Stratus Properties (STRS) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca Street, Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,197,303
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 32,490	$ 19,004
Restricted cash	17,254	19,915
Real estate held for sale	16,894	16,396
Real estate under development	118,955	136,678
Land available for development	51,018	24,054
Real estate held for investment, net	290,650	253,074
Lease right-of-use assets	11,534	0
Deferred tax assets	12,387	11,834
Other assets	16,750	15,538
Total assets	567,932	496,493
Liabilities:
Accounts payable	15,888	20,602
Accrued liabilities, including taxes	11,439	11,914
Debt	367,358	295,531
Lease liabilities	12,508	0
Deferred gain	8,165	9,270
Other liabilities	14,991	12,525
Total liabilities	430,349	349,842
Commitments and contingencies
Stockholders’ equity:
Common stock	93	93
Capital in excess of par value of common stock	186,516	186,256
Accumulated deficit	(45,590)	(41,103)
Common stock held in treasury	(21,509)	(21,260)
Total stockholders’ equity	119,510	123,986
Noncontrolling interests in subsidiaries	18,073	22,665
Total equity	137,583	146,651
Total liabilities and equity	$ 567,932	$ 496,493

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Leasing operations - Post Lease ASU Adoption	$ 5,024		$ 13,066
Total revenues	22,255	$ 17,923	65,677	$ 58,998
Cost of sales:
Cost of sales	16,363	14,139	46,216	45,352
Depreciation	2,835	2,171	8,168	6,166
Total cost of sales	19,198	16,310	54,384	51,518
General and administrative expenses	3,025	2,650	9,143	8,646
Gain on sale of assets	(37)	0	(1,989)	0
Total	22,186	18,960	61,538	60,164
Operating income (loss)	69	(1,037)	4,139	(1,166)
Interest expense, net	(3,203)	(2,150)	(8,686)	(5,451)
(Loss) gain on interest rate derivative instruments	(9)	56	(191)	314
Loss on early extinguishment of debt	(231)	0	(247)	0
Other income, net	18	17	329	39
Loss before income taxes and equity in unconsolidated affiliates' (loss) income	(3,356)	(3,114)	(4,656)	(6,264)
Equity in unconsolidated affiliates' (loss) income	(7)	210	(20)	204
Benefit from income taxes	401	532	186	961
Loss from continuing operations	(2,962)	(2,372)	(4,490)	(5,099)
Total comprehensive loss attributable to noncontrolling interests in subsidiaries	2	0	3	0
Net loss and total comprehensive loss attributable to common stockholders	$ (2,960)	$ (2,372)	$ (4,487)	$ (5,099)
Basic and diluted net loss per share attributable to common stockholders (in dollars per share)	$ (0.36)	$ (0.29)	$ (0.55)	$ (0.63)
Basic and diluted weighted-average common shares outstanding (in shares)	8,188	8,156	8,177	8,149
Operating Leases, Income Statement, Lease Revenue		$ 2,813		$ 7,148
Real estate
Revenues:
Revenue from contracts with customers	$ 2,616	2,100	$ 9,693	10,273
Cost of sales:
Cost of sales	2,352	2,279	6,193	9,405
Leasing Operations [Member]
Cost of sales:
Cost of sales	2,491	1,227	7,077	3,732
Hotel [Member]
Revenues:
Revenue from contracts with customers	8,696	8,172	25,983	27,087
Cost of sales:
Cost of sales	6,891	6,625	20,397	20,803
Entertainment [Member]
Revenues:
Revenue from contracts with customers	5,919	4,838	16,935	14,490
Cost of sales:
Cost of sales	$ 4,629	$ 4,008	$ 12,549	$ 11,412

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Net loss	$ (4,490)	$ (5,099)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	8,168	6,166
Cost of real estate sold	5,321	5,780
Gain on sale of assets	(1,989)	0
Loss (gain) on interest rate derivative contracts	191	(314)
Loss on early extinguishment of debt	247	0
Amortization of debt issuance costs and stock-based compensation	1,042	1,389
Equity in unconsolidated affiliates' loss (income)	20	(204)
Increase in deposits	645	1,242
Deferred income taxes	(553)	(1,081)
Purchases and development of real estate properties	(8,866)	(28,900)
Municipal utility district reimbursements applied to real estate under development	920	0
Increase in other assets	(3,529)	(2,965)
Decrease in accounts payable, accrued liabilities and other	(1,120)	(2,607)
Net cash used in operating activities	(3,993)	(26,593)
Cash flow from investing activities:
Capital expenditures	(51,167)	(53,468)
Proceeds from sale of assets	3,170	0
Payments on master lease obligations	(1,216)	(1,476)
Purchase of noncontrolling interest in consolidated subsidiary	(4,589)	0
Other, net	(10)	378
Net cash used in investing activities	(53,812)	(54,566)
Cash flow from financing activities:
Borrowings from credit facility	19,186	32,436
Payments on credit facility	(18,109)	(6,112)
Borrowings from project loans	133,278	50,062
Payments on project and term loans	(64,118)	(3,799)
Cash dividend paid for stock-based awards	(31)	0
Stock-based awards net payments	(234)	(203)
Noncontrolling interests' contributions	0	17,650
Financing costs	(1,342)	(1,173)
Net cash provided by financing activities	68,630	88,861
Net increase in cash, cash equivalents and restricted cash	10,825	7,702
Cash, cash equivalents and restricted cash at beginning of year	38,919	39,390
Cash, cash equivalents and restricted cash at end of period	$ 49,744	$ 47,092

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stratus Stockholders' Equity [Member]	Accumulated Deficit [Member]	Noncontrolling Interests in Subsidiaries [Member]	Common Stock [Member]	Capital in Excess of Par Value [Member]	Common Stock Held in Treasury [Member]
Balance at Dec. 31, 2017	$ 127,390	$ 127,310	$ (37,121)	$ 80	$ 93	$ 185,395	$ (21,057)
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
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
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(5,099)	(5,099)
Total comprehensive loss	(5,099)
Balance at Sep. 30, 2018	140,367	122,637	(42,220)	17,730	$ 93	186,024	$ (21,260)
Balance (in shares) at Sep. 30, 2018					9,288		1,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	17,650			17,650
Balance at Jun. 30, 2018	131,822	124,742	(39,848)	7,080	$ 93	185,757	$ (21,260)
Balance (in shares) at Jun. 30, 2018					9,277		1,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)					11
Stock-based compensation	267	267				267
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(2,372)	(2,372)
Total comprehensive loss	(2,372)
Balance at Sep. 30, 2018	140,367	122,637	(42,220)	17,730	$ 93	186,024	$ (21,260)
Balance (in shares) at Sep. 30, 2018					9,288		1,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	10,650			10,650
Balance at Dec. 31, 2018	146,651	123,986	(41,103)	22,665	$ 93	186,256	$ (21,260)
Balance (in shares) at Dec. 31, 2018					9,288		1,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	15	15				15
Exercised and issued stock-based awards (in shares)					43
Stock-based compensation	234	234				234
Tender of shares for stock-based awards	(249)	(249)					$ (249)
Tender of shares for stock-based awards (in shares)							9
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	4,589			4,589
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(4,487)	(4,487)
Total comprehensive loss	(4,490)
Balance at Sep. 30, 2019	137,583	119,510	(45,590)	18,073	$ 93	186,516	$ (21,509)
Balance (in shares) at Sep. 30, 2019					9,331		1,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest				(3)
Restricted Stock Award, Forfeitures, Dividends	11	11				11
Balance at Jun. 30, 2019	140,512	122,437	(42,630)	18,075	$ 93	186,334	$ (21,360)
Balance (in shares) at Jun. 30, 2019					9,305		1,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	15	15				15
Exercised and issued stock-based awards (in shares)					26
Stock-based compensation	156	156				156
Tender of shares for stock-based awards	(149)	(149)					$ (149)
Tender of shares for stock-based awards (in shares)							5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(2,960)	(2,960)
Total comprehensive loss	(2,962)
Balance at Sep. 30, 2019	137,583	119,510	$ (45,590)	18,073	$ 93	186,516	$ (21,509)
Balance (in shares) at Sep. 30, 2019					9,331		1,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest				$ (2)
Restricted Stock Award, Forfeitures, Dividends	$ 11	$ 11				$ 11

General

General	9 Months Ended
	Sep. 30, 2019
General Information [Abstract]
General	GENERALThe accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2018, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K (Stratus 2018 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 and consist of normal recurring adjustments. Operating results for the nine-month period ended September 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHAREStratus’ net loss per share of common stock was calculated by dividing the net loss attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. The weighted-average shares exclude approximately 83 thousand shares of common stock for third-quarter 2019, 97 thousand shares for third-quarter 2018, 91 thousand shares for the first nine months of 2019 and 96 thousand shares for the first nine months of 2018 associated with restricted stock units and outstanding stock options that were anti-dilutive because of net losses.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
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 and (2) an $8.0 million private placement. As one of the participants in the private placement offering, LCHM Holdings, LLC (LCHM), a related party as a result of its greater than 5 percent beneficial ownership of Stratus’ common stock, purchased limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. Refer to Note 2 of the Stratus 2018 Form 10-K for further discussion. 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 of Kingwood Place, a new H-E-B, L.P. (HEB)-anchored, mixed-use development project (Kingwood Place). As one of the participants in the private placement offering, LCHM purchased limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. Refer to Note 2 of the Stratus 2018 Form 10-K for further discussion. Stratus performed evaluations and concluded that The Saint Mary, L.P. and the Kingwood, L.P. are variable interest entities and that Stratus is the primary beneficiary. Stratus will continue to evaluate which entity is the primary beneficiary of The Saint Mary, L.P. and the Kingwood, L.P. in accordance with applicable accounting guidance. Stratus’ consolidated balance sheets include the following combined assets and liabilities of The Saint Mary, L.P. and the Kingwood, L.P. (in thousands): September 30, 2019 December 31, 2018 Assets: Cash and cash equivalents $ 493 $ 1,939 Restricted cash — 2,284 Real estate under development 29,529 27,928 Land available for development 10,898 — Real estate held for investment 27,059 — Other assets 1,499 792 Total assets $ 69,478 $ 32,943 Liabilities: Accounts payable and accrued liabilities $ 6,998 $ 3,484 Debt 35,982 6,125 Total liabilities $ 42,980 $ 9,609 Net assets $ 26,498 $ 23,334 Other Transactions Stratus has an arrangement with Austin Retail Partners for services provided by a consultant of Austin Retail Partners who is the son of Stratus' President and Chief Executive Officer. Payments to Austin Retail Partners for the consultant's general consulting services related to the entitlement and development of properties and expense reimbursements during third-quarter 2019 and the first nine months of 2019 totaled approximately $28 thousand and $84 thousand, respectively. Refer to Note 2 of the Stratus 2018 Form 10-K for further discussion.

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONSOn January 17, 2019, Stratus sold a retail pad subject to a ground lease located in the Circle C community for $3.2 million. Stratus used proceeds from the sale to repay $2.5 million of its Comerica Bank credit facility borrowings and, after adjustments recorded in the second and third quarters of 2019, recorded a gain on this sale totaling $2.0 million for the first nine months of 2019.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	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, 2019 December 31, 2018 Carrying Fair Carrying Fair Assets: Interest rate cap agreement $ 24 $ 24 $ — $ — Interest rate swap agreement — — 53 53 Liabilities: Debt 367,358 372,331 295,531 299,531 Interest rate swap agreement 138 138 — — 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 and Cap Agreements. The interest rate swap agreement with Comerica Bank was entered into in 2013, is effective through December 31, 2020, and has a fixed interest rate of 2.3 percent compared to the variable rate based on the one-month London Interbank Offered Rate (LIBOR). As of September 30, 2019, the agreement had a notional amount of $15.4 million, which will amortize to $14.8 million by the end of the agreement, and as of December 31, 2018, the agreement had a notional amount of $15.8 million. On September 30, 2019, and as required by The Santal loan (as defined in Note 6 below), a Stratus subsidiary paid $24 thousand to enter into an interest rate cap agreement, which caps maximum LIBOR at 3.0 percent, on a total notional amount of $75.0 million (the principal amount of The Santal loan). The interest rate cap agreement provides that the Stratus subsidiary will collect the difference between 3.0 percent and one-month LIBOR if one-month LIBOR is greater than 3.0 percent (refer to Note 6 for further discussion of The Santal loan). The interest rate cap agreement terminates on October 5, 2021. The interest rate swap and cap agreements do not qualify for hedge accounting so changes in the agreements' fair values are recorded in the consolidated statements of comprehensive loss. Stratus uses an interest rate pricing model that relies on market observable inputs such as LIBOR to measure the fair value of both agreements. Stratus also evaluated the counterparty credit risk associated with both agreements, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate swap and cap agreements are classified within Level 2 of the fair value hierarchy.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Capitalization, Long-term Debt and Equity [Abstract]
Debt	DEBT The components of Stratus' debt are as follows (in thousands): September 30, 2019 December 31, 2018 Goldman Sachs loan $ 141,718 $ 143,250 The Santal loan 73,889 — Comerica Bank credit facility 51,297 50,221 Amarra Villas credit facility 5,424 3,326 New Caney land loan 4,898 — Barton Creek Village term loan 3,220 3,284 Construction loans: Lantana Place 22,967 18,416 Jones Crossing 20,759 11,784 The Saint Mary 19,813 — Kingwood Place 16,169 6,125 West Killeen Market 7,204 6,636 The Santal Phase I — 32,622 The Santal Phase II — 19,867 Total debt a $ 367,358 $ 295,531 a. Includes net reductions for unamortized debt issuance costs of $3.8 million at September 30, 2019, and $2.8 million at December 31, 2018. As of September 30, 2019, Stratus had $6.5 million available under its $60.0 million Comerica Bank revolving line of credit, with $2.2 million of letters of credit committed against the credit facility. On September 30, 2019, a Stratus subsidiary entered into a $75.0 million loan with ACRC Lender LLC (The Santal loan) to refinance the Phase I and Phase II construction loans for The Santal. The Santal loan has a three-year primary term maturing on October 5, 2022, with the possibility of two 12-month extensions, subject to satisfying specified conditions. Interest on the loan is variable at LIBOR plus 2.85 percent (or, if applicable, a replacement rate), provided that at no time shall the interest rate be less than 4.80 percent per annum. The Santal loan contains certain financial covenants usual and customary for loan agreements of this nature, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125 million and liquid assets of at least$7.5 million. Approximately $57.9 million of the proceeds were used to repay, in full, The Santal Phase I and Phase II construction loans. Remaining proceeds after paying transaction costs, were approximately $16 million, inclusive of reserves presented in restricted cash. In October 2019, Stratus used $13.0 million of the net proceeds to reduce the outstanding balance on its Comerica Bank credit facility. As a result of entering into The Santal loan, Stratus recognized a loss on early extinguishment of debt of $231 thousand in third-quarter 2019. As required by The Santal loan, Stratus entered into an interest rate cap agreement (see Note 5 for further discussion). On March 19, 2019, two Stratus subsidiaries entered into a loan agreement with Comerica Bank to modify, increase and extend Stratus' Amarra Villas credit facility, which was scheduled to mature on July 12, 2019. The new loan agreement provides for an increase in the revolving credit facility commitment from $8.0 million to $15.0 million and an extension of the maturity date to March 19, 2022. Interest on the loan is variable at LIBOR plus 3.0 percent. The Amarra Villas credit facility contains financial covenants usual and customary for loan agreements of this nature, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125 million and a debt-to-gross asset value of less than 50 percent. As of September 30, 2019, Stratus had $9.3 million available under its $15.0 million Amarra Villas credit facility. As a result of entering into this new loan agreement, Stratus recognized a loss on early extinguishment of debt of $16 thousand for the first nine months of 2019. On March 8, 2019, a Stratus subsidiary entered into a $5.0 million land loan with Texas Capital Bank. Proceeds from the loan were used to fund the acquisition of HEB's portion of the New Caney partnership in which Stratus and HEB purchased a tract of land for the future development of an HEB-anchored mixed-use project in New Caney, Texas. The loan matures on March 8, 2021, and may be extended for 12 months, subject to certain conditions. The loan bears interest at LIBOR plus 3.0 percent. Borrowings are secured by the New Caney land. The loan agreement contains customary financial covenants including a requirement that Stratus maintain a net asset value of $125 million. For a description of Stratus' other debt, refer to Note 5 in the Stratus 2018 Form 10-K. Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $5.2 million in third-quarter 2019, $4.3 million in third-quarter 2018, $14.9 million for the first nine months of 2019 and $11.4 million for the first nine months of 2018. Stratus' capitalized interest costs totaled $2.0 million in third-quarter 2019, $2.1 million in third-quarter 2018, $6.2 million for the first nine months of 2019 and $6.0 million for the first nine months of 2018, primarily related to development activities at Barton Creek. The 2019 periods also included capitalized interest costs related to development activities at Kingwood Place and The Saint Mary.

Profit Participation Incentive

Profit Participation Incentive Plan	9 Months Ended
	Sep. 30, 2019
Profit Participation Plan [Abstract]
Profit Participation Incentive Plan	PROFIT PARTICIPATION INCENTIVE PLAN In July 2018, the Compensation Committee of the Board of Directors (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. Refer to Note 7 of the Stratus 2018 Form 10-K for further discussion. During third-quarter 2019, the Committee designated Magnolia Place as an approved project under the Plan. As of September 30, 2019, there were no other significant changes to the fair value of the awards or the assumptions used to determine the fair values of the awards at December 31, 2018. Estimates related to the awards may change over time due to differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. During third-quarter 2019, Stratus accrued $0.2 million to project development costs and $0.2 million in general and administrative expense related to the Plan. During the nine months ended September 30, 2019, Stratus accrued $0.6 million to project development costs and $0.7 million in general and administrative expense related to the Plan. The accrued liability for the Plan totaled $2.1 million at September 30, 2019, and $0.8 million at December 31, 2018 (included in other liabilities). As of September 30, 2019, no amounts had been paid to participants under the Plan.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes is further described in Notes 1 and 6 in the Stratus 2018 Form 10-K. Stratus had deferred tax assets (net of deferred tax liabilities) totaling $12.4 million at September 30, 2019 , and $11.8 million at December 31, 2018. 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 2019 and the U.S. Federal statutory income tax rate of 21 percent, was primarily attributable to the Texas state margin tax and the Tax Cuts and Jobs Act's executive compensation limitation. The difference between Stratus' consolidated effective income tax rate for the first nine months of 2018 and the U.S. Federal statutory income tax rate of 21 percent, was primarily attributable to the Texas state margin tax.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Business Segments	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 for sale, under development and available for development), which consists of its properties in Austin, Texas (the Barton Creek community; the Circle C community, including a portion of The Saint Mary; the Lantana community, including a portion of Lantana Place still under development and vacant pad sites; and one condominium unit at the W Austin Hotel & Residences); in Lakeway, Texas, located in the greater Austin area (Lakeway); in College Station, Texas (a portion of Jones Crossing and vacant pad sites); in Killeen, Texas (vacant pad sites at West Killeen Market); and in Magnolia, Texas (Magnolia), Kingwood, Texas (a portion of Kingwood Place and vacant pad sites) and New Caney, Texas (New Caney), located in the greater Houston area. The Leasing Operations segment includes the office and retail space at the W Austin Hotel & Residences, Barton Creek Village, The Santal, West Killeen Market in Killeen, Texas, and completed portions of The Saint Mary, Lantana Place, Jones Crossing and Kingwood Place. 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 3TEN ACL Live, both located at the W Austin Hotel & Residences. In addition to hosting concerts and private events, ACL Live is the home of Austin City Limits, the longest running music series in American television history. 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 follow (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Real Estate Operations: Developed property sales $ 2,601 $ 2,025 $ 9,483 $ 10,036 Commissions and other 15 75 210 237 2,616 2,100 9,693 10,273 Leasing Operations: Rental revenue 5,024 2,813 13,066 7,148 5,024 2,813 13,066 7,148 Hotel: Rooms, food and beverage 8,097 7,554 24,279 25,156 Other 599 618 1,704 1,931 8,696 8,172 25,983 27,087 Entertainment: Event revenue 5,211 4,154 15,033 12,532 Other 708 684 1,902 1,958 5,919 4,838 16,935 14,490 Total Revenues from Contracts with Customers $ 22,255 $ 17,923 $ 65,677 $ 58,998 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 Corporate, Eliminations and Other b Total Three Months Ended September 30, 2019: Revenues: Unaffiliated customers $ 2,616 $ 5,024 $ 8,696 $ 5,919 $ — $ 22,255 Intersegment 4 219 68 307 (598) — Cost of sales, excluding depreciation 2,352 2,495 6,931 4,770 (185) 16,363 Depreciation 57 1,529 903 393 (47) 2,835 General and administrative expenses — — — — 3,025 3,025 Gain on sale of assets — (37) c — — — (37) Operating income (loss) $ 211 $ 1,256 $ 930 $ 1,063 $ (3,391) $ 69 Capital expenditures and purchases and development of real estate properties $ 3,110 $ 5,871 $ 294 $ 12 $ — $ 9,287 Total assets at September 30, 2019 225,912 193,878 98,062 43,855 6,225 567,932 Real Estate Operations a Leasing Operations Hotel Entertainment Corporate, 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 Nine Months Ended September 30, 2019: Revenues: Unaffiliated customers $ 9,693 $ 13,066 $ 25,983 $ 16,935 $ — $ 65,677 Intersegment 13 678 195 381 (1,267) — Cost of sales, excluding depreciation 6,193 d 7,090 20,497 12,962 (526) 46,216 Depreciation 182 4,324 2,702 1,183 (223) 8,168 General and administrative expenses — — — — 9,143 9,143 Gain on sale of assets — (1,989) c — — — (1,989) Operating income (loss) $ 3,331 $ 4,319 $ 2,979 $ 3,171 $ (9,661) $ 4,139 Capital expenditures and purchases and development of real estate properties $ 8,866 $ 50,482 $ 548 $ 137 $ — $ 60,033 Municipal utility district (MUD) reimbursements applied to real estate under development d 920 — — — — 920 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 e 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 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Relates to the first-quarter 2019 sale of a retail pad subject to a ground lease located in the Circle C community, including adjustments recorded in the second and third quarters of 2019. d. Stratus received $4.6 million of bond proceeds related to MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $0.9 million as a reduction of real estate under development on the consolidated balance sheets, and $3.4 million as a reduction in real estate cost of sales and $0.3 million in other income, net in the consolidated statements of comprehensive loss. Refer to Note 1 of the Stratus 2018 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements. e. 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

New Accounting Standards	9 Months Ended
	Sep. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS Leases. Effective January 1, 2019, Stratus adopted an Accounting Standards Update (ASU) that requires lessees to recognize most leases on the balance sheet. Stratus elected the practical expedients allowing it to (i) apply the provisions of the updated lease guidance at the effective date, without adjusting the comparative periods presented, and (ii) not reassess lease contracts, lease classification and initial direct costs of leases existing at adoption. Stratus also elected an accounting policy to not recognize a lease asset and liability for leases with a term of 12 months or less and a purchase option that is not expected to be exercised. Stratus' most significant lease is a 99-year ground lease for approximately 72 acres of land in College Station, Texas on which it is developing the Jones Crossing project. Stratus also leases various types of assets, including office space, vehicles and office equipment under non-cancelable leases. All of Stratus' leases are considered operating leases under the ASU. Adoption of this ASU resulted in the recognition of lease right-of-use assets of $11.9 million and lease liabilities of $12.0 million as of January 1, 2019. Operating lease costs were $0.3 million in third-quarter 2019 and $1.0 million for the first nine months of 2019. Total lease costs were $0.4 million in third-quarter 2018 and $1.2 million for the first nine months of 2018. During the first nine months of 2019, Stratus paid $164 thousand for lease liabilities recorded in the consolidated balance sheet (included in operating cash flows in the consolidated statements of cash flows). As of September 30, 2019, the weighted-average discount rate used to determine the lease liabilities was 6.0 percent and the weighted-average remaining lease term was 94.3 years. The future minimum payments for leases recorded on the consolidated balance sheet at September 30, 2019, follow (in thousands): Remaining three months of 2019 $ 57 2020 199 2021 145 2022 434 2023 497 Thereafter 110,548 Total payments 111,880 Present value adjustment (99,372) Present value of net minimum lease payments $ 12,508 The adoption of this ASU did not materially impact Stratus' accounting for contracts in which it is the lessor. Refer to Note 8 of the Stratus 2018 Form 10-K for further disclosure of minimum rental income under non-cancelable long-term leases as of December 31, 2018.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after September 30, 2019, 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.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Schedule of Assets and Liabilities of The Saint Mary, L.P. and Kingwood, L.P.	Stratus will continue to evaluate which entity is the primary beneficiary of The Saint Mary, L.P. and the Kingwood, L.P. in accordance with applicable accounting guidance. Stratus’ consolidated balance sheets include the following combined assets and liabilities of The Saint Mary, L.P. and the Kingwood, L.P. (in thousands): September 30, 2019 December 31, 2018 Assets: Cash and cash equivalents $ 493 $ 1,939 Restricted cash — 2,284 Real estate under development 29,529 27,928 Land available for development 10,898 — Real estate held for investment 27,059 — Other assets 1,499 792 Total assets $ 69,478 $ 32,943 Liabilities: Accounts payable and accrued liabilities $ 6,998 $ 3,484 Debt 35,982 6,125 Total liabilities $ 42,980 $ 9,609 Net assets $ 26,498 $ 23,334

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Summary of the carrying amount and fair value of other financial instruments	A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands): September 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Assets: Interest rate cap agreement $ 24 $ 24 $ — $ — Interest rate swap agreement — — 53 53 Liabilities: Debt 367,358 372,331 295,531 299,531 Interest rate swap agreement 138 138 — —

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Table [Abstract]
Schedule of debt	The components of Stratus' debt are as follows (in thousands): September 30, 2019 December 31, 2018 Goldman Sachs loan $ 141,718 $ 143,250 The Santal loan 73,889 — Comerica Bank credit facility 51,297 50,221 Amarra Villas credit facility 5,424 3,326 New Caney land loan 4,898 — Barton Creek Village term loan 3,220 3,284 Construction loans: Lantana Place 22,967 18,416 Jones Crossing 20,759 11,784 The Saint Mary 19,813 — Kingwood Place 16,169 6,125 West Killeen Market 7,204 6,636 The Santal Phase I — 32,622 The Santal Phase II — 19,867 Total debt a $ 367,358 $ 295,531

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	Stratus' revenues from contracts with customers follow (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Real Estate Operations: Developed property sales $ 2,601 $ 2,025 $ 9,483 $ 10,036 Commissions and other 15 75 210 237 2,616 2,100 9,693 10,273 Leasing Operations: Rental revenue 5,024 2,813 13,066 7,148 5,024 2,813 13,066 7,148 Hotel: Rooms, food and beverage 8,097 7,554 24,279 25,156 Other 599 618 1,704 1,931 8,696 8,172 25,983 27,087 Entertainment: Event revenue 5,211 4,154 15,033 12,532 Other 708 684 1,902 1,958 5,919 4,838 16,935 14,490 Total Revenues from Contracts with Customers $ 22,255 $ 17,923 $ 65,677 $ 58,998
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 Corporate, Eliminations and Other b Total Three Months Ended September 30, 2019: Revenues: Unaffiliated customers $ 2,616 $ 5,024 $ 8,696 $ 5,919 $ — $ 22,255 Intersegment 4 219 68 307 (598) — Cost of sales, excluding depreciation 2,352 2,495 6,931 4,770 (185) 16,363 Depreciation 57 1,529 903 393 (47) 2,835 General and administrative expenses — — — — 3,025 3,025 Gain on sale of assets — (37) c — — — (37) Operating income (loss) $ 211 $ 1,256 $ 930 $ 1,063 $ (3,391) $ 69 Capital expenditures and purchases and development of real estate properties $ 3,110 $ 5,871 $ 294 $ 12 $ — $ 9,287 Total assets at September 30, 2019 225,912 193,878 98,062 43,855 6,225 567,932 Real Estate Operations a Leasing Operations Hotel Entertainment Corporate, 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 Nine Months Ended September 30, 2019: Revenues: Unaffiliated customers $ 9,693 $ 13,066 $ 25,983 $ 16,935 $ — $ 65,677 Intersegment 13 678 195 381 (1,267) — Cost of sales, excluding depreciation 6,193 d 7,090 20,497 12,962 (526) 46,216 Depreciation 182 4,324 2,702 1,183 (223) 8,168 General and administrative expenses — — — — 9,143 9,143 Gain on sale of assets — (1,989) c — — — (1,989) Operating income (loss) $ 3,331 $ 4,319 $ 2,979 $ 3,171 $ (9,661) $ 4,139 Capital expenditures and purchases and development of real estate properties $ 8,866 $ 50,482 $ 548 $ 137 $ — $ 60,033 Municipal utility district (MUD) reimbursements applied to real estate under development d 920 — — — — 920 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 e 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 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Relates to the first-quarter 2019 sale of a retail pad subject to a ground lease located in the Circle C community, including adjustments recorded in the second and third quarters of 2019. d. Stratus received $4.6 million of bond proceeds related to MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $0.9 million as a reduction of real estate under development on the consolidated balance sheets, and $3.4 million as a reduction in real estate cost of sales and $0.3 million in other income, net in the consolidated statements of comprehensive loss. Refer to Note 1 of the Stratus 2018 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements. e. 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 (Table

New Accounting Standards (Tables)	9 Months Ended
	Sep. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of future minimum payments for leases	The future minimum payments for leases recorded on the consolidated balance sheet at September 30, 2019, follow (in thousands): Remaining three months of 2019 $ 57 2020 199 2021 145 2022 434 2023 497 Thereafter 110,548 Total payments 111,880 Present value adjustment (99,372) Present value of net minimum lease payments $ 12,508

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Weighted-average shares excluded from computation of earnings per share (in shares)	83	97	91	96

Related Party Transactions Sain

Related Party Transactions Saint Mary, L.P. (Details) $ in Thousands	Jun. 19, 2018USD ($)unit	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 32,490	$ 19,004
Restricted cash		17,254	19,915
Real estate under development		118,955	136,678
Land available for development		51,018	24,054
Real estate held for investment, net		290,650	253,074
Other assets		16,750	15,538
Total assets		567,932	496,493	$ 488,056
Debt		367,358	295,531
Total liabilities		430,349	349,842
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 8,000
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		493	1,939
Restricted cash		0	2,284
Real estate under development		29,529	27,928
Land available for development		10,898	0
Real estate held for investment, net		27,059	0
Other assets		1,499	792
Total assets		69,478	32,943
Accounts payable and accrued liabilities		6,998	3,484
Debt		35,982	6,125
Total liabilities		42,980	9,609
Net Assets		26,498	23,334
The Saint Mary construction loan
Related Party Transaction [Line Items]
Debt		$ 19,813	$ 0
The Saint Mary construction loan | Construction Loan Payable [Member] | The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 26,000
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
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%

Related Party Transactions Stra

Related Party Transactions Stratus Kingwood, L.P. (Details) $ in Thousands	Aug. 03, 2018USD ($)a	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 32,490	$ 19,004
Restricted cash		17,254	19,915
Real estate under development		118,955	136,678
Land available for development		51,018	24,054
Real estate held for investment, net		290,650	253,074
Other assets		16,750	15,538
Total assets		567,932	496,493	$ 488,056
Debt		367,358	295,531
Total liabilities		430,349	349,842
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		493	1,939
Restricted cash		0	2,284
Real estate under development		29,529	27,928
Land available for development		10,898	0
Real estate held for investment, net		27,059	0
Other assets		1,499	792
Total assets		69,478	32,943
Accounts payable and accrued liabilities		6,998	3,484
Debt		35,982	6,125
Total liabilities		42,980	9,609
Net Assets		$ 26,498	$ 23,334
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 10,700
Area of Land | a	54
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land	$ 13,500
Land [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 7,000
Stratus Kingwood, L.P. [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	8.80%
Kingwood Place Loan [Member] | Notes Payable to Banks [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 6,750

Related Party Transactions Othe

Related Party Transactions Other Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Immediate Family Member of Management or Principal Owner [Member] | Austin Retail Partners [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 28	$ 84

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands	Jan. 17, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments on credit facility				$ 18,109	$ 6,112
Gain on sale of assets		$ 37	$ 0	$ 1,989	$ 0
Circle C ground lease | Disposal by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration	$ 3,200
Revolving Credit Facility | Comerica Credit Facility | Line of credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments on credit facility	$ 2,500

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 367,358	$ 295,531
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	372,331	299,531
Interest Rate Cap | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	24	0
Interest Rate Cap | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	24	0
Interest Rate Swap | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	0	53
Interest rate swap agreement	138	0
Interest Rate Swap | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	0	53
Interest rate swap agreement	$ 138	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2018
Interest Rate Swap
Derivative [Line Items]
Derivative, fixed interest rate	2.30%
Derivative, notional amount	$ 15,400		$ 15,800
Interest Rate Swap | Forecast
Derivative [Line Items]
Derivative, notional amount		$ 14,800
Interest Rate Cap
Derivative [Line Items]
Derivative, notional amount	75,000
Payments for derivative instrument	$ 24
Interest Rate Cap | LIBOR maximum
Derivative [Line Items]
Derivative, basis spread on variable rate	3.00%

Debt (Details)

Debt (Details) - USD ($)	Sep. 30, 2019	Mar. 19, 2019	Mar. 08, 2019	Oct. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Debt	$ 367,358,000				$ 367,358,000		$ 367,358,000		$ 295,531,000
Unamortized debt issuance costs	3,800,000				3,800,000		3,800,000		2,800,000
Loss on early extinguishment of debt					(231,000)	$ 0	(247,000)	$ 0
Interest costs incurred					5,200,000	4,300,000	14,900,000	11,400,000
Interest costs capitalized					2,000,000	$ 2,100,000	6,200,000	$ 6,000,000
Goldman Sachs loan
Debt Instrument [Line Items]
Debt	141,718,000				141,718,000		141,718,000		143,250,000
The Santal loan
Debt Instrument [Line Items]
Debt	73,889,000				73,889,000		73,889,000		0
The Santal loan | ACRC Lender LLC
Debt Instrument [Line Items]
Debt principal	75,000,000				75,000,000		75,000,000
Proceeds from issuance of debt, net of repayments	$ 16,000,000
Loss on early extinguishment of debt					231,000
The Santal loan | London Interbank Offered Rate (LIBOR) | ACRC Lender LLC
Debt Instrument [Line Items]
Basis spread on variable rate	285.00%
Debt covenant, interest rate	480.00%
Debt covenant, net asset value	$ 125,000,000				125,000,000		125,000,000
Debt covenant, liquid assets	7,500,000				7,500,000		7,500,000
Comerica Bank credit facility
Debt Instrument [Line Items]
Debt	51,297,000				51,297,000		51,297,000		50,221,000
Comerica Bank credit facility | Line of credit
Debt Instrument [Line Items]
Letters of credit committed	2,200,000				2,200,000		2,200,000
Comerica Bank credit facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, available borrowing capacity	6,500,000				6,500,000		6,500,000
Credit facility, maximum borrowing capacity	60,000,000				60,000,000		60,000,000
Comerica Bank credit facility | Line of credit | Revolving Credit Facility | Subsequent event
Debt Instrument [Line Items]
Repayments of debt				$ 13,000,000
Amarra Villas credit facility
Debt Instrument [Line Items]
Debt	5,424,000				5,424,000		5,424,000		3,326,000
Amarra Villas credit facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Amarra Villas credit facility | Line of credit
Debt Instrument [Line Items]
Credit facility, available borrowing capacity	9,300,000				9,300,000		9,300,000
Credit facility, maximum borrowing capacity		$ 15,000,000							8,000,000
Debt covenant, net asset value		$ 125,000,000
Debt covenant, debt-to-gross asset value, percent		50.00%
Loss on early extinguishment of debt							16,000
New Caney land loan
Debt Instrument [Line Items]
Debt	4,898,000				4,898,000		4,898,000		0
New Caney land loan | Land Loan Payable
Debt Instrument [Line Items]
Debt principal			$ 5,000,000
Debt covenant, net asset value			$ 125,000,000
New Caney land loan | London Interbank Offered Rate (LIBOR) | Land Loan Payable
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Barton Creek Village term loan
Debt Instrument [Line Items]
Debt	3,220,000				3,220,000		3,220,000		3,284,000
Lantana Place
Debt Instrument [Line Items]
Debt	22,967,000				22,967,000		22,967,000		18,416,000
Jones Crossing
Debt Instrument [Line Items]
Debt	20,759,000				20,759,000		20,759,000		11,784,000
The Saint Mary
Debt Instrument [Line Items]
Debt	19,813,000				19,813,000		19,813,000		0
Kingwood Place
Debt Instrument [Line Items]
Debt	16,169,000				16,169,000		16,169,000		6,125,000
West Killeen Market
Debt Instrument [Line Items]
Debt	7,204,000				7,204,000		7,204,000		6,636,000
The Santal Phase I
Debt Instrument [Line Items]
Debt	0				0		0		32,622,000
The Santal Phase II
Debt Instrument [Line Items]
Debt	0				$ 0		$ 0		$ 19,867,000
Santal Phase I & Phase II Construction Loan
Debt Instrument [Line Items]
Repayments of debt	$ 57,900,000

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for Capital Improvements			$ 51,167,000	$ 53,468,000
General and administrative expenses	$ 3,025,000	$ 2,650,000	9,143,000	$ 8,646,000
Other liabilities	14,991,000		14,991,000		$ 12,525,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for Capital Improvements	200,000		600,000
General and administrative expenses	200,000		700,000
Other liabilities	$ 2,100,000		2,100,000		$ 800,000
Deferred Compensation Arrangement with Individual, Distribution Paid			$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 12,387		$ 11,834
Federal Statutory Income Tax Rate	21.00%	21.00%

Business Segments Revenues from

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue from External Customer [Line Items]
Leasing operations - Post Lease ASU Adoption	$ 5,024		$ 13,066
Total revenues	22,255	$ 17,923	$ 65,677	$ 58,998
Entity Address, Postal Zip Code			78701
Operating Leases, Income Statement, Lease Revenue		2,813		7,148
Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,616	2,100	$ 9,693	10,273
Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	8,696	8,172	25,983	27,087
Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,919	4,838	16,935	14,490
Real Estate Operations | Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,616	2,100	9,693	10,273
Real Estate Operations | Developed property sales
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,601	2,025	9,483	10,036
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	15	75	210	237
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations - Post Lease ASU Adoption	5,024		13,066
Operating Leases, Income Statement, Lease Revenue		2,813		7,148
Hotel | Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	8,696	8,172	25,983	27,087
Hotel | Rooms, food and beverage
Revenue from External Customer [Line Items]
Revenue from contracts with customers	8,097	7,554	24,279	25,156
Hotel | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	599	618	1,704	1,931
Entertainment | Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,919	4,838	16,935	14,490
Entertainment | Event revenue
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,211	4,154	15,033	12,532
Entertainment | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	$ 708	$ 684	$ 1,902	$ 1,958

Business Segments Segment Infor

Business Segments Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments			4
Leasing operations - Post Lease ASU Adoption	$ 5,024		$ 13,066
Revenues:
Unaffiliated customers	22,255	$ 17,923	65,677	$ 58,998
Cost of sales	16,363	14,139	46,216	45,352
Depreciation	2,835	2,171	8,168	6,166
General and administrative expenses	3,025	2,650	9,143	8,646
Gain on sale of assets	(37)	0	(1,989)	0
Operating income (loss)	69	(1,037)	4,139	(1,166)
Payments to Acquire and Develop Real Estate	3,110	21,201	8,866	28,900
Payments for Capital Improvements			51,167	53,468
Municipal utility district reimbursements applied to real estate under development			920	0
Total assets	567,932	488,056	567,932	488,056	$ 496,493
Operating Leases, Income Statement, Lease Revenue		2,813		7,148
Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations - Post Lease ASU Adoption	5,024		13,066
Revenues:
Operating Leases, Income Statement, Lease Revenue		2,813		7,148
Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Revenue from contracts with customers	0	0	0	0
Revenues:
Cost of sales	(185)	(168)	(526)	(520)
Depreciation	(47)	(34)	(223)	(104)
General and administrative expenses	3,025	2,650	9,143	8,646
Gain on sale of assets	0		0
Operating income (loss)	(3,391)	(2,776)	(9,661)	(9,022)
Payments for Capital Improvements	0	0	0	0
Municipal utility district reimbursements applied to real estate under development			0
Total assets	6,225	8,047	6,225	8,047
Barton Creek
Segment Reporting Information [Line Items]
Recovery of Direct Costs				400
Real estate
Segment Reporting Information [Line Items]
Revenue from contracts with customers	2,616	2,100	9,693	10,273
Revenues:
Cost of sales	2,352	2,279	6,193	9,405
Real estate | Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers	2,616	2,100	9,693	10,273
Municipal bonds
Revenues:
Proceeds from MUD reimbursement			4,600
Municipal bonds | Other income, net
Revenues:
Proceeds from MUD reimbursement			300
Municipal bonds | Real estate | Cost of sales
Revenues:
Proceeds from MUD reimbursement			3,400
Operating Segments
Revenues:
Payments for Capital Improvements	9,287	31,687	60,033	82,368
Operating Segments | Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers	2,616	2,100	9,693	10,273
Revenues:
Cost of sales	2,352	2,279	6,193	9,405
Depreciation	57	65	182	190
General and administrative expenses	0	0	0	0
Gain on sale of assets	0		0
Operating income (loss)	211	(236)	3,331	702
Payments to Acquire and Develop Real Estate			8,866	28,900
Municipal utility district reimbursements applied to real estate under development			920
Total assets	225,912	183,857	225,912	183,857
Operating Segments | Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations - Post Lease ASU Adoption	5,024		13,066
Revenues:
Cost of sales	2,495	1,235	7,090	3,756
Depreciation	1,529	863	4,324	2,234
General and administrative expenses	0	0	0	0
Gain on sale of assets	(37)		(1,989)
Operating income (loss)	1,256	942	4,319	1,861
Payments for Capital Improvements	5,871	10,334	50,482	52,619
Municipal utility district reimbursements applied to real estate under development			0
Total assets	193,878	157,706	193,878	157,706
Operating Leases, Income Statement, Lease Revenue		2,813		7,148
Operating Segments | Hotel
Segment Reporting Information [Line Items]
Revenue from contracts with customers	8,696	8,172	25,983	27,087
Revenues:
Cost of sales	6,931	6,639	20,497	20,861
Depreciation	903	886	2,702	2,675
General and administrative expenses	0	0	0	0
Gain on sale of assets	0		0
Operating income (loss)	930	719	2,979	3,745
Payments for Capital Improvements	294	128	548	464
Municipal utility district reimbursements applied to real estate under development			0
Total assets	98,062	102,069	98,062	102,069
Operating Segments | Entertainment
Segment Reporting Information [Line Items]
Revenue from contracts with customers	5,919	4,838	16,935	14,490
Revenues:
Cost of sales	4,770	4,154	12,962	11,850
Depreciation	393	391	1,183	1,171
General and administrative expenses	0	0	0	0
Gain on sale of assets	0		0
Operating income (loss)	1,063	314	3,171	1,548
Payments for Capital Improvements	12	24	137	385
Municipal utility district reimbursements applied to real estate under development			0
Total assets	43,855	36,377	43,855	36,377
Eliminations and Other
Revenues:
Intersegment	0	0	0	0
Eliminations and Other | Real Estate Operations
Revenues:
Intersegment	4	8	13	24
Eliminations and Other | Leasing Operations
Revenues:
Intersegment	219	227	678	703
Eliminations and Other | Hotel
Revenues:
Intersegment	68	72	195	194
Eliminations and Other | Entertainment
Revenues:
Intersegment	307	21	381	79
Eliminations and Other | Eliminations and Other [Member]
Revenues:
Intersegment	$ (598)	$ (328)	$ (1,267)	$ (1,000)

New Accounting Standards - Narr

New Accounting Standards - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)a	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)a	Sep. 30, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Lessee, Lease, Description [Line Items]
Lease right-of-use assets	$ 11,534		$ 11,534		$ 11,900	$ 0
Lease liabilities	12,508		12,508		$ 12,000	$ 0
Operating lease costs	$ 300		1,000
Lease costs		$ 400		$ 1,200
Operating lease payments			$ 164
Lease liabilities, weighted-average discount rate	6.00%		6.00%
Lease liabilities, weighted-average remaining lease term	94 years 3 months 18 days		94 years 3 months 18 days
College Station, Texas | Ground lease
Lessee, Lease, Description [Line Items]
Term of contract	99 years		99 years
Area of land | a	72		72

New Accounting Standards - Futu

New Accounting Standards - Future Minimum Payments for Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining three months of 2019	$ 57
2020	199
2021	145
2022	434
2023	497
Thereafter	110,548
Total payments	111,880
Present value adjustment	(99,372)
Lease liabilities	$ 12,508	$ 12,000	$ 0