from SNL Real Estate Daily
Stratus Properties plans REIT conversion
Byline: Maera Tezuka
Stratus Properties Inc. received board approval to launch a review of the company's potential conversion to a real estate investment trust from a C-corp.
The company said it has retained financial, tax, accounting and legal advisers to aid in the review. If the company resolves to pursue a REIT conversion, it would seek shareholder approval and would likely require consent from its major lenders and amendments to its major loan agreements and other third-party consents.
Stratus, which is also reviewing its governance practices and board composition, said the conversion would likely take place in 2022 upon receipt of the required consents and approvals.