditions in the real estate market. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 299.75 Td (prospective customers generally have a variety of choices of new and existing homes and homesites when ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 287.75 Td (considering a purchase. W) Tj ET Q q 0 0 0 rg BT 168.21 287.75 Td (e attempt to dif) Tj ET Q q 0 0 0 rg BT 234.18 287.75 Td (ferentiate our properties primarily on the basis of community design, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 275.75 Td (quality) Tj ET Q q 0 0 0 rg BT 78.16 275.75 Td (, uniqueness, amenities, location and developer reputation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 251.75 Td (The hotel industry is highly competitive. Competition is generally based on quality and consistency of room, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 239.75 Td (restaurant and meeting facilities and services, attractiveness of location, price, and other factors. Management ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 227.75 Td (believes that we compete favorably in these areas. Our property competes with other hotels and resorts in our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 215.75 Td (geographic market, including facilities owned by local interests and facilities owned by national and international ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 203.75 Td (chains. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 179.75 Td (The entertainment venue operations industry is also highly competitive. W) Tj ET Q q 0 0 0 rg BT 376.65 179.75 Td (e compete with other venues in ) Tj ET Q q 0 0 0 rg BT 517.29 179.75 Td (Austin, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 167.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.00 167.75 Td (exas and venues in other markets for artists likely to perform in the ) Tj ET Q q 0 0 0 rg BT 351.80 167.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 384.97 167.75 Td (T) Tj ET Q q 0 0 0 rg BT 389.97 167.75 Td (exas region. Consequently) Tj ET Q q 0 0 0 rg BT 507.64 167.75 Td (, touring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 155.75 Td (artists have several alternatives to our venue in scheduling tours. Some of our competitors in venue management ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 143.75 Td (have a greater number of venues in certain markets and may have greater financial resources in those markets. W) Tj ET Q q 0 0 0 rg BT 556.18 143.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 131.75 Td (dif) Tj ET Q q 0 0 0 rg BT 60.38 131.75 Td (ferentiate our entertainment venue by providing a quality live music experience and promoting our entertainment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 119.75 Td (space through the broadcast of ) Tj ET Q q 0 0 0 rg BT 190.10 119.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 209.18 119.75 Td ( Live.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 95.75 Td (The real estate investment industry is highly fragmented among individuals, partnerships and public and private ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 83.75 Td (entities, with no dominant single entity or person. ) Tj ET Q q 0 0 0 rg BT 268.46 83.75 Td (Although we may compete against large sophisticated owners and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 71.75 Td (operators, owners and operators of any size can provide ef) Tj ET Q q 0 0 0 rg BT 310.52 71.75 Td (fective competition for prospective tenants. ) Tj ET Q q 0 0 0 rg BT 502.29 71.75 Td (As a result of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 59.75 Td (the decline in the real estate market beginning in 2008, vacancies for commercial properties have increased, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 47.75 Td (further increases competition for prospective tenants. W) Tj ET Q q 0 0 0 rg BT 297.15 47.75 Td (e compete for tenants primarily on the basis of property ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (location, rent charged, and the design and condition of improvements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.80 718.75 Td (Credit Facility and Other Financing ) Tj ET Q q 0 0 0 rg BT 356.34 718.75 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.75 Td (Acquiring and maintaining adequate financing is a critical component of our business. For information about our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.75 Td (credit facility and other financing arrangements, see Credit Facility and Other Financing ) Tj ET Q q 0 0 0 rg BT 441.30 682.75 Td (Arrangements in Item 7. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.75 Td (and Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.36 670.75 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.93 670.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.55 647.75 Td (Regulation and Environmental Matters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 623.75 Td (Our real estate investments are subject to extensive local, city) Tj ET Q q 0 0 0 rg BT 323.27 623.75 Td (, county and state rules and regulations regarding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 611.75 Td (permitting, zoning, subdivision, utilities and water quality as well as federal rules and regulations regarding air and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 599.75 Td (water quality and protection of endangered species and their habitats. Such regulation has delayed and may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 587.75 Td (continue to delay development of our properties and result in higher developmental and administrative costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 563.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 563.75 Td (e have made, and will continue to make, expenditures for the protection of the environment with respect to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (real estate development activities. Emphasis on environmental matters will result in additional costs in the future. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (Based on an analysis of our operations in relation to current and presently anticipated environmental requirements, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (we currently do not anticipate that these costs will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 390.00 527.75 Td (fect on our future operations or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.55 492.75 Td (Employees) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 468.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.23 468.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 143.75 468.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.32 468.75 Td (, we had a total of 39 full-time employees and 71 part-time employees located at our ) Tj ET Q q 0 0 0 rg BT 523.41 468.75 Td (Austin, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 456.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.00 456.75 Td (exas headquarters. W) Tj ET Q q 0 0 0 rg BT 152.65 456.75 Td (e do not have any union employees. W) Tj ET Q q 0 0 0 rg BT 325.35 456.75 Td (e believe we have a good relationship with our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 444.75 Td (employees. Since January 1, 1996, certain services necessary for our business and operations, including certain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 432.75 Td (administrative, accounting, financial and other services, have been performed by FM Services Company \(FM ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 420.75 Td (Services\) pursuant to a services agreement. FM Services is a wholly owned subsidiary of Freeport-McMoRan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 408.75 Td (Copper & Gold Inc. Either party may terminate the services agreement at any time upon 60 days notice or earlier ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 396.75 Td (upon mutual written agreement.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 372.16552734375 m 154.482421875 372.16552734375 l s q 0 0 0 rg BT 50.00 373.75 Td (Item 1A.Risk Factors) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 361.75 Td (Important factors that could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 286.61 361.75 Td (fer materially from our expectations include, without limitation, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 349.75 Td (the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 325.75 Td (e need significant amounts of cash to service our debt.If we are unable to generate sufficient cash to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 313.75 Td (service our debt, our financial condition and results of operations could be negatively affected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 289.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.57 289.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 157.09 289.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.66 289.75 Td (, our outstanding debt totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 294.98 289.75 Td ($158.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.68 289.75 Td (. Our level of indebtedness could have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 277.75 Td (significant consequences. For example, it could:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 253.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 253.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 126.58 253.75 Td (our ) Tj ET Q q 0 0 0 rg BT 143.81 253.75 Td (vulnerability ) Tj ET Q q 0 0 0 rg BT 199.39 253.75 Td (to ) Tj ET Q q 0 0 0 rg BT 210.51 253.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 248.86 253.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 289.45 253.75 Td (in ) Tj ET Q q 0 0 0 rg BT 300.01 253.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 345.58 253.75 Td (and ) Tj ET Q q 0 0 0 rg BT 365.05 253.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 402.84 253.75 Td (conditions;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 229.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 229.75 Td (require ) Tj ET Q q 0 0 0 rg BT 120.11 229.75 Td (us ) Tj ET Q q 0 0 0 rg BT 133.66 229.75 Td (to ) Tj ET Q q 0 0 0 rg BT 144.99 229.75 Td (dedicate ) Tj ET Q q 0 0 0 rg BT 185.78 229.75 Td (a ) Tj ET Q q 0 0 0 rg BT 194.33 229.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 245.12 229.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 278.68 229.75 Td (of ) Tj ET Q q 0 0 0 rg BT 290.01 229.75 Td (our ) Tj ET Q q 0 0 0 rg BT 307.45 229.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 331.56 229.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 352.33 229.75 Td (from ) Tj ET Q q 0 0 0 rg BT 375.31 229.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 425.00 229.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.67 229.75 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 488.79 229.75 Td (from ) Tj ET Q q 0 0 0 rg BT 511.78 229.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 538.66 229.75 Td (sales ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 217.75 Td (to ) Tj ET Q q 0 0 0 rg BT 97.75 217.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 117.28 217.75 Td (or ) Tj ET Q q 0 0 0 rg BT 129.59 217.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 165.79 217.75 Td (for ) Tj ET Q q 0 0 0 rg BT 180.88 217.75 Td (our ) Tj ET Q q 0 0 0 rg BT 198.74 217.75 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 264.42 217.75 Td (thus ) Tj ET Q q 0 0 0 rg BT 286.73 217.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 328.50 217.75 Td (the ) Tj ET Q q 0 0 0 rg BT 345.81 217.75 Td (availability ) Tj ET Q q 0 0 0 rg BT 395.36 217.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.11 217.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 431.64 217.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 457.84 217.75 Td (to ) Tj ET Q q 0 0 0 rg BT 469.59 217.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 492.46 217.75 Td (working ) Tj ET Q q 0 0 0 rg BT 530.33 217.75 Td (capital, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 205.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 117.68 205.75 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 180.50 205.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 238.31 205.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 294.44 205.75 Td (and ) Tj ET Q q 0 0 0 rg BT 313.91 205.75 Td (other ) Tj ET Q q 0 0 0 rg BT 339.48 205.75 Td (general ) Tj ET Q q 0 0 0 rg BT 375.61 205.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 420.64 205.75 Td (purposes;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 181.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 181.75 Td (limit ) Tj ET Q q 0 0 0 rg BT 106.55 181.75 Td (our ) Tj ET Q q 0 0 0 rg BT 123.78 181.75 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 164.35 181.75 Td (to ) Tj ET Q q 0 0 0 rg BT 175.47 181.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 197.15 181.75 Td (for) Tj ET Q q 0 0 0 rg BT 208.27 181.75 Td (, ) Tj ET Q q 0 0 0 rg BT 213.83 181.75 Td (or ) Tj ET Q q 0 0 0 rg BT 225.50 181.75 Td (react ) Tj ET Q q 0 0 0 rg BT 250.51 181.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 264.40 181.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 304.99 181.75 Td (in ) Tj ET Q q 0 0 0 rg BT 315.55 181.75 Td (our ) Tj ET Q q 0 0 0 rg BT 332.78 181.75 Td (business ) Tj ET Q q 0 0 0 rg BT 375.03 181.75 Td (and ) Tj ET Q q 0 0 0 rg BT 394.49 181.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.17 181.75 Td (market ) Tj ET Q q 0 0 0 rg BT 444.51 181.75 Td (in ) Tj ET Q q 0 0 0 rg BT 455.07 181.75 Td (which ) Tj ET Q q 0 0 0 rg BT 483.42 181.75 Td (we ) Tj ET Q q 0 0 0 rg BT 498.98 181.75 Td (operate;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 157.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 157.75 Td (place ) Tj ET Q q 0 0 0 rg BT 112.68 157.75 Td (us ) Tj ET Q q 0 0 0 rg BT 126.02 157.75 Td (at ) Tj ET Q q 0 0 0 rg BT 137.14 157.75 Td (a ) Tj ET Q q 0 0 0 rg BT 145.48 157.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 198.84 157.75 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 261.11 157.75 Td (to ) Tj ET Q q 0 0 0 rg BT 272.23 157.75 Td (our ) Tj ET Q q 0 0 0 rg BT 289.46 157.75 Td (competitors ) Tj ET Q q 0 0 0 rg BT 343.92 157.75 Td (that ) Tj ET Q q 0 0 0 rg BT 363.38 157.75 Td (have ) Tj ET Q q 0 0 0 rg BT 387.84 157.75 Td (less ) Tj ET Q q 0 0 0 rg BT 408.40 157.75 Td (debt; ) Tj ET Q q 0 0 0 rg BT 433.42 157.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 133.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 133.75 Td (limitour ) Tj ET Q q 0 0 0 rg BT 123.84 133.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 152.24 133.75 Td (to ) Tj ET Q q 0 0 0 rg BT 163.41 133.75 Td (borrow ) Tj ET Q q 0 0 0 rg BT 196.81 133.75 Td (money ) Tj ET Q q 0 0 0 rg BT 229.66 133.75 Td (to ) Tj ET Q q 0 0 0 rg BT 240.84 133.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 263.13 133.75 Td (our ) Tj ET Q q 0 0 0 rg BT 280.42 133.75 Td (working ) Tj ET Q q 0 0 0 rg BT 317.71 133.75 Td (capital, ) Tj ET Q q 0 0 0 rg BT 352.23 133.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 383.97 133.75 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 446.84 133.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 469.14 133.75 Td (service ) Tj ET Q q 0 0 0 rg BT 503.65 133.75 Td (requirements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 121.75 Td (and ) Tj ET Q q 0 0 0 rg BT 105.46 121.75 Td (other ) Tj ET Q q 0 0 0 rg BT 131.03 121.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 173.84 121.75 Td (needs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 97.75 Td (Although we plan to repay a portion of our debt with proceeds from the sales of condominium units at our W ) Tj ET Q q 0 0 0 rg BT 528.04 97.75 Td (Austin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 85.75 Td (Hotel & Residences project, those sales may not occur as anticipated. In addition, the terms of the agreements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 73.75 Td (governing our indebtedness include restrictive covenants and require that certain financial ratios be maintained. For ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 61.75 Td (example, the minimum net worth covenant contained in most of our debt agreements requires us to maintain total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 49.75 Td (stockholders) Tj ET Q q 0 0 0 rg BT 107.99 49.75 Td ( equity of no less than $120.0 million.) Tj ET Q q 0 0 0 rg BT 274.76 49.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.99 49.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 368.52 49.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.08 49.75 Td (, our total stockholders) Tj ET Q q 0 0 0 rg BT 476.53 49.75 Td ( equity was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.34 49.75 Td ($1) Tj ET Q q 0 0 0 rg BT 539.72 49.75 Td (18.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.34 741.75 Td ( and we were not in compliance with this covenant.Subsequent to December 31, 201) Tj ET Q q 0 0 0 rg BT 455.04 741.75 Td (1, we have completed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (certain transactions to increase our stockholders' equity and ef) Tj ET Q q 0 0 0 rg BT 326.32 729.75 Td (fectively cured the default, as further described in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Note 13. In order to maintain compliance with the covenants in our loan agreements and carry out our business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (plan, we may raise additional capital through equity transactions or obtain waivers or modifications of the covenants ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (from our lenders.W) Tj ET Q q 0 0 0 rg BT 137.62 693.75 Td (e may also need to incur additional indebtedness in the future in the ordinary course of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (business to fund our development projects and our operations. If new debt is added to current debt levels, the risks ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (described above could intensify) Tj ET Q q 0 0 0 rg BT 188.79 669.75 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (The deterioration of the credit and capital markets may adversely impact our ability to obtain financing on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (acceptable terms, which may hinder or prevent us from meeting our future operational and capital needs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (and could have a material adverse effect on our financial condition and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (Beginning in 2008, the credit markets experienced a disruption of a significant magnitude. ) Tj ET Q q 0 0 0 rg BT 448.39 597.75 Td (This disruption reduced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (the availability and significantly increased the cost of most sources of funding. In some cases, these sources were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (eliminated. While the credit market has shown signs of improving since the second half of 2009, liquidity remains ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (constrained and it is impossible to predict when the market will return to normal. ) Tj ET Q q 0 0 0 rg BT 404.98 561.75 Td (This uncertainty may lead market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (participants to continue to act more conservatively) Tj ET Q q 0 0 0 rg BT 271.04 549.75 Td (. Because of these factors and the continued uncertainties that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (exist in the economy and for real estate developers in general, we cannot be certain that funding will be available if ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (needed and, to the extent required, on acceptable terms. If funding is not available when needed, or is available ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (only on unfavorable terms, we may be unable to meet our obligations as they come due or be required to post ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (collateral to support our obligations, or we may be unable to implement our development plan, enhance our existing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (projects, complete projects or otherwise take advantage of business opportunities or respond to competitive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (pressures, any of which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 302.17 477.75 Td (fect on our financial condition and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (The success of our business is significantly related to general economic conditions and, accordingly) Tj ET Q q 0 0 0 rg BT 529.93 453.75 Td (, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (business could be harmed by an extended economic slowdown and downturn in real estate asset values, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (property sales and leasing activities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (Periods of economic weakness or recession, significantly rising interest rates, declining employment levels, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (declining demand for real estate, declining real estate values, or the public perception that any of these events may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (occur) Tj ET Q q 0 0 0 rg BT 73.90 381.75 Td (, may negatively af) Tj ET Q q 0 0 0 rg BT 157.09 381.75 Td (fect our business. ) Tj ET Q q 0 0 0 rg BT 238.07 381.75 Td (These economic conditions can result in a general decline in acquisition, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (disposition and leasing activity) Tj ET Q q 0 0 0 rg BT 183.78 369.75 Td (, as well as a general decline in the value of real estate and in rents, which in turn ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (reduces revenue derived from property sales and leases as well as revenues associated with development ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (activities. In addition, these conditions can lead to a decline in property sales prices as well as a decline in funds ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (invested in existing commercial real estate and related assets and properties planned for development.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (During an economic downturn, investment capital is usually constrained and it may take longer for us to dispose of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (real estate investments, including residential condominium units at our W ) Tj ET Q q 0 0 0 rg BT 375.16 297.75 Td (Austin Hotel & Residences project, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (selling prices may be lower than originally anticipated. ) Tj ET Q q 0 0 0 rg BT 290.68 285.75 Td (As a result, the value of our real estate investments may be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (reduced and we could realize losses or diminished profitability) Tj ET Q q 0 0 0 rg BT 323.29 273.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (Beginning in 2008, credit became severely constrained and prohibitively expensive and real estate market activity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (contracted sharply in most markets as a result of the global financial crisis and the economic recession. ) Tj ET Q q 0 0 0 rg BT 508.93 237.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (adverse macroeconomic conditions impacted real estate services companies like ours by significantly hampering ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (transaction activity and lowering real estate valuations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (If the current economic and market conditions were to continue for an extended period, our business performance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (and profitability could further deteriorate. If this were to occur) Tj ET Q q 0 0 0 rg BT 317.92 177.75 Td (, we could fail to comply with certain financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (covenants in our credit agreements, which would force us to seek amendments with our lenders. No assurance can ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (be given that we would be able to obtain any necessary waivers or amendments on satisfactory terms, if at all.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 129.75 Td (e are vulnerable to concentration risks because our operations are almost exclusive to the ) Tj ET Q q 0 0 0 rg BT 491.26 129.75 Td (Austin, T) Tj ET Q q 0 0 0 rg BT 533.29 129.75 Td (exas ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (market.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 93.75 Td (Our real estate activities are almost entirely located in ) Tj ET Q q 0 0 0 rg BT 289.56 93.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 322.72 93.75 Td (T) Tj ET Q q 0 0 0 rg BT 327.72 93.75 Td (exas. Because of our geographic concentration and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 81.75 Td (limited number of projects, our operations are more vulnerable to local economic downturns and adverse project-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 69.75 Td (specific risks than those of larger) Tj ET Q q 0 0 0 rg BT 195.07 69.75 Td (, more diversified companies. ) Tj ET Q q 0 0 0 rg BT 327.72 69.75 Td (The performance of the ) Tj ET Q q 0 0 0 rg BT 433.89 69.75 Td (Austin economy greatly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 57.75 Td (af) Tj ET Q q 0 0 0 rg BT 58.16 57.75 Td (fects our sales and consequently the underlying values of our properties. Our geographic concentration may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 45.75 Td (create increased vulnerability during regional economic downturns, which can significantly af) Tj ET Q q 0 0 0 rg BT 458.37 45.75 Td (fect our financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.20 31.25 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (condition and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 717.75 Td (e currently participate in three joint ventures and may participate in other joint ventures in the future. W) Tj ET Q q 0 0 0 rg BT 550.83 717.75 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (could be adversely impacted if any of our joint venture partners would fail to fulfill their obligations or if we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (had disagreements with any of our joint venture partners that were not satisfactorily resolved.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 669.75 Td (e currently have investments in and commitments to three joint ventures with unrelated parties to develop land ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (and we may participate in other joint ventures in the future. Under existing joint venture agreements, we and our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (joint venture partners could be required to, among other things, provide guarantees of obligations or contribute ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (additional capital until specified capital contribution requirements are met and we may have little or no control over ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (the amount or timing of these obligations. In some circumstances, decisions of the joint venture are made by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (unanimous vote of the partners. If there is another economic downturn, our existing joint ventures or the joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (venture partners may become unable or unwilling to fulfill their economic or other obligations. If our joint venture ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (partners are unable or unwilling to fulfill their obligations or if we have any unresolved disagreements with our joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (venture partners, we may be required to fulfill those obligations alone, expend additional resources to continue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (development of projects or delay further construction of projects, or we may be required to write down our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (investments at amounts that could be significant.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 525.75 Td (e may participate in other joint ventures in the future, which could subject us to certain risks, which may not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (otherwise be present, including:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 489.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.68 489.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 143.27 489.75 Td (that ) Tj ET Q q 0 0 0 rg BT 162.72 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 179.96 489.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 201.08 489.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 237.21 489.75 Td (partner ) Tj ET Q q 0 0 0 rg BT 271.67 489.75 Td (may ) Tj ET Q q 0 0 0 rg BT 293.34 489.75 Td (not ) Tj ET Q q 0 0 0 rg BT 310.02 489.75 Td (perform;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 465.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.36 465.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 123.17 465.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 158.99 465.75 Td (partner ) Tj ET Q q 0 0 0 rg BT 193.14 465.75 Td (may ) Tj ET Q q 0 0 0 rg BT 214.49 465.75 Td (have ) Tj ET Q q 0 0 0 rg BT 238.64 465.75 Td (economic, ) Tj ET Q q 0 0 0 rg BT 286.68 465.75 Td (business ) Tj ET Q q 0 0 0 rg BT 328.61 465.75 Td (or ) Tj ET Q q 0 0 0 rg BT 339.97 465.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 363.56 465.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 403.81 465.75 Td (or ) Tj ET Q q 0 0 0 rg BT 415.17 465.75 Td (goals ) Tj ET Q q 0 0 0 rg BT 441.54 465.75 Td (that ) Tj ET Q q 0 0 0 rg BT 460.68 465.75 Td (are ) Tj ET Q q 0 0 0 rg BT 477.60 465.75 Td (inconsistent ) Tj ET Q q 0 0 0 rg BT 532.87 465.75 Td (with ) Tj ET Q q 0 0 0 rg BT 553.12 465.75 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 453.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 124.35 453.75 Td (to ) Tj ET Q q 0 0 0 rg BT 135.47 453.75 Td (our ) Tj ET Q q 0 0 0 rg BT 152.70 453.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 193.28 453.75 Td (or ) Tj ET Q q 0 0 0 rg BT 204.95 453.75 Td (goals ) Tj ET Q q 0 0 0 rg BT 231.63 453.75 Td (or ) Tj ET Q q 0 0 0 rg BT 243.30 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 259.98 453.75 Td (goals ) Tj ET Q q 0 0 0 rg BT 286.66 453.75 Td (of ) Tj ET Q q 0 0 0 rg BT 297.78 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 314.46 453.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 335.58 453.75 Td (venture;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 429.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.27 429.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 122.98 429.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 158.70 429.75 Td (partner ) Tj ET Q q 0 0 0 rg BT 192.75 429.75 Td (may ) Tj ET Q q 0 0 0 rg BT 214.01 429.75 Td (take ) Tj ET Q q 0 0 0 rg BT 235.27 429.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 269.32 429.75 Td (contrary ) Tj ET Q q 0 0 0 rg BT 307.81 429.75 Td (to ) Tj ET Q q 0 0 0 rg BT 318.52 429.75 Td (our ) Tj ET Q q 0 0 0 rg BT 335.34 429.75 Td (requests ) Tj ET Q q 0 0 0 rg BT 376.06 429.75 Td (or ) Tj ET Q q 0 0 0 rg BT 387.31 429.75 Td (instructions ) Tj ET Q q 0 0 0 rg BT 440.26 429.75 Td (or ) Tj ET Q q 0 0 0 rg BT 451.51 429.75 Td (contrary ) Tj ET Q q 0 0 0 rg BT 490.00 429.75 Td (to ) Tj ET Q q 0 0 0 rg BT 500.71 429.75 Td (our ) Tj ET Q q 0 0 0 rg BT 517.53 429.75 Td (objectives ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 417.75 Td (or ) Tj ET Q q 0 0 0 rg BT 97.67 417.75 Td (policies;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 393.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.68 393.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 123.80 393.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 159.94 393.75 Td (partner ) Tj ET Q q 0 0 0 rg BT 194.40 393.75 Td (might ) Tj ET Q q 0 0 0 rg BT 221.63 393.75 Td (become ) Tj ET Q q 0 0 0 rg BT 259.98 393.75 Td (bankrupt ) Tj ET Q q 0 0 0 rg BT 301.68 393.75 Td (or ) Tj ET Q q 0 0 0 rg BT 313.35 393.75 Td (fail ) Tj ET Q q 0 0 0 rg BT 328.91 393.75 Td (to ) Tj ET Q q 0 0 0 rg BT 340.03 393.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 362.27 393.75 Td (its ) Tj ET Q q 0 0 0 rg BT 375.05 393.75 Td (share ) Tj ET Q q 0 0 0 rg BT 402.84 393.75 Td (of ) Tj ET Q q 0 0 0 rg BT 413.96 393.75 Td (required ) Tj ET Q q 0 0 0 rg BT 453.43 393.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 485.11 393.75 Td (contributions;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 369.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 369.75 Td (we ) Tj ET Q q 0 0 0 rg BT 101.56 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.02 369.75 Td (the ) Tj ET Q q 0 0 0 rg BT 137.70 369.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 158.83 369.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 194.96 369.75 Td (partner ) Tj ET Q q 0 0 0 rg BT 229.42 369.75 Td (may ) Tj ET Q q 0 0 0 rg BT 251.09 369.75 Td (not ) Tj ET Q q 0 0 0 rg BT 267.77 369.75 Td (be ) Tj ET Q q 0 0 0 rg BT 281.67 369.75 Td (able ) Tj ET Q q 0 0 0 rg BT 303.36 369.75 Td (to ) Tj ET Q q 0 0 0 rg BT 314.48 369.75 Td (agree ) Tj ET Q q 0 0 0 rg BT 342.83 369.75 Td (on ) Tj ET Q q 0 0 0 rg BT 356.73 369.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 392.85 369.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 428.43 369.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.54 369.75 Td (the ) Tj ET Q q 0 0 0 rg BT 456.22 369.75 Td (property; ) Tj ET Q q 0 0 0 rg BT 498.47 369.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 345.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 345.75 Td (we ) Tj ET Q q 0 0 0 rg BT 101.89 345.75 Td (may ) Tj ET Q q 0 0 0 rg BT 123.89 345.75 Td (become ) Tj ET Q q 0 0 0 rg BT 162.57 345.75 Td (liable ) Tj ET Q q 0 0 0 rg BT 189.03 345.75 Td (for ) Tj ET Q q 0 0 0 rg BT 203.81 345.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.82 345.75 Td (actions ) Tj ET Q q 0 0 0 rg BT 255.61 345.75 Td (of ) Tj ET Q q 0 0 0 rg BT 267.06 345.75 Td (our ) Tj ET Q q 0 0 0 rg BT 284.62 345.75 Td (third-party ) Tj ET Q q 0 0 0 rg BT 332.74 345.75 Td (joint ) Tj ET Q q 0 0 0 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458.86 333.75 Td (that ) Tj ET Q q 0 0 0 rg BT 478.23 333.75 Td (would ) Tj ET Q q 0 0 0 rg BT 507.05 333.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 547.54 333.75 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 321.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 131.60 321.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.09 321.75 Td (prevent ) Tj ET Q q 0 0 0 rg BT 187.24 321.75 Td (us ) Tj ET Q q 0 0 0 rg BT 200.60 321.75 Td (from ) Tj ET Q q 0 0 0 rg BT 223.40 321.75 Td (focusing ) Tj ET Q q 0 0 0 rg BT 263.44 321.75 Td (our ) Tj ET Q q 0 0 0 rg BT 280.69 321.75 Td (time ) Tj ET Q q 0 0 0 rg BT 302.38 321.75 Td (and ) Tj ET Q q 0 0 0 rg BT 321.86 321.75 Td (ef) Tj ET Q q 0 0 0 rg BT 330.02 321.75 Td (fort ) Tj ET Q q 0 0 0 rg BT 347.26 321.75 Td (on ) Tj ET Q q 0 0 0 rg BT 361.19 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 377.88 321.75 Td (business ) Tj ET Q q 0 0 0 rg BT 420.15 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 431.29 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.98 321.75 Td (joint ) Tj ET Q q 0 0 0 rg BT 469.13 321.75 Td (ventures ) Tj ET Q q 0 0 0 rg BT 510.28 321.75 Td (or ) Tj ET Q q 0 0 0 rg BT 521.97 321.75 Td (our ) Tj ET Q q 0 0 0 rg BT 539.22 321.75 Td (other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 309.75 Td (business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (Our results of operations, cash flows and financial condition are greatly affected by the performance of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (real estate industry) Tj ET Q q 0 0 0 rg BT 140.96 273.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (The U.S. real estate industry is highly cyclical and is af) Tj ET Q q 0 0 0 rg BT 291.04 249.75 Td (fected by changes in global, national and local economic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (conditions, which significantly deteriorated beginning in 2008, and events, such as general employment and income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (levels, availability of financing, interest rates, consumer confidence and overbuilding or decrease in demand for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (residential and commercial real estate. Our real estate activities are subject to numerous factors beyond our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (control, including local real estate market conditions \(both where our properties are located and in areas where our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (potential customers reside\), substantial existing and potential competition, general national, regional and local ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (economic conditions, fluctuations in interest rates and mortgage availability) Tj ET Q q 0 0 0 rg BT 380.55 177.75 Td (, changes in demographic conditions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (and changes in government regulations or requirements. ) Tj ET Q q 0 0 0 rg BT 303.30 165.75 Td (The occurrence of any of the foregoing could result in a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (reduction or cancellation of sales and/or lower gross margins for sales. Lower than expected sales as a result of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (these occurrences could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 278.83 141.75 Td (fect on the level of our profits and the timing and amounts of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td (Real estate investments often cannot easily be converted into cash and market values may be adversely af) Tj ET Q q 0 0 0 rg BT 522.86 105.75 Td (fected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 93.75 Td (by these economic circumstances, market fundamentals, competition and demographic conditions. Because of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 81.75 Td (ef) Tj ET Q q 0 0 0 rg BT 58.16 81.75 Td (fect these factors have on real estate values, it is dif) Tj ET Q q 0 0 0 rg BT 287.54 81.75 Td (ficult to predict the level of future sales or sales prices that will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 69.75 Td (be realized for individual assets.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Mortgage financing issues, including lack of supply of mortgage loans and tightened lending requirements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (could reduce demand for our properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (Our real estate operations are dependent upon the availability and cost of mortgage financing for potential ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (customers, to the extent they finance their purchases, and for buyers of the potential customers) Tj ET Q q 0 0 0 rg BT 473.19 693.75 Td ( existing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (residences. Many mortgage lenders and investors in mortgage loans experienced severe financial dif) Tj ET Q q 0 0 0 rg BT 496.18 681.75 Td (ficulties arising ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (from losses incurred on sub-prime and other loans originated before the recent downturn in the real) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (estate market. ) Tj ET Q q 0 0 0 rg BT 115.96 657.75 Td (These factors led to a decrease in the availability of financing and an increase in the cost of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (financing. ) Tj ET Q q 0 0 0 rg BT 95.03 645.75 Td (A) Tj ET Q q 0 0 0 rg BT 101.15 645.75 Td ( continuation of the weakness in the mortgage lending industry could adversely af) Tj ET Q q 0 0 0 rg BT 461.19 645.75 Td (fect potential ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (purchasers of our properties, negatively af) Tj ET Q q 0 0 0 rg BT 236.59 633.75 Td (fecting demand for our properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (Declines in the market value of our land and developments could adversely affect our financial condition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (The market value of our land and our developments depend on market conditions. If real estate demand decreases ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (below what we anticipated when we acquired our properties, we may not be able to recover our investment in such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (property through sales or leasing, and our profitability may be adversely af) Tj ET Q q 0 0 0 rg BT 377.77 549.75 Td (fected. If there is another economic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (downturn, we may have write-downs to the carrying values of our properties and/or be required to sell properties at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (a loss.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (Unfavorable changes in market and economic conditions could negatively impact occupancy or rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (rates, which could negatively affect our financial condition and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (Another decline in the real estate market and economic conditions could significantly af) Tj ET Q q 0 0 0 rg BT 434.48 465.75 Td (fect rental rates. Occupancy ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (and rental rates in our market, in turn, could significantly af) Tj ET Q q 0 0 0 rg BT 308.84 453.75 Td (fect our profitability and our ability to satisfy our financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 103.19 441.75 Td (The risks that could af) Tj ET Q q 0 0 0 rg BT 200.83 441.75 Td (fect conditions in our market include the following:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 417.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 417.75 Td (a ) Tj ET Q q 0 0 0 rg BT 94.34 417.75 Td (further ) Tj ET Q q 0 0 0 rg BT 126.02 417.75 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 184.39 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 194.95 417.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 240.53 417.75 Td (conditions;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 393.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 393.75 Td (local ) Tj ET Q q 0 0 0 rg BT 109.90 393.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 161.04 393.75 Td (such ) Tj ET Q q 0 0 0 rg BT 185.50 393.75 Td (as ) Tj ET Q q 0 0 0 rg BT 199.39 393.75 Td (oversupply ) Tj ET Q q 0 0 0 rg BT 251.08 393.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.76 393.75 Td (of) Tj ET Q q 0 0 0 rg BT 270.92 393.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 289.81 393.75 Td (space, ) Tj ET Q q 0 0 0 rg BT 322.61 393.75 Td (a ) Tj ET Q q 0 0 0 rg BT 331.50 393.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 366.52 393.75 Td (in ) Tj ET Q q 0 0 0 rg BT 377.64 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 394.87 393.75 Td (demand ) Tj ET Q q 0 0 0 rg BT 434.34 393.75 Td (for ) Tj ET Q q 0 0 0 rg BT 449.35 393.75 Td (of) Tj ET Q q 0 0 0 rg BT 457.51 393.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 476.40 393.75 Td (space ) Tj ET Q q 0 0 0 rg BT 506.42 393.75 Td (or ) Tj ET Q q 0 0 0 rg BT 518.64 393.75 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 381.75 Td (competition ) Tj ET Q q 0 0 0 rg BT 139.92 381.75 Td (from ) Tj ET Q q 0 0 0 rg BT 162.69 381.75 Td (other ) Tj ET Q q 0 0 0 rg BT 188.27 381.75 Td (available ) Tj ET Q q 0 0 0 rg BT 230.52 381.75 Td (of) Tj ET Q q 0 0 0 rg BT 238.68 381.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 257.02 381.75 Td (buildings;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 357.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.68 357.75 Td (inability ) Tj ET Q q 0 0 0 rg BT 138.81 357.75 Td (or ) Tj ET Q q 0 0 0 rg BT 150.48 357.75 Td (unwillingness ) Tj ET Q q 0 0 0 rg BT 212.73 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 223.85 357.75 Td (tenants ) Tj ET Q q 0 0 0 rg BT 259.43 357.75 Td (to ) Tj ET Q q 0 0 0 rg BT 270.55 357.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 289.45 357.75 Td (their ) Tj ET Q q 0 0 0 rg BT 311.68 357.75 Td (current ) Tj ET Q q 0 0 0 rg BT 345.58 357.75 Td (rent ) Tj ET Q q 0 0 0 rg BT 365.59 357.75 Td (or ) Tj ET Q q 0 0 0 rg BT 377.26 357.75 Td (rent ) Tj ET Q q 0 0 0 rg BT 397.27 357.75 Td (increases; ) Tj ET Q q 0 0 0 rg BT 445.63 357.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 333.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 333.75 Td (declines ) Tj ET Q q 0 0 0 rg BT 125.47 333.75 Td (in ) Tj ET Q q 0 0 0 rg BT 136.03 333.75 Td (market ) Tj ET Q q 0 0 0 rg BT 169.37 333.75 Td (rental ) Tj ET Q q 0 0 0 rg BT 197.16 333.75 Td (rates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 309.75 Td (e cannot predict with certainty whether any of these conditions will occur or whether) Tj ET Q q 0 0 0 rg BT 428.34 309.75 Td (, and to what extent, they will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (have an adverse ef) Tj ET Q q 0 0 0 rg BT 134.88 297.75 Td (fect on our operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (Our operations are subject to an intensive regulatory approval process and opposition from environmental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (groups that could cause delays and increase the costs of our development efforts or preclude such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (developments entirely) Tj ET Q q 0 0 0 rg BT 154.85 249.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (Before we can develop a property) Tj ET Q q 0 0 0 rg BT 198.79 225.75 Td (, we must obtain a variety of approvals from local and state governments with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (respect to such matters as zoning, and other land use issues, subdivision, site planning and environmental issues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (under applicable regulations. Some of these approvals are discretionary) Tj ET Q q 0 0 0 rg BT 367.22 201.75 Td (. Because government agencies and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (special interest groups have in the past expressed concerns about our development plans in or near ) Tj ET Q q 0 0 0 rg BT 494.72 189.75 Td (Austin, our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (ability to develop these properties and realize future income from our properties could be delayed, reduced, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (prevented or made more expensive.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (Several special interest groups have in the past opposed our plans in the ) Tj ET Q q 0 0 0 rg BT 374.65 141.75 Td (Austin area and have taken various ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (actions to partially or completely restrict development in some areas, including areas where some of our most ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (valuable properties are located. W) Tj ET Q q 0 0 0 rg BT 201.57 117.75 Td (e have actively opposed these actions and do not believe unfavorable rulings ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td (would have a significant long-term adverse ef) Tj ET Q q 0 0 0 rg BT 250.48 105.75 Td (fect on the overall value of our property holdings. However) Tj ET Q q 0 0 0 rg BT 508.41 105.75 Td (, because ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 93.75 Td (of the regulatory environment that has existed in the ) Tj ET Q q 0 0 0 rg BT 282.36 93.75 Td (Austin area and the opposition of these special interest groups, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 81.75 Td (there can be no assurance that our expectations will prove correct.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.80 31.25 Td (1) Tj ET Q q 0 0 0 rg BT 305.62 31.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Our operations are subject to governmental environmental regulation, which can change at any time and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (generally would result in an increase to our costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (Real estate development is subject to state and federal regulations and to possible interruption or termination ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (because of environmental considerations, including, without limitation, air and water quality and protection of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (endangered species and their habitats. Certain of the Barton Creek properties include nesting territories for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (Golden-cheeked W) Tj ET Q q 0 0 0 rg BT 135.23 669.75 Td (arbler) Tj ET Q q 0 0 0 rg BT 160.24 669.75 Td (, a federally listed endangered species. In 1995, we received a permit from the U.S. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (Wildlife Service pursuant to the Endangered Species ) Tj ET Q q 0 0 0 rg BT 285.69 657.75 Td (Act, which to date has allowed the development of the Barton ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (Creek and Lantana properties free of restrictions under the Endangered Species ) Tj ET Q q 0 0 0 rg BT 407.45 645.75 Td (Act related to the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (maintenance of habitat for the Golden-cheeked W) Tj ET Q q 0 0 0 rg BT 270.32 633.75 Td (arbler) Tj ET Q q 0 0 0 rg BT 295.33 633.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 100.40 609.75 Td (, in ) Tj ET Q q 0 0 0 rg BT 115.97 609.75 Td (April 1997, the U.S. Department of Interior listed the Barton Springs Salamander as an endangered ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (species after a federal court overturned a March 1997 decision by the Department of Interior not to list the Barton ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (Springs Salamander based on a conservation agreement between the State of ) Tj ET Q q 0 0 0 rg BT 400.04 585.75 Td (T) Tj ET Q q 0 0 0 rg BT 405.04 585.75 Td (exas and federal agencies. ) Tj ET Q q 0 0 0 rg BT 527.17 585.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (listing of the Barton Springs Salamander has not af) Tj ET Q q 0 0 0 rg BT 275.51 573.75 Td (fected, nor do we anticipate it will af) Tj ET Q q 0 0 0 rg BT 433.19 573.75 Td (fect, our Barton Creek and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (Lantana properties for several reasons, including the results of technical studies and our U.S. Fish and Wildlife ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (Service 10\(a\) permit obtained in 1995. ) Tj ET Q q 0 0 0 rg BT 222.14 549.75 Td (The development permitted by our 2002 Circle C settlement with the City ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (has been reviewed and approved by the U.S. Fish and Wildlife Service and, as a result, we do not anticipate that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (the 1997 listing of the Barton Springs Salamander will impact our Circle C properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 501.75 Td (e are making, and will continue to make, expenditures with respect to our real estate development for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (protection of the environment. Emphasis on environmental matters will result in additional costs in the future. New ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (environmental regulations or changes in existing regulations or their enforcement may be enacted and such new ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (regulations or changes may require significant expenditures by us. ) Tj ET Q q 0 0 0 rg BT 346.09 465.75 Td (The recent trend toward stricter standards in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (environmental legislation and regulations is likely to continue and could have an additional impact on our operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (The real estate business is very competitive and many of our competitors are larger and financially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (stronger than we are.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (The real estate business is highly competitive. W) Tj ET Q q 0 0 0 rg BT 266.03 381.75 Td (e compete with a large number of companies and individuals that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (have significantly greater financial, sales, marketing and other resources than we have. Our competitors include ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (local developers who are committed primarily to particular markets and also national developers who acquire ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (properties throughout the U.S. ) Tj ET Q q 0 0 0 rg BT 186.57 345.75 Td (The current downturn in the real estate industry could significantly increase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (competition among developers. Increased competition could cause us to increase our selling incentives and/or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (reduce our prices. ) Tj ET Q q 0 0 0 rg BT 132.27 321.75 Td (An oversupply of real estate properties available for sale or lease, as well as the potential ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (significant discounting of prices by some of our competitors, may adversely af) Tj ET Q q 0 0 0 rg BT 392.75 309.75 Td (fect the results of our operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (Changes in weather conditions or natural disasters could adversely impact and materially affect our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (business, financial condition and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (Our performance may be adversely af) Tj ET Q q 0 0 0 rg BT 217.67 249.75 Td (fected by weather conditions that delay development or damage property) Tj ET Q q 0 0 0 rg BT 539.90 249.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (resulting in substantial repair or replacement costs to the extent not covered by insurance, a reduction in property ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (values, or a loss of revenue, each of which could have a material adverse impact on our business, financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (condition and results of operations. Our competitors may be af) Tj ET Q q 0 0 0 rg BT 325.52 213.75 Td (fected dif) Tj ET Q q 0 0 0 rg BT 365.92 213.75 Td (ferently by such changes in weather ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (conditions or natural disasters depending on the location of their supplies or operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (Our common stock is thinly traded; therefore, our stock price may fluctuate more than the stock market as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (a whole.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (As a result of the thin trading market for our stock, its market price may fluctuate significantly more than the stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (market as a whole or the stock prices of similar companies. Without a larger float, our common stock will be less ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (liquid than the stock of companies with broader public ownership, and as a result, the trading prices for our common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td (stock may be more volatile. ) Tj ET Q q 0 0 0 rg BT 173.38 105.75 Td (Among other things, trading of a relatively small volume of common stock may have a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 93.75 Td (greater impact on the trading price than would be the case if public float were larger) Tj ET Q q 0 0 0 rg BT 418.54 93.75 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (12) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 740.16552734375 m 176.15234375 740.16552734375 l s q 0 0 0 rg BT 50.00 741.75 Td (Item 3.Legal Proceedings) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 729.75 Td (e are from time to time involved in various legal proceedings of a character normally incident to the ordinary ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (course of our business. W) Tj ET Q q 0 0 0 rg BT 165.42 717.75 Td (e believe that potential liability from any of these pending or threatened proceedings will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 184.34 705.75 Td (fect on our financial condition or results of operations. W) Tj ET Q q 0 0 0 rg BT 433.18 705.75 Td (e maintain liability insurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (to cover some, but not all, potential liabilities normally incident to the ordinary course of our business as well as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (other insurance coverage customary in our business, with such coverage limits as management deems prudent.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 657.16552734375 m 199.501953125 657.16552734375 l s q 0 0 0 rg BT 50.00 658.75 Td (Item 4. Mine Safety Disclosures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.75 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 622.16552734375 m 219.4921875 622.16552734375 l s q 0 0 0 rg BT 50.00 623.75 Td (Executive Officers of the Registrant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 611.75 Td (Certain information, as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.50 611.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.98 611.75 Td (, regarding our executive of) Tj ET Q q 0 0 0 rg BT 354.99 611.75 Td (ficers is set forth in the following table and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 599.75 Td (accompanying text:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 577.25 m 188.5 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192.5 577.25 m 248.5 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 577.25 m 562.5 577.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 580.20 Td (Name) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.45 580.20 Td (Age) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.00 580.20 Td (Position or Office) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 568.20 Td (William H. Armstrong III) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.95 568.20 Td (47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.00 568.20 Td (Chairman of the Board, President and Chief Executive Officer) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 556.20 Td (Erin D. Pickens) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.95 556.20 Td (50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.00 556.20 Td (Senior Vice President and Chief Financial Officer) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 529.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.11 529.75 Td (. ) Tj ET Q q 0 0 0 rg BT 66.11 529.75 Td (Armstrong has been employed by us since our inception in 1992. Mr) Tj ET Q q 0 0 0 rg BT 367.39 529.75 Td (. ) Tj ET Q q 0 0 0 rg BT 372.40 529.75 Td (Armstrong has served as President since ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 517.75 Td (August 1996, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 194.35 517.75 Td (ficer since May 1998 and Chairman of the Board since ) Tj ET Q q 0 0 0 rg BT 437.26 517.75 Td (August 1998.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 493.75 Td (Ms. Pickens has served as our Senior V) Tj ET Q q 0 0 0 rg BT 227.12 493.75 Td (ice President since May 2009 and as our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 489.85 493.75 Td (ficer since June ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 481.75 Td (2009. Ms. Pickens previously served as Executive V) Tj ET Q q 0 0 0 rg BT 281.04 481.75 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 440.38 481.75 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 472.99 481.75 Td (T) Tj ET Q q 0 0 0 rg BT 477.99 481.75 Td (arragon ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 469.75 Td (Corporation from November 1998 until ) Tj ET Q q 0 0 0 rg BT 222.31 469.75 Td (April 2009, and as V) Tj ET Q q 0 0 0 rg BT 312.19 469.75 Td (ice President and Chief ) Tj ET Q q 0 0 0 rg BT 417.81 469.75 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 480.44 469.75 Td (ficer from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 457.75 Td (September 1996 until November 1998 and ) Tj ET Q q 0 0 0 rg BT 240.68 457.75 Td (Accounting Manager from June 1995 until ) Tj ET Q q 0 0 0 rg BT 428.02 457.75 Td (August 1996 for ) Tj ET Q q 0 0 0 rg BT 501.23 457.75 Td (T) Tj ET Q q 0 0 0 rg BT 506.23 457.75 Td (arragon and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 445.75 Td (its predecessors. ) Tj ET Q q 0 0 0 rg BT 128.18 445.75 Td (T) Tj ET Q q 0 0 0 rg BT 133.18 445.75 Td (arragon Corporation filed for voluntary reorganization under Chapter 1) Tj ET Q q 0 0 0 rg BT 442.07 445.75 Td (1 of the U.S. Bankruptcy ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 433.75 Td (Code on January 12, 2009, and emerged from bankruptcy on July 6, 2010.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (P) Tj ET Q q 0 0 0 rg BT 55.93 741.75 Td (ART II) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 717.16552734375 m 536.23046875 717.16552734375 l s q 0 0 0 rg BT 50.00 718.75 Td (Item 5.Market for Registrant) Tj ET Q q 0 0 0 rg BT 190.22 718.75 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 274.48 718.75 Td (, Related Stockholder Matters and Issuer Purchases of ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 705.16552734375 m 131.1376953125 705.16552734375 l s q 0 0 0 rg BT 50.00 706.75 Td (Equity Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.75 Td (Our common stock trades on the ) Tj ET Q q 0 0 0 rg BT 197.66 682.75 Td (The Nasdaq Stock Market \(NASDAQ\) under the symbol STRS. ) Tj ET Q q 0 0 0 rg BT 479.25 682.75 Td (The following ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.75 Td (table sets forth, for the periods indicated, the range of high and low sales prices of our common stock, as reported ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 658.75 Td (by NASDAQ.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 634.25 m 304.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 634.25 m 308.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 634.25 m 353.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 634.25 m 402.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 634.25 m 406.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 634.25 m 451.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 620.25 m 304.5 620.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 620.25 m 353.5 620.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 620.25 m 402.5 620.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 620.25 m 451.5 620.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.00 638.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.30 638.65 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.95 638.65 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.00 624.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.20 624.65 Td (High) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.20 624.65 Td (Low) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.20 624.65 Td (High) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.20 624.65 Td (Low) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.00 610.65 Td (First Quarter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.00 610.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.45 610.65 Td (14.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 610.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 610.65 Td (9.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 610.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.45 610.65 Td (11.49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.00 610.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.45 610.65 Td (8.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.00 596.65 Td (Second Quarter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.45 596.65 Td (14.95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.45 596.65 Td (11.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.45 596.65 Td (12.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.45 596.65 Td (8.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.00 582.65 Td (Third Quarter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.45 582.65 Td (14.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 582.65 Td (7.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.45 582.65 Td (10.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.45 582.65 Td (8.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.00 568.65 Td (Fourth Quarter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.45 568.65 Td (8.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 568.65 Td (5.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 568.65 Td (9.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.45 568.65 Td (8.16) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 540.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.57 540.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 540.75 Td (, there were 516 holders of record of our common stock. W) Tj ET Q q 0 0 0 rg BT 405.54 540.75 Td (e have not in the past paid, and do ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 528.75 Td (not anticipate in the future paying, cash dividends on our common stock. ) Tj ET Q q 0 0 0 rg BT 372.78 528.75 Td (The declaration of dividends is at the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 516.75 Td (discretion of our Board of Directors. Our current ability to pay dividends is restricted by terms of our credit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 504.75 Td (agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 480.75 Td (The following table sets forth information with respect to shares of our common stock that we repurchased during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 468.75 Td (the three-month period ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 184.54 468.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 266.06 468.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.63 468.75 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 416.25 m 210.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 416.25 m 274.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 416.25 m 338.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 416.25 m 458.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 416.25 m 562.5 416.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 374.25 m 274.5 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 374.25 m 458.5 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 361.25 m 274.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 214.5 359.25 m 274.5 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 361.25 m 458.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 359.25 m 458.5 359.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 420.65 Td (Period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.20 438.65 Td (Total Number) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.70 429.65 Td (of Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.45 420.65 Td (Purchased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.30 438.65 Td (Average) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.45 429.65 Td (Price Paid) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.70 420.65 Td (Per Share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.70 447.65 Td (T) Tj ET Q q 0 0 0 rg BT 357.20 447.65 Td (otal Number of Shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.95 438.65 Td (Purchased as Part of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.20 429.65 Td (Publicly ) Tj ET Q q 0 0 0 rg BT 381.22 429.65 Td (Announced Plans ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.60 420.65 Td (or Programs) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 423.11 424.94 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.20 447.65 Td (Maximum Number of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.30 438.65 Td (Shares ) Tj ET Q q 0 0 0 rg BT 501.15 438.65 Td (That May ) Tj ET Q q 0 0 0 rg BT 541.00 438.65 Td (Y) Tj ET Q q 0 0 0 rg BT 546.18 438.65 Td (et ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.20 429.65 Td (Be Purchased Under ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.60 420.65 Td (the Plans or Programs) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 555.14 424.94 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 406.65 Td (October 1 to 31, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.45 406.65 Td (47,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.00 406.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.45 406.65 Td (6.46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 406.65 Td (47,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 406.65 Td (113,645) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 392.65 Td (November 1 to 30, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.00 392.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 392.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 392.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 392.65 Td (113,645) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 378.65 Td (December 1 to 31, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.00 378.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 378.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 378.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 378.65 Td (113,645) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.00 364.65 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.45 364.65 Td (47,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.00 364.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.45 364.65 Td (6.46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 364.65 Td (47,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.00 364.65 Td () Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 343.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 343.95 Td (In February 2001, our Board of Directors approved an open market share purchase program for up to 0.7 million shares of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 333.15 Td (our common stock. ) Tj ET Q q 0 0 0 rg BT 146.36 333.15 Td (The program does not have an expiration date. Our modified unsecured term loans prohibit common ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 322.35 Td (stock purchases while any of the loans are outstanding; however) Tj ET Q q 0 0 0 rg BT 325.15 322.35 Td (, approval was obtained from the lender for the repurchase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 311.55 Td (of 47,500 shares in October 201) Tj ET Q q 0 0 0 rg BT 195.92 311.55 Td (1.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (14) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 740.16552734375 m 508.7841796875 740.16552734375 l s q 0 0 0 rg BT 50.00 741.75 Td (Item 7. Management) Tj ET Q q 0 0 0 rg BT 147.99 741.75 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 232.64 741.75 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.10 717.75 Td (OVER) Tj ET Q q 0 0 0 rg BT 307.26 717.75 Td (VIEW) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (In management) Tj ET Q q 0 0 0 rg BT 121.53 693.75 Td (s discussion and analysis we, us, and our refer to Stratus Properties Inc. and its consolidated ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (subsidiaries and joint ventures. ) Tj ET Q q 0 0 0 rg BT 189.90 681.75 Td (Y) Tj ET Q q 0 0 0 rg BT 196.02 681.75 Td (ou should read the following discussion in conjunction with our consolidated ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (financial statements and the related discussion of Business and Properties and Risk Factors included elsewhere ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (in this Form 10-K. The results of operations reported and summarized below are not necessarily indicative of our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (future operating results. ) Tj ET Q q 0 0 0 rg BT 157.47 645.75 Td (All references to Notes refer to Notes to Consolidated Financial Statements located in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (Item 8. Financial Statements and Supplementary Data.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 609.75 Td (e are engaged in the acquisition, development, management, operation and sale of commercial, hotel, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (entertainment, multi-family and residential real estate properties located primarily in the ) Tj ET Q q 0 0 0 rg BT 436.85 597.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 470.02 597.75 Td (T) Tj ET Q q 0 0 0 rg BT 475.02 597.75 Td (exas area. W) Tj ET Q q 0 0 0 rg BT 533.75 597.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (generate revenues primarily from sales of developed properties and through our hotel operations. Developed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (property sales can include condominium units at our W ) Tj ET Q q 0 0 0 rg BT 295.12 573.75 Td (Austin Hotel & Residences project, an individual tract of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (land that has been developed and permitted for residential use or a developed lot with a home already built on it. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 549.75 Td (e may) Tj ET Q q 0 0 0 rg BT 85.75 549.75 Td (, on occasion, sell properties under development, undeveloped properties or commercial properties, if ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (opportunities arise that we believe will maximize overall asset values.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (In December 2010, the hotel at our W ) Tj ET Q q 0 0 0 rg BT 218.98 513.75 Td (Austin Hotel & Residences project opened, and in January 201) Tj ET Q q 0 0 0 rg BT 496.20 513.75 Td (1, we began ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (closing on sales of condominium units at the project. ) Tj ET Q q 0 0 0 rg BT 284.39 501.75 Td (The W ) Tj ET Q q 0 0 0 rg BT 316.06 501.75 Td (Austin Hotel & Residences project is located on a two-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (acre city block in downtown ) Tj ET Q q 0 0 0 rg BT 173.95 489.75 Td (Austin and contains a 251-room luxury hotel, 159 residential condominium units, of) Tj ET Q q 0 0 0 rg BT 539.53 489.75 Td (fice, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (retail and entertainment space. ) Tj ET Q q 0 0 0 rg BT 189.90 477.75 Td (The hotel is managed by Starwood Hotels & Resorts W) Tj ET Q q 0 0 0 rg BT 434.28 477.75 Td (orldwide Inc. ) Tj ET Q q 0 0 0 rg BT 493.01 477.75 Td (The of) Tj ET Q q 0 0 0 rg BT 521.18 477.75 Td (fice ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (space totals approximately 41,000 square feet and the retail space totals approximately 18,000 square feet. ) Tj ET Q q 0 0 0 rg BT 527.89 465.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (entertainment space, occupied by ) Tj ET Q q 0 0 0 rg BT 201.76 453.75 Td (Austin City Limits Live at the Moody ) Tj ET Q q 0 0 0 rg BT 362.76 453.75 Td (Theater \(ACL) Tj ET Q q 0 0 0 rg BT 422.41 453.75 Td ( Live\) includes a live music ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (venue and production studio, which opened in February 201) Tj ET Q q 0 0 0 rg BT 315.00 441.75 Td (1 \(see Development and Other ) Tj ET Q q 0 0 0 rg BT 457.29 441.75 Td (Activities W ) Tj ET Q q 0 0 0 rg BT 519.53 441.75 Td (Austin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (Hotel & Residences\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (Our principal real estate holdings are in southwest ) Tj ET Q q 0 0 0 rg BT 274.01 405.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 307.18 405.75 Td (T) Tj ET Q q 0 0 0 rg BT 312.18 405.75 Td (exas. ) Tj ET Q q 0 0 0 rg BT 338.68 405.75 Td (The number of developed lots, developed or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (under development acreage and undeveloped acreage as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.20 393.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 401.73 393.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.29 393.75 Td (, that comprise our principal real ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (estate development projects are presented in the following table.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 357.25 m 240.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 357.25 m 244.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 357.25 m 299.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 357.25 m 303.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 357.25 m 338.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 357.25 m 342.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 357.25 m 381.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 357.25 m 385.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 357.25 m 420.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 357.25 m 424.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 357.25 m 479.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 357.25 m 483.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 357.25 m 518.5 357.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 343.25 m 240.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 343.25 m 244.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 343.25 m 299.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 343.25 m 303.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 343.25 m 338.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 343.25 m 381.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 343.25 m 385.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 343.25 m 420.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 343.25 m 424.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 343.25 m 479.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 343.25 m 483.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 343.25 m 518.5 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 319.25 m 200.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 319.25 m 240.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 319.25 m 299.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 319.25 m 338.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 319.25 m 381.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 319.25 m 420.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 319.25 m 424.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 319.25 m 479.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 319.25 m 518.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 319.25 m 562.5 319.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 235.25 m 200.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 235.25 m 240.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 235.25 m 299.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 235.25 m 381.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 235.25 m 420.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 235.25 m 424.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 235.25 m 479.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 224.25 m 200.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 222.25 m 200.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 235.25 m 240.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 224.25 m 240.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 222.25 m 240.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 224.25 m 299.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 222.25 m 299.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 235.25 m 338.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 224.25 m 338.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 222.25 m 338.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 224.25 m 381.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 222.25 m 381.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 224.25 m 420.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 222.25 m 420.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 224.25 m 424.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 222.25 m 424.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 224.25 m 479.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 222.25 m 479.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 235.25 m 518.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 224.25 m 518.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 222.25 m 518.5 222.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 235.25 m 562.5 235.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 224.25 m 562.5 224.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 222.25 m 562.5 222.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 361.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.00 361.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.70 361.65 Td (Acreage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 361.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 347.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.00 347.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.45 347.65 Td (Under Development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 347.65 Td (Undeveloped) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 347.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.45 332.65 Td (Developed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.95 323.65 Td (Lots/Units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.50 332.65 Td (Multi-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.70 323.65 Td (family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 323.65 Td (Commercial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 323.65 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.95 332.65 Td (Single) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.25 323.65 Td (Family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.50 332.65 Td (Multi-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.70 323.65 Td (family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 323.65 Td (Commercial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.95 323.65 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 332.65 Td (T) Tj ET Q q 0 0 0 rg BT 536.95 332.65 Td (otal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.20 323.65 Td (Acreage) Tj ET Q BT /F3 9.00 Tf ET 0 0 0 RG /GS0 gs 0.66 w 0 i [] 0 d 1 J 1 j 3 M 53 308.91455078125 m 78.013671875 308.91455078125 l s q 0 0 0 rg BT 53.00 310.20 Td (Austin) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 310.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 298.20 Td (Barton Creek) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.95 298.20 Td (114) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.95 298.20 Td (249) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.95 298.20 Td (368) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 298.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 298.20 Td (617) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 298.20 Td (676) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.95 298.20 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 298.20 Td (50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.95 298.20 Td (804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 298.20 Td (1,421) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 286.20 Td (Lantana) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.00 286.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.00 286.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 286.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 286.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 286.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.00 286.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 286.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 286.20 Td (223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.95 286.20 Td (223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 286.20 Td (223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 274.20 Td (Circle C) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.00 274.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.00 274.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.95 274.20 Td (23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 274.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.95 274.20 Td (23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 274.20 Td (132) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 274.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 274.20 Td (335) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.95 274.20 Td (467) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 274.20 Td (490) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 262.20 Td (W Austin Residences) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.95 262.20 Td (81) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 201.35 268.57 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.00 262.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 262.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 262.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.00 262.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 262.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.00 262.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 262.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 262.20 Td () Tj ET Q BT /F3 9.00 Tf ET 0 0 0 RG /GS0 gs 0.66 w 0 i [] 0 d 1 J 1 j 3 M 53 248.91455078125 m 101.5419921875 248.91455078125 l s q 0 0 0 rg BT 53.00 250.20 Td (San Antonio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 250.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 238.20 Td (Camino Real) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.00 238.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.00 238.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 238.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 238.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 238.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.00 238.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 238.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.95 238.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.95 238.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 238.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 226.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.95 226.20 Td (195) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.95 226.20 Td (249) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.95 226.20 Td (391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 226.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 226.20 Td (640) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.95 226.20 Td (808) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.95 226.20 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 226.20 Td (610) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 226.20 Td (1,496) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 226.20 Td (2,136) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 206.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 206.95 Td (Includes 8 condominium units that were near completion at December 31, 201) Tj ET Q q 0 0 0 rg BT 378.50 206.95 Td (1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 182.95 Td (Our other ) Tj ET Q q 0 0 0 rg BT 94.47 182.95 Td (Austin holdings at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.19 182.95 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 257.71 182.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.28 182.95 Td (, consisted of two 75,000-square-foot of) Tj ET Q q 0 0 0 rg BT 438.75 182.95 Td (fice buildings at 7500 Rialto ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 170.95 Td (Boulevard \(7500 Rialto\) located in our Lantana development, which we sold in February 2012 \(see "Discontinued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 158.95 Td (Operations" and Note 12\), a 22,000-square-foot retail complex and a 3,085-square-foot bank building representing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 146.95 Td (phase one of Barton Creek V) Tj ET Q q 0 0 0 rg BT 178.79 146.95 Td (illage, two retail buildings totaling 21,000 square feet and a 4,000-square-foot bank ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 134.95 Td (building on an existing ground lease at the 5700 Slaughter retail complex in the Circle C community) Tj ET Q q 0 0 0 rg BT 488.39 134.95 Td (, and 13,890 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 122.95 Td (square feet at Parkside V) Tj ET Q q 0 0 0 rg BT 162.10 122.95 Td (illage, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.35 122.95 Td (92,473) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.94 122.95 Td (-square-foot retail project under development in the Circle C community) Tj ET Q q 0 0 0 rg BT 545.45 122.95 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 98.95 Td (In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.12 98.95 Td (201) Tj ET Q q 0 0 0 rg BT 77.06 98.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.62 98.95 Td (, our revenues totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.13 98.95 Td ($137.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 243.83 98.95 Td ( and our net loss attributable to common stock totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.96 98.95 Td ($10.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 540.11 98.95 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 86.95 Td (compared with revenues of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.84 86.95 Td ($5.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.42 86.95 Td ( and a net loss attributable to common stock of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.98 86.95 Td ($15.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.12 86.95 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.35 86.95 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.59 86.95 Td (. ) Tj ET Q q 0 0 0 rg BT 533.97 86.95 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 74.95 Td (significant increase in revenues relates primarily to sales of condominium units, operations of our hotel at the W ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 62.95 Td (Austin Hotel & Residences project and operations of ) Tj ET Q q 0 0 0 rg BT 283.47 62.95 Td (ACL) Tj ET Q q 0 0 0 rg BT 302.55 62.95 Td ( Live. In addition, we recorded valuation allowances ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 50.95 Td (totaling $10.5 million in 2010 against our net deferred tax assets upon concluding that it was more likely than not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (that those assets will not be realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Real Estate Market Conditions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (Our financial condition and results of operations are highly dependent upon market conditions for real estate activity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.01 693.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 93.18 693.75 Td (T) Tj ET Q q 0 0 0 rg BT 98.18 693.75 Td (exas. Our future operating cash flows and, ultimately) Tj ET Q q 0 0 0 rg BT 330.33 693.75 Td (, our ability to develop our properties and expand ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (our business will be largely dependent on the level of our real estate sales. In turn, these sales will be significantly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (af) Tj ET Q q 0 0 0 rg BT 58.16 669.75 Td (fected by future real estate market conditions in ) Tj ET Q q 0 0 0 rg BT 270.50 669.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 303.67 669.75 Td (T) Tj ET Q q 0 0 0 rg BT 308.67 669.75 Td (exas, including development costs, interest rate levels, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (the availability of credit to finance real estate transactions, demand for residential and commercial real estate, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (regulatory factors including our use and development entitlements. ) Tj ET Q q 0 0 0 rg BT 347.21 645.75 Td (These market conditions historically move in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (periodic cycles, and can be volatile in specific regions. Because of the concentration of our assets primarily in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 83.17 621.75 Td (T) Tj ET Q q 0 0 0 rg BT 88.17 621.75 Td (exas area, market conditions in this region significantly af) Tj ET Q q 0 0 0 rg BT 340.89 621.75 Td (fect our business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (In addition to the traditional influence of state and federal government employment levels on the local economy) Tj ET Q q 0 0 0 rg BT 539.00 597.75 Td (, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (Austin area has been influenced by growth in the technology sector) Tj ET Q q 0 0 0 rg BT 346.86 585.75 Td (. ) Tj ET Q q 0 0 0 rg BT 352.24 585.75 Td (The ) Tj ET Q q 0 0 0 rg BT 371.69 585.75 Td (Austin-area population increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (approximately 41 percent between 1999 and 201) Tj ET Q q 0 0 0 rg BT 266.08 573.75 Td (1, largely because of an influx of technology companies and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (related businesses. Median family income levels in ) Tj ET Q q 0 0 0 rg BT 276.78 561.75 Td (Austin also increased during the period from 1999 through 2010, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (rising 18 percent. ) Tj ET Q q 0 0 0 rg BT 129.31 549.75 Td (The expanding economy resulted in rising demands for residential housing, commercial of) Tj ET Q q 0 0 0 rg BT 526.56 549.75 Td (fice ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (space and retail services. Between 1999 and 2010, sales tax receipts in ) Tj ET Q q 0 0 0 rg BT 369.64 537.75 Td (Austin rose by approximately 35 percent, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (an indication of the dramatic increase in business activity during the period. ) Tj ET Q q 0 0 0 rg BT 385.00 525.75 Td (The increases in population, income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (levels and sales tax revenues have been less dramatic over the last few years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (The following chart compares ) Tj ET Q q 0 0 0 rg BT 182.84 489.75 Td (Austin's five-county metro area population and median family income for 1989, 1999 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (and the most current information available for 2010 and 201) Tj ET Q q 0 0 0 rg BT 313.87 477.75 Td (1, based on U.S. Census Bureau data and City of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (Austin \(the City\) data.) Tj ET Q /GS0 gs q 512.00 0 0 350.70 50.00 110.06 cm /I17 Do Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Based on the City) Tj ET Q q 0 0 0 rg BT 130.98 741.75 Td (s fiscal year of October 1) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 241.58 746.52 Td (st) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.63 741.75 Td ( through September 30) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 348.92 746.52 Td (th) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.34 741.75 Td (, the chart below compares ) Tj ET Q q 0 0 0 rg BT 476.63 741.75 Td (Austin) Tj ET Q q 0 0 0 rg BT 506.46 741.75 Td (s sales tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (revenues for 1989, 1999 and 2010 \(the latest period for which data is available\).) Tj ET Q /GS0 gs q 512.00 0 0 383.15 50.00 341.60 cm /I18 Do Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 329.60 Td (Real estate development in southwest ) Tj ET Q q 0 0 0 rg BT 221.22 329.60 Td (Austin historically has been constrained as a result of various restrictions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 317.60 Td (imposed by the City) Tj ET Q q 0 0 0 rg BT 137.08 317.60 Td (. Several special interest groups have also traditionally opposed development in that area, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 305.60 Td (where most of our property is located. From 2001 through 2004, a downturn in the technology sector negatively ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 293.60 Td (af) Tj ET Q q 0 0 0 rg BT 58.16 293.60 Td (fected the ) Tj ET Q q 0 0 0 rg BT 104.31 293.60 Td (Austin real estate market, especially high-end residential and commercial leasing markets; however) Tj ET Q q 0 0 0 rg BT 543.41 293.60 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 281.60 Td (beginning in 2005 through mid-2007, market conditions improved. During 2008 and 2009, economic conditions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 269.60 Td (resulted in a general decline in leasing activity across the U.S. and caused vacancy rates to increase in most ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 257.60 Td (markets, including ) Tj ET Q q 0 0 0 rg BT 132.82 257.60 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 165.99 257.60 Td (T) Tj ET Q q 0 0 0 rg BT 170.99 257.60 Td (exas. ) Tj ET Q q 0 0 0 rg BT 197.49 257.60 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.50 257.60 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 299.02 257.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 304.58 257.60 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.83 257.60 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.07 257.60 Td (, vacancy percentages for various types of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 245.60 Td (developed properties in ) Tj ET Q q 0 0 0 rg BT 156.19 245.60 Td (Austin are noted below) Tj ET Q q 0 0 0 rg BT 257.37 245.60 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 223.10000000000002 m 408 223.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 223.10000000000002 m 415 223.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 223.10000000000002 m 506 223.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 223.10000000000002 m 513 223.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 211.10000000000002 m 408 211.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 211.10000000000002 m 506 211.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 211.10000000000002 m 513 211.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98 199.10000000000002 m 307 199.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 199.10000000000002 m 408 199.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 199.10000000000002 m 415 199.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 199.10000000000002 m 506 199.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 199.10000000000002 m 513 199.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 199.10000000000002 m 408 199.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 199.10000000000002 m 506 199.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 199.10000000000002 m 513 199.10000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.00 226.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.70 226.05 Td (December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.00 214.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.30 214.05 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 214.05 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.05 202.05 Td (Building Type) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.05 202.05 Td (Vacancy Factor) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.50 190.05 Td (Industrial Buildings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 189.50 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 189.50 Td (%) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 410.50 194.42 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.40 189.50 Td (21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.45 189.50 Td (%) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 508.50 194.42 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.50 176.05 Td (Office Buildings \(Class A\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 175.50 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 175.50 Td (%) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 410.50 180.42 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.40 175.50 Td (23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.45 175.50 Td (%) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 508.50 180.42 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.50 162.05 Td (Multi-Family Buildings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.40 161.50 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 161.50 Td (%) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 410.50 166.42 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.40 161.50 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.45 161.50 Td (%) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 508.50 166.42 Td (c) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.50 148.05 Td (Retail Buildings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.40 148.05 Td (9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 148.05 Td (%) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 410.50 154.42 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.40 148.05 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.45 148.05 Td (%) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 508.50 154.42 Td (c) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.00 128.80 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.00 128.80 Td (CB Richard Ellis: ) Tj ET Q q 0 0 0 rg BT 191.52 128.80 Td (Austin MarketV) Tj ET Q q 0 0 0 rg BT 252.38 128.80 Td (iew) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.00 118.00 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.00 118.00 Td (Marcus & Millichap Research Services, CoStar Group, Inc.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.00 107.20 Td (c. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.00 107.20 Td (T) Tj ET Q q 0 0 0 rg BT 126.50 107.20 Td (exas ) Tj ET Q q 0 0 0 rg BT 147.51 107.20 Td (A&M University Real Estate Center: ) Tj ET Q q 0 0 0 rg BT 292.40 107.20 Td (T) Tj ET Q q 0 0 0 rg BT 296.90 107.20 Td (exas Market News) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.70 741.75 Td (NEAR-TERM REQUIREMENTS FOR ) Tj ET Q q 0 0 0 rg BT 270.33 741.75 Td (ADDITIONAL) Tj ET Q q 0 0 0 rg BT 331.81 741.75 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 363.84 741.75 Td (AL) Tj ET Q q 0 0 0 rg BT 376.99 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 379.40 741.75 Td (AND BUSINESS STRA) Tj ET Q q 0 0 0 rg BT 484.23 741.75 Td (TEGY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Extended adverse market conditions for real estate in ) Tj ET Q q 0 0 0 rg BT 288.47 717.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 321.64 717.75 Td (T) Tj ET Q q 0 0 0 rg BT 326.64 717.75 Td (exas, have constrained our ability to carry out our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (business plan. ) Tj ET Q q 0 0 0 rg BT 116.16 705.75 Td (As of December 31, 201) Tj ET Q q 0 0 0 rg BT 223.25 705.75 Td (1, we had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.39 705.75 Td ($2.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.98 705.75 Td ( in cash and cash equivalents available for use in our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (real estate operations, excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.76 693.75 Td ($5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.34 693.75 Td ( of cash primarily associated with the W ) Tj ET Q q 0 0 0 rg BT 425.19 693.75 Td (Austin Hotel & Residences ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (project, total debt of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.61 681.75 Td ($158.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.31 681.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 208.42 681.75 Td ($53.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.57 681.75 Td ( of which matures in 2012\), and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.87 681.75 Td ($7.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.45 681.75 Td ( of availability under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (our credit facility with Comerica. ) Tj ET Q q 0 0 0 rg BT 193.38 669.75 Td (At December 31, 201) Tj ET Q q 0 0 0 rg BT 287.13 669.75 Td (1, we had stockholders' equity of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.68 669.75 Td ($1) Tj ET Q q 0 0 0 rg BT 445.06 669.75 Td (18.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.64 669.75 Td (, which was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (less than the amount required under a covenant in our loan agreements requiring a minimum stockholders' equity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (balance of $120.0 million. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (Although we were not in compliance with the minimum stockholders' equity covenant at December 31, 201) Tj ET Q q 0 0 0 rg BT 519.75 621.75 Td (1, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (expect the February 2012 sale of 7500 Rialto, together with the March 2012 sale of shares of our common stock to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (Mof) Tj ET Q q 0 0 0 rg BT 66.49 597.75 Td (fett Holdings, LLC \(Mof) Tj ET Q q 0 0 0 rg BT 168.57 597.75 Td (fett\), to result in an increase in our stockholders' equity balance above $120.0 million, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (ef) Tj ET Q q 0 0 0 rg BT 58.16 585.75 Td (fectively curing any default under the Beal Bank loan agreement. ) Tj ET Q q 0 0 0 rg BT 347.05 585.75 Td (T) Tj ET Q q 0 0 0 rg BT 352.05 585.75 Td (o further address our liquidity needs, we are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (pursuing extensions of the maturity dates for the loans that mature in 2012 and expect to pursue additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (financing to fund our capital requirements and ongoing operations. ) Tj ET Q q 0 0 0 rg BT 346.13 561.75 Td (There can be no assurance we will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (successful in these ef) Tj ET Q q 0 0 0 rg BT 145.42 549.75 Td (forts, which would have a detrimental ef) Tj ET Q q 0 0 0 rg BT 320.89 549.75 Td (fect on our ability to continue to operate. See Part 1, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (Item 1A. Risk Factors and Note 13 for further discussion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 513.75 Td (e continue to focus on our near-term goal of developing our properties and projects in an uncertain economic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (climate through prudent use of available resources and our long-term goal of maximizing the value of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (development projects. W) Tj ET Q q 0 0 0 rg BT 159.87 489.75 Td (e believe that ) Tj ET Q q 0 0 0 rg BT 221.58 489.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 254.75 489.75 Td (T) Tj ET Q q 0 0 0 rg BT 259.75 489.75 Td (exas continues to be a desirable market and many of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (developments are in locations that are unique and where approvals and entitlements, which we have already ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (obtained, are dif) Tj ET Q q 0 0 0 rg BT 121.54 465.75 Td (ficult to secure. Real estate development in southwest ) Tj ET Q q 0 0 0 rg BT 362.78 465.75 Td (Austin historically has been constrained as a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (result of various restrictions imposed by the City and several special interest groups have also traditionally opposed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (development in the area where most of our property is located. W) Tj ET Q q 0 0 0 rg BT 339.41 441.75 Td (e believe that many of our developments have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (inherent value given their unique nature and location and that this value should be sustainable in the future. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (ability to meet our future debt obligations will be dependent upon our future performance, which will be subject to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (financial, business and other factors af) Tj ET Q q 0 0 0 rg BT 220.47 405.75 Td (fecting our operations, many of which are beyond our control. See Part 1, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (Item 1A. Risk Factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.90 369.75 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 269.38 369.75 Td ( ) Tj ET Q q 0 0 0 rg BT 271.79 369.75 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (Management) Tj ET Q q 0 0 0 rg BT 110.41 345.75 Td (s discussion and analysis of our financial condition and results of operations are based on our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (consolidated financial statements, which have been prepared in conformity with accounting principles generally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 193.98 321.75 Td (America. ) Tj ET Q q 0 0 0 rg BT 236.04 321.75 Td (The preparation of these financial statements requires that we make ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 201.57 309.75 Td (fect the reported amounts of assets, liabilities, revenues and expenses. W) Tj ET Q q 0 0 0 rg BT 528.23 309.75 Td (e base ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (these estimates on historical experience and on assumptions that we consider reasonable under the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (circumstances; however) Tj ET Q q 0 0 0 rg BT 156.71 285.75 Td (, reported results could dif) Tj ET Q q 0 0 0 rg BT 271.59 285.75 Td (fer from those based on the current estimates under dif) Tj ET Q q 0 0 0 rg BT 514.87 285.75 Td (ferent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (assumptions and/or conditions. ) Tj ET Q q 0 0 0 rg BT 190.45 273.75 Td (The areas requiring the use of management) Tj ET Q q 0 0 0 rg BT 387.06 273.75 Td (s estimates are discussed in Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.35 273.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.91 273.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (under the heading Use of Estimates. W) Tj ET Q q 0 0 0 rg BT 230.46 261.75 Td (e believe that our most critical accounting policies relate to our real estate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (and commercial leasing assets, revenue recognition, deferred tax assets and our allocation of overhead costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (Management has reviewed the following discussion of its development and selection of critical accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (estimates with the ) Tj ET Q q 0 0 0 rg BT 132.26 213.75 Td (Audit Committee of our Board of Directors.) Tj ET Q /GS0 gs q 4.58 0 0 10.76 50.00 187.70 cm /I19 Do Q /GS0 gs q 10.00 0 0 10.76 54.58 187.70 cm /I20 Do Q /GS0 gs q 10.00 0 0 10.76 64.58 187.70 cm /I21 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.58 189.75 Td (Real Estate, Hotel, Entertainment V) Tj ET Q q 0 0 0 rg BT 240.73 189.75 Td (enue and Commercial Leasing ) Tj ET Q q 0 0 0 rg BT 387.63 189.75 Td (Assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.20 189.75 Td (Real estate held for sale is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (stated at the lower of cost or fair value less costs to sell. ) Tj ET Q q 0 0 0 rg BT 299.93 177.75 Td (The cost of real estate sold includes acquisition, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (development, construction and carrying costs and other related costs through the development stage. Real estate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (under development and land held for future development are stated at cost. Real estate held for investment, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (includes the hotel and entertainment venue at the W ) Tj ET Q q 0 0 0 rg BT 283.49 141.75 Td (Austin Hotel & Residences project and our commercial leasing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (assets, is also stated at cost. When events or circumstances indicate that an asset) Tj ET Q q 0 0 0 rg BT 416.66 129.75 Td (s carrying amount may not be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (recoverable, an impairment test is performed. For real estate held for sale, if estimated fair value less costs to sell is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td (less than the related carrying amount, then a reduction of the asset) Tj ET Q q 0 0 0 rg BT 348.33 105.75 Td (s carrying value to fair value less costs to sell is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 93.75 Td (required. For real estate under development, land held for future development and real estate held for investment, if ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 81.75 Td (the projected undiscounted cash flow from the asset is less than the related carrying amount, then a reduction of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 69.75 Td (the carrying amount of the asset to fair value is required. Measurement of the impairment loss is based on the fair ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 57.75 Td (value of the asset. Generally) Tj ET Q q 0 0 0 rg BT 176.00 57.75 Td (, we determine fair value using valuation techniques such as discounted expected ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 45.75 Td (future cash flows.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (In developing estimated future cash flows for impairment testing for our real estate assets, we have incorporated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (our own market assumptions including those regarding real estate prices, sales pace, sales and marketing costs, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (infrastructure costs and financing costs regarding real estate assets. Our assumptions are based, in part, on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (general economic conditions, the current state of the real estate industry) Tj ET Q q 0 0 0 rg BT 368.88 693.75 Td (, expectations about the short- and long-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (term outlook for the real estate market, and competition from other developers in the area in which we develop our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (properties. ) Tj ET Q q 0 0 0 rg BT 99.84 669.75 Td (These assumptions can significantly af) Tj ET Q q 0 0 0 rg BT 270.86 669.75 Td (fect our estimates of future cash flows. For those properties held ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (for sale and deemed to be impaired, we determine fair value based on appraised values, adjusted for estimated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (development costs and costs to sell, as we believe this is the value for which the property could be sold. W) Tj ET Q q 0 0 0 rg BT 521.17 645.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (recorded no impairment losses during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.08 633.75 Td (201) Tj ET Q q 0 0 0 rg BT 236.03 633.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.59 633.75 Td ( or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.04 633.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.28 633.75 Td ( \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.19 633.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.75 633.75 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (The estimate of our future revenues is also important because it is the basis of our development plans and also a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (factor in our ability to obtain the financing necessary to complete our development plans. If our estimates of future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (cash flows from our properties dif) Tj ET Q q 0 0 0 rg BT 197.10 585.75 Td (fer from expectations, then our financial position and liquidity may be impacted, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (which could result in our default under certain debt instruments or result in our suspending some or all of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (development activities.) Tj ET Q /GS0 gs q 4.58 0 0 10.76 50.00 535.70 cm /I22 Do Q /GS0 gs q 10.00 0 0 10.76 54.58 535.70 cm /I23 Do Q /GS0 gs q 10.00 0 0 10.76 64.58 535.70 cm /I24 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.58 537.75 Td (Revenue Recognition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.59 537.75 Td () Tj ET Q q 0 0 0 rg BT 184.97 537.75 Td (The judgments involved in revenue recognition include understanding the complex ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (terms of agreements and determining the appropriate time to recognize revenue for each transaction based on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (such terms. Each transaction is evaluated to determine: \(1\)at what point in time revenue is earned, \(2\)whether ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (contingencies exist that impact the timing of recognition of revenue and \(3\)how and when such contingencies will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (be resolved. ) Tj ET Q q 0 0 0 rg BT 107.08 489.75 Td (The timing of revenue recognition could vary if dif) Tj ET Q q 0 0 0 rg BT 324.79 489.75 Td (ferent judgments were made. Our revenues subject ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (to the most judgment are property sales revenues. Revenues from property sales are recognized when the risks ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (and rewards of ownership are transferred to the buyer) Tj ET Q q 0 0 0 rg BT 287.91 465.75 Td (, when the consideration received can be reasonably ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (determined and when we have completed our obligations to perform certain supplementary development activities, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (if any exist, at the time of the sale. Consideration is reasonably determined and considered likely of collection when ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (we have signed sales agreements and have determined that the buyer has demonstrated a commitment to pay) Tj ET Q q 0 0 0 rg BT 539.54 429.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (The buyer) Tj ET Q q 0 0 0 rg BT 95.40 417.75 Td () Tj ET Q q 0 0 0 rg BT 97.44 417.75 Td (s commitment to pay is supported by the level of their initial investment, our assessment of the buyer) Tj ET Q q 0 0 0 rg BT 542.46 417.75 Td () Tj ET Q q 0 0 0 rg BT 544.50 417.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (credit standing and our assessment of whether the buyer) Tj ET Q q 0 0 0 rg BT 302.18 405.75 Td () Tj ET Q q 0 0 0 rg BT 304.22 405.75 Td (s stake in the property is suf) Tj ET Q q 0 0 0 rg BT 428.54 405.75 Td (ficient to motivate the buyer to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (honor their obligation to it. ) Tj ET Q /GS0 gs q 4.58 0 0 10.76 50.00 367.70 cm /I25 Do Q /GS0 gs q 10.00 0 0 10.76 54.58 367.70 cm /I26 Do Q /GS0 gs q 10.00 0 0 10.76 64.58 367.70 cm /I27 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.58 369.75 Td (Deferred T) Tj ET Q q 0 0 0 rg BT 123.85 369.75 Td (ax ) Tj ET Q q 0 0 0 rg BT 137.38 369.75 Td (Assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.95 369.75 Td () Tj ET Q q 0 0 0 rg BT 178.33 369.75 Td (The carrying amounts of deferred tax assets are required to be reduced by a valuation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 100.95 345.75 Td (, we assess the need to establish valuation allowances for deferred tax assets periodically based on the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (more-likely-than-not realization threshold criterion. In the assessment for a valuation allowance, appropriate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 540.12 321.75 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (forecasts of future profitability) Tj ET Q q 0 0 0 rg BT 179.87 297.75 Td (, the duration of statutory carryforward periods, our experience with operating loss and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (tax credit carryforwards not expiring unused, and tax planning alternatives. ) Tj ET Q q 0 0 0 rg BT 382.22 285.75 Td (This process involves significant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (management judgment about assumptions that are subject to change based on variances between projected and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (actual operating performance and changes in our business environment or operating or financing plans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (Our deferred tax assets \(net of deferred tax liabilities\) before any valuation allowances totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.34 237.75 Td ($13.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.48 237.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 225.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 225.75 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.11 225.75 Td ($10.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.25 225.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.15 225.75 Td (December31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.98 225.75 Td (. In evaluating the recoverability of these deferred tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (assets, we considered available positive and negative evidence, giving greater weight to the recent current losses, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (the absence of taxable income in the carry back period and uncertainty regarding projected future financial results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (As a result, we concluded that there was not suf) Tj ET Q q 0 0 0 rg BT 262.16 189.75 Td (ficient positive evidence supporting the realizablility of our deferred ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (tax assets beyond an amount totaling $0.2 million \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.93 177.75 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 323.50 177.75 Td (\), and therefore, we had deferred tax asset valuation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (allowances of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.37 165.75 Td ($13.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.51 165.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.41 165.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 264.94 165.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.50 165.75 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.52 165.75 Td ($10.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.66 165.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.56 165.75 Td (December31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 453.39 165.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (Our future results of operations may be negatively impacted by our inability to realize a tax benefit for future tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (losses or for items that will generate additional deferred tax assets. Our future results of operations may be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (favorably impacted by reversals of valuation allowances if we are able to demonstrate suf) Tj ET Q q 0 0 0 rg BT 444.47 117.75 Td (ficient positive evidence ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td (that our deferred tax assets will be realized.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (19) Tj ET Q /GS0 gs q 4.58 0 0 10.76 50.00 727.70 cm /I28 Do Q /GS0 gs q 10.00 0 0 10.76 54.58 727.70 cm /I29 Do Q /GS0 gs q 10.00 0 0 10.76 64.58 727.70 cm /I30 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.58 729.75 Td (Allocation of Overhead Costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.38 729.75 Td (W) Tj ET Q q 0 0 0 rg BT 232.19 729.75 Td (e capitalize a portion of our direct overhead costs and also allocate a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (portion of these overhead costs to cost of sales based on the activities of our employees that are directly engaged ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (in development activities. In connection with this procedure, we periodically evaluate our corporate personnel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (activities to quantify the amount of time, if any) Tj ET Q q 0 0 0 rg BT 251.58 693.75 Td (, associated with activities that would normally be capitalized or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (considered part of cost of sales. ) Tj ET Q q 0 0 0 rg BT 193.41 681.75 Td (After determining the appropriate aggregate allocation rates, we apply these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (factors to our overhead costs to determine the appropriate allocations. ) Tj ET Q q 0 0 0 rg BT 362.77 669.75 Td (This is a critical accounting policy because it ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (af) Tj ET Q q 0 0 0 rg BT 58.16 657.75 Td (fects our net results of operations for that portion which is capitalized. W) Tj ET Q q 0 0 0 rg BT 376.46 657.75 Td (e capitalize only direct and indirect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (project costs associated with the acquisition, development and construction of a real estate project. Indirect costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (include allocated costs associated with certain pooled resources \(such as of) Tj ET Q q 0 0 0 rg BT 385.56 633.75 Td (fice supplies, telephone and postage\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (which are used to support our development projects, as well as general and administrative functions. ) Tj ET Q q 0 0 0 rg BT 496.91 621.75 Td (Allocations of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (pooled resources are based only on those employees directly responsible for development \(i.e., project manager ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (and subordinates\). W) Tj ET Q q 0 0 0 rg BT 144.87 597.75 Td (e charge to expense indirect costs that do not clearly relate to a real estate project such as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (salaries and allocated expenses related to our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 339.43 585.75 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 459.86 585.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 478.20 585.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.30 561.75 Td (DEVELOPMENT ) Tj ET Q q 0 0 0 rg BT 286.83 561.75 Td (AND OTHER ) Tj ET Q q 0 0 0 rg BT 348.68 561.75 Td (ACTIVITIES) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (W ) Tj ET Q q 0 0 0 rg BT 61.85 537.75 Td (Austin Hotel & Residences.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.02 537.75 Td (In 2005, the City selected our proposal to develop a mixed-use project in downtown ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (Austin immediately north of the new City Hall complex. ) Tj ET Q q 0 0 0 rg BT 293.81 525.75 Td (The W ) Tj ET Q q 0 0 0 rg BT 325.48 525.75 Td (Austin Hotel & Residences project includes a two-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (acre city block and contains a mixture of hotel, residential, of) Tj ET Q q 0 0 0 rg BT 317.18 513.75 Td (fice, retail and entertainment space. In 2008, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (entered into a joint venture with Canyon-Johnson Urban Fund II, L.P) Tj ET Q q 0 0 0 rg BT 350.56 501.75 Td (. \(Canyon-Johnson\) for the development of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (project. Construction of the approximate $300 million project commenced in second-quarter 2008, and estimated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (remaining costs to complete totaled less than $1 million at December 31, 201) Tj ET Q q 0 0 0 rg BT 390.55 477.75 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 453.75 Td (e currently consolidate the joint venture with Canyon-Johnson based on our assessment that it is a variable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (interest entity \(VIE\) and we are the primary beneficiary) Tj ET Q q 0 0 0 rg BT 290.47 441.75 Td (. If it is determined that the W ) Tj ET Q q 0 0 0 rg BT 422.75 441.75 Td (Austin Hotel & Residences ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (project is no longer a VIE or that we are no longer the primary beneficiary of the entity) Tj ET Q q 0 0 0 rg BT 427.79 429.75 Td (, the project will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (deconsolidated from our financial statements. For a discussion of the ownership and financing structure for the W ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (Austin Hotel & Residences project see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.77 405.75 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.33 405.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (In June 201) Tj ET Q q 0 0 0 rg BT 101.52 381.75 Td (1, there were a series of incidents in which glass attached to the railings on the balconies of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (condominium units at the W ) Tj ET Q q 0 0 0 rg BT 175.62 369.75 Td (Austin Hotel & Residences project broke and fell to the surrounding areas, including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (adjoining streets and the pool deck at the W ) Tj ET Q q 0 0 0 rg BT 246.79 357.75 Td (Austin Hotel. ) Tj ET Q q 0 0 0 rg BT 306.08 357.75 Td (These incidents resulted in the hotel being closed for 1) Tj ET Q q 0 0 0 rg BT 547.16 357.75 Td (1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (days during June and July 201) Tj ET Q q 0 0 0 rg BT 184.91 345.75 Td (1. W) Tj ET Q q 0 0 0 rg BT 205.28 345.75 Td (e investigated these matters and have taken precautionary measures to prevent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (further incidents. ) Tj ET Q q 0 0 0 rg BT 126.52 333.75 Td (The engineering and redesign of replacement railings is complete and we currently expect to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (substantially complete installation of the replacement railing system in second-quarter 2012. W) Tj ET Q q 0 0 0 rg BT 468.36 321.75 Td (e recorded a charge ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (to cost of sales for the estimated repair costs totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.23 309.75 Td ($0.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.81 309.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.15 309.75 Td (201) Tj ET Q q 0 0 0 rg BT 366.09 309.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 371.65 309.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 284.32421875 m 118.359375 284.32421875 l s q 0 0 0 rg BT 50.00 285.75 Td (W ) Tj ET Q q 0 0 0 rg BT 61.67 285.75 Td (Austin Hotel.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.36 285.75 Td ( W) Tj ET Q q 0 0 0 rg BT 130.40 285.75 Td (e have executed an agreement with Starwood Hotels & Resorts W) Tj ET Q q 0 0 0 rg BT 423.70 285.75 Td (orldwide Inc. for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (management of hotel operations. ) Tj ET Q q 0 0 0 rg BT 198.80 273.75 Td (The hotel opened in December 2010 and includes 251 luxury rooms and suites, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (full service spa, gym, rooftop pool and 9,750 square feet of meeting space. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 236.32421875 m 147.265625 236.32421875 l s q 0 0 0 rg BT 50.00 237.75 Td (W ) Tj ET Q q 0 0 0 rg BT 61.67 237.75 Td (Austin Residences.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.27 237.75 Td ( Delivery of the first condominium units began in January 201) Tj ET Q q 0 0 0 rg BT 417.22 237.75 Td (1. Condominium units are being ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (completed on a floor-by-floor basis with delivery of pre-sold units as they are completed. ) Tj ET Q q 0 0 0 rg BT 441.30 225.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 466.87 225.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.36 225.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (sales of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.24 213.75 Td (87) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.36 213.75 Td ( of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.94 213.75 Td (159) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.63 213.75 Td ( condominium units had closed for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.15 213.75 Td ($98.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.29 213.75 Td ( \(including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.65 213.75 Td (78) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.78 213.75 Td ( condominium units for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.16 213.75 Td ($89.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.34 201.75 Td ( in 201) Tj ET Q q 0 0 0 rg BT 107.62 201.75 Td (1\) and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.75 201.75 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.32 201.75 Td ( of the remaining ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.58 201.75 Td (72) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.71 201.75 Td ( condominium units were under contract. Net operating income of the joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (venture with Canyon-Johnson, including proceeds from the sales of the condominium units, has been and must ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (continue to be of) Tj ET Q q 0 0 0 rg BT 123.76 177.75 Td (fered to the lender to repay debt incurred in connection with the project. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 152.32421875 m 92.9833984375 152.32421875 l s q 0 0 0 rg BT 50.00 153.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 69.08 153.75 Td ( Live.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.98 153.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.58 153.75 Td (The project also includes ) Tj ET Q q 0 0 0 rg BT 208.42 153.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 227.50 153.75 Td ( Live, a live music and entertainment venue and production studio with a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (maximum capacity of approximately 3,000 people. In addition to hosting concerts and private events, this venue is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (the new home of ) Tj ET Q q 0 0 0 rg BT 126.16 129.75 Td (Austin City Limits, a television program showcasing popular music legends. ) Tj ET Q q 0 0 0 rg BT 461.32 129.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 480.40 129.75 Td ( Live opened in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (February 201) Tj ET Q q 0 0 0 rg BT 108.74 117.75 Td (1, has hosted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.56 117.75 Td (198) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.24 117.75 Td ( events through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.96 117.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.44 117.75 Td (, and has booked events through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.89 117.75 Td (December 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.04 117.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 92.32421875 m 126.5234375 92.32421875 l s q 0 0 0 rg BT 50.00 93.75 Td (Of) Tj ET Q q 0 0 0 rg BT 60.38 93.75 Td (fice and Retail.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.52 93.75 Td ( ) Tj ET Q q 0 0 0 rg BT 129.12 93.75 Td (The project has approximately 41,000 square feet of leasable of) Tj ET Q q 0 0 0 rg BT 411.34 93.75 Td (fice space, of which 17,500 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 81.75 Td (square feet opened in March 201) Tj ET Q q 0 0 0 rg BT 196.03 81.75 Td (1, including 9,000 square feet for our corporate of) Tj ET Q q 0 0 0 rg BT 414.87 81.75 Td (fice. ) Tj ET Q q 0 0 0 rg BT 435.81 81.75 Td (The project also has 18,000 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 69.75 Td (square feet of leasable retail space, of which 14,500 square feet opened in ) Tj ET Q q 0 0 0 rg BT 382.45 69.75 Td (August 201) Tj ET Q q 0 0 0 rg BT 432.30 69.75 Td (1. ) Tj ET Q q 0 0 0 rg BT 442.87 69.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.44 69.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.92 69.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 57.75 Td (occupancy was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.15 57.75 Td (43 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.40 57.75 Td ( for the of) Tj ET Q q 0 0 0 rg BT 210.47 57.75 Td (fice space and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.73 57.75 Td (79 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.99 57.75 Td ( for the retail space. Leasing activities for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 45.75 Td (remaining of) Tj ET Q q 0 0 0 rg BT 104.85 45.75 Td (fice and retail space are ongoing.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (20) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (Residential.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.25 729.75 Td () Tj ET Q q 0 0 0 rg BT 107.26 729.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.82 729.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 214.35 729.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.91 729.75 Td (, the number of our residential developed lots and development potential by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (area are shown below \(excluding lots and units associated with our Canyon-Johnson and Crestview Station joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (ventures\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 683.25 m 374.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 683.25 m 378.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 683.25 m 468.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 683.25 m 472.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 683.25 m 562.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 659.25 m 374.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 659.25 m 468.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 659.25 m 562.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 485.25 m 374.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 485.25 m 468.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 485.25 m 562.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 485.25 m 374.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 474.25 m 374.5 474.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 472.25 m 374.5 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 485.25 m 468.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 474.25 m 468.5 474.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 472.25 m 468.5 472.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 485.25 m 562.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 474.25 m 562.5 474.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 472.25 m 562.5 472.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 686.20 Td (Residential Lots) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 663.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.45 663.65 Td (Developed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.45 672.65 Td (Potential ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.85 663.65 Td (Development) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 447.88 667.94 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.45 663.65 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Barton Creek:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 638.20 Td (Calera:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 638.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 638.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.00 638.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 626.20 Td (Calera Drive) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.95 626.20 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 626.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 626.20 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 614.20 Td (Verano Drive) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.95 614.20 Td (65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 614.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 614.20 Td (65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 602.20 Td (Amarra Drive:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 590.20 Td (Phase I Lots) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.95 590.20 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 590.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 590.20 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 578.20 Td (Phase II Lots) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.95 578.20 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 578.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 578.20 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 566.20 Td (Townhomes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 566.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 566.20 Td (221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 566.20 Td (221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 554.20 Td (Phase III) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 554.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 554.20 Td (64) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 554.20 Td (64) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 542.20 Td (Mirador Estate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.95 542.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 542.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 542.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 530.20 Td (Section N Multi-family) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 530.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.45 530.20 Td (1,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 530.20 Td (1,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 518.20 Td (Other Barton Creek Sections) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 518.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 518.20 Td (154) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 518.20 Td (154) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 506.20 Td (Circle C:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.00 506.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 506.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 494.20 Td (Meridian) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 494.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 494.20 Td (57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 494.20 Td (57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 476.20 Td (Total Residential Lots) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 476.20 Td (114) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.45 476.20 Td (2,356) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 476.20 Td (2,470) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 456.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 456.95 Td (Our development of the properties identified under the heading Potential Development is dependent upon the approval of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 446.15 Td (our development plans and permits by governmental agencies, including the City) Tj ET Q q 0 0 0 rg BT 389.02 446.15 Td (. ) Tj ET Q q 0 0 0 rg BT 393.85 446.15 Td (Those governmental agencies may either ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 435.35 Td (not approve one or more development plans and permit applications related to such properties or require us to modify our ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 424.55 Td (development plans. ) Tj ET Q q 0 0 0 rg BT 148.06 424.55 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 193.91 424.55 Td (, our development strategy with respect to those properties may change in the future. While ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 413.75 Td (we may be proceeding with approved infrastructure projects on some of these properties, they are not considered to be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 402.95 Td (under development for disclosure in this table unless other development activities necessary to fully realize the properties) Tj ET Q q 0 0 0 rg BT 557.92 402.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 392.15 Td (intended final use are in progress or scheduled to commence in the near term.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 366.72421875 m 79.4580078125 366.72421875 l s q 0 0 0 rg BT 50.00 368.15 Td (Calera) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.46 368.15 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.24 368.15 Td (Calera is a residential subdivision with plat approval for 155 lots. During 2004, we began construction of 16 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 356.15 Td (courtyard homes at Calera Court, the 16-acre initial phase of the Calera subdivision. ) Tj ET Q q 0 0 0 rg BT 424.46 356.15 Td (The second phase of Calera, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 344.15 Td (Calera Drive, consisting of 53 single-family lots, many of which adjoin the Fazio Canyons Golf Course, received ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 332.15 Td (final plat and construction permit approval in 2005. Construction of the final phase, known as V) Tj ET Q q 0 0 0 rg BT 468.03 332.15 Td (erano Drive, was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 320.15 Td (completed in July 2008 and includes 71 single-family lots. W) Tj ET Q q 0 0 0 rg BT 316.62 320.15 Td (e sold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 346.08 320.15 Td (one) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.77 320.15 Td ( Calera Court courtyard home in 2010 for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 308.15 Td ($0.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.58 308.15 Td ( and the final Calera Court courtyard home in 201) Tj ET Q q 0 0 0 rg BT 318.85 308.15 Td (1 for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.64 308.15 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.22 308.15 Td (. ) Tj ET Q q 0 0 0 rg BT 397.23 308.15 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.79 308.15 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 504.32 308.15 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.88 308.15 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.44 308.15 Td (eight) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.12 308.15 Td ( lots ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 296.15 Td (at Calera Drive and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.93 296.15 Td (65) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.05 296.15 Td ( lots at V) Tj ET Q q 0 0 0 rg BT 188.41 296.15 Td (erano Drive remained unsold. W) Tj ET Q q 0 0 0 rg BT 331.63 296.15 Td (e sold one Calera Drive lot for $0.2 million and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 284.15 Td (three V) Tj ET Q q 0 0 0 rg BT 81.69 284.15 Td (erano Drive lots for $0.8 million in first-quarter 2012.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 258.72421875 m 108.896484375 258.72421875 l s q 0 0 0 rg BT 50.00 260.15 Td (Amarra Drive) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.90 260.15 Td (.) Tj ET Q q 0 0 0 rg BT 116.68 260.15 Td (Amarra Drive Phase I, which is the initial phase of the ) Tj ET Q q 0 0 0 rg BT 355.68 260.15 Td (Amarra Drive subdivision, was completed in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 248.15 Td (2007 and includes six lots with sizes ranging from approximately one to four acres, some of which are course-side ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 236.15 Td (lots on the Fazio Canyons Golf Course and others are secluded lots adjacent to the Nature Conservancy of ) Tj ET Q q 0 0 0 rg BT 526.20 236.15 Td (T) Tj ET Q q 0 0 0 rg BT 531.20 236.15 Td (exas. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 224.15 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 224.15 Td (e sold one ) Tj ET Q q 0 0 0 rg BT 107.63 224.15 Td (Amarra Drive Phase I lot for $0.6 million in 201) Tj ET Q q 0 0 0 rg BT 313.65 224.15 Td (1, and as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.69 224.15 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 450.21 224.15 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.78 224.15 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.33 224.15 Td (four) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.56 224.15 Td ( ) Tj ET Q q 0 0 0 rg BT 480.79 224.15 Td (Amarra Drive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 212.15 Td (Phase I lots remained unsold. In January 2008, we commenced development of ) Tj ET Q q 0 0 0 rg BT 405.21 212.15 Td (Amarra Drive Phase II, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 200.15 Td (consists of 35 lots on 51 acres. Development was substantially completed in October 2008, but no sales have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 188.15 Td (occurred.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 162.72421874999998 m 115.0244140625 162.72421874999998 l s q 0 0 0 rg BT 50.00 164.15 Td (Mirador Estate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.02 164.15 Td (.) Tj ET Q q 0 0 0 rg BT 123.18 164.15 Td (The Mirador subdivision consists of 34 estate lots, with each lot averaging approximately 3.5 acres ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 152.15 Td (in size. ) Tj ET Q q 0 0 0 rg BT 83.35 152.15 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.92 152.15 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 190.44 152.15 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.01 152.15 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.56 152.15 Td (two) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.12 152.15 Td ( Mirador estate lots remained unsold. In February 2012, we sold one Mirador ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 140.15 Td (lot for $0.4 million.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 114.72421874999998 m 116.689453125 114.72421874999998 l s q 0 0 0 rg BT 50.00 116.15 Td (Wimberly Lane) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.69 116.15 Td (.Wimberly Lane included two phases, with phase one consisting of 75 residential lots and phase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 104.15 Td (two consisting of 47 residential lots. W) Tj ET Q q 0 0 0 rg BT 219.34 104.15 Td (e entered into a contract with a national homebuilder to sell 41 lots within the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 92.15 Td (Wimberly Lane Phase II subdivision. W) Tj ET Q q 0 0 0 rg BT 223.22 92.15 Td (e sold the last homebuilder lot in January 2008 and sold the final Wimberly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 80.15 Td (Lane lot in December 2010.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (21) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 740.32421875 m 85.556640625 740.32421875 l s q 0 0 0 rg BT 50.00 741.75 Td (Circle C) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 85.56 741.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.89 741.75 Td (W) Tj ET Q q 0 0 0 rg BT 103.15 741.75 Td (e are developing the Circle C community based on the entitlements secured in our Circle C settlement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (with the City) Tj ET Q q 0 0 0 rg BT 103.72 729.75 Td (. Our Circle C settlement, as amended in 2004, permits development of 1.16 million square feet of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (commercial space, 504 multi-family units and 830 single-family residential lots. Meridian is an 800-lot residential ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (development at the Circle C community) Tj ET Q q 0 0 0 rg BT 223.77 705.75 Td (. Development of Meridian included our contracts with three national ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (homebuilders to complete the construction and sales of 494 lots. W) Tj ET Q q 0 0 0 rg BT 347.20 693.75 Td (e sold the final 13 lots for $0.9 million in first-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (quarter 2010.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (In 2006, we signed another contract with a national homebuilder for 42 additional lots. Development of those lots ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (was substantially complete in ) Tj ET Q q 0 0 0 rg BT 181.73 645.75 Td (April 2008. In June 2009, this contract was terminated by the homebuilder) Tj ET Q q 0 0 0 rg BT 507.48 645.75 Td (. ) Tj ET Q q 0 0 0 rg BT 512.49 645.75 Td (As of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (date the contract was terminated, there were 30 remaining unclosed lots. W) Tj ET Q q 0 0 0 rg BT 384.43 633.75 Td (e sold ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.90 633.75 Td (eight) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.58 633.75 Td ( lots in 2010 for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.73 633.75 Td ($1.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 557.31 633.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (and the final ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.27 621.75 Td (21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.39 621.75 Td ( lots in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.07 621.75 Td (201) Tj ET Q q 0 0 0 rg BT 166.01 621.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 171.57 621.75 Td ( for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.80 621.75 Td ($2.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.38 621.75 Td (. ) Tj ET Q q 0 0 0 rg BT 244.76 621.75 Td (The final phase of Meridian is expected to consist of 57 one-acre lots.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (Commercial.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.12 597.75 Td () Tj ET Q q 0 0 0 rg BT 111.12 597.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.69 597.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 218.22 597.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.78 597.75 Td (, the number of square feet of our commercial property developed, under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (development and our remaining entitlements are shown below \(excluding property associated with our Canyon-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (Johnson and Crestview Station joint ventures\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 551.25 m 325.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 551.25 m 329.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 551.25 m 404.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 551.25 m 408.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 551.25 m 483.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 551.25 m 487.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 551.25 m 562.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 527.25 m 325.5 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 527.25 m 404.5 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 527.25 m 483.5 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 527.25 m 562.5 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 203.25 m 325.5 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 203.25 m 404.5 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 203.25 m 483.5 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 203.25 m 562.5 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 203.25 m 325.5 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 192.25 m 325.5 192.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 190.25 m 325.5 190.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 203.25 m 404.5 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 192.25 m 404.5 192.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 190.25 m 404.5 190.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 203.25 m 483.5 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 192.25 m 483.5 192.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 190.25 m 483.5 190.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 203.25 m 562.5 203.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 192.25 m 562.5 192.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 190.25 m 562.5 190.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 554.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.70 554.20 Td (Commercial Property) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 531.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.95 531.65 Td (Developed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.20 540.65 Td (Under) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.95 531.65 Td (Development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 540.65 Td (Potential ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.10 531.65 Td (Development ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 471.63 535.94 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.95 531.65 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 518.20 Td (Barton Creek:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 518.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 518.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 518.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 518.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 506.20 Td (Treaty Oak Bank) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 506.20 Td (3,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 506.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 506.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 506.20 Td (3,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 494.20 Td (Barton Creek Village Phase I) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 494.20 Td (22,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 494.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 494.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 494.20 Td (22,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 482.20 Td (Barton Creek Village Phase II) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 482.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 482.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 482.20 Td (18,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 482.20 Td (18,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 470.20 Td (Entry Corner) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 470.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 470.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 470.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 470.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 458.20 Td (Amarra Retail/Office) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 458.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 458.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 458.20 Td (90,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 458.20 Td (90,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 446.20 Td (Section N) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 446.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 446.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.95 446.20 Td (1,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 446.20 Td (1,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 434.20 Td (Circle C:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 434.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 434.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 434.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 434.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 422.20 Td (JP Morgan Chase Bank Ground Lease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 422.20 Td (4,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 422.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 422.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 422.20 Td (4,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 410.20 Td (5700 Slaughter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 410.20 Td (21,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 410.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 410.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 410.20 Td (21,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 398.20 Td (Parkside Village) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 398.20 Td (13,890) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 398.20 Td (78,583) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 398.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 398.20 Td (92,473) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 386.20 Td (Tract 110) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 386.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 386.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 386.20 Td (685,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 386.20 Td (685,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 374.20 Td (Tract 101) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 374.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 374.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 374.20 Td (90,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 374.20 Td (90,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 362.20 Td (Tract 102) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 362.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 362.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 362.20 Td (25,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 362.20 Td (25,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 350.20 Td (Tract 114) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 350.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 350.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 350.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 350.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 338.20 Td (Lantana:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 338.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 338.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 338.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 338.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 326.20 Td (7500 Rialto) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 116.53 330.49 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.45 326.20 Td (150,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 326.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 326.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 326.20 Td (150,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 314.20 Td (Tract G06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 314.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 314.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 314.20 Td (400,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 314.20 Td (400,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 302.20 Td (Tract GR1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 302.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 302.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 302.20 Td (325,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 302.20 Td (325,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 290.20 Td (Tract G05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 290.20 Td (260,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 290.20 Td (260,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 278.20 Td (Tract CS5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 278.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 278.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 278.20 Td (175,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 278.20 Td (175,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 266.20 Td (Tract G07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 266.20 Td (160,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 266.20 Td (160,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 254.20 Td (Tract CS1-CS3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 254.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 254.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 254.20 Td (134,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 254.20 Td (134,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 242.20 Td (Tract L03) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 242.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 242.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 242.20 Td (99,800) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 242.20 Td (99,800) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 230.20 Td (Tract L04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 230.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 230.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 230.20 Td (70,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 230.20 Td (70,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 218.20 Td (Tract LR1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 218.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 218.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 218.20 Td (62,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 218.20 Td (62,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 206.20 Td (Austin 290 Tract) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 206.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 206.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 206.20 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 206.20 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 194.20 Td (Total Square Feet) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.45 194.20 Td (213,975) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 194.20 Td (78,583) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.95 194.20 Td (4,124,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 194.20 Td (4,416,758) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 174.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 174.95 Td (Our development of the properties identified under the heading Potential Development is dependent upon the approval of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 164.15 Td (our development plans and permits by governmental agencies, including the City) Tj ET Q q 0 0 0 rg BT 389.02 164.15 Td (. ) Tj ET Q q 0 0 0 rg BT 393.85 164.15 Td (Those governmental agencies may either ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 153.35 Td (not approve one or more development plans and permit applications related to such properties or require us to modify our ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 142.55 Td (development plans. ) Tj ET Q q 0 0 0 rg BT 148.06 142.55 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 193.91 142.55 Td (, our development strategy with respect to those properties may change in the future. While ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 131.75 Td (we may be proceeding with approved infrastructure projects on some of these properties, they are not considered to be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 120.95 Td (under development for disclosure in this table unless other development activities necessary to fully realize the properties) Tj ET Q q 0 0 0 rg BT 557.92 120.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 110.15 Td (intended final use are in progress or scheduled to commence in the near term.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 93.35 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 93.35 Td (In February 2012, we sold 7500 Rialto. See "Discontinued Operations" and Note 12 for further discussion.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 67.92421875000002 m 108.916015625 67.92421875000002 l s q 0 0 0 rg BT 50.00 69.35 Td (Barton Creek) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.92 69.35 Td (.) Tj ET Q q 0 0 0 rg BT 117.07 69.35 Td (The first phase of Barton Creek V) Tj ET Q q 0 0 0 rg BT 265.29 69.35 Td (illage includes a 22,000-square-foot retail complex and a 3,085-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 57.35 Td (square-foot bank building within this retail complex. ) Tj ET Q q 0 0 0 rg BT 278.46 57.35 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 304.02 57.35 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 385.55 57.35 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.11 57.35 Td (, the retail complex was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.38 57.35 Td (100 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 551.20 57.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 45.35 Td (leased and the bank building is leased through January 2023.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (22) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 728.32421875 m 85.556640625 728.32421875 l s q 0 0 0 rg BT 50.00 729.75 Td (Circle C) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.56 729.75 Td (.In 2008, we completed the construction of two retail buildings totaling 21,000 square feet at 5700 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Slaughter) Tj ET Q q 0 0 0 rg BT 92.26 717.75 Td (. ) Tj ET Q q 0 0 0 rg BT 97.63 717.75 Td (This retail project also includes a 4,000-square-foot bank building on an existing ground lease, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (expires in 2025. ) Tj ET Q q 0 0 0 rg BT 122.83 705.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.39 705.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 229.92 705.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.48 705.75 Td (, occupancy was approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 377.22 705.75 Td (91 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.47 705.75 Td ( for the two retail buildings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (The Circle C community also includes Parkside V) Tj ET Q q 0 0 0 rg BT 268.23 681.75 Td (illage, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.48 681.75 Td (92,473) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.06 681.75 Td (-square-foot retail project. ) Tj ET Q q 0 0 0 rg BT 452.60 681.75 Td (The project consists of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (33,650) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.59 669.75 Td (-square-foot full-service movie theater and restaurant, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.59 669.75 Td (13,890) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.18 669.75 Td (-square-foot medical clinic and five other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (retail buildings, including a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.07 657.75 Td (14,933) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.66 657.75 Td (-square-foot building, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.72 657.75 Td (10,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.31 657.75 Td (-square-foot building, two ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.37 657.75 Td (7,500) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.40 657.75 Td (-square-foot ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (buildings and a stand-alone ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.09 645.75 Td (5,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 200.12 645.75 Td (-square-foot building. In February 201) Tj ET Q q 0 0 0 rg BT 366.69 645.75 Td (1, we entered into a joint venture with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (Mof) Tj ET Q q 0 0 0 rg BT 66.49 633.75 Td (fett Holdings, LLC \(Mof) Tj ET Q q 0 0 0 rg BT 168.57 633.75 Td (fett\) to develop Parkside V) Tj ET Q q 0 0 0 rg BT 285.68 633.75 Td (illage, obtained final permits and entitlements and began ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (construction \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 152.83 621.75 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.39 621.75 Td (\). Construction activities at Parkside V) Tj ET Q q 0 0 0 rg BT 326.61 621.75 Td (illage continue on schedule, and are expected to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (completed in fourth-quarter 2012. ) Tj ET Q q 0 0 0 rg BT 200.09 609.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 212.32 609.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 293.85 609.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 299.41 609.75 Td (, we had executed leases for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.49 609.75 Td (64,647) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.07 609.75 Td ( square feet at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (Parkside V) Tj ET Q q 0 0 0 rg BT 98.17 597.75 Td (illage, including 13,890 square feet that opened in December 201) Tj ET Q q 0 0 0 rg BT 386.52 597.75 Td (1, and leasing activities are ongoing.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 572.32421875 m 86.1474609375 572.32421875 l s q 0 0 0 rg BT 50.00 573.75 Td (Lantana) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.15 573.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.93 573.75 Td (Lantana is a partially developed, mixed-use real-estate development project. Lantana includes two ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (75,000-square-foot of) Tj ET Q q 0 0 0 rg BT 145.44 561.75 Td (fice buildings at 7500 Rialto Boulevard, which we sold in February 2012 \(see "Discontinued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (Operations" and Note 12\). ) Tj ET Q q 0 0 0 rg BT 168.07 549.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.63 549.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 275.16 549.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.72 549.75 Td (, occupancy was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.43 549.75 Td (56 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.68 549.75 Td ( for the original of) Tj ET Q q 0 0 0 rg BT 481.77 549.75 Td (fice building and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (100 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.82 537.75 Td ( for the second of) Tj ET Q q 0 0 0 rg BT 179.91 537.75 Td (fice building. ) Tj ET Q q 0 0 0 rg BT 237.72 537.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.29 537.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 344.82 537.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.38 537.75 Td (, we had remaining entitlements for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (approximately 1.7 million square feet of of) Tj ET Q q 0 0 0 rg BT 234.92 525.75 Td (fice and retail use on 223 acres. Regional utility and road infrastructure is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (in place with capacity to serve Lantana at full build-out permitted under our existing entitlements.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (Crestview Station.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.59 489.75 Td (In 2005, we formed a joint venture with ) Tj ET Q q 0 0 0 rg BT 310.50 489.75 Td (T) Tj ET Q q 0 0 0 rg BT 316.24 489.75 Td (rammell Crow Central ) Tj ET Q q 0 0 0 rg BT 415.52 489.75 Td (T) Tj ET Q q 0 0 0 rg BT 420.52 489.75 Td (exas Development, Inc. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (\(T) Tj ET Q q 0 0 0 rg BT 59.07 477.75 Td (rammell Crow\) to acquire an approximate 74-acre tract at the intersection of ) Tj ET Q q 0 0 0 rg BT 396.44 477.75 Td (Airport Boulevard and Lamar ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (Boulevard in ) Tj ET Q q 0 0 0 rg BT 107.82 465.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 140.99 465.75 Td (T) Tj ET Q q 0 0 0 rg BT 145.99 465.75 Td (exas, for $7.7 million. ) Tj ET Q q 0 0 0 rg BT 243.07 465.75 Td (The property) Tj ET Q q 0 0 0 rg BT 299.02 465.75 Td (, known as Crestview Station, is a single-family) Tj ET Q q 0 0 0 rg BT 506.14 465.75 Td (, multi-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (family) Tj ET Q q 0 0 0 rg BT 75.37 453.75 Td (, retail and of) Tj ET Q q 0 0 0 rg BT 133.00 453.75 Td (fice development, which is located on the site of a commuter rail line. ) Tj ET Q q 0 0 0 rg BT 440.20 453.75 Td (The joint venture ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (completed environmental remediation, which the State of ) Tj ET Q q 0 0 0 rg BT 304.40 441.75 Td (T) Tj ET Q q 0 0 0 rg BT 309.40 441.75 Td (exas certified as complete in 2007, and permitting of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (property) Tj ET Q q 0 0 0 rg BT 85.94 429.75 Td (. ) Tj ET Q q 0 0 0 rg BT 91.32 429.75 Td (The joint venture obtained permits to develop Crestview Station as a 450-unit transit-oriented ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (neighborhood. Crestview Station sold substantially all of its multi-family and commercial properties in 2007 and one ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (commercial site in 2008, while retaining the single-family component of Crestview Station and one commercial site. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.23 393.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 143.75 393.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.32 393.75 Td (, our investment in the Crestview Station project totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.66 393.75 Td ($3.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.24 393.75 Td ( and the joint venture ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (partnership had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.27 381.75 Td ($7.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.85 381.75 Td ( of outstanding debt, of which we guarantee ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.10 381.75 Td ($1.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 419.68 381.75 Td (. In 201) Tj ET Q q 0 0 0 rg BT 452.29 381.75 Td (1, we and ) Tj ET Q q 0 0 0 rg BT 498.26 381.75 Td (T) Tj ET Q q 0 0 0 rg BT 503.99 381.75 Td (rammell ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (Crow each contributed $0.5 million to the joint venture for interest and property taxes through loan maturity of May ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (2012, and scheduled principal payments, which began in June 201) Tj ET Q q 0 0 0 rg BT 344.46 357.75 Td (1. W) Tj ET Q q 0 0 0 rg BT 364.84 357.75 Td (e account for our 50 percent interest in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (Crestview Station joint venture under the equity method. See Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.72 345.75 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.28 345.75 Td ( for further discussion of Crestview Station.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.60 321.75 Td (RESUL) Tj ET Q q 0 0 0 rg BT 273.75 321.75 Td (TS OF OPERA) Tj ET Q q 0 0 0 rg BT 340.79 321.75 Td (TIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 297.75 Td (e are continually evaluating the development potential of our properties and will continue to consider opportunities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (to enter into transactions involving our properties. ) Tj ET Q q 0 0 0 rg BT 270.68 285.75 Td (As a result, and because of numerous other factors af) Tj ET Q q 0 0 0 rg BT 508.41 285.75 Td (fecting our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (business activities as described herein, our past operating results are not necessarily indicative of our future results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (The following table summarizes our operating results \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 227.25 m 375.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 227.25 m 454.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 167.25 m 375.5 167.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 167.25 m 454.5 167.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 230.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.80 230.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 230.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 218.20 Td (Operating income \(loss\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 218.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 218.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 206.20 Td (Real estate operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 206.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 206.20 Td (7,573) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 206.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 206.20 Td (\(3,722) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 206.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 194.20 Td (Hotel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.45 194.20 Td (\(1,987) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 194.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 194.20 Td (\(3,235) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 194.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 182.20 Td (Entertainment venue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.45 182.20 Td (\(1,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 182.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 182.20 Td (\(699) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 182.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 170.20 Td (Commercial leasing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.45 170.20 Td (\(2,882) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 170.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 170.20 Td (\(2,746) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 170.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 158.20 Td (Operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 158.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 158.20 Td (1,681) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 158.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.45 158.20 Td (\(10,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 158.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 137.65 Td (Interest expense, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 137.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.45 137.65 Td (\(6,667) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 137.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 137.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 137.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 124.20 Td (Provision for income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 124.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 124.20 Td (\(651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 124.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 124.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 124.20 Td (\(8,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 124.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 112.20 Td (Net \(income\) loss attributable to noncontrolling interest in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.00 103.25 Td (subsidiaries) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 105.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.45 105.65 Td (\(5,155) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 105.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 105.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 105.65 Td (2,377) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 92.20 Td (Net loss attributable to Stratus common stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 92.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.45 92.20 Td (\(10,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 92.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 92.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.45 92.20 Td (\(15,336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 92.20 Td (\)) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 65.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 65.75 Td (e have four operating segments, "Real Estate Operations," "Hotel," "Entertainment V) Tj ET Q q 0 0 0 rg BT 432.21 65.75 Td (enue" and Commercial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 53.75 Td (Leasing \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.27 53.75 Td (1) Tj ET Q q 0 0 0 rg BT 142.09 53.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.65 53.75 Td (\). ) Tj ET Q q 0 0 0 rg BT 156.36 53.75 Td (The following is a discussion of our operating results by segment.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (23) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 740.16552734375 m 159.482421875 740.16552734375 l s q 0 0 0 rg BT 50.00 741.75 Td (Real Estate Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (The following table summarizes our real estate operating results \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 707.25 m 375.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 707.25 m 454.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 659.25 m 375.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 659.25 m 454.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 659.25 m 375.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 659.25 m 454.5 659.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 613.25 m 375.5 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 613.25 m 454.5 613.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 602.25 m 375.5 602.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 600.25 m 375.5 600.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 602.25 m 454.5 602.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 600.25 m 454.5 600.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 710.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.80 710.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 710.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 698.20 Td (Revenues:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 698.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 698.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td (Developed property sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 686.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.45 686.20 Td (92,790) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 686.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 686.20 Td (2,725) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td (Undeveloped property sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 674.20 Td (4,235) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Commissions and other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.95 662.20 Td (626) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.95 662.20 Td (561) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 650.20 Td (Total revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.45 650.20 Td (97,651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 650.20 Td (3,286) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 629.65 Td (Cost of sales, including depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.45 629.65 Td (86,319) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 629.65 Td (3,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 616.20 Td (General and administrative expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 616.20 Td (3,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 616.20 Td (3,705) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 604.20 Td (Operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 604.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 604.20 Td (7,573) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 604.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 604.20 Td (\(3,722) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 604.20 Td (\)) Tj ET Q BT /F4 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 577.75 Td (Developed Property Sales) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.18 577.75 Td (.Residential property sales for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.80 577.75 Td (201) Tj ET Q q 0 0 0 rg BT 322.74 577.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.30 577.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.54 577.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.79 577.75 Td ( included the following \(dollars in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 565.75 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 543.25 m 281.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 543.25 m 285.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 543.25 m 337.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 543.25 m 341.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 543.25 m 393.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 543.25 m 449.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 543.25 m 453.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 543.25 m 505.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 543.25 m 509.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 543.25 m 562.5 543.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 511.25 m 281.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 511.25 m 337.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 511.25 m 393.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 511.25 m 449.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 511.25 m 505.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 511.25 m 562.5 511.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 355.25 m 281.5 355.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 355.25 m 337.5 355.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 355.25 m 449.5 355.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 355.25 m 505.5 355.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 344.25 m 281.5 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 342.25 m 281.5 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 344.25 m 337.5 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 342.25 m 337.5 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 344.25 m 449.5 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 342.25 m 449.5 342.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 344.25 m 505.5 344.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 342.25 m 505.5 342.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 546.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.30 546.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.45 546.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 515.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.95 515.65 Td (Lots/Units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.70 515.65 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.30 533.65 Td (Average) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.95 524.65 Td (Cost per) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.45 515.65 Td (Lot/Unit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.95 515.65 Td (Lots/Units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.70 515.65 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.80 533.65 Td (Average) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 524.65 Td (Cost per) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.95 515.65 Td (Lot/Unit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 502.20 Td (W Austin Hotel & Residences) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.00 502.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.00 502.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.00 502.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 502.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 490.20 Td (Condominium Units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.95 490.20 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.00 490.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.45 490.20 Td (89,009) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.00 490.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 490.20 Td (952) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 490.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 490.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.00 490.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.00 490.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 490.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 466.20 Td (Barton Creek) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.00 466.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.00 466.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 454.20 Td (Calera:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 442.20 Td (Calera Court Courtyard Homes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.95 442.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 442.20 Td (490) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 442.20 Td (501) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.95 442.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 442.20 Td (595) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.00 442.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 442.20 Td (580) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 430.20 Td (Verano Drive) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.95 430.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 430.20 Td (400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 430.20 Td (98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 430.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.00 430.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 430.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 418.20 Td (Amarra:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 406.20 Td (Phase I Lots) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.95 406.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 406.20 Td (550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 406.20 Td (198) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 406.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.00 406.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 406.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 394.20 Td (Wimberly Lane Phase II) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.00 394.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 394.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 394.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.95 394.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 394.20 Td (117) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 394.20 Td (50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 370.20 Td (Circle C) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 358.20 Td (Meridian) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.95 358.20 Td (21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 358.20 Td (2,341) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 358.20 Td (108) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.95 358.20 Td (21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 358.20 Td (2,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 358.20 Td (71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 346.20 Td (Total Residential) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 346.20 Td (103) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.00 346.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.45 346.20 Td (92,790) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.95 346.20 Td (23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.00 346.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 346.20 Td (2,725) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 319.75 Td (The increase in developed property sales revenues in 201) Tj ET Q q 0 0 0 rg BT 306.08 319.75 Td (1 primarily resulted from the sale of condominium units at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 307.75 Td (the W ) Tj ET Q q 0 0 0 rg BT 78.34 307.75 Td (Austin Hotel & Residences project, which became available in first-quarter 201) Tj ET Q q 0 0 0 rg BT 424.44 307.75 Td (1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 283.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.57 283.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 283.75 Td (, we sold 9 condominium units in 2012 and had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.30 283.75 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.86 283.75 Td ( condominium units under contract at the W ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 271.75 Td (Austin Hotel & Residences project.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 247.75 Td (Undeveloped Property Sales.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.08 247.75 Td ( During 201) Tj ET Q q 0 0 0 rg BT 231.04 247.75 Td (1, we sold a 12-acre tract of undeveloped land at Barton Creek for $2.2 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 235.75 Td (million and a 28-acre tract of undeveloped land at Circle C for $2.0 million.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 211.75 Td (Commissions and Other) Tj ET Q q 0 0 0 rg BT 156.89 211.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.67 211.75 Td (Commissions and other revenues primarily included sales of our development fee credits ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 199.75 Td (to third parties totaling $0.2 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.09 199.75 Td (201) Tj ET Q q 0 0 0 rg BT 231.03 199.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.59 199.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.83 199.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.08 199.75 Td (. W) Tj ET Q q 0 0 0 rg BT 295.89 199.75 Td (e received these development fee credits as part of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 187.75 Td (Circle C settlement \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.38 187.75 Td (10) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.50 187.75 Td (\). ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 163.75 Td (Cost of Sales.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.25 163.75 Td ( Cost of sales includes the cost of property sold, project operating and marketing expenses and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 151.75 Td (allocated overhead costs, partly of) Tj ET Q q 0 0 0 rg BT 201.57 151.75 Td (fset by reductions for certain municipal utility district reimbursements. Cost of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 139.75 Td (sales totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.93 139.75 Td ($86.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.07 139.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.41 139.75 Td (201) Tj ET Q q 0 0 0 rg BT 194.35 139.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.91 139.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.15 139.75 Td ($3.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.73 139.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.07 139.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.32 139.75 Td (. ) Tj ET Q q 0 0 0 rg BT 313.70 139.75 Td (The increase in cost of sales in 201) Tj ET Q q 0 0 0 rg BT 469.71 139.75 Td (1 primarily resulted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 127.75 Td (from the sale of condominium units at the W ) Tj ET Q q 0 0 0 rg BT 247.31 127.75 Td (Austin Hotel & Residences project, which became available in first-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 115.75 Td (quarter 201) Tj ET Q q 0 0 0 rg BT 100.41 115.75 Td (1. Cost of sales for 201) Tj ET Q q 0 0 0 rg BT 202.50 115.75 Td (1 also include estimated building repair costs totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 439.30 115.75 Td ($0.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.88 115.75 Td (, associated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 103.75 Td (with the falling glass incidents at the W ) Tj ET Q q 0 0 0 rg BT 223.98 103.75 Td (Austin Hotel & Residences project in June 201) Tj ET Q q 0 0 0 rg BT 428.91 103.75 Td (1, and a fourth-quarter 201) Tj ET Q q 0 0 0 rg BT 547.14 103.75 Td (1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 91.75 Td (margin reduction charge totaling $5.8 million, associated with revised estimates of costs to complete the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 79.75 Td (condominium units at the W ) Tj ET Q q 0 0 0 rg BT 175.62 79.75 Td (Austin Hotel & Residences project. Cost of sales for our real estate operations also ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 67.75 Td (include significant, recurring costs \(including property taxes, maintenance and marketing\), which totaled $5.9 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 55.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.56 55.75 Td (201) Tj ET Q q 0 0 0 rg BT 76.50 55.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.07 55.75 Td ( and $5.2 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.23 55.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.47 55.75 Td ( and do not vary significantly with the number of property sales. ) Tj ET Q q 0 0 0 rg BT 472.66 55.75 Td (These recurring ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (24) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (costs were partly of) Tj ET Q q 0 0 0 rg BT 135.96 741.75 Td (fset by Barton Creek Municipal Utility District \(MUD\) reimbursements totaling $4.1 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.25 729.75 Td (. W) Tj ET Q q 0 0 0 rg BT 87.06 729.75 Td (e received no MUD reimbursements in 201) Tj ET Q q 0 0 0 rg BT 276.40 729.75 Td (1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (General and ) Tj ET Q q 0 0 0 rg BT 107.45 705.75 Td (Administrative Expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.72 705.75 Td (Consolidated general and administrative expenses totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.88 705.75 Td ($6.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.46 705.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (201) Tj ET Q q 0 0 0 rg BT 65.94 693.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.50 693.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.75 693.75 Td ($6.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.33 693.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.67 693.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.91 693.75 Td (. General and administrative expenses allocated to real estate operations totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.02 693.75 Td ($3.8 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.34 681.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.68 681.75 Td (201) Tj ET Q q 0 0 0 rg BT 107.62 681.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.18 681.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.42 681.75 Td ($3.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 186.01 681.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.35 681.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.59 681.75 Td (. For information about the allocation of general and administrative expenses ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (to our operating segments, see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 214.54 669.75 Td (1) Tj ET Q q 0 0 0 rg BT 219.36 669.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.92 669.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 644.16552734375 m 75 644.16552734375 l s q 0 0 0 rg BT 50.00 645.75 Td (Hotel) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (The following table summarizes our hotel operating results \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 611.25 m 375.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 611.25 m 454.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 563.25 m 375.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 552.25 m 375.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 550.25 m 375.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 563.25 m 454.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 552.25 m 454.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 550.25 m 454.5 550.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 614.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.80 614.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 614.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 602.20 Td (Hotel revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 602.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.45 602.20 Td (28,100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 602.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.95 602.20 Td (792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 590.20 Td (Hotel cost of sales, excluding depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.45 590.20 Td (24,546) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 590.20 Td (3,733) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 578.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 578.20 Td (5,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.95 578.20 Td (294) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 566.20 Td (General and administrative expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.95 566.20 Td (46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 566.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 554.20 Td (Operating loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 554.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.45 554.20 Td (\(1,987) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 554.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 554.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 554.20 Td (\(3,235) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 554.20 Td (\)) Tj ET Q BT /F4 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (Hotel Revenue.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.93 527.75 Td ( Hotel revenue reflects the results of operations for the W ) Tj ET Q q 0 0 0 rg BT 374.06 527.75 Td (Austin Hotel, which opened in December ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (2010, and primarily includes revenue from room reservations and food and beverage sales. Certain key operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (statistics specific to the hotel industry are included below to further illustrate our hotel operating performance. ) Tj ET Q q 0 0 0 rg BT 533.96 503.75 Td (These ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (statistics include "A) Tj ET Q q 0 0 0 rg BT 135.63 491.75 Td (verage Daily Rate," which is calculated by dividing total room revenue by total rooms occupied ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 479.75 Td (and "Revenue per ) Tj ET Q q 0 0 0 rg BT 132.50 479.75 Td (A) Tj ET Q q 0 0 0 rg BT 138.99 479.75 Td (vailable Room" \(REVP) Tj ET Q q 0 0 0 rg BT 238.50 479.75 Td (AR\), which is calculated by dividing total room revenue by total rooms ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 467.75 Td (available. ) Tj ET Q q 0 0 0 rg BT 94.85 467.75 Td (The following table summarizes our operating measures related to hotel operations:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 445.25 m 375.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 445.25 m 375.5 445.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 448.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.80 448.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 436.20 Td (Average daily rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 436.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.90 436.20 Td (250) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 424.20 Td (Average occupancy) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.90 424.20 Td (74) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 424.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 412.20 Td (REVPAR) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 412.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.90 412.20 Td (184) Tj ET Q BT /F4 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 385.75 Td (Hotel Operating Costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.16 385.75 Td ( Hotel operating costs totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.46 385.75 Td ($24.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.60 385.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.94 385.75 Td (201) Tj ET Q q 0 0 0 rg BT 368.88 385.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.44 385.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.68 385.75 Td ($3.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.27 385.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.61 385.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 482.85 385.75 Td ( primarily ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 373.75 Td (reflecting salaries and wages, food and beverage expenses and advertising costs. Hotel operating costs for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 361.75 Td (year 2010 also include start-up costs associated with the opening of the hotel totaling $2.6 million, of which $1.7 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 349.75 Td (million was salaries wages and other personnel related costs.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 324.16552734375 m 149.4677734375 324.16552734375 l s q 0 0 0 rg BT 50.00 325.75 Td (Entertainment V) Tj ET Q q 0 0 0 rg BT 126.13 325.75 Td (enue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 313.75 Td (The following table summarizes our entertainment venue operating results \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 291.25 m 375.5 291.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 243.25 m 375.5 243.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 232.25 m 375.5 232.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 230.25 m 375.5 230.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 294.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.80 294.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 282.20 Td (Entertainment venue revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 282.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 282.20 Td (9,010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 270.20 Td (Entertainment venue costs of sales, excluding depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 270.20 Td (8,982) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 258.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 258.20 Td (1,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 246.20 Td (General and administrative expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.95 246.20 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 234.20 Td (Operating loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 234.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.45 234.20 Td (\(1,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 234.20 Td (\)) Tj ET Q BT /F4 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 207.75 Td (Entertainment V) Tj ET Q q 0 0 0 rg BT 121.33 207.75 Td (enue Revenue.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.17 207.75 Td ( Entertainment venue revenue reflects the results of operations for ) Tj ET Q q 0 0 0 rg BT 484.33 207.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 503.41 207.75 Td ( Live, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 195.75 Td (opened in February 201) Tj ET Q q 0 0 0 rg BT 155.44 195.75 Td (1, and primarily includes ticket sales; sponsorships, personal seat license sales and suite ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 183.75 Td (sales; and sales of concessions and merchandise. Certain key operating statistics specific to the concert and event ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 171.75 Td (hosting industry are included below to further illustrate our venue operating performance.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 149.25 m 375.5 149.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 152.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.80 152.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 140.20 Td (Events:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 128.20 Td (Events hosted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.95 128.20 Td (151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 116.20 Td (Estimated attendance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.45 116.20 Td (187,800) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 104.20 Td (Ancillary net revenue per attendee) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 196.09 108.49 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 104.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 104.20 Td (15.59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 92.20 Td (Ticketing:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 80.20 Td (Number of tickets sold) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.45 80.20 Td (128,800) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 68.20 Td (Gross value of tickets sold \(in thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 68.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 68.20 Td (6,435) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 48.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 48.95 Td (Primarily includes sales of concessions and merchandise.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (25) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Entertainment V) Tj ET Q q 0 0 0 rg BT 121.33 741.75 Td (enue Operating Costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.39 741.75 Td ( Entertainment venue operating costs totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.63 741.75 Td ($9.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.21 741.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.55 741.75 Td (201) Tj ET Q q 0 0 0 rg BT 502.49 741.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 508.05 741.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (primarily reflect artist performance fees, salaries, property taxes and utilities.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 704.16552734375 m 147.8125 704.16552734375 l s q 0 0 0 rg BT 50.00 705.75 Td (Commercial Leasing) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (The following table summarizes our commercial leasing operating results \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 671.25 m 375.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 671.25 m 454.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 623.25 m 375.5 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 623.25 m 454.5 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 612.25 m 375.5 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 610.25 m 375.5 610.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 612.25 m 454.5 612.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 610.25 m 454.5 610.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.80 674.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 674.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Rental revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 662.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 662.20 Td (2,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 662.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 662.20 Td (1,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Rental cost of sales, excluding depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 650.20 Td (1,506) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 650.20 Td (1,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 638.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.95 638.20 Td (818) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.95 638.20 Td (480) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 626.20 Td (General and administrative expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 626.20 Td (2,833) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 626.20 Td (2,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 614.20 Td (Operating loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.00 614.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.45 614.20 Td (\(2,882) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.00 614.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 614.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 614.20 Td (\(2,746) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.00 614.20 Td (\)) Tj ET Q BT /F4 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 587.75 Td (Rental Revenue.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.49 587.75 Td (Rental revenue totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.45 587.75 Td ($2.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.03 587.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.37 587.75 Td (201) Tj ET Q q 0 0 0 rg BT 313.32 587.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.88 587.75 Td (, compared with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.24 587.75 Td ($1.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.82 587.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.16 587.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.41 587.75 Td (, with the increase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 575.75 Td (primarily reflecting rental revenue from the of) Tj ET Q q 0 0 0 rg BT 248.24 575.75 Td (fice and retail space at the W ) Tj ET Q q 0 0 0 rg BT 379.42 575.75 Td (Austin Hotel & Residences project, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 563.75 Td (opened during 201) Tj ET Q q 0 0 0 rg BT 132.67 563.75 Td (1. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (Rental Operating Costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.72 539.75 Td (Rental operating costs increased to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.81 539.75 Td ($1.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.39 539.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.73 539.75 Td (201) Tj ET Q q 0 0 0 rg BT 401.67 539.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.24 539.75 Td (, compared with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.60 539.75 Td ($1.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.18 539.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.25 527.75 Td (, primarily reflecting operating costs from the of) Tj ET Q q 0 0 0 rg BT 279.93 527.75 Td (fice and retail space at the W ) Tj ET Q q 0 0 0 rg BT 411.11 527.75 Td (Austin Hotel & Residences ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (project, which opened during 201) Tj ET Q q 0 0 0 rg BT 196.58 515.75 Td (1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (Depreciation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.92 491.75 Td (Depreciation expense increased to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.24 491.75 Td ($0.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.82 491.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.16 491.75 Td (201) Tj ET Q q 0 0 0 rg BT 351.10 491.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.67 491.75 Td (, compared with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.03 491.75 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.61 491.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.95 491.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.20 491.75 Td (, primarily ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 479.75 Td (reflecting depreciation on the of) Tj ET Q q 0 0 0 rg BT 189.36 479.75 Td (fice and retail space at the W ) Tj ET Q q 0 0 0 rg BT 320.54 479.75 Td (Austin Hotel & Residences project, which opened ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 467.75 Td (during 201) Tj ET Q q 0 0 0 rg BT 96.52 467.75 Td (1.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 442.16552734375 m 158.896484375 442.16552734375 l s q 0 0 0 rg BT 50.00 443.75 Td (Non-Operating Results) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 431.75 Td (Interest Expense, Net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.16 431.75 Td (.Interest expense \(before capitalized interest\) totaled $17.8 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.89 431.75 Td (201) Tj ET Q q 0 0 0 rg BT 472.83 431.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.39 431.75 Td ( and $12.0 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 419.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.56 419.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.81 419.75 Td (. Higher interest expense in 201) Tj ET Q q 0 0 0 rg BT 223.26 419.75 Td (1 primarily reflected interest on the financing for the W ) Tj ET Q q 0 0 0 rg BT 465.04 419.75 Td (Austin Hotel & ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 407.75 Td (Residences project. Capitalized interest is primarily related to the W ) Tj ET Q q 0 0 0 rg BT 351.80 407.75 Td (Austin Hotel & Residences project and totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 395.75 Td ($1) Tj ET Q q 0 0 0 rg BT 60.38 395.75 Td (1.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.40 395.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.74 395.75 Td (201) Tj ET Q q 0 0 0 rg BT 134.68 395.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.24 395.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.49 395.75 Td ($12.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.63 395.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.97 395.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.21 395.75 Td (. W) Tj ET Q q 0 0 0 rg BT 269.03 395.75 Td (e expect to capitalize significantly less interest cost in 2012, as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 383.75 Td (the W ) Tj ET Q q 0 0 0 rg BT 78.34 383.75 Td (Austin Hotel & Residences project is nearing completion.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 359.75 Td (Other Income, Net.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.48 359.75 Td ( W) Tj ET Q q 0 0 0 rg BT 146.51 359.75 Td (e recorded other income of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.80 359.75 Td ($0.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.38 359.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.72 359.75 Td (201) Tj ET Q q 0 0 0 rg BT 348.67 359.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.23 359.75 Td (, which primarily reflects forfeited deposits ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 347.75 Td (associated with terminated sales contracts for condominium units at the W ) Tj ET Q q 0 0 0 rg BT 380.71 347.75 Td (Austin Hotel & Residences project. W) Tj ET Q q 0 0 0 rg BT 546.71 347.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 335.75 Td (also recorded other income of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.07 335.75 Td ($0.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.65 335.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.99 335.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.24 335.75 Td (, which primarily reflects a reimbursement of deferred financing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 323.75 Td (costs for extinguished debt.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 299.75 Td (Equity in Unconsolidated ) Tj ET Q q 0 0 0 rg BT 162.48 299.75 Td (Affiliate) Tj ET Q q 0 0 0 rg BT 197.31 299.75 Td (s Loss) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 226.21 299.75 Td (.W) Tj ET Q q 0 0 0 rg BT 243.80 299.75 Td (e account for our 50 percent interest in our unconsolidated af) Tj ET Q q 0 0 0 rg BT 513.24 299.75 Td (filiate, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 287.75 Td (Crestview Station, using the equity method. Crestview Station sold substantially all of its multi-family and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 275.75 Td (commercial properties prior to 2010. Our equity in Crestview Station) Tj ET Q q 0 0 0 rg BT 352.17 275.75 Td (s losses totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.87 275.75 Td ($0.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 474.45 275.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.79 275.75 Td (201) Tj ET Q q 0 0 0 rg BT 503.74 275.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.30 275.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.54 275.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.78 275.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 263.75 Td (primarily reflecting the operating losses recognized by Crestview Station because there were no sales.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 239.75 Td (Provision for Income T) Tj ET Q q 0 0 0 rg BT 149.12 239.75 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.24 239.75 Td (.W) Tj ET Q q 0 0 0 rg BT 187.83 239.75 Td (e recorded a provision for income taxes of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.82 239.75 Td ($0.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.40 239.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.74 239.75 Td (201) Tj ET Q q 0 0 0 rg BT 456.68 239.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.24 239.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.48 239.75 Td ($8.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.06 239.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 227.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.25 227.75 Td (. Our tax provision for 201) Tj ET Q q 0 0 0 rg BT 186.56 227.75 Td (1 includes the ) Tj ET Q q 0 0 0 rg BT 250.86 227.75 Td (T) Tj ET Q q 0 0 0 rg BT 255.86 227.75 Td (exas state margin tax and our tax provision for 2010 includes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 215.75 Td (valuation allowances totaling $10.5 million recorded against our deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 423.93 215.75 Td (The dif) Tj ET Q q 0 0 0 rg BT 454.32 215.75 Td (ference between our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 203.75 Td (consolidated ef) Tj ET Q q 0 0 0 rg BT 117.09 203.75 Td (fective income tax rates for 201) Tj ET Q q 0 0 0 rg BT 255.30 203.75 Td (1 and 2010, and the U.S. federal statutory rate of 35 percent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 191.75 Td (primarily was primarily attributable to additional valuation allowances recorded against deferred tax assets \(see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 179.75 Td (Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.90 179.75 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.46 179.75 Td (\). ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 155.75 Td (Net \(Income\) Loss ) Tj ET Q q 0 0 0 rg BT 134.10 155.75 Td (Attributable to Noncontrolling Interest in Subsidiary) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.67 155.75 Td (.Net income attributable to noncontrolling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 143.75 Td (interest in subsidiary totaled net income of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.55 143.75 Td ($5.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.13 143.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.47 143.75 Td (201) Tj ET Q q 0 0 0 rg BT 319.41 143.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.97 143.75 Td ( and a net loss of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.91 143.75 Td ($2.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.49 143.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 467.83 143.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.08 143.75 Td (, primarily ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 131.75 Td (related to the portion of W ) Tj ET Q q 0 0 0 rg BT 167.29 131.75 Td (Austin Hotel & Residences project income allocated to Canyon-Johnson under our joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 119.75 Td (venture agreement \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.85 119.75 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.41 119.75 Td (\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.85 741.75 Td (DISCONTINUED OPERA) Tj ET Q q 0 0 0 rg BT 347.56 741.75 Td (TIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (On February 27, 2012, we sold 7500 Rialto to Lincoln Properties and Greenfield Partners \(Lincoln Properties\) for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td ($27.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.14 705.75 Td (. Lincoln Properties paid us ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.55 705.75 Td ($6.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.13 705.75 Td ( in cash and assumed our outstanding nonrecourse debt \(the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (Lantana Promissory Note\) of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.06 693.75 Td ($20.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 236.20 693.75 Td ( secured by the property) Tj ET Q q 0 0 0 rg BT 343.30 693.75 Td (. W) Tj ET Q q 0 0 0 rg BT 358.11 693.75 Td (e are providing a limited guarantee of debt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (service and other obligations on the Lantana Promissory Note up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.29 681.75 Td ($5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.87 681.75 Td ( until May 1, 2016, which will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (reduced to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.03 669.75 Td ($2.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.62 669.75 Td ( on May 1, 2016, through January 1, 2018 \(the maturity date for the Lantana Promissory ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (Note\). W) Tj ET Q q 0 0 0 rg BT 89.27 657.75 Td (e expect our gain on the sale to approximate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.39 657.75 Td ($10 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.20 657.75 Td (, with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.32 657.75 Td ($5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.56 657.75 Td ( recorded in first-quarter 2012 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (the balance to be recorded as our obligations under the limited guarantee are relieved. See Note 12 for further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (discussion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 609.75 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 242.91 609.75 Td (AL) Tj ET Q q 0 0 0 rg BT 256.06 609.75 Td ( RESOURCES ) Tj ET Q q 0 0 0 rg BT 324.59 609.75 Td (AND LIQUIDITY) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (As a result of continuing weak economic conditions and reduced activity in the real estate market, including the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (markets in which we operate, the near-term outlook for sales of our properties is uncertain. However) Tj ET Q q 0 0 0 rg BT 491.88 573.75 Td (, we believe ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (that the unique nature and location of our assets will provide positive cash flows when market conditions improve. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (See "Near ) Tj ET Q q 0 0 0 rg BT 98.39 549.75 Td (T) Tj ET Q q 0 0 0 rg BT 103.39 549.75 Td (erm Requirements for ) Tj ET Q q 0 0 0 rg BT 202.32 549.75 Td (Additional Capital and Business Strategy" for further discussion of our liquidity) Tj ET Q q 0 0 0 rg BT 545.86 549.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 524.16552734375 m 239.86328125 524.16552734375 l s q 0 0 0 rg BT 50.00 525.75 Td (Comparison of ) Tj ET Q q 0 0 0 rg BT 123.15 525.75 Td (Y) Tj ET Q q 0 0 0 rg BT 129.27 525.75 Td (ear-to-Y) Tj ET Q q 0 0 0 rg BT 166.50 525.75 Td (ear Cash Flows) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (Cash provided by operating activities totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.00 513.75 Td ($35.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.15 513.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.49 513.75 Td (201) Tj ET Q q 0 0 0 rg BT 334.43 513.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.99 513.75 Td (, compared with cash used in operating activities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.12 501.75 Td ($58.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.26 501.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.60 501.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 152.85 501.75 Td (. ) Tj ET Q q 0 0 0 rg BT 158.22 501.75 Td (The improvement in operating cash flows reflects a $90.1 million increase in developed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (property sales principally resulting from sales of condominium units at the W ) Tj ET Q q 0 0 0 rg BT 389.04 489.75 Td (Austin Hotel & Residences project. ) Tj ET Q q 0 0 0 rg BT 545.23 489.75 Td (As ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (stated previously) Tj ET Q q 0 0 0 rg BT 124.30 477.75 Td (, the continued weakness in the U.S. and ) Tj ET Q q 0 0 0 rg BT 308.31 477.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 341.47 477.75 Td (T) Tj ET Q q 0 0 0 rg BT 346.47 477.75 Td (exas area real estate market has negatively ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (af) Tj ET Q q 0 0 0 rg BT 58.16 465.75 Td (fected sales of lots, and we expect this trend to continue in the near-term. In addition, we currently expect fewer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (sales of condominium units in 2012 because 201) Tj ET Q q 0 0 0 rg BT 265.51 453.75 Td (1 sales included presales from prior years that closed and were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (delivered as the units were completed in 201) Tj ET Q q 0 0 0 rg BT 247.15 441.75 Td (1. Expenditures for purchases and development of real estate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (properties for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.69 429.75 Td (201) Tj ET Q q 0 0 0 rg BT 127.64 429.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.20 429.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.44 429.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.69 429.75 Td ( included development costs for our real estate operations properties, primarily for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (residential portion of the W ) Tj ET Q q 0 0 0 rg BT 171.18 417.75 Td (Austin Hotel & Residences project \($45.3 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.95 417.75 Td (201) Tj ET Q q 0 0 0 rg BT 413.90 417.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 419.46 417.75 Td ( and $52.6 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.18 417.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.43 417.75 Td (\). W) Tj ET Q q 0 0 0 rg BT 551.57 417.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (currently project cash costs of $5.2 million in 2012 to complete the residential portion of the W ) Tj ET Q q 0 0 0 rg BT 466.33 405.75 Td (Austin Hotel & ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (Residences project.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (Cash used in investing activities totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.32 369.75 Td ($18.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.46 369.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.80 369.75 Td (201) Tj ET Q q 0 0 0 rg BT 312.74 369.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.31 369.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.55 369.75 Td ($75.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.69 369.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.03 369.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.28 369.75 Td (. Development expenditures ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.45 357.75 Td (201) Tj ET Q q 0 0 0 rg BT 80.39 357.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.95 357.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.19 357.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.44 357.75 Td ( included costs for the hotel, of) Tj ET Q q 0 0 0 rg BT 265.89 357.75 Td (fice, retail and entertainment venue portions of the W ) Tj ET Q q 0 0 0 rg BT 502.70 357.75 Td (Austin Hotel ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (& Residences project totaling $15.4 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.78 345.75 Td (201) Tj ET Q q 0 0 0 rg BT 267.72 345.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.28 345.75 Td ( and $75.4 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.00 345.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.25 345.75 Td (. W) Tj ET Q q 0 0 0 rg BT 402.07 345.75 Td (e also contributed capital to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (Crestview Station totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.61 333.75 Td ($0.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.19 333.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.53 333.75 Td (201) Tj ET Q q 0 0 0 rg BT 245.47 333.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.04 333.75 Td ( and less than $0.1 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.00 333.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.25 333.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (Cash used in financing activities totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.88 309.75 Td ($21.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.02 309.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.36 309.75 Td (201) Tj ET Q q 0 0 0 rg BT 313.31 309.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.87 309.75 Td ( and cash provided by financing activities totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td ($130.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.70 297.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.04 297.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.29 297.75 Td (. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.96 297.75 Td (201) Tj ET Q q 0 0 0 rg BT 179.91 297.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.47 297.75 Td (, net borrowings from our credit facility totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.00 297.75 Td ($13.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.14 297.75 Td ( \(including borrowings of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td ($12.2 million under the Comerica term loans\), borrowings from the Beal Bank loan totaled $26.2 million, borrowings ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (from the Parkside V) Tj ET Q q 0 0 0 rg BT 137.63 273.75 Td (illage loan totaled $4.0 million and borrowings from the 5700 Slaughter loan totaled $0.9 million, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (partly of) Tj ET Q q 0 0 0 rg BT 85.39 261.75 Td (fset by financing costs of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.67 261.75 Td ($0.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.25 261.75 Td (. Debt repayments on the Beal Bank loan, Ford loan and other project ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (and term loans totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.73 249.75 Td ($75.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.87 249.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.21 249.75 Td (201) Tj ET Q q 0 0 0 rg BT 237.15 249.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.71 249.75 Td (. W) Tj ET Q q 0 0 0 rg BT 257.53 249.75 Td (e used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.33 249.75 Td ($0.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.91 249.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.25 249.75 Td (201) Tj ET Q q 0 0 0 rg BT 370.20 249.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.76 249.75 Td ( to repurchase shares of our common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (stock \(see below\). Noncontrolling interest contributions for the W ) Tj ET Q q 0 0 0 rg BT 337.91 237.75 Td (Austin Hotel & Residences project and Parkside ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (V) Tj ET Q q 0 0 0 rg BT 56.49 225.75 Td (illage project totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.21 225.75 Td ($10.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.36 225.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 217.70 225.75 Td (201) Tj ET Q q 0 0 0 rg BT 233.64 225.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.20 225.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.44 225.75 Td ($12.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.58 225.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.92 225.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.17 225.75 Td (. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.84 225.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.09 225.75 Td (, net borrowings from our credit facility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.80 213.75 Td ($12.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.95 213.75 Td (, borrowings from the Beal Bank loan totaled $76.5 million, borrowings from the Ford loan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (totaled $30.0 million and borrowings from the 5700 Slaughter term loan totaled $4.5 million, partly of) Tj ET Q q 0 0 0 rg BT 491.74 201.75 Td (fset by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (financing costs of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.04 189.75 Td ($1.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.63 189.75 Td (. Debt repayments on project and term loans totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.53 189.75 Td ($4.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.11 189.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.45 189.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.70 189.75 Td (. See Credit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (Facility and Other Financing ) Tj ET Q q 0 0 0 rg BT 176.73 177.75 Td (Arrangements for a discussion of our outstanding debt at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.10 177.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 515.63 177.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 521.19 177.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (In 2001, our Board of Directors authorized an open market share purchase program for up to 0.7 million shares of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (our common stock. During ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.49 141.75 Td (201) Tj ET Q q 0 0 0 rg BT 185.43 141.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.99 141.75 Td (, we purchased 47,500 shares in private transactions for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.24 141.75 Td ($0.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.82 141.75 Td (, or $6.46 per ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (share. During ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.81 129.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.05 129.75 Td (, there were no purchases made under this program. ) Tj ET Q q 0 0 0 rg BT 370.18 129.75 Td (A) Tj ET Q q 0 0 0 rg BT 376.30 129.75 Td ( total of 1) Tj ET Q q 0 0 0 rg BT 416.69 129.75 Td (13,645 shares remain available ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (under this program. Our modified unsecured term loans prohibit common stock purchases while any of the loans ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td (are outstanding; however approval was obtained from the lender for the purchases made in 201) Tj ET Q q 0 0 0 rg BT 472.29 105.75 Td (1.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (27) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 740.16552734375 m 286.337890625 740.16552734375 l s q 0 0 0 rg BT 50.00 741.75 Td (Credit Facility and Other Financing ) Tj ET Q q 0 0 0 rg BT 218.54 741.75 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.23 729.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 143.75 729.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.32 729.75 Td (, we had total debt of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.94 729.75 Td ($158.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.64 729.75 Td (, and total cash and cash equivalents of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 485.09 729.75 Td ($7.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.67 729.75 Td (. Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (debt outstanding at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.85 717.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 219.38 717.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 224.94 717.75 Td (, consisted of the following:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 693.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 693.75 Td ($67.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.14 693.75 Td ( outstanding under the Beal Bank loan agreement, which is secured by the assets in the W ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 681.75 Td (Austin Hotel & Residences project. Net operating income of the W ) Tj ET Q q 0 0 0 rg BT 380.04 681.75 Td (Austin Hotel & Residences project, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 669.75 Td (including proceeds from the sales of the condominium units, has been and must continue to be of) Tj ET Q q 0 0 0 rg BT 516.08 669.75 Td (fered to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 657.75 Td (repay debt incurred in connection with the project.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 633.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 633.75 Td ($38.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.14 633.75 Td ( outstanding, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.19 633.75 Td ($2.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.77 633.75 Td ( of letters of credit issued and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.17 633.75 Td ($7.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.75 633.75 Td ( of availability under our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 621.75 Td (credit facility with Comerica. ) Tj ET Q q 0 0 0 rg BT 212.52 621.75 Td (The credit facility includes a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.13 621.75 Td ($35.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 394.27 621.75 Td ( revolving loan, of which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.77 621.75 Td ($4.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.35 621.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 609.75 Td (is available, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.37 609.75 Td ($8.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.95 609.75 Td ( term loan, with no additional availability) Tj ET Q q 0 0 0 rg BT 375.41 609.75 Td (, and a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 408.77 609.75 Td ($5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.35 609.75 Td ( term loan, $2.8 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 597.75 Td (of which is available \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.85 597.75 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.41 597.75 Td ( for further discussion\). ) Tj ET Q q 0 0 0 rg BT 333.71 597.75 Td (The availability under the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.67 597.75 Td ($8.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.25 597.75 Td ( term loan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 585.75 Td (was permanently reduced by $1.5 million in 201) Tj ET Q q 0 0 0 rg BT 296.49 585.75 Td (1, when the required quarterly principal payments of $0.5 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 573.75 Td (million were made in the second, third and fourth quarters of 201) Tj ET Q q 0 0 0 rg BT 370.98 573.75 Td (1. W) Tj ET Q q 0 0 0 rg BT 391.35 573.75 Td (e used the proceeds from these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 561.75 Td (borrowings for general corporate purposes, including overhead and development costs. ) Tj ET Q q 0 0 0 rg BT 474.94 561.75 Td (The credit facility is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 549.75 Td (secured by our properties at Barton Creek, Lantana and Circle C. ) Tj ET Q q 0 0 0 rg BT 376.71 549.75 Td (A) Tj ET Q q 0 0 0 rg BT 382.83 549.75 Td ( principal payment of $5.0 million was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 537.75 Td (made on the credit facility in March 2012, with proceeds from the sale of common stock \(see Note 13\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 513.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 513.75 Td ($36.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.14 513.75 Td ( outstanding under seven unsecured term loans, which include an $8.0 million loan, a $7.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 501.75 Td (million loan, two $5.0 million loans, a $4.0 million loan and two $3.5 million loans. In December 201) Tj ET Q q 0 0 0 rg BT 522.72 501.75 Td (1, we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 489.75 Td (entered into loan modification agreements to extend the maturity dates on two and accelerate the maturity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 477.75 Td (dates on two of these unsecured term loans \(see Note 7 for further discussion\). In connection with these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 465.75 Td (modifications, principal payments totaling $4.0 million were made in first-quarter 2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 441.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 441.75 Td ($2.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.58 441.75 Td ( outstanding under the Ford loan agreement, which is secured by a second lien on the W ) Tj ET Q q 0 0 0 rg BT 531.26 441.75 Td (Austin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 429.75 Td (Hotel & Residences project assets. ) Tj ET Q q 0 0 0 rg BT 243.30 429.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 293.70 429.75 Td (, the Ford loan agreement provides for a profits interest in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 417.75 Td (our joint venture with Canyon-Johnson. ) Tj ET Q q 0 0 0 rg BT 262.03 417.75 Td (The profits interest is accounted for as the lender's participation in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 405.75 Td (the cash flows of the W ) Tj ET Q q 0 0 0 rg BT 191.61 405.75 Td (Austin Hotel & Residences project. In first-quarter 2012, the operating cash flow ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 393.75 Td (generated, as defined in the profits interest agreement, entitled Ford to a profits interest of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.23 393.75 Td ($1.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.81 393.75 Td (. ) Tj ET Q q 0 0 0 rg BT 542.19 393.75 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 381.75 Td (loan and the profits interest were fully repaid in first-quarter 2012, and we will record a charge of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 369.75 Td (approximately $1.2 million to interest expense \(before capitalized interest\) in first-quarter 2012 for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 357.75 Td (profits interest.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 333.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 333.75 Td ($5.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.58 333.75 Td ( outstanding under a $5.4 million term loan, which is secured by 5700 Slaughter) Tj ET Q q 0 0 0 rg BT 488.46 333.75 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 309.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 309.75 Td ($4.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.58 309.75 Td ( outstanding under a term loan, which is secured by Barton Creek V) Tj ET Q q 0 0 0 rg BT 436.00 309.75 Td (illage.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 285.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 285.75 Td ($4.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.58 285.75 Td ( outstanding under a $13.7 million construction loan, which is secured by the assets at the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 273.75 Td (Parkside V) Tj ET Q q 0 0 0 rg BT 134.17 273.75 Td (illage project \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 239.23 273.75 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 244.79 273.75 Td ( for further discussion\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (The Beal Bank and Ford loan agreements contain customary financial covenants, including a requirement that we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (maintain a minimum total stockholders) Tj ET Q q 0 0 0 rg BT 221.92 237.75 Td ( equity balance of $120.0 million, and our Comerica credit facility and our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (American Strategic Income Portfolio Inc. \(ASIP) Tj ET Q q 0 0 0 rg BT 256.02 225.75 Td (, formerly First ) Tj ET Q q 0 0 0 rg BT 322.13 225.75 Td (American ) Tj ET Q q 0 0 0 rg BT 366.59 225.75 Td (Asset Management or F) Tj ET Q q 0 0 0 rg BT 472.75 225.75 Td (AAM\) unsecured ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (term loans contain cross-default provisions with our other loans. ) Tj ET Q q 0 0 0 rg BT 334.58 213.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.15 213.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 441.68 213.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.24 213.75 Td (, our total stockholders) Tj ET Q q 0 0 0 rg BT 549.70 213.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (equity was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.02 201.75 Td ($1) Tj ET Q q 0 0 0 rg BT 110.41 201.75 Td (18.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.99 201.75 Td (. W) Tj ET Q q 0 0 0 rg BT 175.80 201.75 Td (e expect the February 2012 sale of 7500 Rialto, together with the March 2012 sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (shares of our common stock to Mof) Tj ET Q q 0 0 0 rg BT 205.99 189.75 Td (fett Holdings, LLC \(Mof) Tj ET Q q 0 0 0 rg BT 308.08 189.75 Td (fett\), to result in an increase in our stockholders' equity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (balance above $120.0 million, ef) Tj ET Q q 0 0 0 rg BT 193.25 177.75 Td (fectively curing any default under the Beal Bank loan agreement \(see Note 13\). ) Tj ET Q q 0 0 0 rg BT 545.50 177.75 Td (T) Tj ET Q q 0 0 0 rg BT 550.50 177.75 Td (o ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (further address our liquidity needs, we are pursuing extensions of the maturity dates for the loans that mature in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (2012 and expect to pursue additional financing to fund our capital requirements and ongoing operations. ) Tj ET Q q 0 0 0 rg BT 512.55 153.75 Td (A) Tj ET Q q 0 0 0 rg BT 518.67 153.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.75 Td (prolonged weak or worsening real estate market in ) Tj ET Q q 0 0 0 rg BT 276.24 141.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 309.40 141.75 Td (T) Tj ET Q q 0 0 0 rg BT 314.40 141.75 Td (exas, including any impacts on our sales of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (condominium units at the W ) Tj ET Q q 0 0 0 rg BT 175.62 129.75 Td (Austin Hotel & Residences project, could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 476.70 129.75 Td (fect on our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (business, which may adversely af) Tj ET Q q 0 0 0 rg BT 198.77 117.75 Td (fect our cash flows and profitability and reduce our stockholders) Tj ET Q q 0 0 0 rg BT 482.44 117.75 Td ( equity) Tj ET Q q 0 0 0 rg BT 511.16 117.75 Td (. For ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td (additional information, see Part 1, Item 1A. Risk Factors. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.50 741.75 Td (DEBT MA) Tj ET Q q 0 0 0 rg BT 199.31 741.75 Td (TURITIES ) Tj ET Q q 0 0 0 rg BT 247.27 741.75 Td (AND OTHER CONTRACTUAL) Tj ET Q q 0 0 0 rg BT 385.97 741.75 Td ( OBLIGA) Tj ET Q q 0 0 0 rg BT 426.89 741.75 Td (TIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (The following table summarizes our contractual cash obligations as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.71 717.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 442.24 717.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.80 717.75 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 695.25 m 266.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 695.25 m 340.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 695.25 m 414.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 695.25 m 488.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 695.25 m 562.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 695.25 m 266.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 695.25 m 340.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 695.25 m 414.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 695.25 m 488.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 695.25 m 562.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 647.25 m 266.5 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 647.25 m 340.5 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 647.25 m 414.5 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 647.25 m 488.5 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 647.25 m 562.5 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 636.25 m 266.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 634.25 m 266.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 636.25 m 340.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 634.25 m 340.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 636.25 m 414.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 634.25 m 414.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 636.25 m 488.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 634.25 m 488.5 634.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 636.25 m 562.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 634.25 m 562.5 634.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 698.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.95 698.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.95 698.20 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 698.20 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 698.20 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 698.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td (Debt) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 72.01 690.49 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.00 686.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.45 686.20 Td (53,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.00 686.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 686.20 Td (19,223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.00 686.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 686.20 Td (80,750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.00 686.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 686.20 Td (4,978) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 686.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 686.20 Td (158,451) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td (Scheduled interest payments) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 169.07 678.49 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.45 674.20 Td (11,256) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.45 674.20 Td (8,776) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 674.20 Td (6,196) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 674.20 Td (26,228) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Construction contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.45 662.20 Td (2,370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 662.20 Td (2,370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Operating lease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.95 650.20 Td (90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.95 650.20 Td (59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.95 650.20 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.95 650.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 650.20 Td (153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 638.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.00 638.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.45 638.20 Td (67,216) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.00 638.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 638.20 Td (28,058) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.00 638.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 638.20 Td (86,949) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.00 638.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 638.20 Td (4,979) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 638.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 638.20 Td (187,202) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 618.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 618.95 Td (Debt maturities represent scheduled maturities based on outstanding debt balances at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.71 618.95 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 487.08 618.95 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.09 618.95 Td (; however) Tj ET Q q 0 0 0 rg BT 530.61 618.95 Td (, all ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 608.15 Td (proceeds from sales of condominium units and net operating income at the W ) Tj ET Q q 0 0 0 rg BT 378.67 608.15 Td (Austin Hotel & Residences project must be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 597.35 Td (of) Tj ET Q q 0 0 0 rg BT 75.34 597.35 Td (fered to Beal Bank to pay down debt incurred in connection with the project.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 580.55 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 580.55 Td (Scheduled interest payments were calculated using stated coupon rates for fixed-rate debt and interest rates applicable at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 569.75 Td (January 1, 2012, for variable-rate debt. ) Tj ET Q q 0 0 0 rg BT 225.10 569.75 Td (Also includes payments associated with the profits interest agreement on the Ford ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 558.95 Td (loan \(see Note ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.04 558.95 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.04 558.95 Td ( for further discussion\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 534.95 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 534.95 Td (e had commitments under noncancelable construction contracts totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.99 534.95 Td ($2.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.57 534.95 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.47 534.95 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 526.00 534.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.56 534.95 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 522.95 Td (These commitments include the following contracts:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 498.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 498.95 Td ($225.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.70 498.95 Td ( in contracts in connection with architectural, design, engineering, construction and testing for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 486.95 Td (the W ) Tj ET Q q 0 0 0 rg BT 114.34 486.95 Td (Austin Hotel & Residences project with a remaining balance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.83 486.95 Td ($0.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.41 486.95 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.30 486.95 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 538.83 486.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.39 486.95 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 462.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 462.95 Td (Contracts totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.60 462.95 Td ($10.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.74 462.95 Td ( for infrastructure work in connection with new residential subdivisions, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 450.95 Td (MUDs and general development at Barton Creek, and Parkside V) Tj ET Q q 0 0 0 rg BT 375.42 450.95 Td (illage at Circle C with a remaining balance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 438.95 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.12 438.95 Td ($1.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.70 438.95 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.60 438.95 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 243.12 438.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.69 438.95 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 414.95 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.23 414.95 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 143.75 414.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.32 414.95 Td (, we guaranteed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.81 414.95 Td ($1.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.39 414.95 Td ( of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 304.97 414.95 Td ($7.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.55 414.95 Td ( of outstanding debt at Crestview Station. ) Tj ET Q q 0 0 0 rg BT 540.48 414.95 Td (T) Tj ET Q q 0 0 0 rg BT 545.48 414.95 Td (o ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 402.95 Td (the extent the joint venture does not have funds available, Stratus and ) Tj ET Q q 0 0 0 rg BT 362.25 402.95 Td (T) Tj ET Q q 0 0 0 rg BT 367.99 402.95 Td (rammell Crow will equally fund monthly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 390.95 Td (interest payments on the outstanding loan balance with scheduled principal payments, which began in June 201) Tj ET Q q 0 0 0 rg BT 544.02 390.95 Td (1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 378.95 Td (\(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.13 378.95 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.69 378.95 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 354.95 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.23 354.95 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 143.75 354.95 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.32 354.95 Td (, we also have guarantees related to the W ) Tj ET Q q 0 0 0 rg BT 341.66 354.95 Td (Austin Hotel & Residences project \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 541.75 354.95 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.31 354.95 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.80 330.95 Td (NEW ) Tj ET Q q 0 0 0 rg BT 252.54 330.95 Td (ACCOUNTING ST) Tj ET Q q 0 0 0 rg BT 335.13 330.95 Td (ANDARDS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 306.95 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 306.95 Td (e do not expect the impact of recently issued accounting standards to have a significant impact on our future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 294.95 Td (financial statements and disclosures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.85 270.95 Td (OFF-BALANCE SHEET ) Tj ET Q q 0 0 0 rg BT 318.59 270.95 Td (ARRANGEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 246.95 Td (Refer to Note 10 for discussion of of) Tj ET Q q 0 0 0 rg BT 209.35 246.95 Td (f-balance sheet arrangements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.70 741.75 Td (CAUTIONAR) Tj ET Q q 0 0 0 rg BT 301.32 741.75 Td (Y) Tj ET Q q 0 0 0 rg BT 307.81 741.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 322.63 741.75 Td (A) Tj ET Q q 0 0 0 rg BT 329.11 741.75 Td (TEMENT) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Management) Tj ET Q q 0 0 0 rg BT 110.41 717.75 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 188.23 717.75 Td (Analysis of Financial Condition and Results of Operations contain forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (statements in which we discuss certain of our expectations regarding future operational and financial performance. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (Forward-looking statements are all statements other than statements of historical facts, such as those statements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (regarding future reimbursements for infrastructure costs, future events related to financing and regulatory matters, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (anticipated development plans and sales of land, units and lots, projected timeframes for development, construction ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (and completion of our projects, projected capital expenditures, liquidity and capital resources, anticipated results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (our business strategy) Tj ET Q q 0 0 0 rg BT 144.31 645.75 Td (, and other plans and objectives of management for future operations and activities.) Tj ET Q q 0 0 0 rg BT 518.79 645.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (words anticipates, may) Tj ET Q q 0 0 0 rg BT 160.96 633.75 Td (, can, plans, believes, estimates, expects, projects, intends, likely) Tj ET Q q 0 0 0 rg BT 501.41 633.75 Td (, will, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (should, to be and any similar expressions and/or statements that are not historical facts are intended to identify ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (those assertions as forward-looking statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 585.75 Td (e caution readers that forward-looking statements are not guarantees of future performance, and our actual ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (results may dif) Tj ET Q q 0 0 0 rg BT 114.28 573.75 Td (fer materially from those anticipated, projected or assumed in the forward-looking statements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (Important factors that can cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 296.05 561.75 Td (fer materially from those anticipated in the forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (statements include, but are not limited to, changes in economic and business conditions, business opportunities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (that may be presented to and/or pursued by us, the availability of financing, increases in foreclosures and interest ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (rates, the termination of sales contracts or letters of intent due to, among other factors, the failure of one or more ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (closing conditions or market changes, the failure to attract homebuilding customers for our developments or their ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (failure to satisfy their purchase commitments, the failure to complete agreements with strategic partners and/or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (appropriately manage relationships with strategic partners, a decrease in the demand for real estate in the ) Tj ET Q q 0 0 0 rg BT 520.83 489.75 Td (Austin, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.00 477.75 Td (exas market, competition from other real estate developers, increases in operating costs, including real estate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (taxes and the cost of construction materials, changes in laws, regulations or the regulatory environment af) Tj ET Q q 0 0 0 rg BT 517.85 465.75 Td (fecting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (the development of real estate and other factors described in more detail under Risk Factors in Item 1A. of this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (Form 10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (Investors are cautioned that many of the assumptions on which our forward-looking statements are based are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (subject to change after our forward-looking statements are made. Further) Tj ET Q q 0 0 0 rg BT 373.50 405.75 Td (, we may make changes to our business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (plans that could or will af) Tj ET Q q 0 0 0 rg BT 159.32 393.75 Td (fect our results.W) Tj ET Q q 0 0 0 rg BT 242.50 393.75 Td (e caution investors that we do not intend to update our forward-looking ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (statements more frequently than quarterly) Tj ET Q q 0 0 0 rg BT 234.35 381.75 Td (, notwithstanding any changes in our assumptions, changes in our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (business plans, our actual experience, or other changes, and we undertake no obligation to update any forward-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (looking statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (30) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 740.16552734375 m 307.294921875 740.16552734375 l s q 0 0 0 rg BT 50.00 741.75 Td (Item 8.Financial Statements and Supplementary Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (MANAGEMENTS REPORT ON INTERNAL) Tj ET Q q 0 0 0 rg BT 247.60 705.75 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 299.63 705.75 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 387.23 705.75 Td ( REPORTING) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (Stratus Properties Inc.) Tj ET Q q 0 0 0 rg BT 150.97 657.75 Td (s \(the Company) Tj ET Q q 0 0 0 rg BT 223.60 657.75 Td (s\) management is responsible for establishing and maintaining adequate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15\(f\) or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (15d-15\(f\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 231.78 633.75 Td (Act of 1934 as a process designed by) Tj ET Q q 0 0 0 rg BT 397.81 633.75 Td (, or under the supervision of, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (Company) Tj ET Q q 0 0 0 rg BT 94.84 621.75 Td (s principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 294.77 621.75 Td (ficers and ef) Tj ET Q q 0 0 0 rg BT 349.06 621.75 Td (fected by the Company) Tj ET Q q 0 0 0 rg BT 453.94 621.75 Td (s Board of Directors, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (and the preparation of financial statements for external purposes in accordance with generally accepted accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (principles and includes those policies and procedures that:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 561.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 561.75 Td (Pertain ) Tj ET Q q 0 0 0 rg BT 120.81 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 132.27 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.30 561.75 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 209.68 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 221.15 561.75 Td (records ) Tj ET Q q 0 0 0 rg BT 257.62 561.75 Td (that ) Tj ET Q q 0 0 0 rg BT 277.42 561.75 Td (in ) Tj ET Q q 0 0 0 rg BT 288.33 561.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 340.93 561.75 Td (detail ) Tj ET Q q 0 0 0 rg BT 367.96 561.75 Td (accurately ) Tj ET Q q 0 0 0 rg BT 416.66 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 436.47 561.75 Td (fairly ) Tj ET Q q 0 0 0 rg BT 460.71 561.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 491.06 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.09 561.75 Td (transactions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 549.75 Td (and ) Tj ET Q q 0 0 0 rg BT 105.46 549.75 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 160.49 549.75 Td (of ) Tj ET Q q 0 0 0 rg BT 171.61 549.75 Td (the ) Tj ET Q q 0 0 0 rg BT 188.29 549.75 Td (Company) Tj ET Q q 0 0 0 rg BT 233.13 549.75 Td (s ) Tj ET Q q 0 0 0 rg BT 240.91 549.75 Td (assets;) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 537.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 537.75 Td (Provide ) Tj ET Q q 0 0 0 rg BT 122.53 537.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 174.63 537.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 223.39 537.75 Td (that ) Tj ET Q q 0 0 0 rg BT 242.69 537.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 299.23 537.75 Td (are ) Tj ET Q q 0 0 0 rg BT 316.30 537.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 358.39 537.75 Td (as ) Tj ET Q q 0 0 0 rg BT 371.57 537.75 Td (necessary ) Tj ET Q q 0 0 0 rg BT 419.77 537.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.73 537.75 Td (permit ) Tj ET Q q 0 0 0 rg BT 461.14 537.75 Td (preparation ) Tj ET Q q 0 0 0 rg BT 514.35 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.31 537.75 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 525.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 137.66 525.75 Td (in ) Tj ET Q q 0 0 0 rg BT 148.19 525.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 202.63 525.75 Td (with ) Tj ET Q q 0 0 0 rg BT 223.16 525.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 266.49 525.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 309.82 525.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 360.93 525.75 Td (principles, ) Tj ET Q q 0 0 0 rg BT 408.70 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 428.13 525.75 Td (that ) Tj ET Q q 0 0 0 rg BT 447.55 525.75 Td (receipts ) Tj ET Q q 0 0 0 rg BT 485.31 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 504.74 525.75 Td (expenditures ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 513.75 Td (of ) Tj ET Q q 0 0 0 rg BT 97.16 513.75 Td (the ) Tj ET Q q 0 0 0 rg BT 113.89 513.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 159.51 513.75 Td (are ) Tj ET Q q 0 0 0 rg BT 176.79 513.75 Td (being ) Tj ET Q q 0 0 0 rg BT 204.08 513.75 Td (made ) Tj ET Q q 0 0 0 rg BT 231.91 513.75 Td (only ) Tj ET Q q 0 0 0 rg BT 253.08 513.75 Td (in ) Tj ET Q q 0 0 0 rg BT 263.69 513.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 318.21 513.75 Td (with ) Tj ET Q q 0 0 0 rg BT 338.82 513.75 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 403.90 513.75 Td (of ) Tj ET Q q 0 0 0 rg BT 415.06 513.75 Td (management ) Tj ET Q q 0 0 0 rg BT 476.26 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 495.76 513.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 536.93 513.75 Td (of ) Tj ET Q q 0 0 0 rg BT 548.10 513.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 501.75 Td (Company; ) Tj ET Q q 0 0 0 rg BT 134.35 501.75 Td (and) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 489.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 489.75 Td (Provide ) Tj ET Q q 0 0 0 rg BT 123.30 489.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 176.18 489.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 225.71 489.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 271.35 489.75 Td (prevention ) Tj ET Q q 0 0 0 rg BT 321.45 489.75 Td (or ) Tj ET Q q 0 0 0 rg BT 333.73 489.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 363.24 489.75 Td (detection ) Tj ET Q q 0 0 0 rg BT 407.22 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 418.95 489.75 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 480.17 489.75 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 533.59 489.75 Td (use ) Tj ET Q q 0 0 0 rg BT 553.11 489.75 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 477.75 Td (disposition ) Tj ET Q q 0 0 0 rg BT 136.03 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.15 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.83 477.75 Td (Company) Tj ET Q q 0 0 0 rg BT 208.67 477.75 Td (s ) Tj ET Q q 0 0 0 rg BT 216.44 477.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 248.12 477.75 Td (that ) Tj ET Q q 0 0 0 rg BT 267.58 477.75 Td (could ) Tj ET Q q 0 0 0 rg BT 294.27 477.75 Td (have ) Tj ET Q q 0 0 0 rg BT 318.73 477.75 Td (a ) Tj ET Q q 0 0 0 rg BT 327.07 477.75 Td (material ) Tj ET Q q 0 0 0 rg BT 365.41 477.75 Td (ef) Tj ET Q q 0 0 0 rg BT 373.57 477.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 392.47 477.75 Td (on ) Tj ET Q q 0 0 0 rg BT 406.37 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.05 477.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.52 477.75 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (Projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 199.91 441.75 Td (fectiveness to future periods are subject to the risk that controls may become ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (deteriorate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (The Company's management, including its principal executive of) Tj ET Q q 0 0 0 rg BT 334.65 393.75 Td (ficer and principal financial of) Tj ET Q q 0 0 0 rg BT 463.43 393.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 481.77 393.75 Td (, assessed the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (ef) Tj ET Q q 0 0 0 rg BT 58.16 381.75 Td (fectiveness of its internal control over financial reporting as of the end of the fiscal year covered by this annual ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (report on Form 10-K. In making this assessment, its management used the criteria set forth in Internal Control-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (Integrated Framework issued by the Committee of Sponsoring Organizations of the ) Tj ET Q q 0 0 0 rg BT 420.00 357.75 Td (T) Tj ET Q q 0 0 0 rg BT 425.74 357.75 Td (readway Commission ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (\(COSO\). Based on its management) Tj ET Q q 0 0 0 rg BT 209.89 345.75 Td (s assessment, management concluded that, as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.79 345.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 514.32 345.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.88 345.75 Td (, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (Company) Tj ET Q q 0 0 0 rg BT 94.84 333.75 Td (s internal control over financial reporting is ef) Tj ET Q q 0 0 0 rg BT 293.09 333.75 Td (fective based on the COSO criteria.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 53 300.0439453125 m 170.79296875 300.0439453125 l s q 0 0 0 rg BT 53.00 301.47 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 66.33 301.47 Td (William ) Tj ET Q q 0 0 0 rg BT 101.33 301.47 Td (H. ) Tj ET Q q 0 0 0 rg BT 113.83 301.47 Td (Armstrong ) Tj ET Q q 0 0 0 rg BT 162.46 301.47 Td (III) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 288 300.0439453125 m 369.689453125 300.0439453125 l s q 0 0 0 rg BT 288.00 301.47 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 301.33 301.47 Td (Erin ) Tj ET Q q 0 0 0 rg BT 321.90 301.47 Td (D. ) Tj ET Q q 0 0 0 rg BT 334.67 301.47 Td (Pickens) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 287.47 Td (William ) Tj ET Q q 0 0 0 rg BT 106.00 287.47 Td (H. ) Tj ET Q q 0 0 0 rg BT 118.50 287.47 Td (Armstrong ) Tj ET Q q 0 0 0 rg BT 167.12 287.47 Td (III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.00 287.47 Td (Erin ) Tj ET Q q 0 0 0 rg BT 326.56 287.47 Td (D. ) Tj ET Q q 0 0 0 rg BT 339.34 287.47 Td (Pickens) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 273.47 Td (Chairman of the Board, President) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.00 273.47 Td (Senior ) Tj ET Q q 0 0 0 rg BT 337.68 273.47 Td (V) Tj ET Q q 0 0 0 rg BT 344.26 273.47 Td (ice ) Tj ET Q q 0 0 0 rg BT 359.74 273.47 Td (President) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 259.47 Td (and ) Tj ET Q q 0 0 0 rg BT 90.46 259.47 Td (Chief ) Tj ET Q q 0 0 0 rg BT 116.59 259.47 Td (Executive ) Tj ET Q q 0 0 0 rg BT 162.72 259.47 Td (Of) Tj ET Q q 0 0 0 rg BT 173.19 259.47 Td (ficer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.00 259.47 Td (and ) Tj ET Q q 0 0 0 rg BT 325.46 259.47 Td (Chief ) Tj ET Q q 0 0 0 rg BT 351.59 259.47 Td (Financial ) Tj ET Q q 0 0 0 rg BT 394.38 259.47 Td (Of) Tj ET Q q 0 0 0 rg BT 404.76 259.47 Td (ficer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 245.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.00 245.47 Td () Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 741.75 Td (REPORT OF INDEPENDENT REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 379.98 741.75 Td (ACCOUNTING FIRM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (The Board of Directors and Shareholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (Stratus Properties Inc.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 657.75 Td (e have audited Stratus Properties Inc.'s internal control over financial reporting as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.82 657.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 517.34 657.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.91 657.75 Td (, based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (on criteria established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 160.62 645.75 Td (Internal Control - Integrated Framework ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.47 645.75 Td (issued by the Committee of Sponsoring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (Organizations of the ) Tj ET Q q 0 0 0 rg BT 142.09 633.75 Td (T) Tj ET Q q 0 0 0 rg BT 147.83 633.75 Td (readway Commission \(COSO\). Stratus Properties Inc.'s management is responsible for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (maintaining ef) Tj ET Q q 0 0 0 rg BT 112.08 621.75 Td (fective internal control over financial reporting and for its assessment of the ef) Tj ET Q q 0 0 0 rg BT 454.85 621.75 Td (fectiveness of internal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (control over financial reporting, included in the accompanying ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 324.05 609.75 Td (Management's Report on Internal Control Over ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (Financial Reporting.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.94 597.75 Td ( Our responsibility is to express an opinion on the Company's internal control over financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (reporting based on our audit. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 561.75 Td (e conducted our audit in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 410.03 561.75 Td (Accounting Oversight Board ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (\(United States\). ) Tj ET Q q 0 0 0 rg BT 122.07 549.75 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (whether ef) Tj ET Q q 0 0 0 rg BT 96.51 537.75 Td (fective internal control over financial reporting was maintained in all material respects. Our audit of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (internal control over financial reporting included obtaining an understanding of internal control over financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (ef) Tj ET Q q 0 0 0 rg BT 58.16 501.75 Td (fectiveness of internal control based on the assessed risk. Our audit also included performing such other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (procedures as we considered necessary in the circumstances. W) Tj ET Q q 0 0 0 rg BT 337.72 489.75 Td (e believe that our audit provides a reasonable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (basis for our opinion. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.12 453.75 Td ( company's internal control over financial reporting is a process designed to provide reasonable assurance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (regarding the reliability of financial reporting and the preparation of financial statements for external purposes in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (accordance with generally accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 310.16 429.75 Td (A) Tj ET Q q 0 0 0 rg BT 316.27 429.75 Td ( company's internal control over financial reporting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (includes those policies and procedures that \(1\) pertain to the maintenance of records that, in reasonable detail, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (accurately and fairly reflect the transactions and dispositions of the company; \(2\) provide reasonable assurance that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (transactions are recorded as necessary to permit preparation of financial statements in accordance with generally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (accepted accounting principles, and that receipts and expenditures of the company are being made only in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (accordance with authorizations of management and directors of the company; and \(3\) provide reasonable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 207.13 345.75 Td (fect on the financial statements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (Also, projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 223.81 309.75 Td (fectiveness to future periods are subject to the risk that controls may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (become inadequate because of changes in conditions, or that the degree of compliance with the policies or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (procedures may deteriorate. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (In our opinion, Stratus Properties Inc. maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 385.54 261.75 Td (fective internal control over financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (reporting as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.70 249.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 198.23 249.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.79 249.75 Td (, based on the criteria established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 366.67 249.75 Td (Internal Control - Integrated Framework ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (issued by the Committee of Sponsoring Organizations of the ) Tj ET Q q 0 0 0 rg BT 319.41 237.75 Td (T) Tj ET Q q 0 0 0 rg BT 325.15 237.75 Td (readway Commission. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 213.75 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 403.36 213.75 Td (Accounting Oversight Board ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (\(United States\), the consolidated balance sheets of Stratus Properties Inc. and subsidiaries as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.24 201.75 Td (December31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (201) Tj ET Q q 0 0 0 rg BT 65.94 189.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.50 189.75 Td (, and 2010, and the related consolidated statements of operations, stockholders' equity) Tj ET Q q 0 0 0 rg BT 454.58 189.75 Td (, and cash flows for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (each of the years in the two-year period ended December 31, 201) Tj ET Q q 0 0 0 rg BT 340.55 177.75 Td (1, and our report dated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.06 177.75 Td (March 30, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.55 177.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (expressed an unqualified opinion on these consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 153.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (/s/ BKM Sowan Horan, LLP) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td (Addison, ) Tj ET Q q 0 0 0 rg BT 91.51 105.75 Td (T) Tj ET Q q 0 0 0 rg BT 96.51 105.75 Td (exas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 93.75 Td (March 30, 2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 741.75 Td (REPORT OF INDEPENDENT REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 379.98 741.75 Td (ACCOUNTING FIRM) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (The ) Tj ET Q q 0 0 0 rg BT 70.01 693.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 99.47 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 110.59 693.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 153.37 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.84 693.75 Td (Shareholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (Stratus ) Tj ET Q q 0 0 0 rg BT 84.46 681.75 Td (Properties ) Tj ET Q q 0 0 0 rg BT 132.81 681.75 Td (Inc.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 657.75 Td (e have audited the accompanying consolidated balance sheets of Stratus Properties Inc. and subsidiaries \(the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (Company\) as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.36 645.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 204.89 645.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.45 645.75 Td (, and 2010 and the related consolidated statements of operations, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (stockholders' equity) Tj ET Q q 0 0 0 rg BT 136.77 633.75 Td (, and cash flows for each of the years in the two-year period ended December 31, 201) Tj ET Q q 0 0 0 rg BT 516.25 633.75 Td (1. W) Tj ET Q q 0 0 0 rg BT 536.62 633.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (have also audited the schedule listed in the accompanying index. ) Tj ET Q q 0 0 0 rg BT 340.57 621.75 Td (These consolidated financial statements and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (consolidated financial statements and schedule based on our audits. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 573.75 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 415.03 573.75 Td (Accounting Oversight Board ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (\(United States\). ) Tj ET Q q 0 0 0 rg BT 122.07 561.75 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (whether the financial statements are free of material misstatement. ) Tj ET Q q 0 0 0 rg BT 347.36 549.75 Td (An audit includes examining, on a test basis, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (evidence supporting the amounts and disclosures in the financial statements. ) Tj ET Q q 0 0 0 rg BT 392.98 537.75 Td (An audit also includes assessing the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (accounting principles used and significant estimates made by management, as well as evaluating the overall ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (financial statement presentation. W) Tj ET Q q 0 0 0 rg BT 206.01 513.75 Td (e believe that our audits provide a reasonable basis for our opinion. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (In our opinion, the consolidated financial statements referred to above present fairly) Tj ET Q q 0 0 0 rg BT 418.36 489.75 Td (, in all material respects, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (financial position of Stratus Properties Inc. as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.00 477.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 345.53 477.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.09 477.75 Td (, and 2010 and the results of their operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (and their cash flows for each of the years in the two-year period ended December 31, 201) Tj ET Q q 0 0 0 rg BT 446.15 465.75 Td (1 in conformity with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 333.51 453.75 Td (America. ) Tj ET Q q 0 0 0 rg BT 375.19 453.75 Td (Also in our opinion, the related financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (statement schedule, when considered in relation to the basic financial statements taken as a whole present fairly) Tj ET Q q 0 0 0 rg BT 546.21 441.75 Td (, in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (all material respects, the information set forth therein. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 405.75 Td (e also have audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 403.36 405.75 Td (Accounting Oversight Board ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (\(United States\), Stratus Properties Inc.'s internal control over financial reporting as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.64 393.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 509.17 393.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.73 393.75 Td (, based on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (criteria established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 146.71 381.75 Td (Internal Control - Integrated Framework ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 324.57 381.75 Td (issued by the Committee of Sponsoring ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (Organizations of the ) Tj ET Q q 0 0 0 rg BT 142.09 369.75 Td (T) Tj ET Q q 0 0 0 rg BT 147.83 369.75 Td (readway Commission \(COSO\), and our report dated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.26 369.75 Td (March 30, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.75 369.75 Td ( expressed an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (unqualified opinion on the ef) Tj ET Q q 0 0 0 rg BT 174.92 357.75 Td (fectiveness of the Company's internal control over financial reporting.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (/s/ BKM Sowan Horan, LLP) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (Addison, ) Tj ET Q q 0 0 0 rg BT 91.51 297.75 Td (T) Tj ET Q q 0 0 0 rg BT 96.51 297.75 Td (exas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (March 30, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.49 285.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.75 741.75 Td (STRA) Tj ET Q q 0 0 0 rg BT 264.23 741.75 Td (TUS PROPERTIES INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.10 729.75 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 278.36 729.75 Td (TED BALANCE SHEETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.40 717.75 Td (\(In ) Tj ET Q q 0 0 0 rg BT 245.67 717.75 Td (Thousands, Except Par V) Tj ET Q q 0 0 0 rg BT 358.32 717.75 Td (alue\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 683.25 m 483.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 683.25 m 487.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 683.25 m 562.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 671.25 m 483.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 671.25 m 562.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 563.25 m 483.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 563.25 m 562.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 552.25 m 483.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 550.25 m 483.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 552.25 m 562.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 550.25 m 562.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 455.25 m 483.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 455.25 m 562.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 443.25 m 483.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 443.25 m 562.5 443.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 275.25 m 483.5 275.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 275.25 m 562.5 275.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 251.25 m 483.5 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 251.25 m 562.5 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 239.25 m 483.5 239.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 239.25 m 562.5 239.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 228.25 m 483.5 228.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 226.25 m 483.5 226.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 228.25 m 562.5 228.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 226.25 m 562.5 226.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.70 686.20 Td (December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 674.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 674.20 Td (2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (ASSETS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Cash and cash equivalents) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 650.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 650.20 Td (7,695) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 650.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 650.20 Td (11,307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 638.20 Td (Real estate held for sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 638.20 Td (74,003) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 638.20 Td (27,312) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 626.20 Td (Real estate under development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 626.20 Td (54,956) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 626.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 626.20 Td (189,057) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 614.20 Td (Land held for future development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 614.20 Td (60,936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 614.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 614.20 Td (57,822) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 602.20 Td (Real estate held for investment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 602.20 Td (185,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 602.20 Td (127,009) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 590.20 Td (Investment in unconsolidated affiliate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 590.20 Td (3,246) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 590.20 Td (3,084) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 578.20 Td (Other assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 578.20 Td (18,619) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 578.20 Td (21,271) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 566.20 Td (Discontinued operations \(Note 12\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 566.20 Td (16,929) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 566.20 Td (18,324) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 554.20 Td (Total assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 554.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 554.20 Td (421,605) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 554.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 554.20 Td (455,186) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 530.20 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 530.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 530.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 518.20 Td (Accounts payable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 518.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 518.20 Td (8,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 518.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 518.20 Td (19,328) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 506.20 Td (Accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 506.20 Td (10,217) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 506.20 Td (7,713) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 494.20 Td (Deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 494.20 Td (1,848) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 494.20 Td (9,082) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 482.20 Td (Debt \(Note 7\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 482.20 Td (158,451) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 482.20 Td (180,841) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 470.20 Td (Other liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 470.20 Td (3,064) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 470.20 Td (3,590) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 458.20 Td (Discontinued operations \(Note 12\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 458.20 Td (21,583) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 458.20 Td (21,832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 446.20 Td (Total liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 446.20 Td (203,923) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 446.20 Td (242,386) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 422.20 Td (Commitments and contingencies \(Notes 7,10 and 12\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 398.20 Td (Equity:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 398.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 398.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 386.20 Td (Stratus stockholders equity:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 386.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 386.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 374.20 Td (Preferred stock, par value $0.01 per share, 50,000 shares authorized) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 374.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 374.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 362.20 Td (and unissued) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 362.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 362.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 350.20 Td (Common stock, par value $0.01 per share, 150,000 shares authorized,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 350.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 350.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 338.20 Td (8,387 and 8,354 shares issued, respectively and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 338.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 338.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 326.20 Td (7,452 and 7,475 shares outstanding, respectively) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 326.20 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 326.20 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 314.20 Td (Capital in excess of par value of common stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 314.20 Td (198,175) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 314.20 Td (197,773) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 302.20 Td (Accumulated deficit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 302.20 Td (\(61,723) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 302.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 302.20 Td (\(51,335) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 302.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 290.20 Td (Common stock held in treasury, 935 shares and 879 shares,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 278.20 Td (at cost, respectively) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 278.20 Td (\(18,347) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 278.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 278.20 Td (\(17,972) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 278.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 266.20 Td (Total Stratus stockholders equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 266.20 Td (118,189) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 266.20 Td (128,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 254.20 Td (Noncontrolling interest in subsidiaries) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 254.20 Td (99,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 254.20 Td (84,250) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 242.20 Td (Total equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 242.20 Td (217,682) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 242.20 Td (212,800) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 230.20 Td (Total liabilities and equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 230.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 230.20 Td (421,605) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 230.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 230.20 Td (455,186) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 210.95 Td (The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.75 741.75 Td (STRA) Tj ET Q q 0 0 0 rg BT 264.23 741.75 Td (TUS PROPERTIES INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.40 729.75 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.66 729.75 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.47 729.75 Td (A) Tj ET Q q 0 0 0 rg BT 289.95 729.75 Td (TEMENTS OF OPERA) Tj ET Q q 0 0 0 rg BT 391.99 729.75 Td (TIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.65 717.75 Td (\(In ) Tj ET Q q 0 0 0 rg BT 223.92 717.75 Td (Thousands, Except Per Share ) Tj ET Q q 0 0 0 rg BT 359.55 717.75 Td (Amounts\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 683.25 m 483.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 683.25 m 487.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 683.25 m 562.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 671.25 m 483.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 671.25 m 562.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 611.25 m 483.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 611.25 m 562.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 527.25 m 483.5 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 527.25 m 562.5 527.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 503.25 m 483.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 503.25 m 562.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 491.25 m 483.5 491.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 491.25 m 562.5 491.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 455.25 m 483.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 455.25 m 562.5 455.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 407.25 m 483.5 407.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 407.25 m 562.5 407.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 383.25 m 483.5 383.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 383.25 m 562.5 383.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 359.25 m 483.5 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 359.25 m 562.5 359.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 348.25 m 483.5 348.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 346.25 m 483.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 348.25 m 562.5 348.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 346.25 m 562.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 299.25 m 483.5 299.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 299.25 m 562.5 299.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 288.25 m 483.5 288.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 286.25 m 483.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 288.25 m 562.5 288.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 286.25 m 562.5 286.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 252.25 m 483.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 250.25 m 483.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 252.25 m 562.5 252.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 250.25 m 562.5 250.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.85 686.20 Td (Years Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 674.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 674.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Revenues:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 650.20 Td (Real estate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 650.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 650.20 Td (97,651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 650.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 650.20 Td (3,286) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 638.20 Td (Hotel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 638.20 Td (28,100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 638.20 Td (792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 626.20 Td (Entertainment venue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 626.20 Td (9,010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 626.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 614.20 Td (Rental) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 614.20 Td (2,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 614.20 Td (1,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 602.20 Td (Total revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 602.20 Td (137,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 602.20 Td (5,656) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 590.20 Td (Cost of sales:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 590.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 590.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 578.20 Td (Real estate, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 578.20 Td (86,095) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 578.20 Td (3,104) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 566.20 Td (Hotel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 566.20 Td (24,546) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 566.20 Td (3,733) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 554.20 Td (Entertainment venue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 554.20 Td (8,982) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 554.20 Td (699) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 542.20 Td (Rental) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 542.20 Td (1,506) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 542.20 Td (1,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 530.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 530.20 Td (7,573) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 530.20 Td (973) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 518.20 Td (Total cost of sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 518.20 Td (128,702) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 518.20 Td (9,532) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 506.20 Td (General and administrative expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 506.20 Td (6,653) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 506.20 Td (6,526) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 494.20 Td (Total costs and expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 494.20 Td (135,355) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 494.20 Td (16,058) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 482.20 Td (Operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 482.20 Td (1,681) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 482.20 Td (\(10,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 482.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 470.20 Td (Interest expense, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 470.20 Td (\(6,667) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 470.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 470.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 458.20 Td (Other income, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 458.20 Td (550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 458.20 Td (358) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 446.20 Td (Loss from continuing operations before income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 434.20 Td (and equity in unconsolidated affiliates loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 434.20 Td (\(4,436) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 434.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 434.20 Td (\(10,044) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 434.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 422.20 Td (Equity in unconsolidated affiliates loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 422.20 Td (\(337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 422.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 422.20 Td (\(323) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 422.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 410.20 Td (Provision for income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 410.20 Td (\(651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 410.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 410.20 Td (\(8,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 410.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 398.20 Td (Loss from continuing operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 398.20 Td (\(5,424) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 398.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 398.20 Td (\(18,373) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 398.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 386.20 Td (Income from discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 386.20 Td (191) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 386.20 Td (660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 374.20 Td (Net loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 374.20 Td (\(5,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 374.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 374.20 Td (\(17,713) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 374.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 362.20 Td (Net \(income\) loss attributable to noncontrolling interest in subsidiaries) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 362.20 Td (\(5,155) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 362.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 362.20 Td (2,377) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 350.20 Td (Net loss attributable to Stratus common stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 350.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 350.20 Td (\(10,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 350.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 350.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 350.20 Td (\(15,336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 350.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 326.20 Td (Basic and diluted net \(loss\) income per share of common stock:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 326.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 326.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 314.20 Td (Continuing operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 314.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 314.20 Td (\(1.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 314.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 314.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 314.20 Td (\(2.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 314.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 302.20 Td (Discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 302.20 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 302.20 Td (0.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 290.20 Td (Basic and diluted net loss per share attributable to Stratus common stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 290.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 290.20 Td (\(1.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 290.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 290.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 290.20 Td (\(2.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 290.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 266.20 Td (Weighted average shares of common stock outstanding:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 254.20 Td (Basic and diluted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 254.20 Td (7,482) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 254.20 Td (7,466) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 234.95 Td (The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.75 741.75 Td (STRA) Tj ET Q q 0 0 0 rg BT 264.23 741.75 Td (TUS PROPERTIES INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 729.75 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 247.76 729.75 Td (TED ST) Tj ET Q q 0 0 0 rg BT 282.57 729.75 Td (A) Tj ET Q q 0 0 0 rg BT 289.05 729.75 Td (TEMENTS OF CASH FLOWS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.45 717.75 Td (\(In ) Tj ET Q q 0 0 0 rg BT 286.72 717.75 Td (Thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 683.25 m 483.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 683.25 m 487.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 683.25 m 562.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 671.25 m 483.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 671.25 m 562.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 503.25 m 483.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 503.25 m 562.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 491.25 m 483.5 491.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 491.25 m 562.5 491.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 419.25 m 483.5 419.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 419.25 m 562.5 419.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 407.25 m 483.5 407.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 407.25 m 562.5 407.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 287.25 m 483.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 287.25 m 562.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 275.25 m 483.5 275.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 275.25 m 562.5 275.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 251.25 m 483.5 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 251.25 m 562.5 251.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 240.25 m 483.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 238.25 m 483.5 238.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 240.25 m 562.5 240.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 238.25 m 562.5 238.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.85 686.20 Td (Years Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 674.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 674.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Cash flow from operating activities:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 662.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Net loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 650.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 650.20 Td (\(5,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 650.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 650.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 650.20 Td (\(17,713) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 650.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 638.20 Td (Adjustments to reconcile net loss to net cash provided by) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 638.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 638.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 626.20 Td (\(used in\) operating activities:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 626.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 626.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 614.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 614.20 Td (8,426) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 614.20 Td (1,886) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 602.20 Td (Cost of real estate sold) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 602.20 Td (70,623) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 602.20 Td (2,071) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 590.20 Td (Deferred income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 590.20 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 590.20 Td (7,973) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 578.20 Td (Stock-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 578.20 Td (422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 578.20 Td (585) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 566.20 Td (Equity in unconsolidated affiliates loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 566.20 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 566.20 Td (323) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 554.20 Td (Deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 554.20 Td (\(7,274) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 554.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 554.20 Td (\(2,319) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 554.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 542.20 Td (Purchases and development of real estate properties) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 542.20 Td (\(58,590) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 542.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 542.20 Td (\(56,027) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 542.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 530.20 Td (Municipal utility district reimbursements) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 530.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 530.20 Td (939) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 518.20 Td (Decrease \(increase\) in other assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 518.20 Td (3,071) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 518.20 Td (\(1,702) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 518.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 506.20 Td (Increase in accounts payable, accrued liabilities and other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 506.20 Td (24,102) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 506.20 Td (5,888) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 494.20 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 494.20 Td (35,902) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 494.20 Td (\(58,096) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 494.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 470.20 Td (Cash flow from investing activities:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 470.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 470.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 458.20 Td (Development of hotel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 458.20 Td (\(6,370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 458.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 458.20 Td (\(53,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 458.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 446.20 Td (Development of entertainment venue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 446.20 Td (\(4,985) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 446.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 446.20 Td (\(16,507) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 446.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 434.20 Td (Development of commerical leasing properties) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 434.20 Td (\(6,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 434.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 434.20 Td (\(6,153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 434.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 422.20 Td (Investment in unconsolidated affiliate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 422.20 Td (\(500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 422.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 422.20 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 422.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 410.20 Td (Net cash used in investing activities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 410.20 Td (\(18,158) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 410.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 410.20 Td (\(75,908) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 410.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 386.20 Td (Cash flow from financing activities:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 386.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 386.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 374.20 Td (Borrowings from credit facility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 374.20 Td (22,561) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 374.20 Td (20,359) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 362.20 Td (Payments on credit facility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 362.20 Td (\(9,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 362.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 362.20 Td (\(7,652) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 362.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 350.20 Td (Borrowings from project and term loans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 350.20 Td (31,128) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 350.20 Td (111,002) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 338.20 Td (Payments on project and term loans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 338.20 Td (\(75,417) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 338.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 338.20 Td (\(4,436) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 338.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 326.20 Td (Noncontrolling interest contributions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 326.20 Td (10,088) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 326.20 Td (12,190) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 314.20 Td (Net payments for stock-based awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.95 314.20 Td (\(88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 314.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 314.20 Td (\(22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 314.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 302.20 Td (Purchases of Stratus common stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 302.20 Td (\(307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 302.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 302.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 290.20 Td (Financing costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 290.20 Td (\(331) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 290.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 290.20 Td (\(1,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 290.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 278.20 Td (Net 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($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 242.20 Td (8,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 242.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 242.20 Td (11,730) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 222.95 Td (The accompanying Notes to Consolidated Financial Statements, which include information regarding noncash transactions, are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 212.15 Td (an integral part of these consolidated financial statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 390.40 31.25 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.75 561.75 Td (STRA) Tj ET Q q 0 0 0 rg BT 354.23 561.75 Td (TUS PROPERTIES INC.) 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511.5 445.25 m 556.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 445.25 m 620.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 445.25 m 688.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 445.25 m 747.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 361.25 m 458.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 361.25 m 620.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 361.25 m 688.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 361.25 m 747.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 349.25 m 314.5 349.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 349.25 m 358.5 349.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 349.25 m 409.5 349.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 349.25 m 458.5 349.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 349.25 m 507.5 349.25 l s 0 0 0 RG /GS0 gs 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j 3 M 462.5 227.25 m 507.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 225.25 m 507.5 225.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 227.25 m 556.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 225.25 m 556.5 225.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 227.25 m 620.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 560.5 225.25 m 620.5 225.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 227.25 m 688.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 624.5 225.25 m 688.5 225.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 227.25 m 747.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 225.25 m 747.5 225.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 505.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.85 505.65 Td (Stratus Stockholders Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 627.00 505.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 695.00 505.65 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ET q 0 0 0 rg BT 617.00 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 676.00 424.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 725.90 424.20 Td (\(144) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 412.20 Td (Stock-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 412.20 Td (585) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 601.90 412.20 Td (585) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 676.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 728.90 412.20 Td (585) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 400.20 Td (Tender of shares for stock-based awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.95 400.20 Td (6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 400.20 Td (\(31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.00 400.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 603.90 400.20 Td (\(31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 617.00 400.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 676.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 730.90 400.20 Td (\(31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 400.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 388.20 Td (Noncontrolling interest contributions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 388.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 388.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 388.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 388.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 388.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 388.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 608.00 388.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 657.40 388.20 Td (12,190) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 716.40 388.20 Td (12,190) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 376.20 Td (Comprehensive loss:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 627.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 695.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 364.20 Td (Net loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.45 364.20 Td (\(15,336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.00 364.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 586.40 364.20 Td (\(15,336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 617.00 364.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 659.40 364.20 Td (\(2,377) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 685.00 364.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 713.40 364.20 Td (\(17,713) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 364.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 352.20 Td (Total comprehensive loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.45 352.20 Td (\(15,336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.00 352.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 586.40 352.20 Td (\(15,336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 617.00 352.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 659.40 352.20 Td (\(2,377) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 685.00 352.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 713.40 352.20 Td (\(17,713) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 352.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 340.20 Td (Balance ) Tj ET Q q 0 0 0 rg BT 85.02 340.20 Td (at ) Tj ET Q q 0 0 0 rg BT 95.52 340.20 Td (December ) Tj ET Q q 0 0 0 rg BT 141.55 340.20 Td (31, ) Tj ET Q q 0 0 0 rg BT 156.56 340.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.45 340.20 Td (8,354) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.95 340.20 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 340.20 Td (197,773) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.45 340.20 Td (\(51,335) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.00 340.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 340.20 Td (879) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 340.20 Td (\(17,972) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.00 340.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 584.40 340.20 Td (128,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 657.40 340.20 Td (84,250) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 711.40 340.20 Td (212,800) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 328.20 Td (Exercised and issued stock-based awards and other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.95 328.20 Td (33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.95 328.20 Td (\(20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.00 328.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 603.90 328.20 Td (\(20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 617.00 328.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 676.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 730.90 328.20 Td (\(20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 328.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 316.20 Td (Stock-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 316.20 Td (422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 601.90 316.20 Td (422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 676.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 728.90 316.20 Td (422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 304.20 Td (Treasury stock purchases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.95 304.20 Td (47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 304.20 Td (\(307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.00 304.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 598.90 304.20 Td (\(307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 617.00 304.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 676.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 725.90 304.20 Td (\(307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 304.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 292.20 Td (Tender of shares for stock-based awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.95 292.20 Td (9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 292.20 Td (\(68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.00 292.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 603.90 292.20 Td (\(68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 617.00 292.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 676.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 730.90 292.20 Td (\(68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 292.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 280.20 Td (Noncontrolling interest contributions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 608.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 657.40 280.20 Td (10,088) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 716.40 280.20 Td (10,088) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 268.20 Td (Comprehensive \(loss\) income:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 627.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 695.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 256.20 Td (Net \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.45 256.20 Td (\(10,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.00 256.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 586.40 256.20 Td (\(10,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 617.00 256.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 662.40 256.20 Td (5,155) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 718.40 256.20 Td (\(5,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 256.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 244.20 Td (Total comprehensive \(loss\) income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.00 244.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 244.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 244.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.45 244.20 Td (\(10,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.00 244.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 244.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 244.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 586.40 244.20 Td (\(10,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 617.00 244.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 662.40 244.20 Td (5,155) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 718.40 244.20 Td (\(5,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 744.00 244.20 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 230.65 Td (Balance ) Tj ET Q q 0 0 0 rg BT 85.02 230.65 Td (at ) Tj ET Q q 0 0 0 rg BT 95.52 230.65 Td (December ) Tj ET Q q 0 0 0 rg BT 141.55 230.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 156.56 230.65 Td (201) Tj ET Q q 0 0 0 rg BT 171.08 230.65 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.45 230.65 Td (8,387) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.00 230.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.95 230.65 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 230.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 230.65 Td (198,175) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.00 230.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.45 230.65 Td (\(61,723) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.00 230.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 230.65 Td (935) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.00 230.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 230.65 Td (\(18,347) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.00 230.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 230.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 584.40 230.65 Td (118,189) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 627.00 230.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 657.40 230.65 Td (99,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 695.00 230.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 711.40 230.65 Td (217,682) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 209.95 Td (The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 592.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 592.95 Td (able of Contents) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.75 741.75 Td (STRA) Tj ET Q q 0 0 0 rg BT 264.23 741.75 Td (TUS PROPERTIES INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.70 729.75 Td (NOTES T) Tj ET Q q 0 0 0 rg BT 219.85 729.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 289.67 729.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 366.15 729.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 380.96 729.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.44 729.75 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.75 Td (1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 706.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 706.75 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 175.21 706.75 Td (Accounting Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.75 Td (Business and Principles of Consolidation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.03 694.75 Td (Stratus Properties Inc. \(Stratus\), a Delaware Corporation, is engaged ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.75 Td (in the acquisition, development, management, operation and sale of commercial, hotel, entertainment, multi-family ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.75 Td (and residential real estate properties located primarily in the ) Tj ET Q q 0 0 0 rg BT 316.81 670.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 349.98 670.75 Td (T) Tj ET Q q 0 0 0 rg BT 354.98 670.75 Td (exas area. ) Tj ET Q q 0 0 0 rg BT 404.27 670.75 Td (The real estate development and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 658.75 Td (marketing operations of Stratus are conducted through its wholly owned subsidiaries, two consolidated joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.75 Td (ventures \(see Notes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.27 646.75 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.83 646.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.07 646.75 Td (3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.63 646.75 Td (\) and through an unconsolidated joint venture \(see Investment in Unconsolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.75 Td (Af) Tj ET Q q 0 0 0 rg BT 59.27 634.75 Td (filiate below and Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.99 634.75 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.55 634.75 Td (\). Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 622.75 Td (controlling interest and variable interest entities in which Stratus is deemed the primary beneficiary) Tj ET Q q 0 0 0 rg BT 483.92 622.75 Td (. ) Tj ET Q q 0 0 0 rg BT 488.92 622.75 Td (All significant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.75 Td (intercompany transactions have been eliminated in consolidation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.75 Td (On February 27, 2012, Stratus sold its two of) Tj ET Q q 0 0 0 rg BT 248.25 586.75 Td (fice buildings at 7500 Rialto Boulevard \(7500 Rialto\). ) Tj ET Q q 0 0 0 rg BT 483.39 586.75 Td (As a result, 7500 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.75 Td (Rialto is reported as discontinued operations and the consolidated financial statements for all periods presented ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.75 Td (have been adjusted to reflect this presentation \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.49 562.75 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.61 562.75 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.75 Td (Concentration of Risks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.24 538.75 Td (Stratus primarily conducts its operations in ) Tj ET Q q 0 0 0 rg BT 357.88 538.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 391.04 538.75 Td (T) Tj ET Q q 0 0 0 rg BT 396.04 538.75 Td (exas. Consequently) Tj ET Q q 0 0 0 rg BT 483.13 538.75 Td (, any significant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.75 Td (economic downturn in the ) Tj ET Q q 0 0 0 rg BT 166.18 526.75 Td (Austin market could potentially have an ef) Tj ET Q q 0 0 0 rg BT 351.11 526.75 Td (fect on Stratus) Tj ET Q q 0 0 0 rg BT 417.44 526.75 Td ( business, results of operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.75 Td (and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.75 Td (Use of Estimates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.36 490.75 Td () Tj ET Q q 0 0 0 rg BT 138.74 490.75 Td (The preparation of financial statements in conformity with accounting principles generally ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 478.75 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 193.98 478.75 Td (America \(U.S.\) requires management to make estimates and assumptions that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 466.75 Td (af) Tj ET Q q 0 0 0 rg BT 58.16 466.75 Td (fect the amounts reported in these financial statements and accompanying notes. ) Tj ET Q q 0 0 0 rg BT 420.42 466.75 Td (The more significant estimates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 454.75 Td (include the \(1\) estimates of future cash flow from development and sale of real estate properties and sources of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 442.75 Td (financing for development projects used in the assessment of impairments, \(2\) valuation allowances for deferred tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 430.75 Td (assets, \(3\) allocation of certain indirect costs and \(4\) useful lives for depreciation. ) Tj ET Q q 0 0 0 rg BT 410.18 430.75 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 510.04 430.75 Td (fer from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 418.75 Td (those estimates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.75 Td (Real Estate and Commercial Leasing ) Tj ET Q q 0 0 0 rg BT 227.47 394.75 Td (Assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.05 394.75 Td (Real estate held for sale is stated at the lower of cost or fair value ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 382.75 Td (less costs to sell. ) Tj ET Q q 0 0 0 rg BT 128.18 382.75 Td (The cost of real estate held for sale includes acquisition, development, construction and carrying ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.75 Td (costs, and other related costs through the development stage. Real estate under development and land held for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 358.75 Td (future development are stated at cost. Real estate held for investment, which includes the hotel and entertainment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 346.75 Td (venue at the W ) Tj ET Q q 0 0 0 rg BT 119.49 346.75 Td (Austin Hotel & Residences project and Stratus' commercial leasing assets, is stated at cost, less ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 334.75 Td (accumulated depreciation. Stratus capitalizes interest on funds used in developing properties from the date of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 322.75 Td (initiation of development activities through the date the property is substantially complete and ready for sale or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 310.75 Td (lease. Stratus recorded capitalized interest of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.89 310.75 Td ($1) Tj ET Q q 0 0 0 rg BT 263.27 310.75 Td (1.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.29 310.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.63 310.75 Td (201) Tj ET Q q 0 0 0 rg BT 337.57 310.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.13 310.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.37 310.75 Td ($12.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.51 310.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.85 310.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.10 310.75 Td (. Common costs are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 298.75 Td (allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 286.75 Td (properties currently under active development. Stratus capitalizes improvements that increase the value of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.75 Td (commercial leasing properties and have useful lives greater than one year) Tj ET Q q 0 0 0 rg BT 376.85 274.75 Td (. Costs related to repairs and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.75 Td (maintenance are charged to expense as incurred.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.75 Td (Stratus performs an impairment test when events or circumstances indicate that an asset) Tj ET Q q 0 0 0 rg BT 445.55 238.75 Td (s carrying amount may ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.75 Td (not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 214.75 Td (decreases in market values, adverse changes in regulatory requirements \(including environmental laws\) and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 202.75 Td (current period or projected operating cash flow losses from rental properties. Impairment tests for properties to be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 190.75 Td (held and used, including properties under development, involve the use of estimated future net undiscounted cash ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 178.75 Td (flows expected to be generated from the use of the property and its eventual disposition. If projected undiscounted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 166.75 Td (cash flow from properties to be held and used is less than the related carrying amount, then a reduction of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 154.75 Td (carrying amount of the long-lived asset to fair value is required. Measurement of the impairment loss is based on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 142.75 Td (the fair value of the asset. Generally) Tj ET Q q 0 0 0 rg BT 209.35 142.75 Td (, Stratus determines fair value using valuation techniques such as discounted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 130.75 Td (expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 118.75 Td (based on estimated market values for similar properties in similar locations and management estimates of costs to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 106.75 Td (sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.75 Td (amount of the asset to fair value less costs to sell is required.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (38) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Stratus recorded no impairment charges for the years ended December 31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.73 741.75 Td (201) Tj ET Q q 0 0 0 rg BT 401.67 741.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.23 741.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.47 741.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.72 741.75 Td (. Should market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (conditions further deteriorate in the future or other events occur that indicate the carrying amount of Stratus) Tj ET Q q 0 0 0 rg BT 524.89 729.75 Td ( real ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (determine whether any impairment exists.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (Depreciation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.35 681.75 Td (Commercial leasing properties are depreciated on a straight-line basis over their estimated life of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (between 30 and 40 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a three to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (five-year period. ) Tj ET Q q 0 0 0 rg BT 124.30 657.75 Td (T) Tj ET Q q 0 0 0 rg BT 129.30 657.75 Td (enant improvements are depreciated over the related lease terms.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (Investment in Unconsolidated ) Tj ET Q q 0 0 0 rg BT 194.65 633.75 Td (Affiliate.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 234.10 633.75 Td (Stratus has a 50 percent interest in the Crestview Station project \(see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.90 621.75 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.46 621.75 Td (\), which it accounts for under the equity method. Stratus has determined that consolidation of the Crestview ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (Station project is not required.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.08 585.75 Td (Assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.65 585.75 Td (Other assets primarily consist of deferred financing and leasing costs, prepaid insurance, tenant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (and other accounts receivable, and notes and interest receivable. Deferred financing costs are amortized using the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (straight-line method, which approximates the ef) Tj ET Q q 0 0 0 rg BT 259.37 561.75 Td (fective interest method, to interest expense. Deferred leasing costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (are amortized to cost of sales using the straight-line method over the related lease terms.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (Accrued Property T) Tj ET Q q 0 0 0 rg BT 142.06 525.75 Td (axes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.08 525.75 Td (Stratus estimates its property taxes based on prior year property tax payments and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (property tax balance at year-end to the actual amount of taxes due in January) Tj ET Q q 0 0 0 rg BT 392.80 501.75 Td (. ) Tj ET Q q 0 0 0 rg BT 397.81 501.75 Td (Accrued property taxes totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.22 501.75 Td ($6.5 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.34 489.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.24 489.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 173.76 489.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.33 489.75 Td (, and $3.0 million at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.82 489.75 Td (December31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 356.66 489.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (Revenue Recognition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.01 465.75 Td (Revenues from property sales are recognized when the risks and rewards of ownership ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (are transferred to the buyer) Tj ET Q q 0 0 0 rg BT 170.63 453.75 Td (, when the consideration received can be reasonably determined and when Stratus has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (completed its obligations to perform certain supplementary development activities, if any exist, at the time of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (sale. Consideration is reasonably determined and considered likely of collection when Stratus has signed sales ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (agreements and has determined that the buyer has demonstrated a commitment to pay) Tj ET Q q 0 0 0 rg BT 435.59 417.75 Td (. ) Tj ET Q q 0 0 0 rg BT 440.96 417.75 Td (The buyer) Tj ET Q q 0 0 0 rg BT 486.36 417.75 Td () Tj ET Q q 0 0 0 rg BT 488.40 417.75 Td (s commitment to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (pay is supported by the level of their initial investment, Stratus) Tj ET Q q 0 0 0 rg BT 325.88 405.75 Td ( assessment of the buyer) Tj ET Q q 0 0 0 rg BT 437.97 405.75 Td () Tj ET Q q 0 0 0 rg BT 440.01 405.75 Td (s credit standing and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (Stratus) Tj ET Q q 0 0 0 rg BT 83.53 393.75 Td ( assessment of whether the buyer) Tj ET Q q 0 0 0 rg BT 233.98 393.75 Td () Tj ET Q q 0 0 0 rg BT 236.02 393.75 Td (s stake in the property is suf) Tj ET Q q 0 0 0 rg BT 360.34 393.75 Td (ficient to motivate the buyer to honor their ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (obligation to pay) Tj ET Q q 0 0 0 rg BT 122.09 381.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (Stratus' revenues from hotel operations are primarily derived from room reservations and food and beverage sales. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (Revenue is recognized when rooms are occupied and services have been rendered. ) Tj ET Q q 0 0 0 rg BT 425.60 345.75 Td (T) Tj ET Q q 0 0 0 rg BT 430.60 345.75 Td (axes collected from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (customers and submitted to taxing authorities are not recorded in revenue. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (Stratus' revenues from entertainment venue operations are primarily derived from ticket sales; sponsorships, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (personal seat licenses and suite sales; and sales of concessions and merchandise. Revenues from ticket sales are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (recognized after the corresponding performance occurs. Revenues from sponsorships and other revenue not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (related to a single event, are classified as deferred revenue and generally amortized over the operating season or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (term of the contract. Revenues from concessions and merchandise sales are recognized at the time of sale.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (Stratus recognizes its rental income based on the terms of its signed leases with tenants on a straight-line basis. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (development fees when earned, as properties are sold or when the services are performed. ) Tj ET Q q 0 0 0 rg BT 456.34 201.75 Td (A) Tj ET Q q 0 0 0 rg BT 462.46 201.75 Td ( summary of Stratus) Tj ET Q q 0 0 0 rg BT 553.77 201.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (revenues follows \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 167.25 m 483.5 167.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 167.25 m 487.5 167.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 167.25 m 562.5 167.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 167.25 m 483.5 167.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 155.25 m 483.5 155.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 167.25 m 562.5 167.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 155.25 m 562.5 155.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 71.25 m 483.5 71.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 71.25 m 562.5 71.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 71.25 m 483.5 71.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 60.25 m 483.5 60.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 58.25 m 483.5 58.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 71.25 m 562.5 71.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 60.25 m 562.5 60.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 58.25 m 562.5 58.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 170.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.85 170.20 Td (Years Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 158.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 158.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 158.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 146.20 Td (Revenues:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 146.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 146.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 134.20 Td (Developed property sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 134.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 134.20 Td (92,790) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 134.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 134.20 Td (2,725) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 122.20 Td (Undeveloped property sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 122.20 Td (4,235) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 122.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 110.20 Td (Hotel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 110.20 Td (28,100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 110.20 Td (792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 98.20 Td (Entertainment venue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 98.20 Td (9,010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 98.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 86.20 Td (Rental) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 86.20 Td (2,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 86.20 Td (1,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 74.20 Td (Commissions and other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 74.20 Td (626) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 74.20 Td (561) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 62.20 Td (Total revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 62.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 62.20 Td (137,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 62.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 62.20 Td (5,656) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Cost of Sales.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.13 741.75 Td (Cost of sales includes the cost of real estate sold as well as costs directly attributable to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (properties sold such as marketing and depreciation. Cost of sales also includes operating costs for properties held ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (for investment and municipal utility district reimbursements. ) Tj ET Q q 0 0 0 rg BT 313.99 717.75 Td (A) Tj ET Q q 0 0 0 rg BT 320.11 717.75 Td ( summary of Stratus) Tj ET Q q 0 0 0 rg BT 411.43 717.75 Td ( cost of sales follows \(in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 683.25 m 483.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 683.25 m 487.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 683.25 m 562.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 683.25 m 483.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 671.25 m 483.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 683.25 m 487.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 683.25 m 562.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 671.25 m 562.5 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 563.25 m 483.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 563.25 m 562.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 563.25 m 483.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 552.25 m 483.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 550.25 m 483.5 550.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 563.25 m 562.5 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 552.25 m 562.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 550.25 m 562.5 550.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.85 686.20 Td (Years Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 674.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 674.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Cost of developed property sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 662.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 662.20 Td (77,415) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 662.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 662.20 Td (2,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Cost of undeveloped property sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 650.20 Td (2,240) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 650.20 Td (65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 638.20 Td (Hotel operating costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 638.20 Td (24,546) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 638.20 Td (3,733) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 626.20 Td (Entertainment venue operating costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 626.20 Td (8,982) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 626.20 Td (699) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 614.20 Td (Rental operating costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 614.20 Td (1,506) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 614.20 Td (1,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 602.20 Td (Project expenses and allocation of overhead costs \(see below\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 602.20 Td (5,892) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 602.20 Td (5,172) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 590.20 Td (Municipal utility district reimbursements \(see below\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.00 590.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 590.20 Td (\(4,090) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 590.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 578.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 578.20 Td (7,573) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 578.20 Td (973) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 566.20 Td (Other, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 566.20 Td (548) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 566.20 Td (\(163) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 566.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 554.20 Td (Total cost of sales) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 554.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 554.20 Td (128,702) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 554.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 554.20 Td (9,532) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (Gross profit on condominium sales from the W ) Tj ET Q q 0 0 0 rg BT 257.86 527.75 Td (Austin Hotel & Residences project is based on estimates of total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (project sales value and total project costs for the condominiums. When estimates of sales value or project costs are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (revised, gross profit is adjusted in the period of change so that cumulative project earnings reflect the revised profit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (estimate. During fourth-quarter 201) Tj ET Q q 0 0 0 rg BT 204.89 491.75 Td (1, based on current market conditions and the status of construction, Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 479.75 Td (revised estimates of costs to complete, resulting in an increase in projected total cost of sales and, therefore, lower ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 467.75 Td (expected gross profit margin on condominiums units at the W ) Tj ET Q q 0 0 0 rg BT 323.47 467.75 Td (Austin Hotel & Residences project. ) Tj ET Q q 0 0 0 rg BT 480.03 467.75 Td (The margin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 455.75 Td (reduction increased cost of sales and lowered gross profit by $5.8 million in fourth-quarter 201) Tj ET Q q 0 0 0 rg BT 464.48 455.75 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.75 Td (Allocation of Overhead Costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.80 431.75 Td (Stratus has historically allocated a portion of its overhead costs to both capitalized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 419.75 Td (real estate costs and cost of sales based on the percentage of time certain of its employees, comprising its indirect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 407.75 Td (overhead pool, worked in the related areas \(i.e. construction and development for capital assets and sales and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 395.75 Td (marketing for cost of sales\). Stratus capitalizes only direct and certain indirect project costs associated with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 383.75 Td (acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 371.75 Td (with certain pooled resources \(such as of) Tj ET Q q 0 0 0 rg BT 231.58 371.75 Td (fice supplies, telephone and postage\) which are used to support Stratus) Tj ET Q q 0 0 0 rg BT 550.85 371.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 359.75 Td (development projects, as well as general and administrative functions. ) Tj ET Q q 0 0 0 rg BT 362.39 359.75 Td (Allocations of pooled resources are based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 347.75 Td (only on those employees directly responsible for development \(i.e., project manager and subordinates\). Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 335.75 Td (charges to expense indirect costs that do not clearly relate to a real estate project, such as salaries and allocated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 323.75 Td (expenses related to the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 239.37 323.75 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 359.80 323.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 378.14 323.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.75 Td (Municipal Utility District Reimbursements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.60 299.75 Td (Stratus receives Barton Creek Municipal Utility District \(MUD\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 287.75 Td (reimbursements for certain infrastructure costs incurred in the Barton Creek area. Prior to 1996, Stratus capitalized ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 275.75 Td (infrastructure costs to the costs of its properties as those costs were incurred. Subsequently) Tj ET Q q 0 0 0 rg BT 455.00 275.75 Td (, those costs were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 263.75 Td (expensed through cost of sales as properties sold. In 1996, following the 1995 creation of MUDs, Stratus began ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 251.75 Td (capitalizing the infrastructure costs to a separate MUD property category) Tj ET Q q 0 0 0 rg BT 369.96 251.75 Td (. MUD reimbursements received for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 239.75 Td (infrastructure costs incurred prior to 1996 are reflected as a reduction of cost of sales, while other MUD ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 227.75 Td (reimbursements represent a reimbursement of the cost of MUD properties and are recorded as a reduction of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 215.75 Td (related asset) Tj ET Q q 0 0 0 rg BT 109.30 215.75 Td (s carrying amount. Stratus has long-term agreements with seven independent MUDs in Barton Creek ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 203.75 Td (to build the MUDs) Tj ET Q q 0 0 0 rg BT 131.33 203.75 Td ( utility systems and to be eligible for future reimbursements for the related costs. ) Tj ET Q q 0 0 0 rg BT 487.97 203.75 Td (The amount and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 191.75 Td (timing of MUD reimbursements depends upon the respective MUD having a suf) Tj ET Q q 0 0 0 rg BT 401.09 191.75 Td (ficient tax base within its district to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 179.75 Td (issue bonds and being able to obtain the necessary state approval for the sale of the bonds. Because the timing of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 167.75 Td (the issuance and approval of the bonds is subject to considerable uncertainty) Tj ET Q q 0 0 0 rg BT 390.59 167.75 Td (, coupled with the fact that interest ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 155.75 Td (rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 143.75 Td (are not known until approximately one month before the MUD reimbursements are received. ) Tj ET Q q 0 0 0 rg BT 460.02 143.75 Td (T) Tj ET Q q 0 0 0 rg BT 465.02 143.75 Td (o the extent the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 131.75 Td (reimbursements are less than the costs capitalized, Stratus records a loss when that determination is made. MUD ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 119.75 Td (reimbursements represent the actual amounts received.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.75 Td (Advertising Costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.35 95.75 Td () Tj ET Q q 0 0 0 rg BT 143.35 95.75 Td (Advertising costs are expensed as incurred and are included as a component of cost of sales. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 83.75 Td (Advertising costs totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.17 83.75 Td ($0.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.75 83.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.09 83.75 Td (201) Tj ET Q q 0 0 0 rg BT 241.03 83.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.59 83.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.83 83.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.08 83.75 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Income T) Tj ET Q q 0 0 0 rg BT 93.15 741.75 Td (axes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.18 741.75 Td (Stratus accounts for deferred income taxes utilizing an asset and liability method, whereby ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (deferred tax assets and liabilities are recognized based on the tax ef) Tj ET Q q 0 0 0 rg BT 351.67 729.75 Td (fects of temporary dif) Tj ET Q q 0 0 0 rg BT 444.86 729.75 Td (ferences between the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (financial statements and the tax basis of assets and liabilities, as measured by current enacted tax rates. ) Tj ET Q q 0 0 0 rg BT 515.07 717.75 Td (The ef) Tj ET Q q 0 0 0 rg BT 543.24 717.75 Td (fect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income in the period in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 98.73 633.75 Td (This process involves significant management judgment about assumptions that are subject to change ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (based on variances between projected and actual operating performance and changes in Stratus) Tj ET Q q 0 0 0 rg BT 480.46 621.75 Td ( business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (environment or operating or financial plans. See Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.03 609.75 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 294.59 609.75 Td ( for further discussion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (Earnings Per Share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.04 585.75 Td (Stratus) Tj ET Q q 0 0 0 rg BT 184.13 585.75 Td ( basic and diluted net loss per share of common stock were calculated by dividing the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (net loss attributable to Stratus common stock by the weighted average number of common shares outstanding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (during the year) Tj ET Q q 0 0 0 rg BT 116.16 561.75 Td (. Stock options and restricted stock units representing approximately 120,800 shares for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.48 561.75 Td (201) Tj ET Q q 0 0 0 rg BT 523.42 561.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.98 561.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (125,800 shares for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.17 549.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.41 549.75 Td ( were excluded from weighted average common shares outstanding for purposes of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (calculating diluted net loss per share because they were anti-dilutive, either because inclusion of the options would ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (result in a decrease of Stratus' net loss per share, or the stock options had exercise prices greater than the average ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (market price of Stratus' common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (Stock-Based Compensation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.58 489.75 Td (Compensation costs for share-based payments to employees, including stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (options, are measured at fair value and charged to expense over the requisite service period for awards that are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (expected to vest. ) Tj ET Q q 0 0 0 rg BT 128.20 465.75 Td (The fair value of stock options is determined using the Black-Scholes option valuation model. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (addition, for other stock-based awards under the plans, compensation costs are recognized based on the fair value ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (on the date of grant for restricted stock units. Stratus estimates forfeitures at the time of grant and revises those ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (estimates in subsequent periods if actual forfeitures dif) Tj ET Q q 0 0 0 rg BT 291.06 429.75 Td (fer from those estimates through the final vesting date of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (awards. See Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.27 417.75 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.83 417.75 Td ( for further discussion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (New ) Tj ET Q q 0 0 0 rg BT 72.97 393.75 Td (Accounting Standards.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.42 393.75 Td ( In May 201) Tj ET Q q 0 0 0 rg BT 233.93 393.75 Td (1 the Financial ) Tj ET Q q 0 0 0 rg BT 301.20 393.75 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 440.17 393.75 Td (ASB\) issued an ) Tj ET Q q 0 0 0 rg BT 511.32 393.75 Td (Accounting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (Standards Update \(ASU\) in connection with guidance for fair value measurements and disclosures. ) Tj ET Q q 0 0 0 rg BT 490.61 381.75 Td (This ) Tj ET Q q 0 0 0 rg BT 511.72 381.75 Td (ASU ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (clarifies the F) Tj ET Q q 0 0 0 rg BT 108.91 369.75 Td (ASB's intent on current guidance, modifies and changes certain guidance and principles, and expands ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (disclosures concerning Level 3 fair value measurements in the fair value hierarchy \(including quantitative ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (information about significant unobservable inputs within Level 3 of the fair value hierarchy\). In addition, this ) Tj ET Q q 0 0 0 rg BT 523.61 345.75 Td (ASU ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (requires disclosure of the fair value hierarchy for assets and liabilities not measured at fair value in the statement of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (financial position, but whose fair value is required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 342.76 321.75 Td (This ) Tj ET Q q 0 0 0 rg BT 363.88 321.75 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 405.38 321.75 Td (fective for interim and annual ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (reporting periods beginning after December 15, 201) Tj ET Q q 0 0 0 rg BT 278.29 309.75 Td (1, and early application is not permitted. Stratus is evaluating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (the manner of adopting this ) Tj ET Q q 0 0 0 rg BT 173.42 297.75 Td (ASU.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (In June 201) Tj ET Q q 0 0 0 rg BT 101.52 273.75 Td (1, the F) Tj ET Q q 0 0 0 rg BT 134.88 273.75 Td (ASB issued an ) Tj ET Q q 0 0 0 rg BT 202.70 273.75 Td (ASU in connection with accounting guidance on the presentation of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (comprehensive income. ) Tj ET Q q 0 0 0 rg BT 158.20 261.75 Td (The objective of this ) Tj ET Q q 0 0 0 rg BT 249.37 261.75 Td (ASU is to improve the comparability) Tj ET Q q 0 0 0 rg BT 407.02 261.75 Td (, consistency) Tj ET Q q 0 0 0 rg BT 464.08 261.75 Td (, and transparency of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (financial reporting and to increase the prominence of items reported in other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 496.73 249.75 Td (This ) Tj ET Q q 0 0 0 rg BT 517.85 249.75 Td (ASU ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (requires an entity to present the components of net income, other comprehensive income and total comprehensive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (income \(i.e. inluding net income\) either in a single continuous statement of comprehensive income or in two ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (seperate but consecutive statements. ) Tj ET Q q 0 0 0 rg BT 218.25 213.75 Td (This ) Tj ET Q q 0 0 0 rg BT 239.37 213.75 Td (ASU eliminates the option to present the components of other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (comprehensive income as part of the statement of equity) Tj ET Q q 0 0 0 rg BT 300.50 201.75 Td (, but does not change the items that must be reported in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 183.77 189.75 Td (This ) Tj ET Q q 0 0 0 rg BT 204.89 189.75 Td (ASU is ef) Tj ET Q q 0 0 0 rg BT 246.39 189.75 Td (fective for interim and annual reporting periods beginning after ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (December 15, 201) Tj ET Q q 0 0 0 rg BT 131.53 177.75 Td (1, and early adoption is permitted. Stratus is evaluating the manner of adopting this ) Tj ET Q q 0 0 0 rg BT 501.20 177.75 Td (ASU.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (2.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 741.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 741.75 Td (Joint V) Tj ET Q q 0 0 0 rg BT 93.90 741.75 Td (enture with Canyon-Johnson Urban Fund II, L.P) Tj ET Q q 0 0 0 rg BT 318.72 741.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (Stratus and Canyon-Johnson Urban Fund II, L.P) Tj ET Q q 0 0 0 rg BT 262.72 729.75 Td (. \(Canyon-Johnson\) are participants in a joint-venture for a 36-story ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (mixed-use development in downtown ) Tj ET Q q 0 0 0 rg BT 216.76 717.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 249.93 717.75 Td (T) Tj ET Q q 0 0 0 rg BT 254.93 717.75 Td (exas, anchored by a W Hotel & Residences \(the W ) Tj ET Q q 0 0 0 rg BT 482.26 717.75 Td (Austin Hotel & ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (Residences project\). Stratus is the manager of, and has an approximate 40 percent interest in, the joint venture, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (and Canyon-Johnson has an approximate 60 percent interest in the joint venture. ) Tj ET Q q 0 0 0 rg BT 410.79 693.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.35 693.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 517.88 693.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 523.44 693.75 Td (, capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (contributions totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.28 681.75 Td ($71.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.42 681.75 Td ( for Stratus and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.57 681.75 Td ($93.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 325.71 681.75 Td ( for Canyon-Johnson. ) Tj ET Q q 0 0 0 rg BT 423.92 681.75 Td (The joint venture has a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (construction loan with Beal Bank Nevada and a second lien loan with Hunter's Glen/Ford Investments LLC, to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (finance project costs \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.07 657.75 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.63 657.75 Td ( for further discussion\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (Upon formation of the joint venture, Stratus performed an initial evaluation and concluded that the joint venture was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (a variable interest entity \(VIE\) and that Stratus was the primary beneficiary) Tj ET Q q 0 0 0 rg BT 378.30 621.75 Td (. Stratus reevaluated the primary ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (beneficiary of the joint venture upon adoption of new consolidation guidance, ef) Tj ET Q q 0 0 0 rg BT 400.06 609.75 Td (fective January 1, 2010, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (concluded that Stratus is still the primary beneficiary) Tj ET Q q 0 0 0 rg BT 279.92 597.75 Td (, as Stratus has the power to direct the activities that most ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (significantly impact the joint venture) Tj ET Q q 0 0 0 rg BT 209.90 585.75 Td (s financial performance. Stratus also reevaluated and reaf) Tj ET Q q 0 0 0 rg BT 465.97 585.75 Td (firmed its previous ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (conclusion as to the VIE status and primary beneficiary of the joint venture as of the dates of the amendments to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (the operating agreement \(March 31, 2010, and June 24, 2010\). ) Tj ET Q q 0 0 0 rg BT 331.30 561.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 382.25 561.75 Td (, the W ) Tj ET Q q 0 0 0 rg BT 416.15 561.75 Td (Austin Hotel & Residences ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (project has been consolidated in Stratus) Tj ET Q q 0 0 0 rg BT 229.74 549.75 Td ( financial statements. Stratus will continue to evaluate the primary ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (beneficiary of this joint venture in accordance with applicable accounting guidance.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (In June 201) Tj ET Q q 0 0 0 rg BT 101.52 513.75 Td (1, there were a series of incidents in which glass attached to the railings on the balconies of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (condominium units at the W ) Tj ET Q q 0 0 0 rg BT 175.62 501.75 Td (Austin Hotel & Residences project broke and fell to the surrounding areas, including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (adjoining streets and the pool deck at the W ) Tj ET Q q 0 0 0 rg BT 246.79 489.75 Td (Austin Hotel. ) Tj ET Q q 0 0 0 rg BT 306.08 489.75 Td (These incidents resulted in the hotel being closed for 1) Tj ET Q q 0 0 0 rg BT 547.16 489.75 Td (1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (days during June and July 201) Tj ET Q q 0 0 0 rg BT 184.91 477.75 Td (1. Stratus investigated these matters and has taken precautionary measures to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (prevent further incidents. ) Tj ET Q q 0 0 0 rg BT 162.66 465.75 Td (The engineering and redesign of replacement railings is complete and Stratus currently ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (expects to substantially complete installation of the replacement railing system in second-quarter 2012. Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (recorded charges to cost of sales for the estimated repair costs totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.83 441.75 Td ($0.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.41 441.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.75 441.75 Td (201) Tj ET Q q 0 0 0 rg BT 446.69 441.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.25 441.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.23 417.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 143.75 417.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.32 417.75 Td (, Stratus) Tj ET Q q 0 0 0 rg BT 188.40 417.75 Td ( consolidated balance sheet includes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.63 417.75 Td ($263.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.33 417.75 Td ( in total assets and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.50 417.75 Td ($87.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 558.64 417.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (in total liabilities associated with the W ) Tj ET Q q 0 0 0 rg BT 222.30 405.75 Td (Austin Hotel & Residences project. ) Tj ET Q q 0 0 0 rg BT 378.87 405.75 Td (The assets associated with the W ) Tj ET Q q 0 0 0 rg BT 530.05 405.75 Td (Austin ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (Hotel & Residences project can only be used to settle obligations of the joint venture. ) Tj ET Q q 0 0 0 rg BT 427.82 393.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.83 393.75 Td ($263.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 509.54 393.75 Td ( of total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (assets associated with the project included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.33 381.75 Td ($5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.91 381.75 Td ( of cash and cash equivalents, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.22 381.75 Td ($54.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.36 381.75 Td ( of real estate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (held for sale, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 110.03 369.75 Td ($18.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.18 369.75 Td ( of real estate under development, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.72 369.75 Td ($170.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.42 369.75 Td ( of real estate held for investment and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td ($14.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.14 357.75 Td ( of other assets. ) Tj ET Q q 0 0 0 rg BT 179.89 357.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.90 357.75 Td ($87.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.04 357.75 Td ( of total liabilities associated with the project included ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.84 357.75 Td ($6.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.42 357.75 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (accounts payable, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.39 345.75 Td ($7.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 183.97 345.75 Td ( of accrued liabilities, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.57 345.75 Td ($1.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.15 345.75 Td ( of deposits, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.85 345.75 Td ($70.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.99 345.75 Td ( of debt and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.59 345.75 Td ($1.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.17 345.75 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (other liabilities. Stratus also guarantees certain obligations of the W ) Tj ET Q q 0 0 0 rg BT 350.17 333.75 Td (Austin Hotel & Residences project \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.26 333.75 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.83 333.75 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (Profits and losses between partners in a real estate venture should be allocated based on how changes in net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (assets of the venture would af) Tj ET Q q 0 0 0 rg BT 182.68 297.75 Td (fect cash payments to the investors over the life of the venture and on its liquidation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (The amount of the ultimate profits earned by the W ) Tj ET Q q 0 0 0 rg BT 277.34 285.75 Td (Austin Hotel & Residences project will af) Tj ET Q q 0 0 0 rg BT 456.13 285.75 Td (fect the ultimate profit ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (sharing ratios because of provisions in the joint venture agreement which would require Stratus to return certain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (previously received distributions to Canyon-Johnson under certain circumstances. Because of the uncertainty of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (ultimate profits and, therefore, profit-sharing ratios, the W ) Tj ET Q q 0 0 0 rg BT 305.12 249.75 Td (Austin Hotel & Residences project's cumulative profits or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (losses are allocated based on a hypothetical liquidation of the venture's net assets as of each balance sheet date. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.23 225.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 143.75 225.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.32 225.75 Td (, the cumulative losses for the W ) Tj ET Q q 0 0 0 rg BT 296.04 225.75 Td (Austin Hotel & Residences project were allocated based on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (44 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.26 213.75 Td ( for Stratus and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.40 213.75 Td (56 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.66 213.75 Td ( for Canyon-Johnson.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.75 Td (3.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 190.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 190.75 Td (Joint V) Tj ET Q q 0 0 0 rg BT 93.90 190.75 Td (enture with Moffett Holdings, LLC) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 178.75 Td (On February 28, 201) Tj ET Q q 0 0 0 rg BT 141.53 178.75 Td (1, Stratus entered into a joint venture with Mof) Tj ET Q q 0 0 0 rg BT 345.35 178.75 Td (fett Holdings, LLC \(Mof) Tj ET Q q 0 0 0 rg BT 447.44 178.75 Td (fett\) for the development ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 166.75 Td (of Parkside V) Tj ET Q q 0 0 0 rg BT 109.29 166.75 Td (illage, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 146.54 166.75 Td (92,473) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.12 166.75 Td (-square-foot retail project in the Circle C community) Tj ET Q q 0 0 0 rg BT 404.24 166.75 Td (. ) Tj ET Q q 0 0 0 rg BT 409.62 166.75 Td (The project consists of a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.78 166.75 Td (33,650) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 551.37 166.75 Td (-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 154.75 Td (square-foot full-service movie theater and restaurant, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.68 154.75 Td (13,890) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.26 154.75 Td (-square-foot medical clinic and five other retail ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 142.75 Td (buildings, including a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.62 142.75 Td (14,933) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.21 142.75 Td (-square-foot building, a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.27 142.75 Td (10,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 311.86 142.75 Td (-square-foot building, two ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.92 142.75 Td (7,500) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.94 142.75 Td (-square-foot buildings ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 130.75 Td (and a stand-alone ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.84 130.75 Td (5,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.87 130.75 Td (-square-foot building.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 106.75 Td (Stratus) Tj ET Q q 0 0 0 rg BT 83.53 106.75 Td ( initial capital contributions to the joint venture totaled $3.1 million, which consisted of a 23.03 acre tract of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.75 Td (land located in ) Tj ET Q q 0 0 0 rg BT 116.72 94.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 149.89 94.75 Td (T) Tj ET Q q 0 0 0 rg BT 154.89 94.75 Td (exas, the related property and development agreements for the land and other project costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 82.75 Td (incurred by Stratus before February 28, 201) Tj ET Q q 0 0 0 rg BT 243.25 82.75 Td (1. Mof) Tj ET Q q 0 0 0 rg BT 270.86 82.75 Td (fett made initial capital contributions to the joint venture totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 70.75 Td ($1.0 million and made additional capital contributions of $2.8 million to fund the development of the project. ) Tj ET Q q 0 0 0 rg BT 524.74 70.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 58.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 58.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 58.75 Td (, capital contributions totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.61 58.75 Td ($3.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.19 58.75 Td ( for Stratus and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 388.34 58.75 Td ($3.8 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.92 58.75 Td ( for Mof) Tj ET Q q 0 0 0 rg BT 472.64 58.75 Td (fett. ) Tj ET Q q 0 0 0 rg BT 491.91 58.75 Td (The joint ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 46.75 Td (venture has a construction loan with Comerica Bank to finance the development of Parkside V) Tj ET Q q 0 0 0 rg BT 465.61 46.75 Td (illage \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.87 46.75 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 543.43 46.75 Td ( for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (42) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (further discussion\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Stratus is the manager of the joint venture, and after the partners are repaid their original capital contributions and a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (preferred return on those contributions, Stratus will receive 80 percent of any distributions and Mof) Tj ET Q q 0 0 0 rg BT 483.94 705.75 Td (fett will receive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (20 percent. ) Tj ET Q q 0 0 0 rg BT 102.26 693.75 Td (As the manager of the joint venture with a majority of the voting and profit interest \(80 percent\), Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (consolidates this joint venture in its financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.75 Td (4.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 658.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 658.75 Td (Real Estate, net) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 636.25 m 447.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 636.25 m 457.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 636.25 m 532.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 636.25 m 447.5 636.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 624.25 m 447.5 624.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 624.25 m 532.5 624.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 546.25 m 447.5 546.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 546.25 m 532.5 546.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 390.25 m 447.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 390.25 m 532.5 390.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 366.25 m 447.5 366.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 366.25 m 532.5 366.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 337.25 m 447.5 337.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 335.25 m 447.5 335.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 337.25 m 532.5 337.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 335.25 m 532.5 335.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 639.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.20 639.20 Td (December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 627.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.30 627.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 627.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.45 627.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 615.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.30 615.20 Td (\(In Thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 603.20 Td (Real estate held for sale:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 603.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 603.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 603.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 591.20 Td (Developed lots and condominium units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 591.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 591.20 Td (74,003) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 450.00 597.57 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 591.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.45 591.20 Td (27,312) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 573.20 Td (Real estate under development:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 573.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 573.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 573.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 561.20 Td (W Austin Hotel & Residences) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 561.20 Td (18,432) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 561.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 561.20 Td (163,005) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 533.35 567.57 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 549.20 Td (Acreage and lots) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 549.20 Td (36,524) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 549.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.45 549.20 Td (26,052) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 537.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 537.20 Td (54,956) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 537.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 537.20 Td (189,057) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 519.20 Td (Land held for future development:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 519.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 519.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 519.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 507.20 Td (Undeveloped acreage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 507.20 Td (60,936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 507.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.45 507.20 Td (57,822) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 489.20 Td (Real estate held for investment:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 489.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 489.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 489.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 477.20 Td (W Austin Hotel & Residences) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 465.20 Td (Hotel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 465.20 Td (121,888) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 465.20 Td (115,858) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 453.20 Td (Entertainment venue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 453.20 Td (40,612) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 450.00 459.57 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.00 453.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 441.20 Td (Office and Retail) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.45 441.20 Td (15,400) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 450.00 447.57 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.00 441.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 429.20 Td (Barton Creek Village) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 429.20 Td (6,476) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 429.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.45 429.20 Td (6,415) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 417.20 Td (5700 Slaughter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 417.20 Td (5,866) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 417.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.45 417.20 Td (5,867) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 405.20 Td (Parkside Village) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 405.20 Td (2,686) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.00 405.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 393.20 Td (Furniture, fixtures and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 393.20 Td (1,787) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 393.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.95 393.20 Td (866) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 381.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 381.20 Td (194,715) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 381.20 Td (129,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 369.20 Td (Accumulated depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.45 369.20 Td (\(9,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.00 369.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 369.20 Td (\(1,997) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.00 369.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 357.20 Td (Total real estate held for investment, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 357.20 Td (185,221) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 450.35 363.57 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 357.20 Td (127,009) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 533.35 363.57 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 339.20 Td (Total real estate, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 339.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 339.20 Td (375,116) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.00 339.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 339.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 339.20 Td (401,200) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 319.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 319.95 Td (Includes $53.3 million of condominium unit assets, $35.6 million of entertainment venue assets and $14.8 million of of) Tj ET Q q 0 0 0 rg BT 535.10 319.95 Td (fice ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 309.15 Td (and retail assets reclassified from real estate under development related to the W ) Tj ET Q q 0 0 0 rg BT 393.67 309.15 Td (Austin Hotel & Residences project in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 298.35 Td (201) Tj ET Q q 0 0 0 rg BT 82.35 298.35 Td (1.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 281.55 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 281.55 Td (Excludes real estate held for investment, net of accumulated depreciation, totaling $15.2 million in 201) Tj ET Q q 0 0 0 rg BT 473.57 281.55 Td (1 and $16.0 million in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 270.75 Td (2010 associated with 7500 Rialto, which was reclassified as discontinued operations \(see Note 12\). ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 246.75 Td (Real estate held for sale.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.62 246.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.85 246.75 Td (A) Tj ET Q q 0 0 0 rg BT 168.96 246.75 Td ( developed lot is an individual tract of land that has been developed and permitted for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 234.75 Td (residential use. ) Tj ET Q q 0 0 0 rg BT 119.49 234.75 Td (A) Tj ET Q q 0 0 0 rg BT 125.61 234.75 Td ( developed lot may be sold with a home already built on it. ) Tj ET Q q 0 0 0 rg BT 384.65 234.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.21 234.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 491.74 234.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.30 234.75 Td (, Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 222.75 Td (owned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.25 222.75 Td (1) Tj ET Q q 0 0 0 rg BT 87.07 222.75 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.19 222.75 Td ( developed lots and 73 completed condominium units at the W ) Tj ET Q q 0 0 0 rg BT 376.13 222.75 Td (Austin Hotel & Residences project.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 198.75 Td (Real estate under development.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.76 198.75 Td ( ) Tj ET Q q 0 0 0 rg BT 193.98 198.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 206.21 198.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 287.74 198.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.30 198.75 Td (, the remaining W ) Tj ET Q q 0 0 0 rg BT 373.89 198.75 Td (Austin Hotel & Residences condominium ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 186.75 Td (units under development totaled 8 units. ) Tj ET Q q 0 0 0 rg BT 232.34 186.75 Td (Acreage under development includes real estate for which infrastructure ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (for the entire property is currently under construction and/or is expected to be completed, and necessary permits ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 162.75 Td (have been received, or on which commercial properties are under development. ) Tj ET Q q 0 0 0 rg BT 405.75 162.75 Td (Acreage under development at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 150.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 150.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 150.75 Td (, totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.45 150.75 Td (640) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.13 150.75 Td ( acres.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 126.75 Td (Land held for future development.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 199.55 126.75 Td ( Undeveloped acreage includes real estate that can be sold as is \(i.e., no ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 114.75 Td (infrastructure or development work has begun on such property\). Stratus) Tj ET Q q 0 0 0 rg BT 373.13 114.75 Td ( undeveloped acreage as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 102.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 102.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 102.75 Td (, included approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.71 102.75 Td (1,496) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.73 102.75 Td ( acres of land in ) Tj ET Q q 0 0 0 rg BT 345.55 102.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 378.72 102.75 Td (T) Tj ET Q q 0 0 0 rg BT 383.72 102.75 Td (exas, permitted for residential and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 90.75 Td (commercial development.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (43) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Real estate held for investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.63 741.75 Td ( ) Tj ET Q q 0 0 0 rg BT 193.23 741.75 Td (The W ) Tj ET Q q 0 0 0 rg BT 224.90 741.75 Td (Austin Hotel & Residences project includes a 251-room hotel, which opened ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (in December 2010. ) Tj ET Q q 0 0 0 rg BT 137.09 729.75 Td (The W ) Tj ET Q q 0 0 0 rg BT 168.76 729.75 Td (Austin Hotel & Residences project also includes ) Tj ET Q q 0 0 0 rg BT 382.77 729.75 Td (Austin City Limits Live at the Moody ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Theater \(ACL) Tj ET Q q 0 0 0 rg BT 109.65 717.75 Td ( Live\), an entertainment venue and production studio, with a maximum capacity of 3,000 people, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (approximately 41,000 square feet of of) Tj ET Q q 0 0 0 rg BT 220.48 705.75 Td (fice space and approximately 18,000 square feet of retail space. ) Tj ET Q q 0 0 0 rg BT 506.22 705.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 693.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 693.75 Td (, occupancy was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 213.79 693.75 Td (43 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.05 693.75 Td ( for the of) Tj ET Q q 0 0 0 rg BT 303.12 693.75 Td (fice space and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 370.38 693.75 Td (79 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.64 693.75 Td ( for the retail space. ) Tj ET Q q 0 0 0 rg BT 508.06 693.75 Td (The Barton ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (Creek V) Tj ET Q q 0 0 0 rg BT 85.94 681.75 Td (illage property includes a 22,000-square-foot retail complex, which was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.77 681.75 Td (100 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.59 681.75 Td ( leased at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 669.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 669.75 Td (, and a 3,300-square-foot bank building, which is leased through January 2023. ) Tj ET Q q 0 0 0 rg BT 489.92 669.75 Td (The 5700 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (Slaughter property includes two retail buildings totaling 21,000 square feet, which was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.45 657.75 Td (91 percent) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 479.70 657.75 Td ( leased at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 645.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 645.75 Td (. ) Tj ET Q q 0 0 0 rg BT 142.47 645.75 Td (The Parkside V) Tj ET Q q 0 0 0 rg BT 210.65 645.75 Td (illage property consists of a 92,473-square-foot retail complex in the Circle C ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (community) Tj ET Q q 0 0 0 rg BT 97.60 633.75 Td (, and 13,890 square feet opened in December 201) Tj ET Q q 0 0 0 rg BT 320.36 633.75 Td (1. ) Tj ET Q q 0 0 0 rg BT 330.92 633.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.15 633.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.64 633.75 Td (, Stratus had executed leases for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (64,647) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.59 621.75 Td ( square feet at Parkside V) Tj ET Q q 0 0 0 rg BT 195.47 621.75 Td (illage and leasing activities are ongoing.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (Stratus also owns two acres of undeveloped commercial property in San ) Tj ET Q q 0 0 0 rg BT 372.39 597.75 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 411.68 597.75 Td (T) Tj ET Q q 0 0 0 rg BT 416.68 597.75 Td (exas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.75 Td (5.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 574.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 574.75 Td (Fair V) Tj ET Q q 0 0 0 rg BT 88.35 574.75 Td (alue Measurements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.75 Td (Summarized below are the carrying values and estimated fair values of financial assets and liabilities \(in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.75 Td (thousands\).) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 528.25 m 325.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 528.25 m 329.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 528.25 m 404.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 528.25 m 483.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 528.25 m 487.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 528.25 m 562.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 504.25 m 325.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 504.25 m 404.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 504.25 m 483.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 504.25 m 562.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 504.25 m 325.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 504.25 m 404.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 504.25 m 483.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 504.25 m 562.5 504.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 531.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.80 531.20 Td (December 31, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.45 531.20 Td (December 31, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.45 517.65 Td (Carrying) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.30 508.65 Td (V) Tj ET Q q 0 0 0 rg BT 281.63 508.65 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.75 517.65 Td (Fair) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.30 508.65 Td (V) Tj ET Q q 0 0 0 rg BT 360.63 508.65 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 517.65 Td (Carrying) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.30 508.65 Td (V) Tj ET Q q 0 0 0 rg BT 439.63 508.65 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.75 517.65 Td (Fair) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.30 508.65 Td (V) Tj ET Q q 0 0 0 rg BT 518.63 508.65 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 495.20 Td (Cash and cash equivalents) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 161.07 499.49 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 495.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 495.20 Td (7,695) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 495.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 495.20 Td (7,695) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 495.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 495.20 Td (11,307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 495.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 495.20 Td (11,307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 483.20 Td (Accounts and notes receivable) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 175.58 487.49 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 483.20 Td (2,210) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 483.20 Td (2,210) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 483.20 Td (804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 483.20 Td (804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 471.20 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 212.60 475.49 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 471.20 Td (18,977) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 471.20 Td (18,977) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 471.20 Td (27,041) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 471.20 Td (27,041) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 459.20 Td (Debt) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 72.01 463.49 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.45 459.20 Td (158,451) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.45 459.20 Td (157,529) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 459.20 Td (180,841) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 459.20 Td (180,636) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 439.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 439.95 Td (Fair value approximates the carrying amounts because of the short-term nature of these instruments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 423.15 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 423.15 Td (Fair value of substantially all of Stratus) Tj ET Q q 0 0 0 rg BT 223.74 423.15 Td ( debt is estimated based on discounted future expected cash flows at estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 412.35 Td (current interest rates. ) Tj ET Q q 0 0 0 rg BT 155.37 412.35 Td (The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 401.55 Td (of the loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.75 Td (6.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 378.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 378.75 Td (Investment in Unconsolidated ) Tj ET Q q 0 0 0 rg BT 205.77 378.75 Td (Affiliate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 366.75 Td (In 2005, Stratus formed a joint venture with ) Tj ET Q q 0 0 0 rg BT 243.26 366.75 Td (T) Tj ET Q q 0 0 0 rg BT 248.99 366.75 Td (rammell Crow Central ) Tj ET Q q 0 0 0 rg BT 348.28 366.75 Td (T) Tj ET Q q 0 0 0 rg BT 353.28 366.75 Td (exas Development, Inc. \(T) Tj ET Q q 0 0 0 rg BT 469.62 366.75 Td (rammell Crow\) to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 354.75 Td (acquire an approximate 74-acre tract at the intersection of ) Tj ET Q q 0 0 0 rg BT 308.48 354.75 Td (Airport Boulevard and Lamar Boulevard in ) Tj ET Q q 0 0 0 rg BT 496.92 354.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 530.09 354.75 Td (T) Tj ET Q q 0 0 0 rg BT 535.09 354.75 Td (exas, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 342.75 Td (for $7.7 million. ) Tj ET Q q 0 0 0 rg BT 120.41 342.75 Td (The property) Tj ET Q q 0 0 0 rg BT 176.36 342.75 Td (, known as Crestview Station, is a single-family) Tj ET Q q 0 0 0 rg BT 383.47 342.75 Td (, multi-family) Tj ET Q q 0 0 0 rg BT 438.84 342.75 Td (, retail and of) Tj ET Q q 0 0 0 rg BT 496.47 342.75 Td (fice ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 330.75 Td (development, which is located on the commuter rail line approved by City of ) Tj ET Q q 0 0 0 rg BT 386.84 330.75 Td (Austin voters. With ) Tj ET Q q 0 0 0 rg BT 472.80 330.75 Td (T) Tj ET Q q 0 0 0 rg BT 478.54 330.75 Td (rammell Crow) Tj ET Q q 0 0 0 rg BT 539.65 330.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 318.75 Td (Stratus has completed environmental remediation, which the State of ) Tj ET Q q 0 0 0 rg BT 357.76 318.75 Td (T) Tj ET Q q 0 0 0 rg BT 362.76 318.75 Td (exas certified as complete in September ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 306.75 Td (2007, and permitting of the property) Tj ET Q q 0 0 0 rg BT 207.69 306.75 Td (. ) Tj ET Q q 0 0 0 rg BT 213.07 306.75 Td (The initial phase of utility and roadway infrastructure is complete.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 282.75 Td (In connection with funding the development of Crestview Station, the joint venture entered into a loan agreement in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 270.75 Td (2005 with Comerica \(the Crestview Loan ) Tj ET Q q 0 0 0 rg BT 232.31 270.75 Td (Agreement\), pursuant to which the joint venture borrowed funds in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 258.75 Td (principal amount of $7.6 million. In November 2007, the joint venture amended the Crestview Loan ) Tj ET Q q 0 0 0 rg BT 487.48 258.75 Td (Agreement to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 246.75 Td (increase the amount of availability under the loan to $10.9 million. Stratus and ) Tj ET Q q 0 0 0 rg BT 396.69 246.75 Td (T) Tj ET Q q 0 0 0 rg BT 402.43 246.75 Td (rammell Crow) Tj ET Q q 0 0 0 rg BT 463.55 246.75 Td (, the joint venture) Tj ET Q q 0 0 0 rg BT 542.30 246.75 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 234.75 Td (operating partner) Tj ET Q q 0 0 0 rg BT 125.61 234.75 Td (, each executed guarantees of payment in connection with the Crestview Loan ) Tj ET Q q 0 0 0 rg BT 474.16 234.75 Td (Agreement. Each ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 222.75 Td (partner severally guaranteed the joint venture) Tj ET Q q 0 0 0 rg BT 253.28 222.75 Td (s principal payment obligations under the Crestview Loan ) Tj ET Q q 0 0 0 rg BT 508.98 222.75 Td (Agreement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 210.75 Td (up to a maximum of $1.9 million each, plus certain interest payments and related costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 186.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.57 186.75 Td (August 20, 2009, Stratus and ) Tj ET Q q 0 0 0 rg BT 197.70 186.75 Td (T) Tj ET Q q 0 0 0 rg BT 203.44 186.75 Td (rammell Crow entered into a fifth modification of the Crestview Loan ) Tj ET Q q 0 0 0 rg BT 505.80 186.75 Td (Agreement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 174.75 Td (with an ef) Tj ET Q q 0 0 0 rg BT 92.62 174.75 Td (fective date of May 31, 2009. Prior to the execution of the fifth loan modification, the joint venture paid ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 162.75 Td ($1.0 million to Comerica to reduce the outstanding loan balance to $8.2 million. ) Tj ET Q q 0 0 0 rg BT 402.25 162.75 Td (The modification agreement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 150.75 Td (extended the loan maturity date to May 31, 2012, and lowered each joint venture partner) Tj ET Q q 0 0 0 rg BT 441.18 150.75 Td () Tj ET Q q 0 0 0 rg BT 443.22 150.75 Td (s guarantee from $1.9 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 138.75 Td (million to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.24 138.75 Td ($1.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.82 138.75 Td (. ) Tj ET Q q 0 0 0 rg BT 148.19 138.75 Td (The principal amount of the loan was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.40 138.75 Td ($7.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.98 138.75 Td ( on December 31, 201) Tj ET Q q 0 0 0 rg BT 463.19 138.75 Td (1. Stratus and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 126.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.74 126.75 Td (rammell Crow are equally funding monthly interest payments on the outstanding loan balance and scheduled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 114.75 Td (principal payments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Crestview Station sold substantially all of its multi-family and commercial properties in 2007 and one commercial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (site in 2008. Stratus) Tj ET Q q 0 0 0 rg BT 140.23 729.75 Td ( equity in Crestview Station) Tj ET Q q 0 0 0 rg BT 262.89 729.75 Td (s losses totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.59 729.75 Td ($0.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 385.17 729.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.51 729.75 Td (201) Tj ET Q q 0 0 0 rg BT 414.45 729.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.01 729.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.26 729.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 464.50 729.75 Td (. Summarized, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (unaudited financial information for Crestview Station follows \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 695.25 m 325.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 695.25 m 404.5 695.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 698.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.80 698.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 698.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td (Years Ended December 31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td (Gross loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 674.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 674.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Net loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.95 662.20 Td (\(674) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 662.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 662.20 Td (\(645) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.00 662.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (At December 31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 638.20 Td (Total assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 638.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 638.20 Td (14,393) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 638.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 638.20 Td (14,510) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 626.20 Td (Total liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 626.20 Td (7,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 626.20 Td (8,343) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 614.20 Td (Total equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 614.20 Td (6,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 614.20 Td (6,167) Tj ET Q BT /F4 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.75 Td (7.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 588.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 588.75 Td (Debt) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 566.25 m 483.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 566.25 m 487.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 566.25 m 562.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 566.25 m 483.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 554.25 m 483.5 554.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 566.25 m 562.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 554.25 m 562.5 554.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 374.25 m 483.5 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 374.25 m 487.5 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 374.25 m 562.5 374.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 363.25 m 483.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 361.25 m 483.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 363.25 m 562.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 361.25 m 562.5 361.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 569.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.70 569.20 Td (December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 557.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 557.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 557.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 545.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.80 545.20 Td (\(In Thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 533.20 Td (Beal Bank loan,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 533.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 533.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 521.20 Td (average interest rate 10.0% in 2011 and 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 521.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 521.20 Td (67,872) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 521.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 521.20 Td (81,020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 509.20 Td (Comerica credit facility,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 509.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 509.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 497.20 Td (average interest rate 6.12% in 2011 and 5.83% in 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 497.20 Td (38,348) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 497.20 Td (24,810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 485.20 Td (Unsecured term loans,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 485.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 485.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 473.20 Td (average interest rate 8.75% in 2011 and 8.21% in 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 473.20 Td (36,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 473.20 Td (36,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 461.20 Td (Slaughter term loan,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 449.20 Td (average interest rate 6.95% in 2011 and 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 449.20 Td (5,243) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 449.20 Td (4,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 437.20 Td (Barton Creek Village term loan,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 437.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 437.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 425.20 Td (average interest rate 6.25% in 2011 and 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 425.20 Td (4,477) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 425.20 Td (4,566) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 413.20 Td (Parkside Village loan,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 413.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 413.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 401.20 Td (average interest rate 5.0% in 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 401.20 Td (4,034) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 401.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 389.20 Td (Ford loan,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 389.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 389.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 377.20 Td (average interest rate 17.5% in 2011 and 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 377.20 Td (2,477) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 377.20 Td (30,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 365.20 Td (Total Debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 365.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 365.20 Td (158,451) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 365.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 365.20 Td (180,841) Tj ET Q BT /F4 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 338.75 Td (Beal Bank Loan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 123.39 338.75 Td (On October 21, 2009, the joint venture with Canyon-Johnson obtained construction financing from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 326.75 Td (Beal Bank Nevada \(Beal Bank\). Pursuant to the Beal Bank loan, the joint venture may borrow up to an aggregate of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 314.75 Td ($120.0 million to fund the construction, development and marketing costs of the W ) Tj ET Q q 0 0 0 rg BT 415.76 314.75 Td (Austin Hotel & Residences ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 302.75 Td (project. ) Tj ET Q q 0 0 0 rg BT 85.39 302.75 Td (The Beal Bank loan is secured by the W ) Tj ET Q q 0 0 0 rg BT 265.49 302.75 Td (Austin Hotel & Residences project assets, which had a net book ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 290.75 Td (value of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.80 290.75 Td ($237.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.51 290.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.40 290.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 244.93 290.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.49 290.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 266.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.27 266.75 Td (fective June 30, 2010, the joint venture with Canyon-Johnson and Beal Bank entered into a modification ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 254.75 Td (agreement, which increased the annual interest rate applicable to amounts borrowed under the Beal Bank loan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 242.75 Td (agreement to ) Tj ET Q q 0 0 0 rg BT 111.52 242.75 Td (The W) Tj ET Q q 0 0 0 rg BT 140.60 242.75 Td (all Street Journal Prime Rate, as it changes from time to time, plus 6.75 percent. ) Tj ET Q q 0 0 0 rg BT 497.80 242.75 Td (The prior ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 230.75 Td (applicable annual interest rate was ) Tj ET Q q 0 0 0 rg BT 206.58 230.75 Td (The W) Tj ET Q q 0 0 0 rg BT 235.66 230.75 Td (all Street Journal Prime Rate, as it changes from time to time, plus 6.25 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 218.75 Td (percent. ) Tj ET Q q 0 0 0 rg BT 88.73 218.75 Td (The outstanding principal is due at maturity on October 21, 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 194.75 Td (Borrowed amounts may not be prepaid, in whole or in part, prior to July 2, 2013. Borrowed amounts may be prepaid ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 182.75 Td (in whole or in part after July 2, 2013, and on or prior to July 2, 2014, subject to a prepayment fee equal to one ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 170.75 Td (percent of the amount of principal being prepaid. Optional prepayments made after July 2, 2014, are not subject to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 158.75 Td (prepayment premiums or fees. In addition, as and when residential condominium units are sold, all net sales ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 146.75 Td (proceeds from the sale of the residential units and all net operating income \(each as defined under the Beal Bank ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 134.75 Td (loan agreement\) must be of) Tj ET Q q 0 0 0 rg BT 172.11 134.75 Td (fered to Beal Bank as a principal prepayment under the loan agreement. Beal Bank, in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 122.75 Td (its sole discretion, may at any time elect to accept or reject any of) Tj ET Q q 0 0 0 rg BT 338.84 122.75 Td (fered prepayments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 98.75 Td (The Beal Bank loan agreement contains customary financial covenants, including a requirement that Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 86.75 Td (maintain a minimum total stockholders) Tj ET Q q 0 0 0 rg BT 221.92 86.75 Td ( equity balance of $120.0 million, and other restrictions. Stratus) Tj ET Q q 0 0 0 rg BT 502.81 86.75 Td ( total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 74.75 Td (stockholders equity balance was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.75 74.75 Td ($1) Tj ET Q q 0 0 0 rg BT 207.13 74.75 Td (18.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.71 74.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.61 74.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 353.13 74.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.70 74.75 Td ( \(see Note 13\). ) Tj ET Q q 0 0 0 rg BT 427.44 74.75 Td (The full payment and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 62.75 Td (performance obligations under the loan have been guaranteed by each of Stratus and Canyon-Johnson.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (45) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Comerica Credit Facility) Tj ET Q q 0 0 0 rg BT 155.39 741.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.73 741.75 Td (Stratus had a $45.0 million credit facility with Comerica, which sets limitations on liens ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (and transactions with af) Tj ET Q q 0 0 0 rg BT 154.88 729.75 Td (filiates and requires that certain financial ratios be maintained. ) Tj ET Q q 0 0 0 rg BT 431.52 729.75 Td (This credit facility is secured ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (by certain assets at the Barton Creek and Circle C communities, which had a net book value of $106.5 million at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 705.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 705.75 Td (. On ) Tj ET Q q 0 0 0 rg BT 158.21 705.75 Td (April 7, 2010, Stratus extended and modified its credit facility) Tj ET Q q 0 0 0 rg BT 425.39 705.75 Td (, ef) Tj ET Q q 0 0 0 rg BT 439.11 705.75 Td (fective as of March 31, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (2010, such that the existing $45.0 million facility was replaced with a $35.0 million revolving loan and a $10.0 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (term loan. ) Tj ET Q q 0 0 0 rg BT 96.69 681.75 Td (Any amounts repaid under the $10.0 million term loan are not available for future advance to Stratus. ) Tj ET Q q 0 0 0 rg BT 544.55 681.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (applicable interest rate for the revolving loan is LIBOR plus 4 percent, with a minimum rate of 6 percent, and the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (applicable interest rate for the term loan is LIBOR plus 5 percent, with a minimum rate of 7 percent. ) Tj ET Q q 0 0 0 rg BT 490.58 657.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (outstanding principal from both loans is due at maturity on May 30, 2012.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (Interest payments are due monthly on amounts outstanding under the $35.0 million revolving loan. ) Tj ET Q q 0 0 0 rg BT 487.30 621.75 Td (The $10.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (million term loan required monthly interest only payments for the first year) Tj ET Q q 0 0 0 rg BT 374.58 609.75 Td (, and quarterly principal payments of $0.5 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (million beginning on June 1, 201) Tj ET Q q 0 0 0 rg BT 192.70 597.75 Td (1, in addition to the monthly interest payments. In addition, any distributions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (received by Stratus from its investment in the W ) Tj ET Q q 0 0 0 rg BT 263.97 585.75 Td (Austin Hotel & Residences project shall, after repayment of any ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (amounts due under the Beal Bank and Ford loans, be paid to Comerica and applied against the $10.0 million term ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (loan to the extent of any outstanding amounts.) Tj ET Q q 0 0 0 rg BT 257.74 561.75 Td (The availability of the $10.0 term loan was reduced by $1.5 million of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (principal payments during 201) Tj ET Q q 0 0 0 rg BT 182.67 549.75 Td (1. ) Tj ET Q q 0 0 0 rg BT 193.61 549.75 Td (The modified Comerica credit facility also increased Stratus) Tj ET Q q 0 0 0 rg BT 458.34 549.75 Td ( minimum net worth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (covenant from $80.0 million to $120.0 million \(see Note 13\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (On September 30, 201) Tj ET Q q 0 0 0 rg BT 150.43 513.75 Td (1, Stratus obtained a $5.0 million term loan with Comerica, which will mature in May 2012, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (secured by a second lien on the assets securing the credit facility) Tj ET Q q 0 0 0 rg BT 337.19 501.75 Td (. ) Tj ET Q q 0 0 0 rg BT 342.57 501.75 Td (The applicable interest rate is LIBOR plus 5 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (percent, with a minimum rate of 7 percent, and payments of accrued interest are due monthly beginning on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (November 5, 201) Tj ET Q q 0 0 0 rg BT 125.97 477.75 Td (1. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.23 453.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 143.75 453.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.32 453.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.87 453.75 Td ($27.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.02 453.75 Td ( was outstanding under the revolving loan, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.14 453.75 Td ($8.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.72 453.75 Td ( was outstanding under ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (the term loan and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.61 441.75 Td ($2.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.19 441.75 Td ( was outstanding under the new $5.0 million term loan. ) Tj ET Q q 0 0 0 rg BT 425.22 441.75 Td (A) Tj ET Q q 0 0 0 rg BT 431.34 441.75 Td ( principal payment of $5.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (million was made on the credit facility in March 2012, with proceeds from the sale of common stock \(see Note 13\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (Unsecured T) Tj ET Q q 0 0 0 rg BT 106.33 405.75 Td (erm Loans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.91 405.75 Td (Stratus has $36.0 million of borrowings outstanding under seven unsecured term loans ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (with ) Tj ET Q q 0 0 0 rg BT 70.01 393.75 Td (American Strategic Income Portfolio Inc. \(ASIP) Tj ET Q q 0 0 0 rg BT 276.03 393.75 Td (, formerly First ) Tj ET Q q 0 0 0 rg BT 342.14 393.75 Td (American ) Tj ET Q q 0 0 0 rg BT 386.60 393.75 Td (Asset Management or F) Tj ET Q q 0 0 0 rg BT 492.76 393.75 Td (AAM\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (including two $5.0 million loans, an $8.0 million loan, a $7.0 million loan, a $4.0 million loan and two $3.5 million ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (loans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (On ) Tj ET Q q 0 0 0 rg BT 65.57 345.75 Td (April 7, 2010, Stratus extended and modified the ) Tj ET Q q 0 0 0 rg BT 281.82 345.75 Td (ASIP) Tj ET Q q 0 0 0 rg BT 304.43 345.75 Td ( loans ef) Tj ET Q q 0 0 0 rg BT 342.05 345.75 Td (fective as of March 31, 2010. Stratus repaid $2.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (million in March 2010, and $2.0 million in June 2010, and the remaining maturities were $9.0 million in December ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (201) Tj ET Q q 0 0 0 rg BT 65.94 321.75 Td (1, $3.5 million in December 2012, $15.0 million in December 2013 and $8.5 million in December 2014. On ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (December 7, 201) Tj ET Q q 0 0 0 rg BT 125.97 309.75 Td (1, Stratus extended and modified the ) Tj ET Q q 0 0 0 rg BT 291.64 309.75 Td (ASIP) Tj ET Q q 0 0 0 rg BT 314.24 309.75 Td ( loans ef) Tj ET Q q 0 0 0 rg BT 351.87 309.75 Td (fective as of November 1, 201) Tj ET Q q 0 0 0 rg BT 483.97 309.75 Td (1. In connection ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (with the modifications, Stratus repaid $2.0 million in January 2012 and $2.0 million in February 2012 and extended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (the maturity of the remaining $5.0 million due December 201) Tj ET Q q 0 0 0 rg BT 317.18 285.75 Td (1 to December 2012. Stratus also accelerated the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.75 Td (maturity of the $15.0 million due December 2013 to June 2013. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (The applicable interest rate for all seven ) Tj ET Q q 0 0 0 rg BT 229.55 249.75 Td (ASIP) Tj ET Q q 0 0 0 rg BT 252.15 249.75 Td ( loans is 8.75 percent. In addition, the debt service coverage ratio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (covenant contained in the loan agreements was modified such that Stratus will remain compliant with the covenant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (so long as Stratus maintains total stockholders) Tj ET Q q 0 0 0 rg BT 258.07 225.75 Td ( equity of no less than $120.0 million \(see Note 13\). ) Tj ET Q q 0 0 0 rg BT 488.57 225.75 Td (The modified ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (loan agreements prohibit common stock repurchases while any of the loans are outstanding. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (Slaughter T) Tj ET Q q 0 0 0 rg BT 100.78 189.75 Td (erm Loan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.80 189.75 Td ( Stratus has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.94 189.75 Td ($5.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.52 189.75 Td ( of borrowings outstanding under a $5.4 million term loan, which will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.75 Td (mature in January 2015. ) Tj ET Q q 0 0 0 rg BT 160.44 177.75 Td (The Slaughter term loan is secured by 5700 Slaughter) Tj ET Q q 0 0 0 rg BT 399.47 177.75 Td (, which had a net book value of $5.2 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 165.75 Td (million at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.24 165.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 173.76 165.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.33 165.75 Td (. ) Tj ET Q q 0 0 0 rg BT 184.70 165.75 Td (The applicable interest rate is 6.95 percent, and payments of principal and interest ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 153.75 Td (are due monthly) Tj ET Q q 0 0 0 rg BT 120.97 153.75 Td (. Stratus used the proceeds from this loan for general corporate purposes.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 129.75 Td (Barton Creek V) Tj ET Q q 0 0 0 rg BT 118.18 129.75 Td (illage T) Tj ET Q q 0 0 0 rg BT 149.50 129.75 Td (erm Loan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.53 129.75 Td ( In March 2009, Stratus borrowed $4.7 million under a term loan, which will mature ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.01 117.75 Td (April 2014. ) Tj ET Q q 0 0 0 rg BT 110.42 117.75 Td (The Barton Creek V) Tj ET Q q 0 0 0 rg BT 198.61 117.75 Td (illage term loan is secured by Barton Creek V) Tj ET Q q 0 0 0 rg BT 399.08 117.75 Td (illage, which had a net book value of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 105.75 Td ($5.4 million at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.48 105.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 196.01 105.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.57 105.75 Td (. ) Tj ET Q q 0 0 0 rg BT 206.94 105.75 Td (The applicable interest rate is 6.25 percent, and payments of interest and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 93.75 Td (principal are due monthly) Tj ET Q q 0 0 0 rg BT 160.99 93.75 Td (. Stratus used the proceeds from this loan for general corporate purposes.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 69.75 Td (Parkside V) Tj ET Q q 0 0 0 rg BT 98.17 69.75 Td (illage Loan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 149.33 69.75 Td ( On May 17, 201) Tj ET Q q 0 0 0 rg BT 222.51 69.75 Td (1, the joint venture entered into a Construction Loan ) Tj ET Q q 0 0 0 rg BT 454.89 69.75 Td (Agreement and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 57.75 Td (Promissory Note with Comerica Bank to finance the development of Parkside V) Tj ET Q q 0 0 0 rg BT 400.54 57.75 Td (illage. Pursuant to the loan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 45.75 Td (agreement, the joint venture may borrow up to an aggregate of $13.7 million to fund the construction and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (46) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (development costs of Parkside V) Tj ET Q q 0 0 0 rg BT 195.45 741.75 Td (illage. ) Tj ET Q q 0 0 0 rg BT 226.58 741.75 Td (At Stratus' option, amounts borrowed will bear interest at a per annum rate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (equal to the base rate as defined in the loan agreement plus one percent or the London Interbank Of) Tj ET Q q 0 0 0 rg BT 494.02 729.75 Td (fered Rate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (\(LIBOR\) plus three percent. ) Tj ET Q q 0 0 0 rg BT 177.65 717.75 Td (The loan agreement contains customary financial covenants and other restrictions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (The outstanding principal balance of the note, together with all accrued and unpaid interest is due and payable on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (May 31, 2013. ) Tj ET Q q 0 0 0 rg BT 118.75 693.75 Td (The loan may be prepaid in whole or in part at any time prior to maturity without penalty or premium. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (The loan may be extended for an additional one-year term upon its maturity) Tj ET Q q 0 0 0 rg BT 382.78 681.75 Td (. ) Tj ET Q q 0 0 0 rg BT 388.15 681.75 Td (The loan is secured by a lien on the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (assets of the Parkside V) Tj ET Q q 0 0 0 rg BT 157.65 669.75 Td (illage project, which had a net book value of $12.8 million at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.48 669.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 506.01 669.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.57 669.75 Td (. ) Tj ET Q q 0 0 0 rg BT 519.73 669.75 Td (The full ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (payment and performance of the loan agreement is guaranteed by Stratus. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (Ford Loan.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.36 633.75 Td ( On ) Tj ET Q q 0 0 0 rg BT 116.71 633.75 Td (April 6, 2010, Stratus and Canyon-Johnson entered into a $30.0 million loan with Hunter) Tj ET Q q 0 0 0 rg BT 506.21 633.75 Td () Tj ET Q q 0 0 0 rg BT 508.25 633.75 Td (s Glen/Ford ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (Investments I LLC \(the Ford loan\) ef) Tj ET Q q 0 0 0 rg BT 209.89 621.75 Td (fective as of March 31, 2010. ) Tj ET Q q 0 0 0 rg BT 340.89 621.75 Td (This loan is secured by a second lien on the W ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (Austin Hotel & Residences project assets, which had a net book value of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.52 609.75 Td ($237.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 435.22 609.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.12 609.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 530.64 609.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.21 609.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (Amounts borrowed under the Ford loan bear interest at an annual rate equal to 17.5 percent. Interest will accrue ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (and can either be paid annually or added to the principal. ) Tj ET Q q 0 0 0 rg BT 304.44 585.75 Td (The outstanding principal and accrued unpaid interest are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (due at maturity on March 31, 2012. ) Tj ET Q q 0 0 0 rg BT 207.69 573.75 Td (The lender will have the option to extend the loan maturity date on the Ford loan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (for two additional one-year periods upon payment by the joint venture of a $50,000 extension fee for each of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (respective extension options exercised. Optional prepayments made after the first anniversary) Tj ET Q q 0 0 0 rg BT 465.02 549.75 Td (, ) Tj ET Q q 0 0 0 rg BT 470.03 549.75 Td (April 6, 201) Tj ET Q q 0 0 0 rg BT 519.87 549.75 Td (1, are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (not subject to prepayment premiums or fees. In addition, after ) Tj ET Q q 0 0 0 rg BT 324.59 537.75 Td (April 6, 201) Tj ET Q q 0 0 0 rg BT 374.43 537.75 Td (1, the lender) Tj ET Q q 0 0 0 rg BT 429.48 537.75 Td (, with permission from Beal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (Bank, may require prepayment, but solely from the proceeds from the sale of W ) Tj ET Q q 0 0 0 rg BT 404.05 525.75 Td (Austin Hotel & Residences project ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (residential units. Stratus has guaranteed payment of principal and interest under the loan and completion of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (project in connection with this loan agreement. ) Tj ET Q q 0 0 0 rg BT 258.27 501.75 Td (The Ford loan agreement contains a covenant requiring that Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (maintain a minimum total stockholders) Tj ET Q q 0 0 0 rg BT 221.92 489.75 Td ( equity balance of $120.0 million \(see Note 13\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 100.40 465.75 Td (, the Ford loan agreement provides for a profits interest in the joint venture. ) Tj ET Q q 0 0 0 rg BT 434.29 465.75 Td (The profits interest provides ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (that Ford will receive 95 percent of the operating cash flow and net proceeds from capital events of the joint venture ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (up to a maximum payment of $750,000 if paid on ) Tj ET Q q 0 0 0 rg BT 269.02 441.75 Td (April 6, 201) Tj ET Q q 0 0 0 rg BT 318.87 441.75 Td (1, and increased each full or partial month thereafter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (by $62,500 until the Ford loan and profits interest are paid in full.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (On ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 66.12 405.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 147.65 405.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 153.21 405.75 Td (, the Ford loan had an outstanding balance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.25 405.75 Td ($2.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.83 405.75 Td (. In first-quarter 2012, Stratus fully ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (repaid the Ford loan and generated operating cash flow) Tj ET Q q 0 0 0 rg BT 295.17 393.75 Td (, as defined in the profits interest agreement, which entitled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (Ford to a profits interest of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.50 381.75 Td ($1.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.08 381.75 Td (, resulting in a charge to interest expense \(before capitalized interest\) of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (approximately $1.2 million in first-quarter 2012. Stratus has no further obligation under the profits interest ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (agreement.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (Maturities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.12 333.75 Td ( ) Tj ET Q q 0 0 0 rg BT 98.72 333.75 Td (The following table summarizes our debt maturities as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.61 333.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 433.14 333.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.70 333.75 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 311.25 m 253.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 311.25 m 332.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 311.25 m 409.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 311.25 m 486.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 311.25 m 563.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 311.25 m 253.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 311.25 m 332.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 311.25 m 409.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 311.25 m 486.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 311.25 m 563.5 311.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 227.25 m 253.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 227.25 m 332.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 227.25 m 409.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 227.25 m 486.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 227.25 m 563.5 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 216.25 m 253.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 214.25 m 253.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 216.25 m 332.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 214.25 m 332.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 216.25 m 409.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 214.25 m 409.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 216.25 m 486.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 214.25 m 486.5 214.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 216.25 m 563.5 216.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 214.25 m 563.5 214.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 314.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.45 314.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.00 314.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.45 314.20 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.45 314.20 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.45 314.20 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.95 314.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 302.20 Td (Beal Bank Loan) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.00 302.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.00 302.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.00 302.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.00 302.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 302.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.00 302.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 302.20 Td (67,872) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.00 302.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.00 302.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.00 302.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 302.20 Td (67,872) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 290.20 Td (Comerica Credit Facility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.45 290.20 Td (38,348) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 254.35 296.57 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.00 290.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 290.20 Td (38,348) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 278.20 Td (Unsecured Term Loans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.45 278.20 Td (12,500) Tj ET Q BT /F3 6.50 Tf ET q 0 0 0 rg BT 254.15 285.32 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.45 278.20 Td (15,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 278.20 Td (8,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.00 278.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 278.20 Td (36,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 266.20 Td (Ford Loan) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.45 266.20 Td (2,477) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 254.50 272.57 Td (c) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.45 266.20 Td (2,477) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 254.20 Td (Slaughter Term Loan) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.95 254.20 Td (81) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.00 254.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 254.20 Td (89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 254.20 Td (95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 254.20 Td (4,978) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.45 254.20 Td (5,243) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 242.20 Td (Barton Creek Village Loan) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.95 242.20 Td (94) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.00 242.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.95 242.20 Td (100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 242.20 Td (4,283) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.00 242.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.45 242.20 Td (4,477) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 230.20 Td (Parkside Village Loan) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.00 230.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.45 230.20 Td (4,034) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.00 230.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.00 230.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.45 230.20 Td (4,034) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 218.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.00 218.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.45 218.20 Td (53,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.00 218.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.00 218.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.45 218.20 Td (19,223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.00 218.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 218.20 Td (80,750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.00 218.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 218.20 Td (4,978) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.00 218.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 218.20 Td (158,451) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 198.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 198.95 Td (Principal payment of $5.0 million was made in March 2012. ) Tj ET Q q 0 0 0 rg BT 305.12 198.95 Td (Amount outstanding as of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.69 198.95 Td (March 20, 2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.23 198.95 Td (, totaling $37.4 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 188.15 Td (matures in May 2012.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 171.35 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 171.35 Td (Loan repayments of $2.0 million each were made in January 2012 and February 2012. Remaining loans totaling $8.5 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 160.55 Td (mature in December 2012.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 143.75 Td (c. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 143.75 Td (Loan was paid in full in first-quarter 2012.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (8.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 741.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 741.75 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.27 741.75 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (The components of deferred income taxes follow \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 707.25 m 483.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 707.25 m 487.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 707.25 m 562.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 707.25 m 483.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 695.25 m 483.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 707.25 m 487.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 707.25 m 562.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 695.25 m 562.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 587.25 m 483.5 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 587.25 m 562.5 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 576.25 m 483.5 576.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 574.25 m 483.5 574.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 576.25 m 562.5 576.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 574.25 m 562.5 574.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 710.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.70 710.20 Td (December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 698.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 698.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 698.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td (Deferred tax assets and liabilities:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td (Real estate, commercial leasing assets and facilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 674.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 674.20 Td (3,931) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 674.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 674.20 Td (3,244) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 662.20 Td (Alternative minimum tax credits \(no expiration\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 662.20 Td (820) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 662.20 Td (812) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Employee benefit accruals) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 650.20 Td (523) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 650.20 Td (1,166) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 638.20 Td (Accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 638.20 Td (63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 638.20 Td (185) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 626.20 Td (Other assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 626.20 Td (3,433) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 626.20 Td (1,160) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 614.20 Td (Net operating loss credit carryforwards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 614.20 Td (4,734) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 614.20 Td (4,502) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 602.20 Td (Other liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 602.20 Td (\(373) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 602.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 602.20 Td (\(388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 602.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 590.20 Td (Valuation allowance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 590.20 Td (\(12,978) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 590.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 590.20 Td (\(10,510) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 590.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 578.20 Td (Deferred tax assets, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 578.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 578.20 Td (153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 578.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 578.20 Td (171) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (Stratus) Tj ET Q q 0 0 0 rg BT 83.53 551.75 Td ( deferred tax assets \(net of deferred tax liabilities\) before any valuation allowances totaled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.20 551.75 Td ($13.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 539.34 551.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 131.53 539.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.09 539.75 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.11 539.75 Td ($10.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.25 539.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.15 539.75 Td (December31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.98 539.75 Td (. In evaluating the recoverability of these deferred tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (assets, Stratus considered available positive and negative evidence, giving greater weight to the recent current ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (losses, the absence of taxable income in the carry back period and uncertainty regarding projected future financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 84.46 503.75 Td (As a result, Stratus concluded that there was not suf) Tj ET Q q 0 0 0 rg BT 315.51 503.75 Td (ficient positive evidence supporting the realizability of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (its deferred tax assets beyond an amount totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.25 491.75 Td ($0.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.83 491.75 Td ( at December 31, 201) Tj ET Q q 0 0 0 rg BT 417.25 491.75 Td (1, and 2010, and Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 479.75 Td (recorded charges totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.63 479.75 Td ($2.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.21 479.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.55 479.75 Td (201) Tj ET Q q 0 0 0 rg BT 245.49 479.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.05 479.75 Td ( and $10.5 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.77 479.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.02 479.75 Td ( to provision for income taxes to provide ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 467.75 Td (additional valuation allowances.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 443.75 Td (Stratus) Tj ET Q q 0 0 0 rg BT 83.53 443.75 Td ( future results of operations may be negatively impacted by its inability to realize a tax benefit for future tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 431.75 Td (losses or for items that will generate additional deferred tax assets. Stratus) Tj ET Q q 0 0 0 rg BT 382.01 431.75 Td ( future results of operations may be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 419.75 Td (favorably impacted by reversals of valuation allowances if Stratus is able to demonstrate suf) Tj ET Q q 0 0 0 rg BT 456.13 419.75 Td (ficient positive evidence ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 407.75 Td (that its deferred tax assets will be realized.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 383.75 Td (Stratus) Tj ET Q q 0 0 0 rg BT 83.53 383.75 Td ( income tax \(provision\) benefit consists of the following \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 361.25 m 483.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 361.25 m 487.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 361.25 m 562.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 361.25 m 483.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 349.25 m 483.5 349.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 361.25 m 487.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 361.25 m 562.5 361.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 349.25 m 562.5 349.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 325.25 m 483.5 325.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 325.25 m 562.5 325.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 314.25 m 483.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 312.25 m 483.5 312.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 314.25 m 562.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 312.25 m 562.5 312.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.85 364.20 Td (Years Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 352.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 352.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 340.20 Td (Current) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 340.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 340.20 Td (\(632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 340.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 340.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 340.20 Td (\(33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 340.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 328.20 Td (Deferred) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.95 328.20 Td (\(19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 328.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 328.20 Td (\(7,973) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 328.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 316.20 Td (\(Provision for\) benefit from income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 316.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 316.20 Td (\(651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 316.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 316.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 316.20 Td (\(8,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 316.20 Td (\)) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 289.75 Td (Excess tax benefits related to option exercises and vesting of restricted stock units cannot be recognized until ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 277.75 Td (realized through a reduction of current taxes payable. Stratus' deferred tax asset related to the U.S. net operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 265.75 Td (loss carry forwards at December 31, 201) Tj ET Q q 0 0 0 rg BT 229.33 265.75 Td (1, did not include an additional $5.0 million of net operating losses in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 253.75 Td (relation to excess tax benefits on stock option exercises and restricted stock units vested beginning in 2007 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 241.75 Td (because these benefits have not yet been realized. ) Tj ET Q q 0 0 0 rg BT 280.72 241.75 Td (At December 31, 201) Tj ET Q q 0 0 0 rg BT 374.47 241.75 Td (1, excluding) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.12156862745098039 0.28627450980392155 0.49019607843137253 rg BT 427.84 241.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 430.62 241.75 Td (these losses, Stratus had net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 229.75 Td (operating loss carryforwards of approximately $13.7 million that expire between 2023 and 2031.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 205.75 Td (Stratus records liabilities of) Tj ET Q q 0 0 0 rg BT 169.31 205.75 Td (fsetting the tax provision benefits of uncertain tax positions to the extent it estimates that ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 193.75 Td (a tax position is not more likely than not to be sustained upon examination by the taxing authorities. Stratus had no ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 181.75 Td (unrecognized tax benefits relating to uncertain tax positions as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.18 181.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 421.70 181.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.27 181.75 Td (. Stratus has elected to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 169.75 Td (classify any interest expense and penalties related to income taxes within income tax expense in its consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 157.75 Td (statements of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 133.75 Td (Stratus files income tax returns in the U.S. federal jurisdiction and state jurisdictions. With few exceptions, Stratus is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 121.75 Td (no longer subject to U.S. federal income tax examinations by tax authorities for the years prior to 2008, and state ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 109.75 Td (income tax examinations for the years prior to 2007.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (48) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Reconciliations of the income tax benefit computed at the federal statutory tax rate and the recorded income tax ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (\(provision\) benefit follow \(dollars in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 707.25 m 325.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 707.25 m 329.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 707.25 m 404.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 707.25 m 408.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 707.25 m 483.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 707.25 m 487.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 707.25 m 562.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 707.25 m 325.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 695.25 m 325.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 707.25 m 329.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 695.25 m 329.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 707.25 m 404.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 695.25 m 404.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 707.25 m 483.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 695.25 m 483.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 695.25 m 487.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 695.25 m 562.5 695.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 683.25 m 325.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 683.25 m 404.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 683.25 m 483.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 683.25 m 562.5 683.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 599.25 m 325.5 599.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 599.25 m 483.5 599.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 588.25 m 325.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 586.25 m 325.5 586.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 588.25 m 483.5 588.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 586.25 m 483.5 586.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 710.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.85 710.20 Td (Years Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 698.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.30 698.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 698.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 686.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.95 686.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.95 686.20 Td (Percent) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.95 686.20 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.95 686.20 Td (Percent) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 674.20 Td (Income tax benefit computed at the) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 674.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 662.20 Td (federal statutory income tax rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 662.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 662.20 Td (1,474) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 662.20 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 662.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 662.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 662.20 Td (3,273) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 662.20 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 662.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 650.20 Td (Adjustments attributable to:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 650.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 638.20 Td (Change in valuation allowance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.45 638.20 Td (\(2,468) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 638.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 638.20 Td (\(59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.00 638.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.45 638.20 Td (\(10,452) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 638.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.95 638.20 Td (\(112) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.00 638.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 626.20 Td (Noncontrolling interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 626.20 Td (1,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 626.20 Td (43) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 626.20 Td (\(832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 626.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 626.20 Td (\(9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.00 626.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 614.20 Td (Equity in unconsolidated affiliates loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.95 614.20 Td (118) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.95 614.20 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 614.20 Td (113) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 614.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 602.20 Td (State taxes and other, net) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.45 602.20 Td (\(1,579) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 602.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 602.20 Td (\(37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.00 602.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 602.20 Td (\(108) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 602.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 602.20 Td (\(1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.00 602.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 590.20 Td (Income tax \(provision\) benefit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 590.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.95 590.20 Td (\(651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 590.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 590.20 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.00 590.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 590.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 590.20 Td (\(8,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.00 590.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.95 590.20 Td (\(86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.00 590.20 Td (\)%) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 563.75 Td (Stratus paid federal and state income taxes totaling $0.1 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.06 563.75 Td (201) Tj ET Q q 0 0 0 rg BT 360.00 563.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.56 563.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 387.80 563.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 410.05 563.75 Td (. Stratus received refunds of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (federal and state income taxes totaling $1.2 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.92 551.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.16 551.75 Td (. Stratus did not receive refunds of federal or state ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (income taxes in 201) Tj ET Q q 0 0 0 rg BT 138.20 539.75 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.75 Td (9.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.34 516.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.12 516.75 Td (Stock-Based Compensation, Equity T) Tj ET Q q 0 0 0 rg BT 238.37 516.75 Td (ransactions and Employee Benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.75 Td (Stock-Based Compensation Plans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.04 504.75 Td (Stratus currently has four stock-based compensation plans. ) Tj ET Q q 0 0 0 rg BT 486.10 504.75 Td (Three of these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 492.75 Td (plans have awards available for grant. In ) Tj ET Q q 0 0 0 rg BT 231.78 492.75 Td (August 2010, Stratus) Tj ET Q q 0 0 0 rg BT 327.02 492.75 Td ( shareholders approved the 2010 Stock Incentive ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 480.75 Td (Plan, which provides for the issuance of stock-based compensation awards, including stock options and restricted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 468.75 Td (stock units, relating to 140,000 shares of Stratus common stock, that are issuable to Stratus employees and non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 456.75 Td (employee directors. Stratus) Tj ET Q q 0 0 0 rg BT 173.57 456.75 Td ( 2002 Stock Incentive Plan also provides for the issuance of a variety of stock-based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 444.75 Td (compensation awards, and Stratus) Tj ET Q q 0 0 0 rg BT 205.83 444.75 Td ( 1996 Stock Option Plan for Non-Employee Directors provides for the issuance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 432.75 Td (of stock options only) Tj ET Q q 0 0 0 rg BT 139.86 432.75 Td (. Stratus common stock issued upon option exercises or restricted stock unit vestings represent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 420.75 Td (newly issued shares of stock. ) Tj ET Q q 0 0 0 rg BT 182.29 420.75 Td (A) Tj ET Q q 0 0 0 rg BT 188.77 420.75 Td (wards with respect to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.48 420.75 Td (95,500) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.06 420.75 Td ( shares under the 2010 Stock Incentive Plan, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.86 420.75 Td (1,059) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 542.88 420.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 408.75 Td (shares under the 2002 Stock Incentive Plan and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.70 408.75 Td (2,500) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.72 408.75 Td ( shares under the 1996 Stock Option Plan for Non-Employee ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 396.75 Td (Directors were available for new grants as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.09 396.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 331.62 396.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.18 396.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.75 Td (Stock-Based Compensation Costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.14 372.75 Td (Compensation costs charged against earnings for stock-based awards are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 360.75 Td (shown below \(in thousands\). Stock-based compensation costs are capitalized when appropriate. Stratus) Tj ET Q q 0 0 0 rg BT 512.66 360.75 Td ( estimated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 348.75 Td (forfeiture rate used in estimating stock-based compensation costs for stock options was 2.8 percent and for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 336.75 Td (restricted stock units was zero percent for the years presented below) Tj ET Q q 0 0 0 rg BT 354.04 336.75 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 314.25 m 483.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 314.25 m 487.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 314.25 m 562.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 314.25 m 483.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 302.25 m 483.5 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 314.25 m 487.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 314.25 m 562.5 314.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 302.25 m 562.5 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 302.25 m 483.5 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 302.25 m 562.5 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 278.25 m 483.5 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 278.25 m 562.5 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 267.25 m 483.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 265.25 m 483.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 267.25 m 562.5 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 265.25 m 562.5 265.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 317.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.85 317.20 Td (Years Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 305.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 305.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 305.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 293.20 Td (Stock options awarded to employees \(including directors\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 293.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 293.20 Td (57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 293.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 293.20 Td (74) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 281.20 Td (Restricted stock units awarded to employees) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 281.20 Td (366) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 281.20 Td (512) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 269.20 Td (Impact on net loss before income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 269.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 269.20 Td (423) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 269.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 269.20 Td (586) Tj ET Q BT /F4 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 242.75 Td (Options.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.24 242.75 Td (Stock options granted under the plans generally expire ten years after the date of grant and vest in 25 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 230.75 Td (percent annual increments beginning one year from the date of grant. ) Tj ET Q q 0 0 0 rg BT 359.46 230.75 Td (The plans and award agreements provide ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 218.75 Td (that participants will receive the following year) Tj ET Q q 0 0 0 rg BT 253.25 218.75 Td () Tj ET Q q 0 0 0 rg BT 255.29 218.75 Td (s vesting after retirement and provide for accelerated vesting if there ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 206.75 Td (is a change of control \(as defined in the plans\). ) Tj ET Q q 0 0 0 rg BT 259.58 206.75 Td (A) Tj ET Q q 0 0 0 rg BT 265.69 206.75 Td ( summary of stock options outstanding as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.57 206.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 545.10 206.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.66 206.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 194.75 Td (and changes during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.12 194.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 291.65 194.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.21 194.75 Td (, follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 134.25 m 325.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 134.25 m 404.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 134.25 m 483.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 134.25 m 562.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 134.25 m 325.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 134.25 m 404.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 134.25 m 483.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 134.25 m 562.5 134.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 86.25 m 325.5 86.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 75.25 m 325.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 73.25 m 325.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 75.25 m 483.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 73.25 m 483.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 75.25 m 562.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 73.25 m 562.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 57.25 m 325.5 57.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 55.25 m 325.5 55.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 57.25 m 483.5 57.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 55.25 m 483.5 55.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 57.25 m 562.5 57.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 55.25 m 562.5 55.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.45 147.65 Td (Number of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.95 138.65 Td (Options) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.55 156.65 Td (W) Tj ET Q q 0 0 0 rg BT 355.88 156.65 Td (eighted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.80 147.65 Td (A) Tj ET Q q 0 0 0 rg BT 355.64 147.65 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.70 138.65 Td (Option Price) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.55 174.65 Td (W) Tj ET Q q 0 0 0 rg BT 434.88 174.65 Td (eighted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.80 165.65 Td (A) Tj ET Q q 0 0 0 rg BT 434.64 165.65 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.95 156.65 Td (Remaining) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.45 147.65 Td (Contractual) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.20 138.65 Td (T) Tj ET Q q 0 0 0 rg BT 424.70 138.65 Td (erm \(years\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.70 165.65 Td (Aggregate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.95 156.65 Td (Intrinsic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.30 147.65 Td (V) Tj ET Q q 0 0 0 rg BT 518.63 147.65 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 138.65 Td (\($000\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 125.20 Td (Balance at January 1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 125.20 Td (93,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 125.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 125.20 Td (17.19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 113.20 Td (Granted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 113.20 Td (7,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 113.20 Td (9.99) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 101.20 Td (Exercised) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 101.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 101.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 89.20 Td (Expired) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 89.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 89.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 77.20 Td (Balance at December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.45 77.20 Td (101,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 77.20 Td (16.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 77.20 Td (4.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 77.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 77.20 Td (12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 60.65 Td (Vested and exercisable at December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 60.65 Td (82,250) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 60.65 Td (17.99) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 60.65 Td (3.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.00 60.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 60.65 Td (6) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (49) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.12 729.75 Td ( summary of stock options outstanding and changes during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.66 729.75 Td (December31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.49 729.75 Td (, follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 707.25 m 325.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 707.25 m 329.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 707.25 m 404.5 707.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 667.25 m 325.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 667.25 m 404.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 667.25 m 325.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 667.25 m 404.5 667.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 619.25 m 325.5 619.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 608.25 m 325.5 608.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 606.25 m 325.5 606.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 710.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.95 710.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.45 689.65 Td (Number) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.70 680.65 Td (of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.95 671.65 Td (Options) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.55 698.20 Td (W) Tj ET Q q 0 0 0 rg BT 355.88 698.20 Td (eighted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.80 689.20 Td (A) Tj ET Q q 0 0 0 rg BT 355.64 689.20 Td (verage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.20 680.20 Td (Option) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.20 671.20 Td (Price) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 658.20 Td (Balance at January 1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 658.20 Td (96,437) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 658.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 658.20 Td (16.98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 646.20 Td (Granted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 646.20 Td (7,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 646.20 Td (8.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 634.20 Td (Exercised) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.45 634.20 Td (\(7,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 634.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 634.20 Td (9.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 622.20 Td (Expired) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.45 622.20 Td (\(2,937) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 622.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 622.20 Td (9.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 610.20 Td (Balance at December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 610.20 Td (93,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 610.20 Td (17.19) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 583.75 Td (The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 571.75 Td (Expected volatility is based on the historical volatility of Stratus) Tj ET Q q 0 0 0 rg BT 328.65 571.75 Td ( stock. Stratus estimates its expected life of options ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 559.75 Td (using historical data to estimate option exercises and forfeitures. When appropriate, employees who have similar ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 547.75 Td (historical exercise behavior are grouped for valuation purposes. ) Tj ET Q q 0 0 0 rg BT 333.87 547.75 Td (The risk-free interest rate is based on Federal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 535.75 Td (Reserve rates in ef) Tj ET Q q 0 0 0 rg BT 133.75 535.75 Td (fect for bonds with maturity dates equal to the expected term of the option at the date of grant. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 523.75 Td (Stratus has not paid, and has no current plan to pay) Tj ET Q q 0 0 0 rg BT 278.85 523.75 Td (, cash dividends on its common stock. ) Tj ET Q q 0 0 0 rg BT 449.86 523.75 Td (The following table ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 511.75 Td (summarizes the number of stock options granted, the calculated fair value and assumptions used to determine the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 499.75 Td (fair value of Stratus) Tj ET Q q 0 0 0 rg BT 138.00 499.75 Td ( stock option awards during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.51 499.75 Td (201) Tj ET Q q 0 0 0 rg BT 278.46 499.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.02 499.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.26 499.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.51 499.75 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 477.25 m 325.5 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 477.25 m 404.5 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 477.25 m 325.5 477.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 477.25 m 404.5 477.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 480.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.80 480.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 480.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 468.20 Td (Options granted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.40 468.20 Td (7,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.40 468.20 Td (7,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 456.20 Td (Grant-date fair value per stock option) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 456.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.40 456.20 Td (6.91) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 456.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.40 456.20 Td (6.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 444.20 Td (Expected and weighted average volatility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.40 444.20 Td (76.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.95 444.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.40 444.20 Td (78.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 444.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 432.20 Td (Expected life of options \(in years\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.40 432.20 Td (6.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.40 432.20 Td (6.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 420.20 Td (Risk-free interest rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.40 420.20 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.95 420.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.40 420.20 Td (2.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 420.20 Td (%) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (There were no options exercised during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.43 393.75 Td (201) Tj ET Q q 0 0 0 rg BT 244.38 393.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 249.94 393.75 Td (. ) Tj ET Q q 0 0 0 rg BT 255.31 393.75 Td (The intrinsic value of options exercised during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.98 393.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 483.22 393.75 Td ( was less than ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td ($0.1 million. V) Tj ET Q q 0 0 0 rg BT 112.26 381.75 Td (ested stock options totaled 7,500 during ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.82 381.75 Td (201) Tj ET Q q 0 0 0 rg BT 307.76 381.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 313.33 381.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.57 381.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.81 381.75 Td ( with weighted-average grant-date fair values ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (of $10.65 per option in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 152.30 369.75 Td (201) Tj ET Q q 0 0 0 rg BT 168.24 369.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.80 369.75 Td ( and $12.71 per option in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.23 369.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 309.47 369.75 Td (. ) Tj ET Q q 0 0 0 rg BT 314.48 369.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.04 369.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 421.57 369.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.13 369.75 Td (, there were 18,750 stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (options unvested with a weighted-average grant-date fair value of $7.1) Tj ET Q q 0 0 0 rg BT 361.12 357.75 Td (1 per option. ) Tj ET Q q 0 0 0 rg BT 418.95 357.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 444.51 357.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 526.04 357.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.60 357.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (Stratus had less than $0.1 million of total unrecognized compensation cost related to unvested stock options ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.75 Td (expected to be recognized over a weighted average period of 1.5 years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (The following table includes amounts related to exercises of stock options and vesting of restricted stock units for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (the years ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.50 297.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 206.03 297.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.59 297.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 233.83 297.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.07 297.75 Td ( \(in thousands, except Stratus shares tendered\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 275.25 m 325.5 275.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 275.25 m 404.5 275.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 278.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.80 278.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 278.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 266.20 Td (Stratus shares tendered to pay the exercise) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 266.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.00 254.20 Td (price and/or the minimum required taxes) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 223.07 258.49 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 254.20 Td (8,531) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 254.20 Td (9,828) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 242.20 Td (Cash received from stock option exercises) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 242.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 242.20 Td (70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 230.20 Td (Amounts Stratus paid for employee taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.95 230.20 Td (88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 230.20 Td (92) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 210.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 210.95 Td (Under terms of the related plans, upon exercise of stock options and vesting of restricted stock units, employees may tender ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 200.15 Td (Stratus shares to Stratus to pay the exercise price and/or the minimum required taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 176.15 Td (Restricted Stock Units.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.47 176.15 Td (Restricted stock units granted under the plans provide for the issuance of common stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 164.15 Td (to certain of) Tj ET Q q 0 0 0 rg BT 102.07 164.15 Td (ficers of Stratus at no cost to the of) Tj ET Q q 0 0 0 rg BT 256.41 164.15 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 285.68 164.15 Td (The restricted stock units are converted into shares of Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 152.15 Td (common stock ratably and generally vest in one-quarter increments over the four years following the grant date. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 140.15 Td (The awards fully vest upon retirement and upon a change of control.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (50) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (A) Tj ET Q q 0 0 0 rg BT 56.12 741.75 Td ( summary of outstanding unvested restricted stock units as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.14 741.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 411.67 741.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.23 741.75 Td (, and activity during the year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.59 729.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 162.11 729.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 167.68 729.75 Td ( is presented below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 675.25 m 325.5 675.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 675.25 m 404.5 675.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 675.25 m 325.5 675.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 675.25 m 404.5 675.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 633.25 m 325.5 633.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 620.25 m 325.5 620.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 618.25 m 325.5 618.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 620.25 m 404.5 620.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 618.25 m 404.5 618.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.45 697.65 Td (Number of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.20 688.65 Td (Restricted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.70 679.65 Td (Stock Units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.70 706.65 Td (Aggregate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.95 697.65 Td (Intrinsic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.30 688.65 Td (V) Tj ET Q q 0 0 0 rg BT 360.63 688.65 Td (alue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.45 679.65 Td (\($000\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 665.65 Td (Balance at January 1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 665.65 Td (58,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 651.65 Td (Granted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 651.65 Td (37,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.00 637.65 Td (Vested) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 637.65 Td (\(32,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 637.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 623.65 Td (Balance at December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 623.65 Td (62,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.00 623.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.95 623.65 Td (488) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 595.75 Td (The total grant date fair value of restricted stock units granted during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.66 595.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 506.19 595.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.75 595.75 Td (, was $0.4 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 583.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 83.72 583.75 Td (The total intrinsic value of restricted stock units vesting during the year ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.34 583.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 509.87 583.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.43 583.75 Td (, was $0.3 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 571.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 83.34 571.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.91 571.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 190.44 571.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 196.00 571.75 Td (, Stratus had $0.4 million of total unrecognized compensation cost related to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 559.75 Td (unvested restricted stock units expected to be recognized over a weighted-average period of 1.8 years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.75 Td (Share Purchase Program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 172.28 535.75 Td (In 2001, Stratus) Tj ET Q q 0 0 0 rg BT 250.28 535.75 Td ( Board of Directors authorized an open market stock purchase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 523.75 Td (program for up to 0.7 million shares of Stratus) Tj ET Q q 0 0 0 rg BT 254.72 523.75 Td ( common stock. ) Tj ET Q q 0 0 0 rg BT 327.34 523.75 Td (The purchases may occur over time depending on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 511.75 Td (many factors, including the market price of Stratus stock; Stratus) Tj ET Q q 0 0 0 rg BT 337.52 511.75 Td ( operating results, cash flow and financial position; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 499.75 Td (and general economic and market conditions. In addition, Stratus) Tj ET Q q 0 0 0 rg BT 339.80 499.75 Td ( $45.0 million credit facility allows Stratus to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 487.75 Td (purchase up to $6.5 million of its outstanding common stock after September 30, 2005. ) Tj ET Q q 0 0 0 rg BT 436.33 487.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.56 487.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 530.09 487.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 535.65 487.75 Td (, $0.6 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 475.75 Td (million remains available under the Comerica agreement for purchases of our common stock. Since 2004, Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 463.75 Td (has purchased 586,355 shares of its common stock for $8.8 million \(an average of $15.09 per share\) under this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 451.75 Td (program. Purchases include 47,500 shares for $0.3 million \(an average of $6.46 per share\) in 201) Tj ET Q q 0 0 0 rg BT 481.18 451.75 Td (1, which Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 439.75 Td (purchased in private transactions. ) Tj ET Q q 0 0 0 rg BT 201.75 439.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 227.32 439.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 308.85 439.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.41 439.75 Td (, 1) Tj ET Q q 0 0 0 rg BT 324.79 439.75 Td (13,645 shares remain available under this program. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 427.75 Td (Stratus) Tj ET Q q 0 0 0 rg BT 83.53 427.75 Td ( modified unsecured term loans prohibit common stock purchases while any of the loans are outstanding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 415.75 Td (\(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.13 415.75 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.69 415.75 Td ( for further discussion\); however) Tj ET Q q 0 0 0 rg BT 243.42 415.75 Td (, Stratus obtained approval from the lender for the purchases in 201) Tj ET Q q 0 0 0 rg BT 542.30 415.75 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.75 Td (Employee Benefits.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.25 391.75 Td (Stratus maintains 401\(k\) defined contribution plans subject to the provisions of the Employee ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 379.75 Td (Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 175.61 379.75 Td (Act of 1974 \(ERISA\). ) Tj ET Q q 0 0 0 rg BT 271.02 379.75 Td (The 401\(k\) plans provides for an employer matching contribution ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 367.75 Td (equal to 100 percent of the participant) Tj ET Q q 0 0 0 rg BT 219.94 367.75 Td (s contribution, subject to a limit of 5 percent of the participant) Tj ET Q q 0 0 0 rg BT 491.01 367.75 Td (s annual salary) Tj ET Q q 0 0 0 rg BT 557.53 367.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 355.75 Td (Stratus) Tj ET Q q 0 0 0 rg BT 83.53 355.75 Td ( policy is to make an additional safe harbor contribution equal to 3 percent of each participant) Tj ET Q q 0 0 0 rg BT 496.93 355.75 Td (s total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 343.75 Td (compensation for corporate employees and 4 percent for ) Tj ET Q q 0 0 0 rg BT 303.48 343.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 322.56 343.75 Td ( Live employees. ) Tj ET Q q 0 0 0 rg BT 400.20 343.75 Td (The 401\(k\) plans also provides for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 331.75 Td (discretionary contributions. Stratus) Tj ET Q q 0 0 0 rg BT 205.25 331.75 Td ( contributions to the 401\(k\) plans totaled $0.4 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.84 331.75 Td (201) Tj ET Q q 0 0 0 rg BT 465.78 331.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.34 331.75 Td ( and $0.5 million in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 319.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.25 319.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.75 Td (10.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.90 296.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.68 296.75 Td (Commitments and Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.75 Td (Construction Contracts.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 164.45 284.75 Td (Stratus had commitments under noncancelable construction contracts totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.86 284.75 Td ($2.4 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 272.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.34 272.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.24 272.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 173.76 272.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.33 272.75 Td (. ) Tj ET Q q 0 0 0 rg BT 184.70 272.75 Td (These commitments include the following contracts:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 248.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 248.75 Td ($225.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.70 248.75 Td ( in contracts in connection with architectural, design, engineering, construction and testing for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 236.75 Td (the W ) Tj ET Q q 0 0 0 rg BT 114.34 236.75 Td (Austin Hotel & Residences project with a remaining balance of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 392.83 236.75 Td ($0.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.41 236.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.30 236.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 538.83 236.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 544.39 236.75 Td (;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 212.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 212.75 Td (Contracts totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.60 212.75 Td ($10.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.74 212.75 Td ( for infrastructure work in connection with new residential subdivisions, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 200.75 Td (MUDs and general development at Barton Creek, and Parkside V) Tj ET Q q 0 0 0 rg BT 375.42 200.75 Td (illage at Circle C with a remaining balance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 188.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.12 188.75 Td ($1.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.70 188.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.60 188.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 243.12 188.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.69 188.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.75 Td (Guarantees.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.80 164.75 Td ( ) Tj ET Q q 0 0 0 rg BT 110.03 164.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.26 164.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 203.78 164.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.35 164.75 Td (, Stratus guarantees ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 302.18 164.75 Td ($1.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.76 164.75 Td ( of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.33 164.75 Td ($7.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.92 164.75 Td ( of outstanding debt at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 152.75 Td (Crestview Station \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.72 152.75 Td (6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.28 152.75 Td (\). Stratus also had guarantees related to the W ) Tj ET Q q 0 0 0 rg BT 391.85 152.75 Td (Austin Hotel & Residences project ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 140.75 Td (\(see Note 2\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.75 Td (Letters of Credit.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.01 116.75 Td () Tj ET Q q 0 0 0 rg BT 135.01 116.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.58 116.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 242.11 116.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.67 116.75 Td (, Stratus had outstanding letters of credit totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 465.02 116.75 Td ($2.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.60 116.75 Td ( under its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 104.75 Td (revolving credit facility with Comerica.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.75 Td (Rental Income.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.13 80.75 Td () Tj ET Q q 0 0 0 rg BT 126.13 80.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 151.70 80.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 233.23 80.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.79 80.75 Td (, Stratus) Tj ET Q q 0 0 0 rg BT 277.88 80.75 Td ( minimum rental income, which includes scheduled rent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 68.75 Td (increases and excludes amounts related to the two of) Tj ET Q q 0 0 0 rg BT 286.07 68.75 Td (fice buildings at 7500 Rialto Boulevard that Stratus sold in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 56.75 Td (February 2012 \(see Note 12\), under noncancelable long-term leases which extend through 2025, total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.61 56.75 Td ($2.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.19 56.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (51) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (in 2012, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.36 741.75 Td ($2.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.95 741.75 Td ( in 2013, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 180.09 741.75 Td ($2.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.67 741.75 Td ( in 2014, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.81 741.75 Td ($1.9 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 322.39 741.75 Td ( in 2015, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.54 741.75 Td ($1.6 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 414.12 741.75 Td ( in 2016 and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.94 741.75 Td ($7.4 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.52 741.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (thereafter) Tj ET Q q 0 0 0 rg BT 92.25 729.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (Operating Lease.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.14 705.75 Td () Tj ET Q q 0 0 0 rg BT 136.14 705.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.71 705.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 243.24 705.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.80 705.75 Td (, Stratus) Tj ET Q q 0 0 0 rg BT 287.89 705.75 Td ( minimum annual contractual payments under its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (noncancelable long-term operating leases which expire in 2013 and 2015 total $0.1 million in 2012, and less than ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td ($0.1 million in 2013, 2014 and 2015. ) Tj ET Q q 0 0 0 rg BT 213.83 681.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.83 681.75 Td (otal expense under Stratus) Tj ET Q q 0 0 0 rg BT 340.21 681.75 Td ( operating leases amounted to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.52 681.75 Td ($0.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 528.10 681.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (201) Tj ET Q q 0 0 0 rg BT 65.94 669.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.50 669.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.75 669.75 Td ($0.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.33 669.75 Td ( in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.67 669.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.91 669.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (Circle C Settlement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.47 645.75 Td (On ) Tj ET Q q 0 0 0 rg BT 165.60 645.75 Td (August 1, 2002, the City of ) Tj ET Q q 0 0 0 rg BT 285.67 645.75 Td (Austin \(the City\) granted final approval of a development ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (agreement \(the Circle C settlement\) and permanent zoning for Stratus) Tj ET Q q 0 0 0 rg BT 361.45 633.75 Td ( real estate located within the Circle C ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (community in southwest ) Tj ET Q q 0 0 0 rg BT 158.94 621.75 Td (Austin. ) Tj ET Q q 0 0 0 rg BT 192.10 621.75 Td (The Circle C settlement firmly established all essential municipal development ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (regulations applicable to Stratus) Tj ET Q q 0 0 0 rg BT 194.16 609.75 Td ( Circle C properties for thirty years. ) Tj ET Q q 0 0 0 rg BT 351.25 609.75 Td (Those approvals permitted development of 1.0 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (million square feet of commercial space, 900 multi-family units and 830 single-family residential lots. In 2004, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (Stratus amended its Circle C settlement with the City to increase the amount of permitted commercial space from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (1.0 million square feet to 1.16 million square feet in exchange for a decrease in allowable multi-family units from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (900 units to 504 units. ) Tj ET Q q 0 0 0 rg BT 150.44 561.75 Td (The City also provided Stratus $15 million of development fee credits, which are in the form ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (of Credit Bank capacity) Tj ET Q q 0 0 0 rg BT 152.08 549.75 Td (, in connection with its future development of its Circle C and other ) Tj ET Q q 0 0 0 rg BT 447.79 549.75 Td (Austin-area properties for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (waivers of fees and reimbursement for certain infrastructure costs. In addition, Stratus can elect to sell up to $1.5 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (million of the incentives per year to other developers for their use in paying City fees related to their projects as long ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (as the projects are within the desired development zone, as defined within the Circle C settlement. ) Tj ET Q q 0 0 0 rg BT 486.72 513.75 Td (T) Tj ET Q q 0 0 0 rg BT 491.72 513.75 Td (o the extent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (Stratus sells the incentives to other developers, Stratus recognizes the income from the sale when title is ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 489.75 Td (transferred and compensation is received. ) Tj ET Q q 0 0 0 rg BT 238.44 489.75 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.00 489.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 345.53 489.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.09 489.75 Td (, Stratus has permanently used ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.28 489.75 Td ($10.1 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 548.42 489.75 Td ( of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (its City-based development fee credits, including cumulative amounts sold to third parties totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.33 477.75 Td ($4.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.91 477.75 Td (. Fee ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (credits used for the development of Stratus) Tj ET Q q 0 0 0 rg BT 242.51 465.75 Td ( properties ef) Tj ET Q q 0 0 0 rg BT 300.69 465.75 Td (fectively reduce the basis of the related properties and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (defer recognition of any gain associated with the use of the fees until the af) Tj ET Q q 0 0 0 rg BT 381.14 453.75 Td (fected properties are sold. Stratus also ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.75 Td (has ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.90 441.75 Td ($1.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.48 441.75 Td ( in Credit Bank capacity in use as temporary fiscal deposits as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.95 441.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 489.48 441.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.04 441.75 Td (. ) Tj ET Q q 0 0 0 rg BT 500.04 441.75 Td (A) Tj ET Q q 0 0 0 rg BT 506.53 441.75 Td (vailable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.75 Td (Credit Bank capacity was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 165.05 429.75 Td ($3.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.63 429.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.53 429.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 311.05 429.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.62 429.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.75 Td (Environmental Regulations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.24 405.75 Td (Stratus has made, and will continue to make, expenditures for protection of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 393.75 Td (environment. Increasing emphasis on environmental matters can be expected to result in additional costs, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 381.75 Td (will be charged against Stratus) Tj ET Q q 0 0 0 rg BT 188.04 381.75 Td ( operations in future periods. Present and future environmental laws and regulations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.75 Td (applicable to Stratus) Tj ET Q q 0 0 0 rg BT 142.46 369.75 Td ( operations may require substantial capital expenditures that could adversely af) Tj ET Q q 0 0 0 rg BT 492.48 369.75 Td (fect the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.75 Td (development of its real estate interests or may af) Tj ET Q q 0 0 0 rg BT 265.48 357.75 Td (fect its operations in other ways that cannot be accurately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.75 Td (predicted at this time.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 321.75 Td (Litigation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 97.77 321.75 Td (Stratus may from time to time be involved in various legal proceedings of a character normally incident ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (to the ordinary course of its business. Stratus believes that potential liability from any of these pending) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 297.75 Td (or threatened proceedings will not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 320.53 297.75 Td (fect on Stratus) Tj ET Q q 0 0 0 rg BT 386.86 297.75 Td ( financial condition or results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.75 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.75 Td (1) Tj ET Q q 0 0 0 rg BT 55.01 262.75 Td (1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.35 262.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.13 262.75 Td (Business Segments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 250.75 Td (Stratus currently has four operating segments, Real Estate Operations, Hotel, Entertainment V) Tj ET Q q 0 0 0 rg BT 466.88 250.75 Td (enue and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.75 Td (Commercial Leasing. ) Tj ET Q q 0 0 0 rg BT 146.52 238.75 Td (The Real Estate Operations segment is comprised of all Stratus) Tj ET Q q 0 0 0 rg BT 430.17 238.75 Td ( residential real estate ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.75 Td (\(developed, under development and undeveloped\) which consists of its properties in the Barton Creek community) Tj ET Q q 0 0 0 rg BT 551.21 226.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 214.75 Td (the Circle C community and Lantana, and the condominium units at the W ) Tj ET Q q 0 0 0 rg BT 379.06 214.75 Td (Austin Hotel & Residences project.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 190.75 Td (The Hotel segment includes the W ) Tj ET Q q 0 0 0 rg BT 205.08 190.75 Td (Austin Hotel, which began operations in December 2010.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 166.75 Td (The Entertainment V) Tj ET Q q 0 0 0 rg BT 141.16 166.75 Td (enue segment includes ) Tj ET Q q 0 0 0 rg BT 246.24 166.75 Td (ACL) Tj ET Q q 0 0 0 rg BT 265.32 166.75 Td ( Live, a live music and entertainment venue and production studio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 154.75 Td (at the W ) Tj ET Q q 0 0 0 rg BT 89.46 154.75 Td (Austin Hotel & Residences project, which began operations in February 201) Tj ET Q q 0 0 0 rg BT 423.91 154.75 Td (1. In addition to hosting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 142.75 Td (concerts and private events, this venue is the new home of ) Tj ET Q q 0 0 0 rg BT 312.37 142.75 Td (Austin City Limits, a television program showcasing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 130.75 Td (popular music legends.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 106.75 Td (The Commercial Leasing segment includes the of) Tj ET Q q 0 0 0 rg BT 269.38 106.75 Td (fice and retail space at the W ) Tj ET Q q 0 0 0 rg BT 400.56 106.75 Td (Austin Hotel & Residences project, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.75 Td (a retail building and a bank building in Barton Creek V) Tj ET Q q 0 0 0 rg BT 288.31 94.75 Td (illage and two retail buildings, a bank building and Parkside ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 82.75 Td (V) Tj ET Q q 0 0 0 rg BT 56.49 82.75 Td (illage in the Circle C community) Tj ET Q q 0 0 0 rg BT 195.80 82.75 Td (. In February 2012, Stratus sold the two of) Tj ET Q q 0 0 0 rg BT 381.83 82.75 Td (fice buildings at 7500 Rialto Boulevard ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 70.75 Td (\(7500 Rialto\). ) Tj ET Q q 0 0 0 rg BT 112.26 70.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 163.20 70.75 Td (, the operating results for 7500 Rialto are reported as discontinued operations in the table ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 58.75 Td (below \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.04 58.75 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.16 58.75 Td (\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (52) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Stratus uses operating income or loss to measure the performance of each segment. Stratus allocates general and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (administrative expenses that do not directly relate to an operating segment between the Real Estate Operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (and Commercial Leasing segments based on projected annual revenues for each segment, excluding the results of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (the W ) Tj ET Q q 0 0 0 rg BT 78.34 705.75 Td (Austin Hotel & Residences project. Stratus also allocates the W ) Tj ET Q q 0 0 0 rg BT 361.26 705.75 Td (Austin Hotel & Residences project) Tj ET Q q 0 0 0 rg BT 514.49 705.75 Td (s capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (expenditures and assets among the segments based on projected cost of construction for each segment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 100.95 681.75 Td (, the following segment information reflects management) Tj ET Q q 0 0 0 rg BT 353.67 681.75 Td (s determinations that may not be indicative of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (what actual financial performance of each segment would be if it were an independent entity) Tj ET Q q 0 0 0 rg BT 456.17 669.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (Segment data presented below were prepared on the same basis as Stratus) Tj ET Q q 0 0 0 rg BT 389.27 645.75 Td ( consolidated financial statements.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 611.25 m 265.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 611.25 m 323.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 611.25 m 390.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 611.25 m 451.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 611.25 m 507.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 611.25 m 562.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 551.25 m 265.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 551.25 m 323.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 551.25 m 390.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 551.25 m 451.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 551.25 m 507.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 551.25 m 562.5 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 540.25 m 265.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 538.25 m 265.5 538.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 540.25 m 323.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 538.25 m 323.5 538.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 540.25 m 390.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 538.25 m 390.5 538.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 540.25 m 451.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 538.25 m 451.5 538.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 540.25 m 507.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 538.25 m 507.5 538.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 540.25 m 562.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 538.25 m 562.5 538.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 538.25 m 265.5 538.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 540.25 m 265.5 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 528.25 m 265.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 526.25 m 265.5 526.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 528.25 m 323.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 526.25 m 323.5 526.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 528.25 m 390.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 526.25 m 390.5 526.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 528.25 m 451.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 526.25 m 451.5 526.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 528.25 m 507.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 526.25 m 507.5 526.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 528.25 m 562.5 528.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 526.25 m 562.5 526.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 516.25 m 265.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 514.25 m 265.5 514.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 516.25 m 323.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 514.25 m 323.5 514.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 516.25 m 390.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 514.25 m 390.5 514.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 516.25 m 451.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 514.25 m 451.5 514.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 516.25 m 507.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 514.25 m 507.5 514.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 516.25 m 562.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 514.25 m 562.5 514.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 504.25 m 265.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 502.25 m 265.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 504.25 m 323.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 502.25 m 323.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 504.25 m 390.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 502.25 m 390.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 504.25 m 451.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 502.25 m 451.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 504.25 m 507.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 502.25 m 507.5 502.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 504.25 m 562.5 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 502.25 m 562.5 502.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.20 624.65 Td (Real Estate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.85 615.65 Td (Operations) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 257.87 619.94 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 615.65 Td (Hotel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.45 624.65 Td (Entertainment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.70 615.65 Td (Venue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 624.65 Td (Commercial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.70 615.65 Td (Leasing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.70 615.65 Td (Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 615.65 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 602.20 Td (Year Ended December 31, 2011:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 602.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 590.20 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 590.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.45 590.20 Td (97,651) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 590.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.45 590.20 Td (28,100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 590.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 590.20 Td (9,010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 590.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 590.20 Td (2,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 590.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 590.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.00 590.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 590.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 590.20 Td (137,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 578.20 Td (Cost of sales, excluding depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.45 578.20 Td (86,095) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 266.35 584.57 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.45 578.20 Td (24,546) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 578.20 Td (8,982) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 578.20 Td (1,506) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 578.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 578.20 Td (121,129) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 566.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.95 566.20 Td (224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.45 566.20 Td (5,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 566.20 Td (1,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 566.20 Td (818) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 566.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.00 566.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 566.20 Td (7,573) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 554.20 Td (General and administrative expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.45 554.20 Td (3,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.95 554.20 Td (46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 554.20 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 554.20 Td (2,833) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 554.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.00 554.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 554.20 Td (6,653) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 542.20 Td (Operating income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 542.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.45 542.20 Td (7,573) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 542.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 542.20 Td (\(1,987) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 542.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 542.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 542.20 Td (\(1,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 542.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 542.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.45 542.20 Td (\(2,882) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.00 542.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 542.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 542.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 542.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 542.20 Td (1,681) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 530.20 Td (Income from discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 530.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 530.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 530.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 530.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 530.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.00 530.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 530.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 530.20 Td (191) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 530.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 530.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 530.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 530.20 Td (191) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 518.20 Td (Capital expenditures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 518.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.45 518.20 Td (58,590) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 518.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.45 518.20 Td (6,370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 518.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 518.20 Td (4,985) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 518.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 518.20 Td (6,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 518.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 518.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 518.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 518.20 Td (76,248) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 506.20 Td (Total assets at December 31, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 506.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.45 506.20 Td (206,950) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 506.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.45 506.20 Td (121,170) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 506.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 506.20 Td (41,245) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 506.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.45 506.20 Td (52,087) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 452.50 514.07 Td (c) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 506.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 506.20 Td (153) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 508.35 514.07 Td (d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 506.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 506.20 Td (421,605) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 433.25 m 265.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 433.25 m 323.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 433.25 m 390.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 433.25 m 451.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 433.25 m 507.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 433.25 m 562.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 422.25 m 265.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 420.25 m 265.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 422.25 m 323.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 420.25 m 323.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 422.25 m 390.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 420.25 m 390.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 422.25 m 451.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 420.25 m 451.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 422.25 m 507.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 420.25 m 507.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 422.25 m 562.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 420.25 m 562.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 420.25 m 265.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 422.25 m 265.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 410.25 m 265.5 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 408.25 m 265.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 410.25 m 323.5 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 408.25 m 323.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 410.25 m 390.5 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 408.25 m 390.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 410.25 m 451.5 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 408.25 m 451.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 410.25 m 507.5 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 408.25 m 507.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 410.25 m 562.5 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 408.25 m 562.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 408.25 m 265.5 408.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 410.25 m 265.5 410.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 398.25 m 265.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 396.25 m 265.5 396.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 398.25 m 323.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 396.25 m 323.5 396.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 398.25 m 390.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 396.25 m 390.5 396.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 398.25 m 451.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 396.25 m 451.5 396.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 398.25 m 507.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 396.25 m 507.5 396.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 398.25 m 562.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 396.25 m 562.5 396.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 386.25 m 265.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 384.25 m 265.5 384.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 386.25 m 323.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 384.25 m 323.5 384.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 386.25 m 390.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 384.25 m 390.5 384.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 386.25 m 451.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 384.25 m 451.5 384.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 386.25 m 507.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 384.25 m 507.5 384.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 386.25 m 562.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 384.25 m 562.5 384.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 484.20 Td (Year Ended December 31, 2010:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 484.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 484.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 484.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 484.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.00 484.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 484.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 472.20 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.45 472.20 Td (3,286) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.95 472.20 Td (792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.00 472.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 472.20 Td (1,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 472.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.00 472.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 472.20 Td (5,656) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 460.20 Td (Cost of sales, excluding depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.45 460.20 Td (3,104) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.45 460.20 Td (3,733) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.95 460.20 Td (699) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 460.20 Td (1,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 460.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 460.20 Td (8,559) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 448.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.95 448.20 Td (199) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.95 448.20 Td (294) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.00 448.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 448.20 Td (480) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 448.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 448.20 Td (973) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 436.20 Td (General and administrative expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.45 436.20 Td (3,705) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 436.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.00 436.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 436.20 Td (2,821) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 436.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 436.20 Td (6,526) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 424.20 Td (Operating loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 424.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.45 424.20 Td (\(3,722) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.00 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 424.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 424.20 Td (\(3,235) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 424.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 424.20 Td (\(699) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 424.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.45 424.20 Td (\(2,746) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.00 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 424.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 424.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 424.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 424.20 Td (\(10,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 424.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 412.20 Td (Income from discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 412.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 412.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 412.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 412.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 412.20 Td (660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 412.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 412.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 412.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 412.20 Td (660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 400.20 Td (Capital expenditures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 400.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.45 400.20 Td (56,027) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 400.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.45 400.20 Td (53,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 400.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 400.20 Td (16,507) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 400.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.45 400.20 Td (6,153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 400.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 400.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 400.20 Td (131,920) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 388.20 Td (Total assets at December 31, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.00 388.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.45 388.20 Td (245,650) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.00 388.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.45 388.20 Td (116,553) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 388.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.45 388.20 Td (43,049) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.00 388.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.45 388.20 Td (49,764) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 452.50 396.07 Td (c) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 388.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 388.20 Td (170) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 508.35 396.07 Td (d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.00 388.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 388.20 Td (455,186) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 368.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 368.95 Td (Includes sales commissions, management fees and other revenues together with related expenses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 352.15 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 352.15 Td (Includes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.02 352.15 Td ($0.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.54 352.15 Td ( associated with railing repair costs at the W ) Tj ET Q q 0 0 0 rg BT 327.12 352.15 Td (Austin Residences.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 335.35 Td (c. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 335.35 Td (Includes assets from discontinued operations of 7500 Rialto, which Stratus sold on February 27, 2012, totaling $16.9 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 324.55 Td (in 201) Tj ET Q q 0 0 0 rg BT 91.85 324.55 Td (1 and $18.3 million in 2010.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 307.75 Td (d. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 307.75 Td (Includes deferred tax assets, net of valuation allowances \(see Note ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.65 307.75 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.66 307.75 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.75 Td (12.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.90 286.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.68 286.75 Td (Discontinued Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.75 Td (On February 27, 2012, Stratus sold 7500 Rialto to Lincoln Properties and Greenfield Partners \(Lincoln Properties\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.45 262.75 Td ($27.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 120.59 262.75 Td (. Lincoln Properties paid Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.11 262.75 Td ($6.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.69 262.75 Td ( in cash and assumed Stratus' outstanding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 250.75 Td (nonrecourse debt \(the Lantana Promissory Note\) of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.68 250.75 Td ($20.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.82 250.75 Td ( secured by the property) Tj ET Q q 0 0 0 rg BT 443.92 250.75 Td (. Stratus is providing a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.75 Td (limited guaranty of debt service and other obligations on the Lantana Promissory Note up to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.02 238.75 Td ($5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 508.60 238.75 Td ( through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.75 Td (May 1, 2016, which will be reduced by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.76 226.75 Td ($2.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.34 226.75 Td ( on May 1, 2016, until January 1, 2018 \(the maturity date for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 214.75 Td (Lantana Promissory Note\). Stratus expects its gain on the sale will total approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.96 214.75 Td ($10 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.76 214.75 Td (, with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.88 214.75 Td ($5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 549.12 214.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 202.75 Td (recorded in first-quarter 2012 and the balance to be recorded as its obligations under the limited guarantee are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 190.75 Td (relieved. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (53) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (The operating results and assets and liabilities for 7500 Rialto are presented in the financial statements as ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (discontinued operations. ) Tj ET Q q 0 0 0 rg BT 161.01 729.75 Td (The operations of 7500 Rialto previously represented a component of the Commercial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Leasing segment and have been reclassified to discontinued operations \(see Note ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 416.35 717.75 Td (1) Tj ET Q q 0 0 0 rg BT 421.17 717.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.73 717.75 Td (\). ) Tj ET Q q 0 0 0 rg BT 435.43 717.75 Td (The following table presents ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (the results of operations for 7500 Rialto \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 682.25 m 479.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 682.25 m 486.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 682.25 m 561.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 682.25 m 479.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 669.25 m 479.5 669.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 682.25 m 486.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 682.25 m 561.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 669.25 m 561.5 669.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 604.25 m 479.5 604.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 604.25 m 561.5 604.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 591.25 m 479.5 591.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 591.25 m 561.5 591.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 578.25 m 479.5 578.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 578.25 m 561.5 578.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 564.25 m 479.5 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 566.25 m 479.5 566.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 564.25 m 561.5 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 566.25 m 561.5 566.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.35 686.20 Td (Years Ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.80 673.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.45 673.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 660.20 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.00 660.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 660.20 Td (3,400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 660.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 660.20 Td (3,467) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 647.20 Td (Rental property costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 647.20 Td (1,850) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 647.20 Td (1,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 634.20 Td (Depreciation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 634.20 Td (853) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 634.20 Td (913) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 621.20 Td (Interest expense) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 118.54 625.49 Td (a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 621.20 Td (1,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 621.20 Td (1,279) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 608.20 Td (Provision for income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 608.20 Td (33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.95 608.20 Td (32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 595.20 Td ( 7500 Rialto net loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.95 595.20 Td (\(596) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.00 595.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 595.20 Td (\(619) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.00 595.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 582.20 Td (Interest capitalized by Stratus to other properties) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 245.60 586.49 Td (b) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 582.20 Td (787) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 582.20 Td (1,279) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 569.20 Td (Income from discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.00 569.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 569.20 Td (191) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 569.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 569.20 Td (660) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 547.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 547.95 Td (Relates to interest on the Lantana Promissory Note and does not include any additional allocations of interest.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 537.15 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 537.15 Td (Stratus capitalized interest cost on the Lantana Promissory Note to other development projects.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.15 Td (The assets and liabilities for 7500 Rialto are shown below \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 489.65 m 479.5 489.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 489.65 m 486.5 489.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 489.65 m 561.5 489.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 489.65 m 479.5 489.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 476.65 m 479.5 476.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 489.65 m 486.5 489.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 489.65 m 561.5 489.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 476.65 m 561.5 476.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 424.65 m 479.5 424.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 424.65 m 561.5 424.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 411.65 m 479.5 411.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 411.65 m 561.5 411.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 346.65 m 479.5 346.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 346.65 m 561.5 346.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 333.65 m 479.5 333.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 333.65 m 561.5 333.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 321.65 m 479.5 321.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 319.65 m 479.5 319.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 321.65 m 561.5 321.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 319.65 m 561.5 319.65 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.20 493.60 Td (December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.80 480.60 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.45 480.60 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 467.60 Td (Assets:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 454.60 Td ( Cash and cash equivalents) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.00 454.60 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 454.60 Td (390) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 454.60 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 454.60 Td (423) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 441.60 Td ( Real estate held for investment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 441.60 Td (15,193) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 441.60 Td (16,040) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 428.60 Td ( Other assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 428.60 Td (1,346) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 428.60 Td (1,861) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 415.60 Td ( Total assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 415.60 Td (16,929) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 415.60 Td (18,324) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 402.60 Td (Liabilities:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 389.60 Td ( Accounts payable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 389.60 Td (64) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.95 389.60 Td (70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 376.60 Td ( Accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 376.60 Td (947) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 376.60 Td (867) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 363.60 Td ( Deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.95 363.60 Td (205) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 363.60 Td (213) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 350.60 Td ( Debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 350.60 Td (20,367) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 350.60 Td (20,682) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 337.60 Td ( Total liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.45 337.60 Td (21,583) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 337.60 Td (21,832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 324.60 Td (Net liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.00 324.60 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 324.60 Td (\(4,654) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.00 324.60 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 324.60 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 324.60 Td (\(3,508) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.00 324.60 Td (\)) Tj ET Q BT /F4 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.75 Td (13.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.90 290.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.68 290.75 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 278.75 Td (As further explained in Note 7, during first-quarter 2012 Stratus paid the $1.2 million due under the Ford profits ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 266.75 Td (interest from first-quarter 2012 operating cash flows generated by the W Hotel & Residences project. Stratus will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 254.75 Td (record a charge of $1.2 million to interest expense \(before capitalized interest\) in first-quarter 2012 for the profits ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 242.75 Td (interest payment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 218.75 Td (Extended adverse market conditions for real estate in ) Tj ET Q q 0 0 0 rg BT 288.47 218.75 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 321.64 218.75 Td (T) Tj ET Q q 0 0 0 rg BT 326.64 218.75 Td (exas, have constrained Stratus' ability to carry out its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 206.75 Td (business plan. ) Tj ET Q q 0 0 0 rg BT 116.16 206.75 Td (As of December 31, 201) Tj ET Q q 0 0 0 rg BT 223.25 206.75 Td (1, Stratus had ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.29 206.75 Td ($2.7 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 338.87 206.75 Td ( in cash and cash equivalents available for use in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 194.75 Td (its real estate operations, excluding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.54 194.75 Td ($5.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 260.12 194.75 Td ( of cash primarily associated with the W ) Tj ET Q q 0 0 0 rg BT 437.96 194.75 Td (Austin Hotel & Residences ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 182.75 Td (project, total debt of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.61 182.75 Td ($158.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.31 182.75 Td ( \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 208.42 182.75 Td ($53.5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 264.57 182.75 Td ( of which matures in 2012\), and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.87 182.75 Td ($7.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.45 182.75 Td ( of availability under its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 170.75 Td (credit facility with Comerica. ) Tj ET Q q 0 0 0 rg BT 176.15 170.75 Td (At December 31, 201) Tj ET Q q 0 0 0 rg BT 269.90 170.75 Td (1, Stratus had stockholders' equity of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.35 170.75 Td ($1) Tj ET Q q 0 0 0 rg BT 446.73 170.75 Td (18.2 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.31 170.75 Td (, which was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 158.75 Td (less than the amount required under a covenant in Stratus' loan agreements requiring a minimum stockholders' ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 146.75 Td (equity balance of $120.0 million. Stratus has taken the following actions subsequent to December 31, 201) Tj ET Q q 0 0 0 rg BT 516.22 146.75 Td (1, to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 134.75 Td (enhance its financial liquidity and comply with the minimum stockholders' equity requirement in its loan agreements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 110.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 110.75 Td (On February 27, 2012, Stratus sold 7500 Rialto for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 312.79 110.75 Td ($27.0 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.93 110.75 Td (, with the purchaser paying Stratus ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.68 110.75 Td ($6.7 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 98.75 Td (million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.34 98.75 Td ( in cash and assuming related outstanding debt secured by the property totaling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 469.56 98.75 Td ($20.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.71 98.75 Td (; the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 86.75 Td (portion of the gain on the sale expected to be recognized in first-quarter 2012, approximates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.70 86.75 Td ($5 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.94 86.75 Td ( \(see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 74.75 Td (Note 12\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 50.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 50.75 Td (On March 15, 2012, in a private transaction, Stratus sold 625,000 shares of its common stock to Mof) Tj ET Q q 0 0 0 rg BT 529.37 50.75 Td (fett for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (54) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 741.75 Td (an aggregate purchase price of $5.0 million, or $8.00 per share. Following the sale, Stratus had 8,093,167 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 729.75 Td (shares of common stock outstanding, with Mof) Tj ET Q q 0 0 0 rg BT 291.47 729.75 Td (fett owning approximately 7.7% of Stratus' outstanding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 717.75 Td (common stock. Stratus used the $5.0 million in proceeds from the sale to pay down the outstanding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 705.75 Td (principal balance under the Comerica credit facility from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 335.00 705.75 Td ($38.3 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.14 705.75 Td ( at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.04 705.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 486.57 705.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.13 705.75 Td (, to $37.4 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 693.75 Td (million at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.24 693.75 Td (March 20, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.72 693.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (Stratus expects the sale of 7500 Rialto, together with the sale of shares of Stratus common stock to Mof) Tj ET Q q 0 0 0 rg BT 508.94 669.75 Td (fett, to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (result in an increase in Stratus' stockholders' equity balance above $120.0 million, ef) Tj ET Q q 0 0 0 rg BT 422.74 657.75 Td (fectively curing any default ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (under the Beal Bank loan agreement. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (Unaudited Pro Forma Balance Sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.21 621.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.98 621.75 Td (The following unaudited pro forma consolidated balance sheet presents ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (Stratus' financial position as if each of the above transactions had been completed on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.48 609.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 512.01 609.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.57 609.75 Td (. ) Tj ET Q q 0 0 0 rg BT 522.95 609.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (unaudited pro forma consolidated balance sheet has been prepared for informational purposes only and does not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (necessarily indicate the financial position or results of operations that would have occurred had these transactions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (taken place on ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 117.83 573.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 199.36 573.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.92 573.75 Td (, or which may result in the future.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 193.70 549.75 Td (Unaudited Pro Forma Consolidated Balance Sheet) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 256.30 537.75 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.53 537.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 350.05 537.75 Td (1) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 494.25 m 317.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 494.25 m 435.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 494.25 m 494.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 494.25 m 553.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 494.25 m 317.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 494.25 m 376.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 494.25 m 435.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 494.25 m 494.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 494.25 m 553.5 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 377.25 m 435.5 377.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 377.25 m 494.5 377.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 377.25 m 553.5 377.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 377.25 m 317.5 377.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 365.25 m 317.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 363.25 m 317.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 377.25 m 376.5 377.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 365.25 m 376.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 363.25 m 376.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 377.25 m 435.5 377.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 365.25 m 435.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 363.25 m 435.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 377.25 m 494.5 377.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 365.25 m 494.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 363.25 m 494.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 377.25 m 553.5 377.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 365.25 m 553.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 363.25 m 553.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 363.25 m 317.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 365.25 m 317.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 363.25 m 376.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 365.25 m 376.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 363.25 m 435.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 365.25 m 435.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 363.25 m 494.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 365.25 m 494.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 363.25 m 553.5 363.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 365.25 m 553.5 365.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 263.25 m 317.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 263.25 m 376.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 263.25 m 435.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 263.25 m 494.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 263.25 m 553.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 263.25 m 317.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 250.25 m 317.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 263.25 m 376.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 250.25 m 376.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 263.25 m 435.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 250.25 m 435.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 263.25 m 494.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 250.25 m 494.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 263.25 m 553.5 263.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 250.25 m 553.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 250.25 m 317.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 250.25 m 376.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 250.25 m 435.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 250.25 m 494.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 250.25 m 553.5 250.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 126.25 m 317.5 126.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 126.25 m 376.5 126.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 126.25 m 435.5 126.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 126.25 m 494.5 126.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 126.25 m 553.5 126.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 126.25 m 435.5 126.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 126.25 m 494.5 126.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 126.25 m 553.5 126.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 100.25 m 317.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 100.25 m 376.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 100.25 m 435.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 100.25 m 494.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 100.25 m 553.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 100.25 m 317.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 87.25 m 317.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 100.25 m 376.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 87.25 m 376.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 100.25 m 435.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 87.25 m 435.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 100.25 m 494.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 87.25 m 494.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 100.25 m 553.5 100.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 87.25 m 553.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 87.25 m 317.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 75.25 m 317.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 73.25 m 317.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 87.25 m 376.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 75.25 m 376.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 73.25 m 376.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 87.25 m 435.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 75.25 m 435.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 73.25 m 435.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 87.25 m 494.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 75.25 m 494.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 73.25 m 494.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 87.25 m 553.5 87.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 75.25 m 553.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 73.25 m 553.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 73.25 m 317.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 75.25 m 317.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 73.25 m 376.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 75.25 m 376.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 73.25 m 435.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 75.25 m 435.5 75.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 73.25 m 553.5 73.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 75.25 m 553.5 75.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.95 511.65 Td (Rialto) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.20 511.65 Td (Pro Forma) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.95 511.65 Td (Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.20 511.65 Td (Pro Forma) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.95 498.20 Td (Historical) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.45 498.20 Td (Sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 498.20 Td (Subtotal) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 498.20 Td (Sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 498.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 485.20 Td (ASSETS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 472.20 Td (Cash and cash equivalents) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 472.20 Td (7,695) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.45 472.20 Td (5,364) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 472.20 Td (13,059) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 472.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 472.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 472.20 Td (18,059) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 459.20 Td (Real estate held for sale) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 459.20 Td (74,003) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 459.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 459.20 Td (74,003) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 459.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 459.20 Td (74,003) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 446.20 Td (Real estate under development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 446.20 Td (54,956) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 446.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 446.20 Td (54,956) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 446.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 446.20 Td (54,956) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 433.20 Td (Land held for future development) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 433.20 Td (60,936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 433.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 433.20 Td (60,936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 433.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 433.20 Td (60,936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 420.20 Td (Real estate held for investment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 420.20 Td (185,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 420.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 420.20 Td (185,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 420.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 420.20 Td (185,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 407.20 Td (Investment in unconsolidated affiliate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 407.20 Td (3,246) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 407.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 407.20 Td (3,246) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 407.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 407.20 Td (3,246) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 394.20 Td (Other assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 394.20 Td (18,619) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 394.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 394.20 Td (18,619) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 394.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 394.20 Td (18,619) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 381.20 Td (Discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 381.20 Td (16,929) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.45 381.20 Td (\(16,929) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.00 381.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.00 381.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 381.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.00 381.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 368.20 Td (Total assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.00 368.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 368.20 Td (421,605) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.00 368.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.45 368.20 Td (\(11,565) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.00 368.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.00 368.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 368.20 Td (410,040) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 368.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 368.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 368.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 368.20 Td (415,040) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 345.20 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 332.20 Td (Accounts payable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.00 332.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 332.20 Td (8,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.00 332.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 332.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.00 332.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 332.20 Td (8,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 332.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 332.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 332.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 332.20 Td (8,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 319.20 Td (Accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 319.20 Td (10,217) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 319.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 319.20 Td (10,217) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 319.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 319.20 Td (10,217) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 306.20 Td (Deposits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 306.20 Td (1,848) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 306.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 306.20 Td (1,848) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 306.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 306.20 Td (1,848) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 293.20 Td (Debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 293.20 Td (158,451) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 293.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 293.20 Td (158,451) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 293.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 293.20 Td (158,451) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 280.20 Td (Other liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 280.20 Td (3,064) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.45 280.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 280.20 Td (8,064) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 280.20 Td (8,064) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 267.20 Td (Discontinued operations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 267.20 Td (21,583) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.45 267.20 Td (\(21,583) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.00 267.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.00 267.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 267.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.00 267.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 254.20 Td (Total liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 254.20 Td (203,923) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.45 254.20 Td (\(16,583) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.00 254.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 254.20 Td (187,340) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 254.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 254.20 Td (187,340) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 231.20 Td (Commitments and contingencies) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 208.20 Td (Equity:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 195.20 Td (Stratus stockholders' equity:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 182.20 Td (Preferred stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 182.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 182.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.00 182.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 182.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.00 182.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 169.20 Td (Common stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.95 169.20 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 169.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.95 169.20 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.95 169.20 Td (6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 169.20 Td (90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 156.20 Td (Capital in excess of par value of common stock) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 156.20 Td (198,175) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 156.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 156.20 Td (198,175) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 156.20 Td (4,994) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 156.20 Td (203,169) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 143.20 Td (Accumulated deficit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.45 143.20 Td (\(61,723) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.00 143.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.45 143.20 Td (5,018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.45 143.20 Td (\(56,705) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 143.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 143.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 143.20 Td (\(56,705) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 143.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 130.20 Td (Common stock held in treasury) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.45 130.20 Td (\(18,347) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.00 130.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 130.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.45 130.20 Td (\(18,347) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 130.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 130.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 130.20 Td (\(18,347) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 130.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 117.20 Td (Total Stratus stockholders' equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 117.20 Td (118,189) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.45 117.20 Td (5,018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 117.20 Td (123,207) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 117.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 117.20 Td (128,207) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 104.20 Td (Noncontrolling interest in subsidiaries) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 104.20 Td (99,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.00 104.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 104.20 Td (99,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 104.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.45 104.20 Td (99,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 91.20 Td (Total equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 91.20 Td (217,682) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.45 91.20 Td (5,018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 91.20 Td (222,700) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 91.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 91.20 Td (227,700) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 78.20 Td (Total liabilities and equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.00 78.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 78.20 Td (421,605) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.00 78.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.45 78.20 Td (\(11,565) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.00 78.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.00 78.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.45 78.20 Td (410,040) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 78.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 78.20 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 78.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.45 78.20 Td (415,040) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 64.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (55) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Unaudited Pro Forma Statement of Operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.33 741.75 Td (A) Tj ET Q q 0 0 0 rg BT 268.45 741.75 Td ( pro forma consolidated statement of operations has not been ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 729.75 Td (presented because any adjustments directly related to these transactions are not expected to have a continuing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (ef) Tj ET Q q 0 0 0 rg BT 58.16 717.75 Td (fect on Stratus' statement of operations, with the exception of the equity sale, which would have changed diluted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (net loss per share attributable to Stratus common stock for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 462.81 705.75 Td (1, from $1.39 per ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (share to $1.28 per share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (Stratus evaluated events after ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.63 669.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 267.16 669.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.72 669.75 Td (, and through the date the financial statements were issued, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (determined any events or transactions occurring during this period that would require recognition or disclosure are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (appropriately addressed in these financial statements.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 621.16552734375 m 514.8974609375 621.16552734375 l s q 0 0 0 rg BT 50.00 622.75 Td (Item 9.Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 261.35 622.75 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 339.31 622.75 Td (Accounting and Financial Disclosure) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.75 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 586.16552734375 m 213.92578125 586.16552734375 l s q 0 0 0 rg BT 50.00 587.75 Td (Item 9A.Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 575.75 Td (\(a\)) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 92.783203125 574.32421875 m 308.4619140625 574.32421875 l s q 0 0 0 rg BT 92.78 575.75 Td (Evaluation of disclosure controls and procedures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.46 575.75 Td (.Our chief executive of) Tj ET Q q 0 0 0 rg BT 413.33 575.75 Td (ficer and chief financial of) Tj ET Q q 0 0 0 rg BT 525.99 575.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 544.33 575.75 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 563.75 Td (with the participation of management, have evaluated the ef) Tj ET Q q 0 0 0 rg BT 314.43 563.75 Td (fectiveness of our disclosure controls and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (procedures \(as defined in Rules 13a-15\(e\) or 15d-15\(e\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 439.67 551.75 Td (Act of 1934\) as of the end ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (of the period covered by this annual report on Form 10-K. Based on their evaluation, they have concluded that our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (disclosure controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 233.25 527.75 Td (fective as of the end of the period covered by this report.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (\(b\)) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 92.783203125 502.32421875 m 216.7431640625 502.32421875 l s q 0 0 0 rg BT 92.78 503.75 Td (Changes in internal controls) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.74 503.75 Td (.) Tj ET Q q 0 0 0 rg BT 224.90 503.75 Td (There has been no change in our internal control over financial reporting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (that occurred during the quarter ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.45 491.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 304.98 491.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.54 491.75 Td (, that has materially af) Tj ET Q q 0 0 0 rg BT 408.18 491.75 Td (fected, or is reasonably likely to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 479.75 Td (materially af) Tj ET Q q 0 0 0 rg BT 103.73 479.75 Td (fect our internal control over financial reporting.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 455.75 Td (\(c\)Management's annual report on internal control over financial reporting is included in Item 8. Financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 443.75 Td (Statements and Supplementary Data.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 419.16552734375 m 178.9013671875 419.16552734375 l s q 0 0 0 rg BT 50.00 420.75 Td (Item 9B.Other Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 408.75 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.75 Td (P) Tj ET Q q 0 0 0 rg BT 55.93 385.75 Td (ART III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 373.75 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 361.16552734375 m 361.2255859375 361.16552734375 l s q 0 0 0 rg BT 50.00 362.75 Td (Item 10.Directors, Executive Officers and Corporate Governance) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 350.75 Td (Information required by this item will be contained in our definitive proxy statement to be filed with the SEC pursuant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 338.75 Td (to Regulation 14A) Tj ET Q q 0 0 0 rg BT 128.95 338.75 Td ( relating to our 2012 annual meeting of stockholders and is incorporated herein by reference. ) Tj ET Q q 0 0 0 rg BT 541.25 338.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 326.75 Td (information required by Item 10. regarding our executive of) Tj ET Q q 0 0 0 rg BT 309.40 326.75 Td (ficers appears in a separately captioned heading after ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 314.75 Td (Item 4. in Part I of this report on Form 10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 302.75 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 290.16552734375 m 211.1669921875 290.16552734375 l s q 0 0 0 rg BT 50.00 291.75 Td (Item 1) Tj ET Q q 0 0 0 rg BT 78.35 291.75 Td (1.Executive Compensation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 279.75 Td (Information required by this item will be contained in our definitive proxy statement to be filed with the SEC pursuant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 267.75 Td (to Regulation 14A) Tj ET Q q 0 0 0 rg BT 128.95 267.75 Td ( relating to our 2012 annual meeting of stockholders and is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 243.16552734375 m 532.900390625 243.16552734375 l s q 0 0 0 rg BT 50.00 244.75 Td (Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 231.16552734375 m 85.56640625 231.16552734375 l s q 0 0 0 rg BT 50.00 232.75 Td (Matters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 208.75 Td (Information required by this item will be contained in our definitive proxy statement to be filed with the SEC pursuant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 196.75 Td (to Regulation 14A) Tj ET Q q 0 0 0 rg BT 128.95 196.75 Td ( relating to our 2012 annual meeting of stockholders and is incorporated herein by reference.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.40 31.25 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Equity Compensation Plan Information as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.35 741.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 347.30 741.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 717.75 Td (e have equity compensation plans pursuant to which our common stock may be issued to employees and non-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (employees as compensation. ) Tj ET Q q 0 0 0 rg BT 181.74 705.75 Td (All of our outstanding equity compensation plans were previously approved by our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 693.75 Td (stockholders, and only three of these plans had shares available for grant as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.88 693.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 483.41 693.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.97 693.75 Td (: the 2010 Stock ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (Incentive Plan, the 2002 Stock Incentive Plan and the 1996 Stock Option Plan for Non-Employee Directors. ) Tj ET Q q 0 0 0 rg BT 526.20 681.75 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 669.75 Td (following table presents information regarding these equity compensation plans as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.45 669.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 508.97 669.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.54 669.75 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 564.25 m 322.5 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 564.25 m 427.5 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 564.25 m 562.5 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 516.25 m 322.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 516.25 m 562.5 516.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 505.25 m 322.5 505.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 503.25 m 322.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 505.25 m 562.5 505.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 503.25 m 562.5 503.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.70 613.65 Td (Number of Securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 214.05 604.65 Td (T) Tj ET Q q 0 0 0 rg BT 218.88 604.65 Td (o be Issued Upon) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 229.95 595.65 Td (Exercise of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.00 586.65 Td (Outstanding Options,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.15 577.65 Td (W) Tj ET Q q 0 0 0 rg BT 218.31 577.65 Td (arrants and Rights) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.50 568.65 Td (\(a\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.20 604.65 Td (W) Tj ET Q q 0 0 0 rg BT 345.53 604.65 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 386.70 604.65 Td (verage) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.20 595.65 Td (Exercise Price of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 586.65 Td (Outstanding Options,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.65 577.65 Td (W) Tj ET Q q 0 0 0 rg BT 340.81 577.65 Td (arrants and Rights) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.75 568.65 Td (\(b\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.20 622.65 Td (Number of Securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.55 613.65 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 493.72 613.65 Td (A) Tj ET Q q 0 0 0 rg BT 499.89 613.65 Td (vailable for) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.70 604.65 Td (Future Issuance Under) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.95 595.65 Td (Equity Compensation Plans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.70 586.65 Td (\(Excluding Securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.70 577.65 Td (Reflected in Column \(a\)\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 568.65 Td (\(c\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 555.20 Td (Equity compensation plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.00 555.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 555.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 555.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 543.20 Td (approved by security holders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 543.20 Td (163,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 543.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.45 543.20 Td (16.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 543.20 Td (99,059) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 531.20 Td (Equity compensation plans not) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.00 531.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 531.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 531.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.00 519.20 Td (approved by security holders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.45 519.20 Td (N/A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 519.20 Td (N/A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 519.20 Td (N/A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 507.20 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 507.20 Td (163,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.00 507.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 507.20 Td (99,059) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 492.75 Td (_______________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 471.15 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 471.15 Td (The number of securities to be issued upon the exercise of outstanding options, warrants and rights includes shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 460.35 Td (issuable upon the vesting of 62,500 restricted stock units. ) Tj ET Q q 0 0 0 rg BT 298.97 460.35 Td (These awards are not reflected in column \(b\) as they do not have ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 449.55 Td (an exercise price.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 438.75 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 438.75 Td (As of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.01 438.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 164.39 438.75 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.39 438.75 Td (, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 219.41 438.75 Td (95,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.94 438.75 Td ( shares remaining available for future issuance to Stratus employees and non-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 427.95 Td (employee directors under the 2010 Stock Incentive Plan, all of which could be issued pursuant to awards of stock options, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 417.15 Td (stock appreciation rights, restricted stock, restricted stock units or "other stock-based awards." In addition, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.60 417.15 Td (1,059) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.12 417.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 406.35 Td (shares remaining available for future issuance under the 2002 Stock Incentive Plan, all of which could be issued pursuant to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 395.55 Td (awards of stock options or stock appreciation rights, and only 263 of which could be issued pursuant to awards of restricted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 384.75 Td (stock, restricted stock units or "other stock-based awards." Finally) Tj ET Q q 0 0 0 rg BT 328.82 384.75 Td (, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.84 384.75 Td (2,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.36 384.75 Td ( shares remaining available for future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 373.95 Td (issuance of stock options to our non-employee directors under the 1996 Stock Option Plan for Non-Employee Directors.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 351.16552734375 m 453.994140625 351.16552734375 l s q 0 0 0 rg BT 50.00 352.75 Td (Item 13.Certain Relationships and Related T) Tj ET Q q 0 0 0 rg BT 263.39 352.75 Td (ransactions, and Director Independence) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 340.75 Td (Information required by this item will be contained in our definitive proxy statement to be filed with the SEC pursuant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 328.75 Td (to Regulation 14A) Tj ET Q q 0 0 0 rg BT 128.95 328.75 Td ( relating to our 2012 annual meeting of stockholders and is incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 316.75 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 304.16552734375 m 282.490234375 304.16552734375 l s q 0 0 0 rg BT 50.00 305.75 Td (Item 14.Principal ) Tj ET Q q 0 0 0 rg BT 137.44 305.75 Td (Accounting Fees and Services) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 293.75 Td (Information required by this item will be contained in our definitive proxy statement to be filed with the SEC pursuant ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 281.75 Td (to Regulation 14A) Tj ET Q q 0 0 0 rg BT 128.95 281.75 Td ( relating to our 2012 annual meeting of stockholders and is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.75 Td (P) Tj ET Q q 0 0 0 rg BT 55.93 258.75 Td (ART IV) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 50 234.16552734375 m 284.5166015625 234.16552734375 l s q 0 0 0 rg BT 50.00 235.75 Td (Item 15.Exhibits, Financial Statement Schedules) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 223.75 Td (\(a\)\(1\).) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 138.3447265625 222.32421875 m 234.501953125 222.32421875 l s q 0 0 0 rg BT 138.34 223.75 Td (Financial Statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 199.75 Td (Consolidated Balance Sheets, page 33.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 187.75 Td (Consolidated Statements of Operations, page 34.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 175.75 Td (Consolidated Statements of Cash Flows, page 35.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 163.75 Td (Consolidated Statements of Equity) Tj ET Q q 0 0 0 rg BT 202.68 163.75 Td (, page 36.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 139.75 Td (\(a\)\(2\).) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 138.3447265625 138.32421875 m 273.9794921875 138.32421875 l s q 0 0 0 rg BT 138.34 139.75 Td (Financial Statement Schedule.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 115.75 Td (Schedule III-Real Estate, Commercial Leasing ) Tj ET Q q 0 0 0 rg BT 256.77 115.75 Td (Assets and Facilities and ) Tj ET Q q 0 0 0 rg BT 369.60 115.75 Td (Accumulated Depreciation, page F-2.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 91.75 Td (\(a\)\(3\).) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 138.3447265625 90.32421875 m 176.1376953125 90.32421875 l s q 0 0 0 rg BT 138.34 91.75 Td (Exhibits.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 67.75 Td (Reference is made to the Exhibit Index beginning on page E-1 hereof.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.20 31.25 Td (S-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.55 741.75 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.48 741.75 Td (TURES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 717.75 Td (Pursuant to the requirements of Section 13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 401.87 717.75 Td (Act of 1934, the registrant has duly ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 705.75 Td (caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.00 669.75 Td (STRA) Tj ET Q q 0 0 0 rg BT 255.93 669.75 Td (TUS ) Tj ET Q q 0 0 0 rg BT 278.71 669.75 Td (PROPER) Tj ET Q q 0 0 0 rg BT 320.76 669.75 Td (TIES ) Tj ET Q q 0 0 0 rg BT 345.76 669.75 Td (INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.00 633.75 Td (By: ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 263.896484375 632.32421875 m 381.689453125 632.32421875 l s q 0 0 0 rg BT 263.90 633.75 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 277.23 633.75 Td (William ) Tj ET Q q 0 0 0 rg BT 312.23 633.75 Td (H. ) Tj ET Q q 0 0 0 rg BT 324.45 633.75 Td (Armstrong ) Tj ET Q q 0 0 0 rg BT 373.35 633.75 Td (III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.00 621.75 Td (William ) Tj ET Q q 0 0 0 rg BT 301.00 621.75 Td (H. ) Tj ET Q q 0 0 0 rg BT 313.22 621.75 Td (Armstrong ) Tj ET Q q 0 0 0 rg BT 362.12 621.75 Td (III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.00 609.75 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 312.13 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.25 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.93 609.75 Td (Board, ) Tj ET Q q 0 0 0 rg BT 372.17 609.75 Td (President) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.00 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 285.46 597.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 311.59 597.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 357.72 597.75 Td (Of) Tj ET Q q 0 0 0 rg BT 368.09 597.75 Td (ficer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (Date:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.46 573.75 Td (March 30, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.95 573.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 302.92 549.75 Td (Act of 1934, this report has been signed below by the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 537.75 Td (following persons on behalf of the registrant and in the capacities and on the dates indicated.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 513.25 m 244.5 513.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 461.25 m 244.5 461.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 409.25 m 244.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 367.25 m 244.5 367.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 325.25 m 244.5 325.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 283.25 m 244.5 283.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 241.25 m 244.5 241.25 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.10 517.47 Td (/s/ William H. Armstrong III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 517.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.75 517.47 Td (Chairman of the Board, President) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.75 503.47 Td (William H. Armstrong III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 503.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.50 503.47 Td (and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 432.59 503.47 Td (ficer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.40 493.47 Td (\(Principal Executive Of) Tj ET Q q 0 0 0 rg BT 430.37 493.47 Td (ficer\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 479.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 479.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 479.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 465.47 Td (*) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 465.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.00 465.47 Td (Senior Vice President) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.80 451.47 Td (Erin D. Pickens) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 441.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 451.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.15 451.47 Td (and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.91 451.47 Td (ficer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.05 441.47 Td (\(Principal Financial Of) Tj ET Q q 0 0 0 rg BT 428.68 441.47 Td (ficer\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 427.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 427.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 427.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 413.47 Td (*) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 413.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.05 413.47 Td (Vice President and Controller) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.55 399.47 Td (C. Donald Whitmire, Jr.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 399.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.60 399.47 Td (\(Principal Accounting Officer\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 385.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 385.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 385.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 371.47 Td (*) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 371.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.45 371.47 Td (Director) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.40 357.47 Td (James C. Leslie) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 357.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 357.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 343.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 343.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 343.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 329.47 Td (*) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 329.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.45 329.47 Td (Director) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.90 315.47 Td (Michael D. Madden) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 315.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 315.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 301.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 301.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 301.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 287.47 Td (*) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 287.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.45 287.47 Td (Director) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.70 273.47 Td (Bruce G. Garrison) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.00 273.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.00 273.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.05 245.47 Td (*) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.45 245.47 Td (Director) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.50 231.47 Td (Charles W. 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376.20 Td (10,539) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 376.20 Td (15,832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 376.20 Td (26,371) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 376.20 Td (26,371) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 618.90 376.20 Td (617) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 689.00 376.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 376.20 Td (1988) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 364.20 Td (Circle C, Austin, TX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.45 364.20 Td (2,453) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.45 364.20 Td (7,700) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 364.20 Td (10,153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 364.20 Td (10,153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 623.90 364.20 Td (23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 689.00 364.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 364.20 Td (1992) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 352.20 Td (W ) Tj ET Q q 0 0 0 rg BT 64.50 352.20 Td (Austin Hotel & Residences, ) Tj ET Q q 0 0 0 rg BT 175.56 352.20 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 205.41 352.20 Td (TX) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 216.91 356.49 Td (d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 352.20 Td (930) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 352.20 Td (17,502) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 352.20 Td (18,432) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 352.20 Td (18,432) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 628.90 352.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 689.00 352.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 352.20 Td (2006) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 340.20 Td (Land Held for Future Development) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 195.51 344.49 Td (c,e) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 574.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 607.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 644.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 708.00 340.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 328.20 Td (Camino Real, San Antonio, TX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.95 328.20 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.95 328.20 Td (\(16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.00 328.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 628.90 328.20 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 689.00 328.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 328.20 Td (1990) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 316.20 Td (Barton Creek, Austin, TX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.45 316.20 Td (7,321) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 316.20 Td (25,397) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 316.20 Td (32,718) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 316.20 Td (32,718) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 618.90 316.20 Td (804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 689.00 316.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 316.20 Td (1988) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 304.20 Td (Circle C, Austin, TX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.45 304.20 Td (5,719) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.45 304.20 Td (7,239) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 304.20 Td (12,958) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 304.20 Td (12,958) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 618.90 304.20 Td (467) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 689.00 304.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 304.20 Td (1992) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 292.20 Td (Lantana, Austin, TX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 292.20 Td (463) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 292.20 Td (14,797) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 292.20 Td (15,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 292.20 Td (15,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 618.90 292.20 Td (223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 689.00 292.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 292.20 Td (1994) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 280.20 Td (Real Estate Held for Investment) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 183.04 284.49 Td (b,c) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 574.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 607.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 644.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 708.00 280.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 268.20 Td (W ) Tj ET Q q 0 0 0 rg BT 64.50 268.20 Td (Austin Hotel & Residences, ) Tj ET Q q 0 0 0 rg BT 175.56 268.20 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 205.41 268.20 Td (TX) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 216.91 272.49 Td (f) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.45 268.20 Td (8,074) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.45 268.20 Td (169,883) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.45 268.20 Td (8,074) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 268.20 Td (169,883) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 268.20 Td (177,957) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 625.00 268.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 675.40 268.20 Td (7,169) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 268.20 Td (2006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 256.20 Td (Barton Creek V) Tj ET Q q 0 0 0 rg BT 115.37 256.20 Td (illage, ) Tj ET Q q 0 0 0 rg BT 140.88 256.20 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 170.74 256.20 Td (TX) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 182.24 260.49 Td (g) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.95 256.20 Td (55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.45 256.20 Td (6,360) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.95 256.20 Td (61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.95 256.20 Td (55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 256.20 Td (6,360) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 256.20 Td (6,476) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 625.00 256.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 675.40 256.20 Td (1,037) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 256.20 Td (2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 244.20 Td (5700 Slaughter) Tj ET Q q 0 0 0 rg BT 114.55 244.20 Td (, ) Tj ET Q q 0 0 0 rg BT 119.06 244.20 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 148.91 244.20 Td (TX) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 160.41 248.49 Td (h) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 244.20 Td (969) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.45 244.20 Td (4,897) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 244.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.95 244.20 Td (969) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 244.20 Td (4,897) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 244.20 Td (5,866) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 244.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 625.00 244.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 682.90 244.20 Td (692) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 244.20 Td (2008) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 232.20 Td (Parkside V) Tj ET Q q 0 0 0 rg BT 97.36 232.20 Td (illage, ) Tj ET Q q 0 0 0 rg BT 122.88 232.20 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 152.73 232.20 Td (TX) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 164.23 236.49 Td (i) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.95 232.20 Td (194) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.45 232.20 Td (2,492) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.95 232.20 Td (194) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 232.20 Td (2,492) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 232.20 Td (2,686) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 692.90 232.20 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 715.95 232.20 Td (1992) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 220.20 Td (Corporate offices, Austin,TX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.00 220.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.45 220.20 Td (1,730) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 220.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.00 220.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.45 220.20 Td (1,730) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 220.20 Td (1,730) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 588.00 220.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 625.00 220.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 682.90 220.20 Td (592) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 718.70 220.20 Td (N/A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 60.00 208.20 Td () Tj ET Q q 0 0 0 rg BT 62.34 208.20 Td (T) Tj ET Q q 0 0 0 rg BT 66.84 208.20 Td (otal) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 81.35 212.49 Td (j) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.45 208.20 Td (40,327) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.45 208.20 Td (185,362) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 208.20 Td (158,921) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.45 208.20 Td (199,187) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 208.20 Td (185,362) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 208.20 Td (384,610) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 581.90 208.20 Td (195) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 611.40 208.20 Td (2,138) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 644.00 208.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 675.40 208.20 Td (9,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 708.00 208.20 Td () Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 188.95 Td (a. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 188.95 Td (Includes individual tracts of land that have been developed and permitted for residential use, condominium units at our W ) Tj ET Q q 0 0 0 rg BT 546.28 188.95 Td (Austin Hotel & Residences project or developed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 178.15 Td (lots with homes already built on them.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 164.35 Td (b. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 164.35 Td (Includes real estate that is currently being developed or has received the necessary permits to be developed.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 150.55 Td (c. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 150.55 Td (See Note ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.03 150.55 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.03 150.55 Td ( included in Item 8. of this Form 10-K for description of assets securing debt.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 136.75 Td (d. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 136.75 Td (Includes the remaining condominium residences at the W ) Tj ET Q q 0 0 0 rg BT 293.62 136.75 Td (Austin Hotel & Residences project that are nearing completion.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 122.95 Td (e. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 122.95 Td (Undeveloped real estate that can be sold as is or will be developed in the future as additional permitting is obtained.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 109.15 Td (f. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 109.15 Td (Consists of a 251-room hotel, entertainment venue, and of) Tj ET Q q 0 0 0 rg BT 294.97 109.15 Td (fice and retail space at the W ) Tj ET Q q 0 0 0 rg BT 413.04 109.15 Td (Austin Hotel & Residences project.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 95.35 Td (g. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 95.35 Td (Consists of a 22,000-square-foot retail complex representing phase one of Barton Creek V) Tj ET Q q 0 0 0 rg BT 422.54 95.35 Td (illage and a 3,085-square-foot bank building.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 81.55 Td (h. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 81.55 Td (Consists of a 92,473-square-foot retail complex in the Circle C community) Tj ET Q q 0 0 0 rg BT 355.96 81.55 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 67.75 Td (i. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 67.75 Td (Consists of two retail buildings totaling 21,000 square feet and a 4,000-square-foot bank building at the 5700 Slaughter retail complex in Circle C.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 53.95 Td (j. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 53.95 Td (Excludes 7500 Rialto, which is presented as discontinued operations at December 31, 201) Tj ET Q q 0 0 0 rg BT 422.55 53.95 Td (1.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 592.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 592.95 Td (able of Contents) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.50 31.25 Td (F-3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.75 729.75 Td (STRA) Tj ET Q q 0 0 0 rg BT 264.23 729.75 Td (TUS PROPERTIES INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.80 717.75 Td (Notes to Schedule III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 681.75 Td (\(1\)Reconciliation of Real Estate, Commercial Leasing ) Tj ET Q q 0 0 0 rg BT 294.56 681.75 Td (Assets and Facilities:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (The changes in real estate, commercial leasing assets and facilities for the years ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.21 657.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 521.73 657.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 527.29 657.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 645.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.25 645.75 Td ( are as follows \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 623.25 m 325.5 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 623.25 m 406.5 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 623.25 m 406.5 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 587.25 m 325.5 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 587.25 m 406.5 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 576.25 m 325.5 576.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 574.25 m 325.5 574.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 576.25 m 406.5 576.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 574.25 m 406.5 574.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 626.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.80 626.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.45 626.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 614.20 Td (Balance, beginning of year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 614.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.45 614.20 Td (403,197) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.00 614.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 614.20 Td (267,602) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 602.20 Td (Improvements and other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 602.20 Td (52,036) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 602.20 Td (137,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 590.20 Td (Cost of real estate sold) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 590.20 Td (\(70,623) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 590.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.45 590.20 Td (\(2,071) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 590.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 578.20 Td (Balance, end of year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 578.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.45 578.20 Td (384,610) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.00 578.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 578.20 Td (403,197) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (The aggregate net book value for federal income tax purposes as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.96 551.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 434.49 551.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.05 551.75 Td ( was $394.2 million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (\(2\)Reconciliation of ) Tj ET Q q 0 0 0 rg BT 143.38 527.75 Td (Accumulated Depreciation:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (The changes in accumulated depreciation for the years ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 326.84 503.75 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 408.37 503.75 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.93 503.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.17 503.75 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.42 503.75 Td ( are as follows \(in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 469.25 m 325.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 469.25 m 406.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 469.25 m 325.5 469.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 433.25 m 325.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 433.25 m 406.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 422.25 m 325.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 420.25 m 325.5 420.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 433.25 m 406.5 433.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 422.25 m 406.5 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 420.25 m 406.5 420.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 472.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.80 472.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.45 472.20 Td (2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 460.20 Td (Balance, beginning of year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 460.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 460.20 Td (1,997) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.00 460.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 460.20 Td (1,223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 448.20 Td (Retirement of assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.95 448.20 Td (\(76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.00 448.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.95 448.20 Td (\(199) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 448.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 436.20 Td (Depreciation expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 436.20 Td (7,573) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.95 436.20 Td (973) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 424.20 Td (Balance, end of year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 424.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.45 424.20 Td (9,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.00 424.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 424.20 Td (1,997) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 397.75 Td (Depreciation of buildings and improvements is calculated over estimated lives of 30 to 40 years.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.20 31.25 Td (E-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.75 741.75 Td (STRA) Tj ET Q q 0 0 0 rg BT 264.23 741.75 Td (TUS PROPERTIES INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.60 729.75 Td (EXHIBIT INDEX) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 705.25 m 431.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 705.25 m 435.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 705.25 m 496.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 705.25 m 500.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 705.25 m 561.5 705.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 672.25 m 94.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.5 672.25 m 322.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 672.25 m 387.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 672.25 m 431.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 672.25 m 496.5 672.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 672.25 m 561.5 672.25 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 709.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 710.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 709.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 710.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 709.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 710.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.95 709.65 Td (Incorporated by Reference) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.45 685.65 Td (Exhibit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.45 676.65 Td (Number) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 696.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 184.55 676.65 Td (Exhibit Title) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 696.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.75 694.65 Td (Filed with) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.95 685.65 Td (this Form) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.70 676.65 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 696.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.75 676.65 Td (Form) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 676.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.20 676.65 Td (File No.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 676.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.95 676.65 Td (Date Filed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.20 663.20 Td (3.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 663.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 663.20 Td (Composite Certificate of Incorporation of Stratus.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 663.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 663.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 663.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.20 663.20 Td (8-A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 663.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 663.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 663.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 663.20 Td (8/26/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.20 644.20 Td (3.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 644.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 644.20 Td (By-laws of Stratus, as amended as of November 6,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 635.20 Td (2007.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 644.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 644.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 644.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.95 644.20 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 644.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 644.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 644.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.80 644.20 Td (8/11/2008) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.20 618.20 Td (4.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 618.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 618.20 Td (Rights Agreement dated as of May 16, 2002, between) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 609.20 Td (Stratus and Mellon Investor Services LLC, as Rights) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 600.20 Td (Agent, which includes the Form of Certificate of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 591.20 Td (Designations of Series C Participating Cumulative) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 582.20 Td (Preferred Stock, the Form of Right Certificate, and the) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 573.20 Td (Summary of Rights.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 618.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 618.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 618.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.20 618.20 Td (8-A) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 618.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 618.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 618.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 618.20 Td (5/23/2002) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.20 556.20 Td (4.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 556.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 556.20 Td (Amendment No. 1 to Rights Agreement between) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 547.20 Td (Stratus Properties Inc. and Mellon Investor Services) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 538.20 Td (LLC, as Rights Agent, dated as of November 7, 2003.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 556.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 556.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 556.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.95 556.20 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 556.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 556.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 556.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.30 556.20 Td (11/14/2003) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.20 517.20 Td (4.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 517.20 Td (Investor Rights Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 508.20 Td (Properties Inc. and Moffett Holdings, LLC. dated as of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 499.20 Td (March 15, 2012.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.95 517.20 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 517.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 517.20 Td (3/20/2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 478.20 Td (10.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 478.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 478.20 Td (Loan Agreement by and between CJUF II Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 469.20 Td (Block 21 LLC and Hunters Glen/Ford Investments I) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 460.20 Td (LLC effective as of March 31, 2010.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 478.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 478.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 478.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.95 478.20 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 478.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 478.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 478.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 478.20 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 439.20 Td (10.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 439.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 439.20 Td (Promissory Note by and between CJUF II Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 430.20 Td (Block 21 LLC and Hunters Glen/Ford Investments I) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 421.20 Td (LLC effective as of March 31, 2010.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 439.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 439.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 439.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.95 439.20 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 439.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 439.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 439.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 439.20 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 400.20 Td (10.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 400.20 Td (Profits Interest Agreement by and between CJUF II) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 391.20 Td (Stratus Block 21 LLC and Hunters Glen/Ford) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 382.20 Td (Investments I LLC effective as of March 31, 2010.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.95 400.20 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 400.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 400.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 400.20 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 361.20 Td (10.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 361.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 361.20 Td (Fourth Modification and Extension Agreement by and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 352.20 Td (between Stratus Properties Inc., Stratus Properties) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 343.20 Td (Operating Co., L.P., Circle C Land, L.P., Austin 290) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 334.20 Td (Properties, Inc., Calera Court, L.P., Oly Stratus Barton) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 325.20 Td (Creek I Joint Venture and Comerica Bank effective as) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 316.20 Td (of March 31, 2010.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 361.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 361.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 361.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.45 361.20 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 361.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 361.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 361.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 361.20 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 297.20 Td (10.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 297.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 297.20 Td (Loan Agreement by and between Stratus Properties) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 288.20 Td (Inc., Stratus Properties Operating Co., L.P., Circle C) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 279.20 Td (Land, L.P., Austin 290 Properties, Inc., Calera Court,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 270.20 Td (L.P., and Comerica Bank dated as of September 30,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 261.20 Td (2005.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 297.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 297.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 297.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.95 297.20 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 297.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 297.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 297.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 297.20 Td (10/5/2005) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 241.20 Td (10.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 241.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 241.20 Td (Revolving Promissory Note by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 232.20 Td (Properties Inc., Stratus Properties Operating Co., L.P.,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 223.20 Td (Circle C Land, L.P., Austin 290 Properties, Inc., Calera) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 214.20 Td (Court, L.P., and Comerica Bank dated as of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 205.20 Td (September 30, 2005.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 241.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 241.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 241.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.95 241.20 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 241.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 241.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 241.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 241.20 Td (10/5/2005) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 185.20 Td (10.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 185.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 185.20 Td (Note Modification Agreement by and among CJUF II) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 176.20 Td (Stratus Properties Inc., Stratus, Canyon-Johnson) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 167.20 Td (Urban Fund II LP and Beal Bank Nevada effective as) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 158.20 Td (of June 30, 2010.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 185.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 185.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 185.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.95 185.20 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 185.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 185.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 185.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.45 185.20 Td (8/16/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 137.20 Td (10.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 137.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 137.20 Td (Amended and Restated Construction Loan Agreement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 128.20 Td (dated October 21, 2009, by and between CJUF II) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 119.20 Td (Stratus Block 21 LLC and Beal Bank Nevada.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 137.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 137.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 137.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.95 137.20 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 137.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 137.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 137.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.80 137.20 Td (11/6/2009) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.70 98.20 Td (10.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.00 98.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 98.20 Td (Amended and Restated Promissory Note dated) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 89.20 Td (October 21, 2009, by and between CJUF II Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.00 80.20 Td (Block 21 LLC and Beal Bank Nevada.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.00 98.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 98.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.00 98.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.95 98.20 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.00 98.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.95 98.20 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.00 98.20 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.80 98.20 Td (11/6/2009) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.20 31.25 Td (E-2) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 734.5 m 432.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 734.5 m 436.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 734.5 m 497.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 734.5 m 562.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 701.5 m 95.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 99.5 701.5 m 323.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 701.5 m 388.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 701.5 m 432.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 701.5 m 497.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 701.5 m 562.5 701.5 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 738.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 738.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 738.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 739.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 738.90 Td (Incorporated by Reference) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.45 714.90 Td (Exhibit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.45 705.90 Td (Number) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 185.55 705.90 Td (Exhibit Title) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.75 723.90 Td (Filed with) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.95 714.90 Td (this Form) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.70 705.90 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 705.90 Td (Form) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 705.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.20 705.90 Td (File No.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 705.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 509.95 705.90 Td (Date Filed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 692.45 Td (10.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 692.45 Td (Loan Modification Agreement between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 683.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 674.45 Td (Portfolio Inc.-II effective as of March 31, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 665.45 Td (\(modifying 2006 $5.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 692.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 692.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 692.45 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 649.45 Td (10.11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 649.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 649.45 Td (Amended and Restated Loan Agreement between) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 640.45 Td (Stratus Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 631.45 Td (Portfolio Inc.-II dated as of December 12, 2006 \($5.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 622.45 Td (million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 649.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 649.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 649.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.45 649.45 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 649.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 649.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 649.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 649.45 Td (3/16/2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 606.45 Td (10.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 606.45 Td (Loan Modification Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 597.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 588.45 Td (Portfolio Inc. II, effective as of November 1, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 579.45 Td (\(modifying 2006 $5.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.95 606.45 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 606.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 606.45 Td (3/20/2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 561.45 Td (10.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 561.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 561.45 Td (Loan Modification Agreement between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 552.45 Td (Properties Inc. and American Select Portfolio Inc.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 543.45 Td (effective as of March 31, 2010 \(modifying 2006 $5.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 534.45 Td (million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 561.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 561.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 561.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 561.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 561.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 561.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 561.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 561.45 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 517.45 Td (10.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 517.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 517.45 Td (Amended and Restated Loan Agreement between) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 508.45 Td (Stratus Properties Inc. and American Select Portfolio) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 499.45 Td (Inc. dated as of December 12, 2006 \($5.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 490.45 Td (loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 517.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 517.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 517.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.45 517.45 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 517.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 517.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 517.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 517.45 Td (3/16/2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 473.45 Td (10.15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 473.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 473.45 Td (Construction Loan Agreement dated June 11, 2001,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 464.45 Td (between 7500 Rialto Boulevard, L.P. \(now Lantana) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 455.45 Td (Office Properties I, L.P. and Comerica Bank-Texas.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 473.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 473.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 473.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.45 473.45 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 473.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 473.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 473.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 473.45 Td (3/22/2002) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 436.45 Td (10.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 436.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 436.45 Td (Modification Agreement dated January 31, 2003, by) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 427.45 Td (and between Lantana Office Properties I, L.P.,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 418.45 Td (\(formerly 7500 Rialto Boulevard, L.P.\), and Comerica) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 409.45 Td (Bank-Texas.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 436.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 436.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 436.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 436.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 436.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 436.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 436.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 436.45 Td (5/15/2003) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 392.45 Td (10.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 392.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 392.45 Td (Second Modification Agreement dated as of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 383.45 Td (December 29, 2003, effective as of January 31, 2004,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 374.45 Td (by and between Lantana Office Properties I, L.P., a) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 365.45 Td (Texas limited partnership \(formerly 7500 Rialto) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 356.45 Td (Boulevard, L.P.\), as borrower, and Comerica Bank, as) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 347.45 Td (lender.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 392.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 392.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 392.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.45 392.45 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 392.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 392.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 392.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 392.45 Td (3/30/2004) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 329.45 Td (10.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 329.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 329.45 Td (Guaranty Agreement dated June 11, 2001, by Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 320.45 Td (Properties Inc. in favor of Comerica Bank-Texas.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 329.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 329.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 329.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.45 329.45 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 329.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 329.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 329.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 329.45 Td (3/22/2002) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 300.45 Td (10.19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 300.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 300.45 Td (Promissory Note dated as of December 14, 2007,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 291.45 Td (between Lantana Office Properties I, L.P., as borrower,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 282.45 Td (and The Lincoln National Life Insurance Company, as) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 273.45 Td (lender.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 300.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 300.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 300.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.95 300.45 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 300.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 300.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 300.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.95 300.45 Td (12/14/2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 256.45 Td (10.20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 256.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 256.45 Td (Development Agreement dated August 15, 2002,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 247.45 Td (between Circle C Land Corp. and City of Austin.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 256.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 256.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 256.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 256.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 256.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 256.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 256.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.30 256.45 Td (11/14/2002) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 227.45 Td (10.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 227.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 227.45 Td (Agreement of Sale and Purchase dated November 23,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 218.45 Td (2005, by and between Stratus Properties Operating) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 209.45 Td (Co., L.P., as Seller, and Advanced Micro Devices, Inc.,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 200.45 Td (as Purchaser.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 227.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 227.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 227.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 227.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 227.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 227.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 227.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 227.45 Td (5/10/2006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 183.45 Td (10.22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 183.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 183.45 Td (First Amendment to Agreement of Sale and Purchase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 174.45 Td (dated April 26, 2006, by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 165.45 Td (Properties Operating Co., L.P., as Seller, and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 156.45 Td (Advanced Micro Devices, Inc., as Purchaser.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 183.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 183.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 183.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 183.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 183.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 183.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 183.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 183.45 Td (5/10/2006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 139.45 Td (10.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 139.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 139.45 Td (Loan Modification Agreement between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 130.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 121.45 Td (Portfolio Inc.-II effective as of March 31, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 112.45 Td (\(modifying 2006 $8.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 139.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 139.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 139.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 139.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 139.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 139.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 139.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 139.45 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 95.45 Td (10.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 95.45 Td (Loan Modification Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 86.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 77.45 Td (Portfolio Inc. II, effective as of November 1, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 68.45 Td (\(modifying 2006 $5.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.95 95.45 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 95.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 95.45 Td (3/20/2012) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.20 31.25 Td (E-3) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 734.5 m 432.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 734.5 m 436.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 734.5 m 497.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 734.5 m 501.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 734.5 m 562.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 701.5 m 95.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 99.5 701.5 m 323.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 701.5 m 388.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 701.5 m 432.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 701.5 m 497.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 701.5 m 562.5 701.5 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 738.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 738.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 738.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 739.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 738.90 Td (Incorporated by Reference) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.45 714.90 Td (Exhibit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.45 705.90 Td (Number) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 185.55 705.90 Td (Exhibit Title) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.75 723.90 Td (Filed with) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.95 714.90 Td (this Form) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.70 705.90 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 705.90 Td (Form) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 705.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.20 705.90 Td (File No.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 705.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 509.95 705.90 Td (Date Filed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 692.45 Td (10.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 692.45 Td (Loan Agreement between Stratus Properties Inc. and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 683.45 Td (Holliday Fenoglio Fowler, L.P. dated as of December) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 674.45 Td (12, 2006, subsequently assigned to American) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 665.45 Td (Strategic Income Portfolio Inc.-II \($8.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.45 692.45 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 692.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 692.45 Td (3/16/2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 647.45 Td (10.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 647.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 647.45 Td (Loan Modification Agreement between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 638.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 629.45 Td (Portfolio Inc.-III effective as of March 31, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 620.45 Td (\(modifying 2006 $7.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 647.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 647.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 647.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 647.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 647.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 647.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 647.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 647.45 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 602.45 Td (10.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 602.45 Td (Loan Modification Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 593.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 584.45 Td (Portfolio Inc. III, effective as of November 1, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 575.45 Td (\(modifying 2006 $7.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.95 602.45 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 602.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 602.45 Td (3/20/2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 557.45 Td (10.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 557.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 557.45 Td (Loan Agreement between Stratus Properties Inc. and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 548.45 Td (Holliday Fenoglio Fowler, L.P. dated as of December) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 539.45 Td (12, 2006, subsequently assigned to American) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 530.45 Td (Strategic Income Portfolio Inc.-III \($7.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 557.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 557.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 557.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.45 557.45 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 557.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 557.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 557.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 557.45 Td (3/16/2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 513.45 Td (10.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 513.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 513.45 Td (Loan Modification Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 504.45 Td (Properties Inc. and American Select Portfolio Inc.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 495.45 Td (effective as of March 31, 2010 \(modifying 2007 $3.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 486.45 Td (million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 513.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 513.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 513.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 513.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 513.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 513.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 513.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 513.45 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 469.45 Td (10.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 469.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 469.45 Td (Loan Agreement between Stratus Properties Inc. and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 460.45 Td (Holliday Fenoglio Fowler, L.P. dated as of June 1,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 451.45 Td (2007, subsequently assigned to American Select) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 442.45 Td (Portfolio Inc. \($3.5 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 469.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 469.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 469.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 469.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 469.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 469.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 469.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.95 469.45 Td (8/9/2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 425.45 Td (10.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 425.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 425.45 Td (Loan Modification Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 416.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 407.45 Td (Portfolio Inc. effective as of March 31, 2010 \(modifying) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 398.45 Td (2007 $3.5 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 425.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 425.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 425.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 425.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 425.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 425.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 425.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 425.45 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 381.45 Td (10.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 381.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 381.45 Td (Loan Agreement between Stratus Properties Inc. and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 372.45 Td (Holliday Fenoglio Fowler, L.P. dated as of June 1,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 363.45 Td (2007, subsequently assigned to American Strategic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 354.45 Td (Income Portfolio Inc. \($3.5 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 381.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 381.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 381.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 381.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 381.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 381.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 381.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.95 381.45 Td (8/9/2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 337.45 Td (10.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 337.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 337.45 Td (Loan Modification Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 328.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 319.45 Td (Portfolio Inc.-III effective as of March 31, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 310.45 Td (\(modifying 2007 $8.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 337.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 337.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 337.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 337.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 337.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 337.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 337.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 337.45 Td (5/17/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 293.45 Td (10.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 293.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 293.45 Td (Loan Agreement between Stratus Properties Inc. and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 284.45 Td (Holliday Fenoglio Fowler, L.P. dated as of June 1,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 275.45 Td (2007, subsequently assigned to American Strategic) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 266.45 Td (Income Portfolio Inc.-III \($8.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 293.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 293.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 293.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 293.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 293.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 293.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 293.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.95 293.45 Td (8/9/2007) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 249.45 Td (10.35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 249.45 Td (Loan Modification Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 240.45 Td (Properties Inc. and American Strategic Income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 231.45 Td (Portfolio Inc. III, effective as of November 1, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 222.45 Td (\(modifying 2007 $8.0 million loan\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.95 249.45 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 249.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 249.45 Td (3/20/2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 204.45 Td (10.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 204.45 Td (Construction Loan Agreement by and between Tract) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 195.45 Td (107, LLC and Comerica Bank dated as of May 17,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 186.45 Td (2011.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 204.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 204.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 204.45 Td (8/15/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 169.45 Td (10.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 169.45 Td (Promissory Note by and between Tract 107, LLC and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 160.45 Td (Comerica Bank dated as of May 17, 2011.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.95 169.45 Td (10-Q) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 169.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 169.45 Td (8/15/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.20 141.45 Td (10.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 141.45 Td (Stock Purchase Agreement by and between Stratus) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 132.45 Td (Properties Inc. and Moffett Holdings, LLC dated as of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 123.45 Td (March 15, 2012.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.95 141.45 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 141.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 141.45 Td (3/20/2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.45 105.45 Td (10.39*) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 105.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 105.45 Td (Stratus 2010 Stock Incentive Plan) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 105.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 105.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 105.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.95 105.45 Td (8-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 105.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 105.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 105.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.45 105.45 Td (8/12/2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.45 88.45 Td (10.40*) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 88.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 88.45 Td (Form of Notice of Grant of Nonqualified Stock Options) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 79.45 Td (under the 2002 and 2010 Stock Incentive Plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 70.45 Td (\(adopted January 2011\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 88.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 88.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.45 88.45 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 88.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 88.45 Td (000-19989) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 88.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.80 88.45 Td (3/31/2011) Tj ET Q BT /F4 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 772.95 Td (T) Tj ET Q q 0 0 0 rg BT 54.50 772.95 Td (able of Contents) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.20 31.25 Td (E-4) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 734.5 m 432.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 734.5 m 436.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 734.5 m 497.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 734.5 m 501.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 734.5 m 562.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 701.5 m 95.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 99.5 701.5 m 323.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 701.5 m 388.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 701.5 m 432.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 701.5 m 497.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 701.5 m 562.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 701.5 m 95.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 99.5 701.5 m 323.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 701.5 m 388.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 701.5 m 432.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 701.5 m 497.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 701.5 m 562.5 701.5 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 739.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 739.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 739.45 Td (Incorporated by Reference) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.45 714.90 Td (Exhibit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 55.45 705.90 Td (Number) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 185.55 705.90 Td (Exhibit Title) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.75 723.90 Td (Filed with) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.95 714.90 Td (this Form) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.70 705.90 Td (10-K) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.00 725.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 705.90 Td (Form) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 705.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.20 705.90 Td (File No.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.00 705.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 509.95 705.90 Td (Date Filed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 59.45 692.45 Td (10.41*) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.00 692.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 692.45 Td (Form of Notice of Grant of Restricted Stock Units) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 683.45 Td (under the 2002 and 2010 Stock Incentive Plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 674.45 Td (\(adopted January 2011\).) 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