Stratus Properties (STRS) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Oct. 31, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		8,098,140
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		Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 16,240	$ 17,036
Restricted cash		10,682	8,731
Real estate held for sale		21,526	25,944
Real estate under development		111,491	139,171
Land available for development		13,733	23,397
Real estate held for investment, net		240,614	186,626
Deferred tax assets		28,156	15,329
Other assets		15,407	13,871
Total assets		457,849	430,105
LIABILITIES AND EQUITY
Accounts payable		7,930	14,182
Accrued liabilities, including taxes		23,088	10,356
Debt	[1]	285,358	260,592
Other liabilities		10,247	8,301
Total liabilities		326,623	293,431
Commitments and contingencies
Stockholders’ equity:
Common stock		92	91
Capital in excess of par value of common stock		192,788	192,122
Accumulated deficit		(40,969)	(35,144)
Common stock held in treasury		(20,760)	(20,470)
Total stockholders’ equity		131,151	136,599
Noncontrolling interests in subsidiaries		75	75
Total equity		131,226	136,674
Total liabilities and equity		$ 457,849	$ 430,105
[1]	Includes net reductions for unamortized debt issuance costs of $2.4 million at September 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Hotel	$ 8,268	$ 8,521	$ 29,501	$ 31,194
Entertainment	4,190	4,159	13,236	13,463
Commercial leasing	2,567	787	6,761	4,311
Real estate operations	6,155	6,210	9,858	10,920
Total revenues	21,180	19,677	59,356	59,888
Cost of sales:
Hotel	6,891	6,782	22,248	23,159
Entertainment	3,713	3,423	10,532	10,514
Commercial leasing	1,390	516	3,295	2,216
Real estate operations	4,075	4,459	8,173	8,580
Depreciation	2,189	2,063	5,854	6,713
Total cost of sales	18,258	17,243	50,102	51,182
General and administrative expenses	2,497	2,187	9,718	6,308
Gain on sales of assets	0	(20,729)	0	(20,729)
Total	20,755	(1,299)	59,820	36,761
Operating income (loss)	425	20,976	(464)	23,127
Interest expense, net	(2,579)	(855)	(6,894)	(2,736)
Gain (loss) on interest rate derivative instruments	174	(918)	(301)	(986)
Loss on early extinguishment of debt	0	0	(837)	0
Other income, net	6	15	14	304
(Loss) income before income taxes and equity in unconsolidated affiliates' (loss) income	(1,974)	19,218	(8,482)	19,709
Equity in unconsolidated affiliates' (loss) income	(3)	(280)	70	(398)
Benefit from (provision for) income taxes	318	(5,197)	2,587	(5,244)
(Loss) income from continuing operations	(1,659)	13,741	(5,825)	14,067
Income from discontinued operations, net of taxes	0	0	0	3,218	[1]
Net (loss) income	(1,659)	13,741	(5,825)	17,285
Net income attributable to noncontrolling interests in subsidiaries	0	(3,493)	0	(5,414)
Net (loss) income attributable to common stockholders	$ (1,659)	$ 10,248	$ (5,825)	$ 11,871
Basic and diluted net (loss) income per share attributable to common stockholders:
Continuing operations	$ (0.20)	$ 1.27	$ (0.72)	$ 1.07
Discontinued operations	0	0	0	0.40
Basic and diluted net (loss) income per share attributable to common stockholders	$ (0.20)	$ 1.27	$ (0.72)	$ 1.47
Weighted-average shares of common stock outstanding:
Basic	8,094	8,063	8,086	8,055
Diluted	8,094	8,094	8,086	8,085
[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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net (loss) income	$ (1,659)	$ 13,741	$ (5,825)	$ 17,285
Other comprehensive income, net of taxes:
Gain on interest rate swap agreement	0	438	0	457
Other comprehensive income	0	438	0	457
Total comprehensive (loss) income	(1,659)	14,179	(5,825)	17,742
Total comprehensive income attributable to noncontrolling interests	0	(3,666)	0	(5,592)
Total comprehensive (loss) income attributable to common stockholders	$ (1,659)	$ 10,513	$ (5,825)	$ 12,150

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flow from operating activities:
Net (loss) income	$ (5,825)	$ 17,285
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	5,854	6,713
Cost of real estate sold	4,546	4,935
Loss on early extinguishment of debt	837	0
Gain on sales of assets	0	(20,729)
Loss on interest rate derivative contracts	301	986
Debt issuance cost amortization and stock-based compensation	1,233	1,177
Gain on sale of 7500 Rialto, net of tax	0	(3,218)
Equity in unconsolidated affiliates' (income) loss	(70)	398
Deposits	1,054	1,267
Deferred income taxes	(12,827)	1,470
Purchases and development of real estate properties	(10,919)	(20,591)
Municipal utility district reimbursement	12,302	5,307
Increase in other assets	(2,675)	(3,519)
Increase in accounts payable, accrued liabilities and other	7,071	11,863
Net cash provided by operating activities	882	3,344
Cash flow from investing activities:
Capital expenditures	(24,820)	(37,383)
Net proceeds from sales of assets	0	43,266
Other, net	(19)	6
Net cash (used in) provided by investing activities	(24,839)	5,889
Cash flow from financing activities:
Borrowings from credit facility	24,000	55,826
Payments on credit facility	(19,120)	(20,857)
Borrowings from project loans	174,342	60,202
Payments on project and term loans	(154,584)	(36,081)
Purchase of noncontrolling interest	0	(61,991)
Stock-based awards net (payments) proceeds, including excess tax benefit	(146)	1,722
Noncontrolling interests distributions	0	(4,244)
Financing costs	(1,331)	(265)
Net cash provided by (used in) financing activities	23,161	(5,688)
Net (decrease) increase in cash and cash equivalents	(796)	3,545
Cash and cash equivalents at beginning of year	17,036	29,645
Cash and cash equivalents at end of period	$ 16,240	$ 33,190

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
Stock Issued During Period, Shares, Share-based Compensation, Gross			2
Exercised and issued stock-based awards (in shares)			42				0
Stock-based compensation	421	421	$ 0	421	0	0	$ 0	0
Tax benefit for stock-based awards	1,866	1,866	0	1,866	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)	(4,244)	0	$ 0	0	0	0	$ 0	(4,244)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	54,373	14,453	0	14,453	0	0	0	39,920
Total comprehensive income	17,742	12,150	0	0	11,871	279	0	5,592
Balance at Sep. 30, 2015	136,345	136,274	$ 91	192,103	(35,450)	0	$ (20,470)	71
Balance (in shares) at Sep. 30, 2015			9,160				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)			43				0
Stock-based compensation	523	523	$ 0	523	0	0	$ 0	0
Tax benefit for stock-based awards	144	144	0	144	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	(5,825)	(5,825)	$ 0	0	(5,825)	0	$ 0	0
Balance at Sep. 30, 2016	$ 131,226	$ 131,151	$ 92	$ 192,788	$ (40,969)	$ 0	$ (20,760)	$ 75
Balance (in shares) at Sep. 30, 2016			9,203				1,105

General Information (Unaudited)

General Information (Unaudited)	9 Months Ended
	Sep. 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 nine -month periods ended September 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)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net (loss) income $ (1,659 ) $ 13,741 $ (5,825 ) $ 17,285 Net income attributable to noncontrolling interests in subsidiaries — (3,493 ) — (5,414 ) Net (loss) income attributable to Stratus common stockholders $ (1,659 ) $ 10,248 $ (5,825 ) $ 11,871 Basic weighted-average shares of common stock outstanding 8,094 8,063 8,086 8,055 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a 31 b — a 30 b Diluted weighted-average shares of common stock outstanding 8,094 8,094 8,086 8,085 Basic and diluted net (loss) income per share attributable to common stockholders $ (0.20 ) $ 1.27 $ (0.72 ) $ 1.47 a. Excludes approximately 124 thousand shares of common stock for both the third quarter and first nine 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 22 thousand shares of common stock for third-quarter 2015 and 28 thousand shares of common stock for the first nine months of 2015 associated with RSUs that were anti-dilutive.

Fair Value Measurements (Unaudi

Fair Value Measurements (Unaudited)	9 Months Ended
	Sep. 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): September 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 946 946 646 646 Debt 285,358 288,059 260,592 263,303 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 that expired on September 29, 2016 (see Note 5 of the 2015 Form 10-K for further discussion). 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 a 10-year 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 the one-month London Interbank Offered Rate ( 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 gain of $0.2 million in third-quarter 2016 and a loss of $0.3 million for the first nine 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)	9 Months Ended
	Sep. 30, 2016
Capitalization, Long-term Debt and Equity [Abstract]
Debt and Equity Transactions [Text Block]	DEBT The components of Stratus' debt are as follows: September 30, 2016 December 31, 2015 Goldman Sachs loan $ 147,490 $ — Bank of America loan (BoA loan) — 128,230 Lakeway construction loan 53,556 45,931 Comerica credit facility 38,029 53,149 Santal construction loan 30,012 15,874 Diversified Real Asset Income Fund (DRAIF) term loan 7,998 7,993 Barton Creek Village term loan 5,590 5,689 Amarra Drive credit facility 2,683 — Magnolia loan — a 3,726 Total debt b $ 285,358 $ 260,592 a. The term loan with Holliday Fenoglio Fowler, L.P. was paid during third-quarter 2016. b. Includes net reductions for unamortized debt issuance costs of $2.4 million at September 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. In connection with prepayment of the BoA loan, Stratus recorded a loss on early extinguishment of debt totaling $0.8 million . 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. 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 proceeds of the Amarra Drive credit facility will be used for the construction of single family townhomes and related improvements at the Amarra Villas. Interest on the loan is variable at 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 $8.2 million at September 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. As of October 31, 2016, Stratus had $2.9 million outstanding under the Amarra Drive credit facility. 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 proceeds of the West Killeen Market loan will be used for the construction of the West Killeen Market project. Stratus will make an initial draw on the West Killeen Market loan after certain site improvements have been completed. Interest on the loan will be variable at 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. Borrowings on the West Killeen Market loan will be secured by assets at Stratus’ West Killeen Market retail project in Killeen, Texas, which had a net book value of $4.1 million at September 30, 2016 , and will be guaranteed by Stratus until construction is completed and certain debt service coverage ratios are met. On August 12, 2016 , the Comerica credit facility was amended to allow Stratus and certain of its wholly owned subsidiaries to use the $7.5 million letters of credit tranche to fund Stratus’ working capital needs, including land acquisitions; however, without prior approval from Comerica, individual land acquisitions may not exceed $3.0 million . All amounts borrowed under the letters of credit tranche to fund working capital needs pursuant to the amendment must be repaid in full by March 31, 2017 , at which point the amendment will terminate. 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 $4.1 million for third-quarter 2016 , $2.2 million for third-quarter 2015 , $11.7 million for the first nine months of 2016 and $6.8 million for the first nine months of 2015 . Stratus' capitalized interest costs totaled $1.5 million for third-quarter 2016 , $1.4 million for third-quarter 2015 , $4.8 million for the first nine months of 2016 and $4.1 million for the first nine 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)	9 Months Ended
	Sep. 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 $28.2 million at September 30, 2016 , and $15.3 million at December 31, 2015 . The increase in deferred tax assets of $12.8 million in 2016 is primarily associated with the anticipated closing of the sale of The Oaks at Lakeway in fourth-quarter 2016, which is expected to result in a current taxable gain which would be deferred under generally accepted accounting principles in the United States. Stratus’ income tax benefit for the third quarter of 2016 includes current income tax expense of $12.5 million offset by a deferred tax benefit of $12.8 million . 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 nine 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 nine 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)	9 Months Ended
	Sep. 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 general and administrative expenses in 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 September 30, 2016: Revenues: Unaffiliated customers $ 8,268 $ 4,190 $ 2,567 $ 6,155 $ — $ 21,180 Intersegment 60 6 203 8 (277 ) — Cost of sales, excluding depreciation 6,893 3,837 1,398 4,076 (135 ) 16,069 Depreciation 873 378 920 55 (37 ) 2,189 General and administrative expenses — — — — 2,497 d 2,497 Operating income (loss) $ 562 $ (19 ) $ 452 $ 2,032 $ (2,602 ) $ 425 Capital expenditures e $ 16 $ (16 ) $ 2,385 $ 3,290 $ — $ 5,675 Municipal utility district (MUD) reimbursements — — — 12,302 — 12,302 Total assets at September 30, 2016 104,674 38,240 119,968 171,465 23,502 457,849 Three Months Ended September 30, 2015: Revenues: Unaffiliated customers $ 8,521 $ 4,159 $ 787 $ 6,210 $ — $ 19,677 Intersegment 76 22 134 8 (240 ) — Cost of sales, excluding depreciation 6,792 3,493 524 4,458 (87 ) 15,180 Depreciation 1,494 323 222 58 (34 ) 2,063 General and administrative expenses — — — — 2,187 2,187 Gain on sales of assets — — (20,729 ) — — (20,729 ) Operating income (loss) $ 311 $ 365 $ 20,904 $ 1,702 $ (2,306 ) $ 20,976 Capital expenditures e $ 241 $ 52 $ 20,350 $ 4,888 $ — $ 25,531 MUD reimbursements — — — 5,307 — 5,307 Total assets at September 30, 2015 108,877 49,039 26,522 231,228 11,704 427,370 Hotel Entertainment Commercial Leasing a Real Estate Operations b Eliminations and Other c Total Nine Months Ended September 30, 2016: Revenues: Unaffiliated customers $ 29,501 $ 13,236 $ 6,761 $ 9,858 $ — $ 59,356 Intersegment 220 90 564 24 (898 ) — Cost of sales, excluding depreciation 22,322 10,869 3,319 8,174 (436 ) 44,248 Depreciation 2,570 1,084 2,162 169 (131 ) 5,854 General and administrative expenses — — — — 9,718 d 9,718 Operating income (loss) $ 4,829 $ 1,373 $ 1,844 $ 1,539 $ (10,049 ) $ (464 ) Capital expenditures e $ 277 $ 263 $ 24,280 $ 10,919 $ — $ 35,739 MUD reimbursements — — — 12,302 — 12,302 Nine Months Ended September 30, 2015: Revenues: Unaffiliated customers $ 31,194 $ 13,463 $ 4,311 $ 10,920 $ — $ 59,888 Intersegment 217 124 386 58 (785 ) — Cost of sales, excluding depreciation 23,247 10,666 2,274 8,580 (298 ) 44,469 Depreciation 4,484 965 1,190 183 (109 ) 6,713 General and administrative expenses — — — — 6,308 6,308 Gain on sales of assets — — (20,729 ) — — (20,729 ) Operating income (loss) $ 3,680 $ 1,956 $ 21,962 $ 2,215 $ (6,686 ) $ 23,127 Income from discontinued operations f $ — $ — $ 3,218 $ — $ — $ 3,218 Capital expenditures e 689 121 36,573 20,591 — 57,974 MUD reimbursements — — — 5,307 — 5,307 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 third quarter and first nine months of 2016 , compared with the third quarter and first nine months of 2015 , primarily reflecting higher legal and consulting fees mainly due to $0.3 million in third-quarter 2016 and $2.8 million for the first nine 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)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS On October 4, 2016 , Stratus entered into an agreement to sell The Oaks at Lakeway to TA Realty, LLC (TA Realty) for $114.0 million in cash. The sales agreement provides for a closing in fourth-quarter 2016, subject to the satisfaction or waiver of a number of significant conditions, in addition to customary closing conditions. As a condition to closing, the parties are required to enter into three master lease agreements: (1) one covering unleased in-line retail space, with a five-year term, (2) one covering four unleased pad sites, three of which have 10-year terms, and one of which has a 15-year term, and (3) one covering the hotel pad with a 99-year term. Stratus projects that, as of the closing, its master lease rent obligation will approximate $190,000 per month and will decline over time until leasing is complete and all leases are assigned to the purchaser, which is projected to occur by December 2018 . Stratus expects pre-tax net cash proceeds at closing to approximate $50.0 million and expects to use these projected net cash proceeds to pay indebtedness outstanding under its revolving line of credit and its term loan with DRAIF, which would result in Stratus having substantially no debt outstanding except for other project-specific debt. Stratus has agreed to guarantee the obligations of its selling subsidiary under the purchase agreement, up to a liability cap of two percent of the purchase price. This cap does not apply to Stratus' obligation to satisfy the selling subsidiary’s indemnity obligations for its broker commissions or similar compensation or Stratus' liability in guaranteeing the selling subsidiary’s obligations under the master leases to be entered into with TA Realty at closing. To secure its obligations under the master leases, Stratus is required to provide a $1.5 million irrevocable letter of credit with a three -year term.

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited) (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net (loss) income $ (1,659 ) $ 13,741 $ (5,825 ) $ 17,285 Net income attributable to noncontrolling interests in subsidiaries — (3,493 ) — (5,414 ) Net (loss) income attributable to Stratus common stockholders $ (1,659 ) $ 10,248 $ (5,825 ) $ 11,871 Basic weighted-average shares of common stock outstanding 8,094 8,063 8,086 8,055 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a 31 b — a 30 b Diluted weighted-average shares of common stock outstanding 8,094 8,094 8,086 8,085 Basic and diluted net (loss) income per share attributable to common stockholders $ (0.20 ) $ 1.27 $ (0.72 ) $ 1.47 a. Excludes approximately 124 thousand shares of common stock for both the third quarter and first nine 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 22 thousand shares of common stock for third-quarter 2015 and 28 thousand shares of common stock for the first nine months of 2015 associated with RSUs that were anti-dilutive

Fair Value Measurements (Unau16

Fair Value Measurements (Unaudited) (Tables)	9 Months Ended
	Sep. 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): September 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 946 946 646 646 Debt 285,358 288,059 260,592 263,303

Debt and Equity Transactions 17

Debt and Equity Transactions (Unaudited) Summary of Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Table [Abstract]
Schedule of Debt [Table Text Block]	The components of Stratus' debt are as follows: September 30, 2016 December 31, 2015 Goldman Sachs loan $ 147,490 $ — Bank of America loan (BoA loan) — 128,230 Lakeway construction loan 53,556 45,931 Comerica credit facility 38,029 53,149 Santal construction loan 30,012 15,874 Diversified Real Asset Income Fund (DRAIF) term loan 7,998 7,993 Barton Creek Village term loan 5,590 5,689 Amarra Drive credit facility 2,683 — Magnolia loan — a 3,726 Total debt b $ 285,358 $ 260,592 a. The term loan with Holliday Fenoglio Fowler, L.P. was paid during third-quarter 2016. b. Includes net reductions for unamortized debt issuance costs of $2.4 million at September 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)	9 Months Ended
	Sep. 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 September 30, 2016: Revenues: Unaffiliated customers $ 8,268 $ 4,190 $ 2,567 $ 6,155 $ — $ 21,180 Intersegment 60 6 203 8 (277 ) — Cost of sales, excluding depreciation 6,893 3,837 1,398 4,076 (135 ) 16,069 Depreciation 873 378 920 55 (37 ) 2,189 General and administrative expenses — — — — 2,497 d 2,497 Operating income (loss) $ 562 $ (19 ) $ 452 $ 2,032 $ (2,602 ) $ 425 Capital expenditures e $ 16 $ (16 ) $ 2,385 $ 3,290 $ — $ 5,675 Municipal utility district (MUD) reimbursements — — — 12,302 — 12,302 Total assets at September 30, 2016 104,674 38,240 119,968 171,465 23,502 457,849 Three Months Ended September 30, 2015: Revenues: Unaffiliated customers $ 8,521 $ 4,159 $ 787 $ 6,210 $ — $ 19,677 Intersegment 76 22 134 8 (240 ) — Cost of sales, excluding depreciation 6,792 3,493 524 4,458 (87 ) 15,180 Depreciation 1,494 323 222 58 (34 ) 2,063 General and administrative expenses — — — — 2,187 2,187 Gain on sales of assets — — (20,729 ) — — (20,729 ) Operating income (loss) $ 311 $ 365 $ 20,904 $ 1,702 $ (2,306 ) $ 20,976 Capital expenditures e $ 241 $ 52 $ 20,350 $ 4,888 $ — $ 25,531 MUD reimbursements — — — 5,307 — 5,307 Total assets at September 30, 2015 108,877 49,039 26,522 231,228 11,704 427,370 Hotel Entertainment Commercial Leasing a Real Estate Operations b Eliminations and Other c Total Nine Months Ended September 30, 2016: Revenues: Unaffiliated customers $ 29,501 $ 13,236 $ 6,761 $ 9,858 $ — $ 59,356 Intersegment 220 90 564 24 (898 ) — Cost of sales, excluding depreciation 22,322 10,869 3,319 8,174 (436 ) 44,248 Depreciation 2,570 1,084 2,162 169 (131 ) 5,854 General and administrative expenses — — — — 9,718 d 9,718 Operating income (loss) $ 4,829 $ 1,373 $ 1,844 $ 1,539 $ (10,049 ) $ (464 ) Capital expenditures e $ 277 $ 263 $ 24,280 $ 10,919 $ — $ 35,739 MUD reimbursements — — — 12,302 — 12,302 Nine Months Ended September 30, 2015: Revenues: Unaffiliated customers $ 31,194 $ 13,463 $ 4,311 $ 10,920 $ — $ 59,888 Intersegment 217 124 386 58 (785 ) — Cost of sales, excluding depreciation 23,247 10,666 2,274 8,580 (298 ) 44,469 Depreciation 4,484 965 1,190 183 (109 ) 6,713 General and administrative expenses — — — — 6,308 6,308 Gain on sales of assets — — (20,729 ) — — (20,729 ) Operating income (loss) $ 3,680 $ 1,956 $ 21,962 $ 2,215 $ (6,686 ) $ 23,127 Income from discontinued operations f $ — $ — $ 3,218 $ — $ — $ 3,218 Capital expenditures e 689 121 36,573 20,591 — 57,974 MUD reimbursements — — — 5,307 — 5,307 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 third quarter and first nine months of 2016 , compared with the third quarter and first nine months of 2015 , primarily reflecting higher legal and consulting fees mainly due to $0.3 million in third-quarter 2016 and $2.8 million for the first nine 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.

Subsequent Events (Unaudited) S

Subsequent Events (Unaudited) Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Condensed Balance Sheet [Table Text Block]	The accompanying unaudited consolidated balance sheets include the following balances associated with The Oaks at Lakeway (in thousands): September 30, 2016 December 31, 2015 Real estate under development $ 19,953 $ 28,839 Real estate held for investment, net 51,996 35,866 Other assets 3,671 1,782 Accrued liabilities, including taxes 5,644 549 Debt 53,556 45,931 Other liabilities 748 442

Earnings Per Share (Unaudited20

Earnings Per Share (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2016		Sep. 30, 2015		Sep. 30, 2016		Sep. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net (loss) income	$ (1,659)		$ 13,741		$ (5,825)		$ 17,285
Net income attributable to noncontrolling interests in subsidiaries	0		(3,493)		0		(5,414)
Net (loss) income attributable to common stockholders	$ (1,659)		$ 10,248		$ (5,825)		$ 11,871
Basic weighted-average shares of common stock outstanding	8,094		8,063		8,086		8,055
Diluted weighted-average shares of common stock outstanding	8,094		8,094		8,086		8,085
Basic and diluted net (loss) income per share attributable to common stockholders	$ (0.20)		$ 1.27		$ (0.72)		$ 1.47
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	124		22		124		28
Dilutive Stock Options [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	0	[1]	31	[2]	0	[1]	30	[2]
[1]	Excludes approximately 124 thousand shares of common stock for both the third quarter and first nine 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 22 thousand shares of common stock for third-quarter 2015 and 28 thousand shares of common stock for the first nine months of 2015 associated with RSUs that were anti-dilutive.

Fair Value Measurements (Unau21

Fair Value Measurements (Unaudited) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended
	Jul. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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]
Gain (loss) on interest rate derivative instruments		$ 174	$ (918)	$ (301)	$ (986)
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		946		946				646
Debt		285,358		285,358				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		946		946				646
Debt		288,059		288,059				$ 263,303
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Derivative Liability									$ 600
Gain (loss) on interest rate derivative instruments		$ 200		$ 300
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
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 22

Debt and Equity Transactions (Unaudited) (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2017

Aug. 31, 2016

Sep. 30, 2016

Mar. 31, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Dec. 31, 2016

Oct. 31, 2016

Aug. 12, 2016

Aug. 05, 2016

Jul. 12, 2016

Jan. 05, 2016

Dec. 31, 2015

Debt Instrument [Line Items]

Unamortized Debt Issuance Expense

$ 2,400

$ 2,400

$ 2,500

Borrowings from project loans

174,342

$ 60,202

Payments to Acquire Land

3,000

Debt

[1]

285,358

285,358

260,592

Gain (Loss) on Extinguishment of Debt

0

$ 0

$ (837)

0

Interest payments initial term

42 months

Debt Instrument, Term

72 months

Principal and interest term

30 months

Interest Costs Incurred

4,100

2,200

$ 11,700

6,800

Interest Costs Capitalized

1,500

$ 1,400

4,800

$ 4,100

Goldman Sachs Loan [Member]

Debt Instrument [Line Items]

Debt Instrument, Issuance Date

Jan. 5, 2016

Debt Instrument, Face Amount

$ 150,000

Debt

147,490

147,490

0

Debt Instrument, Term

10 years

Debt Instrument, Interest Rate, Stated Percentage

5.58%

Comerica Credit Facility [Member]

Debt Instrument [Line Items]

Debt

38,029

38,029

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

53,556

53,556

45,931

Santal Multi-Family [Member]

Debt Instrument [Line Items]

Debt

$ 30,012

$ 30,012

15,874

West Killeen Market construction loan [Member]

Debt Instrument [Line Items]

Debt Instrument, Issuance Date

Aug. 5, 2016

Debt Instrument, Face Amount

$ 9,900

Debt Instrument, Description of Variable Rate Basis

one-month LIBOR

Amarra Drive credit facility [Member]

Debt Instrument [Line Items]

Debt Instrument, Issuance Date

Jul. 12, 2016

Line of Credit Facility, Maximum Borrowing Capacity

$ 8,000

Debt

$ 2,683

$ 2,683

0

Debt Instrument, Description of Variable Rate Basis

LIBOR

Debt Instrument, Basis Spread on Variable Rate

3.00%

MinimumStockholdersEquityRequiredForCompliance

110,000

$ 110,000

American Strategic Income Portfolio Term Loans [Member]

Debt Instrument [Line Items]

Debt

7,998

7,998

7,993

Barton Creek Village Term Loan [Member]

Debt Instrument [Line Items]

Debt

5,590

5,590

5,689

Magnolia Term Loan [Member]

Debt Instrument [Line Items]

Debt

0

[2]

$ 0

[2]

3,726

Construction Loans [Member] | Comerica Credit Facility [Member]

Debt Instrument [Line Items]

Debt

$ 20,000

Letter of Credit [Member] | Comerica Credit Facility [Member]

Debt Instrument [Line Items]

Debt Instrument, Issuance Date

Aug. 12, 2016

Line of Credit Facility, Maximum Borrowing Capacity

$ 7,500

Subsequent Event [Member] | Amarra Drive credit facility [Member]

Debt Instrument [Line Items]

Debt Instrument, Maturity Date

Jul. 12, 2019

Subsequent Event [Member] | Revolving Credit Facility [Member] | Amarra Drive credit facility [Member]

Debt Instrument [Line Items]

Debt

$ 2,900

Subsequent Event [Member] | Letter of Credit [Member] | Comerica Credit Facility [Member]

Debt Instrument [Line Items]

Debt Instrument, Maturity Date

Mar. 31, 2017

Maximum [Member] | West Killeen Market construction loan [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.75%

Minimum [Member] | West Killeen Market construction loan [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

3.00%

Amarra Drive Villas [Domain]

Debt Instrument [Line Items]

Real Estate Under Development

8,200

$ 8,200

West Killeen Market [Member]

Debt Instrument [Line Items]

Real Estate Under Development

$ 4,100

$ 4,100

[1]

Includes net reductions for unamortized debt issuance costs of $2.4 million at September 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.

[2]

The term loan with Holliday Fenoglio Fowler, L.P. was paid during third-quarter 2016.

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 28,156	$ 28,156		$ 15,329
Current Income Tax Expense (Benefit)	12,500
Deferred income tax expense (benefit)	$ (12,800)	$ (12,827)	$ 1,470
Federal Statutory Income Tax Rate		35.00%	35.00%

Business Segments (Unaudited)24

Business Segments (Unaudited) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended
		Jul. 31, 2015	Sep. 30, 2016		Sep. 30, 2015	Sep. 30, 2016		Sep. 30, 2015		Dec. 31, 2015
Segment Reporting Information [Line Items]
Legal Fees			$ 300			$ 2,800
Revenues:
Unaffiliated customers			21,180		$ 19,677	59,356		$ 59,888
Intersegment			0		0	0		0
Cost of sales, excluding depreciation			16,069		15,180	44,248		44,469
Depreciation			2,189		2,063	5,854		6,713
General and administrative expenses			2,497		2,187	9,718		6,308
Gain (Loss) on Disposition of Assets			0		(20,729)	0		(20,729)
Operating income (loss)			425		20,976	(464)		23,127
Income from discontinued operations			0		0	0		3,218	[1]
Capital expenditures	[2]		5,675		25,531	35,739		57,974
Municipal Utility District Reimbursement, Cash Flow						12,302		5,307
Total assets			457,849		427,370	457,849		427,370		$ 430,105
Hotel [Member]
Revenues:
Unaffiliated customers			8,268		8,521	29,501		31,194
Intersegment			60		76	220		217
Cost of sales, excluding depreciation			6,893		6,792	22,322		23,247
Depreciation			873		1,494	2,570		4,484
General and administrative expenses			0		0	0		0
Gain (Loss) on Disposition of Assets					0			0
Operating income (loss)			562		311	4,829		3,680
Income from discontinued operations	[1]							0
Capital expenditures	[2]		16		241	277		689
Municipal Utility District Reimbursement, Cash Flow			0		0	0		0
Total assets			104,674		108,877	104,674		108,877
Entertainment Venue [Member]
Revenues:
Unaffiliated customers			4,190		4,159	13,236		13,463
Intersegment			6		22	90		124
Cost of sales, excluding depreciation			3,837		3,493	10,869		10,666
Depreciation			378		323	1,084		965
General and administrative expenses			0		0	0		0
Gain (Loss) on Disposition of Assets					0			0
Operating income (loss)			(19)		365	1,373		1,956
Income from discontinued operations	[1]							0
Capital expenditures	[2]		(16)		52	263		121
Municipal Utility District Reimbursement, Cash Flow			0		0	0		0
Total assets			38,240		49,039	38,240		49,039
Commercial Leasing [Member]
Revenues:
Unaffiliated customers	[3]		2,567		787	6,761		4,311
Intersegment	[3]		203		134	564		386
Cost of sales, excluding depreciation	[3]		1,398		524	3,319		2,274
Depreciation	[3]		920		222	2,162		1,190
General and administrative expenses	[3]		0		0	0		0
Gain (Loss) on Disposition of Assets					(20,729)			(20,729)
Operating income (loss)	[3]		452		20,904	1,844		21,962
Income from discontinued operations	[1],[3]							3,218
Capital expenditures	[2],[3]		2,385		20,350	24,280		36,573
Municipal Utility District Reimbursement, Cash Flow			0		0	0		0
Total assets	[3]		119,968		26,522	119,968		26,522
Real Estate Operations [Member]
Revenues:
Unaffiliated customers	[4]		6,155		6,210	9,858		10,920
Intersegment	[4]		8		8	24		58
Cost of sales, excluding depreciation	[4]		4,076		4,458	8,174		8,580
Depreciation	[4]		55		58	169		183
General and administrative expenses	[4]		0		0	0		0
Gain (Loss) on Disposition of Assets					0			0
Operating income (loss)	[4]		2,032		1,702	1,539		2,215
Income from discontinued operations	[1],[4]							0
Capital expenditures	[2],[4]		3,290		4,888	10,919		20,591
Municipal Utility District Reimbursement, Cash Flow			12,302			12,302		5,307
Total assets	[4]		171,465		231,228	171,465		231,228
Eliminations and Other [Member]
Revenues:
Unaffiliated customers	[5]		0		0	0		0
Intersegment	[5]		(277)		(240)	(898)		(785)
Cost of sales, excluding depreciation	[5]		(135)		(87)	(436)		(298)
Depreciation	[5]		(37)		(34)	(131)		(109)
General and administrative expenses	[5]		2,497	[6]	2,187	9,718	[6]	6,308
Gain (Loss) on Disposition of Assets					0			0
Operating income (loss)	[5]		(2,602)		(2,306)	(10,049)		(6,686)
Income from discontinued operations	[1],[5]							0
Capital expenditures	[2],[5]		0		0	0		0
Municipal Utility District Reimbursement, Cash Flow			0		0	0		0
Total assets	[5]		$ 23,502		$ 11,704	$ 23,502		$ 11,704
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 third quarter and first nine months of 2016, compared with the third quarter and first nine months of 2015, primarily reflecting higher legal and consulting fees mainly due to $0.3 million in third-quarter 2016 and $2.8 million for the first nine months of 2016 associated with Stratus' successful proxy contest.

New Accounting Standards (Una25

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

Subsequent Events (Unaudited)26

Subsequent Events (Unaudited) Subsequent Event (Details) - USD ($)		Oct. 04, 2016	Dec. 31, 2018	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Proceeds from Sale of Productive Assets				$ 0	$ 43,266,000
Debt Instrument, Term				72 months
Real Estate Held for Investment				$ 240,614,000			$ 186,626,000
Other Assets				15,407,000			13,871,000
Accrued Liabilities, including taxes				23,088,000			10,356,000
Debt and Capital Lease Obligations	[1]			285,358,000			260,592,000
Other Liabilities				10,247,000			8,301,000
The Oaks at Lakeway [Member]
Subsequent Event [Line Items]
Real Estate Under Development				19,953,000			28,839,000
Real Estate Held for Investment				51,996,000			35,866,000
Other Assets				3,671,000			1,782,000
Accrued Liabilities, including taxes				5,644,000			549,000
Debt and Capital Lease Obligations				53,556,000			45,931,000
Other Liabilities				$ 748,000			$ 442,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Oaks at Lakeway [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Sale of Productive Assets		$ 114,000,000
The Oaks at Lakeway [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Deferred Gain on Sale of Property						$ 50,000,000
The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Subsequent Event [Line Items]
Debt Instrument, Term				3 years
The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Disposal Date		Oct. 4, 2016
Contractual Obligation						190,000
Restructuring and Related Activities, Completion Date			Dec. 1, 2018
Letters of Credit Outstanding, Amount						$ 1,500,000
[1]	Includes net reductions for unamortized debt issuance costs of $2.4 million at September 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.