Good morning. Welcome to the Stratus Properties year-ended December 31, 2021 financial and operational conference call. Earlier this morning, Stratus issued a press release announcing its year-ended December 31st, 2021 financial results. The press release is available on Stratus' website at stratusproperties.com. Following management's remarks, we will host a question and answer session. Please note, this call is being recorded and will be available for replay on Stratus' website through April 14th, 2022. Anyone listening to the taped replay should note that the presentation is current as of today, March 31st, 2022, and should be considered valid only as of this date. As a reminder, today's press release and certain comments that will be made on this call include forward-looking statements and actual results may differ from expected, projected, or assumed in the forward-looking statements.
Please review the cautionary language included in Stratus' press release issued today and the risk factors described in Stratus' 2021 Form 10-K, which could cause actual results to differ materially from those projected by Stratus. In addition, management will discuss earnings before interest, taxes, depreciation, and amortization, also referred to as EBITDA, asset value, or NAV, and financial measures calculated by reference to NAV, including after-tax NAV and after-tax NAV per share, which are financial measures not recognized under generally accepted accounting principles, also referred to as GAAP. As required by SEC rules, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in the supplemental schedules of Stratus' press release issued today. On March 25th, 2022, it published on its website under the Investors tab an update to its NAV.
I would now like to turn the conference call over to Mr. Beau Armstrong, Chairman, President, and Chief Executive Officer of Stratus Properties. Please go ahead.
Thank you all for joining our year-ended December 31, 2021 financial and operational conference call today. Our Chief Financial Officer, Erin Pickens, is also here with me today. I would like to start by spending some time acknowledging the tremendous year we had, which was only made possible by our incredibly talented and hardworking team here at Stratus. Then I will provide updates on the status of our current residential development project pipeline, as well as touch on a few of our new retail and commercial development activities which we are excited about. Finally, I will pass the call to Erin Pickens to review our 2021 financial results before wrapping up with remarks about the encouraging markets we and our successful full-cycle development strategy.
To begin, our momentum is driven by our significant achievements last year, and I'm excited to share that 2021 produced record net earnings for Stratus. Our total stockholders equity increased 60% to $158.1 million at year-end 2021 from year-end 2020. Upon the completion of the pending sale of Block 21, we expect to record a pre-tax gain of approximately $120 million or $95 million after tax. The Block 21 transaction is accretive to stockholders' equity. We had the most productive year in the history of our company in 2021, which included sales of The Saint Mary and The Santal for a combined sales price of $212 million and a combined pre-tax gain of $106 million.
Sourcing significant institutional equity capital with an attractive promote structure for Stratus to develop several new projects in our pipeline, including The Saint June, The Annie B, and The Saint George multifamily projects in Austin. Continuing to lease up our retail projects, including our newest shadow-anchored H-E-B in the Houston suburb of Magnolia, which is currently under construction. Separately, we achieved our board refreshment objectives to enhance the skills, experience, and diversity of the board through the appointments of three new directors over the past eighteen months. Neville L. Rhone, Jr. in December 2020, Kate B. Henriksen in January 2021, and Laurie Dotter in August 2021. I am proud of our team's success in entitling, constructing, leasing, and ultimately selling The Saint Mary and The Santal.
Our team's continued work toward the Block 21 sale, the start of several new projects, and continued progress on existing development pipeline. In January 2021, we announced the sale of The Saint Mary, a 240-unit luxury, garden-style rental project in the Circle C community in Austin for $60 million or $250,000 per unit. After closing costs and repayment of the project loan, the sale generated net proceeds of approximately $34 million, of which Stratus received $21.9 million. Gain on the sale of $22.9 million, with $16.2 million net of tax in 2021.
In December 2021, we completed the sale of The Santal 448-unit garden-style multifamily luxury rental project located in Section N of Barton Creek for $152 million, generating net proceeds of approximately $74 million and a pre-tax gain of $83 million after closing costs and repayment of the project loan. A portion of the proceeds from the sale of The Santal enabled us to pay down in full our revolving credit facility with Comerica Bank. We are also continuing to work toward closing the sale of our Block 21 property to Ryman Hospitality Properties for $260 million.
The transaction is expected to close prior to June 1, 2022, subject to the timely satisfaction or waiver of various closing conditions, including the consent of the loan servicers to Ryman's assumption of the existing mortgage loan, consent of the hotel operator, an affiliate of Marriott, to Ryman's assumption of the hotel operating agreement, the absence of a material adverse effect and other customary closing conditions. Our outstanding achievements in 2021 reflect our team's continued success in developing properties from within our significant land portfolio, as well as sourcing new development opportunities to generate value for our shareholders. I am confident we have the development expertise, market knowledge, relationships, and focus to continue to thrive in Austin and other select fast-growing Texas markets where we operate. With that, provide updates on our residential projects. I'll start by first discussing our residential property portfolio.
Our residential projects continued to thrive in 2021, positively impacted by home-centric trends resulting from the pandemic and increased attractiveness of Austin, which continues to drive demand higher than available supply. For The Annie B, The Saint George and The Saint June, we raised $46.3 million of third-party equity capital in 2021, contributing to the 90% increase in total equity to $208.6 million at year-end 2021 from year-end 2020, and demonstrating our ability to source outside equity capital with promoted economics for the company, as we previously did with The Saint Mary in 2018. I will now provide brief descriptions of each of these new projects.
The Annie B is our proposed luxury high-rise rental project near the Texas State Capitol, expected to be a 400-foot tower with unobstructed 360-degree views of the capitol, downtown Austin, the University of Texas campus in West Austin. The project consists of approximately 420,000 sq ft of luxury multifamily units for lease and ground level retail and other unique amenities in the historic A.O. Watson House, which was part of The Annie B land assemblage and will be fully renovated as part of this project. We closed the purchases in September 2021 and expect to finalize development plans over the next 12 months.
The Saint George is a proposed wrap-style multifamily rental project to be constructed on approximately four acres with about 317 units comprised of luxury studio, one and two-bedroom units, and an attached parking garage along the Burnet Road Corridor in North Central Austin, near the new Austin FC soccer stadium. We closed the land purchase in December 2021. While we continue to plan the project, negotiate a construction loan, and obtain entitlements and permit approvals, we expect to begin construction by mid-2022 and achieve by mid-2024. In the third quarter of 2021, we began construction on The Saint June, a 182-unit luxury garden-style multifamily rental project within the Amarra development in the Barton Creek community in Austin.
The first units of The Saint [audio distortion] ex pected to be completed in the third quarter of this year, and completion of the project expected in the first quarter of 2023. In 2021, we also continued to make progress on several important long-term development projects, including Holden Hills in Section N of Barton Creek, with a particular focus on health and wellness, sustainable energy conservation. Sustainable development continues to be a guiding principle for the company. Holden Hills is our final large residential development within the Barton Creek community, consisting of 495 acres and designed to feature 475 unique residences to be developed in multiple phases. We anticipate securing the final permits to initiate construction in September of this year and to begin to close the sales of homesites in mid-2024, subject to obtaining financing.
Using a conceptual approach similar to Holden Hills, we are evaluating a redesign of Section N, an approximately 570-acre tract with a significant multifamily component in the southern portion of Barton Creek. At Lantana Place, south of our Barton Creek development, we are planning to begin construction on the 360-unit multifamily component of this project in the third quarter of this year with an expected completion in mid-2024. I will provide more detail on Lantana Place in a moment. Cost increases for our residential projects in 2021 reflect increased construction activity in line with increased demand, as well as industry-wide impacts of material and labor supply constraints. We continue to monitor and proceed certain projects in line with current trends and future expectations, such as the incorporation of more residential uses, while also actively managing and monitoring design and construction costs.
Our retail, commercial, and mixed use projects are also continuing to perform well and have benefited from activity and foot traffic throughout 2021. We are continuing to lease up our retail projects, Kingwood Place, Lantana Place, West Killeen Market, and Jones Crossing. All four projects are producing positive cash flow after debt service. The Kingwood Place project in the Greater Houston area includes approximately 162,000 sq ft of retail, anchored by a 103,000 sq ft H-E-B grocery store, five pad sites, of which four have been ground leased and one is available. As of December 31, 2021, we had signed leases for approximately 85% of the completed retail space, including H-E-B. Kingwood Place also includes a 10-acre parcel currently planned for approximately 275 multifamily units.
In September 2021, we entered into a contract to sell this land for $5.5 million, and if consummated, the sale is expected to close in mid-2022. Lantana Place is a partially developed estate development project. As of December 31, 2021, we had signed leases for approximately 85% of the 99,379 sq ft of retail space, including the anchor tenant, Moviehouse & Eatery, and a ground lease for an AC Hotels by Marriott hotel. As mentioned [audio distortion] of the multifamily development in the third quarter. This site within Lantana Place was recently rezoned from office use to multifamily use. As of December 31, 2021, we had executed leases for approximately 70% of the retail space at West Killeen Market, H-E-B anchored retail shopping center in Killeen.
During 2021, we sold a pad site at West Killeen Market for $750,000, and only one unsold pad site remains. We are also continuing to lease up our Jones Crossing property. Jones Crossing is an H-E-B anchored mixed-use project located in Texas. As of December 31, 2021, we had signed leases for approximately 95% of the completed retail space, including H-E-B. Also, as of December 31, 2021, approximately 23 undeveloped acres with estimated development potential of approximately 104,760 sq ft of commercial, five vacant pad sites. In 2021, we also announced new development plans, obtained debt financing, and commenced construction on the first phase of development for Magnolia Place, a mixed-use development shadow anchored by H-E-B in the Greater Houston area.
The development is planned to consist of four retail buildings, five retail pad sites to be sold or leased, 194 single-family lots, and approximately 500 multifamily units. We have signed three leases for 40% of the in-line retail space. We are in discussion for additional potential tenants. The H-E-B is expected to open in the second quarter, and the first two retail buildings are expected to be available for occupancy in the third quarter of 2022. Our design plans for New Caney, an H-E-B anchored mixed-use project, including restaurants and retail services, remain underway. We currently plan to commence construction no earlier than 2024. We expect the New Caney project will total approximately 145,000 sq ft, five pad sites, and a 10-acre multi plan for approximately 275 multifamily units.
Overall, we are pleased with the performance of our existing properties and encouraged by the activity in our pipelines, which demonstrates proven ability to create value through the development process. Thank you, and I will now turn the call over to our CFO, Erin Pickens, for a review of the 2021 financial results. Erin?
Thank you, Beau. Today, we reported our year-end of December 31st, 2021 financial results in our press release issued this morning. Stratus' consolidated revenues totaled $28.2 million for 2021 compared with $44.3 million for 2020, primarily reflecting the decrease in revenue from our real estate operations segment as our inventory of developed lots decreased. Net income attributable to common stockholders totaled $57 million or $6.90 per diluted share for 2021 compared to a net loss of $22.8 million or $2.78 per diluted share for 2020.
Net income for 2021 versus the net loss for 2020 was primarily the result of gains recognized on the sale of The Santal and the Saint Mary , totaling $106 million combined on a pre-tax basis. EBITDA totals $90.7 million for 2021, which was a significant increase over $1.1 million for 2020, also primarily attributable to the gains recognized on the sales of The Santal and The Saint Mary. Historically, we have reported four operating segments: Real Estate Operations, Leasing Operations, Hotel, and Entertainment. Moving forward, due to the pending sale of Block 21, our continuing operations include our Real Estate Operations and Leasing Operations segments, while our discontinued operations include hotel entertainment as well as the leasing operations associated with Block 21. Revenue from our Real Estate Operations segment in 2021 totaled $8.5 million compared with $22.6 million.
The segment's operating loss totaled $3.3 million in 2021 compared with operating income of $3.7 million in 2020. This decrease in revenue and the operating loss primarily reflect a decrease in the number of lots sold during 2021 as our available inventory decreased. Revenue from our real estate operations accounted for 30% of our total revenue in 2021 and 51% in [audio distortion]. The operating loss also of $700,000 for two of Amarra Villas homes under construction and under contract, $625,000 for the multifamily tract of land at Kingwood Place, for which a sale is pending, and $500,000 for an office building in Austin that Stratus is renovating and makes its headquarters from Block 21.
As of December 31st, 2021, Stratus had only two unsold developed Amarra Drive Phase III lots. In 2021, Stratus sold its last condominium at the W Austin Residences at Block 21. Revenue from our leasing operations segment in 2021 totaled $19.8 million compared to $21.8 million in 2020. The decrease primarily reflects the sale of [audio distortion] partially offset by increased revenue at Lantana Place. Revenue from our leasing operations segment accounted for 70% of our total revenue for 2021, 49% for 2020. The segment's operating income was $111.4 million in 2021 compared to operating income of $3.1 million in 2020.
This significant increase reflects the gains recognized on the sales of The Santal and The Saint Mary we mentioned earlier totaled $106 million net. Despite the COVID-19 pandemic, Stratus has retained substantially all pre-pandemic retail tenants and added new tenants, and all of our tenants are currently paying rent for their leases as well as monthly payments for tenants who entered into disclosed base rent deferral arrangements. Results for our discontinued operations. Stratus' hotel revenues increased to $18.3 million in 2021, up from $9.9 million in 2020, which is primarily a result of higher room occupancy and food and beverage sales as the impact of the COVID-19 pandemic continued to lessen throughout 2021. Revenue per available room, or RevPAR, was $155 in 2021.
Compared with $61 in 2020. Entertainment revenues increased to $12.9 million in 2021 compared to $5.2 million in 2020, primarily reflecting [audio distortion] of events hosted at ACL Live and 3TEN ACL Live. Capacity remains limited at Stratus' entertainment venues until opening up to full capacity in August 2021. After closing costs and Ryman's assumption of the outstanding Block 21 loan, the sale of Block 21 is expected to net pretax proceeds of approximately $115 million and after-tax proceeds of approximately $90 million before proration and including $6.9 million to be escrowed for 12 months after closing.
We expect to report a pretax gain of approximately $120 million from the closing of the sale or $95 million after tax. Our general and administrative expenses included in corporate eliminations and other increased to $24.5 million in 2021 compared to $13.6 million in 2020, primarily reflecting a $7.4 million increase in employee incentive compensation costs, profit participation incentive plan primarily for The Santal and Lantana Place projects, a $2.7 million increase in consulting, legal, and public relations costs, successful proxy contest. Turning to capital management at December 31st, 2021, consolidated debt totaled $106.6 million and consolidated cash totaled $24.2 million.
This is compared with consolidated debt of $137.7 million and consolidated cash of $9.3 million at December 31st, 2020. Consolidated debt amounts at both dates included the Block 21 loan of approximately $193.5 million, and at December 31st, 2020, also excluded The Santal loan of approximately $75 million and The Saint Mary construction loan of approximately $25 million as a result of these properties being classified as held for sale as of that date. After using proceeds from the sale of The Santal to pay down a balance of over $60 million on the Comerica Bank credit facility as of December 31, 2021, we had $59.7 million available under the credit facility, with letters of credit totaling $347,000 committed against the credit facility.
Purchases and development of real estate properties included in operating cash flows and capital expenditures included in investing cash flows totaled $72.3 million in 2021, primarily related to the purchases of the land in The Saint George and [Amarra], the development of The Saint June and other Barton Creek properties, including Amarra Villas and the Magnolia Place and Lantana Place project. $2 million for 2020, primarily related to the development of Kingwood Place, Lantana Place, and Barton Creek properties, and the purchase of an office building in Austin. We project that Stratus will be able to meet its debt service and other cash obligations for at least the next 12 months. Our $60 million revolving credit facility with Comerica Bank matures on September 27th, 2022.
We're in discussions with the lenders to remove Holden Hills from the collateral pool for the facility, finance the Holden Hills project under a separate facility, and enter into a revised revolving credit facility with a lower borrowing limit secured by the remaining collateral under the facility. If these discussions are not concluded, we expect to be able to extend or refinance the facility prior to the maturity date. No assurances can be given that the results anticipated by our projections will occur. Finally, before I pass the call back to Beau, I would like to discuss Stratus' updated NAV. A presentation of our calculations can be found on Stratus' website. Stratus' total stockholders' equity was $158.1 million at December 31st, 2021, compared with $98.9 million on December 31st, 2020.
After-tax NAV increased to $408.9 million or $50 per share as of December 31st, 2021. This compares with $337.3 million or $40.65 per share as of December 31, 2020. The increase in the after-tax NAV was primarily driven by the increase in the gross value of Block 21, which as of December 31st, 2020, was determined using an appraisal obtained during the COVID-19 pandemic and is currently determined using the contract price with Ryman. Thank you. I will now turn the call back to Beau for his closing remarks.
Thank you, Erin. I'm extremely proud of our team for all that we have accomplished this year. 2021 has been the most productive year in our history. It is strong. With our historic sales this past year and the pending sale of Block 21, we are continuing to explore a range of capital allocation priorities for the uses of proceeds, which may include a combination of further deleveraging, returning cash to shareholders, and reinvesting in our project pipeline. We expect to provide additional information after the Block 21 is concluded and the Stratus board and management have had the opportunity to assess the market conditions and the capital desired for use in Stratus' development pipeline. In the meantime, after careful consideration, the board has concluded that converting Stratus to a REIT is not the best path forward for Stratus and its shareholders.
Among the factors the board considered in reaching this conclusion were Stratus' continued success in generating attractive returns by developing and selling its properties, Stratus' large undeveloped land holdings, which provide ongoing opportunities for development, and the promising nature of other projects in Stratus' development pipeline. Our successful performance and drive are informed by our ability to understand favorable market conditions and trends. We are committed and equipped to continue to source new opportunities for Stratus moving forward. Austin continues to be a and the Metroplex has always been core to our pipeline. The demand for housing remains strong here and in other select markets we operate in. We have many exciting opportunities in our development portfolio. Our strategy is flexible and allows us to pursue opportunities that make sense.
Whether we decide to hold a property for lease or pursue a sale or refinance, we have a talented team committed to continuously evaluating the best value creation opportunities for our properties. Thank you all for joining. At this time, I would like to ask the operator to open the line for questions.
We will. Question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Fred Burtner with a private investor. Please go ahead.
Good morning, Beau and Erin. I had two questions. First on Block 21. Is there a particular issue that's holding up the closing of the sale?
Morning, Fred. Not really. It's more of a process. You know, the underlying financing is a CMBS loan, which I know you know how those work. Those are all chopped up into little pieces. Part of the, in our loan agreement, we have the right to have this loan assumed certain conditions. There's no [audio distortion] It is clear to us that Ryman is a great borrower and owner and operator. It's really a matter of just a process. There are a lot of hands on the wheel, so to speak. We have made it through, I think, the critical process of the special servicer and they have signed off on it. Now we're just kind of grinding through the balance of the process. I would.
It's not anything that is. There's nothing wrong with the property. There's nothing wrong with Ryman. It's really just a matter of kind of a terrible process, if you know, if I had to blame one thing.
Thank you. My other question is, why does the company waste The Santal? Why does the company waste time and money trying to sell The Santal in 2019 when you did so much better by waiting for 2021?
Well, I think what we did, Fred, is when we marketed the property in 2019, you know, we ran a comprehensive process. We hired a local broker, and the project had wide distribution, and we had a number of really, I thought, very strong offers that would have been very profitable. But when we analyzed it, we thought that, you know, perhaps it would just be a bit better for us to refinance it. We refinanced it and pulled out most of our investment. At that point, we just continued to operate the property. Then what happened is, you know, COVID happened. We were able to kind of push rents a little bit.
Austin really began to attract even more capital, which is hard to imagine, just given the base we were operating on. We took it back out and obviously we had a much better price. I think the highest price we had was literally $101 million. It went from $101 million to $152 million in the span of whatever it was, 18 months or so. I think we made the right decision by refinancing and holding it. The rent roll moved a little bit. I don't know that it moved enough to where it could justify that kind of price move. I think we just got the benefit of, you know, Austin and the, you know, just the amount of capital that has come into this town.
We just, you know, I guess we got lucky on that one. I'll say that the buyer is very happy with the project. I think, you know, our philosophy is around here we like to leave a little meat on the bone for the next buyer. We know that they are happy with the asset. I think it's been good for everybody.
Thank you, I appreciate it.
Next question is from Chris Mooney with Wedbush Securities. Please go ahead.
Good morning, Beau and Erin, and really congratulations on a very busy and very successful 2021. I have several questions. First is, in the NAV calculation, Erin, there's a $5 million potential set aside on the 2021 transaction. Can you speak to that a bit? I was kind of surprised at the amount of that $260 million that's being set aside for some period of time. Can you give us some details for the Block 21?
I'll handle the five. The five is there are a couple retail spaces within the block that we have some tenants that are moving around. We basically have set aside $5 million just depending on what happens with these tenants. You know, I can't tell you whether I think that we'll be able to, you know, we'll keep that money or not. We just kind of dealt with it in that fashion. I think we're taking the conservative approach that we actually don't get that $5 million, but it's something that's gonna take several months to work itself out. 12, that number seems high to me. I do know that we have $6 million.
$6.9 million.
Yeah, $6.9 million, Chris, that it's customary. We, you know, this is a single, you know, it's. There's really no recourse back to Stratus, and so, it's customary that in transactions like this, that we'll set aside some cash to basically backstop some of our reps and warranties. That's why that's there. I think we feel comfortable that money will ultimately flow to Stratus, but it is a kind of a customary set aside, if you will, for a transaction of this size.
Okay. A couple more quick ones. Is there any activity either in Lakeway or Circle C?
Well, Lakeway, you know, we retained approximately 25 acres of single-family land. That's the land use designation in our PUD agreement with the city of Lakeway. We had been in discussions with the city in order to expedite the construction of a road through our property, which would be a bit of a relief valve, you know, from 620 to Lohmans, and it would provide better access to the H-E-B, which is a huge traffic generator. 620 is about to undergo a pretty significant construction project. The city is trying to figure out a way to incentivize us to build that road sooner than we would like.
We had suggested to them that if they could see their way to allowing us to build a multi-family project there, we would expedite the construction. We've been through a bit of a public process. We are, I would say, within a couple of weeks of making a formal application of the city. I'll tell you, they are not big fans of multi-family housing out there. You know, I don't know it will be successful. We think the single family works. It just doesn't work right now, given some of the cost of this road is very expensive. There's a very expensive bridge that needs to be built. You know, we think that it's good real estate. It just needs a little more time to season.
The multifamily would give us some better economics so we could just move forward with the road sooner. I guess short answer is, or the long answer, rather, is just to kinda stay tuned. We're starting to kinda get into the process here over the next couple weeks. Then Circle C.
Yeah.
You know, Circle C, we really have, we just have a couple of properties there. We've got a big office site along MoPac, South MoPac. In the last 24 months, there have been some significant traffic improvements that have helped the site. We have actively been marketing that as an office campus. But we're also considering attempting to redevelop more mixed use. We'd like to add a housing component to that if possible. Again, you know, multifamily, you know. I grew up in an apartment project, so this doesn't really bother me, but a lot of people just have an adverse reaction to apartments, even if it's nice stuff.
Again, it's hard to say whether we'll be successful, but I think in Austin, you know, housing is probably the city's biggest priority right now. We just have this huge gap between the supply and demand of housing, and I see that continuing for some time. I think that there are, you know, perhaps some aid from the city to help accommodate the additional housing stock. You know, we'll know. Again, it's a process, and it's purely discretionary by the city of Austin. We feel that we'll put forth a thoughtful plan and we'll take into account the, you know, the needs, desires, wishes of the neighborhood. But that's gonna take us a little bit of time.
[audio distortion] real estate, we think that it would benefit from some additional land use other than just straight office. We're gonna take a shot at it.
Okay, great. On the three retail centers that are up and running, and I guess now 85% leased. Have these, I assume these are stabilized. In the past, you have had interest in monetizing similar tenants. Is there any thought that you may be looking at that again?
Yes. We are. Our typical process for this is we will ask a team of investment sales brokers to evaluate the project and give us what we call the broker's opinion of value and then a marketing strategy. We have done that. We have not selected. We have not made a selection yet of which company we're gonna use. We have pretty good data on the market, what's available, what's sold. I think we've got a clear picture of where we wanna go. We do have some ongoing construction and lease up, and that's. It definitely doesn't affect value, but it is to a good passing off point, if you will, between us and the ultimate purchaser. Yes, we are.
Our strategy continues to be to, you know, build, stabilize and sell. I would think the board, again, I don't wanna get ahead of the board. They've not made a decision on this yet. My feeling is that we will take this to the board. Again, it's consistent with our strategy, and we just wanna make sure that we have, you know, fully stabilized this so we maximize the value. I would think that's something that we will entertain. I think it's possible either to get it closed this year or early next year, depending on when we get in the market, because they are stabilized or quickly stabilizing. They're all, you know, H-E-B affiliated, which H-E-B of course is, you know, very attractive from an institutional standpoint.
We think we're gonna be in pretty good shape there. Again, and lastly, they all really performed very well during COVID, and that's been something that we know institutional buyers have focused on, is how did things perform during COVID? Since they performed well, I think that bodes well going forward.
Sounds like it's gonna be a busy 2022 as well.
Yes, sir. We're counting on it.
This concludes our question and answer. Conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.