Stratus Properties (STRS) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Stratus Properties Inc.
Entity Central Index Key	885,508
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		8,092,140
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 68.6

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 10,566	$ 17,036
Restricted cash		10,081	8,731
Real estate held for sale		24,323	25,944
Real estate under development		122,386	139,171
Land available for development		13,711	23,397
Real estate held for investment, net		238,984	186,626
Deferred tax assets		15,367	15,329
Other assets		18,840	13,871
Total assets		454,258	430,105
LIABILITIES AND EQUITY
Accounts payable		12,000	14,182
Accrued liabilities		12,018	10,356
Debt	[1]	288,143	260,592
Other liabilities		9,414	8,301
Total liabilities		321,575	293,431
Commitments and contingencies
Stockholders’ equity:
Common stock		92	91
Capital in excess of par value of common stock		192,586	192,122
Accumulated deficit		(39,310)	(35,144)
Common stock held in treasury		(20,760)	(20,470)
Total stockholders’ equity		132,608	136,599
Noncontrolling interests in subsidiaries		75	75
Total equity		132,683	136,674
Total liabilities and equity		$ 454,258	$ 430,105
[1]	Includes net reductions for unamortized debt issuance costs of $2.4 million at June 30, 2016, and $2.5 million at December 31, 2015. See Note 7 for a discussion of a change in presentation of debt issuance costs.

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Hotel	$ 10,658	$ 11,054	$ 21,233	$ 22,673
Entertainment	4,903	4,995	9,046	9,304
Commercial leasing	2,141	1,703	4,194	3,524
Real estate operations	1,448	2,234	3,703	4,710
Total revenues	19,150	19,986	38,176	40,211
Cost of sales:
Hotel	7,676	8,295	15,357	16,377
Entertainment	3,775	3,688	6,819	7,091
Commercial leasing	1,043	959	1,905	1,700
Real estate operations	1,889	2,011	4,098	4,121
Depreciation	1,983	2,346	3,665	4,650
Total cost of sales	16,366	17,299	31,844	33,939
General and administrative expenses	4,146	2,145	7,221	4,121
Total costs and expenses	20,512	19,444	39,065	38,060
Operating (loss) income	(1,362)	542	(889)	2,151
Interest expense, net	(2,346)	(1,031)	(4,315)	(1,881)
Loss on interest rate derivative instruments	(101)	(13)	(475)	(68)
Loss on early extinguishment of debt	0	0	(837)	0
Other income, net	4	285	8	289
(Loss) income before income taxes and equity in unconsolidated affiliates' (loss) income	(3,805)	(217)	(6,508)	491
Equity in unconsolidated affiliates' (loss) income	(25)	(239)	73	(118)
Benefit from (provision for) income taxes	1,347	216	2,269	(47)
(Loss) income from continuing operations	(2,483)	(240)	(4,166)	326
Income from discontinued operations, net of taxes	0	0	0	3,218	[1]
Net (loss) income	(2,483)	(240)	(4,166)	3,544
Net income attributable to noncontrolling interests in subsidiaries	0	(879)	0	(1,921)
Net (loss) income attributable to common stockholders	$ (2,483)	$ (1,119)	$ (4,166)	$ 1,623
Basic and diluted net (loss) income per share attributable to common stockholders:
Continuing operations	$ (0.31)	$ (0.14)	$ (0.52)	$ (0.20)
Discontinued operations	0	0	0	0.40
Basic and diluted net (loss) income per share attributable to common stockholders	$ (0.31)	$ (0.14)	$ (0.52)	$ 0.20
Weighted-average shares of common stock outstanding:
Basic	8,092	8,061	8,082	8,051
Diluted	8,092	8,061	8,082	8,081
[1]	Represents a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto that was recognized in first-quarter 2015.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Statement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net (loss) income	$ (2,483)	$ (240)	$ (4,166)	$ 3,544
Other comprehensive income, net of taxes:
Gain on interest rate swap agreement	0	182	0	19
Other comprehensive income	0	182	0	19
Total comprehensive (loss) income	(2,483)	(58)	(4,166)	3,563
Total comprehensive income attributable to noncontrolling interests	0	(952)	0	(1,926)
Total comprehensive (loss) income attributable to common stockholders	$ (2,483)	$ (1,010)	$ (4,166)	$ 1,637

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flow from operating activities:
Net (loss) income	$ (4,166)	$ 3,544
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation	3,665	4,650
Cost of real estate sold	1,691	2,098
Loss on early extinguishment of debt	837	0
Loss on interest rate derivative contracts	475	68
Debt issuance cost amortization and stock-based compensation	698	777
Gain on sale of 7500 Rialto, net of tax	0	(3,218)
Equity in unconsolidated affiliates' (income) loss	(73)	118
Deposits	21	82
Deferred income taxes	(38)	47
Purchases and development of real estate properties	(7,629)	(15,703)
Municipal utility district reimbursement	0	5,307
Increase in other assets	(5,843)	(383)
Increase in accounts payable, accrued liabilities and other	98	2,022
Net cash used in operating activities	(10,264)	(591)
Cash flow from investing activities:
Capital expenditures	(22,435)	(16,740)
Other, net	(17)	62
Net cash used in investing activities	(22,452)	(16,678)
Cash flow from financing activities:
Borrowings from credit facility	12,000	23,500
Payments on credit facility	(3,139)	(15,366)
Borrowings from project loans	168,875	15,810
Payments on project and term loans	(150,345)	(9,662)
Stock-based awards net payments, including excess tax benefit	(158)	(144)
Noncontrolling interests distributions	0	(1,040)
Financing costs	(987)	0
Net cash provided by financing activities	26,246	13,098
Net decrease in cash and cash equivalents	(6,470)	(4,171)
Cash and cash equivalents at beginning of year	17,036	29,645
Cash and cash equivalents at end of period	$ 10,566	$ 25,474

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	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]
Balance at Dec. 31, 2014	$ 175,086	$ 136,443	$ 91	$ 204,269	$ (47,321)	$ (279)	$ (20,317)	$ 38,643
Balance (in shares) at Dec. 31, 2014			9,116				1,081
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0	$ 0	0	0	0	$ 0	0
Exercised and issued stock-based awards (in shares)			37				0
Stock-based compensation	269	269	$ 0	269	0	0	$ 0	0
Tax benefit for stock-based awards	8	8	0	8	0	0	0	0
Tender of shares for stock-based awards	(153)	(153)	$ 0	0	0	0	$ (153)	0
Tender of shares for stock-based awards (in shares)			0				12
Noncontrolling Interest, Period Increase (Decrease)	(1,040)	0	$ 0	0	0	0	$ 0	(1,040)
Total comprehensive income	3,563	1,637	0	0	1,623	14	0	1,926
Balance at Jun. 30, 2015	177,733	138,204	$ 91	204,546	(45,698)	(265)	$ (20,470)	39,529
Balance (in shares) at Jun. 30, 2015			9,153				1,093
Balance at Dec. 31, 2015	136,674	136,599	$ 91	192,122	(35,144)	0	$ (20,470)	75
Balance (in shares) at Dec. 31, 2015			9,160				1,093
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0	$ 1	(1)	0	0	$ 0	0
Exercised and issued stock-based awards (in shares)			37				0
Stock-based compensation	333	333	$ 0	333	0	0	$ 0	0
Tax benefit for stock-based awards	132	132	0	132	0	0	0	0
Tender of shares for stock-based awards	(290)	(290)	$ 0	0	0	0	$ (290)	0
Tender of shares for stock-based awards (in shares)			0				12
Total comprehensive income	(4,166)	(4,166)	$ 0	0	(4,166)	0	$ 0	0
Balance at Jun. 30, 2016	$ 132,683	$ 132,608	$ 92	$ 192,586	$ (39,310)	$ 0	$ (20,760)	$ 75
Balance (in shares) at Jun. 30, 2016			9,197				1,105

General Information (Unaudited)

General Information (Unaudited)	6 Months Ended
	Jun. 30, 2016
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, 2015 , included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K (Stratus 2015 Form 10-K) filed with the United States 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 six -month periods ended June 30, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 .

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	EARNINGS PER SHARE Stratus’ basic net (loss) income per share of common stock was calculated by dividing the net (loss) income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net (loss) income $ (2,483 ) $ (240 ) $ (4,166 ) $ 3,544 Net income attributable to noncontrolling interests in subsidiaries — (879 ) — (1,921 ) Net (loss) income attributable to Stratus common stockholders $ (2,483 ) $ (1,119 ) $ (4,166 ) $ 1,623 Basic weighted-average shares of common stock outstanding 8,092 8,061 8,082 8,051 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a — b — a 30 b Diluted weighted-average shares of common stock outstanding 8,092 8,061 8,082 8,081 Basic and diluted net (loss) income per share attributable to common stockholders $ (0.31 ) $ (0.14 ) $ (0.52 ) $ 0.20 a. Excludes approximately 123 thousand shares of common stock for second-quarter 2016 and 124 thousand shares of common stock for the first six months of 2016 associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock and RSUs that were anti-dilutive. b. Excludes approximately 26 thousand shares of common stock for second-quarter 2015 and 31 thousand shares of common stock for the first six months of 2015 associated with RSUs that were anti-dilutive. 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 (loss) income per share of common stock. Excluded stock options totaled approximately 15 thousand for both the second quarter and first six months of 2016, 25 thousand for second-quarter 2015 and 26 thousand for the first six months of 2015 .

Fair Value Measurements (Unaudi

Fair Value Measurements (Unaudited)	6 Months Ended
	Jun. 30, 2016
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): June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate cap agreement $ — $ — $ 1 $ 1 Liabilities: Interest rate swap agreement 1,120 1,120 646 646 Debt 288,143 290,522 260,592 263,303 Interest Rate Cap Agreement. On September 30, 2013 , Stratus’ joint venture with Canyon-Johnson Urban Fund II, L.P. (the Block 21 Joint Venture) paid $0.5 million to enter into an interest rate cap agreement, which capped the one-month London Interbank Offered Rate ( LIBOR ), the variable rate in the Bank of America loan agreement relating to the W Austin Hotel & Residences (the BoA loan), at 1 percent until October 5, 2014, 1.5 percent from October 6, 2014, to October 4, 2015, and 2 percent from October 5, 2015, to September 29, 2016 (see Note 4 for additional information regarding repayment of the BoA loan in January 2016). 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 , Stratus' joint venture with LCHM Holdings, LLC, formerly Moffett Holdings, LLC, for the development of Parkside Village (the Parkside Village Joint Venture), entered into an interest rate swap agreement with Comerica Bank that Stratus had designated as a cash flow hedge with changes in fair value of the instrument recorded in other comprehensive income (loss). The instrument effectively converted the variable rate portion of the Parkside Village Joint Venture's loan from Comerica Bank (the Parkside Village loan) from one-month LIBOR to a fixed rate of 2.3 percent . In connection with the sale of the Parkside Village property on July 2, 2015 , Stratus fully repaid the amount outstanding under the Parkside Village loan. Stratus assumed the interest rate swap agreement and, as a result, the instrument no longer qualifies for hedge accounting. Accordingly, the accumulated other comprehensive loss balance of $0.6 million on July 2, 2015, was reclassified to the Consolidated Statement of Operations as a loss on interest rate derivative instruments, and changes in the fair value of the instrument are being recorded in the Consolidated Statement of Operations (including a loss of $0.1 million in second-quarter 2016 and $0.5 million for the first six months of 2016 ). 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)	6 Months Ended
	Jun. 30, 2016
Capitalization, Long-term Debt and Equity [Abstract]
Debt and Equity Transactions [Text Block]	DEBT The components of Stratus' debt are as follows: June 30, 2016 December 31, 2015 Goldman Sachs loan $ 147,906 $ — BoA loan — 128,230 Lakeway construction loan 52,477 45,931 Comerica credit facility 42,010 53,149 Santal construction loan 28,388 15,874 Diversified Real Asset Income Fund (DRAIF) term loan 7,997 7,993 Barton Creek Village term loan 5,623 5,689 Magnolia loan 3,742 3,726 Total debt a $ 288,143 $ 260,592 a. Includes net reductions for unamortized debt issuance costs of $2.4 million at June 30, 2016 , and $2.5 million at December 31, 2015. See Note 7 for a discussion of a change in presentation of debt issuance costs. On January 5, 2016 , Stratus completed the refinancing of the W Austin Hotel & Residences. Goldman Sachs Mortgage Company provided a $150.0 million , ten -year, non-recourse term loan (the Goldman Sachs loan) with a fixed interest rate of 5.58 percent per annum and payable monthly based on a 30-year amortization. Stratus used the proceeds from the Goldman Sachs loan to fully repay its existing obligations under the BoA loan and the $20.0 million Comerica term loan included as part of the Comerica credit facility. The obligations of Stratus Block 21, LLC (Block 21), a wholly-owned subsidiary of Stratus and borrower under the Goldman Sachs loan, are secured by all assets owned from time to time by Block 21. Additionally, certain obligations of Block 21 under the Goldman Sachs loan are guaranteed by Stratus, including environmental indemnification and other customary carve-out obligations. In connection with any acceleration of the Goldman Sachs loan, Block 21 must pay a yield maintenance premium in the amount of at least three percent of the amount of indebtedness prepaid. Prepayment of the Goldman Sachs loan is not permitted except (1) for certain prepayments resulting from casualty or condemnation and (2) in whole within 90 days of the maturity date. For a description of Stratus' other loans, refer to Note 7 in the Stratus 2015 Form 10-K. Interest Expense and Capitalization. Interest expense (before capitalized interest) totaled $3.9 million for second-quarter 2016 , $2.3 million for second-quarter 2015 , $7.6 million for the first six months of 2016 and $4.6 million for the first six months of 2015 . Stratus' capitalized interest costs totaled $1.6 million for second-quarter 2016 , $1.3 million for second-quarter 2015 , $3.3 million for the first six months of 2016 and $2.7 million for the first six months of 2015 . Capitalized interest costs for the 2016 and 2015 periods primarily related to development activities at Barton Creek and The Oaks at Lakeway.

Income Taxes (Unaudited)

Income Taxes (Unaudited)	6 Months Ended
	Jun. 30, 2016
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 in the Stratus 2015 Form 10-K. Stratus had deferred tax assets (net of deferred tax liabilities) totaling $15.4 million at June 30, 2016 , and $15.3 million at December 31, 2015 . 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. The difference between Stratus' consolidated effective income tax rate for the first six months of 2016 , and the U.S. Federal statutory income tax rate of 35 percent , was primarily attributable to the state margin tax. The difference between Stratus' consolidated effective income tax rate for the first six months of 2015 , and the U.S. Federal statutory income tax rate of 35 percent , was primarily attributable to the state margin tax partially offset by the tax effect of income attributable to noncontrolling interests.

Business Segments (Unaudited)

Business Segments (Unaudited)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Business Segments [Text Block]	BUSINESS SEGMENTS Stratus currently has four operating segments: Hotel, Entertainment, Commercial Leasing and Real Estate Operations. The Hotel segment includes the W Austin Hotel located at the W Austin Hotel & Residences. The Entertainment segment includes ACL Live, a live music and entertainment venue and production studio at the W Austin Hotel & Residences. 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, including the recently opened 3TEN ACL Live, which opened in March 2016 on the site of the W Austin Hotel & Residences, and the results of the Stageside Productions joint venture with Pedernales Entertainment LLC (see Note 2 in the Stratus 2015 Form 10-K for further discussion). The Commercial Leasing segment includes the office and retail space at the W Austin Hotel & Residences, a retail building and a bank building in Barton Creek Village, a retail property at The Oaks at Lakeway and the Santal multi-family project. On July 2, 2015 , Stratus completed the sales of the Parkside Village and 5700 Slaughter properties, which were included in the Commercial Leasing segment. The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed, under development and available for development), 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); in Lakeway, Texas (The Oaks at Lakeway) located in the greater Austin area; in Magnolia, Texas located in the greater Houston area; and in Killeen, Texas (The West Killeen Market). Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses primarily consist of employee salaries, wages and other costs, and beginning January 1, 2016, are managed on a consolidated basis and are not allocated to Stratus' operating segments. The segment disclosures for the 2015 periods have been recast to be consistent with the presentation of the 2016 periods. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity. Segment data presented below were prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Hotel Entertainment Commercial Leasing a Real Estate b Corporate, Eliminations and Other c Total Three Months Ended June 30, 2016: Revenues: Unaffiliated customers $ 10,658 $ 4,903 $ 2,141 $ 1,448 $ — $ 19,150 Intersegment 71 51 225 8 (355 ) — Cost of sales, excluding depreciation 7,719 3,927 1,051 1,889 (203 ) 14,383 Depreciation 851 371 766 54 (59 ) 1,983 General and administrative expenses — — — — 4,146 d 4,146 Operating income (loss) $ 2,159 $ 656 $ 549 $ (487 ) $ (4,239 ) $ (1,362 ) Capital expenditures e $ 174 $ 255 $ 8,138 $ 4,504 $ — $ 13,071 Total assets at June 30, 2016 105,167 39,405 116,554 180,039 13,093 454,258 Three Months Ended June 30, 2015: Revenues: Unaffiliated customers $ 11,054 $ 4,995 $ 1,703 $ 2,234 $ — $ 19,986 Intersegment 69 79 166 25 (339 ) — Cost of sales, excluding depreciation 8,353 3,744 985 2,011 (140 ) 14,953 Depreciation 1,496 318 501 68 (37 ) 2,346 General and administrative expenses — — — — 2,145 2,145 Operating income (loss) $ 1,274 $ 1,012 $ 383 $ 180 $ (2,307 ) $ 542 Capital expenditures e $ 57 $ 8 $ 8,399 $ 9,140 $ — $ 17,604 Total assets at June 30, 2015 109,069 49,116 47,883 203,471 4,648 414,187 Six Months Ended June 30, 2016: Revenues: Unaffiliated customers $ 21,233 $ 9,046 $ 4,194 $ 3,703 $ — $ 38,176 Intersegment 160 84 361 16 (621 ) — Cost of sales, excluding depreciation 15,429 7,032 1,921 4,098 (301 ) 28,179 Depreciation 1,697 706 1,242 114 (94 ) 3,665 General and administrative expenses — — — — 7,221 d 7,221 Operating income (loss) $ 4,267 $ 1,392 $ 1,392 $ (493 ) $ (7,447 ) $ (889 ) Capital expenditures e $ 261 $ 279 $ 21,895 $ 7,629 $ — $ 30,064 Hotel Entertainment Commercial Leasing a Real Estate Operations b Corporate, Eliminations and Other c Total Six Months Ended June 30, 2015: Revenues: Unaffiliated customers $ 22,673 $ 9,304 $ 3,524 $ 4,710 $ — $ 40,211 Intersegment 141 102 252 50 (545 ) — Cost of sales, excluding depreciation 16,455 7,173 1,750 4,122 (211 ) 29,289 Depreciation 2,990 642 968 125 (75 ) 4,650 General and administrative expenses — — — — 4,121 4,121 Operating income (loss) $ 3,369 $ 1,591 $ 1,058 $ 513 $ (4,380 ) $ 2,151 Income from discontinued operations f $ — $ — $ 3,218 $ — $ — $ 3,218 Capital expenditures e 448 69 16,223 15,703 — 32,443 a. Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015. b. Includes sales commissions and other revenues together with related expenses. c. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. d. General and administrative costs were higher in the second quarter and first six months of 2016, compared with the second quarter and first six months of 2015, primarily reflecting higher legal and consulting fees mainly due to $1.9 million in second-quarter 2016 and $2.5 million for the first six months of 2016 associated with Stratus' successful proxy contest. e. Also includes purchases and development of residential real estate held for sale. f. Represents a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto that was recognized in first-quarter 2015.

New Accounting Standards (Unaud

New Accounting Standards (Unaudited) (Notes)	6 Months Ended
	Jun. 30, 2016
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 Standard Update (ASU) that provides a single comprehensive revenue recognition model, which will replace most existing revenue recognition guidance, and also requires expanded disclosures. The core principle of the model is that revenue is recognized when control of goods or services has been transferred to customers at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2017 (following the FASB’s August 2015 ASU providing for a one-year deferral of the effective date), and interim reporting periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016, and interim reporting periods within that reporting period. This ASU may be applied either retrospectively to each period presented or prospectively as a cumulative-effect adjustment as of the date of adoption. Stratus is currently evaluating the impact of the new guidance on its financial reporting and disclosures, but at this time does not expect the adoption of this ASU to have a material impact on its financial statements. In April and August 2015, the FASB issued ASUs to simplify the presentation of debt issuance costs. These ASUs require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Stratus adopted these ASUs on January 1, 2016, and retrospectively adjusted its previously issued financial statements. Upon adoption, Stratus adjusted its December 31, 2015, balance sheet by decreasing other assets and long-term debt by $2.5 million for debt issuance costs related to corresponding debt balances. Stratus elected to continue presenting debt issuance costs for its revolving credit facility as a deferred charge (asset) because of the volatility of its borrowings and repayments under the facility. In January 2016, the FASB issued an ASU that amends the current guidance on the classification and measurement of financial instruments. This ASU makes limited changes to existing guidance and amends certain disclosure requirements. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2017. Early adoption is not permitted, except for the provision on recording fair value changes for financial liabilities under the fair value option. Stratus is currently evaluating the impact this ASU will have on its financial reporting and disclosures, but at this time does not expect the adoption of this ASU will have a material impact on its financial statements. In February 2016, the FASB issued an ASU that will require lessees to recognize most leases on the balance sheet. This ASU allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and that do not have a purchase option that is expected to be exercised. For public entities, this ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. This ASU must be applied using the modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Stratus is currently evaluating the impact this guidance will have on its financial statements. In March 2016, the FASB issued an ASU that simplifies various aspects of the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, an accounting policy election for forfeitures and the classification on the statement of cash flows. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. Each of the amendments in this ASU provides specific transition requirements. Stratus is currently evaluating the impact this guidance will have on its financial statements.

Subsequent Events (Unaudited) (

Subsequent Events (Unaudited) (Notes)	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS On July 12, 2016 , a Stratus subsidiary entered into an $8.0 million stand-alone revolving credit facility with Comerica Bank (the Amarra Drive credit facility). The variable interest rate applicable to amounts borrowed under the Amarra Drive credit facility is LIBOR plus 3.0 percent . The Amarra Drive credit facility matures on July 12, 2019 , and is secured by assets at Stratus’ 20-unit Villas at Amarra Drive townhome project (the Amarra Villas), which had a net book value of $6.9 million at June 30, 2016. The Amarra Drive credit facility is guaranteed by Stratus and contains financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million . Principal paydowns will be made as townhomes sell, and additional amounts will be borrowed as additional townhomes are constructed. The remaining principal balance of the loan is due at maturity. The proceeds of the Amarra Drive credit facility will be used for the construction of single family townhomes and related improvements at the Amarra Villas. As of July 31, 2016, Stratus had $0.8 million outstanding under the Amarra Drive credit facility. On August 2, 2016, the Travis County municipal utility district awarded the sale of $14.6 million in tax bonds. The closing of the sale is scheduled for early September 2016, and Stratus expects to receive $12.3 million of proceeds as reimbursement of infrastructure costs incurred in its development of Barton Creek. On August 5, 2016 , a Stratus subsidiary entered into a $9.9 million construction loan agreement with Southside Bank (the West Killeen Market loan). The variable interest rate is one-month LIBOR plus 2.75 percent , with a minimum interest rate of 3.0 percent . Payments of interest only will be made monthly during the initial 42 months of the 72-month term, followed by 30 months of monthly principal and interest payments based on a 30-year amortization. The West Killeen Market loan is secured by assets at Stratus’ West Killeen Market retail project in Killeen, Texas, which had a net book value of $3.9 million at June 30, 2016, and is guaranteed by Stratus until construction is completed and certain debt service coverage ratios are met. The proceeds of the West Killeen Market loan will be used for the construction of the West Killeen Market project. Stratus will not make an initial draw on the West Killeen Market loan until certain site improvements have been completed.

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Diluted, by Common Class [Table Text Block]	A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net (loss) income $ (2,483 ) $ (240 ) $ (4,166 ) $ 3,544 Net income attributable to noncontrolling interests in subsidiaries — (879 ) — (1,921 ) Net (loss) income attributable to Stratus common stockholders $ (2,483 ) $ (1,119 ) $ (4,166 ) $ 1,623 Basic weighted-average shares of common stock outstanding 8,092 8,061 8,082 8,051 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a — b — a 30 b Diluted weighted-average shares of common stock outstanding 8,092 8,061 8,082 8,081 Basic and diluted net (loss) income per share attributable to common stockholders $ (0.31 ) $ (0.14 ) $ (0.52 ) $ 0.20 a. Excludes approximately 123 thousand shares of common stock for second-quarter 2016 and 124 thousand shares of common stock for the first six months of 2016 associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock and RSUs that were anti-dilutive. b. Excludes approximately 26 thousand shares of common stock for second-quarter 2015 and 31 thousand shares of common stock for the first six months of 2015 associated with RSUs that were anti-dilutive

Fair Value Measurements (Unau16

Fair Value Measurements (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2016
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): June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate cap agreement $ — $ — $ 1 $ 1 Liabilities: Interest rate swap agreement 1,120 1,120 646 646 Debt 288,143 290,522 260,592 263,303

Debt and Equity Transactions 17

Debt and Equity Transactions (Unaudited) Summary of Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Table [Abstract]
Schedule of Debt [Table Text Block]	The components of Stratus' debt are as follows: June 30, 2016 December 31, 2015 Goldman Sachs loan $ 147,906 $ — BoA loan — 128,230 Lakeway construction loan 52,477 45,931 Comerica credit facility 42,010 53,149 Santal construction loan 28,388 15,874 Diversified Real Asset Income Fund (DRAIF) term loan 7,997 7,993 Barton Creek Village term loan 5,623 5,689 Magnolia loan 3,742 3,726 Total debt a $ 288,143 $ 260,592 a. Includes net reductions for unamortized debt issuance costs of $2.4 million at June 30, 2016 , and $2.5 million at December 31, 2015. See Note 7 for a discussion of a change in presentation of debt issuance costs.

Business Segments (Unaudited) (

Business Segments (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment [Table Text Block]	Segment data presented below were prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Hotel Entertainment Commercial Leasing a Real Estate b Corporate, Eliminations and Other c Total Three Months Ended June 30, 2016: Revenues: Unaffiliated customers $ 10,658 $ 4,903 $ 2,141 $ 1,448 $ — $ 19,150 Intersegment 71 51 225 8 (355 ) — Cost of sales, excluding depreciation 7,719 3,927 1,051 1,889 (203 ) 14,383 Depreciation 851 371 766 54 (59 ) 1,983 General and administrative expenses — — — — 4,146 d 4,146 Operating income (loss) $ 2,159 $ 656 $ 549 $ (487 ) $ (4,239 ) $ (1,362 ) Capital expenditures e $ 174 $ 255 $ 8,138 $ 4,504 $ — $ 13,071 Total assets at June 30, 2016 105,167 39,405 116,554 180,039 13,093 454,258 Three Months Ended June 30, 2015: Revenues: Unaffiliated customers $ 11,054 $ 4,995 $ 1,703 $ 2,234 $ — $ 19,986 Intersegment 69 79 166 25 (339 ) — Cost of sales, excluding depreciation 8,353 3,744 985 2,011 (140 ) 14,953 Depreciation 1,496 318 501 68 (37 ) 2,346 General and administrative expenses — — — — 2,145 2,145 Operating income (loss) $ 1,274 $ 1,012 $ 383 $ 180 $ (2,307 ) $ 542 Capital expenditures e $ 57 $ 8 $ 8,399 $ 9,140 $ — $ 17,604 Total assets at June 30, 2015 109,069 49,116 47,883 203,471 4,648 414,187 Six Months Ended June 30, 2016: Revenues: Unaffiliated customers $ 21,233 $ 9,046 $ 4,194 $ 3,703 $ — $ 38,176 Intersegment 160 84 361 16 (621 ) — Cost of sales, excluding depreciation 15,429 7,032 1,921 4,098 (301 ) 28,179 Depreciation 1,697 706 1,242 114 (94 ) 3,665 General and administrative expenses — — — — 7,221 d 7,221 Operating income (loss) $ 4,267 $ 1,392 $ 1,392 $ (493 ) $ (7,447 ) $ (889 ) Capital expenditures e $ 261 $ 279 $ 21,895 $ 7,629 $ — $ 30,064 Hotel Entertainment Commercial Leasing a Real Estate Operations b Corporate, Eliminations and Other c Total Six Months Ended June 30, 2015: Revenues: Unaffiliated customers $ 22,673 $ 9,304 $ 3,524 $ 4,710 $ — $ 40,211 Intersegment 141 102 252 50 (545 ) — Cost of sales, excluding depreciation 16,455 7,173 1,750 4,122 (211 ) 29,289 Depreciation 2,990 642 968 125 (75 ) 4,650 General and administrative expenses — — — — 4,121 4,121 Operating income (loss) $ 3,369 $ 1,591 $ 1,058 $ 513 $ (4,380 ) $ 2,151 Income from discontinued operations f $ — $ — $ 3,218 $ — $ — $ 3,218 Capital expenditures e 448 69 16,223 15,703 — 32,443 a. Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015. b. Includes sales commissions and other revenues together with related expenses. c. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. d. General and administrative costs were higher in the second quarter and first six months of 2016, compared with the second quarter and first six months of 2015, primarily reflecting higher legal and consulting fees mainly due to $1.9 million in second-quarter 2016 and $2.5 million for the first six months of 2016 associated with Stratus' successful proxy contest. e. Also includes purchases and development of residential real estate held for sale. f. Represents a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto that was recognized in first-quarter 2015.

Earnings Per Share (Unaudited19

Earnings Per Share (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net (loss) income	$ (2,483)		$ (240)		$ (4,166)		$ 3,544
Net income attributable to noncontrolling interests in subsidiaries	0		(879)		0		(1,921)
Net (loss) income attributable to common stockholders	$ (2,483)		$ (1,119)		$ (4,166)		$ 1,623
Basic weighted-average shares of common stock outstanding	8,092,000		8,061,000		8,082,000		8,051,000
Diluted weighted-average shares of common stock outstanding	8,092,000		8,061,000		8,082,000		8,081,000
Basic and diluted net (loss) income per share attributable to common stockholders	$ (0.31)		$ (0.14)		$ (0.52)		$ 0.20
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	123,000		26,000		124,000		31,000
Outstanding Stock Options With Exercise Prices Greater Than Average Market Price Of Common Stock (in shares)	15,000		25,000		15,000		26,000
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 (in shares)	0	[1]	0	[2]	0	[1]	30,000	[2]
[1]	Excludes approximately 123 thousand shares of common stock for second-quarter 2016 and 124 thousand shares of common stock for the first six months of 2016 associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock and RSUs that were anti-dilutive.
[2]	Excludes approximately 26 thousand shares of common stock for second-quarter 2015 and 31 thousand shares of common stock for the first six months of 2015 associated with RSUs that were anti-dilutive.

Fair Value Measurements (Unau20

Fair Value Measurements (Unaudited) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Jul. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2015	Jul. 02, 2015
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Loss on interest rate derivative instruments		$ (101)	$ (13)	$ (475)	$ (68)
Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Interest rate cap agreement		0		0				$ 1
Interest rate swap agreement		1,120		1,120				646
Debt		288,143		288,143				260,592
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Interest rate cap agreement		0		0				1
Interest rate swap agreement		1,120		1,120				646
Debt		290,522		290,522				$ 263,303
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Derivative Liability									$ 600
Loss on interest rate derivative instruments		$ 100		$ 500
Interest Rate Swap [Member] | Parkside Village Loan [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Debt Instrument, Issuance Date							Dec. 13, 2013
Debt Instrument, Description of Variable Rate Basis							LIBOR
Debt Instrument, Basis Spread on Variable Rate							2.30%
Interest Rate Cap [Member] | Bank of America Loan [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Debt Instrument, Issuance Date						Sep. 30, 2013
Payment for Interest Rate Cap Agreement						$ 500
Debt Instrument, Description of Variable Rate Basis						LIBOR
Interest Rate Cap [Member] | Bank of America Loan [Member] | Year 1 [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.00%
Interest Rate Cap [Member] | Bank of America Loan [Member] | Year 2 [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.50%
Interest Rate Cap [Member] | Bank of America Loan [Member] | Year 3 [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.00%
Parkside Village and 5700 Slaughter [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Disposal Date	Jul. 2, 2015

Debt and Equity Transactions 21

Debt and Equity Transactions (Unaudited) (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jan. 05, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 2,400			$ 2,400			$ 2,500
Borrowings from project loans					168,875	$ 15,810
Debt	[1]	288,143			288,143			260,592
Interest Costs Incurred		3,900		$ 2,300	7,600	4,600
Interest Costs Capitalized		1,600		$ 1,300	3,300	$ 2,700
Goldman Sachs Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date			Jan. 5, 2016
Debt Instrument, Face Amount							$ 150,000
Debt		147,906			147,906			0
Debt Instrument, Term			10 years
Debt Instrument, Interest Rate, Stated Percentage							5.58%
Comerica Credit Facility [Member]
Debt Instrument [Line Items]
Debt		42,010			42,010			53,149
Bank of America Loan [Member]
Debt Instrument [Line Items]
Debt		0			0			128,230
Lakeway Center Construction Loan [Member]
Debt Instrument [Line Items]
Debt		52,477			52,477			45,931
Santal Multi-Family [Member]
Debt Instrument [Line Items]
Debt		28,388			28,388			15,874
American Strategic Income Portfolio Term Loans [Member]
Debt Instrument [Line Items]
Debt		7,997			7,997			7,993
Barton Creek Village Term Loan [Member]
Debt Instrument [Line Items]
Debt		5,623			5,623			5,689
Magnolia Term Loan [Member]
Debt Instrument [Line Items]
Debt		$ 3,742			$ 3,742			3,726
Construction Loans [Member] | Comerica Credit Facility [Member]
Debt Instrument [Line Items]
Debt								$ 20,000
[1]	Includes net reductions for unamortized debt issuance costs of $2.4 million at June 30, 2016, and $2.5 million at December 31, 2015. See Note 7 for a discussion of a change in presentation of debt issuance costs.

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 15,367		$ 15,329
Federal Statutory Income Tax Rate	35.00%	35.00%

Business Segments (Unaudited)23

Business Segments (Unaudited) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended			6 Months Ended
		Jul. 31, 2015	Jun. 30, 2016		Jun. 30, 2015	Jun. 30, 2016		Jun. 30, 2015		Dec. 31, 2015
Segment Reporting Information [Line Items]
Legal Fees			$ 1,900			$ 2,500
Revenues:
Unaffiliated customers			19,150		$ 19,986	38,176		$ 40,211
Intersegment			0		0	0		0
Cost of sales, excluding depreciation			14,383		14,953	28,179		29,289
Depreciation			1,983		2,346	3,665		4,650
General and administrative expenses			4,146		2,145	7,221		4,121
Operating income (loss)			(1,362)		542	(889)		2,151
Income from discontinued operations			0		0	0		3,218	[1]
Capital expenditures	[2]		13,071		17,604	30,064		32,443
Total assets			454,258		414,187	454,258		414,187		$ 430,105
Hotel [Member]
Revenues:
Unaffiliated customers			10,658		11,054	21,233		22,673
Intersegment			71		69	160		141
Cost of sales, excluding depreciation			7,719		8,353	15,429		16,455
Depreciation			851		1,496	1,697		2,990
General and administrative expenses			0		0	0		0
Operating income (loss)			2,159		1,274	4,267		3,369
Income from discontinued operations	[1]							0
Capital expenditures	[2]		174		57	261		448
Total assets			105,167		109,069	105,167		109,069
Entertainment Venue [Member]
Revenues:
Unaffiliated customers			4,903		4,995	9,046		9,304
Intersegment			51		79	84		102
Cost of sales, excluding depreciation			3,927		3,744	7,032		7,173
Depreciation			371		318	706		642
General and administrative expenses			0		0	0		0
Operating income (loss)			656		1,012	1,392		1,591
Income from discontinued operations	[1]							0
Capital expenditures	[2]		255		8	279		69
Total assets			39,405		49,116	39,405		49,116
Commercial Leasing [Member]
Revenues:
Unaffiliated customers	[3]		2,141		1,703	4,194		3,524
Intersegment	[3]		225		166	361		252
Cost of sales, excluding depreciation	[3]		1,051		985	1,921		1,750
Depreciation	[3]		766		501	1,242		968
General and administrative expenses	[3]		0		0	0		0
Operating income (loss)	[3]		549		383	1,392		1,058
Income from discontinued operations	[1]							3,218
Capital expenditures	[2],[3]		8,138		8,399	21,895		16,223
Total assets	[3]		116,554		47,883	116,554		47,883
Real Estate Operations [Member]
Revenues:
Unaffiliated customers	[4]		1,448		2,234	3,703		4,710
Intersegment	[4]		8		25	16		50
Cost of sales, excluding depreciation	[4]		1,889		2,011	4,098		4,122
Depreciation	[4]		54		68	114		125
General and administrative expenses	[4]		0		0	0		0
Operating income (loss)	[4]		(487)		180	(493)		513
Income from discontinued operations	[1]							0
Capital expenditures	[2],[4]		4,504		9,140	7,629		15,703
Total assets	[4]		180,039		203,471	180,039		203,471
Eliminations and Other [Member]
Revenues:
Unaffiliated customers	[5]		0		0	0		0
Intersegment	[5]		(355)		(339)	(621)		(545)
Cost of sales, excluding depreciation	[5]		(203)		(140)	(301)		(211)
Depreciation	[5]		(59)		(37)	(94)		(75)
General and administrative expenses	[5]		4,146	[6]	2,145	7,221	[6]	4,121
Operating income (loss)	[5]		(4,239)		(2,307)	(7,447)		(4,380)
Income from discontinued operations	[1]							0
Capital expenditures	[2],[5]		0		0	0		0
Total assets	[5]		$ 13,093		$ 4,648	$ 13,093		$ 4,648
Parkside Village and 5700 Slaughter [Member]
Segment Reporting Information [Line Items]
Disposal Date		Jul. 2, 2015
[1]	Represents a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto that was recognized in first-quarter 2015.
[2]	Also includes purchases and development of residential real estate held for sale.
[3]	Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015.
[4]	Includes sales commissions and other revenues together with related expenses.
[5]	Includes consolidated general and administrative expenses and eliminations of intersegment amounts.
[6]	General and administrative costs were higher in the second quarter and first six months of 2016, compared with the second quarter and first six months of 2015, primarily reflecting higher legal and consulting fees mainly due to $1.9 million in second-quarter 2016 and $2.5 million for the first six months of 2016 associated with Stratus' successful proxy contest.

New Accounting Standards (Una24

New Accounting Standards (Unaudited) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
New Accounting Standards [Abstract]
Unamortized Debt Issuance Expense	$ 2.4	$ 2.5

Subsequent Events (Unaudited) S

Subsequent Events (Unaudited) Subsequent Event (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended		12 Months Ended
		Sep. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2016	Aug. 05, 2016	Aug. 02, 2016	Jul. 31, 2016	Jul. 12, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Debt and Capital Lease Obligations	[1]		$ (288,143)							$ (260,592)
Municipal Utility District Reimbursement, Cash Flow			0	$ 5,307
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Term					72 months
Municipal Utility District Reimbursement, Cash Flow		$ 12,300
Amarra Villas Credit Facility [Domain]
Subsequent Event [Line Items]
MinimumStockholdersEquityRequiredForCompliance			110,000
Amarra Villas Credit Facility [Domain] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Maturity Date					Jul. 12, 2019
Debt Instrument, Issuance Date		Jul. 12, 2016
Line of Credit Facility, Maximum Borrowing Capacity									$ 8,000
Debt Instrument, Description of Variable Rate Basis					LIBOR
Debt Instrument, Basis Spread on Variable Rate					3.00%
Tecoma Construction Loan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Special Assessment Bond							$ 14,600
West Killeen Market [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Issuance Date		Aug. 5, 2016
Debt Instrument, Description of Variable Rate Basis					one-month LIBOR
Debt Instrument, Basis Spread on Variable Rate					2.75%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum					3.00%
Debt Instrument, Face Amount						$ 9,900
Revolving Credit Facility [Member] | Amarra Villas Credit Facility [Domain] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt and Capital Lease Obligations								$ (800)
Amarra Drive Villas [Domain]
Subsequent Event [Line Items]
Real Estate Under Development			6,900
West Killeen Market [Member]
Subsequent Event [Line Items]
Real Estate Under Development			$ 3,900
[1]	Includes net reductions for unamortized debt issuance costs of $2.4 million at June 30, 2016, and $2.5 million at December 31, 2015. See Note 7 for a discussion of a change in presentation of debt issuance costs.