Stratus Properties (STRS) 10-Q 13 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document (USD $)	9 Months Ended
	Sep. 30, 2014	Oct. 31, 2014	Jun. 28, 2013
Document and Entity Information [Abstract]	'	'	'
Entity Registrant Name	'Stratus Properties Inc.	'	'
Entity Central Index Key	'0000885508	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Document Type	'10-Q	'	'
Document Period End Date	30-Sep-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q3	'	'
Amendment Flag	'false	'	'
Entity Common Stock, Shares Outstanding	'	8,038,353	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Public Float	'	'	$58,700,000

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$26,676	$21,307
Restricted cash	6,264	5,077
Real estate held for sale	16,407	18,133
Real estate under development	116,113	76,891
Land available for development	21,659	21,404
Real estate held for investment, net	177,913	182,530
Investment in unconsolidated affiliates	3,307	4,427
Other assets	19,599	17,174
Total assets	387,938	346,943
LIABILITIES AND EQUITY	'	'
Accounts payable	7,866	5,143
Accrued liabilities	8,388	9,360
Debt	187,782	151,332
Other liabilities and deferred gain	14,678	11,792
Total liabilities	218,714	177,627
Commitments and contingencies	'	'
Stratus stockholders’ equity:	'	'
Common stock	91	91
Capital in excess of par value of common stock	204,137	203,724
Accumulated deficit	-58,811	-60,724
Accumulated other comprehensive loss	-258	-22
Common stock held in treasury	-20,275	-19,448
Total Stratus stockholders’ equity	124,884	123,621
Noncontrolling interests in subsidiaries	44,340	45,695
Total equity	169,224	169,316
Total liabilities and equity	$387,938	$346,943

Consolidated_Statements_of_Inc

Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Real estate operations	$6,562	$10,810	$18,817	$57,715
Hotel	9,714	8,312	31,086	28,207
Entertainment	3,659	3,310	12,659	9,942
Commercial leasing	1,695	1,391	4,888	3,943
Total revenues	21,630	23,823	67,450	99,807
Cost of sales:	'	'	'	'
Real estate operations	5,478	6,942	13,978	46,727
Hotel	7,542	6,893	22,815	21,705
Entertainment	3,003	3,000	9,539	8,435
Commercial leasing	1,045	644	2,449	1,991
Depreciation	2,241	2,252	6,713	6,790
Total cost of sales	19,309	19,731	55,494	85,648
Litigation and insurance settlements	-1,506	0	-2,082	-1,785
General and administrative expenses	1,741	1,578	5,762	5,356
Total costs and expenses	19,544	21,309	59,174	89,219
Operating income	2,086	2,514	8,276	10,588
Interest expense, net	-974	-1,833	-2,797	-6,140
Gain (loss) on interest rate cap agreement	15	0	-236	0
Loss on early extinguishment of debt	-19	-1,379	-19	-1,379
Other income, net	3	7	25	1,352
Income (loss) before income taxes and equity in unconsolidated affiliates' (loss) income	1,111	-691	5,249	4,421
Equity in unconsolidated affiliates' (loss) income	-190	-114	248	-3
Provision for income taxes	-143	-192	-563	-617
Net income (loss)	778	-997	4,934	3,801
Net (income) loss attributable to noncontrolling interests in subsidiaries	-181	957	-3,021	-2,056
Net income (loss) attributable to Stratus common stock	$597	($40)	$1,913	$1,745
Basic and diluted net income per share attributable to Stratus common stock	$0.07	$0	$0.24	$0.22
Weighted-average shares of common stock outstanding:	'	'	'	'
Basic	8,032	8,057	8,037	8,087
Diluted	8,067	8,057	8,078	8,118

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Statement (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Consolidated Statements of Comprehensive Income (Loss) [Abstract]	'	'	'	'
Net income (loss)	$778	($997)	$4,934	$3,801
Other comprehensive income (loss), net of taxes:	'	'	'	'
Gain (loss) on interest rate swap agreement	98	0	-337	0
Other comprehensive income (loss)	98	0	-337	0
Total comprehensive income (loss)	876	-997	4,597	3,801
Total comprehensive (income) loss attributable to noncontrolling interests	-211	957	-2,920	-2,056
Total comprehensive income (loss) attributable to Stratus common stock	$665	($40)	$1,677	$1,745

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flow from operating activities:	'	'
Net income	$4,934	$3,801
Adjustments to reconcile net income to net cash (used in) provided by operating activities:	'	'
Depreciation	6,713	6,790
Cost of real estate sold	9,772	37,341
Loss on Early Extinguishment of Debt	19	1,379
Stock-based compensation	348	245
Equity in unconsolidated affiliates' (income) loss	-248	3
Deposits	597	1,306
Purchases and development of real estate properties	-47,611	-14,054
Recovery of land previously sold	0	-485
Municipal utility district reimbursement	0	208
(Increase) decrease in other assets	-2,939	7,991
Increase in accounts payable, accrued liabilities and other	3,334	2,340
Net cash (used in) provided by operating activities	-25,081	46,865
Cash flow from investing activities:	'	'
Capital expenditures	-2,263	-991
Return of investment in (investment in) unconsolidated affiliates	-1,368	1,100
Net cash used in investing activities	-895	-2,091
Cash flow from financing activities:	'	'
Borrowings from credit facility	28,500	18,000
Payments on credit facility	-9,782	-32,924
Borrowings from project loans	29,812	101,577
Payments on project and term loans	-12,079	-68,511
Noncontrolling interests distributions	-4,275	-28,026
Repurchase of treasury stock	-637	-820
Net payments for stock-based awards	-125	-10
Financing costs	-69	-1,406
Net cash provided by (used in) financing activities	31,345	-12,120
Net increase in cash and cash equivalents	5,369	32,654
Cash and cash equivalents at beginning of year	21,307	12,784
Cash and cash equivalents at end of period	$26,676	$45,438

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (Unaudited) (USD $)	Total	Total Stratus Stockholders' Equity [Member]	Common Stock [Member]	Capital in Excess of Par Value [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Common Stock Held in Treasury [Member]	Noncontrolling Interests in Subsidiaries [Member]
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2012	$208,895	$121,687	$90	$203,298	($63,309)	$0	($18,392)	$87,208
Balance (in shares) at Dec. 31, 2012	'	'	9,037,000	'	'	'	940,000	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'
Common stock repurchases	-810	-810	0	0	0	0	-810	0
Common stock repurchases (in shares)	'	'	0	'	'	'	71,000	'
Exercised and issued stock-based awards	79	79	1	78	0	0	0	0
Exercised and issued stock-based awards (in shares)	'	'	38,000	'	'	'	0	'
Stock-based compensation	245	245	0	245	0	0	0	0
Tender of shares for stock-based awards	-99	-99	0	0	0	0	-99	0
Tender of shares for stock-based awards (in shares)	'	'	0	'	'	'	8,000	'
Noncontrolling interests distributions	-18,127	0	0	0	0	0	0	-18,127
Total comprehensive income (loss)	3,801	1,745	0	0	1,745	0	0	2,056
Balance at Sep. 30, 2013	193,984	122,847	91	203,621	-61,564	0	-19,301	71,137
Balance (in shares) at Sep. 30, 2013	'	'	9,075,000	'	'	'	1,019,000	'
Balance at Dec. 31, 2013	169,316	123,621	91	203,724	-60,724	-22	-19,448	45,695
Balance (in shares) at Dec. 31, 2013	'	'	9,076,000	'	'	'	1,030,000	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'
Common stock repurchases	-637	-637	0	0	0	0	-637	0
Common stock repurchases (in shares)	'	'	0	'	'	'	37,000	'
Exercised and issued stock-based awards	65	65	0	65	0	0	0	0
Exercised and issued stock-based awards (in shares)	'	'	40,000	'	'	'	0	'
Stock-based compensation	348	348	0	348	0	0	0	0
Tender of shares for stock-based awards	-190	-190	0	0	0	0	-190	0
Tender of shares for stock-based awards (in shares)	'	'	0	'	'	'	11,000	'
Noncontrolling interests distributions	-4,275	0	0	0	0	0	0	-4,275
Total comprehensive income (loss)	4,597	1,677	0	0	1,913	-236	0	2,920
Balance at Sep. 30, 2014	$169,224	$124,884	$91	$204,137	($58,811)	($258)	($20,275)	$44,340
Balance (in shares) at Sep. 30, 2014	'	'	9,116,000	'	'	'	1,078,000	'

General_Information_Unaudited

General Information (Unaudited)	9 Months Ended
	Sep. 30, 2014
General Information [Abstract]	'
General Information [Text Block]	'
	GENERAL
	The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K (Stratus 2013 Form 10-K) filed with the Securities and Exchange Commission. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary for a fair statement of the results for the interim periods reported. Operating results for the three-month and nine-month periods ended September 30, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.

Earnings_Per_Share_Unaudited

Earnings Per Share (Unaudited)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	EARNINGS PER SHARE
	Stratus’ basic net income (loss) per share of common stock was calculated by dividing the net income (loss) attributable to Stratus common stock by the weighted-average shares of common stock outstanding during the three-month and nine-month periods. Following is a reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share (in thousands, except per share amounts):
		Three Months Ended							Nine Months Ended
		September 30,							September 30,
		2014				2013			2014				2013
	Net income (loss)	$	778			$	(997	)	$	4,934			$	3,801
	Net (income) loss attributable to noncontrolling interests in subsidiaries	(181		)		957			(3,021		)		(2,056		)
	Net income (loss) attributable to Stratus common stock	$	597			$	(40	)	$	1,913			$	1,745
	Weighted-average shares of common stock outstanding	8,032				8,057			8,037				8,087
	Add shares issuable upon exercise or vesting of:
	Dilutive stock options	7				—			12				7			a
	Restricted stock units	28			b	—			29			b	24
	Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share	8,067				8,057			8,078				8,118
	Diluted net income (loss) per share attributable to Stratus common stock	$	0.07			$	—		$	0.24			$	0.22
	a. Excludes approximately 1,700 shares of common stock associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock that were anti-dilutive based on the treasury stock method.
	b. Excludes 30,000 shares of common stock associated with restricted stock units that were anti-dilutive based on the treasury stock method.
	Outstanding stock options with exercise prices greater than the average market price for Stratus' common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded were approximately 56,900 stock options with a weighted-average exercise price of $21.54 for third-quarter 2014, 37,700 stock options with a weighted-average exercise price of $24.35 for the first nine months of 2014 and approximately 65,800 stock options with a weighted-average exercise price of $20.65 for the first nine months of 2013. Stock options and restricted stock units representing approximately 100,000 shares for third-quarter 2013 were excluded from weighted-average common shares outstanding for purposes of calculating diluted net loss per share because they were anti-dilutive.

Joint_Venture_With_CanyonJohns

Joint Venture With Canyon-Johnson Urban Fund II, L.P. (Unaudited)	9 Months Ended
	Sep. 30, 2014
Joint Venture With Canyon-Johnson Urban Fund II, L.P. [Abstract]	'
Joint Venture With Canyon-Johnson Urban Fund II, L.P. [Text Block]	'
	JOINT VENTURE WITH CANYON-JOHNSON URBAN FUND II, L.P.
	Stratus and Canyon-Johnson Urban Fund II, L.P. (Canyon-Johnson) are participants in a joint venture, CJUF II Stratus Block 21, LLC (the Block 21 Joint Venture), for a 36-story mixed-use development in downtown Austin, Texas, anchored by a W Hotel & Residences (the W Austin Hotel & Residences project). Stratus is the manager of, and has an approximate 40 percent interest in, the Block 21 Joint Venture, and Canyon-Johnson has an approximate 60 percent interest in the Block 21 Joint Venture. As of September 30, 2014, cumulative capital contributions totaled $71.9 million for Stratus and $94.0 million for Canyon-Johnson. Distributions totaled $0.5 million to Stratus and $0.7 million to Canyon-Johnson in third-quarter 2014 and $3.1 million to Stratus and $4.3 million to Canyon-Johnson for the first nine months of 2014. As of September 30, 2014, inception-to-date distributions totaled $47.8 million to Stratus and $54.9 million to Canyon-Johnson. The Block 21 Joint Venture is consolidated in Stratus’ financial statements based on Stratus' assessment that the Block 21 Joint Venture is a variable interest entity (VIE) and that Stratus is the primary beneficiary. Stratus will continue to periodically evaluate which entity is the primary beneficiary of the Block 21 Joint Venture in accordance with applicable accounting guidance. See Note 2 of the Stratus 2013 Form 10-K for further discussion.
	Stratus’ consolidated balance sheets include the following assets and liabilities of the Block 21 Joint Venture (in thousands):
		September 30,		December 31,
		2014		2013
	Assets:
	Cash and cash equivalents	$	21,184	$	13,192
	Restricted cash	5,730		5,069
	Real estate held for sale	5,851		10,942
	Real estate held for investment, net	152,233		157,541
	Other assets	7,068		7,631
	Total assets	192,066		194,375
	Liabilities:
	Accounts payable	2,804		3,428
	Accrued liabilities	6,075		6,856
	Debt	98,648		99,754
	Other liabilities	7,394		4,761
	Total liabilities	114,921		114,799
	Net assets	$	77,145	$	79,576
	Profits and losses among partners in a real estate venture are allocated based on how changes in net assets of the venture would affect cash payments to the partners over the life of the venture and on its liquidation. The amount of the ultimate profits earned by the Block 21 Joint Venture will affect the ultimate profit sharing ratios because of provisions in the joint venture agreement, which would require Stratus to return certain previously received distributions to Canyon-Johnson under certain circumstances. Because of the uncertainty of the ultimate profits and, therefore, profit-sharing ratios, the Block 21 Joint Venture's cumulative profits or losses are allocated based on a hypothetical liquidation of the Block 21 Joint Venture’s net assets as of each balance sheet date. As of September 30, 2014, the cumulative earnings of the Block 21 Joint Venture were allocated based on 42 percent for Stratus and 58 percent for Canyon-Johnson.

Joint_Venture_with_LCHM_Holdin

Joint Venture with LCHM Holdings, LLC (Notes)	9 Months Ended
	Sep. 30, 2014
Joint Venture with LCHM Holdings, LLC [Abstract]	'
Joint Venture 2 [Text Block]	'
	LCHM HOLDINGS, LLC
	In 2011, Stratus entered into a joint venture (the Parkside Village Joint Venture) with Moffett Holdings, LLC (Moffett Holdings) for the development of Parkside Village, a retail project in the Circle C community in southwest Austin, Texas. On March 3, 2014, Moffett Holdings redeemed and purchased the membership interest in Moffett Holdings held by LCHM Holdings, LLC (LCHM Holdings). In connection with the redemption, (1) LCHM Holdings received the 625,000 shares of Stratus common stock held by Moffett Holdings and (2) LCHM Holdings entered into an assignment and assumption agreement pursuant to which Moffett Holdings assigned to LCHM Holdings its rights and obligations under the Investor Rights Agreement between Moffett Holdings and Stratus dated as of March 15, 2012. See Note 3 of the Stratus 2013 Form 10-K for further discussion.

Fair_Value_Measurements_Unaudi

Fair Value Measurements (Unaudited)	9 Months Ended
	Sep. 30, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements [Text Block]	'
	FAIR VALUE MEASUREMENTS
	Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).
	The carrying value for certain Stratus financial instruments (i.e., cash and cash equivalents, restricted cash, accounts payable and accrued liabilities) approximates fair value because of their short-term nature and generally negligible credit losses. A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands):
		September 30, 2014				December 31, 2013
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Assets:
	Interest rate cap agreement	$	115	$	115	$	351	$	351
	Liabilities:
	Interest rate swap agreement	369		369		32		32
	Debt	187,782		188,083		151,332		151,584
	Interest Rate Cap Agreement. On September 30, 2013, the Block 21 Joint Venture paid $0.5 million to enter into an interest rate cap agreement, which caps the one-month London Interbank Offered Rate (LIBOR), the variable rate in the loan agreement with Bank of America relating to the W Austin Hotel & Residences project (the BoA loan), at 1 percent for the first year the BoA loan is outstanding, 1.5 percent for the second year and 2 percent for the third year. Stratus uses an interest rate pricing model that relies on market observable inputs such as LIBOR to measure the fair value of the interest rate cap agreement. Stratus also evaluated the counterparty credit risk associated with the interest rate cap agreement, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate cap agreement is classified within Level 2 of the fair value hierarchy.
	Interest Rate Swap Agreement. On December 13, 2013, the Parkside Village Joint Venture entered into an interest rate swap agreement with Comerica Bank that effectively converts the variable rate portion of Parkside Village's loan from Comerica Bank (the Parkside Village loan) from one-month LIBOR to a fixed rate of 2.3 percent. With the interest rate swap agreement in place, the Parkside Village Joint Venture's interest cost on the Parkside Village loan will be 4.8 percent through the December 31, 2020, maturity date. Stratus also evaluated the counterparty credit risk associated with the interest rate swap agreement, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate swap agreement is classified within Level 2 of the fair value hierarchy.
	Debt. Stratus' debt is recorded at cost and is not actively traded. Fair value is estimated based on discounted future expected cash flows at estimated current market interest rates. Accordingly, Stratus' debt is classified within Level 2 of the fair value hierarchy. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

Debt_and_Equity_Transactions_U

Debt and Equity Transactions (Unaudited)	9 Months Ended
	Sep. 30, 2014
Capitalization, Long-term Debt and Equity [Abstract]	'
Debt and Equity Transactions [Text Block]	'
	DEBT AND EQUITY TRANSACTIONS
	Lakeway Construction Loan. On September 29, 2014, a Stratus subsidiary entered into a $62.9 million construction loan agreement with PlainsCapital Bank (the Lakeway Construction loan) to fund the construction, development and leasing of The Oaks at Lakeway in Lakeway, Texas (The Oaks at Lakeway). On November 7, 2014, the Stratus subsidiary and PlainsCapital Bank entered into an amendment to the loan agreement to effect the syndication of a portion of the aggregate principal amount of the Lakeway Construction loan with Southside Bank. Pursuant to the amendment, PlainsCapital Bank has committed $37.9 million and Southside Bank has committed $25.0 million under the Lakeway Construction loan. As of September 30, 2014, $14.0 million had been drawn under the loan. The Lakeway Construction loan matures on September 29, 2019, and is secured by assets at The Oaks at Lakeway. The variable interest rate is one-month LIBOR plus 2.75 percent. The Lakeway Construction loan has been guaranteed by Stratus subject to the guarantee decreasing as certain milestones set forth in the loan agreement are met. Pursuant to the Lakeway Construction loan, $1.6 million of the proceeds were used to fully repay the existing Lakeway loan, which was scheduled to mature on May 15, 2015.
	Magnolia Term Loan. On September 15, 2014, Stratus entered into a $3.8 million term loan agreement with Holliday Fenoglio Fowler, L.P. (the Magnolia loan). The proceeds of the Magnolia loan were used to purchase approximately 142 acres of land located in Magnolia, Texas (approximately 18 acres of which were subsequently sold to HEB Grocery Stores). The interest rate is fixed at 7 percent and the Magnolia loan matures on October 1, 2016, and is secured by the land purchased with the proceeds of the Magnolia loan. Stratus has the option to extend the maturity date on the Magnolia loan to October 1, 2017, upon prior written notice to the lender no later than July 1, 2016.
	Slaughter Term Loan. On July 18, 2014, Stratus entered into a $7.0 million term loan agreement with United Heritage Credit Union (the United/Slaughter loan). The United/Slaughter loan matures on July 31, 2024, and is secured by assets at Stratus' 5700 Slaughter project in the Circle C community. The interest rate is 4.50 percent through July 31, 2019. Beginning August 1, 2019, and continuing through the maturity date, interest will accrue at the greater of the prime interest rate plus 1.25 percent, or 4.95 percent. As required by the United/Slaughter loan, $5.0 million of the proceeds were used to fully repay the existing 5700 Slaughter term loan, which was scheduled to mature on January 31, 2015.
	Barton Creek Village Term Loan. On June 27, 2014, Stratus entered into a $6.0 million term loan agreement with PlainsCapital Bank (the Barton Creek Village term loan). The Barton Creek Village term loan matures on June 27, 2024, and is secured by assets at Stratus' Barton Creek Village project. The interest rate is 4.19 percent and payments of principal and interest are due monthly. As required by the Barton Creek Village term loan, $4.3 million of the proceeds were used to fully repay the existing Barton Creek Village loan, which was scheduled to mature on June 30, 2014.
	Interest Expense and Capitalization. Interest expense (before capitalized interest) totaled $2.0 million for third-quarter 2014, $2.9 million for third-quarter 2013, $5.6 million for the nine months ended September 30, 2014, and $8.9 million for the nine months ended September 30, 2013. Stratus' capitalized interest costs totaled $1.1 million for each of the third quarters of 2014 and 2013 and $2.8 million for each of the nine months ended September 30, 2014, and 2013. Capitalized interest costs for the 2014 and 2013 periods primarily related to development activities at properties in Barton Creek.
	Common Stock Repurchases. During the nine months ended September 30, 2014, Stratus purchased 36,900 shares of its common stock for $0.6 million ($17.26 per share). Stratus obtained lender approval for these repurchases. See Note 9 of the Stratus 2013 Form 10-K for further discussion of common stock repurchases permitted under Stratus' debt agreements.

Income_Taxes_Unaudited

Income Taxes (Unaudited)	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes [Text Block]	'
	INCOME TAXES
	Stratus’ accounting policy for and other information regarding its income taxes is further described in Notes 1 and 8 of the Stratus 2013 Form 10-K.
	Stratus evaluated the recoverability of its deferred tax assets and considered available positive and negative evidence, giving greater weight to losses in recent years, the absence of taxable income in the carry-back period and uncertainty regarding projected future financial results. As a result, Stratus concluded that there was not sufficient positive evidence supporting the realizability of its deferred tax assets beyond an amount totaling $0.3 million at September 30, 2014, and December 31, 2013.
	Stratus’ future results of operations may be negatively impacted by an inability to realize a tax benefit for future tax losses or for items that will generate additional deferred tax assets. Stratus’ future results of operations may be favorably impacted by reversals of valuation allowances if Stratus is able to demonstrate sufficient positive evidence that its deferred tax assets will be realized.
	The difference between Stratus’ consolidated effective income tax rate for the first nine months of 2014 and 2013, and the U.S. federal statutory income tax rate of 35 percent was primarily attributable to the realization of deferred tax assets.

Business_Segments_Unaudited

Business Segments (Unaudited)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Business Segments [Text Block]	'
	BUSINESS SEGMENTS
	Stratus currently has four operating segments: Real Estate Operations, Hotel, Entertainment and Commercial Leasing.
	The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed, under development and undeveloped), which consists of its properties in Austin, Texas (the Barton Creek community, the Circle C community, Lantana and the condominium units at the W Austin Hotel & Residences project) and in Lakeway, Texas (The Oaks at Lakeway).
	The Hotel segment includes the W Austin Hotel located at the W Austin Hotel & Residences project.
	The Entertainment segment includes ACL Live, a live music and entertainment venue and production studio at the W Austin Hotel & Residences project. In addition to hosting concerts and private events, this venue is the home of Austin City Limits, a television program showcasing popular music legends. The Entertainment segment also includes revenues and costs associated with events hosted at other venues, and the results of the Stageside Productions joint venture with Pedernales Entertainment LLC.
	The Commercial Leasing segment includes the office and retail space at the W Austin Hotel & Residences project, a retail building and a bank building in Barton Creek Village, and 5700 Slaughter and Parkside Village in the Circle C community.
	Stratus uses operating income or loss to measure the performance of each segment. Stratus allocates parent company general and administrative expenses that do not directly relate to a particular operating segment between the Real Estate Operations and Commercial Leasing segments based on projected annual revenues for each segment. General and administrative expenses related to the W Austin Hotel & Residences project are allocated to the Real Estate Operations, Hotel, Entertainment and Commercial Leasing segments based on projected annual revenues for the W Austin Hotel & Residences project. The following segment information reflects management’s determinations that may not be indicative of what actual financial performance of each segment would be if it were an independent entity.
	Segment data presented below was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).
		Real Estate			Hotel			Entertainment			Commercial Leasing			Eliminations and Otherb			Total
		Operationsa
	Three Months Ended September 30, 2014:
	Revenues:
	Unaffiliated customers	$	6,562		$	9,714		$	3,659		$	1,695		$	—		$	21,630
	Intersegment	24			85			12			131			(252		)	—
	Cost of sales, excluding depreciation	5,494			7,548			3,066			1,069			(109		)	17,068
	Depreciation	53			1,460			313			452			(37		)	2,241
	Litigation settlement	(1,506		)	—			—			—			—			(1,506		)
	General and administrative expenses	1,344			83			31			412			(129		)	1,741
	Operating income (loss)	$	1,201		$	708		$	261		$	(107	)	$	23		$	2,086
	Capital expendituresc	$	22,794		$	57		$	23		$	1,230		$	—		$	24,104
	Total assets at September 30, 2014	179,741			112,747			51,418			49,630			(5,598		)	387,938
	Three Months Ended September 30, 2013:
	Revenues:
	Unaffiliated customers	$	10,810		$	8,312		$	3,310		$	1,391		$	—		$	23,823
	Intersegment	9			59			37			121			(226		)	—
	Cost of sales, excluding depreciation	6,954			6,893			3,035			666			(69		)	17,479
	Depreciation	58			1,501			309			421			(37		)	2,252
	General and administrative expenses	1,362			68			27			273			(152		)	1,578
	Operating income (loss)	$	2,445		$	(91	)	$	(24	)	$	152		$	32		$	2,514
	Capital expendituresc	$	5,326		$	12		$	180		$	167		$	—		$	5,685
	Total assets at September 30, 2013	170,243			116,959			48,217			46,913			(5,924		)	376,408
		Real Estate			Hotel			Entertainment			Commercial Leasing			Eliminations and Otherb			Total
		Operationsa
	Nine Months Ended September 30, 2014:
	Revenues:
	Unaffiliated customers	$	18,817		$	31,086		$	12,659		$	4,888		$	—		$	67,450
	Intersegment	71			314			30			386			(801		)	—
	Cost of sales, excluding depreciation	14,060			22,822			9,733			2,521			(355		)	48,781
	Depreciation	166			4,390			943			1,325			(111		)	6,713
	Litigation and insurance settlements	(2,082		)	—			—			—			—			(2,082		)
	General and administrative expenses	4,437			298			110			1,358			(441		)	5,762
	Operating income	$	2,307		$	3,890		$	1,903		$	70		$	106		$	8,276
	Capital expendituresc	$	47,611		$	133		$	55		$	2,075		$	—		$	49,874
	Nine Months Ended September 30, 2013:
	Revenues:
	Unaffiliated customers	$	57,715		$	28,207		$	9,942		$	3,943		$	—		$	99,807
	Intersegment	49			191			60			402			(702		)	—
	Cost of sales, excluding depreciation	46,795			21,705			8,524			2,053			(219		)	78,858
	Depreciation	181			4,536			926			1,258			(111		)	6,790
	Insurance settlement	(1,785		)	—			—			—			—			(1,785		)
	General and administrative expenses	4,526			258			101			900			(429		)	5,356
	Operating income	$	8,047		$	1,899		$	451		$	134		$	57		$	10,588
	Capital expendituresc	$	14,054		$	15		$	299		$	677		$	—		$	15,045
	a.	Includes sales commissions and other revenues together with related expenses.
	b.	Includes eliminations of intersegment amounts, including the deferred development fee income between Stratus and the Block 21 Joint Venture (see Note 3).
	c.	Also includes purchases and development of residential real estate held for sale.

New_Accounting_Standards_Unaud

New Accounting Standards (Unaudited) (Notes)	9 Months Ended
	Sep. 30, 2014
New Accounting Standards [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	NEW ACCOUNTING STANDARDS
	In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) which outlines a single comprehensive model and supersedes most of the current revenue recognition guidance. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is not permitted. Stratus is evaluating this new guidance, but does not expect it to have a significant impact on its current revenue recognition policies.
	In April 2014, FASB issued an ASU which revises the guidance for reporting discontinued operations. This ASU amends the definition of a discontinued operation and requires additional disclosures about disposal transactions that do not meet the definition of a discontinued operation. For public entities, this ASU is effective for annual periods beginning on or after December 15, 2014, and interim periods within that year. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. Stratus adopted this ASU in first-quarter 2014.

Subsequent_Events_Unaudited_No

Subsequent Events (Unaudited) (Notes)	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	SUBSEQUENT EVENTS
	Stratus evaluated events after September 30, 2014, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements.

Earnings_Per_Share_Unaudited_T

Earnings Per Share (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	Following is a reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share (in thousands, except per share amounts):
		Three Months Ended							Nine Months Ended
		September 30,							September 30,
		2014				2013			2014				2013
	Net income (loss)	$	778			$	(997	)	$	4,934			$	3,801
	Net (income) loss attributable to noncontrolling interests in subsidiaries	(181		)		957			(3,021		)		(2,056		)
	Net income (loss) attributable to Stratus common stock	$	597			$	(40	)	$	1,913			$	1,745
	Weighted-average shares of common stock outstanding	8,032				8,057			8,037				8,087
	Add shares issuable upon exercise or vesting of:
	Dilutive stock options	7				—			12				7			a
	Restricted stock units	28			b	—			29			b	24
	Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share	8,067				8,057			8,078				8,118
	Diluted net income (loss) per share attributable to Stratus common stock	$	0.07			$	—		$	0.24			$	0.22
	a. Excludes approximately 1,700 shares of common stock associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock that were anti-dilutive based on the treasury stock method.
	b. Excludes 30,000 shares of common stock associated with restricted stock units that were anti-dilutive based on the treasury stock method.

Joint_Venture_With_CanyonJohns1

Joint Venture With Canyon-Johnson Urban Fund II, L.P. (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2014
Joint Venture With Canyon-Johnson Urban Fund II, L.P. [Abstract]	'
Noncontrolling Interest Assets and Liabilities [Table Text Block]	'
	Stratus’ consolidated balance sheets include the following assets and liabilities of the Block 21 Joint Venture (in thousands):
		September 30,		December 31,
		2014		2013
	Assets:
	Cash and cash equivalents	$	21,184	$	13,192
	Restricted cash	5,730		5,069
	Real estate held for sale	5,851		10,942
	Real estate held for investment, net	152,233		157,541
	Other assets	7,068		7,631
	Total assets	192,066		194,375
	Liabilities:
	Accounts payable	2,804		3,428
	Accrued liabilities	6,075		6,856
	Debt	98,648		99,754
	Other liabilities	7,394		4,761
	Total liabilities	114,921		114,799
	Net assets	$	77,145	$	79,576

Fair_Value_Measurements_Unaudi1

Fair Value Measurements (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Measurements [Abstract]	'
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
	A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands):
		September 30, 2014				December 31, 2013
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Assets:
	Interest rate cap agreement	$	115	$	115	$	351	$	351
	Liabilities:
	Interest rate swap agreement	369		369		32		32
	Debt	187,782		188,083		151,332		151,584

Business_Segments_Unaudited_Ta

Business Segments (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information by Segment [Table Text Block]	'
	Segment data presented below was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).
		Real Estate			Hotel			Entertainment			Commercial Leasing			Eliminations and Otherb			Total
		Operationsa
	Three Months Ended September 30, 2014:
	Revenues:
	Unaffiliated customers	$	6,562		$	9,714		$	3,659		$	1,695		$	—		$	21,630
	Intersegment	24			85			12			131			(252		)	—
	Cost of sales, excluding depreciation	5,494			7,548			3,066			1,069			(109		)	17,068
	Depreciation	53			1,460			313			452			(37		)	2,241
	Litigation settlement	(1,506		)	—			—			—			—			(1,506		)
	General and administrative expenses	1,344			83			31			412			(129		)	1,741
	Operating income (loss)	$	1,201		$	708		$	261		$	(107	)	$	23		$	2,086
	Capital expendituresc	$	22,794		$	57		$	23		$	1,230		$	—		$	24,104
	Total assets at September 30, 2014	179,741			112,747			51,418			49,630			(5,598		)	387,938
	Three Months Ended September 30, 2013:
	Revenues:
	Unaffiliated customers	$	10,810		$	8,312		$	3,310		$	1,391		$	—		$	23,823
	Intersegment	9			59			37			121			(226		)	—
	Cost of sales, excluding depreciation	6,954			6,893			3,035			666			(69		)	17,479
	Depreciation	58			1,501			309			421			(37		)	2,252
	General and administrative expenses	1,362			68			27			273			(152		)	1,578
	Operating income (loss)	$	2,445		$	(91	)	$	(24	)	$	152		$	32		$	2,514
	Capital expendituresc	$	5,326		$	12		$	180		$	167		$	—		$	5,685
	Total assets at September 30, 2013	170,243			116,959			48,217			46,913			(5,924		)	376,408
		Real Estate			Hotel			Entertainment			Commercial Leasing			Eliminations and Otherb			Total
		Operationsa
	Nine Months Ended September 30, 2014:
	Revenues:
	Unaffiliated customers	$	18,817		$	31,086		$	12,659		$	4,888		$	—		$	67,450
	Intersegment	71			314			30			386			(801		)	—
	Cost of sales, excluding depreciation	14,060			22,822			9,733			2,521			(355		)	48,781
	Depreciation	166			4,390			943			1,325			(111		)	6,713
	Litigation and insurance settlements	(2,082		)	—			—			—			—			(2,082		)
	General and administrative expenses	4,437			298			110			1,358			(441		)	5,762
	Operating income	$	2,307		$	3,890		$	1,903		$	70		$	106		$	8,276
	Capital expendituresc	$	47,611		$	133		$	55		$	2,075		$	—		$	49,874
	Nine Months Ended September 30, 2013:
	Revenues:
	Unaffiliated customers	$	57,715		$	28,207		$	9,942		$	3,943		$	—		$	99,807
	Intersegment	49			191			60			402			(702		)	—
	Cost of sales, excluding depreciation	46,795			21,705			8,524			2,053			(219		)	78,858
	Depreciation	181			4,536			926			1,258			(111		)	6,790
	Insurance settlement	(1,785		)	—			—			—			—			(1,785		)
	General and administrative expenses	4,526			258			101			900			(429		)	5,356
	Operating income	$	8,047		$	1,899		$	451		$	134		$	57		$	10,588
	Capital expendituresc	$	14,054		$	15		$	299		$	677		$	—		$	15,045
	a.	Includes sales commissions and other revenues together with related expenses.
	b.	Includes eliminations of intersegment amounts, including the deferred development fee income between Stratus and the Block 21 Joint Venture (see Note 3).
	c.	Also includes purchases and development of residential real estate held for sale.

Earnings_Per_Share_Unaudited_D

Earnings Per Share (Unaudited) (Details) (USD $)	3 Months Ended			9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'		'	'		'
Net income (loss)	$778		($997)	$4,934		$3,801
Net (income) loss attributable to noncontrolling interests in subsidiaries	-181		957	-3,021		-2,056
Net income (loss) attributable to Stratus common stock	$597		($40)	$1,913		$1,745
Weighted-average shares of common stock outstanding	8,032,000		8,057,000	8,037,000		8,087,000
Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share	8,067,000		8,057,000	8,078,000		8,118,000
Diluted net income per share attributable to Stratus common stock	$0.07		$0	$0.24		$0.22
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	30,000		100,000	30,000		1,700
Outstanding Stock Options With Exercise Prices Greater Than Average Market Price Of Common Stock	56,900		'	37,700		65,800
Weighted Average Exercise Price Of Outstanding Stock Options	$21.54		'	$24.35		$20.65
Dilutive Stock Options [Member]	'		'	'		'
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'		'	'		'
Incremental Common Shares Attributable to Share-based Payment Arrangements	7,000		0	12,000		7,000	[1]
Restricted Stock Units (RSUs) [Member]	'		'	'		'
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'		'	'		'
Incremental Common Shares Attributable to Share-based Payment Arrangements	28,000	[2]	0	29,000	[2]	24,000
[1]	Excludes approximately 1,700 shares of common stock associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock that were anti-dilutive based on the treasury stock method.
[2]	Excludes 30,000 shares of common stock associated with restricted stock units that were anti-dilutive based on the treasury stock method.

Joint_Venture_With_CanyonJohns2

Joint Venture With Canyon-Johnson Urban Fund II, L.P. (Unaudited) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
				W Austin Hotel & Residences [Member]	W Austin Hotel & Residences [Member]	W Austin Hotel & Residences [Member]	W Austin Hotel & Residences [Member]	W Austin Hotel & Residences [Member]	W Austin Hotel & Residences [Member]
						Stratus Properties Inc [Member]	Stratus Properties Inc [Member]	Canyon Johnson Urban Fund II, L.P. [Member]	Canyon Johnson Urban Fund II, L.P. [Member]
Noncontrolling Interest, Ownership Percentage by Parent	'	'	'	'	'	40.00%	40.00%	'	'
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	'	'	'	'	'	'	'	60.00%	60.00%
Cumulative Capital Contributions	'	'	'	'	'	$71,900,000	$71,900,000	$94,000,000	$94,000,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	'	'	'	'	'	500,000	3,100,000	700,000	4,300,000
Minority Interest Cumulative Distributions to Noncontrolling Interest Holders	'	'	'	'	'	47,800,000	47,800,000	54,900,000	54,900,000
Assets:	'	'	'	'	'	'	'	'	'
Cash and cash equivalents	26,676,000	21,307,000	'	21,184,000	13,192,000	'	'	'	'
Restricted cash	6,264,000	5,077,000	'	5,730,000	5,069,000	'	'	'	'
Real estate held for sale	16,407,000	18,133,000	'	5,851,000	10,942,000	'	'	'	'
Real estate held for investment, net	177,913,000	182,530,000	'	152,233,000	157,541,000	'	'	'	'
Other assets	19,599,000	17,174,000	'	7,068,000	7,631,000	'	'	'	'
Total assets	387,938,000	346,943,000	376,408,000	192,066,000	194,375,000	'	'	'	'
Liabilities:	'	'	'	'	'	'	'	'	'
Accounts payable	7,866,000	5,143,000	'	2,804,000	3,428,000	'	'	'	'
Accrued liabilities	8,388,000	9,360,000	'	6,075,000	6,856,000	'	'	'	'
Debt	187,782,000	151,332,000	'	98,648,000	99,754,000	'	'	'	'
Other liabilities	14,678,000	11,792,000	'	7,394,000	4,761,000	'	'	'	'
Total liabilities	218,714,000	177,627,000	'	114,921,000	114,799,000	'	'	'	'
Net assets	'	'	'	$77,145,000	$79,576,000	'	'	'	'
General Partners' Cumulative Earnings	'	'	'	'	'	42.00%	42.00%	58.00%	58.00%

Joint_Venture_with_LCHM_Holdin1

Joint Venture with LCHM Holdings, LLC (Details) (LCHM Holdings, LLC [Member])	3 Months Ended
	Mar. 31, 2014
LCHM Holdings, LLC [Member]	'
Variable Interest Entity [Line Items]	'
Date of Transaction for Acquisition or Disposal	3-Mar-14
Shares Transferred	625,000
Effective Date of Assignment	15-Mar-12

Fair_Value_Measurements_Unaudi2

Fair Value Measurements (Unaudited) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
	Carrying Amount, Fair Value Disclosure [Member]	Carrying Amount, Fair Value Disclosure [Member]	Fair Value, Inputs, Level 2 [Member]	Fair Value, Inputs, Level 2 [Member]	Interest Rate Swap [Member]	Interest Rate Cap [Member]	Interest Rate Cap [Member]	Interest Rate Cap [Member]	Interest Rate Cap [Member]
			Estimate of Fair Value, Fair Value Disclosure [Member]	Estimate of Fair Value, Fair Value Disclosure [Member]	Parkside Village Loan [Member]	Bank of America Loan [Member]	Bank of America Loan [Member]	Bank of America Loan [Member]	Bank of America Loan [Member]
							Year 1 [Member]	Year 2 [Member]	Year 3 [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]	'	'	'	'	'	'	'	'	'
Interest rate cap agreement	$115,000	$351,000	$115,000	$351,000	'	'	'	'	'
Interest rate swap agreement	369,000	32,000	369,000	32,000	'	'	'	'	'
Debt	187,782,000	151,332,000	188,083,000	151,584,000	'	'	'	'	'
Debt Instrument, Issuance Date	'	'	'	'	13-Dec-13	30-Sep-13	'	'	'
Payment for Interest Rate Cap Agreement	'	'	'	'	'	$500,000	'	'	'
Debt Instrument, Description of Variable Rate Basis	'	'	'	'	'LIBOR	'LIBOR	'	'	'
Debt Instrument, Basis Spread on Variable Rate	'	'	'	'	2.30%	'	1.00%	1.50%	2.00%
Debt Instrument, Interest Rate, Effective Percentage	'	'	'	'	4.80%	'	'	'	'
Debt Instrument, Maturity Date	'	'	'	'	31-Dec-20	'	'	'	'

Debt_and_Equity_Transactions_U1

Debt and Equity Transactions (Unaudited) (Details) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

3 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2014

Aug. 31, 2019

Aug. 31, 2019

Aug. 01, 2019

Sep. 30, 2014

Sep. 30, 2014

Lakeway Center Construction Loan [Member]

Lakeway Center Construction Loan [Member]

Magnolia Term Loan [Member]

Slaughter Term Loan [Member]

Slaughter Term Loan [Member]

Barton Creek Village [Member]

Barton Creek Village [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Option 1 [Member]

Option 2 [Member]

PlainsCapital Bank [Member]

Southside Bank [Member]

acre

Magnolia Term Loan [Member]

Slaughter Term Loan [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Lakeway Center Construction Loan [Member]

Lakeway Center Construction Loan [Member]

acre

Slaughter Term Loan [Member]

Slaughter Term Loan [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Issuance Date

'

'

'

'

'

29-Sep-14

'

15-Sep-14

18-Jul-14

'

27-Jun-14

'

'

'

'

'

'

'

Debt Instrument, Face Amount

'

'

'

'

'

$62,900,000

'

$3,800,000

$7,000,000

'

$6,000,000

'

'

'

'

'

'

'

Area of Land

'

'

'

'

'

'

'

142

'

'

'

'

'

'

'

'

'

'

Area of Land Sold

'

'

'

'

'

'

'

'

'

'

'

'

18

'

'

'

'

'

Debt Instrument, Amount Committed by Third Party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

37,900,000

25,000,000

Debt

187,782,000

'

187,782,000

'

151,332,000

14,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date

'

'

'

'

'

29-Sep-19

15-May-15

1-Oct-16

31-Jul-24

31-Jan-15

27-Jun-24

30-Jun-14

'

'

'

'

'

'

Debt Instrument, Maturity Date Range, End

'

'

'

'

'

'

'

1-Oct-17

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date, Extension Date, End

'

'

'

'

'

'

'

1-Jul-16

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

7.00%

4.50%

'

4.19%

'

'

'

'

4.95%

'

'

Extinguishment of Debt, Amount

'

'

'

'

'

1,600,000

'

'

5,000,000

'

4,300,000

'

'

'

'

'

'

'

Interest Costs Incurred

2,000,000

2,900,000

5,600,000

8,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Costs Capitalized

1,100,000

1,100,000

2,800,000

2,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchased During Period, Shares

'

'

36,900

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchased During Period, Value

'

'

$600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Treasury Stock Acquired, Average Cost Per Share

'

'

$17.26

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Rate, Effective Date

'

'

'

'

'

'

'

'

31-Jul-19

'

'

'

'

1-Aug-19

'

'

'

'

Debt Instrument, Description of Variable Rate Basis

'

'

'

'

'

'one-month LIBOR

'

'

'

'

'

'

'

'

'prime interest rate

'

'

'

Debt Instrument, Basis Spread on Variable Rate

'

'

'

'

'

2.75%

'

'

'

'

'

'

'

'

1.25%

'

'

'

Income_Taxes_Unaudited_Details

Income Taxes (Unaudited) (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'	'	'
Deferred Tax Assets, Net of Valuation Allowance	$0.30	'	$0.30
Federal Statutory Income Tax Rate	35.00%	35.00%	'

Business_Segments_Unaudited_De

Business Segments (Unaudited) (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Revenues:	'		'		'		'		'
Unaffiliated customers	$21,630		$23,823		$67,450		$99,807		'
Intersegment	0		0		0		0		'
Cost of sales, excluding depreciation	17,068		17,479		48,781		78,858		'
Depreciation	2,241		2,252		6,713		6,790		'
Litigation and insurance settlements	-1,506		0		-2,082		-1,785		'
General and administrative expenses	1,741		1,578		5,762		5,356		'
Operating income (loss)	2,086		2,514		8,276		10,588		'
Capital expenditures	24,104	[1]	5,685	[1]	49,874	[1]	15,045	[1]	'
Total assets	387,938		376,408		387,938		376,408		346,943
Real Estate Operations [Member]	'		'		'		'		'
Revenues:	'		'		'		'		'
Unaffiliated customers	6,562	[2]	10,810	[2]	18,817	[2]	57,715	[2]	'
Intersegment	24	[2]	9	[2]	71	[2]	49	[2]	'
Cost of sales, excluding depreciation	5,494	[2]	6,954	[2]	14,060	[2]	46,795	[2]	'
Depreciation	53	[2]	58	[2]	166	[2]	181	[2]	'
Litigation and insurance settlements	-1,506	[2]	'		-2,082	[2]	-1,785	[2]	'
General and administrative expenses	1,344	[2]	1,362	[2]	4,437	[2]	4,526	[2]	'
Operating income (loss)	1,201	[2]	2,445	[2]	2,307	[2]	8,047	[2]	'
Capital expenditures	22,794	[1],[2]	5,326	[1],[2]	47,611	[1],[2]	14,054	[1],[2]	'
Total assets	179,741	[2]	170,243	[2]	179,741	[2]	170,243	[2]	'
Hotel [Member]	'		'		'		'		'
Revenues:	'		'		'		'		'
Unaffiliated customers	9,714		8,312		31,086		28,207		'
Intersegment	85		59		314		191		'
Cost of sales, excluding depreciation	7,548		6,893		22,822		21,705		'
Depreciation	1,460		1,501		4,390		4,536		'
Litigation and insurance settlements	0		'		0		0		'
General and administrative expenses	83		68		298		258		'
Operating income (loss)	708		-91		3,890		1,899		'
Capital expenditures	57	[1]	12	[1]	133	[1]	15	[1]	'
Total assets	112,747		116,959		112,747		116,959		'
Entertainment [Member]	'		'		'		'		'
Revenues:	'		'		'		'		'
Unaffiliated customers	3,659		3,310		12,659		9,942		'
Intersegment	12		37		30		60		'
Cost of sales, excluding depreciation	3,066		3,035		9,733		8,524		'
Depreciation	313		309		943		926		'
Litigation and insurance settlements	0		'		0		0		'
General and administrative expenses	31		27		110		101		'
Operating income (loss)	261		-24		1,903		451		'
Capital expenditures	23	[1]	180	[1]	55	[1]	299	[1]	'
Total assets	51,418		48,217		51,418		48,217		'
Commercial Leasing [Member]	'		'		'		'		'
Revenues:	'		'		'		'		'
Unaffiliated customers	1,695		1,391		4,888		3,943		'
Intersegment	131		121		386		402		'
Cost of sales, excluding depreciation	1,069		666		2,521		2,053		'
Depreciation	452		421		1,325		1,258		'
Litigation and insurance settlements	0		'		0		0		'
General and administrative expenses	412		273		1,358		900		'
Operating income (loss)	-107		152		70		134		'
Capital expenditures	1,230	[1]	167	[1]	2,075	[1]	677	[1]	'
Total assets	49,630		46,913		49,630		46,913		'
Eliminations and Other [Member]	'		'		'		'		'
Revenues:	'		'		'		'		'
Unaffiliated customers	0	[3]	0	[3]	0	[3]	0	[3]	'
Intersegment	-252	[3]	-226	[3]	-801	[3]	-702	[3]	'
Cost of sales, excluding depreciation	-109	[3]	-69	[3]	-355	[3]	-219	[3]	'
Depreciation	-37	[3]	-37	[3]	-111	[3]	-111	[3]	'
Litigation and insurance settlements	0	[3]	'		0	[3]	0	[3]	'
General and administrative expenses	-129	[3]	-152	[3]	-441	[3]	-429	[3]	'
Operating income (loss)	23	[3]	32	[3]	106	[3]	57	[3]	'
Capital expenditures	0	[1],[3]	0	[1],[3]	0	[1],[3]	0	[1],[3]	'
Total assets	($5,598)	[3]	($5,924)	[3]	($5,598)	[3]	($5,924)	[3]	'
[1]	Also includes purchases and development of residential real estate held for sale.
[2]	Includes sales commissions and other revenues together with related expenses.
[3]	Includes eliminations of intersegment amounts, including the deferred development fee income between Stratus and the Block 21 Joint Venture (see Note 3).