Stratus Properties (STRS) 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Stratus Properties Inc.
Entity Central Index Key	885,508
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		8,164,370
Entity Current Reporting Status	Yes

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 21,182	$ 14,611
Restricted cash	25,910	24,779
Real estate held for sale	18,980	22,612
Real estate under development	136,645	118,484
Land available for development	23,947	14,804
Real estate held for investment, net	234,796	188,390
Deferred tax assets	12,542	11,461
Other assets	14,054	10,852
Total assets	488,056	405,993
LIABILITIES AND EQUITY
Accounts payable	20,976	22,809
Accrued liabilities, including taxes	10,428	13,429
Debt	293,739	221,470
Deferred gain	9,926	11,320
Other liabilities	12,620	9,575
Total liabilities	347,689	278,603
Commitments and contingencies
Stockholders’ equity:
Common stock	93	93
Capital in excess of par value of common stock	186,024	185,395
Accumulated deficit	(42,220)	(37,121)
Common stock held in treasury	(21,260)	(21,057)
Total stockholders’ equity	122,637	127,310
Noncontrolling interests in subsidiaries	17,730	80
Total equity	140,367	127,390
Total liabilities and equity	$ 488,056	$ 405,993

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Leasing operations	$ 2,813	$ 1,923	$ 7,148	$ 6,015
Total revenues	17,923	17,222	58,998	59,315
Cost of sales:
Real estate operations	2,279	2,204	9,405	8,048
Leasing operations	1,227	1,091	3,732	3,749
Hotel	6,625	6,676	20,803	21,277
Entertainment	4,008	3,666	11,412	12,298
Cost, Depreciation	2,171	2,031	6,166	5,928
Total cost of sales	16,310	15,668	51,518	51,300
General and administrative expenses	2,650	2,220	8,646	8,462
Profit participation in sale of The Oaks at Lakeway	0	0	0	2,538
Gain on sale of assets	0	(24,306)	0	(25,421)
Total	18,960	(6,418)	60,164	36,879
Operating (loss) income	(1,037)	23,640	(1,166)	22,436
Interest expense, net	(2,150)	(1,577)	(5,451)	(5,060)
Gain on interest rate derivative instruments	56	54	314	136
Loss on early extinguishment of debt	0	0	0	(532)
Other income, net	17	6	39	24
(Loss) income before income taxes and equity in unconsolidated affiliates' income (loss)	(3,114)	22,123	(6,264)	17,004
Equity in unconsolidated affiliates' income (loss)	210	(5)	204	(24)
Benefit from (provision for) income taxes	532	(7,810)	961	(6,227)
Net (loss) income and total comprehensive (loss) income	(2,372)	14,308	(5,099)	10,753
Total comprehensive income attributable to noncontrolling interests in subsidiaries	0	0	0	(8)
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (2,372)	$ 14,308	$ (5,099)	$ 10,745
Earnings Per Share, Basic	$ (0.29)	$ 1.76	$ (0.63)	$ 1.32
Earnings Per Share, Diluted	$ (0.29)	$ 1.75	$ (0.63)	$ 1.32
Weighted Average Number of Shares Outstanding, Basic	8,156	8,128	8,149	8,119
Weighted Average Number of Shares Outstanding, Diluted	8,156	8,172	8,149	8,169
Common Stock, Dividends, Per Share, Declared	$ 0	$ 0	$ 0	$ 1
Real Estate [Member]
Revenues:
Revenue from contracts with customers	$ 2,100	$ 2,923	$ 10,273	$ 9,108
Hotel [Member]
Revenues:
Revenue from contracts with customers	8,172	7,738	27,087	27,817
Entertainment [Member]
Revenues:
Revenue from contracts with customers	$ 4,838	$ 4,638	$ 14,490	$ 16,375

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statement of Cash Flows [Abstract]
Increase (Decrease) in Security Deposits	$ 1,242	$ (145)
Cash flow from operating activities:
Net (loss) income	(5,099)	10,753
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation	6,166	5,923
Cost of Real Estate Sold	5,780	5,086
Gain on sale of assets	0	(25,421)
Gain on interest rate derivative contracts	(314)	(136)
Loss on early extinguishment of debt	0	532
Debt issuance cost and share based compensation	1,389	1,227
Equity in unconsolidated affiliates' (income) loss	(204)	24
Increase (Decrease) in Security Deposits	1,242	(145)
Deferred income taxes	(1,081)	(1,264)
Purchases and development of real estate properties	(28,900)	(11,196)
Municipal utility district reimbursement	0	2,172
Increase (Decrease) in Other Operating Assets	2,965	160
Decrease in accounts payable, accrued liabilities and other	(2,607)	(320)
Net cash used in operating activities	(26,593)	(12,925)
Cash flow from investing activities:
Capital expenditures	(53,468)	(14,363)
Proceeds from sale of assets	0	117,261
Payments on master lease obligations	(1,476)	(1,653)
Payments for (Proceeds from) Other Investing Activities	378	(49)
Net cash (used in) provided by investing activities	(54,566)	101,196
Cash flow from financing activities:
Borrowings from credit facility	32,436	45,200
Payments on credit facility	(6,112)	(53,651)
Borrowings from project loans	50,062	8,725
Payments on project and term loans	(3,799)	(64,228)
Payments of Dividends	0	8,133
Stock-based awards net payments	(203)	(234)
Proceeds from (Payments to) Noncontrolling Interests	17,650	0
Payments of Financing Costs	1,173	1,536
Net cash provided by (used in) financing activities	88,861	(73,857)
Net increase in cash, cash equivalents and restricted cash	7,702	14,414
Cash, cash equivalents and restricted cash at beginning of year	39,390	25,489
Cash, cash equivalents and restricted cash at end of period	$ 47,092	$ 39,903

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stratus Stockholders' Equity [Member]	Common Stock [Member]	Capital in Excess of Par Value [Member]	Accumulated Deficit [Member]	Common Stock Held in Treasury [Member]	Noncontrolling Interests in Subsidiaries [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 10,753	$ 10,745			$ 10,745		$ 8
Balance at Dec. 31, 2016	131,026	130,951	$ 92	$ 192,762	(41,143)	$ (20,760)	75
Balance (in shares) at Dec. 31, 2016			9,203			1,105
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, Common Stock, Cash	(8,221)	(8,221)		(8,221)
Exercised and issued stock-based awards	63	63	$ 1	62
Exercised and issued stock-based awards (in shares)			47
Stock-based compensation	581	581		581
Tender of shares for stock-based awards	(297)	(297)				$ (297)
Tender of shares for stock-based awards (in shares)						12
Balance at Sep. 30, 2017	134,048	133,965	$ 93	185,184	(30,255)	$ (21,057)	83
Balance (in shares) at Sep. 30, 2017			9,250			1,117
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	14,308	14,308			14,308		0
Balance at Jun. 30, 2017	119,636	119,553	$ 93	185,080	(44,563)	$ (21,057)	83
Balance (in shares) at Jun. 30, 2017			9,243			1,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, Common Stock, Cash	(94)	(94)		(94)
Exercised and issued stock-based awards	0	0	$ 0	0
Exercised and issued stock-based awards (in shares)			7
Stock-based compensation	198	198		198
Balance at Sep. 30, 2017	134,048	133,965	$ 93	185,184	(30,255)	$ (21,057)	83
Balance (in shares) at Sep. 30, 2017			9,250			1,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for Cumulative Effect of Change in Accounting for Stock-Based Compensation	143	143			143
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(5,099)	(5,099)			(5,099)		0
Balance at Dec. 31, 2017	127,390	127,310	$ 93	185,395	(37,121)	$ (21,057)	80
Balance (in shares) at Dec. 31, 2017			9,250			1,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0	$ 0	0
Exercised and issued stock-based awards (in shares)			38
Stock-based compensation	629	629		629
Tender of shares for stock-based awards	(203)	(203)				$ (203)
Tender of shares for stock-based awards (in shares)						7
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	17,650						17,650
Balance at Sep. 30, 2018	140,367	122,637	$ 93	186,024	(42,220)	$ (21,260)	17,730
Balance (in shares) at Sep. 30, 2018			9,288			1,124
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,372)	(2,372)			(2,372)		0
Balance at Jun. 30, 2018	131,822	124,742	$ 93	185,757	(39,848)	$ (21,260)	7,080
Balance (in shares) at Jun. 30, 2018			9,277			1,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0	$ 0	0
Exercised and issued stock-based awards (in shares)			11
Stock-based compensation	267	267		267
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	10,650						10,650
Balance at Sep. 30, 2018	$ 140,367	$ 122,637	$ 93	$ 186,024	$ (42,220)	$ (21,260)	$ 17,730
Balance (in shares) at Sep. 30, 2018			9,288			1,124

General Information (Unaudited)

General Information (Unaudited)	9 Months Ended
	Sep. 30, 2018
General Information [Abstract]
General Information [Text Block]	GENERAL The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2017 , included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K (Stratus 2017 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. With the exception of the accounting for the deferred gain on the 2017 sale of The Oaks at Lakeway, all such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the nine -month period ended September 30, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 .

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	EARNINGS PER SHARE Stratus’ basic net (loss) income per share of common stock was calculated by dividing the net (loss) income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net (loss) income $ (2,372 ) $ 14,308 $ (5,099 ) $ 10,753 Net income attributable to noncontrolling interests in subsidiaries — — — — (8 ) Net (loss) income attributable to Stratus common stockholders $ (2,372 ) $ 14,308 $ (5,099 ) $ 10,745 Basic weighted-average shares of common stock outstanding 8,156 8,128 8,149 8,119 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) a — 44 — 50 Diluted weighted-average shares of common stock outstanding 8,156 8,172 8,149 8,169 Basic net (loss) income per share attributable to common stockholders $ (0.29 ) $ 1.76 $ (0.63 ) $ 1.32 Diluted net (loss) income per share attributable to common stockholders $ (0.29 ) $ 1.75 $ (0.63 ) $ 1.32 a. Excludes approximately 97 thousand shares of common stock for third-quarter 2018 , 30 thousand shares for third-quarter 2017 , 96 thousand shares for the first nine months of 2018 and 23 thousand shares for the first nine months of 2017 associated with restricted stock units and outstanding stock options that were anti-dilutive.

Related Party Transaction

Related Party Transaction	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Saint Mary, L.P. On June 19, 2018, The Saint Mary, L.P., a Texas limited partnership and a subsidiary of Stratus, completed a series of financing transactions to develop The Saint Mary, a 240 -unit luxury, garden-style apartment project in the Circle C community in Austin, Texas. The financing transactions included (1) a $26 million construction loan with Texas Capital Bank, National Association (see Note 6 for further discussion) and (2) an $8.0 million private placement. The Saint Mary, L.P. issued, in a private placement exempt from registration under federal and state securities laws, Class B limited partnership interests to a limited number of investors (the Saint Mary Class B limited partners), for $8.0 million (the Saint Mary Offering) resulting in the Saint Mary Class B limited partners owning an aggregate 49.1 percent equity interest in The Saint Mary, L.P. In accordance with the terms of the Saint Mary Offering, Circle C Land, L.P., a Texas limited partnership and a subsidiary of Stratus and the sole Class A limited partner of The Saint Mary, L.P. (Circle C) purchased Class B limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. for $1.0 million . Upon completion of the Saint Mary Offering, Stratus holds, in aggregate, a 57 percent indirect equity interest in The Saint Mary, L.P. Additionally, among the participants in the Saint Mary Offering, LCHM Holdings, LLC, a related party as a result of its greater than 5 percent beneficial ownership of Stratus’ common stock (LCHM), purchased Saint Mary Class B limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. for $1.0 million . In connection with the Saint Mary Offering, The Saint Mary GP, L.L.C., a Texas limited liability company (the Saint Mary General Partner) and a subsidiary of Stratus, Circle C, and the Saint Mary Class B limited partners entered into an Amended and Restated Limited Partnership Agreement (the Saint Mary Partnership Agreement) effective as of June 18, 2018. The Saint Mary Partnership Agreement includes the following key provisions: • The Saint Mary, L.P. will be managed by the Saint Mary General Partner, and The Saint Mary, L.P. will pay the Saint Mary General Partner, or another affiliate of Stratus, an asset management fee of $210,000 per year beginning one year after construction of The Saint Mary begins. • The Saint Mary, L.P. will pay the Saint Mary General Partner, or another affiliate of Stratus, a development management fee of approximately $1.4 million for the overall coordination and management of the development and construction of The Saint Mary. • Circle C contributed an approximate 14.35 acre tract of land upon which The Saint Mary will be developed and constructed and $0.7 million of cash. • The partners are entitled to preferred returns, which change after certain returns are achieved as specified in the Saint Mary Partnership Agreement. Stratus has performed evaluations and concluded that The Saint Mary, L.P. is a variable interest entity and that Stratus is the primary beneficiary. Stratus will continue to evaluate which entity is the primary beneficiary of The Saint Mary, L.P. in accordance with applicable accounting guidance. As of September 30, 2018 , Stratus’ consolidated balance sheet includes the following assets and liabilities of The Saint Mary, L.P. (in thousands): September 30, 2018 Assets: Cash and cash equivalents $ 11 Restricted cash 6,001 Real estate held under development 6,550 Other assets 748 Total assets $ 13,310 Liabilities: Accounts payable $ 1,466 Accrued liabilities, including taxes 16 Total liabilities 1,482 Net assets $ 11,828 Stratus Kingwood Place, L.P. On August 3, 2018, Stratus Kingwood Place, L.P., a Texas limited partnership and a subsidiary of Stratus (the Kingwood, L.P.), completed a $10.7 million private placement, approximately $7 million of which, combined with a $6.75 million loan from Comerica Bank, was used to purchase a 54 -acre tract of land located in Kingwood, Texas for $13.5 million , for the development, subject to obtaining a construction loan and building permits, of Kingwood Place, a new H-E-B, L.P. (HEB)-anchored mixed-use development project (Kingwood Place). The development plan for Kingwood Place includes a 103,000 -square-foot HEB store, 41,000 square feet of retail space, 6 retail pads, and an 11 -acre parcel planned for approximately 300 multi-family units. The Kingwood, L.P. issued, in a private placement exempt from registration under federal and state securities laws, Class B limited partnership interests to a limited number of investors (the Kingwood Class B limited partners), for $10.7 million (the Kingwood Offering), representing approximately 70 percent of the projected partnership equity. Among the participants in the Kingwood Offering, LCHM purchased Kingwood Class B limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. for $1.0 million . In connection with the Kingwood Offering, Stratus Northpark, L.L.C., a Texas limited liability company, a subsidiary of Stratus and the general partner of the Kingwood, L.P. (the Kingwood General Partner), Stratus Properties Operating Co., L.P., a Delaware limited partnership, also a subsidiary of Stratus (the Class A limited partner), and the Kingwood Class B limited partners entered into an Amended and Restated Limited Partnership Agreement (the Kingwood Partnership Agreement) effective as of August 3, 2018. The Kingwood Partnership Agreement includes the following key provisions: • The Kingwood, L.P. will be managed by the Kingwood General Partner, and the Kingwood, L.P. will pay the Kingwood General Partner, or another affiliate of Stratus, an asset management fee of $283,000 per year beginning one year after construction of Kingwood Place begins. • The Kingwood, L.P. will pay the Kingwood General Partner, or another affiliate of Stratus, a development management fee equal to four percent of the construction costs for Kingwood Place for the overall coordination and management of the development and construction of Kingwood Place. • The partners are entitled to preferred returns, which change after certain returns are achieved as specified in the Kingwood Partnership Agreement.

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS The Oaks at Lakeway. 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 after repayment of the Lakeway construction loan. Stratus used a portion of these net cash proceeds to pay indebtedness outstanding under the Comerica Bank 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. As specified conditions are met, primarily consisting of the tenant executing a lease, commencing payment of rent and taking occupancy, leases will be assigned to the purchaser and the corresponding property will be removed from the master lease, reducing Stratus' master lease payment obligations. Stratus' master lease payment obligation, which currently approximates $180 thousand per month, is expected to decline over time until leasing is complete and all leases are assigned to the purchaser. 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. At the date of sale, Stratus allocated the purchase price for The Oaks at Lakeway between two performance obligations based on the relative fair values of each. The first performance obligation, to deliver the completed and leased portion of the property, was performed on the date of sale. The second performance obligation was to complete construction of the remaining buildings and leasing of the vacant space. The obligations under master leases were considered variable consideration and are recorded as reductions to the contract liability. The hotel pad was leased to a hotel operator under a ground lease at the date of sale. However, the hotel tenant had not commenced rent payments or construction of the hotel. At the date of the sale, primarily because of the uncertainty related to the hotel tenant’s performance under its ground lease, the probability-weighted estimate of the obligations under the master leases reduced the sale consideration such that no gain was recognized on the sale. Once the hotel tenant began paying rent in May 2017 and obtained construction financing and commenced construction of the hotel in August 2017, the probability-weighted estimate of Stratus’ obligations under the master leases was significantly reduced, and a gain of $24.3 million related to the first performance obligation was recognized in third-quarter 2017. A contract liability of $9.9 million is presented as a deferred gain in the consolidated balance sheets at September 30, 2018 , compared with $11.3 million at December 31, 2017. The reduction in the deferred gain balance primarily reflects master lease payments. The contract liability, as reduced by future master lease payments, will be recognized as additional gain as Stratus fulfills the remaining performance obligation. Upon the sale of The Oaks at Lakeway, HEB earned a profit participation of $2.5 million (of which $2.2 million was paid at closing), which is presented separately in the consolidated statements of comprehensive (loss) income. Barton Creek Village. On February 28, 2017, Stratus completed the sale of its 3,085 -square-foot bank building and an adjacent undeveloped 4.1 acre tract of land in Barton Creek, for $3.1 million and recorded a gain on the sale of $1.1 million . In connection with the sale, a $2.1 million paydown was made on the Barton Creek Village term loan.

Fair Value Measurements (Unaudi

Fair Value Measurements (Unaudited)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements [Text Block]	FAIR VALUE MEASUREMENTS Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value for certain Stratus financial instruments (i.e., cash and cash equivalents, restricted cash, accounts payable and accrued liabilities) approximates fair value because of their short-term nature and generally negligible credit losses. A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands): September 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate swap agreement $ 179 $ 179 $ — $ — Liabilities: Debt $ 293,739 $ 297,246 $ 221,470 $ 224,632 Interest rate swap agreement — — 134 134 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. Interest Rate Swap Agreement. The interest rate swap does not qualify for hedge accounting and changes in its fair value are recorded in the consolidated statements of comprehensive (loss) income. Stratus 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 and Equity Transactions (U

Debt and Equity Transactions (Unaudited)	9 Months Ended
	Sep. 30, 2018
Capitalization, Long-term Debt and Equity [Abstract]
Debt and Equity Transactions [Text Block]	DEBT AND EQUITY Debt. The components of Stratus' debt are as follows (in thousands): September 30, 2018 December 31, 2017 Goldman Sachs loan $ 143,753 $ 145,195 Comerica Bank credit facility 52,089 25,765 Santal Phase I construction loan 32,597 31,864 Barton Creek Village term loan 3,308 3,375 Amarra Villas credit facility 5,261 5,247 West Killeen Market construction loan 6,421 5,378 Jones Crossing construction loan 11,153 4,646 Lantana Place construction loan 16,114 — Santal Phase II construction loan 16,379 — Kingwood Place loan 6,664 — Total debt a $ 293,739 $ 221,470 a. Includes net reductions for unamortized debt issuance costs of $2.4 million at September 30, 2018 , and $2.1 million at December 31, 2017. As discussed in Note 3, on August 3, 2018, Kingwood, L.P. entered into a one year, $6.75 million loan with Comerica Bank to purchase a 54 -acre tract of land located in Kingwood, Texas, for the development, subject to obtaining a construction loan and building permits, of Kingwood Place. The loan bears interest at the London Interbank Offered Rate (LIBOR) plus 4.0 percent . Borrowings on the Kingwood Place loan are secured by the Kingwood project, and are guaranteed by Stratus. The Kingwood Place loan contains the same financial covenants in place on Stratus’ Comerica Bank Credit Facility, including a requirement that Stratus maintains a net asset value of $125 million and an aggregate promissory note debt-to-gross asset value of less than 50 percent . On June 29, 2018, Stratus entered into a loan agreement with Comerica Bank to modify, increase and extend Stratus’ Comerica Bank credit facility, which was scheduled to mature on November 30, 2018. The new loan agreement provides for (1) an increase in the revolving credit facility from $45.0 million to $60.0 million , (2) a $7.5 million sublimit for letters of credit issuance and (3) an extension of the maturity date from November 30, 2018, to June 29, 2020. Advances under the credit facility bear interest at the annual LIBOR plus 4.0 percent . The Comerica Bank credit facility is secured by substantially all of Stratus' assets, except for properties that are encumbered by separate debt financing. The loan agreement contains financial covenants usual and customary for loan agreements of this nature, including a requirement that Stratus maintains a net asset value of $125 million and an aggregate promissory note debt-to-gross asset value of less than 50 percent. As of September 30, 2018 , Stratus had $3.8 million available under its $60.0 million Comerica Bank revolving line of credit, with $4.1 million of letters of credit committed against the credit facility. As discussed in Note 3, on June 19, 2018, Stratus entered into a $26 million construction loan with Texas Capital Bank (The Saint Mary construction loan) to finance the initial phase of The Saint Mary. Stratus will fully guaranty The Saint Mary construction loan. The repayment guaranty will be reduced to 50 percent upon issuance of a certificate of occupancy for The Saint Mary and will be eliminated when the project debt service coverage ratio equals or exceeds 1.25:1.0. Interest is variable at the one-month LIBOR plus 3.0 percent . Payments of interest only will be due and payable monthly, and outstanding principal is payable at maturity of June 19, 2021. Outstanding amounts will be secured by The Saint Mary and all subsequent improvements. The construction loan agreement and related document contain affirmative and negative covenants usual and customary for loan agreements of this nature. Stratus may extend the maturity of this loan for up to two additional 12 -month periods if certain conditions are met, including debt service coverage ratio thresholds. As of September 30, 2018 , no amounts were drawn on The Saint Mary construction loan. For a description of Stratus' other debt, refer to Note 6 in the Stratus 2017 Form 10-K. Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $4.3 million in third-quarter 2018 , $3.1 million in third-quarter 2017 , $11.4 million for the first nine months of 2018 and $9.3 million for the first nine months of 2017 . Stratus' capitalized interest costs totaled $2.1 million in third-quarter 2018 , $1.5 million in third-quarter 2017 , $6.0 million for the first nine months of 2018 and $4.3 million for the first nine months of 2017 , primarily related to development activities at Barton Creek. Equity. Stratus' Comerica Bank credit facility requires the bank's prior written consent to pay a dividend on Stratus' common stock. On March 15, 2017 , Stratus' Board of Directors (the Board), after receiving written consent from Comerica Bank, declared a special cash dividend of $1.00 per share ( $8.1 million ), which was paid 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 sale of The Oaks at Lakeway. Comerica Bank’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 Bank 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.

Income Taxes (Unaudited)

Income Taxes (Unaudited)	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes [Text Block]	INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes is further described in Notes 1 and 7 in the Stratus 2017 Form 10-K. Stratus had deferred tax assets (net of deferred tax liabilities) totaling $12.5 million at September 30, 2018 , and $11.5 million at December 31, 2017 . Stratus’ income tax benefit for the first nine months of 2018 includes a deferred tax benefit of $1.1 million , partly offset by income tax expense of $0.1 million . Stratus’ future results of operations may be negatively impacted by an inability to realize a tax benefit for future tax losses or for items that will generate additional deferred tax assets. The difference between Stratus' consolidated effective income tax rate for the first nine months of 2018 and the first nine months of 2017 , and the U.S. Federal statutory income tax rate of 21 percent for 2018 and 35 percent for 2017, was primarily attributable to the Texas state margin tax.

Business Segments (Unaudited)

Business Segments (Unaudited)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Business Segments [Text Block]	BUSINESS SEGMENTS Stratus currently has four operating segments: Real Estate Operations, Leasing Operations, Hotel and Entertainment. 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, including portions of Santal Phase II; the Circle C community, including The Saint Mary; the Lantana community, including Lantana Place; and one condominium unit at the W Austin Hotel & Residences); in Lakeway, Texas located in the greater Austin area (Lakeway); in College Station, Texas (Jones Crossing); and in Magnolia, Texas (Magnolia) and Kingwood, Texas (Kingwood Place), both located in the greater Houston area. The Leasing Operations segment includes the office and retail space at the W Austin Hotel & Residences, a retail building in Barton Creek Village, Santal Phase I, the West Killeen Market in Killeen, Texas, and portions of the Santal Phase II, Lantana Place and Jones Crossing projects. The Hotel segment includes the W Austin Hotel located at the W Austin Hotel & Residences in downtown Austin, Texas. The Entertainment segment includes ACL Live, a live music and entertainment venue and production studio, and 3TEN ACL Live, both at the W Austin Hotel & Residences. In addition to hosting concerts and private events, ACL Live 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. Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus' operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity. Revenues From Contracts with Customers. Stratus' revenues from contracts with customers for the third quarters and the first nine months of 2018 and 2017 follow (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Real Estate Operations: Developed property sales $ 2,025 $ 2,860 $ 10,036 $ 8,436 Undeveloped property sales — — — 544 Commissions and other 75 63 237 128 2,100 2,923 10,273 9,108 Leasing Operations: Rental revenue 2,813 1,923 7,148 6,015 2,813 1,923 7,148 6,015 Hotel: Rooms, food and beverage 7,554 7,143 25,156 26,054 Other 618 595 1,931 1,763 8,172 7,738 27,087 27,817 Entertainment: Event revenue 4,154 4,010 12,532 14,520 Other 684 628 1,958 1,855 4,838 4,638 14,490 16,375 Total Revenues from Contracts with Unaffiliated Customers $ 17,923 $ 17,222 $ 58,998 $ 59,315 Financial Information by Business Segment. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Real Estate Operations a Leasing Operations Hotel Entertainment Eliminations and Other b Total Three Months Ended September 30, 2018: Revenues: Unaffiliated customers $ 2,100 $ 2,813 $ 8,172 $ 4,838 $ — $ 17,923 Intersegment 8 227 72 21 (328 ) — Cost of sales, excluding depreciation 2,279 1,235 6,639 4,154 (168 ) 14,139 Depreciation 65 863 886 391 (34 ) 2,171 General and administrative expenses — — — — 2,650 2,650 Operating (loss) income $ (236 ) $ 942 $ 719 $ 314 $ (2,776 ) $ (1,037 ) Capital expenditures and purchases and development of real estate properties $ 21,201 $ 10,334 $ 128 $ 24 $ — $ 31,687 Total assets at September 30, 2018 183,857 157,706 102,069 36,377 8,047 488,056 Real Estate Operations a Leasing Operations Hotel Entertainment Eliminations and Other b Total Three Months Ended September 30, 2017: Revenues: Unaffiliated customers $ 2,923 $ 1,923 $ 7,738 $ 4,638 $ — $ 17,222 Intersegment 115 222 57 17 (411 ) — Cost of sales, excluding depreciation 2,204 1,100 6,678 3,799 (144 ) 13,637 Depreciation 57 739 886 384 (35 ) 2,031 General and administrative expenses — — — — 2,220 2,220 Gain on sales of assets — (24,306 ) c — — — (24,306 ) Operating income (loss) $ 777 $ 24,612 $ 231 $ 472 $ (2,452 ) $ 23,640 Capital expenditures and purchases and development of real estate properties $ 3,222 $ 9,066 $ 15 $ 182 $ — $ 12,485 Total assets at September 30, 2017 183,643 71,041 103,560 36,888 15,332 410,464 Nine Months Ended September 30, 2018: Revenues: Unaffiliated customers $ 10,273 $ 7,148 $ 27,087 $ 14,490 $ — $ 58,998 Intersegment 24 703 194 79 (1,000 ) — Cost of sales, excluding depreciation 9,405 d 3,756 20,861 11,850 (520 ) 45,352 Depreciation 190 2,234 2,675 1,171 (104 ) 6,166 General and administrative expenses — — — — 8,646 8,646 Operating income (loss) $ 702 $ 1,861 $ 3,745 $ 1,548 $ (9,022 ) $ (1,166 ) Capital expenditures and purchases and development of real estate properties $ 28,900 $ 52,619 $ 464 $ 385 $ — $ 82,368 Nine Months Ended September 30, 2017: Revenues: Unaffiliated customers $ 9,108 $ 6,015 $ 27,817 $ 16,375 $ — $ 59,315 Intersegment 136 653 230 142 (1,161 ) — Cost of sales, excluding depreciation 8,048 3,773 21,323 12,756 (528 ) 45,372 Depreciation 171 2,070 2,654 1,137 (104 ) 5,928 General and administrative expenses — — — — 8,462 8,462 Profit participation — 2,538 — — — 2,538 Gain on sales of assets — (25,421 ) c — — — (25,421 ) Operating income (loss) $ 1,025 $ 23,708 $ 4,070 $ 2,624 $ (8,991 ) $ 22,436 Capital expenditures and purchases and development of real estate properties $ 11,196 $ 13,845 $ 273 $ 245 $ — $ 25,559 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes $24.3 million associated with recognition of a portion of the deferred gain on the sale of The Oaks at Lakeway. d. Includes $0.4 million of reductions to cost of sales associated with collection of prior-years' assessments of properties in Barton Creek.

New Accounting Standards (Unaud

New Accounting Standards (Unaudited)	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NEW ACCOUNTING STANDARDS Revenue Recognition. In May 2014, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) related to revenue recognition. Stratus adopted this standard effective January 1, 2018, under the modified retrospective approach applied to contracts that remain in force at the adoption date. The adoption of this standard did not result in any changes to Stratus' revenue recognition policies or processes (refer to Note 1 of Stratus' 2017 Form 10-K for disclosure of Stratus' revenue recognition policy) except as follows: Revenue or gains on sales of real estate are recognized when control of the asset has been transferred to the buyer if collection of substantially all of the consideration to which Stratus will be entitled is probable and Stratus has satisfied all other performance obligations under the contract. Consideration is allocated among multiple performance obligations or distinct nonfinancial assets to be transferred to the buyer based on relative fair value. Financial Instruments. In January 2016, FASB issued an ASU that amends the guidance on the classification and measurement of financial instruments. This ASU makes limited changes to prior guidance and amends certain disclosure requirements. Stratus adopted this ASU effective January 1, 2018, and such adoption did not have a material impact on its financial statements. Leases. In February 2016, 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 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. In July 2018, FASB issued a practical expedient allowing for entities to apply the provisions of the updated lease guidance at the January 1, 2019, effective date, without adjusting the comparative periods presented. Stratus continues to review the impact of the new guidance on its financial reporting and disclosures, including the impact of the College Station ground lease. Statement of Cash Flows: Restricted Cash. In November 2016, FASB issued an ASU that changes the classification and presentation of restricted cash and restricted cash equivalents on the statement of cash flows. The ASU requires that a statement of cash flows include the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Stratus adopted this ASU effective January 1, 2018, and adjusted its consolidated statement of cash flows for the nine months ended September 30, 2017 , to include restricted cash (Stratus has no restricted cash equivalents) with cash and cash equivalents. The impact of adopting this ASU for the nine months ended September 30, 2017 , follows (in millions): Previously Reported Impact of Adoption Current Presentation Net increase in cash, cash equivalents and restricted cash $ 2,555 $ 11,859 $ 14,414 Cash, cash equivalents and restricted cash at beginning of year 13,597 11,892 25,489 Cash, cash equivalents and restricted cash at end of period $ 16,152 $ 23,751 $ 39,903

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS In October 2018, Stratus, in partnership with HEB, purchased a 38 -acre tract of land for approximately $ 9.5 million in New Caney, Texas, for the future development of an HEB-anchored, mixed-use project. Stratus and HEB entered into a new partnership agreement in which each party owns a 50 percent interest in the partnership and each funded half of the land purchase. Subject to completion of development plans, Stratus currently expects the New Caney project will be anchored by an HEB grocery store, and will include approximately 145,000 square feet of retail space (inclusive of the HEB grocery store), 5 pad sites, and a 10 -acre multi-family parcel. Upon completion of certain pre-development work, which is currently underway, Stratus intends to enter into a lease with HEB, at which time Stratus will acquire HEB’s interest in the partnership for the amount of HEB’s investment. Stratus is reviewing its plans for timing of commencement of construction, which Stratus currently expects to be in approximately three years. Stratus evaluated events after September 30, 2018 , 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.

Profit Participation Incentive

Profit Participation Incentive Plan (Unaudited)	9 Months Ended
	Sep. 30, 2018
Profit Participation Plan [Abstract]
Profit Participation Incentive Plan	PROFIT PARTICIPATION INCENTIVE PLAN On July 11, 2018, the Stratus Compensation Committee of the Board (the Committee) unanimously adopted the Stratus Profit Participation Incentive Plan (the Plan), which provides participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the Plan. Under the Plan, 25 percent of the profit for each approved project following a capital transaction (as defined in the Plan) will be set aside in a pool. The Committee will allocate participation interests in each pool to select executives, other employees and consultants determined to be instrumental in the success of the project. The profit is equal to the net proceeds to Stratus from a capital transaction after Stratus has received a return of its costs and expenses and any capital contributions and a preferred return of 10 percent per year on the approved project. Provided the applicable service conditions are met, each participant is eligible to earn a bonus equal to his or her allocated participation interest in the applicable profit pool. Bonuses under the Plan are payable in cash prior to March 15th of the year following the capital transaction, unless the participant is an executive officer, in which case annual cash payouts under the Plan are limited to no more than four times the executive officer’s base salary, and any amounts due under the Plan in excess of that amount will be converted to an equivalent number of stock-settled restricted stock units with a one-year vesting period. If a capital transaction has not occurred prior to the third anniversary of the date an approved project is substantially complete (a valuation event), the Committee will obtain a third-party appraisal of the approved project as of the valuation event. Based on the appraised value, the Committee will determine if any profit would have been generated after applying the hurdles described above, and if so, the amount of any bonus that would have been attributable to each participant. Any such amount will convert into an equivalent number of stock-settled restricted stock units that will vest in annual installments over a three -year period, provided that the participant satisfies the applicable service conditions. On August 2, 2018, the Committee designated seven existing development projects as approved projects under the Plan, and allocated participation interests in each pool to certain executives, employees and consultants. As of September 30, 2018, one of those approved projects was substantially complete. Because of uncertainty in estimating future market conditions and development plans and costs for approved projects, the timing and amount of bonus awards under the Plan cannot currently be reliably determined. As such, no amounts have been recorded for bonus awards under the Plan as of September 30, 2018. Stratus will record estimates of such amounts for an approved project when they can be reliably determined, which is currently expected to be at the time a capital transaction is announced or when a valuation event occurs.

New Accounting Standards (Una_2

New Accounting Standards (Unaudited) (Policies)	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue or gains on sales of real estate are recognized when control of the asset has been transferred to the buyer if collection of substantially all of the consideration to which Stratus will be entitled is probable and Stratus has satisfied all other performance obligations under the contract. Consideration is allocated among multiple performance obligations or distinct nonfinancial assets to be transferred to the buyer based on relative fair value.

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited) Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net (loss) income $ (2,372 ) $ 14,308 $ (5,099 ) $ 10,753 Net income attributable to noncontrolling interests in subsidiaries — — — — (8 ) Net (loss) income attributable to Stratus common stockholders $ (2,372 ) $ 14,308 $ (5,099 ) $ 10,745 Basic weighted-average shares of common stock outstanding 8,156 8,128 8,149 8,119 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) a — 44 — 50 Diluted weighted-average shares of common stock outstanding 8,156 8,172 8,149 8,169 Basic net (loss) income per share attributable to common stockholders $ (0.29 ) $ 1.76 $ (0.63 ) $ 1.32 Diluted net (loss) income per share attributable to common stockholders $ (0.29 ) $ 1.75 $ (0.63 ) $ 1.32 a. Excludes approximately 97 thousand shares of common stock for third-quarter 2018 , 30 thousand shares for third-quarter 2017 , 96 thousand shares for the first nine months of 2018 and 23 thousand shares for the first nine months of 2017 associated with restricted stock units and outstanding stock options that were anti-dilutive.

Related Party Transaction (Tabl

Related Party Transaction (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Assets and Liabilities of The Saint Mary, L.P.	As of September 30, 2018 , Stratus’ consolidated balance sheet includes the following assets and liabilities of The Saint Mary, L.P. (in thousands): September 30, 2018 Assets: Cash and cash equivalents $ 11 Restricted cash 6,001 Real estate held under development 6,550 Other assets 748 Total assets $ 13,310 Liabilities: Accounts payable $ 1,466 Accrued liabilities, including taxes 16 Total liabilities 1,482 Net assets $ 11,828

Fair Value Measurements (Unau_2

Fair Value Measurements (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping [Table Text Block]	A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands): September 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate swap agreement $ 179 $ 179 $ — $ — Liabilities: Debt $ 293,739 $ 297,246 $ 221,470 $ 224,632 Interest rate swap agreement — — 134 134

Debt and Equity Transactions _2

Debt and Equity Transactions (Unaudited) Summary of Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Table [Abstract]
Schedule of Debt [Table Text Block]	The components of Stratus' debt are as follows (in thousands): September 30, 2018 December 31, 2017 Goldman Sachs loan $ 143,753 $ 145,195 Comerica Bank credit facility 52,089 25,765 Santal Phase I construction loan 32,597 31,864 Barton Creek Village term loan 3,308 3,375 Amarra Villas credit facility 5,261 5,247 West Killeen Market construction loan 6,421 5,378 Jones Crossing construction loan 11,153 4,646 Lantana Place construction loan 16,114 — Santal Phase II construction loan 16,379 — Kingwood Place loan 6,664 — Total debt a $ 293,739 $ 221,470 a. Includes net reductions for unamortized debt issuance costs of $2.4 million at September 30, 2018 , and $2.1 million at December 31, 2017.

Business Segments (Unaudited) (

Business Segments (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	Stratus' revenues from contracts with customers for the third quarters and the first nine months of 2018 and 2017 follow (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Real Estate Operations: Developed property sales $ 2,025 $ 2,860 $ 10,036 $ 8,436 Undeveloped property sales — — — 544 Commissions and other 75 63 237 128 2,100 2,923 10,273 9,108 Leasing Operations: Rental revenue 2,813 1,923 7,148 6,015 2,813 1,923 7,148 6,015 Hotel: Rooms, food and beverage 7,554 7,143 25,156 26,054 Other 618 595 1,931 1,763 8,172 7,738 27,087 27,817 Entertainment: Event revenue 4,154 4,010 12,532 14,520 Other 684 628 1,958 1,855 4,838 4,638 14,490 16,375 Total Revenues from Contracts with Unaffiliated Customers $ 17,923 $ 17,222 $ 58,998 $ 59,315
Schedule of Segment Reporting Information by Segment [Table Text Block]	The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Real Estate Operations a Leasing Operations Hotel Entertainment Eliminations and Other b Total Three Months Ended September 30, 2018: Revenues: Unaffiliated customers $ 2,100 $ 2,813 $ 8,172 $ 4,838 $ — $ 17,923 Intersegment 8 227 72 21 (328 ) — Cost of sales, excluding depreciation 2,279 1,235 6,639 4,154 (168 ) 14,139 Depreciation 65 863 886 391 (34 ) 2,171 General and administrative expenses — — — — 2,650 2,650 Operating (loss) income $ (236 ) $ 942 $ 719 $ 314 $ (2,776 ) $ (1,037 ) Capital expenditures and purchases and development of real estate properties $ 21,201 $ 10,334 $ 128 $ 24 $ — $ 31,687 Total assets at September 30, 2018 183,857 157,706 102,069 36,377 8,047 488,056 Real Estate Operations a Leasing Operations Hotel Entertainment Eliminations and Other b Total Three Months Ended September 30, 2017: Revenues: Unaffiliated customers $ 2,923 $ 1,923 $ 7,738 $ 4,638 $ — $ 17,222 Intersegment 115 222 57 17 (411 ) — Cost of sales, excluding depreciation 2,204 1,100 6,678 3,799 (144 ) 13,637 Depreciation 57 739 886 384 (35 ) 2,031 General and administrative expenses — — — — 2,220 2,220 Gain on sales of assets — (24,306 ) c — — — (24,306 ) Operating income (loss) $ 777 $ 24,612 $ 231 $ 472 $ (2,452 ) $ 23,640 Capital expenditures and purchases and development of real estate properties $ 3,222 $ 9,066 $ 15 $ 182 $ — $ 12,485 Total assets at September 30, 2017 183,643 71,041 103,560 36,888 15,332 410,464 Nine Months Ended September 30, 2018: Revenues: Unaffiliated customers $ 10,273 $ 7,148 $ 27,087 $ 14,490 $ — $ 58,998 Intersegment 24 703 194 79 (1,000 ) — Cost of sales, excluding depreciation 9,405 d 3,756 20,861 11,850 (520 ) 45,352 Depreciation 190 2,234 2,675 1,171 (104 ) 6,166 General and administrative expenses — — — — 8,646 8,646 Operating income (loss) $ 702 $ 1,861 $ 3,745 $ 1,548 $ (9,022 ) $ (1,166 ) Capital expenditures and purchases and development of real estate properties $ 28,900 $ 52,619 $ 464 $ 385 $ — $ 82,368 Nine Months Ended September 30, 2017: Revenues: Unaffiliated customers $ 9,108 $ 6,015 $ 27,817 $ 16,375 $ — $ 59,315 Intersegment 136 653 230 142 (1,161 ) — Cost of sales, excluding depreciation 8,048 3,773 21,323 12,756 (528 ) 45,372 Depreciation 171 2,070 2,654 1,137 (104 ) 5,928 General and administrative expenses — — — — 8,462 8,462 Profit participation — 2,538 — — — 2,538 Gain on sales of assets — (25,421 ) c — — — (25,421 ) Operating income (loss) $ 1,025 $ 23,708 $ 4,070 $ 2,624 $ (8,991 ) $ 22,436 Capital expenditures and purchases and development of real estate properties $ 11,196 $ 13,845 $ 273 $ 245 $ — $ 25,559 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes $24.3 million associated with recognition of a portion of the deferred gain on the sale of The Oaks at Lakeway. d. Includes $0.4 million of reductions to cost of sales associated with collection of prior-years' assessments of properties in Barton Creek.

New Accounting Standards (Una_3

New Accounting Standards (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	The impact of adopting this ASU for the nine months ended September 30, 2017 , follows (in millions): Previously Reported Impact of Adoption Current Presentation Net increase in cash, cash equivalents and restricted cash $ 2,555 $ 11,859 $ 14,414 Cash, cash equivalents and restricted cash at beginning of year 13,597 11,892 25,489 Cash, cash equivalents and restricted cash at end of period $ 16,152 $ 23,751 $ 39,903

Earnings Per Share (Unaudited_2

Earnings Per Share (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net (loss) income	$ (2,372)	$ 14,308	$ (5,099)	$ 10,753
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	97	30	96	23
Net Income (Loss) Attributable to Noncontrolling Interest	$ 0	$ 0	$ 0	$ 8
Net Income (Loss) Available to Common Stockholders, Basic	$ (2,372)	$ 14,308	$ (5,099)	$ 10,745
Weighted Average Number of Shares Outstanding, Basic	8,156	8,128	8,149	8,119
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	44	0	50
Weighted Average Number of Shares Outstanding, Diluted	8,156	8,172	8,149	8,169
Earnings Per Share, Basic	$ (0.29)	$ 1.76	$ (0.63)	$ 1.32
Earnings Per Share, Diluted	$ (0.29)	$ 1.75	$ (0.63)	$ 1.32

Related Party Transaction Saint

Related Party Transaction Saint Mary, L.P. (Details)	Jun. 19, 2018USD ($)aunit	Jun. 18, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents			$ 21,182,000	$ 14,611,000
Restricted cash			25,910,000	24,779,000
Real estate held under development			136,645,000	118,484,000
Other assets			14,054,000	10,852,000
Total assets			488,056,000	405,993,000	$ 410,464,000
Accounts Payable			20,976,000	22,809,000
Accrued liabilities, including taxes			10,428,000	13,429,000
Total liabilities			347,689,000	$ 278,603,000
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents			11,000
Proceeds from Issuance of Private Placement	$ 8,000,000
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	49.10%
Restricted cash			6,001,000
Real estate held under development			6,550,000
Other assets			748,000
Total assets			13,310,000
Accounts Payable			1,466,000
Accrued liabilities, including taxes			16,000
Total liabilities			1,482,000
Net Assets			$ 11,828,000
The Saint Mary Construction Loan [Member] | Construction Loan Payable [Member] | The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 26,000,000
Assets Contribution [Member] | The Saint Mary [Member] | Circle C [Member]
Related Party Transaction [Line Items]
Area of Real Estate Property | a	14.35
Cash contributed	$ 700,000
Apartment Building [Member] | The Saint Mary [Member] | The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | unit	240
Apartment Building [Member] | Asset Management Fee [Member] | The Saint Mary [Member]
Related Party Transaction [Line Items]
Amounts of transactions with related party		$ 210,000
Apartment Building [Member] | Development And Construction Management Fee [Member] | The Saint Mary [Member]
Related Party Transaction [Line Items]
Amounts of transactions with related party		$ 1,400,000
Stratus Properties Inc [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	57.00%
The Saint Mary, L.P. [Member] | Circle C [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	6.10%
Noncontrolling Interest in Limited Partnerships	$ 1,000,000
The Saint Mary, L.P. [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	6.10%
Noncontrolling Interest in Limited Partnerships	$ 1,000,000

Related Party Transaction Strat

Related Party Transaction Stratus Kingwood, L.P. (Details)	Aug. 03, 2018USD ($)ft²a	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 21,182,000	$ 14,611,000
Real estate under development		136,645,000	118,484,000
Total assets		488,056,000	405,993,000	$ 410,464,000
Accounts payable		20,976,000	22,809,000
Accrued liabilities, including taxes		10,428,000	13,429,000
Debt		293,739,000	221,470,000
Total liabilities		347,689,000	$ 278,603,000
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		3,197,000
Proceeds from Issuance of Private Placement	$ 10,700,000
Area of Land | a	54
Real estate under development		15,080,000
Total assets		18,277,000
Accounts payable		213,000
Accrued liabilities, including taxes		171,000
Debt		6,664,000
Total liabilities		7,048,000
Net Assets		$ 11,229,000
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land	$ 13,500,000
Kingwood Place [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Planned Number of Retail Pads	6
Kingwood Place [Member] | Stratus Kingwood, L.P. [Member] | Asset Management Fee [Member]
Related Party Transaction [Line Items]
Amounts of transactions with related party	$ 283,000
Kingwood Place [Member] | Stratus Kingwood, L.P. [Member] | Development And Construction Management Fee [Member]
Related Party Transaction [Line Items]
Property Management Fee, Percent Fee	4.00%
Land [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land	$ 7,000,000
HEB Store [Member] | Kingwood Place [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Net Rentable Area | ft²	103,000
Retail Site [Member] | Kingwood Place [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Net Rentable Area | ft²	41,000
Multifamily [Member] | Kingwood Place [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Area of Land | a	11
Number of Units in Real Estate Property	300
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	70.00%
Stratus Kingwood, L.P. [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	8.80%
Noncontrolling Interest in Limited Partnerships	$ 1,000,000

Dispositions (Details)

Dispositions (Details) $ in Thousands	Feb. 28, 2017USD ($)ft²a	Feb. 15, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain			$ 9,926		$ 9,926		$ 11,320
Profit participation in sale of The Oaks at Lakeway			0	$ 0	0	$ 2,538
Gain on sale of assets			0	24,306	0	$ 25,421
The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment		$ 114,000
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments		50,800
Contractual Obligation			180		180
Deferred Revenue, Revenue Recognized				$ 24,300
Deferred gain			$ 9,900		$ 9,900		$ 11,300
Profit participation in sale of The Oaks at Lakeway		2,500
Other nonrecurring expense paid at closing		$ 2,200
Barton Creek [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 3,100
Net Rentable Area | ft²	3,085
Area of Land | a	4.1
Gain on sale of assets	$ 1,100
Repayments of Debt	$ 2,100
Unleased In-Line Retail Lease [Member] | The Oaks at Lakeway [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract		5 years
Unleased Three Pad Sites [Member] | The Oaks at Lakeway [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract		10 years
Unleased One Pad Site [Member] | The Oaks at Lakeway [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract		15 years
Hotel Pad [Member] | The Oaks at Lakeway [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract		99 years
Financial Guarantee [Member] | The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Guarantee obligations, Liability Cap, percentage		2.00%
Standby Letters of Credit [Member] | The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 1,500
Guarantor Obligations, Term		P3Y

Fair Value Measurements (Unau_3

Fair Value Measurements (Unaudited) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Carrying Amount, Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 293,739	$ 221,470
Interest Rate Swap, Assets	179	0
Interest Rate Swap, Liabilities	0	134
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	297,246	224,632
Interest Rate Swap, Assets	179	0
Interest Rate Swap, Liabilities	$ 0	$ 134

Debt and Equity Transactions _3

Debt and Equity Transactions (Unaudited) (Details)	Aug. 03, 2018USD ($)a	Jun. 29, 2018USD ($)	Jun. 19, 2018	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 28, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt				$ 293,739,000		$ 293,739,000			$ 221,470,000
Unamortized Debt Issuance Expense				2,400,000		2,400,000			2,100,000
Interest Costs Incurred				4,300,000	$ 3,100,000	11,400,000	$ 9,300,000
Interest Costs Capitalized				2,100,000	$ 1,500,000	6,000,000	$ 4,300,000
Goldman Sachs Loan [Member]
Debt Instrument [Line Items]
Debt				143,753,000		143,753,000			145,195,000
Comerica Credit Facility [Member]
Debt Instrument [Line Items]
Debt				52,089,000		52,089,000			25,765,000
Letters of Credit Outstanding, Amount				4,100,000		4,100,000
Santal Phase I Construction Loan [Member]
Debt Instrument [Line Items]
Debt				32,597,000		32,597,000			31,864,000
Barton Creek Village Term Loan [Member]
Debt Instrument [Line Items]
Debt				3,308,000		3,308,000			3,375,000
Amarra Villas Credit Facility
Debt Instrument [Line Items]
Debt				5,261,000		5,261,000			5,247,000
West Killeen Market construction loan [Member]
Debt Instrument [Line Items]
Debt				6,421,000		6,421,000			5,378,000
Jones Crossing Construction Loan [Member]
Debt Instrument [Line Items]
Debt				11,153,000		11,153,000			4,646,000
Lantana Place Construction Loan [Member]
Debt Instrument [Line Items]
Debt				16,114,000		16,114,000			0
Santal Phase II Construction Loan [Member]
Debt Instrument [Line Items]
Debt				16,379,000		16,379,000			0
Kingwood Place Loan [Member]
Debt Instrument [Line Items]
Debt				6,664,000		6,664,000			$ 0
Notes Payable to Banks [Member] | Kingwood Place Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Debt Instrument, Covenant Description	The Kingwood Place loan contains the same financial covenants in place on Stratus’ Comerica Bank Credit Facility, including a requirement that Stratus maintains a net asset value of $125 million and an aggregate promissory note debt-to-gross asset value of less than 50 percent
Revolving Credit Facility [Member] | Comerica Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity				3,800,000		3,800,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 60,000,000		60,000,000		60,000,000		$ 45,000,000
Debt Instrument, Basis Spread on Variable Rate		4.00%
Debt Instrument, Covenant Description		The loan agreement contains financial covenants usual and customary for loan agreements of this nature, including a requirement that Stratus maintains a net asset value of $125 million and an aggregate promissory note debt-to-gross asset value of less than 50 percent.
Construction Loan Payable [Member] | The Saint Mary Construction Loan [Member]
Debt Instrument [Line Items]
Debt				0		0
Debt Instrument, Basis Spread on Variable Rate			3.00%
Number of Debt Maturity Extensions			2
Debt Maturity Extension, Term			12 months
Debt Instrument, Covenant Description			The repayment guaranty will be reduced to 50 percent upon issuance of a certificate of occupancy for The Saint Mary and will be eliminated when the project debt service coverage ratio equals or exceeds 1.25:1.0.
Letter of Credit [Member] | Maximum [Member] | Comerica Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Line of Credit		$ 7,500,000
Stratus Kingwood, L.P. [Member]
Debt Instrument [Line Items]
Area of Land | a	54
Debt				$ 6,664,000		$ 6,664,000
Stratus Kingwood, L.P. [Member] | Notes Payable to Banks [Member] | Kingwood Place Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 6,750,000

Debt and Equity Transactions _4

Debt and Equity Transactions (Unaudited) Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 18, 2017	Mar. 15, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Dividends Payable [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 1	$ 0	$ 0	$ 0	$ 1
Dividends, Common Stock, Cash	$ 8.1

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 12,542		$ 11,461
Current Income Tax Expense	100
Deferred income tax benefit	$ 1,081	$ 1,264
Federal Statutory Income Tax Rate	21.00%	35.00%

Business Segments (Unaudited) R

Business Segments (Unaudited) Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue from External Customer [Line Items]
Leasing operations	$ 2,813	$ 1,923	$ 7,148	$ 6,015
Total revenues	17,923	17,222	58,998	59,315
Real Estate [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,100	2,923	10,273	9,108
Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	8,172	7,738	27,087	27,817
Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	4,838	4,638	14,490	16,375
Real Estate Operations
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,100	2,923	10,273	9,108
Real Estate Operations | Real Estate [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,100	2,923	10,273	9,108
Real Estate Operations | Developed property sales
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,025	2,860	10,036	8,436
Real Estate Operations | Undeveloped property sales
Revenue from External Customer [Line Items]
Revenue from contracts with customers	0	0	0	544
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	75	63	237	128
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations	2,813	1,923	7,148	6,015
Hotel
Revenue from External Customer [Line Items]
Revenue from contracts with customers	8,172	7,738	27,087	27,817
Hotel | Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	8,172	7,738	27,087	27,817
Hotel | Rooms, food and beverage
Revenue from External Customer [Line Items]
Revenue from contracts with customers	7,554	7,143	25,156	26,054
Hotel | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	618	595	1,931	1,763
Entertainment
Revenue from External Customer [Line Items]
Revenue from contracts with customers	4,838	4,638	14,490	16,375
Entertainment | Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	4,838	4,638	14,490	16,375
Entertainment | Event revenue
Revenue from External Customer [Line Items]
Revenue from contracts with customers	4,154	4,010	12,532	14,520
Entertainment | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	$ 684	$ 628	$ 1,958	$ 1,855

Business Segments (Unaudited) S

Business Segments (Unaudited) Segment Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018USD ($)	Mar. 31, 2018	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Leasing operations	$ 2,813		$ 1,923	$ 7,148	$ 6,015
Number of Operating Segments		4
Revenues:
Unaffiliated customers	17,923		17,222	58,998	59,315
Intersegment	0		0	0	0
Cost of Sales, Excluding Depreciation	14,139
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization			13,637	45,352	45,372
Depreciation	2,171		2,031	6,166	5,928
General and administrative expenses	2,650		2,220	8,646	8,462
Profit participation	0		0	0	2,538
Gain on sale of assets	0		24,306	0	25,421
Operating income (loss)	(1,037)		23,640	(1,166)	22,436
Capital expenditures	31,687		12,485	82,368	25,559
Total assets	488,056		410,464	488,056	410,464	$ 405,993
Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers	2,100		2,923	10,273	9,108
Revenues:
Intersegment	8		115	24	136
Cost of Sales, Excluding Depreciation	2,279
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization			2,204	9,405	8,048
Depreciation	65		57	190	171
General and administrative expenses	0		0	0	0
Profit participation					0
Gain on sale of assets			0		0
Operating income (loss)	(236)		777	702	1,025
Capital expenditures	21,201		3,222	28,900	11,196
Total assets	183,857		183,643	183,857	183,643
Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations	2,813		1,923	7,148	6,015
Revenues:
Intersegment	227		222	703	653
Cost of Sales, Excluding Depreciation	1,235
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization			1,100	3,756	3,773
Depreciation	863		739	2,234	2,070
General and administrative expenses	0		0	0	0
Profit participation					2,538
Gain on sale of assets			24,306		25,421
Operating income (loss)	942		24,612	1,861	23,708
Capital expenditures	10,334		9,066	52,619	13,845
Total assets	157,706		71,041	157,706	71,041
Hotel
Segment Reporting Information [Line Items]
Revenue from contracts with customers	8,172		7,738	27,087	27,817
Revenues:
Intersegment	72		57	194	230
Cost of Sales, Excluding Depreciation	6,639
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization			6,678	20,861	21,323
Depreciation	886		886	2,675	2,654
General and administrative expenses	0		0	0	0
Profit participation					0
Gain on sale of assets			0		0
Operating income (loss)	719		231	3,745	4,070
Capital expenditures	128		15	464	273
Total assets	102,069		103,560	102,069	103,560
Entertainment
Segment Reporting Information [Line Items]
Revenue from contracts with customers	4,838		4,638	14,490	16,375
Revenues:
Intersegment	21		17	79	142
Cost of Sales, Excluding Depreciation	4,154
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization			3,799	11,850	12,756
Depreciation	391		384	1,171	1,137
General and administrative expenses	0		0	0	0
Profit participation					0
Gain on sale of assets			0		0
Operating income (loss)	314		472	1,548	2,624
Capital expenditures	24		182	385	245
Total assets	36,377		36,888	36,377	36,888
Eliminations and Other
Segment Reporting Information [Line Items]
Revenue from contracts with customers	0		0	0	0
Revenues:
Intersegment	(328)		(411)	(1,000)	(1,161)
Cost of Sales, Excluding Depreciation	(168)
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization			(144)	(520)	(528)
Depreciation	(34)		(35)	(104)	(104)
General and administrative expenses	2,650		2,220	8,646	8,462
Profit participation					0
Gain on sale of assets			0		0
Operating income (loss)	(2,776)		(2,452)	(9,022)	(8,991)
Capital expenditures	0		0	0	0
Total assets	$ 8,047		15,332	8,047	$ 15,332
The Oaks at Lakeway [Member] | Leasing Operations
Revenues:
Gain on sale of assets			$ 24,300	24,300
Barton Creek [Member]
Segment Reporting Information [Line Items]
Recovery of Direct Costs				$ 400

New Accounting Standards (Una_4

New Accounting Standards (Unaudited) Restricted Cash (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (decrease) increase in cash, cash equivalents and restricted cash	$ 7,702	$ 14,414
Cash, cash equivalents and restricted cash at beginning of year	39,390	25,489
Cash, cash equivalents and restricted cash at end of period	$ 47,092	39,903
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (decrease) increase in cash, cash equivalents and restricted cash		2,555
Cash, cash equivalents and restricted cash at beginning of year		13,597
Cash, cash equivalents and restricted cash at end of period		16,152
Accounting Standards Update 2016-18 [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (decrease) increase in cash, cash equivalents and restricted cash		11,859
Cash, cash equivalents and restricted cash at beginning of year		11,892
Cash, cash equivalents and restricted cash at end of period		$ 23,751

Subsequent Events (Unaudited) S

Subsequent Events (Unaudited) Subsequent Event (Details) - New Caney [Member] - Subsequent Event [Member] $ in Millions	1 Months Ended
	Oct. 31, 2018USD ($)ft²a
Subsequent Event [Line Items]
Area of Land	38
Payments to Acquire Land | $	$ 9.5
Planned Number of Retail Pads	5
Retail Site [Member]
Subsequent Event [Line Items]
Net Rentable Area | ft²	145,000
Multifamily [Member]
Subsequent Event [Line Items]
Area of Land	10
H-E-B, L.P. [Member]
Subsequent Event [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	50.00%
Stratus Properties Inc [Member]
Subsequent Event [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	50.00%

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Unaudited) (Details)	Sep. 30, 2018USD ($)
Stratus Profit Participation Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued Bonuses	$ 0