Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 | $ 89,300,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 13,597 | $ 17,036 |
Restricted cash | 11,892 | 8,731 |
Real estate held for sale | 21,236 | 25,944 |
Real estate under development | 111,373 | 139,171 |
Land available for development | 19,153 | 23,397 |
Real estate held for investment, net | 239,719 | 186,626 |
Deferred tax assets | 17,223 | 15,329 |
Other assets | 17,982 | 13,871 |
Total assets | 452,175 | 430,105 |
LIABILITIES AND EQUITY | ||
Accounts payable | 6,734 | 14,182 |
Accrued liabilities, including taxes | 13,240 | 10,356 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 291,102 | 260,592 |
Debt | 293,348 | |
Other liabilities | 10,073 | 8,301 |
Total liabilities | 321,149 | 293,431 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, par value $0.01 per share, 150,000 shares authorized, 9,160 and 9,116 shares issued, respectively and 8,067 and 8,035 shares outstanding, respectively | 92 | 91 |
Capital in excess of par value of common stock | 192,762 | 192,122 |
Accumulated deficit | (41,143) | (35,144) |
Common stock held in treasury, 1,093 shares and 1,081 shares, at cost, respectively | (20,760) | (20,470) |
Total stockholders’ equity | 130,951 | 136,599 |
Noncontrolling interests in subsidiaries | 75 | 75 |
Total equity | 131,026 | 136,674 |
Total liabilities and equity | $ 452,175 | $ 430,105 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position (Parentheticals) [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000 | 150,000 |
Common Stock, Shares, Issued | 9,160 | 9,116 |
Common Stock, Shares, Outstanding | 8,067 | 8,035 |
Treasury Stock, Shares | 1,093 | 1,081 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Hotel | $ 40,418 | $ 41,346 | $ 42,354 |
Entertainment | 19,522 | 19,607 | 19,048 |
Real estate operations | 10,719 | 14,277 | 26,084 |
Commercial leasing | 9,682 | 5,641 | 6,625 |
Total revenues | 80,341 | 80,871 | 94,111 |
Cost of sales: | |||
Hotel | 29,090 | 30,702 | 30,746 |
Entertainment | 15,223 | 15,169 | 14,431 |
Real estate operations | 9,702 | 10,425 | 20,650 |
Commercial leasing | 4,903 | 2,772 | 3,138 |
Depreciation | 8,082 | 8,743 | 8,977 |
Total cost of sales | 67,000 | 67,811 | 77,942 |
General and administrative expenses | 12,164 | 8,057 | 7,887 |
Gain on sales of assets | 0 | (20,729) | 0 |
Litigation and insurance settlements | 0 | 0 | (2,082) |
Total | 79,164 | 55,139 | 83,747 |
Operating income | 1,177 | 25,732 | 10,364 |
Interest expense, net | (9,408) | (4,065) | (3,751) |
Gain (loss) on interest rate derivative instruments | 218 | (724) | (272) |
Loss on early extinguishment of debt | (837) | 0 | (19) |
Other income, net | 21 | 309 | 29 |
(Loss) income before income taxes and equity in unconsolidated affiliates' income (loss) | (8,829) | 21,252 | 6,351 |
Equity in unconsolidated affiliates' income (loss) | 51 | (1,299) | 1,112 |
Benefit from (provision for) income taxes | 2,779 | (5,576) | 10,694 |
(Loss) income from continuing operations | (5,999) | 14,377 | 18,157 |
Income from discontinued operations, net of taxes | 0 | 3,218 | 0 |
Net (loss) income | (5,999) | 17,595 | 18,157 |
Net income attributable to noncontrolling interests in subsidiaries | 0 | (5,418) | (4,754) |
Net (loss) income attributable to common stockholders | $ (5,999) | $ 12,177 | $ 13,403 |
Basic net (loss) income per share attributable to common stockholders: | |||
Continuing operations | $ (0.74) | $ 1.11 | $ 1.67 |
Discontinued operations | 0 | 0.40 | 0 |
Basic net (loss) income per share attributable to common stockholders | (0.74) | 1.51 | 1.67 |
Diluted net (loss) income per share attributable to common stockholders: | |||
Continuing operations | (0.74) | 1.11 | 1.66 |
Discontinued operations | 0 | 0.40 | 0 |
Diluted net (loss) income per share attributable to common stockholders | $ (0.74) | $ 1.51 | $ 1.66 |
Weighted-average shares of common stock outstanding: | |||
Basic | 8,089 | 8,058 | 8,037 |
Diluted | 8,089 | 8,091 | 8,078 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net (loss) income | $ (5,999) | $ 17,595 | $ 18,157 |
Other comprehensive income (loss), net of taxes: | |||
Income (loss) on interest rate swap agreement | 0 | 458 | (427) |
Other comprehensive income (loss) | 0 | 458 | (427) |
Total comprehensive (loss) income | (5,999) | 18,053 | 17,730 |
Total comprehensive income attributable to noncontrolling interests | 0 | (5,597) | (4,584) |
Total comprehensive (loss) income attributable to common stockholders | $ (5,999) | $ 12,456 | $ 13,146 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flow from operating activities: | |||
Net (loss) income | $ (5,999) | $ 17,595 | $ 18,157 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Depreciation | 8,082 | 8,743 | 8,977 |
Cost of real estate sold | 4,899 | 6,465 | 15,725 |
Gain on sale of 7500 Rialto, net of tax | 0 | (3,218) | 0 |
Gain on sales of assets | 0 | (20,729) | 0 |
(Gain) loss on interest rate derivative contracts | (218) | 724 | 272 |
Loss on early extinguishment of debt | 837 | 0 | 19 |
Debt issuance cost amortization and stock-based compensation | 1,681 | 1,436 | 1,194 |
Equity in unconsolidated affiliates' (income) loss | (51) | 1,299 | (1,112) |
Return on investment in unconsolidated affiliate | 0 | 0 | 675 |
Deposits | 584 | 450 | (425) |
Deferred income taxes | (1,894) | 2,118 | (11,358) |
Purchases and development of real estate properties | (14,575) | (26,237) | (54,928) |
Municipal utility districts reimbursements | 12,302 | 5,307 | 0 |
Increase in other assets | (6,211) | (2,983) | (3,147) |
(Decrease) increase in accounts payable, accrued liabilities and other | (3,157) | 7,240 | 4,389 |
Net cash used in operating activities | (3,720) | (1,790) | (21,562) |
Cash flow from investing activities: | |||
Capital expenditures | (28,215) | (55,178) | (6,804) |
Net proceeds from sales of assets | 0 | 43,266 | 0 |
(Investment in) return of investment in unconsolidated affiliates | (32) | (678) | 4,069 |
Net cash used in investing activities | (28,247) | (12,590) | (2,735) |
Cash flow from financing activities: | |||
Borrowings from credit facility | 32,969 | 42,326 | 36,000 |
Payments on credit facility | (19,573) | (32,263) | (12,915) |
Borrowings from project loans | 179,957 | 99,670 | 34,588 |
Payments on project and term loans | (163,120) | (43,096) | (12,528) |
Purchase of noncontrolling interest | 0 | (61,991) | 0 |
Stock-based awards net (payments) proceeds, including excess tax benefit | (368) | 1,634 | (125) |
Noncontrolling interests distributions | 0 | (4,244) | (11,637) |
Repurchases of treasury stock | 0 | 0 | (679) |
Financing costs | (1,337) | (265) | (69) |
Net cash provided by financing activities | 28,528 | 1,771 | 32,635 |
Net (decrease) increase in cash and cash equivalents | (3,439) | (12,609) | 8,338 |
Cash and cash equivalents at beginning of year | 17,036 | 29,645 | 21,307 |
Cash and cash equivalents at end of year | $ 13,597 | $ 17,036 | $ 29,645 |
Consoldiated Statements of Equi
Consoldiated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Common Stock Held in Treasury [Member] | Total Stratus Stockholders' Equity [Member] | Noncontrolling Interest in Subsidiaries [Member] |
Balance at Dec. 31, 2013 | $ 169,316 | $ 91 | $ 203,724 | $ (60,724) | $ (22) | $ (19,448) | $ 123,621 | $ 45,695 |
Balance (in shares) at Dec. 31, 2013 | 9,076 | 1,030 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock repurchases | (679) | $ 0 | 0 | 0 | 0 | $ (679) | (679) | 0 |
Common stock repurchases (in shares) | 0 | 40 | ||||||
Exercised and issued stock-based awards | 65 | $ 0 | 65 | 0 | 0 | $ 0 | 65 | 0 |
Exercised and issued stock-based awards (in shares) | 40 | 0 | ||||||
Stock-based compensation | 480 | $ 0 | 480 | 0 | 0 | $ 0 | 480 | 0 |
Tender of shares for stock-based awards | (190) | $ 0 | 0 | 0 | 0 | $ (190) | (190) | 0 |
Tender of shares for stock-based awards (in shares) | 0 | 11 | ||||||
Noncontrolling interests distributions | (11,636) | $ 0 | 0 | 0 | 0 | $ 0 | 0 | (11,636) |
Total comprehensive income (loss) | 17,730 | 0 | 0 | 13,403 | (257) | 0 | 13,146 | 4,584 |
Balance at Dec. 31, 2014 | 175,086 | $ 91 | 204,269 | (47,321) | (279) | $ (20,317) | 136,443 | 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 | 32 | $ 0 | 32 | 0 | 0 | $ 0 | 32 | 0 |
Exercised and issued stock-based awards (in shares) | 44 | 0 | ||||||
Stock-based compensation | 528 | $ 0 | 528 | 0 | 0 | $ 0 | 528 | 0 |
Tax provision for stock-based awards | 1,746 | 1,746 | 1,746 | 0 | ||||
Tender of shares for stock-based awards | (153) | $ 0 | 0 | 0 | 0 | $ (153) | (153) | 0 |
Tender of shares for stock-based awards (in shares) | 0 | 12 | ||||||
Noncontrolling interests distributions | (4,244) | $ 0 | 0 | 0 | 0 | $ 0 | 0 | (4,244) |
Purchase of noncontrolling interest in consolidated subsidiary, net of taxes | (54,374) | (14,453) | (14,453) | (39,921) | ||||
Total comprehensive income (loss) | 18,053 | 0 | 0 | 12,177 | 279 | 0 | 12,456 | 5,597 |
Balance at Dec. 31, 2015 | 136,674 | $ 91 | 192,122 | (35,144) | 0 | $ (20,470) | 136,599 | 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 | $ 1 | (1) | 0 | 0 | $ 0 | 0 | 0 |
Exercised and issued stock-based awards (in shares) | 43 | 0 | ||||||
Stock-based compensation | 719 | $ 0 | 719 | 0 | 0 | $ 0 | 719 | 0 |
Tax provision for stock-based awards | (78) | 0 | (78) | 0 | 0 | 0 | (78) | 0 |
Tender of shares for stock-based awards | (290) | $ 0 | 0 | 0 | 0 | $ (290) | (290) | 0 |
Tender of shares for stock-based awards (in shares) | 0 | 12 | ||||||
Total comprehensive income (loss) | (5,999) | $ 0 | 0 | (5,999) | 0 | $ 0 | (5,999) | 0 |
Balance at Dec. 31, 2016 | $ 131,026 | $ 92 | $ 192,762 | $ (41,143) | $ 0 | $ (20,760) | $ 130,951 | $ 75 |
Balance (in shares) at Dec. 31, 2016 | 9,203 | 1,105 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management, operation and sale of commercial, hotel, entertainment, and multi- and single-family residential real estate properties, primarily located in the Austin, Texas area, but including projects in certain other select markets in Texas. The real estate development and marketing operations of Stratus are conducted through its wholly owned subsidiaries and through unconsolidated joint ventures (see Note 6 ). Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is deemed the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Concentration of Risks. Stratus primarily conducts its operations in Austin, Texas. Consequently, any significant economic downturn in the Austin market could potentially have an effect on Stratus’ business, results of operations and financial condition. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant estimates include the (1) estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments, (2) valuation allowances for deferred tax assets, (3) allocation of certain indirect costs and (4) useful lives for depreciation. Actual results could differ from those estimates. Cash and cash equivalents. Stratus considers all highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents. Real Estate and Commercial Leasing Assets. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Real estate held for investment, which includes the hotel and entertainment venue at the W Austin Hotel & Residences and Stratus' commercial leasing assets, is stated at cost, less accumulated depreciation. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for sale or lease. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized on properties currently under active development. Stratus capitalizes improvements that increase the value of commercial leasing properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from rental properties. Impairment tests for properties to be held and used, including properties under development, involve the use of estimated future net undiscounted cash flows expected to be generated from the use of the property and its eventual disposition. If projected undiscounted cash flow from properties to be held and used is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Measurement of the impairment loss is based on the fair value of the asset. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Stratus recorded no impairment charges for the three-year period ended December 31, 2016 . Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists. Depreciation. Commercial leasing properties are depreciated on a straight-line basis over their estimated lives of 30 to 40 years. The hotel and entertainment venue properties are depreciated on a straight-line basis over their estimated lives of 35 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15 -year period. Tenant improvements are depreciated over the related lease terms. Investments in Unconsolidated Affiliates. Stratus has interests in two unconsolidated affiliates, which it accounts for under the equity method (see Note 6 ). Accrued Property Taxes. Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $7.6 million at December 31, 2016 , and $6.2 million at December 31, 2015 . Revenue Recognition. Revenues from property sales are recognized when the risks and rewards of ownership are transferred to the buyer, when the consideration received can be reasonably determined and when Stratus has completed its obligations to perform certain supplementary development activities, if any exist, at the time of the sale. Consideration is reasonably determined and considered likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay. The buyer’s commitment to pay is supported by the level of its initial investment, Stratus’ assessment of the buyer’s credit standing and Stratus’ assessment of whether the buyer’s stake in the property is sufficient to motivate the buyer to honor its obligation to pay. Stratus' revenues from hotel operations are primarily derived from room reservations and food and beverage sales. Revenue is recognized when rooms are occupied and services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Stratus' revenues from entertainment operations are primarily derived from ticket sales, revenue from private events, sponsorships, personal seat license sales and suite sales, and sales of concessions and merchandise. Revenues from ticket sales are recognized after the corresponding performance occurs. Revenues from sponsorships and other revenue not related to a single event are classified as deferred revenue and generally amortized over the operating season or term of the contract. Revenues from concessions and merchandise sales are recognized at the time of sale. Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and development fees when earned, as properties are sold or when the services are performed. A summary of Stratus’ revenues follows (in thousands): Years Ended December 31, 2016 2015 2014 Hotel $ 40,418 $ 41,346 $ 42,354 Entertainment 19,522 19,607 19,048 Developed property sales 10,223 12,320 25,674 Undeveloped property sales 73 1,175 — Commercial leasing 9,682 5,641 6,625 Commissions and other 423 782 410 Total revenues $ 80,341 $ 80,871 $ 94,111 Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2016 2015 2014 Hotel $ 29,090 $ 30,702 $ 30,746 Entertainment 15,223 15,169 14,431 Cost of developed property sales 5,156 6,386 16,466 Cost of undeveloped property sales 55 564 43 Commercial leasing 4,903 2,772 3,138 Project expenses and allocation of overhead costs (see below) 4,473 3,546 3,543 Depreciation 8,082 8,743 8,977 Other, net 18 (71 ) 598 a Total cost of sales $ 67,000 $ 67,811 $ 77,942 a. Includes a credit of $0.4 million in 2014 related to the recovery of building repair costs associated with damage caused by the June 2011 balcony glass breakage incidents at the W Austin Hotel & Residences. Allocation of Overhead Costs . Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. construction and development for capital assets and sales and marketing for cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as office supplies, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer. Municipal Utility District Reimbursements. Stratus receives Barton Creek municipal utility district (MUD) reimbursements for certain infrastructure costs incurred in the Barton Creek area. Prior to 1996, Stratus capitalized infrastructure costs to its properties as those costs were incurred. Subsequently, those costs were charged to cost of sales as properties were sold. In 1996, following the 1995 creation of MUDs, Stratus began capitalizing the infrastructure costs to a separate MUD property category. MUD reimbursements received for infrastructure costs incurred prior to 1996 are reflected as a reduction of cost of sales, while other MUD reimbursements represent a reimbursement of the cost of MUD properties and are recorded as a reduction of the related asset’s carrying amount or cost of sales if the property has been sold. Stratus has long-term agreements with seven independent MUDs in Barton Creek to build the MUDs’ utility systems and to be eligible for future reimbursements for the related costs. The amount and timing of MUD reimbursements depends upon the respective MUD having a sufficient tax base within its district to issue bonds and obtain the necessary state approval for the sale of the bonds. Because the timing of the issuance and approval of the bonds is subject to considerable uncertainty, coupled with the fact that interest rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements are not known until approximately one month before the MUD reimbursements are received. To the extent the reimbursements are less than the costs capitalized, Stratus records a loss when such determination is made. MUD reimbursements represent the actual amounts received. Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $0.9 million in both 2016 and 2015 , and $0.8 million in 2014 . Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. See Note 8 for further discussion. 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: Years Ended December 31, 2016 2015 2014 Net (loss) income $ (5,999 ) $ 17,595 $ 18,157 Net income attributable to noncontrolling interests in subsidiaries — (5,418 ) (4,754 ) Net (loss) income attributable to Stratus common stockholders $ (5,999 ) $ 12,177 $ 13,403 Basic weighted-average shares of common stock outstanding 8,089 8,058 8,037 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a 33 b 41 b Diluted weighted-average shares of common stock outstanding 8,089 8,091 8,078 Diluted net (loss) income per share attributable to common stockholders $ (0.74 ) $ 1.51 $ 1.66 a. Excludes approximately 125 thousand shares of common stock 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 2015 and 36 thousand for 2014 associated with anti-dilutive RSU's. Outstanding stock options with exercise prices greater than the average market price for Stratus' common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded stock options totaled 13 thousand for 2016 , 15 thousand for 2015 and 42 thousand for 2014 . Stock-Based Compensation. Compensation costs for share-based payments to employees, including stock options, are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes option valuation model. In addition, for RSUs and performance based RSUs, compensation costs are recognized based on the fair value on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. See Note 9 for further discussion. New Accounting Standards. In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards 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, 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. Stratus will adopt this ASU January 1, 2018, and currently expects to apply the modified retrospective approach under which any cumulative effect adjustment would be recorded to retained earnings as of the adoption date. Stratus has not completed its final review of the impact of this guidance; however, based on the terms of its sales contracts, Stratus currently does not anticipate a material impact on its revenue recognition policies or processes. Stratus continues to review the impact of the new guidance on its financial reporting and disclosures. In August 2014, FASB issued an ASU that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide certain disclosures depending on the result of the evaluation. This ASU is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter. Stratus adopted this ASU for its year ended December 31, 2016. 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 will adopt this ASU effective January 1, 2017, and adoption will not have a material impact on its financial statements. This ASU requires recognition of excess tax benefits and tax deficiencies in the income statement prospectively beginning in the first quarter of 2017, which could result in fluctuations in Stratus' quarterly effective tax rate depending on how many awards vest or are exercised in a quarter, as well as the volatility of Stratus' stock price. |
Joint Venture with Canyon-Johns
Joint Venture with Canyon-Johnson Urban Fund II, L.P. | 12 Months Ended |
Dec. 31, 2016 | |
Joint Venture With Canyon-Johnson Urban Fund II, L.P. [Abstract] | |
Joint Venture [Text Block] | Joint Venture with Canyon-Johnson Urban Fund II, L.P. On September 28, 2015, Stratus completed the purchase of Canyon-Johnson Urban Fund II, L.P.'s (Canyon-Johnson) approximate 58 percent interest in the CJUF II Stratus Block 21, LLC joint venture (the Block 21 Joint Venture), which owns a 36-story mixed-use development in downtown Austin, Texas, anchored by a W Austin Hotel & Residences (the W Austin Hotel & Residences), for $62.0 million . Stratus’ purchase of Canyon-Johnson’s interest was based on a total project gross price of approximately $210 million , before considering approximately $22.8 million of cash and cash equivalents held by the Block 21 Joint Venture and acquired by Stratus in its purchase of Canyon-Johnson’s interest. The Block 21 Joint Venture, which was previously a VIE consolidated by Stratus, is now a wholly owned consolidated subsidiary of Stratus. The change in ownership was reflected in stockholder's equity on the Consolidated Balance Sheet, primarily as a reduction in noncontrolling interests in subsidiaries and capital in excess of par value, and an increase in deferred tax assets. Stratus funded its acquisition of Canyon-Johnson’s interest in the Block 21 Joint Venture with (1) $32.3 million from its non-recourse term loan with Bank of America, (2) a $20.0 million term loan under Stratus’ credit facility with Comerica Bank and (3) $9.7 million in cash. Prior to Stratus' purchase of Canyon-Johnson's interest on September 28, 2015, cumulative capital contributions totaled $71.9 million for Stratus and $94.0 million for Canyon-Johnson, and the inception-to-date distributions totaled $53.4 million to Stratus and $62.6 million to Canyon-Johnson. On October 3, 2012, the Block 21 Joint Venture and Pedernales Entertainment LLC (Pedernales) formed Stageside Productions (Stageside) to promote, market and commercialize the production, sale, distribution and general oversight of audio and video recordings of events or performances occurring at Austin City Limits Live at the Moody Theater (ACL Live). The Block 21 Joint Venture's initial capital contributions to Stageside totaled $0.3 million , and Stratus' wholly owned Block 21 subsidiary will contribute additional capital as necessary to fund the working capital needs of Stageside. In conjunction with the purchase of Canyon-Johnson's interest in the Block 21 Joint Venture, Stratus acquired Canyon-Johnson's interest in Stageside effective September 28, 2015. Stratus has a 100 percent capital funding interest and a 40 percent residual and voting interest in Stageside. Stratus performed an evaluation and concluded Stageside is a VIE and that Stratus is the primary beneficiary. Accordingly, the results of Stageside are consolidated in Stratus' financial statements. |
Joint Venture with LCHM Holding
Joint Venture with LCHM Holdings, LLC | 12 Months Ended |
Dec. 31, 2016 | |
Joint Venture with LCHM Holdings, LLC [Abstract] | |
Joint Venture 2 [Text Block] | Joint Venture with LCHM Holdings, LLC In 2011, Stratus entered into a joint venture (the Parkside Village Joint Venture) with Moffett Holdings, LLC (Moffett Holdings) for the development of Parkside Village, a retail project in the Circle C community in southwest Austin, Texas. On March 3, 2014, Moffett Holdings redeemed and purchased the membership interest in Moffett Holdings held by LCHM Holdings, LLC (LCHM Holdings). Stratus’ capital contributions to the Parkside Village Joint Venture totaled $3.1 million , which consisted of a 23.03 acre tract of land located in Austin, Texas, the related property and development agreements for the land and other project costs incurred by Stratus before February 28, 2011. Moffett Holdings made cash capital contributions to the Parkside Village Joint Venture totaling $3.8 million , the rights of which were subsequently assigned to LCHM Holdings, to fund the development of the project. On July 2, 2015, Stratus completed the sale of Parkside Village (see Note 12 for further discussion). Stratus used proceeds from this transaction to fully repay the Parkside Village construction loan with Comerica Bank (see Note 7 for further discussion) and received $12.1 million in net cash proceeds. Stratus recognized a pre-tax gain on the sale of Parkside Village of $13.5 million . Prior to the sale of Parkside Village on July 2, 2015, cumulative distributions of $13.4 million were made to Stratus and $8.0 million to LCHM Holdings. |
Real Estate, net
Real Estate, net | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate, net [Abstract] | |
Real Estate Disclosure [Text Block] | Real Estate, net Stratus' consolidated balance sheets include the following net real estate assets (in thousands): December 31, 2016 2015 Real estate held for sale: Developed lots and condominium units $ 21,236 $ 25,944 Real estate under development: Acreage, commercial square footage and lots 111,373 139,171 Land available for development: a Undeveloped acreage 19,153 23,397 Real estate held for investment: a W Austin Hotel & Residences Hotel 111,479 111,426 Entertainment venue 42,382 41,391 Office and retail 19,576 17,627 Barton Creek Village 6,092 6,120 The Oaks at Lakeway 54,839 36,010 Santal multi-family project 37,848 — Furniture, fixtures and equipment 1,347 1,523 Total 273,563 214,097 Accumulated depreciation (33,844 ) (27,471 ) Total real estate held for investment, net 239,719 186,626 Total real estate, net $ 391,481 $ 375,138 a. In February 2017, Stratus completed the sales of The Oaks at Lakeway, a portion of Barton Creek Village and a 4.1 acre tract of land adjacent to Barton Creek Village (see Note 13). Real estate held for sale. Developed lots and condominium units include an individual tract of land that has been developed and permitted for residential use, a developed lot with a home already built on it or condominium units at the W Austin Hotel & Residences. As of December 31, 2016 , Stratus owned 73 developed lots and 2 completed condominium units at the W Austin Hotel & Residences. Real estate under development. Acreage under development includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. Acreage under development at December 31, 2016 , totaled 99 acres. Land available for development. Undeveloped acreage includes real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property). Stratus’ undeveloped acreage as of December 31, 2016 , included approximately 1,668 acres of land primarily in Austin, Texas, permitted for residential and commercial development. Real estate held for investment. The W Austin Hotel & Residences includes a 251 -room hotel, 38,316 square feet of leasable office space, including 9,000 square feet occupied by Stratus' corporate office, and 18,327 square feet of retail space. As of December 31, 2016 , both the office and retail space were substantially fully occupied. The W Austin Hotel & Residences also includes entertainment space, occupied by ACL Live, an entertainment venue and production studio with a maximum capacity of 3,000 people. The 3TEN ACL Live venue, which is located on the site of the W Austin Hotel & Residences, opened in March 2016 and has a capacity of approximately 350 people. Barton Creek Village includes a 22,366 -square-foot retail complex, which was 100 percent leased at December 31, 2016 , and a 3,085 -square-foot bank building, which is leased through January 2023 . The Oaks at Lakeway includes 236,739 square feet of commercial space, of which 217,736 square feet were completed and 92 percent leased at December 31, 2016 . The Santal multi-family project is a garden-style apartment complex consisting of 236 units. Construction was completed in August 2016 and 154 units were leased at December 31, 2016 . On July 2, 2015, Stratus completed the sales of Parkside Village and 5700 Slaughter. See Note 12 for further discussion. Capitalized interest. Stratus recorded capitalized interest of $6.3 million in 2016 , $5.5 million in 2015 and $4.1 million in 2014 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement [Abstract] | |
Fair Value Disclosures [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) and the lowest priority to unobservable inputs (Level 3). 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): December 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate cap agreement $ — $ — $ 1 $ 1 Liabilities: Interest rate swap agreement 427 427 646 646 Debt 291,102 293,620 260,592 263,303 Interest Rate Cap Agreement. On September 30, 2013, the Block 21 Joint Venture paid $0.5 million to enter into an interest rate cap agreement, which capped the one-month London Interbank Offered Rate (LIBOR), the variable rate on 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 capped the one-month LIBOR at 2 percent from October 5, 2015, to September 29, 2016, at which time the interest rate cap agreement expired. Stratus used an interest rate pricing model that relies on market observable inputs such as LIBOR to measure the fair value of the interest rate cap agreement. Stratus also evaluated the counterparty credit risk associated with the interest rate cap agreement, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate cap agreement is classified within Level 2 of the fair value hierarchy. Interest Rate Swap Agreement. On December 13, 2013, the Parkside Village Joint Venture entered into 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 (loss) income. 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 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 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. |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Unconsolidated Affiliates [Abstract] | |
Equity Method Investments Disclosure [Text Block] | Investment in Unconsolidated Affiliates Crestview Station. In 2005, Stratus formed a joint venture with Trammell Crow Central Texas Development, Inc. to acquire an approximate 74 -acre tract of land at the intersection of Airport Boulevard and Lamar Boulevard in Austin, Texas, for $7.7 million . The property, known as Crestview Station (the Crestview Station Joint Venture), is a single-family, multi-family, retail and office development located on the site of a commuter rail line. The Crestview Station Joint Venture sold substantially all of its multi-family and commercial properties in 2007 and one commercial site in 2008. The Crestview Station Joint Venture sold the remaining residential land to DR Horton, as follows (in millions, except lots closed): Year Lots Closed Sale Price Gross Profit 2012 74 $ 3.8 $ 0.4 2013 59 3.4 0.7 2014 170 10.3 2.6 303 $ 17.5 $ 3.7 At December 31, 2016 , the Crestview Station Joint Venture has sold all of its properties except for one commercial site. Stratus accounts for its 50 percent interest in the Crestview Station Joint Venture under the equity method. FFF Presents LLC (previously known as Stump Fluff LLC). In April 2013, Stratus formed a joint venture, Stump Fluff LLC (Stump Fluff), with Transmission Entertainment, LLC (Transmission) to own, operate, manage and sell live music and entertainment promotion, booking, production, merchandising, venue services and other related products and services. Transmission contributed its existing assets to Stump Fluff. In addition, Stump Fluff assumed specified liabilities of Transmission totaling $0.2 million and Transmission made no additional capital contributions to Stump Fluff. Stratus and Transmission each had a 50 percent voting interest in Stump Fluff. In May 2016, Stratus acquired Transmission's interest in Stump Fluff and renamed the entity FFF Presents LLC. Prior to May 2016, Stratus accounted for FFF Presents under the equity method. Stratus now consolidates FFF Presents because it is wholly owned. Guapo Enterprises. In May 2013, Stratus and Austin Pachanga Partners, LLC (Pachanga Partners) formed a joint venture, Guapo Enterprises LLC (Guapo) to own, operate, manage and sell the products and services of the Pachanga music festival business. As of December 31, 2016 , Stratus' capital contributions to Guapo totaled $0.3 million . Stratus will contribute additional capital to Guapo as necessary to fund its working capital needs. Pachanga Partners contributed its existing assets to Guapo and is not required to make any future capital contributions. Stratus and Pachanga Partners each have a 50 percent voting interest in Guapo. After Stratus is repaid its original capital contributions and a preferred return ( 10 percent annually) on those contributions, Stratus will receive 33 percent of any distributions from Guapo. Stratus has concluded that Guapo is a VIE and that no partner in the joint venture is the primary beneficiary because decision-making regarding the activities that most significantly impact the VIEs' economic performance is shared equally between the partners. Stratus accounts for its investments in Guapo using the equity method. Stratus’ equity in unconsolidated affiliates' income (loss) totaled $0.1 million in 2016 , $(1.3) million in 2015 and $1.1 million in 2014. Summarized unaudited financial information for Stratus' unconsolidated affiliates follows (in thousands): 2016 2015 2014 Years Ended December 31: Revenues $ 24 $ 10,408 $ 19,451 Gross profit 24 459 3,716 Net (loss) income (31 ) (1,343 ) 2,357 At December 31: Total assets $ 460 $ 1,325 $ 1,546 Total liabilities 48 998 558 Total equity 412 327 988 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | Debt Stratus' debt follows (in thousands): December 31, 2016 2015 Goldman Sachs loan, average interest rate of 5.580% in 2016 $ 147,025 $ — BoA loan, average interest rate of 2.65% in 2015 — 128,230 Lakeway Construction loan, average interest rate of 3.24% in 2016 and 2.94% in 2015 57,912 45,931 Comerica credit facility, average interest rate of 6.00% in 2016 and 2015 46,547 53,149 Santal Construction loan, average interest rate of 2.98% in 2016 and 2.69% in 2015 30,286 15,874 Diversified Real Asset Income Fund (DRAIF) term loan, average interest rate of 7.25% in 2015 — 7,993 Barton Creek Village term loan, average interest rate of 4.19% in 2016 and 2015 5,555 5,689 Amarra Villas credit facility, average interest rate of 3.54% in 2016 3,777 — Magnolia term loan, average interest rate of 7.00% in 2015 — 3,726 Total debt a $ 291,102 $ 260,592 a. Includes net reductions for unamortized debt issuance costs of $2.2 million at December 31, 2016, and $2.5 million at December 31, 2015. Unamortized debt issuance costs are amortized using the straight-line method over the term of the related debt, which approximates the effective interest method, to interest expense. Goldman Sachs loan. 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 Stratus' term loan with Bank of America, N.A. (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. Lakeway Construction loan. On September 29, 2014, a Stratus subsidiary entered into a $62.9 million construction loan agreement with PlainsCapital Bank (the Lakeway Construction loan) to fund the construction, development and leasing of The Oaks at Lakeway in Lakeway, Texas. The variable interest rate is one-month LIBOR plus 2.75 percent . The Lakeway Construction loan is guaranteed by Stratus subject to the guarantee decreasing as certain milestones set forth in the loan agreement are met. The loan is secured by the related assets, which had a net book value of $72.2 million at December 31, 2016 . The Lakeway Construction loan was repaid in February 2017 (see Note 13). Comerica credit facility. Stratus' borrowing capacity under the Comerica credit facility is $52.5 million , comprised of a $45.0 million revolving line of credit and a $7.5 million tranche for letters of credit. The interest rate applicable to amounts borrowed under the Comerica credit facility is LIBOR plus 4.0 percent , with a minimum interest rate of 6.0 percent . The Comerica credit facility matures on August 31, 2017 , and is secured by substantially all of Stratus' assets except for properties that are encumbered by separate debt financing. The Comerica credit facility contains customary financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million and a requirement that Stratus obtain Comerica's prior written consent for any common stock repurchases or dividend payments. 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. As of December 31, 2016 , Stratus had $45 million outstanding under the revolving line of credit and $1.5 million outstanding under the $7.5 million letters of credit tranche. Amounts outstanding under the Comerica credit facility were repaid in February 2017 after the sale of The Oaks at Lakeway (see Note 13). Santal Construction loan. On January 8, 2015, a Stratus subsidiary entered into a $34.1 million construction loan agreement with Comerica Bank (the Santal Construction loan) to fund the development and construction of the first phase of a multi-family development in Section N of Barton Creek, which is referred to as the Santal multi-family project. The Santal Construction loan matures on January 8, 2018 , and Stratus has the option to extend the maturity date for two additional twelve -month periods, subject to certain debt service coverage conditions. The Santal Construction loan is fully guaranteed by Stratus until certain operational milestones (as defined in the loan agreement) are met. The interest rate on the Santal Construction loan is a LIBOR-based rate (as defined in the loan agreement) plus 2.5 percent . The Santal Construction loan is secured by assets at Stratus' Santal multi-family project, which had an aggregate net book value of $40.5 million at December 31, 2016 . The Santal Construction loan contains customary financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million . Barton Creek Village term loan. On June 27, 2014, Stratus entered into a $6.0 million term loan agreement with PlainsCapital Bank (the Barton Creek Village term loan), that matures on June 27, 2024 . The interest rate is fixed at 4.19 percent and payments of principal and interest are due monthly. The Barton Creek Village term loan is secured by assets at Stratus' Barton Creek Village project, which had an aggregate net book value of $4.4 million at December 31, 2016 . In February 2017, in connection with the sale of a portion of the property, a $2.1 million paydown was made on this loan (see Note 13). Amarra Villas credit facility. On July 12, 2016, a Stratus subsidiary entered into an $8.0 million stand-alone revolving credit facility with Comerica Bank (the Amarra Villas credit facility). The proceeds of the Amarra Villas credit facility will be used for the construction of single family townhomes and related improvements at the Amarra Villas. The Amarra Villas 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 $10.0 million at December 31, 2016 . Interest on the loan is variable at LIBOR plus 3.0 percent . The Amarra Villas 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. West Killeen Market loan . 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 $5.4 million at December 31, 2016 , and will be guaranteed by Stratus until construction is completed and certain customary debt service coverage ratios are met. Maturities. The following table summarizes Stratus' debt maturities based on the principal amounts outstanding as of December 31, 2016 (in thousands): 2017 2018 2019 2020 2021 Thereafter Total Goldman Sachs loan $ 2,095 $ 2,215 $ 2,342 $ 2,477 $ 2,618 $ 136,550 $ 148,297 Lakeway Construction loan a 374 1,526 56,569 — — — 58,469 Comerica credit facility a 46,547 — — — — — 46,547 Santal Construction loan — 30,455 — — — — 30,455 Barton Creek Village term loan 153 160 167 173 182 4,810 5,645 Amarra Villas credit facility — — 3,935 — — — 3,935 Total $ 49,169 $ 34,356 $ 63,013 $ 2,650 $ 2,800 $ 141,360 $ 293,348 a. Amounts outstanding were repaid in February 2017 after the sale of The Oaks at Lakeway (see Note 13). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The components of deferred income taxes follow (in thousands): December 31, 2016 2015 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 13,995 $ 12,930 Alternative minimum tax credits (no expiration) 1,169 — Employee benefit accruals 563 549 Accrued liabilities 80 73 Deferred income 5 1,349 Charitable contribution carryforward 185 — Other assets 496 544 Net operating loss credit carryforwards 1,225 14 Other liabilities (495 ) (130 ) Deferred tax assets, net $ 17,223 $ 15,329 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 realization of the deferred tax assets recorded as of December 31, 2016 , is primarily dependent upon Stratus' ability to generate future taxable income. Stratus’ benefit from (provision for) income taxes consists of the following (in thousands): Years Ended December 31, 2016 2015 2014 Current $ 806 $ (3,458 ) $ (664 ) Deferred 1,973 (2,118 ) 11,358 Benefit from (provision for) income taxes $ 2,779 $ (5,576 ) $ 10,694 Excess tax benefits related to option exercises and vesting of restricted stock units cannot be recognized until realization through a reduction of current taxes payable. Stratus' deferred tax asset related to the U.S. net operating loss carryforwards at December 31, 2016, did not include an additional $0.4 million of net operating losses in relation to excess tax benefits on stock option exercises and restricted stock units vested during 2016 because these benefits have not yet been realized. At December 31, 2016, excluding these losses, Stratus had net operating loss carryforwards of approximately $3.5 million that expire in 2036 . During the three-year period ended December 31, 2016 , Stratus recorded unrecognized tax benefits related to state margin tax filing positions. A summary of the changes in unrecognized tax benefits follows (in thousands): 2016 2015 2014 Balance at January 1 $ 1,105 $ 1,160 $ 854 Additions for tax positions related to the current year — — 221 (Subtractions) additions for tax positions related to prior years (332 ) (55 ) 85 Balance at December 31 $ 773 $ 1,105 $ 1,160 As of December 31, 2016 , there was $0.8 million of unrecognized tax benefits that if recognized would affect Stratus' annual effective tax rate. During 2017, approximately $0.3 million of unrecognized tax benefits could be recognized due to the expiration of statutes of limitations. Stratus records liabilities offsetting the tax provision benefits of uncertain tax positions to the extent it estimates that a tax position is more likely than not to not be sustained upon examination by the taxing authorities. Stratus has elected to classify any interest and penalties related to income taxes within income tax expense in its Consolidated Statements of Operations. As of December 31, 2016 , less than $0.1 million of interest costs have been accrued. Stratus files both U.S. federal income tax and state margin tax returns. With limited exceptions, Stratus is no longer subject to U.S. federal income tax examinations by tax authorities for the years prior to 2013, and state margin tax examinations for the years prior to 2012. A reconciliation of the U.S. federal statutory tax rate to Stratus' effective income tax rate for the years ended December 31 follows (dollars in thousands): Years Ended December 31, 2016 2015 2014 Amount Percent Amount Percent Amount Percent Income tax benefit (expense) computed at the federal statutory income tax rate $ 3,072 35 % $ (6,983 ) (35 )% $ (2,612 ) (35 )% Adjustments attributable to: Change in valuation allowance — — — — 12,096 162 Noncontrolling interests — — 1,896 9 1,664 22 State taxes and other, net (293 ) (3 ) (489 ) (2 ) (454 ) (6 ) Benefit from (provision for) income taxes $ 2,779 32 $ (5,576 ) (28 ) $ 10,694 143 Stratus paid federal income taxes and state margin taxes totaling $1.7 million in 2016 , $2.0 million in 2015 and $0.5 million in 2014 . Stratus received income tax refunds of less than $0.1 million in each of 2016 , 2015 and 2014 . |
Stock-Based Compensation, Equit
Stock-Based Compensation, Equity Transactions and Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | Stock-Based Compensation, Equity Transactions and Employee Benefits Stock-Based Compensation Plans . Stratus currently has three stock-based compensation plans, all of which have awards available for grant. In 2013, Stratus' stockholders approved the 2013 Stock Incentive Plan, which provides for the issuance of stock-based compensation awards, including stock options and restricted stock units, relating to 180,000 shares of Stratus common stock that are issuable to Stratus employees and non-employee directors. Stratus’ 2010 Stock Incentive Plan provides for the issuance of stock-based compensation awards, including stock options and RSUs, relating to 140,000 shares of Stratus common stock that are issuable to Stratus employees and non-employee directors. Stratus’ 1996 Stock Option Plan for Non-Employee Directors provides for the issuance of stock options only. Stratus common stock issued upon option exercises or restricted stock unit vestings represent newly issued shares of common stock. Awards with respect to 53,000 shares under the 2013 Stock Incentive Plan, 4,375 shares under the 2010 Stock Incentive Plan and 2,500 shares under the 1996 Stock Option Plan for Non-Employee Directors were available for new grants as of December 31, 2016 . Stock-Based Compensation Costs. Compensation costs charged against earnings for stock-based awards are shown below (in thousands). Stock-based compensation costs are capitalized when appropriate. Stratus’ estimated forfeiture rate used in estimating stock-based compensation costs was 2.8 percent for stock options and zero percent for RSUs for the years presented below. Years Ended December 31, 2016 2015 2014 RSUs awarded to employees and directors $ 719 $ 528 $ 474 Stock options awarded to directors — — 6 Impact on income (loss) before income taxes $ 719 $ 528 $ 480 Options. Stock options granted under the plans generally expire 10 years after the date of grant and vest in 25 percent annual increments beginning one year from the date of grant. The plans and award agreements provide that participants will receive the following year’s vesting after retirement and provide for accelerated vesting if there is a change of control (as defined in the plans). Stratus has not granted stock options since 2011. A summary of stock options outstanding as of December 31, 2016 , and changes during the year ended December 31, 2016 , follows: Number of Options Weighted Average Option Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($000) Balance at January 1 30,000 $ 18.91 Expired (5,000 ) 26.44 Balance at December 31 25,000 17.40 2.67 $ 384 Vested and exercisable at December 31 25,000 17.40 2.67 $ 384 There were no stock option exercises during 2016 or 2015 . The total intrinsic value of options exercised during 2014 was less than $0.1 million . No stock options vested during 2016 or 2015 and 2,500 stock options vested during 2014 , with a weighted-average grant-date fair value of $6.63 per option. RSUs. RSUs granted under the plans provide for the issuance of common stock to non-employee directors and certain officers of Stratus at no cost to the directors and officers. The RSUs are converted into shares of Stratus common stock ratably and generally vest in one-quarter increments over the four years following the grant date. For officers, the awards will fully vest upon retirement, death and disability, and upon a change of control. For directors, the awards will fully vest upon a change of control and there will be a partial acceleration of vesting due to retirement, death and disability. During 2016, Stratus' executive officers were granted performance-based RSUs with a three-year performance period. The final number of shares to be issued to the executive officers will be determined based on achievement of certain performance targets. The total grant date target shares related to the performance-based RSU grants was 21,000 , of which the executive officers can earn from 0 percent to 100 percent . A summary of outstanding unvested RSUs, including performance-based RSUs, as of December 31, 2016 , and activity during the year ended December 31, 2016 , is presented below: Number of RSUs Aggregate Intrinsic Value ($000) Balance at January 1 110,125 Granted 45,000 Vested (43,375 ) Balance at December 31 111,750 $ 3,394 The total fair value of RSUs granted was $1.0 million during 2016 and $0.6 million during 2015 . The total intrinsic value of RSUs vested was $1.0 million during 2016 and $0.6 million during 2015 . As of December 31, 2016 , Stratus had $1.4 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over a weighted-average period of 1.3 years. The following table includes amounts related to exercises of stock options and vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2016 2015 2014 Stratus shares tendered to pay the exercise price and/or the minimum required taxes a 12,591 11,562 10,917 Cash received from stock option exercises $ — $ — $ 65 Amounts Stratus paid for employee taxes $ 290 $ 153 $ 125 a. Under terms of the related plans and agreements, upon exercise of stock options and vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the exercise price and/or the minimum required taxes. Share Purchase Program. In November 2013, Stratus' board of directors approved an increase in the open market share purchase program from 0.7 million shares to 1.7 million shares of Stratus common stock. The purchases may occur over time depending on many factors, including the market price of Stratus common stock; Stratus’ operating results, cash flow and financial position; and general economic and market conditions. There were no purchases under this program during 2016 or 2015. Purchases included 39,960 shares for $0.7 million (an average of $17.00 per share) during 2014 , all of which Stratus purchased in private transactions. As of December 31, 2016 , 991,695 shares remain available under this program. Employee Benefits. Stratus maintains 401(k) defined contribution plans subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The 401(k) plans provide for an employer matching contribution equal to 100 percent of the participant’s contribution, subject to a limit of 5 percent of the participant’s annual salary. Stratus’ policy is to make an additional safe harbor contribution equal to 3 percent of each participant’s total compensation for corporate employees and 4 percent for ACL Live employees. The 401(k) plans also provide for discretionary contributions. Stratus’ contributions to the 401(k) plans totaled $0.5 million for 2016 and $0.4 million in each of 2015 and 2014 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Construction Contracts. Stratus had commitments under noncancelable construction contracts totaling $7.1 million at December 31, 2016 . These commitments primarily included contracts for construction of the West Killeen Market and the Amarra Villas. Letters of Credit. As of December 31, 2016 , Stratus had letters of credit committed totaling $2.3 million under its credit facility with Comerica (see Note 7 ). Rental Income. As of December 31, 2016 , Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases which extend through 2036 , totaled $6.9 million in 2017, $6.7 million in 2018, $6.2 million in 2019, 2020 and 2021, and $44.5 million thereafter. Operating Leases. As of December 31, 2016 , Stratus’ minimum annual contractual payments under its noncancelable long-term operating leases totaled $0.1 million for each of 2017 and 2018, and less than $0.1 million for each of 2019 and 2020. Total expense under Stratus’ operating leases totaled $0.1 million in each of 2016 , 2015 and 2014 . Circle C Settlement. On August 1, 2002, the City of Austin (the City) granted final approval of a development agreement (the Circle C settlement) and permanent zoning for Stratus’ real estate located within the Circle C community in southwest Austin. The Circle C settlement firmly established all essential municipal development regulations applicable to Stratus’ Circle C properties until 2032. The City also provided Stratus $15.0 million of development fee credits, which are in the form of credit bank capacity, in connection with its future development of its Circle C and other Austin-area properties for waivers of fees and reimbursement for certain infrastructure costs. In addition, Stratus can elect to sell up to $1.5 million of the incentives per year to other developers for their use in paying City fees related to their projects as long as the projects are within the desired development zone, as defined within the Circle C settlement. To the extent Stratus sells the incentives to other developers, Stratus recognizes the income from the sale when title is transferred and compensation is received. As of December 31, 2016 , Stratus had permanently used $11.7 million of its City-based development fee credits, including cumulative amounts sold to third parties totaling $5.1 million . Fee credits used for the development of Stratus’ properties effectively reduce the basis of the related properties and defer recognition of any gain associated with the use of the fees until the affected properties are sold. Stratus also had $1.4 million in credit bank capacity in use as temporary fiscal deposits as of December 31, 2016 . Available credit bank capacity was $1.9 million at December 31, 2016 . Environmental Regulations. Stratus has made, and will continue to make, expenditures for protection of the environment. Increasing emphasis on environmental matters can be expected to result in additional costs, which will be charged against Stratus’ operations in future periods. Present and future environmental laws and regulations applicable to Stratus’ operations may require substantial capital expenditures that could adversely affect the development of its real estate interests or may affect its operations in other ways that cannot be accurately predicted at this time. Litigation. Stratus may from time to time be involved in various legal proceedings of a character normally incident to the ordinary course of its business. Stratus believes that potential liability from any of these pending or threatened proceedings will not have a material adverse effect on Stratus’ financial condition or results of operations. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Business Segments Stratus has four operating segments: Hotel, Entertainment, Real Estate Operations and Commercial Leasing. 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 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 ). 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 (Magnolia); and in Killeen, Texas (The West Killeen Market). 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, The Oaks at Lakeway and the Santal multi-family project. 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 and 2014 periods have been recast to be consistent with the presentation of general and administrative expenses in 2016. The following segment information reflects management determinations that may not be indicative of what actual financial performance of each segment would be if it were an independent entity. Segment data presented below was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Hotel Entertainment Real Estate Operations a Commercial Leasing b Eliminations and Other c Total Year Ended December 31, 2016: Revenues: Unaffiliated customers $ 40,418 $ 19,522 $ 10,719 $ 9,682 $ — $ 80,341 Intersegment 309 183 31 767 (1,290 ) — Cost of sales, excluding depreciation 29,248 15,698 9,702 4,936 (666 ) 58,918 Depreciation 3,421 1,461 224 3,144 (168 ) 8,082 General and administrative expenses — — — — 12,164 12,164 Operating income (loss) $ 8,058 $ 2,546 $ 824 $ 2,369 $ (12,620 ) $ 1,177 Capital expenditures d $ 1,216 $ 217 $ 14,575 $ 26,782 $ — $ 42,790 Municipal utility district (MUD) reimbursements — — 12,302 — — 12,302 Total assets at December 31, 2016 104,087 37,692 176,163 120,394 13,839 452,175 Hotel Entertainment Real Estate Operations a Commercial Leasing b Eliminations and Other c Total Year Ended December 31, 2015: Revenues: Unaffiliated customers $ 41,346 $ 19,607 $ 14,277 $ 5,641 $ — $ 80,871 Intersegment 305 193 66 538 (1,102 ) — Cost of sales, excluding depreciation 30,789 15,426 10,426 2,838 (411 ) 59,068 Depreciation 5,797 1,288 246 1,556 (144 ) 8,743 General and administrative expenses — — — — 8,057 8,057 Gain on sales of assets e — — — (20,729 ) — (20,729 ) Operating income (loss) $ 5,065 $ 3,086 $ 3,671 $ 22,514 $ (8,604 ) $ 25,732 Income from discontinued operations f $ — $ — $ — $ 3,218 $ — $ 3,218 Capital expenditures d 1,023 128 26,237 54,027 — 81,415 MUD reimbursements — — 5,307 — — 5,307 Total assets at December 31, 2015 109,562 42,125 205,735 61,371 11,312 430,105 Year Ended December 31, 2014: Revenues: Unaffiliated customers $ 42,354 $ 19,048 $ 26,084 $ 6,625 $ — $ 94,111 Intersegment 506 60 97 503 (1,166 ) — Cost of sales, excluding depreciation 30,753 14,763 20,743 3,236 (530 ) 68,965 Depreciation 5,851 1,260 229 1,785 (148 ) 8,977 Litigation settlement — — (2,082 ) — — (2,082 ) General and administrative expenses — — — — 7,887 7,887 Operating income (loss) $ 6,256 $ 3,085 $ 7,291 $ 2,107 $ (8,375 ) $ 10,364 Capital expenditures d $ 704 $ 123 $ 54,928 $ 5,977 $ — $ 61,732 Total assets at December 31, 2014 111,671 50,486 181,895 49,901 6,164 400,117 a. Includes sales commissions and other revenues together with related expenses. b. Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015 (see Note 12 ). c. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. d. Also includes purchases and development of residential real estate held for sale. e. Represents gain on sales of Parkside Village and 5700 Slaughter. f. Represents a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto that was recognized in 2015 (see Note 12 ). |
Asset Sales and Discontinued Op
Asset Sales and Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Asset Sales and Discontinued Operations Parkside Village and 5700 Slaughter. On July 2, 2015 , Stratus completed the sales of its Austin-area Parkside Village and 5700 Slaughter commercial properties, both located in the Circle C community, to Whitestone REIT. The Parkside Village retail project, which was owned in a joint venture with LCHM Holdings, LLC, consisted of 90,184 leasable square feet and was sold for $32.5 million . The 5700 Slaughter retail project, which was wholly owned by Stratus, consisted of 25,698 leasable square feet and was sold for $12.5 million . Stratus used proceeds from these transactions to repay the total $26.0 million outstanding under the Parkside Village loan and the United/Slaughter term loan, with the remainder being held in escrow while Stratus assessed potential tax free like-kind exchange transactions. In September 2015, Stratus used $2.6 million of the escrow funds to purchase an undeveloped tract of land for the West Killeen Market project and withdrew $12.1 million to fund distributions to Stratus and LCHM Holdings of $9.4 million and $3.2 million respectively. After debt repayments and closing costs, cash proceeds from these transactions approximated $17 million , and Stratus recorded a pre-tax gain in 2015 of $20.7 million , of which the noncontrolling interest share was $3.9 million . Stratus has determined that the sales of the Parkside Village and 5700 Slaughter commercial properties do not meet the criteria for classification as discontinued operations. Net (loss) income before income taxes and net (loss) income attributable to common stockholders associated with Parkside Village and 5700 Slaughter follow (in thousands): January 1, 2015, to July 2, 2015 Year Ended December 31, 2014 Net (loss) income before income taxes $ (46 ) $ 441 Net (loss) income attributable to common stockholders (47 ) 305 7500 Rialto. In 2012, Stratus sold 7500 Rialto, an office building in Lantana. In connection with the sale, Stratus recognized a gain of $5.1 million and deferred a gain of $5.0 million because of a guaranty provided to the lender in connection with the buyer's assumption of the loan related to 7500 Rialto. The guaranty was released in January 2015, and Stratus recognized the deferred gain totaling $5.0 million ( $3.2 million to net income attributable to common stockholders) in 2015. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On February 15, 2017, Stratus sold The Oaks at Lakeway to FHF I Oaks at Lakeway, LLC for $114.0 million in cash. Net cash proceeds were $50.8 million . Stratus used a portion of these net cash proceeds to pay indebtedness outstanding under the Comerica credit facility. The parties entered into three master lease agreements at closing: (1) one covering unleased in-line retail space, with a 5-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 its master lease payment obligation will approximate $170,000 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 February 2019. Stratus agreed to guarantee the obligations of its selling subsidiary under the sales 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 secure its obligations under the master leases, Stratus has provided a $1.5 million irrevocable letter of credit with a three-year term. As a result of Stratus’ continuing involvement under the master lease agreements with purchaser, the transaction does not qualify as a sale under U.S. generally accepted accounting principles. Accordingly, a deferred gain is recorded in other liabilities and will be reduced by payments made under the master lease agreements. All or a portion of the deferred gain may be recognized in future periods when Stratus’ continuing involvement ends or the maximum exposure under the master leases is less than the deferred gain. The consolidated financial statements include the following amounts associated with The Oaks at Lakeway (in thousands): Consolidated Statements of Operations Years Ended December 31, 2016 2015 Revenue $ 5,658 $ 517 Operating income 2,537 286 Interest expense, net (1,198 ) (30 ) Consolidated Balance Sheets December 31, 2016 2015 Real estate under development $ 13,569 $ 28,839 Land available for development 5,405 — Real estate held for investment, net 53,276 35,866 Other assets 4,360 1,782 Accrued liabilities, including taxes 3,116 549 Debt 57,912 45,931 Other liabilities 734 442 On February 28, 2017, Stratus completed the sale of its 3,085 -square-foot bank building in Barton Creek Village and the Barton Creek Village Phase II land, a 4.1 acre undeveloped tract of land adjacent to Barton Creek Village, for $3.1 million . In connection with the sale, a $2.1 million paydown was made on the Barton Creek Village term loan and Stratus plans to use the gross sale proceeds on a tax deferred basis to acquire qualifying replacement property. Under Stratus' Comerica credit facility, Stratus is not permitted to pay a dividend on its common stock without the bank’s prior written consent. On March 15, 2017, Stratus announced that its Board of Directors (the Board), after receiving written consent from Comerica Bank, declared a special cash dividend of $1.00 per share payable on April 18, 2017, to stockholders of record on March 31, 2017. The special cash dividend was declared after the Board’s consideration of the results of the recent sale of The Oaks at Lakeway and in connection with the Board’s decision to conclude its previously announced formal review of strategic alternatives. Comerica’s consent to the payment of this special dividend is not indicative of the bank’s willingness to consent to the payment of future dividends. The declaration of future dividends is at the discretion of the Board, subject to the restrictions under Stratus' Comerica credit facility, and will depend on Stratus' financial results, cash requirements, projected compliance with covenants in its debt agreements, outlook and other factors deemed relevant by the Board. Stratus evaluated events after December 31, 2016 , and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Information (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Year (In thousands, except per share amounts) 2016 Revenues $ 19,026 $ 19,150 $ 21,180 $ 20,985 $ 80,341 Operating income (loss) 473 (1,362 ) 425 1,641 1,177 Net loss (1,683 ) a (2,483 ) (1,659 ) (174 ) (5,999 ) a Net loss attributable to common stockholders (1,683 ) a (2,483 ) (1,659 ) (174 ) (5,999 ) a Basic and diluted net loss per share share attributable to common stockholders (0.21 ) a (0.31 ) (0.20 ) (0.02 ) (0.74 ) a 2015 Revenues $ 20,225 $ 19,986 $ 19,677 $ 20,983 $ 80,871 Operating income 1,609 542 20,976 b 2,605 c 25,732 b,c Income from discontinued operations, net of taxes 3,218 d — — — 3,218 d Net income (loss) 3,784 (240 ) 13,741 b 310 c 17,595 b,c Net income attributable to noncontrolling interests 1,042 879 3,493 4 5,418 Net income (loss) attributable to common stockholders 2,742 d (1,119 ) 10,248 b 306 c 12,177 b,c,d Basic and diluted net income (loss) per share attributable to common stockholders 0.34 d (0.14 ) 1.27 b 0.04 c 1.51 b,c,d a. Includes a loss on early extinguishment of debt totaling $0.8 million ( $0.5 million to net loss attributable to common stockholders or $0.07 per share) in the first quarter and for the year 2016 associated with prepayment of the BoA loan. b. Includes a gain of $20.7 million ( $10.8 million to net income attributable to common stockholders or $1.34 per share) in the third quarter and for the year 2015 associated with the sales of Parkside Village and 5700 Slaughter (see Note 12 ). c. Includes a gain of $0.6 million ( $0.4 million to net income attributable to common stockholders or $0.05 per share) in the fourth quarter and for the year 2015 associated with the sale of a tract of undeveloped land. d. Includes recognition of a deferred gain of $5.0 million ( $3.2 million attributable to common stockholders or $0.40 per share) in the first quarter and for the year 2015 associated with the sale of 7500 Rialto Boulevard in February 2012 (see Note 12 ). |
Schedule III - Real Estate, Com
Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation [Abstract] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | STRATUS PROPERTIES INC. Notes to Schedule III (1) Reconciliation of Real Estate, Commercial Leasing Assets and Facilities: The changes in real estate, commercial leasing assets and facilities for the years ended December 31, are as follows (in thousands): 2016 2015 2014 Balance, beginning of year $ 402,609 $ 370,983 $ 325,967 Improvements and other 29,324 54,747 61,343 Retirement and sales of assets (1,709 ) (16,656 ) (602 ) Cost of real estate sold (4,899 ) (6,465 ) (15,725 ) Balance, end of year $ 425,325 $ 402,609 $ 370,983 The aggregate net book value for federal income tax purposes as of December 31, 2016 , was $431.5 million . (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, are as follows (in thousands): 2016 2015 2014 Balance, beginning of year $ 27,471 $ 35,384 $ 27,009 Retirement and sales of assets (1,709 ) (16,656 ) (602 ) Depreciation expense 8,082 8,743 8,977 Balance, end of year $ 33,844 $ 27,471 $ 35,384 Depreciation of buildings and improvements is calculated over estimated lives of 30 to 40 years. | STRATUS PROPERTIES INC. REAL ESTATE, COMMERCIAL LEASING ASSETS AND FACILITIES AND ACCUMULATED DEPRECIATION December 31, 2016 (In Thousands, except Number of Lots and Acres) SCHEDULE III Initial Cost Cost Capitalized Gross Amounts at December 31, 2016 Number of Lots/Units and Acres Bldg. and Subsequent to Bldg. and Lots/ Units Acres Accumulated Year Land Improvements Acquisitions Land Improvements Total Depreciation Acquired Real Estate Held for Sale a Barton Creek, Austin, TX $ 8,394 $ — $ 8,776 $ 17,170 $ — $ 17,170 297 — $ — 1988 Circle C, Austin, TX 199 — 1,624 1,823 — 1,823 12 — — 1992 W Austin Residences, Austin, TX — 2,243 — — 2,243 2,243 2 — — 2014 Real Estate Under Development b,c Barton Creek, Austin, TX 4,591 — 73,073 77,664 — 77,664 — 659 — 1988 Lakeway, TX 5,249 — 8,320 13,569 — 13,569 — 52 — 2013 Circle C, Austin, TX 753 — 2,925 3,678 — 3,678 — 200 — 1992 Magnolia, TX 3,237 — 1,513 4,750 — 4,750 — 124 — 2014 Lantana, Austin, TX 255 — 6,024 6,279 — 6,279 — 36 — 1994 West Killeen Market, Killeen, TX 2,583 — 2,850 5,433 — 5,433 — 9 — 2015 Land Available for Development c,d Camino Real, San Antonio, TX 16 — (16 ) — — — — 2 — 1990 Barton Creek, Austin, TX 2,507 — 4,552 7,059 — 7,059 — 577 — 1988 Lakeway Residential, Austin, TX 5,172 — 233 5,405 — 5,405 — 35 — 2013 Circle C, Austin, TX 2,704 — 2,497 5,201 — 5,201 — 52 — 1992 Flores Street, Austin, TX 1,000 — 77 1,077 — 1,077 — — — 2015 Lantana, Austin, TX 157 — 254 411 — 411 — 20 — 1994 Real Estate Held for Investment b,c W Austin Hotel & Residences, Austin, TX e 8,075 165,542 — 8,075 165,542 173,617 — — 29,131 2006 Barton Creek Village, Austin, TX f 414 43,524 — 414 43,524 43,938 — — 2,505 2007 Lakeway, TX g 12,649 42,191 — 12,649 42,191 54,840 — — 1,563 2013 Corporate offices, Austin,TX — 1,168 — — 1,168 1,168 — — 645 N/A Total $ 57,955 $ 254,668 $ 112,702 $ 170,657 $ 254,668 $ 425,325 311 1,766 $ 33,844 a. Includes individual tracts of land that have been developed and permitted for residential use, developed lots with homes already built on it, or condominium units at our W Austin Residences. b. Includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. c. See Note 7 included in Part II, Item 8. of this Annual Report on Form 10-K for a description of assets securing debt. d. Includes undeveloped real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property). e. Consists of a 251 -room hotel, entertainment venue, and office and retail space at the W Austin Hotel & Residences. f. Consists of a 22,366 -square-foot retail complex and a 3,085 -square-foot bank building representing the first phase of Barton Creek Village. g. Consists of an HEB-anchored retail project planned for 236,739 square feet of commercial space. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy | Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management, operation and sale of commercial, hotel, entertainment, and multi- and single-family residential real estate properties, primarily located in the Austin, Texas area, but including projects in certain other select markets in Texas. The real estate development and marketing operations of Stratus are conducted through its wholly owned subsidiaries and through unconsolidated joint ventures (see Note 6 ). Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is deemed the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. |
Concentration Risk Disclosure | Concentration of Risks. Stratus primarily conducts its operations in Austin, Texas. Consequently, any significant economic downturn in the Austin market could potentially have an effect on Stratus’ business, results of operations and financial condition. |
Use of Estimates, Policy | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant estimates include the (1) estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments, (2) valuation allowances for deferred tax assets, (3) allocation of certain indirect costs and (4) useful lives for depreciation. Actual results could differ from those estimates. |
Real Estate, Policy | Real Estate and Commercial Leasing Assets. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Real estate held for investment, which includes the hotel and entertainment venue at the W Austin Hotel & Residences and Stratus' commercial leasing assets, is stated at cost, less accumulated depreciation. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for sale or lease. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized on properties currently under active development. Stratus capitalizes improvements that increase the value of commercial leasing properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from rental properties. Impairment tests for properties to be held and used, including properties under development, involve the use of estimated future net undiscounted cash flows expected to be generated from the use of the property and its eventual disposition. If projected undiscounted cash flow from properties to be held and used is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Measurement of the impairment loss is based on the fair value of the asset. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Stratus recorded no impairment charges for the three-year period ended December 31, 2016 . Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists. |
Depreciation, Depletion, and Amortization | Depreciation. Commercial leasing properties are depreciated on a straight-line basis over their estimated lives of 30 to 40 years. The hotel and entertainment venue properties are depreciated on a straight-line basis over their estimated lives of 35 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15 -year period. Tenant improvements are depreciated over the related lease terms. |
Equity Method Investments, Policy | Investments in Unconsolidated Affiliates. Stratus has interests in two unconsolidated affiliates, which it accounts for under the equity method (see Note 6 ) |
Accrued Property Taxes | Accrued Property Taxes. Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $7.6 million at December 31, 2016 , and $6.2 million at December 31, 2015 |
Revenue Recognition, Policy | Revenue Recognition. Revenues from property sales are recognized when the risks and rewards of ownership are transferred to the buyer, when the consideration received can be reasonably determined and when Stratus has completed its obligations to perform certain supplementary development activities, if any exist, at the time of the sale. Consideration is reasonably determined and considered likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay. The buyer’s commitment to pay is supported by the level of its initial investment, Stratus’ assessment of the buyer’s credit standing and Stratus’ assessment of whether the buyer’s stake in the property is sufficient to motivate the buyer to honor its obligation to pay. Stratus' revenues from hotel operations are primarily derived from room reservations and food and beverage sales. Revenue is recognized when rooms are occupied and services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Stratus' revenues from entertainment operations are primarily derived from ticket sales, revenue from private events, sponsorships, personal seat license sales and suite sales, and sales of concessions and merchandise. Revenues from ticket sales are recognized after the corresponding performance occurs. Revenues from sponsorships and other revenue not related to a single event are classified as deferred revenue and generally amortized over the operating season or term of the contract. Revenues from concessions and merchandise sales are recognized at the time of sale. Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and development fees when earned, as properties are sold or when the services are performed. A summary of Stratus’ revenues follows (in thousands): Years Ended December 31, 2016 2015 2014 Hotel $ 40,418 $ 41,346 $ 42,354 Entertainment 19,522 19,607 19,048 Developed property sales 10,223 12,320 25,674 Undeveloped property sales 73 1,175 — Commercial leasing 9,682 5,641 6,625 Commissions and other 423 782 410 Total revenues $ 80,341 $ 80,871 $ 94,111 |
Cost of Sales, Policy | Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2016 2015 2014 Hotel $ 29,090 $ 30,702 $ 30,746 Entertainment 15,223 15,169 14,431 Cost of developed property sales 5,156 6,386 16,466 Cost of undeveloped property sales 55 564 43 Commercial leasing 4,903 2,772 3,138 Project expenses and allocation of overhead costs (see below) 4,473 3,546 3,543 Depreciation 8,082 8,743 8,977 Other, net 18 (71 ) 598 a Total cost of sales $ 67,000 $ 67,811 $ 77,942 a. Includes a credit of $0.4 million in 2014 related to the recovery of building repair costs associated with damage caused by the June 2011 balcony glass breakage incidents at the W Austin Hotel & Residences. |
Allocation of Overhead Costs | Allocation of Overhead Costs . Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. construction and development for capital assets and sales and marketing for cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as office supplies, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer. |
Municipal Utility District Reimbursements | Municipal Utility District Reimbursements. Stratus receives Barton Creek municipal utility district (MUD) reimbursements for certain infrastructure costs incurred in the Barton Creek area. Prior to 1996, Stratus capitalized infrastructure costs to its properties as those costs were incurred. Subsequently, those costs were charged to cost of sales as properties were sold. In 1996, following the 1995 creation of MUDs, Stratus began capitalizing the infrastructure costs to a separate MUD property category. MUD reimbursements received for infrastructure costs incurred prior to 1996 are reflected as a reduction of cost of sales, while other MUD reimbursements represent a reimbursement of the cost of MUD properties and are recorded as a reduction of the related asset’s carrying amount or cost of sales if the property has been sold. Stratus has long-term agreements with seven independent MUDs in Barton Creek to build the MUDs’ utility systems and to be eligible for future reimbursements for the related costs. The amount and timing of MUD reimbursements depends upon the respective MUD having a sufficient tax base within its district to issue bonds and obtain the necessary state approval for the sale of the bonds. Because the timing of the issuance and approval of the bonds is subject to considerable uncertainty, coupled with the fact that interest rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements are not known until approximately one month before the MUD reimbursements are received. To the extent the reimbursements are less than the costs capitalized, Stratus records a loss when such determination is made. MUD reimbursements represent the actual amounts received. |
Advertising Costs, Policy | Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $0.9 million in both 2016 and 2015 , and $0.8 million in 2014 . |
Income Tax, Policy | Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. See Note 8 for further discussion. |
Earnings Per Share, Policy | 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: Years Ended December 31, 2016 2015 2014 Net (loss) income $ (5,999 ) $ 17,595 $ 18,157 Net income attributable to noncontrolling interests in subsidiaries — (5,418 ) (4,754 ) Net (loss) income attributable to Stratus common stockholders $ (5,999 ) $ 12,177 $ 13,403 Basic weighted-average shares of common stock outstanding 8,089 8,058 8,037 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a 33 b 41 b Diluted weighted-average shares of common stock outstanding 8,089 8,091 8,078 Diluted net (loss) income per share attributable to common stockholders $ (0.74 ) $ 1.51 $ 1.66 a. Excludes approximately 125 thousand shares of common stock 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 2015 and 36 thousand for 2014 associated with anti-dilutive RSU's. Outstanding stock options with exercise prices greater than the average market price for Stratus' common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded stock options totaled 13 thousand for 2016 , 15 thousand for 2015 and 42 thousand for 2014 . |
Share-based Compensation, Option and Incentive Plans Policy | Stock-Based Compensation. Compensation costs for share-based payments to employees, including stock options, are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes option valuation model. In addition, for RSUs and performance based RSUs, compensation costs are recognized based on the fair value on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. See Note 9 for further discussion. |
New Accounting Pronouncements, Policy | New Accounting Standards. In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards 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, 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. Stratus will adopt this ASU January 1, 2018, and currently expects to apply the modified retrospective approach under which any cumulative effect adjustment would be recorded to retained earnings as of the adoption date. Stratus has not completed its final review of the impact of this guidance; however, based on the terms of its sales contracts, Stratus currently does not anticipate a material impact on its revenue recognition policies or processes. Stratus continues to review the impact of the new guidance on its financial reporting and disclosures. In August 2014, FASB issued an ASU that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide certain disclosures depending on the result of the evaluation. This ASU is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter. Stratus adopted this ASU for its year ended December 31, 2016. 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 will adopt this ASU effective January 1, 2017, and adoption will not have a material impact on its financial statements. This ASU requires recognition of excess tax benefits and tax deficiencies in the income statement prospectively beginning in the first quarter of 2017, which could result in fluctuations in Stratus' quarterly effective tax rate depending on how many awards vest or are exercised in a quarter, as well as the volatility of Stratus' stock price. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Cost of Sales | A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2016 2015 2014 Hotel $ 29,090 $ 30,702 $ 30,746 Entertainment 15,223 15,169 14,431 Cost of developed property sales 5,156 6,386 16,466 Cost of undeveloped property sales 55 564 43 Commercial leasing 4,903 2,772 3,138 Project expenses and allocation of overhead costs (see below) 4,473 3,546 3,543 Depreciation 8,082 8,743 8,977 Other, net 18 (71 ) 598 a Total cost of sales $ 67,000 $ 67,811 $ 77,942 a. Includes a credit of $0.4 million in 2014 related to the recovery of building repair costs associated with damage caused by the June 2011 balcony glass breakage incidents at the W Austin Hotel & Residences. |
Revenue from External Customers by Products and Services | A summary of Stratus’ revenues follows (in thousands): Years Ended December 31, 2016 2015 2014 Hotel $ 40,418 $ 41,346 $ 42,354 Entertainment 19,522 19,607 19,048 Developed property sales 10,223 12,320 25,674 Undeveloped property sales 73 1,175 — Commercial leasing 9,682 5,641 6,625 Commissions and other 423 782 410 Total revenues $ 80,341 $ 80,871 $ 94,111 |
Schedule of Earnings Per Share, Basic and Diluted | 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: Years Ended December 31, 2016 2015 2014 Net (loss) income $ (5,999 ) $ 17,595 $ 18,157 Net income attributable to noncontrolling interests in subsidiaries — (5,418 ) (4,754 ) Net (loss) income attributable to Stratus common stockholders $ (5,999 ) $ 12,177 $ 13,403 Basic weighted-average shares of common stock outstanding 8,089 8,058 8,037 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a 33 b 41 b Diluted weighted-average shares of common stock outstanding 8,089 8,091 8,078 Diluted net (loss) income per share attributable to common stockholders $ (0.74 ) $ 1.51 $ 1.66 a. Excludes approximately 125 thousand shares of common stock 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 2015 and 36 thousand for 2014 associated with anti-dilutive RSU's. |
Real Estate, net (Tables)
Real Estate, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate, net [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Stratus' consolidated balance sheets include the following net real estate assets (in thousands): December 31, 2016 2015 Real estate held for sale: Developed lots and condominium units $ 21,236 $ 25,944 Real estate under development: Acreage, commercial square footage and lots 111,373 139,171 Land available for development: a Undeveloped acreage 19,153 23,397 Real estate held for investment: a W Austin Hotel & Residences Hotel 111,479 111,426 Entertainment venue 42,382 41,391 Office and retail 19,576 17,627 Barton Creek Village 6,092 6,120 The Oaks at Lakeway 54,839 36,010 Santal multi-family project 37,848 — Furniture, fixtures and equipment 1,347 1,523 Total 273,563 214,097 Accumulated depreciation (33,844 ) (27,471 ) Total real estate held for investment, net 239,719 186,626 Total real estate, net $ 391,481 $ 375,138 a. In February 2017, Stratus completed the sales of The Oaks at Lakeway, a portion of Barton Creek Village and a 4.1 acre tract of land adjacent to Barton Creek Village (see Note 13). |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement [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): December 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate cap agreement $ — $ — $ 1 $ 1 Liabilities: Interest rate swap agreement 427 427 646 646 Debt 291,102 293,620 260,592 263,303 |
Investment in Unconsolidated 27
Investment in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Unconsolidated Affiliates [Abstract] | |
Schedule of Real Estate Sales [Table Text Block] | The Crestview Station Joint Venture sold the remaining residential land to DR Horton, as follows (in millions, except lots closed): Year Lots Closed Sale Price Gross Profit 2012 74 $ 3.8 $ 0.4 2013 59 3.4 0.7 2014 170 10.3 2.6 303 $ 17.5 $ 3.7 |
Investments in and Advances to Affiliates [Table Text Block] | Summarized unaudited financial information for Stratus' unconsolidated affiliates follows (in thousands): 2016 2015 2014 Years Ended December 31: Revenues $ 24 $ 10,408 $ 19,451 Gross profit 24 459 3,716 Net (loss) income (31 ) (1,343 ) 2,357 At December 31: Total assets $ 460 $ 1,325 $ 1,546 Total liabilities 48 998 558 Total equity 412 327 988 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | Stratus' debt follows (in thousands): December 31, 2016 2015 Goldman Sachs loan, average interest rate of 5.580% in 2016 $ 147,025 $ — BoA loan, average interest rate of 2.65% in 2015 — 128,230 Lakeway Construction loan, average interest rate of 3.24% in 2016 and 2.94% in 2015 57,912 45,931 Comerica credit facility, average interest rate of 6.00% in 2016 and 2015 46,547 53,149 Santal Construction loan, average interest rate of 2.98% in 2016 and 2.69% in 2015 30,286 15,874 Diversified Real Asset Income Fund (DRAIF) term loan, average interest rate of 7.25% in 2015 — 7,993 Barton Creek Village term loan, average interest rate of 4.19% in 2016 and 2015 5,555 5,689 Amarra Villas credit facility, average interest rate of 3.54% in 2016 3,777 — Magnolia term loan, average interest rate of 7.00% in 2015 — 3,726 Total debt a $ 291,102 $ 260,592 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes Stratus' debt maturities based on the principal amounts outstanding as of December 31, 2016 (in thousands): 2017 2018 2019 2020 2021 Thereafter Total Goldman Sachs loan $ 2,095 $ 2,215 $ 2,342 $ 2,477 $ 2,618 $ 136,550 $ 148,297 Lakeway Construction loan a 374 1,526 56,569 — — — 58,469 Comerica credit facility a 46,547 — — — — — 46,547 Santal Construction loan — 30,455 — — — — 30,455 Barton Creek Village term loan 153 160 167 173 182 4,810 5,645 Amarra Villas credit facility — — 3,935 — — — 3,935 Total $ 49,169 $ 34,356 $ 63,013 $ 2,650 $ 2,800 $ 141,360 $ 293,348 a. Amounts outstanding were repaid in February 2017 after the sale of The Oaks at Lakeway (see Note 13). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A summary of the changes in unrecognized tax benefits follows (in thousands): 2016 2015 2014 Balance at January 1 $ 1,105 $ 1,160 $ 854 Additions for tax positions related to the current year — — 221 (Subtractions) additions for tax positions related to prior years (332 ) (55 ) 85 Balance at December 31 $ 773 $ 1,105 $ 1,160 | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income taxes follow (in thousands): December 31, 2016 2015 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 13,995 $ 12,930 Alternative minimum tax credits (no expiration) 1,169 — Employee benefit accruals 563 549 Accrued liabilities 80 73 Deferred income 5 1,349 Charitable contribution carryforward 185 — Other assets 496 544 Net operating loss credit carryforwards 1,225 14 Other liabilities (495 ) (130 ) Deferred tax assets, net $ 17,223 $ 15,329 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Stratus’ benefit from (provision for) income taxes consists of the following (in thousands): Years Ended December 31, 2016 2015 2014 Current $ 806 $ (3,458 ) $ (664 ) Deferred 1,973 (2,118 ) 11,358 Benefit from (provision for) income taxes $ 2,779 $ (5,576 ) $ 10,694 | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | econciliation of the U.S. federal statutory tax rate to Stratus' effective income tax rate for the years ended December 31 follows (dollars in thousands): Years Ended December 31, 2016 2015 2014 Amount Percent Amount Percent Amount Percent Income tax benefit (expense) computed at the federal statutory income tax rate $ 3,072 35 % $ (6,983 ) (35 )% $ (2,612 ) (35 )% Adjustments attributable to: Change in valuation allowance — — — — 12,096 162 Noncontrolling interests — — 1,896 9 1,664 22 State taxes and other, net (293 ) (3 ) (489 ) (2 ) (454 ) (6 ) Benefit from (provision for) income taxes $ 2,779 32 $ (5,576 ) (28 ) $ 10,694 143 |
Stock-Based Compensation, Equ30
Stock-Based Compensation, Equity Transactions and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Years Ended December 31, 2016 2015 2014 RSUs awarded to employees and directors $ 719 $ 528 $ 474 Stock options awarded to directors — — 6 Impact on income (loss) before income taxes $ 719 $ 528 $ 480 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock options outstanding as of December 31, 2016 , and changes during the year ended December 31, 2016 , follows: Number of Options Weighted Average Option Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($000) Balance at January 1 30,000 $ 18.91 Expired (5,000 ) 26.44 Balance at December 31 25,000 17.40 2.67 $ 384 Vested and exercisable at December 31 25,000 17.40 2.67 $ 384 |
Amounts Related To Exercises of Stock Options and Vesting of Restricted Stock Units [Table Text Block] | The following table includes amounts related to exercises of stock options and vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2016 2015 2014 Stratus shares tendered to pay the exercise price and/or the minimum required taxes a 12,591 11,562 10,917 Cash received from stock option exercises $ — $ — $ 65 Amounts Stratus paid for employee taxes $ 290 $ 153 $ 125 a. Under terms of the related plans and agreements, upon exercise of stock options and vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the exercise price and/or the minimum required taxes. |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of outstanding unvested RSUs, including performance-based RSUs, as of December 31, 2016 , and activity during the year ended December 31, 2016 , is presented below: Number of RSUs Aggregate Intrinsic Value ($000) Balance at January 1 110,125 Granted 45,000 Vested (43,375 ) Balance at December 31 111,750 $ 3,394 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment data presented below was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Hotel Entertainment Real Estate Operations a Commercial Leasing b Eliminations and Other c Total Year Ended December 31, 2016: Revenues: Unaffiliated customers $ 40,418 $ 19,522 $ 10,719 $ 9,682 $ — $ 80,341 Intersegment 309 183 31 767 (1,290 ) — Cost of sales, excluding depreciation 29,248 15,698 9,702 4,936 (666 ) 58,918 Depreciation 3,421 1,461 224 3,144 (168 ) 8,082 General and administrative expenses — — — — 12,164 12,164 Operating income (loss) $ 8,058 $ 2,546 $ 824 $ 2,369 $ (12,620 ) $ 1,177 Capital expenditures d $ 1,216 $ 217 $ 14,575 $ 26,782 $ — $ 42,790 Municipal utility district (MUD) reimbursements — — 12,302 — — 12,302 Total assets at December 31, 2016 104,087 37,692 176,163 120,394 13,839 452,175 Hotel Entertainment Real Estate Operations a Commercial Leasing b Eliminations and Other c Total Year Ended December 31, 2015: Revenues: Unaffiliated customers $ 41,346 $ 19,607 $ 14,277 $ 5,641 $ — $ 80,871 Intersegment 305 193 66 538 (1,102 ) — Cost of sales, excluding depreciation 30,789 15,426 10,426 2,838 (411 ) 59,068 Depreciation 5,797 1,288 246 1,556 (144 ) 8,743 General and administrative expenses — — — — 8,057 8,057 Gain on sales of assets e — — — (20,729 ) — (20,729 ) Operating income (loss) $ 5,065 $ 3,086 $ 3,671 $ 22,514 $ (8,604 ) $ 25,732 Income from discontinued operations f $ — $ — $ — $ 3,218 $ — $ 3,218 Capital expenditures d 1,023 128 26,237 54,027 — 81,415 MUD reimbursements — — 5,307 — — 5,307 Total assets at December 31, 2015 109,562 42,125 205,735 61,371 11,312 430,105 Year Ended December 31, 2014: Revenues: Unaffiliated customers $ 42,354 $ 19,048 $ 26,084 $ 6,625 $ — $ 94,111 Intersegment 506 60 97 503 (1,166 ) — Cost of sales, excluding depreciation 30,753 14,763 20,743 3,236 (530 ) 68,965 Depreciation 5,851 1,260 229 1,785 (148 ) 8,977 Litigation settlement — — (2,082 ) — — (2,082 ) General and administrative expenses — — — — 7,887 7,887 Operating income (loss) $ 6,256 $ 3,085 $ 7,291 $ 2,107 $ (8,375 ) $ 10,364 Capital expenditures d $ 704 $ 123 $ 54,928 $ 5,977 $ — $ 61,732 Total assets at December 31, 2014 111,671 50,486 181,895 49,901 6,164 400,117 a. Includes sales commissions and other revenues together with related expenses. b. Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015 (see Note 12 ). c. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. d. Also includes purchases and development of residential real estate held for sale. e. Represents gain on sales of Parkside Village and 5700 Slaughter. f. Represents a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto that was recognized in 2015 (see Note 12 ). |
Asset Sales and Discontinued 32
Asset Sales and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Net (loss) income before income taxes and net (loss) income attributable to common stockholders associated with Parkside Village and 5700 Slaughter follow (in thousands): January 1, 2015, to July 2, 2015 Year Ended December 31, 2014 Net (loss) income before income taxes $ (46 ) $ 441 Net (loss) income attributable to common stockholders (47 ) 305 |
Subsequent Events Consolidated
Subsequent Events Consolidated financial statement information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Statement of Financial Position and Statement of Operations [Abstract] | |
Condensed Financial Statements [Table Text Block] | The consolidated financial statements include the following amounts associated with The Oaks at Lakeway (in thousands): Consolidated Statements of Operations Years Ended December 31, 2016 2015 Revenue $ 5,658 $ 517 Operating income 2,537 286 Interest expense, net (1,198 ) (30 ) Consolidated Balance Sheets December 31, 2016 2015 Real estate under development $ 13,569 $ 28,839 Land available for development 5,405 — Real estate held for investment, net 53,276 35,866 Other assets 4,360 1,782 Accrued liabilities, including taxes 3,116 549 Debt 57,912 45,931 Other liabilities 734 442 |
Quarterly Financial Informati34
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter Year (In thousands, except per share amounts) 2016 Revenues $ 19,026 $ 19,150 $ 21,180 $ 20,985 $ 80,341 Operating income (loss) 473 (1,362 ) 425 1,641 1,177 Net loss (1,683 ) a (2,483 ) (1,659 ) (174 ) (5,999 ) a Net loss attributable to common stockholders (1,683 ) a (2,483 ) (1,659 ) (174 ) (5,999 ) a Basic and diluted net loss per share share attributable to common stockholders (0.21 ) a (0.31 ) (0.20 ) (0.02 ) (0.74 ) a 2015 Revenues $ 20,225 $ 19,986 $ 19,677 $ 20,983 $ 80,871 Operating income 1,609 542 20,976 b 2,605 c 25,732 b,c Income from discontinued operations, net of taxes 3,218 d — — — 3,218 d Net income (loss) 3,784 (240 ) 13,741 b 310 c 17,595 b,c Net income attributable to noncontrolling interests 1,042 879 3,493 4 5,418 Net income (loss) attributable to common stockholders 2,742 d (1,119 ) 10,248 b 306 c 12,177 b,c,d Basic and diluted net income (loss) per share attributable to common stockholders 0.34 d (0.14 ) 1.27 b 0.04 c 1.51 b,c,d a. Includes a loss on early extinguishment of debt totaling $0.8 million ( $0.5 million to net loss attributable to common stockholders or $0.07 per share) in the first quarter and for the year 2016 associated with prepayment of the BoA loan. b. Includes a gain of $20.7 million ( $10.8 million to net income attributable to common stockholders or $1.34 per share) in the third quarter and for the year 2015 associated with the sales of Parkside Village and 5700 Slaughter (see Note 12 ). c. Includes a gain of $0.6 million ( $0.4 million to net income attributable to common stockholders or $0.05 per share) in the fourth quarter and for the year 2015 associated with the sale of a tract of undeveloped land. d. Includes recognition of a deferred gain of $5.0 million ( $3.2 million attributable to common stockholders or $0.40 per share) in the first quarter and for the year 2015 associated with the sale of 7500 Rialto Boulevard in February 2012 (see Note 12 ). |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Details) - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Significant Accounting Policies [Line Items] | |||
Impairment of Real Estate | $ 0 | $ 0 | $ 0 |
Building Repair Cost Reimbursement | 400,000 | ||
Advertising Expense | 900,000 | 900,000 | $ 800,000 |
Unamortized Debt Issuance Expense | 2,200,000 | 2,500,000 | |
Accrued Property Taxes | $ 7,600,000 | $ 6,200,000 | |
Entertainment [Member] | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Life Used for Depreciation | 35 years | ||
Hotel [Member] | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Life Used for Depreciation | 35 years | ||
Minimum [Member] | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Life Used for Depreciation | 30 years | ||
Minimum [Member] | Commercial Leasing [Member] | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Life Used for Depreciation | 30 years | ||
Minimum [Member] | Furniture, fixtures and equipment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Life Used for Depreciation | 3 years | ||
Maximum [Member] | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Life Used for Depreciation | 40 years | ||
Maximum [Member] | Commercial Leasing [Member] | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Life Used for Depreciation | 40 years | ||
Maximum [Member] | Furniture, fixtures and equipment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Life Used for Depreciation | 15 years | ||
Employee Stock Option [Member] | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Shares issuable upon exercise or vesting of dilutive stock options and RSUs | 0 | 33 | 41 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||||||||||
Hotel | $ 40,418 | $ 41,346 | $ 42,354 | ||||||||
Entertainment | 19,522 | 19,607 | 19,048 | ||||||||
Developed Property Sales | 10,223 | 12,320 | 25,674 | ||||||||
Undeveloped Property Sales | 73 | 1,175 | 0 | ||||||||
Operating Leases, Income Statement, Lease Revenue | 9,682 | 5,641 | 6,625 | ||||||||
Commissions and Other | 423 | 782 | 410 | ||||||||
Total revenues | $ 20,985 | $ 21,180 | $ 19,150 | $ 19,026 | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | $ 80,341 | $ 80,871 | $ 94,111 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies Cost of Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Hotel | $ 29,090 | $ 30,702 | $ 30,746 |
Entertainment | 15,223 | 15,169 | 14,431 |
Cost of Developed Property Sales | 5,156 | 6,386 | 16,466 |
Cost of Undeveloped Property Sales | 55 | 564 | 43 |
Direct Costs of Leased and Rented Property or Equipment | 4,903 | 2,772 | 3,138 |
Cost of Sales, Project Expenses and Allocation of Overhead Costs | 4,473 | 3,546 | 3,543 |
Depreciation | 8,082 | 8,743 | 8,977 |
Other Cost and Expense, Operating | 18 | (71) | 598 |
Total cost of sales | $ 67,000 | $ 67,811 | $ 77,942 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||||||||||
Net (loss) income | $ (174) | $ (1,659) | $ (2,483) | $ (1,683) | $ 310 | $ 13,741 | $ (240) | $ 3,784 | $ (5,999) | $ 17,595 | $ 18,157 |
Net income attributable to noncontrolling interests in subsidiaries | (4) | (3,493) | (879) | (1,042) | 0 | (5,418) | (4,754) | ||||
Net (loss) income attributable to common stockholders | $ (174) | $ (1,659) | $ (2,483) | $ (1,683) | $ 306 | $ 10,248 | $ (1,119) | $ 2,742 | $ (5,999) | $ 12,177 | $ 13,403 |
Basic | 8,089,000 | 8,058,000 | 8,037,000 | ||||||||
Diluted | 8,089,000 | 8,091,000 | 8,078,000 | ||||||||
Diluted net (loss) income per share attributable to common stockholders | $ (0.74) | $ 1.51 | $ 1.66 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 125,000 | 26,000 | 36,000 | ||||||||
Outstanding Stock Options With Exercise Prices Greater Than Average Market Price Of Common Stock | 13,000 | 15,000 | 42,000 |
Joint Venture with Canyon-Joh39
Joint Venture with Canyon-Johnson Urban Fund II, L.P. (Details) - USD ($) $ in Thousands | Sep. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 03, 2012 |
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | $ 13,597 | $ 17,036 | ||
Stageside Productions LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Partners' Capital | $ 300 | |||
Variable Interest Entity, Capital Funding Percentage | 100.00% | |||
Variable Interest Entity, Ownership Percentage | 40.00% | |||
Notes Payable to Banks [Member] | Bank of America Loan [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Borrowings from project loans | $ 0 | 128,230 | ||
Notes Payable to Banks [Member] | Comerica Credit Facility [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Borrowings from project loans | 20,000 | |||
Block 21 Joint Venture [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 62,000 | |||
Purchase Price | 210,000 | |||
Cash and cash equivalents | 22,800 | |||
Cash | $ 9,700 | |||
Block 21 Joint Venture [Member] | Canyon Johnson Urban Fund II, L.P. [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 58.00% | |||
Limited Partners' Contributed Capital | 94,000 | |||
Distribution Made to Limited Partner, Cash Distributions Paid | 62,600 | |||
Block 21 Joint Venture [Member] | Stratus Properties Inc [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Limited Partners' Contributed Capital | 71,900 | |||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 53,400 | |||
Block 21 Joint Venture [Member] | Notes Payable to Banks [Member] | Bank of America Loan [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Borrowings from project loans | $ 32,300 | |||
Block 21 Joint Venture [Member] | Notes Payable to Banks [Member] | Comerica Credit Facility [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Debt Instrument, Face Amount | $ 20,000 |
Joint Venture with LCHM Holdi40
Joint Venture with LCHM Holdings, LLC (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2011a | |
Parkside Village [Member] | LCHM Holdings, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 8 | ||
Parkside Village [Member] | Stratus Properties Inc [Member] | |||
Noncontrolling Interest [Line Items] | |||
Distribution Made to Limited Partner, Cash Distributions Declared | 13.4 | ||
Parkside Village [Member] | |||
Noncontrolling Interest [Line Items] | |||
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments | $ 12.1 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 13.5 | ||
Parkside Village [Member] | |||
Noncontrolling Interest [Line Items] | |||
Land Contributed to Joint Venture | a | 23.03 | ||
Parkside Village [Member] | LCHM Holdings, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Partners' Capital | 3.8 | ||
Parkside Village [Member] | Stratus Properties Inc [Member] | |||
Noncontrolling Interest [Line Items] | |||
Partners' Capital | $ 3.1 |
Real Estate, net (Details)
Real Estate, net (Details) | 12 Months Ended | |||||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016 | Dec. 31, 2016a | Dec. 31, 2016USD ($) | |
Real Estate Properties [Line Items] | ||||||
Number of Lots/Units in Real Estate Property | 311 | |||||
Land Under Development or Available For Development, Acres | a | 1,766 | |||||
Lease Expiration Date | Dec. 31, 2036 | |||||
Interest Costs Capitalized | $ | $ 6,300,000 | $ 5,500,000 | $ 4,100,000 | |||
W Austin Hotel & Residences [Member] | Hotel [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Hotel Rooms | 251 | |||||
The Oaks at Lakeway [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Net Rentable Area | 236,739 | |||||
Real Estate Held for Sale [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Lots/Units in Real Estate Property | 73 | |||||
Real Estate Held for Sale [Member] | W Austin Hotel & Residences [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Lots/Units in Real Estate Property | 2 | 2 | ||||
Land Under Development or Available For Development, Acres | a | 0 | |||||
Real Estate Under Development [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Land Under Development or Available For Development, Acres | a | 99 | |||||
Real Estate Under Development [Member] | The Oaks at Lakeway [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Lots/Units in Real Estate Property | 0 | |||||
Land Under Development or Available For Development, Acres | a | 52 | |||||
Land Available for Development [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Land Under Development or Available For Development, Acres | a | 1,668 | |||||
Office Space [Member] | W Austin Hotel & Residences [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Net Rentable Area | 38,316 | |||||
Retail Space [Member] | W Austin Hotel & Residences [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Net Rentable Area | 18,327 | |||||
Retail Space [Member] | Barton Creek Village [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Net Rentable Area | 22,366 | |||||
Occupancy Percentage | 100.00% | |||||
Retail Space [Member] | The Oaks at Lakeway [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Occupancy Percentage | 92.00% | |||||
ACL Live entertainment venue [Member] | W Austin Hotel & Residences [Member] | Entertainment [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Entertainment Venue, Maximum Capacity | 3,000 | |||||
3TEN ACL Live [Member] | W Austin Hotel & Residences [Member] | Entertainment [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Entertainment Venue, Maximum Capacity | 350 | |||||
Bank Building [Member] | Barton Creek Village [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Net Rentable Area | 3,085 | |||||
Lease Expiration Date | Jan. 1, 2023 | |||||
Assets Leased to Others [Member] | Santal Multi-Family [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Lots/Units in Real Estate Property | 154 | |||||
Completed Square Feet [Member] | Retail Space [Member] | The Oaks at Lakeway [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Net Rentable Area | 217,736 |
Real Estate, net Summary of Rea
Real Estate, net Summary of Real Estate Holdings (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate [Line Items] | ||
Real estate held for sale | $ 21,236 | $ 25,944 |
Real estate under development | 111,373 | 139,171 |
Land available for development | 19,153 | 23,397 |
Real Estate Held for Investment, Gross | 273,563 | 214,097 |
Accumulated depreciation | (33,844) | (27,471) |
Total real estate held for investment, net | 239,719 | 186,626 |
Total real estate, net | 391,481 | 375,138 |
Barton Creek Village [Member] | ||
Real Estate [Line Items] | ||
Real Estate Held for Investment, Gross | 6,092 | 6,120 |
Total real estate held for investment, net | 4,400 | |
The Oaks at Lakeway [Member] | ||
Real Estate [Line Items] | ||
Real Estate Held for Investment, Gross | 54,839 | 36,010 |
Santal Multi-Family [Member] | ||
Real Estate [Line Items] | ||
Real Estate Held for Investment, Gross | 37,848 | 0 |
Total real estate held for investment, net | 40,500 | |
Hotel [Member] | W Austin Hotel & Residences [Member] | ||
Real Estate [Line Items] | ||
Real Estate Held for Investment, Gross | 111,479 | 111,426 |
Entertainment Venue [Member] | W Austin Hotel & Residences [Member] | ||
Real Estate [Line Items] | ||
Real Estate Held for Investment, Gross | 42,382 | 41,391 |
Office and Retail [Member] | W Austin Hotel & Residences [Member] | ||
Real Estate [Line Items] | ||
Real Estate Held for Investment, Gross | 19,576 | 17,627 |
Furniture, fixtures and equipment | ||
Real Estate [Line Items] | ||
Real Estate Held for Investment, Gross | $ 1,347 | $ 1,523 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 02, 2015 | |
Liabilities: | |||||
Gain (loss) on interest rate derivative instruments | $ 218 | $ (724) | $ (272) | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||
Assets: | |||||
Interest rate cap agreement | 0 | 1 | |||
Liabilities: | |||||
Interest rate swap agreement | 427 | 646 | |||
Debt | 291,102 | 260,592 | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Assets: | |||||
Interest rate cap agreement | 0 | 1 | |||
Liabilities: | |||||
Interest rate swap agreement | 427 | 646 | |||
Debt | 293,620 | $ 263,303 | |||
Interest Rate Swap [Member] | |||||
Liabilities: | |||||
Derivative Liability | $ 600 | ||||
Gain (loss) on interest rate derivative instruments | $ 200 | ||||
Bank of America Loan [Member] | Interest Rate Cap [Member] | |||||
Liabilities: | |||||
Payment for Interest Rate Cap Agreement | $ 500 | ||||
Bank of America Loan [Member] | Year 1 [Member] | Interest Rate Cap [Member] | |||||
Liabilities: | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Bank of America Loan [Member] | Year 2 [Member] | Interest Rate Cap [Member] | |||||
Liabilities: | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Bank of America Loan [Member] | Year 3 [Member] | Interest Rate Cap [Member] | |||||
Liabilities: | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
Parkside Village Loan [Member] | Interest Rate Swap [Member] | |||||
Liabilities: | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.30% |
Investment in Unconsolidated 44
Investment in Unconsolidated Affiliates (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||
May 31, 2013USD ($) | Apr. 30, 2012USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2005USD ($)a | Dec. 31, 2014USD ($) | |
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Equity in unconsolidated affiliates' income (loss) | $ 51 | $ (1,299) | $ 1,112 | |||||||||||||
Revenues | $ 20,985 | $ 21,180 | $ 19,150 | $ 19,026 | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | 80,341 | 80,871 | 94,111 | |||||
Total assets | 452,175 | 430,105 | 452,175 | 430,105 | 400,117 | $ 400,117 | ||||||||||
Total liabilities | 321,149 | 293,431 | 321,149 | 293,431 | ||||||||||||
Total equity | 131,026 | 136,674 | 131,026 | 136,674 | $ 175,086 | $ 169,316 | $ 175,086 | |||||||||
Crestview Station [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Area of Real Estate Property | a | 74 | |||||||||||||||
Payments to Acquire Real Estate | $ 7,700 | |||||||||||||||
Number Of Lots per Sales Contract | 59 | 74 | 170 | 303 | ||||||||||||
Proceeds from Sale of Real Estate | $ 3,400 | $ 3,800 | $ 10,300 | $ 17,500 | ||||||||||||
Gross profit | $ 700 | $ 400 | 2,600 | 3,700 | ||||||||||||
Unconsolidated Affiliates [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Revenues | 24 | 10,408 | 19,451 | |||||||||||||
Gross profit | 24 | 459 | ||||||||||||||
Net loss | (31) | (1,343) | ||||||||||||||
Total assets | 460 | 1,325 | 460 | 1,325 | ||||||||||||
Total liabilities | 48 | 998 | 48 | 998 | ||||||||||||
Total equity | $ 412 | $ 327 | $ 412 | $ 327 | ||||||||||||
Stratus Properties Inc [Member] | Crestview Station [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||||
Majority-Owned Subsidiary, Unconsolidated [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Gross profit | 3,716 | |||||||||||||||
Net loss | 2,357 | |||||||||||||||
Total assets | 1,546 | 1,546 | ||||||||||||||
Total liabilities | 558 | 558 | ||||||||||||||
Total equity | $ 988 | $ 988 | ||||||||||||||
Stump Fluff [Member] | Transmission Entertainment [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Variable Interest Entity, Ownership Percentage | 50.00% | |||||||||||||||
Guapo Enterprises [Member] | Stratus Properties Inc [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Capital contributions | $ 300 | |||||||||||||||
Variable Interest Entity, Ownership Percentage | 50.00% | |||||||||||||||
Preferred Return on Investment | 10.00% | |||||||||||||||
Cumulative Earnings Allocation Percentage | 33.00% | 33.00% | ||||||||||||||
Guapo Enterprises [Member] | Pachanga Partners [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Variable Interest Entity, Ownership Percentage | 50.00% | |||||||||||||||
Stump Fluff [Member] | Stratus Properties Inc [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Variable Interest Entity, Ownership Percentage | 50.00% | |||||||||||||||
Stump Fluff [Member] | Transmission Entertainment [Member] | ||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||
Liabilities Assumed | $ 200 |
Debt (Details)
Debt (Details) $ in Thousands | Jun. 27, 2024 | Jul. 12, 2019 | Jan. 08, 2018 | Aug. 31, 2017 | Feb. 28, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 05, 2016USD ($) | Jul. 12, 2016USD ($) | Jan. 05, 2016USD ($) | Jan. 08, 2015USD ($) | Sep. 29, 2014USD ($) | Jun. 27, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Unamortized Debt Issuance Expense | $ 2,200 | $ 2,500 | |||||||||||||
Loss on early extinguishment of debt | $ (837) | (837) | 0 | $ (19) | |||||||||||
Debt | (293,348) | ||||||||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 291,102 | 260,592 | |||||||||||||
Net book value of real estate | 239,719 | 186,626 | |||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 49,169 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 34,356 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 63,013 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 2,650 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2,800 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 141,360 | ||||||||||||||
The Oaks at Lakeway [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value of real estate | 72,200 | ||||||||||||||
Santal Multi-Family [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value of real estate | 40,500 | ||||||||||||||
Barton Creek Village [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value of real estate | 4,400 | ||||||||||||||
Amarra Drive Villas [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value of real estate | 10,000 | ||||||||||||||
West Killeen Market [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value of real estate | 5,400 | ||||||||||||||
Bank of America Loan [Member] | Notes Payable to Banks [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 0 | $ 128,230 | |||||||||||||
Debt, Weighted Average Interest Rate | 0.00% | 2.65% | |||||||||||||
Comerica Credit Facility [Member] | Notes Payable to Banks [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 20,000 | ||||||||||||||
Lakeway Construction Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, Weighted Average Interest Rate | 3.24% | 2.94% | |||||||||||||
Lakeway Construction Loan [Member] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 57,912 | $ 45,931 | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||||
Lakeway Construction Loan [Member] | Construction Loan Payable [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 62,900 | ||||||||||||||
Debt | $ (58,469) | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 374 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,526 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 56,569 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||||||
Santal Construction Loan [Member] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | 30,286 | $ 15,874 | $ 34,100 | ||||||||||||
Debt | $ (30,455) | ||||||||||||||
Debt, Weighted Average Interest Rate | 2.98% | 2.69% | |||||||||||||
Debt Instrument, Covenant Compliance | 110 | ||||||||||||||
Number of Debt Maturity Extensions | 2 | ||||||||||||||
Debt Maturity Extension, Term | 12 months | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 30,455 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||||||
Diversified Real Asset Income Fund Term Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 0 | $ 7,993 | |||||||||||||
Debt, Weighted Average Interest Rate | 0.00% | 7.25% | |||||||||||||
Barton Creek Village Term Loan [Member] | Notes Payable to Banks [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 5,555 | $ 5,689 | $ 6,000 | ||||||||||||
Debt | $ (5,645) | ||||||||||||||
Debt, Weighted Average Interest Rate | 4.19% | 4.19% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 419.00% | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 153 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 160 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 167 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 173 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 182 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,810 | ||||||||||||||
Magnolia Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 0 | $ 3,726 | |||||||||||||
Debt, Weighted Average Interest Rate | 0.00% | 7.00% | |||||||||||||
Parkside Village Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, Weighted Average Interest Rate | 2.66% | ||||||||||||||
United/Slaughter Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, Weighted Average Interest Rate | 4.50% | ||||||||||||||
Goldman Sachs Loan [Member] | Notes Payable to Banks [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 147,025 | $ 0 | $ 150,000 | ||||||||||||
Debt | $ (148,297) | ||||||||||||||
Debt, Weighted Average Interest Rate | 5.58% | 0.00% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 2,095 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,215 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,342 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 2,477 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2,618 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 136,550 | ||||||||||||||
West Killeen Market construction loan [Member] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $ 9,900 | ||||||||||||||
Interest payments initial term | 42 months | ||||||||||||||
Debt Instrument, Term | 72 months | ||||||||||||||
Principal and interest term | 30 months | ||||||||||||||
Letters of Credit Tranche [Member] | Comerica Credit Facility [Member] | Letters of Credit Tranche [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ (1,500) | ||||||||||||||
Debt Instrument, Maturity Date | Mar. 31, 2017 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500 | ||||||||||||||
Line of Credit Facility, Covenant Terms | 3 | ||||||||||||||
Line of Credit [Member] | Comerica Credit Facility [Member] | Revolving Line of Credit Tranche [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt | $ (45,000) | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 45,000 | ||||||||||||||
Line of Credit [Member] | Comerica Credit Facility [Member] | Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Line of Credit | 46,547 | $ 53,149 | |||||||||||||
Debt | $ (46,547) | ||||||||||||||
Debt, Weighted Average Interest Rate | 6.00% | 6.00% | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 52,500 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 46,547 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||||||
Line of Credit [Member] | Amarra Villas Credit Facility [Domain] | Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Line of Credit | 3,777 | $ 0 | $ 8,000 | ||||||||||||
Debt | $ (3,935) | ||||||||||||||
Debt, Weighted Average Interest Rate | 3.54% | 0.00% | |||||||||||||
Debt Instrument, Covenant Compliance | 110 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,935 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 0 | ||||||||||||||
Subsequent Event [Member] | Santal Construction Loan [Member] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Maturity Date | Jan. 8, 2018 | ||||||||||||||
Subsequent Event [Member] | Barton Creek Village Term Loan [Member] | Notes Payable to Banks [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Maturity Date | Jun. 27, 2024 | ||||||||||||||
Payments for Loans | $ 2,100 | ||||||||||||||
Subsequent Event [Member] | Line of Credit [Member] | Comerica Credit Facility [Member] | Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Maturity Date | Aug. 31, 2017 | ||||||||||||||
Subsequent Event [Member] | Line of Credit [Member] | Amarra Villas Credit Facility [Domain] | Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Maturity Date | Jul. 12, 2019 | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Comerica Credit Facility [Member] | Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Santal Construction Loan [Member] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Amarra Villas Credit Facility [Domain] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | West Killeen Market construction loan [Member] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.80% | ||||||||||||||
Minimum [Member] | Comerica Credit Facility [Member] | Line of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||||||
Minimum [Member] | West Killeen Market construction loan [Member] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017 | |
Schedule Of Income Taxes [Line Items] | ||||||||||||
Operating income (loss) | $ 1,641 | $ 425 | $ (1,362) | $ 473 | $ 2,605 | $ 20,976 | $ 542 | $ 1,609 | $ 1,177 | $ 25,732 | $ 10,364 | |
Operating Loss Carryforwards | 3,500 | 3,500 | ||||||||||
Deferred tax assets and liabilities: | ||||||||||||
Real estate, commercial leasing assets and facilities | 13,995 | 12,930 | 13,995 | 12,930 | ||||||||
Alternative minimum tax credits (no expiration) | 1,169 | 0 | 1,169 | 0 | ||||||||
Employee benefit accruals | 563 | 549 | 563 | 549 | ||||||||
Accrued liabilities | 80 | 73 | 80 | 73 | ||||||||
Deferred income | 5 | 1,349 | 5 | 1,349 | ||||||||
Charitable contribution carryforward | 185 | 0 | 185 | 0 | ||||||||
Other assets | 496 | 544 | 496 | 544 | ||||||||
Net operating loss credit carryforwards | 1,225 | 14 | 1,225 | 14 | ||||||||
Other liabilities | (495) | (130) | (495) | (130) | ||||||||
Deferred tax assets, net | 17,223 | 15,329 | 17,223 | 15,329 | ||||||||
Current | 806 | (3,458) | (664) | |||||||||
Deferred | 1,973 | (2,118) | 11,358 | |||||||||
Benefit from (provision for) income taxes | 2,779 | (5,576) | 10,694 | |||||||||
Unrecognized Tax Benefits, Balance at January 1 | $ 1,105 | $ 1,160 | 1,105 | 1,160 | 854 | |||||||
Unrecognized Tax Benefits, Additions for tax positions related to the current year | 0 | 0 | 221 | |||||||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (332) | (55) | ||||||||||
Unrecognized Tax Benefits, Additions for tax positions related to prior years | 85 | |||||||||||
Unrecognized Tax Benefits, Balance at December 31 | 773 | $ 1,105 | 773 | 1,105 | 1,160 | |||||||
Income tax benefit computed at the federal statutory income tax rate | 3,072 | (6,983) | (2,612) | |||||||||
Change in valuation allowance | 0 | 0 | 12,096 | |||||||||
Noncontrolling interests | 0 | 1,896 | 1,664 | |||||||||
State taxes and other, net | (293) | (489) | (454) | |||||||||
Benefit from (provision for) income taxes | $ 2,779 | $ (5,576) | $ 10,694 | |||||||||
Income tax benefit computed at the federal statutory income tax rate (percent) | 35.00% | 35.00% | 35.00% | |||||||||
Change in valuation allowance (percent) | (0.00%) | (0.00%) | 162.00% | |||||||||
Noncontrolling interests (percent) | (0.00%) | 9.00% | 22.00% | |||||||||
State taxes and other, net (percent) | (3.00%) | (2.00%) | (6.00%) | |||||||||
Income tax provision (percent) | 32.00% | 28.00% | (143.00%) | |||||||||
Income Taxes Paid | $ 1,700 | $ 2,000 | $ 500 | |||||||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2036 | |||||||||||
Maximum [Member] | ||||||||||||
Deferred tax assets and liabilities: | ||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 100 | $ 100 | ||||||||||
Proceeds from Income Tax Refunds | 100 | $ 100 | $ 100 | |||||||||
Scenario, Forecast [Member] | ||||||||||||
Deferred tax assets and liabilities: | ||||||||||||
Increase in Unrecognized Tax Benefits is Reasonably Possible | $ 300 | |||||||||||
Tax Credit Carryforward, Name [Domain] | ||||||||||||
Schedule Of Income Taxes [Line Items] | ||||||||||||
Operating income (loss) | $ (400) |
Stock-Based Compensation, Equ47
Stock-Based Compensation, Equity Transactions and Employee Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Cost [Line Items] | |||
Debt issuance cost amortization and stock-based compensation | $ 719 | $ 528 | $ 480 |
Employee Stock Option [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Forfeiture Rate | 2.80% | ||
Debt issuance cost amortization and stock-based compensation | $ 0 | 0 | 6 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Forfeiture Rate | 0.00% | ||
Debt issuance cost amortization and stock-based compensation | $ 719 | $ 528 | $ 474 |
2013 Stock Incentive Plan [Member] [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 180,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 53,000 | ||
2010 Stock Incentive Plan [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 140,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,375 | ||
1996 Stock Option Plan [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,500 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Stock-Based Compensation, Equ48
Stock-Based Compensation, Equity Transactions and Employee Benefits (Stock-based Compensation Rollforward) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Balance at January 1 | 30,000 | |||
Expired | (5,000) | |||
Balance at December 31 | 25,000 | 30,000 | ||
Balance at January 1, Weighted Average Exercise Price | $ / shares | $ 18.91 | |||
Expired, Weighted Average Exercise Price | $ / shares | 26.44 | |||
Balance at December 31, Weighted Average Exercise Price | $ / shares | $ 17.40 | $ 18.91 | ||
Vested and Exercisable | 25,000 | |||
Vested and Exercisable, Weighted Average Exercise Price | $ / shares | $ 17.40 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 8 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 384 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 8 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 384 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Restricted Stock Units Grant Date Fair Value | $ | 1,000 | $ 600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ | 1,000 | $ 600 | ||
Employee Service Share Based Compensation Nonvested Restricted Stock Units Total Compensation Cost Not Yet Recognized | $ | $ 1,400 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months | |||
Shares Paid for Tax Withholding for Share Based Compensation | [1] | 12,591 | 11,562 | 10,917 |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ | $ 0 | $ 0 | $ 65 | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ | $ 290 | $ 153 | $ 125 | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share Based Compensation Arrangement By Share based Payment Award Performance Share Unit Payout Percentage | 100.00% | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share Based Compensation Arrangement By Share based Payment Award Performance Share Unit Payout Percentage | 0.00% | |||
Performance Shares and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Balance at January 1 | 110,125 | |||
Granted | 45,000 | |||
Vested | (43,375) | |||
Balance at December 31 | 111,750 | 110,125 | ||
RSUs Outsanding Intrinsic Value | $ | $ 3,394 | |||
Granted | 45,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Rollforward [Line Items] | ||||
Expiration period of options | 10 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ | $ 0 | $ 0 | ||
Share Based Arrangements, Options Vested in Period | 0 | 0 | 2,500 | |
Share Based Arrangements, Weighted-Average Grant Date Fair Value Of Options Vested | $ / shares | $ 6.63 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ | $ 100 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 21,000 | |||
Granted | 21,000 | |||
[1] | Under terms of the related plans and agreements, upon exercise of stock options and vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the exercise price and/or the minimum required taxes. |
Stock-Based Compensation, Equ49
Stock-Based Compensation, Equity Transactions and Employee Benefits (Share Purchase and Employee Benefits) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Employee Benefits [Line Items] | |||||
Stock Repurchase Program Authorized amount (in shares) | 700,000 | ||||
Stock Repurchase Program, Authorized Shares | 1,700,000 | ||||
Stock Repurchased During Period, Shares | 0 | 0 | 39,960 | ||
Payments for Repurchase of Common Stock | $ 0 | $ 0 | $ (679) | ||
Treasury Stock Acquired, Average Cost Per Share | $ 17 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 991,695 | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 5.00% | ||||
Defined Contribution Plan, Cost Recognized | $ 500 | $ 400 | $ 400 | ||
Corporate [Member] | |||||
Other Employee Benefits [Line Items] | |||||
Defined Contribution Plan, Employer Safe Harbor Contribution, Percent | 3.00% | ||||
Entertainment [Member] | |||||
Other Employee Benefits [Line Items] | |||||
Defined Contribution Plan, Employer Safe Harbor Contribution, Percent | 4.00% | ||||
Employee Stock Option [Member] | |||||
Other Employee Benefits [Line Items] | |||||
Share Based Arrangements, Options Vested in Period | 0 | 0 | 2,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 01, 2002 | |
Long-term Purchase Commitment [Line Items] | ||||
Noncancellable construction contract commitments | $ 7,100,000 | |||
Noncancelable long-term leases expiration date | Dec. 31, 2036 | |||
Minimum annual rental income under long-term operating leases: [Abstract] | ||||
2,017 | $ 6,900,000 | |||
2,018 | 6,700,000 | |||
2,019 | 6,200,000 | |||
2,020 | 6,200,000 | |||
2,021 | 6,200,000 | |||
Thereafter | 44,500,000 | |||
Operating Leases, Rent Expense | 100,000 | $ 100,000 | $ 100,000 | |
Minimum annual contractual payments under long-term operating leases: [Abstract] | ||||
2,017 | 100,000 | |||
2,018 | 100,000 | |||
2,019 | 0 | |||
2,020 | 0 | |||
Development Fee Credits, Amount Per Settlement Agreement | $ 15,000,000 | |||
Development Fee Credits, Amount Eligible For Sale Per Year | 1,500,000 | |||
Development Fee Credits, Cumulative Amount Permanently Used | 11,700,000 | |||
Development Fee Credits, Cumulative Amount Sold To Third Parties | 5,100,000 | |||
Development Fee Credits, Outstanding Credit Bank Capacity | 1,400,000 | |||
Development Fee Credits, Available Credit Bank Capacity | 1,900,000 | |||
Letter of Credit [Member] | Comerica Credit Facility [Member] | Letter of Credit [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Letters of credit committed | $ 2,300,000 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||
Unaffiliated customers | $ 20,985 | $ 21,180 | $ 19,150 | $ 19,026 | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | $ 80,341 | $ 80,871 | $ 94,111 |
Intersegment | 0 | 0 | 0 | ||||||||
Cost of sales, excluding depreciation | 58,918 | 59,068 | 68,965 | ||||||||
Depreciation | 8,082 | 8,743 | 8,977 | ||||||||
Litigation and insurance settlements | 0 | 0 | (2,082) | ||||||||
General and administrative expenses | 12,164 | 8,057 | 7,887 | ||||||||
Gain on sales of assets | 0 | (20,729) | 0 | ||||||||
Operating income (loss) | 1,641 | $ 425 | $ (1,362) | $ 473 | 2,605 | $ 20,976 | $ 542 | 1,609 | 1,177 | 25,732 | 10,364 |
Income from discontinued operations, net of taxes | $ 3,218 | 0 | 3,218 | 0 | |||||||
Capital expenditures | 42,790 | 81,415 | 61,732 | ||||||||
Municipal Utility District Reimbursement, Cash Flow | 12,302 | 5,307 | 0 | ||||||||
Total assets | 452,175 | 430,105 | 452,175 | 430,105 | 400,117 | ||||||
Eliminations and Other [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 0 | 0 | 0 | ||||||||
Intersegment | (1,290) | (1,102) | (1,166) | ||||||||
Cost of sales, excluding depreciation | (666) | (411) | (530) | ||||||||
Depreciation | (168) | (144) | (148) | ||||||||
Litigation and insurance settlements | 0 | ||||||||||
General and administrative expenses | 12,164 | 8,057 | 7,887 | ||||||||
Operating income (loss) | (12,620) | (8,604) | (8,375) | ||||||||
Income from discontinued operations, net of taxes | 0 | ||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Total assets | 13,839 | 11,312 | 13,839 | 11,312 | 6,164 | ||||||
Parkside Village and 5700 Slaughter [Member] | |||||||||||
Revenues: | |||||||||||
Gain on sales of assets | (20,729) | ||||||||||
Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Litigation and insurance settlements | (2,082) | ||||||||||
Capital expenditures | 5,977 | ||||||||||
Operating Segments [Member] | Hotel [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 40,418 | 41,346 | 42,354 | ||||||||
Intersegment | 309 | 305 | 506 | ||||||||
Cost of sales, excluding depreciation | 29,248 | 30,789 | 30,753 | ||||||||
Depreciation | 3,421 | 5,797 | 5,851 | ||||||||
Litigation and insurance settlements | 0 | ||||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 8,058 | 5,065 | 6,256 | ||||||||
Income from discontinued operations, net of taxes | 0 | ||||||||||
Capital expenditures | 1,216 | 1,023 | 704 | ||||||||
Total assets | 104,087 | 109,562 | 104,087 | 109,562 | 111,671 | ||||||
Operating Segments [Member] | Entertainment [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 19,522 | 19,607 | 19,048 | ||||||||
Intersegment | 183 | 193 | 60 | ||||||||
Cost of sales, excluding depreciation | 15,698 | 15,426 | 14,763 | ||||||||
Depreciation | 1,461 | 1,288 | 1,260 | ||||||||
Litigation and insurance settlements | 0 | ||||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 2,546 | 3,086 | 3,085 | ||||||||
Income from discontinued operations, net of taxes | 0 | ||||||||||
Capital expenditures | 217 | 128 | 123 | ||||||||
Total assets | 37,692 | 42,125 | 37,692 | 42,125 | 50,486 | ||||||
Operating Segments [Member] | Real Estate Operations [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 10,719 | 14,277 | 26,084 | ||||||||
Intersegment | 31 | 66 | 97 | ||||||||
Cost of sales, excluding depreciation | 9,702 | 10,426 | 20,743 | ||||||||
Depreciation | 224 | 246 | 229 | ||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 824 | 3,671 | 7,291 | ||||||||
Income from discontinued operations, net of taxes | 0 | ||||||||||
Capital expenditures | 14,575 | 26,237 | 54,928 | ||||||||
Total assets | 176,163 | 205,735 | 176,163 | 205,735 | 181,895 | ||||||
Operating Segments [Member] | Commercial Leasing [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 9,682 | 5,641 | 6,625 | ||||||||
Intersegment | 767 | 538 | 503 | ||||||||
Cost of sales, excluding depreciation | 4,936 | 2,838 | 3,236 | ||||||||
Depreciation | 3,144 | 1,556 | 1,785 | ||||||||
Litigation and insurance settlements | 0 | ||||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Gain on sales of assets | (20,729) | ||||||||||
Operating income (loss) | 2,369 | 22,514 | 2,107 | ||||||||
Income from discontinued operations, net of taxes | 3,218 | ||||||||||
Capital expenditures | 26,782 | 54,027 | |||||||||
Total assets | $ 120,394 | $ 61,371 | $ 120,394 | $ 61,371 | $ 49,901 |
Asset Sales and Discontinued 52
Asset Sales and Discontinued Operations (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Jul. 02, 2015ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Assets | $ 452,175 | $ 430,105 | $ 452,175 | $ 430,105 | $ 400,117 | ||||||||||
Liabilities | 321,149 | 293,431 | 321,149 | 293,431 | |||||||||||
Payments to Acquire and Develop Real Estate | 14,575 | 26,237 | 54,928 | ||||||||||||
Noncontrolling Interest, Distributions to Noncontrolling Interest Holders | $ 12,100 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | 3,493 | $ 879 | $ 1,042 | 0 | 5,418 | 4,754 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (8,829) | 21,252 | 6,351 | ||||||||||||
Net income (loss) attributable to common stockholders | $ (174) | $ (1,659) | $ (2,483) | $ (1,683) | $ 306 | 10,248 | (1,119) | 2,742 | (5,999) | 12,177 | 13,403 | ||||
Income from discontinued operations, net of taxes | 3,218 | $ 0 | 3,218 | 0 | |||||||||||
Parkside Village and 5700 Slaughter [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Disposal Date | Jul. 2, 2015 | ||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments | 17,000 | ||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 20,700 | 20,700 | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 3,900 | ||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ (46) | 441 | |||||||||||||
Net income (loss) attributable to common stockholders | (47) | $ 305 | |||||||||||||
7500 Rialto [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Guaranty of Debt Service | $ 5,000 | ||||||||||||||
Income from discontinued operations, net of taxes | 3,200 | 3,218 | |||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 5,000 | $ 5,000 | $ 5,100 | ||||||||||||
5700 Slaughter [Member] | Parkside Village and 5700 Slaughter [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Net Rentable Area | ft² | 25,698 | ||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 12,500 | ||||||||||||||
West Killeen Market [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Payments to Acquire and Develop Real Estate | 2,600 | ||||||||||||||
Parkside Village [Member] | Parkside Village and 5700 Slaughter [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Net Rentable Area | ft² | 90,184 | ||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 32,500 | ||||||||||||||
Parkside Village Loan [Member] | Parkside Village and 5700 Slaughter [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Long-term Debt | $ 26,000 | $ 26,000 | |||||||||||||
LCHM Holdings, LLC [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Noncontrolling Interest, Distributions to Noncontrolling Interest Holders | 3,200 | ||||||||||||||
Stratus Properties Inc [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Noncontrolling Interest, Distributions to Noncontrolling Interest Holders | $ 9,400 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | Feb. 28, 2017 | Feb. 15, 2017 | Dec. 31, 2017 |
Notes Payable to Banks [Member] | Barton Creek Village Term Loan [Member] | |||
Subsequent Event [Line Items] | |||
Payments for Loans | $ 2,100,000 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Oaks at Lakeway [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from Sale of Real Estate Held-for-investment | $ 3,100,000 | $ 114,000,000 | |
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments | $ 50,800,000 | ||
Contractual Obligation | $ 170,000 | ||
Guarantee obligations, Liability Cap, percentage | 2.00% | ||
Letters of Credit Outstanding, Amount | $ 1,500,000 |
Subsequent Events Statement of
Subsequent Events Statement of Operations - The Oaks Lakeway (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||||||||||
Operating Leases, Income Statement, Lease Revenue | $ 9,682 | $ 5,641 | $ 6,625 | ||||||||
Operating income (loss) | $ 1,641 | $ 425 | $ (1,362) | $ 473 | $ 2,605 | $ 20,976 | $ 542 | $ 1,609 | 1,177 | 25,732 | 10,364 |
Interest Expense | (9,408) | (4,065) | $ (3,751) | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Oaks at Lakeway [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Operating Leases, Income Statement, Lease Revenue | 5,658 | 517 | |||||||||
Operating income (loss) | 2,537 | 286 | |||||||||
Interest Expense | $ (1,198) | $ (30) |
Subsequent Events Balance Sheet
Subsequent Events Balance Sheet - The Oaks at Lakeway (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Development in Process | $ 111,373 | $ 139,171 |
Land Available for Development | 19,153 | 23,397 |
Real estate held for investment, net | 239,719 | 186,626 |
Other Assets | 17,982 | 13,871 |
Accrued Liabilities | 13,240 | 10,356 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 291,102 | 260,592 |
Other Liabilities | 10,073 | 8,301 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Oaks at Lakeway [Member] | ||
Subsequent Event [Line Items] | ||
Development in Process | 13,569 | 28,839 |
Land Available for Development | 5,405 | 0 |
Real estate held for investment, net | 53,276 | 35,866 |
Other Assets | 4,360 | 1,782 |
Accrued Liabilities | 3,116 | 549 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 57,912 | 45,931 |
Other Liabilities | $ 734 | $ 442 |
Subsequent Events Dividends (De
Subsequent Events Dividends (Details) | Mar. 15, 2017$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $ 1 |
Quarterly Financial Informati57
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Quarterly Financial Information [Line Items] | |||||||||||||
Loss on early extinguishment of debt | $ 837 | $ 837 | $ 0 | $ 19 | |||||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | 500 | 500 | |||||||||||
Revenues | $ 20,985 | $ 21,180 | $ 19,150 | 19,026 | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | 80,341 | 80,871 | 94,111 | ||
Operating income (loss) | 1,641 | 425 | (1,362) | 473 | 2,605 | 20,976 | 542 | 1,609 | 1,177 | 25,732 | 10,364 | ||
Income from discontinued operations, net of taxes | 3,218 | 0 | 3,218 | 0 | |||||||||
Net (loss) income | (174) | (1,659) | (2,483) | (1,683) | 310 | 13,741 | (240) | 3,784 | (5,999) | 17,595 | 18,157 | ||
Net income attributable to noncontrolling interests | 4 | 3,493 | 879 | 1,042 | 0 | 5,418 | 4,754 | ||||||
Net income (loss) attributable to common stockholders | $ (174) | $ (1,659) | $ (2,483) | $ (1,683) | $ 306 | $ 10,248 | $ (1,119) | $ 2,742 | $ (5,999) | $ 12,177 | 13,403 | ||
Basic and diluted net income (loss) per share attributable to common stockholders | $ (0.02) | $ (0.20) | $ (0.31) | $ (0.21) | $ 0.04 | $ 1.27 | $ (0.14) | $ 0.34 | $ (0.74) | $ 1.51 | |||
Gain (Loss) on Undeveloped Property Sales | $ 600 | $ (600) | |||||||||||
Gain (Loss) on Undeveloped Property Sales, Per Share | $ 0.08 | ||||||||||||
Insurance Recoveries | $ 100 | $ 500 | |||||||||||
Insurance Recoveries, Per Share | $ 0.07 | ||||||||||||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax | $ 0.07 | $ 0.07 | |||||||||||
Gain (Loss) on Disposition of Assets | $ 0 | 20,729 | 0 | ||||||||||
Parkside Village and 5700 Slaughter [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 10,800 | ||||||||||||
Gain (loss) on disposal of assets, net of tax, per share | $ 1.34 | ||||||||||||
Net income attributable to noncontrolling interests | $ 3,900 | ||||||||||||
Net income (loss) attributable to common stockholders | $ (47) | $ 305 | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 20,700 | 20,700 | |||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal, Net of Tax | $ 10,800 | ||||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal, Per Share | $ 1.34 | ||||||||||||
Gain (Loss) on Disposition of Assets | 20,729 | ||||||||||||
7500 Rialto [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Income from discontinued operations, net of taxes | $ 3,200 | 3,218 | |||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 5,000 | $ 5,000 | $ 5,100 | ||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $ 0.40 | $ 0.40 | |||||||||||
Maximum [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Insurance Recoveries, Per Share | $ 0.01 | ||||||||||||
Land [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 400 | ||||||||||||
Gain (Loss) on Undeveloped Property Sales, Per Share | $ 0.05 |
Schedule III - Real Estate, C58
Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)ft²a | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 57,955,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 254,668,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 112,702,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 170,657,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 254,668,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | $ 402,609,000 | $ 370,983,000 | $ 325,967,000 | $ 425,325,000 |
Number of Lots/Units in Real Estate Property | 311 | |||
Land Under Development or Available For Development, Acres | a | 1,766 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 27,471,000 | 35,384,000 | 27,009,000 | $ 33,844,000 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, Beginning of year | 402,609,000 | 370,983,000 | 325,967,000 | |
Real Estate, Improvements and other | 29,324,000 | 54,747,000 | 61,343,000 | |
Cost of real estate sold | (4,899,000) | (6,465,000) | (15,725,000) | |
Real Estate, Balance, End of year | 425,325,000 | 402,609,000 | 370,983,000 | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 431,500,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, Beginning of year | 27,471,000 | 35,384,000 | 27,009,000 | |
Real Estate Accumulated Depreciation, Retirement of assets | (1,709,000) | (16,656,000) | (602,000) | |
Real Estate Accumulated Depreciation, Depreciation expense | 8,082,000 | 8,743,000 | 8,977,000 | |
Real Estate Accumulated Depreciation, Balance, End of year | 33,844,000 | $ 27,471,000 | $ 35,384,000 | |
The Oaks at Lakeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Net Rentable Area | ft² | 236,739 | |||
Real Estate Held for Sale [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Lots/Units in Real Estate Property | 73 | |||
Real Estate Held for Sale [Member] | Barton Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 8,394,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,776,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 17,170,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 17,170,000 | $ 17,170,000 | ||
Number of Lots/Units in Real Estate Property | 297 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1988 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 17,170,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Held for Sale [Member] | Circle C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 199,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,624,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,823,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,823,000 | $ 1,823,000 | ||
Number of Lots/Units in Real Estate Property | 12 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1992 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 1,823,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Held for Sale [Member] | W Austin Hotel & Residences [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,243,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,243,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,243,000 | $ 2,243,000 | ||
Number of Lots/Units in Real Estate Property | 2 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2014 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 2,243,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land Under Development or Available For Development, Acres | a | 99 | |||
Real Estate Under Development [Member] | Barton Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,591,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 73,073,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 77,664,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 77,664,000 | $ 77,664,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 659 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1988 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 77,664,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | The Oaks at Lakeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,249,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,320,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,569,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 13,569,000 | $ 13,569,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 52 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 13,569,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | Circle C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 753,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,925,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,678,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 3,678,000 | $ 3,678,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 200 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1992 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 3,678,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | Magnolia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,237,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,513,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,750,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,750,000 | $ 4,750,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 124 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2014 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 4,750,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | Lantana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 255,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 6,024,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,279,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 6,279,000 | $ 6,279,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 36 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1994 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 6,279,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | West Killeen Market [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,583,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,850,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,433,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,433,000 | $ 5,433,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 9 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2015 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 5,433,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land Under Development or Available For Development, Acres | a | 1,668 | |||
Land Available for Development [Member] | Camino Real [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 16,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Impairments | (16,000) | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 0 | $ 0 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 2 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1990 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 0 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | Barton Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,507,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 4,552,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,059,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 7,059,000 | $ 7,059,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 577 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1988 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 7,059,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | Lakeway Residential [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,172,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 233,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,405,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,405,000 | $ 5,405,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 35 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 5,405,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | Circle C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,704,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,497,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,201,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,201,000 | $ 5,201,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 52 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1992 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 5,201,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | Flores Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 77,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,077,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,077,000 | $ 1,077,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2015 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 1,077,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | Lantana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 157,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 254,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 411,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 411,000 | $ 411,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 20 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1994 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 411,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Held for Investment [Member] | The Oaks at Lakeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,649,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,191,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,649,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,191,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 54,840,000 | $ 54,840,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 1,563,000 | $ 1,563,000 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 54,840,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 1,563,000 | |||
Real Estate Held for Investment [Member] | W Austin Hotel & Residences [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,075,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 165,542,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,075,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 165,542,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 173,617,000 | $ 173,617,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 29,131,000 | $ 29,131,000 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 173,617,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 29,131,000 | |||
Real Estate Held for Investment [Member] | Barton Creek Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 414,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,524,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 414,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,524,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 43,938,000 | $ 43,938,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 2,505,000 | $ 2,505,000 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2007 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 43,938,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 2,505,000 | |||
Real Estate Held for Investment [Member] | Corporate [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,168,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,168,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,168,000 | $ 1,168,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 645,000 | $ 645,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | 1,168,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | $ 645,000 | |||
Retail Space [Member] | W Austin Hotel & Residences [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Net Rentable Area | ft² | 18,327 | |||
Retail Space [Member] | Barton Creek Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Net Rentable Area | ft² | 22,366 | |||
Bank Building [Member] | Barton Creek Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Net Rentable Area | ft² | 3,085 | |||
Hotel [Member] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Life Used for Depreciation | 35 years | |||
Hotel [Member] | W Austin Hotel & Residences [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Hotel Rooms | 251 | |||
Minimum [Member] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Life Used for Depreciation | 30 years | |||
Maximum [Member] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Life Used for Depreciation | 40 years |