Stratus Properties (STRS) 10-Q 25 Jun 20 2020 Q1 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Jun. 19, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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		8,210,139
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 23,882	$ 19,173
Restricted cash	13,824	19,418
Real estate held for sale	7,546	14,872
Real estate under development	100,953	95,026
Land available for development	46,070	45,539
Real estate held for investment, net	326,851	329,103
Lease right-of-use assets	11,222	11,378
Deferred tax assets	9,834	12,311
Other assets	18,756	14,548
Total assets	558,938	561,368
Liabilities:
Accounts payable	12,986	16,053
Accrued liabilities, including taxes	6,865	11,580
Debt	373,068	365,749
Lease liabilities	12,765	12,636
Deferred gain	7,423	7,654
Other liabilities	13,825	13,614
Total liabilities	426,932	427,286
Commitments and contingencies
Stockholders’ equity:
Common stock	93	93
Capital in excess of par value of common stock	186,244	186,082
Accumulated deficit	(44,637)	(43,567)
Common stock held in treasury	(21,600)	(21,509)
Total stockholders’ equity	120,100	121,099
Noncontrolling interests in subsidiaries	11,906	12,983
Total equity	132,006	134,082
Total liabilities and equity	$ 558,938	$ 561,368

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Leasing operations - Post Lease ASU Adoption	$ 5,732
Total revenues	28,134	$ 19,698
Cost of sales:
Cost of sales	22,334	12,339
Depreciation	3,633	2,630
Total cost of sales	25,967	14,969
General and administrative expenses	2,815	3,199
Gain on sale of assets	0	(2,113)
Total	28,782	16,055
Operating (loss) income	(648)	3,643
Interest expense, net	(3,915)	(2,572)
Loss on interest rate derivative instruments	(121)	(59)
Loss on early extinguishment of debt	0	(16)
Other income, net	19	299
(Loss) income before income taxes	(4,665)	1,295
Income Tax Expense (Benefit)	2,518	(433)
(Loss) income from continuing operations	(2,147)	862
Total comprehensive loss attributable to noncontrolling interests in subsidiaries	1,077	0
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (1,070)	862
Operating Leases, Income Statement, Lease Revenue		$ 3,629
Earnings per share, basic (in usd per share)	$ (0.13)	$ 0.11
Earnings per share, diluted (in usd per share)	$ (0.13)	$ 0.10
Real estate
Revenues:
Revenue from contracts with customers	$ 12,336	$ 2,948
Cost of sales:
Cost of sales	10,255	46
Leasing Operations [Member]
Cost of sales:
Cost of sales	3,082	2,139
Hotel [Member]
Revenues:
Revenue from contracts with customers	5,911	8,325
Cost of sales:
Cost of sales	5,899	6,675
Entertainment [Member]
Revenues:
Revenue from contracts with customers	4,155	4,796
Cost of sales:
Cost of sales	$ 3,098	$ 3,479

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Net (loss) income	$ (2,147)	$ 862
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	3,633	2,630
Cost of real estate sold	8,146	1,931
Gain on sale of assets	0	(2,113)
Loss on interest rate derivative contracts	121	59
Loss on early extinguishment of debt	0	(16)
Amortization of debt issuance costs and stock-based compensation	538	296
(Decrease) increase in deposits	(185)	108
Deferred income taxes	2,477	291
Purchases and development of real estate properties	(6,222)	(3,298)
Municipal utility district reimbursements applied to real estate under development	0	920
Increase in other assets	(3,967)	(928)
Decrease in accounts payable, accrued liabilities and other	(6,828)	(83)
Net cash (used in) provided by operating activities	(4,434)	691
Cash flow from investing activities:
Capital expenditures	(2,328)	(29,443)
Proceeds from sale of assets	0	3,170
Payments on master lease obligations	(287)	(306)
Purchase of noncontrolling interest in consolidated subsidiary	0	(4,589)
Net cash used in investing activities	(2,615)	(31,168)
Cash flow from financing activities:
Borrowings from credit facility	12,500	12,086
Payments on credit facility	(5,681)	(12,911)
Borrowings from project loans	5,905	30,744
Payments on project and term loans	(6,380)	(4,006)
Cash dividend paid for stock-based awards	(8)	(17)
Stock-based awards net payments	(91)	(100)
Financing costs	(81)	(209)
Net cash provided by financing activities	6,164	25,587
Net decrease in cash, cash equivalents and restricted cash	(885)	(4,890)
Cash, cash equivalents and restricted cash at beginning of year	38,591	38,919
Cash, cash equivalents and restricted cash at end of period	$ 37,706	$ 34,029

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, 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	0	0				0
Exercised and issued stock-based awards (in shares)					17
Stock-based compensation	168	168				168
Tender of shares for stock-based awards	(100)	(100)					$ (100)
Tender of shares for stock-based awards (in shares)							4
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		862	862
Total comprehensive loss	862
Balance at Mar. 31, 2019	142,992	124,916	(40,241)	18,076	$ 93	186,424	$ (21,360)
Balance (in shares) at Mar. 31, 2019					9,305		1,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	(4,589)			(4,589)
Balance at Dec. 31, 2019	134,082	121,099	(43,567)	12,983	$ 93	186,082	$ (21,509)
Balance (in shares) at Dec. 31, 2019					9,330		1,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0				0
Exercised and issued stock-based awards (in shares)					17
Stock-based compensation	162	162				162
Tender of shares for stock-based awards	(91)	(91)					$ (91)
Tender of shares for stock-based awards (in shares)							4
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(1,070)	(1,070)
Total comprehensive loss	(2,147)
Balance at Mar. 31, 2020	$ 132,006	$ 120,100	$ (44,637)	11,906	$ 93	$ 186,244	$ (21,600)
Balance (in shares) at Mar. 31, 2020					9,347		1,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest				$ (1,077)

General

General	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2019 (Stratus 2019 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 three-month period ended March 31, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In particular, the impact of the COVID-19 pandemic intensified late in the first quarter of 2020, has continued into the second quarter of 2020 and is expected to continue beyond the second quarter of 2020. As a result, this interim period, as well as future interim periods in 2020, will not be comparable to past performance or indicative of future performance. The preparation of Stratus’ consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including potential impacts arising from the COVID-19 pandemic and related government actions, that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ materially from those estimates. As the impact of the COVID-19 pandemic continues to evolve, and the extent of its impact cannot be determined with certainty, estimates and assumptions about future events and their effects require increased judgement. Stratus’ future assessment of the magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors, could result in material changes to the estimates and material impacts to Stratus’ consolidated financial statements in future reporting periods. Block 21 Update. Block 21 is Stratus’ wholly owned mixed-use real estate development and entertainment business in downtown Austin, Texas that contains the 251-room W Austin Hotel and is home to Austin City Limits Live at the Moody Theater, a 2,750-seat entertainment venue that serves as the location for the filming of Austin City Limits, the longest running music series in American television history. Block 21 also includes Class A office space, retail space and the 3TEN ACL Live entertainment venue and business. On December 9, 2019, Stratus entered into definitive agreements to sell Block 21 to Ryman Hospitality Properties, Inc. (Ryman) for $275 million. Ryman deposited $15.0 million in earnest money to secure its performance under the agreements governing the sales. As this represented a strategic shift for Stratus, the assets and liabilities of Block 21 were previously classified as held for sale - discontinued operations in the consolidated balance sheet at December 31, 2019. As previously disclosed, on May 21, 2020, Ryman delivered a termination letter, which was agreed to and accepted by Stratus, terminating the agreements to sell Block 21 and authorizing the release of Ryman's $15.0 million in earnest money to Stratus . Stratus used $13.8 million of the $15.0 million earnest money to pay down its Comerica Bank revolving credit facility and used the remaining $1.2 million for Block 21 debt service and required monthly reserves. Stratus will record the $15.0 million as income in the second quarter of 2020. As a result of the termination of the agreements to sell Block 21, Stratus has concluded that such assets and liabilities no longer qualified as held for sale as of March 31, 2020. The carrying amounts as of December 31, 2019, of Block 21’s major classes of assets and liabilities, which were previously classified as held for sale - discontinued operations in the consolidated balance sheet follow (in thousands): Assets: Cash and cash equivalents $ 10,408 Restricted cash 13,574 Real estate held for investment 131,286 Other assets 3,480 Total assets $ 158,748 Liabilities: Accounts payable and accrued liabilities, including taxes $ 7,005 Debt 141,184 Other liabilities 7,036 Total liabilities $ 155,225 COVID-19 Impact. Since January 2020, the COVID-19 pandemic has caused substantial disruption in international and U.S. economies and markets. The pandemic has resulted in government restrictions of various degrees and effective at various times, including stay-at-home orders, bans on travel, limitations on the size of gatherings, limitations on the operations of businesses deemed non-essential, closures of work facilities, schools, public buildings and businesses, cancellation of events (including entertainment events, conferences and meetings), quarantines and social distancing measures. The pandemic and responses to it have also caused a steep increase in unemployment in the U.S. As a result, the pandemic has had a significant adverse impact on Stratus' business and operations. As mentioned above, Stratus' previously announced transaction to sell Block 21 was terminated by Ryman as a result of the capital markets and economic environment caused by the COVID-19 pandemic. Additionally, Stratus is deferring progress on development projects pending improvements in health and market conditions, but Stratus continues to advance its land planning, engineering and permitting activities. Because the pandemic is unprecedented in recent history, and its severity, duration and future economic consequences are difficult to predict, Stratus cannot predict its future impact on the company with any certainty. Stratus’ revenue, operating income and cash flow in its hotel and entertainment segments were adversely impacted in the first quarter of 2020, have been more adversely impacted in the second quarter of 2020 and are expected to continue to be adversely impacted beyond second-quarter 2020. For example, while the hotel has remained open throughout the pandemic, average occupancy for the second quarter through June 21, 2020, was 12 percent, with June having the highest occupancy in the second quarter, averaging 24 percent. As a result of the COVID-19 pandemic, many of Stratus’ retail leasing tenants, other than grocery and liquor stores, closed or were operating at significantly reduced capacity beginning late in the first quarter of 2020 and continuing into the second quarter of 2020. Beginning in April 2020, Stratus agreed, generally, to 90-day base rent deferrals with a majority of these tenants. The deferred rent will be amortized over a 12-month or 24-month period starting in January 2021. These rent deferrals have resulted in a reduction of scheduled base rent collections of approximately 30 percent for the second quarter through June 22, 2020. As of mid-June, most of Stratus’ retail tenants have reopened. At its multi-family properties, Stratus has granted rent deferral accommodations on a case-by-case basis, which as of June 22, 2020, had resulted in a reduction of scheduled rent collections of approximately two percent of contractual rents, with no material decline in occupancy. In the aggregate, Stratus’ second-quarter retail and multi-family rent collections are 15 percent less than scheduled rent as of June 22, 2020. Stratus will assess these deferred rents for potential credit losses at June 30, 2020. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law on March 27, 2020. The CARES Act provides retroactive tax provisions and other stimulus measures to affected companies including the ability to carryback net operating losses, raising the limitation on the deductibility of interest expense, technical corrections to accelerate tax depreciation for qualified improvement property, and delaying the payment of employer payroll taxes. On April 22, 2020, Stratus received a $4.0 million loan under the Paycheck Protection Program of the CARES Act. The loan bears interest at one percent and matures April 15, 2022. The proceeds from the loan must be used to retain workers and maintain payroll or make mortgage interest payments, lease payments and utility payments. As of June 25, 2020, Stratus has not used the funds. Refer to Note 8 for further discussion of income tax benefits.
Dispositions	DISPOSITIONS Circle C. In January 2019, Stratus sold a retail pad subject to a ground lease located in the Circle C community for $3.2 million. Stratus used a portion of the proceeds from the sale to repay $2.5 million of its Comerica Bank credit facility borrowings and recorded a gain on this sale totaling $2.1 million in first-quarter 2019.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	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 March 31, 2020 2019 Net (loss) income and total comprehensive (loss) income attributable to common stockholders $ (1,070) $ 862 Basic weighted-average shares of common stock outstanding 8,200 8,167 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a 46 b Diluted weighted-average shares of common stock outstanding 8,200 8,213 Net (loss) income per share attributable to common stockholders: Basic $ (0.13) $ 0.11 Diluted $ (0.13) $ 0.10 a. Excludes 78 thousand shares of common stock associated with RSUs and stock options that were anti-dilutive as a result of the net loss. b. Excludes 31 thousand shares of common stock associated with RSUs that were anti-dilutive.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
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 $26.0 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 2019 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 Class B limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. Refer to Note 2 of the Stratus 2019 Form 10-K for further discussion. Stratus has 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. The Saint Mary, L.P. and the Kingwood, L.P.’s results are consolidated in Stratus’ financial statements. Stratus’ consolidated balance sheets include the following combined assets and liabilities of The Saint Mary, L.P. and the Kingwood, L.P. (in thousands): March 31, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 2,109 $ 1,110 Real estate under development 9,585 3,703 Land available for development 4,163 9,273 Real estate held for investment 64,263 64,637 Other assets 1,878 1,807 Total assets $ 81,998 $ 80,530 Liabilities: Accounts payable and accrued liabilities $ 4,973 $ 8,680 Debt 51,974 45,848 Total liabilities $ 56,947 $ 54,528 Net assets $ 25,051 $ 26,002 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 totaled approximately $39 thousand in first-quarter 2020 and $27 thousand in first-quarter 2019. Refer to Note 2 of the Stratus 2019 Form 10-K for further discussion.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS Circle C. In January 2019, Stratus sold a retail pad subject to a ground lease located in the Circle C community for $3.2 million. Stratus used a portion of the proceeds from the sale to repay $2.5 million of its Comerica Bank credit facility borrowings and recorded a gain on this sale totaling $2.1 million in first-quarter 2019.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Interest rate cap agreement $ 1 $ 1 $ 3 $ 3 Liabilities: Debt 373,068 377,427 365,749 370,558 Interest rate swap agreement 233 233 114 114 Interest Rate Cap and Swap Agreements. In September 2019, a Stratus subsidiary paid $24 thousand to enter into an interest rate cap agreement, which caps the maximum London Interbank Offered Rate (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 in the Stratus 2019 Form 10-K for further discussion of The Santal loan). The interest rate cap agreement terminates on October 5, 2021. 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 LIBOR. As of March 31, 2020, the agreement had a notional amount of $15.2 million, which will amortize to $14.8 million by the end of the agreement, and as of December 31, 2019, the agreement had a notional amount of $15.3 million. The interest rate cap and swap agreements do not qualify for hedge accounting so changes in the agreements' fair values are recorded in the consolidated statements of comprehensive (loss) income. 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 cap and swap agreements are classified within Level 2 of the fair value hierarchy. Debt. Stratus' debt is recorded at cost and is not actively traded. Fair value is estimated based on discounted future expected cash flows at estimated current market interest rates. Accordingly, Stratus' debt is classified within Level 2 of the fair value hierarchy. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Capitalization, Long-term Debt and Equity [Abstract]
Debt	DEBT The components of Stratus' debt are as follows (in thousands): March 31, 2020 December 31, 2019 Goldman Sachs loan $ 140,643 $ 141,184 The Santal loan 74,065 73,972 Comerica Bank credit facility 49,300 42,482 New Caney land loan 4,918 4,908 Construction loans: Kingwood Place 26,983 23,991 The Saint Mary 24,991 21,857 Lantana Place 23,283 23,268 Jones Crossing 21,669 21,354 West Killeen Market 7,211 7,213 Amarra Villas credit facility 5 5,520 Total debt a $ 373,068 $ 365,749 a. Includes net reductions for unamortized debt issuance costs of $3.1 million at March 31, 2020, and $3.5 million at December 31, 2019. As of March 31, 2020, Stratus had $10.6 million available under its $60.0 million Comerica Bank credit facility, with $150 thousand of letters of credit committed against the credit facility. Effective April 14, 2020, Stratus and Comerica Bank agreed to modify the Comerica Bank credit facility to (i) extend the maturity date of the credit facility from June 29, 2020, to September 27, 2020, and (ii) revise the definition of LIBOR to provide for an increase in the LIBOR floor from zero percent to one percent. On June 12, 2020, the Company entered into a further amendment to its credit facility agreement with Comerica Bank to extend the maturity date of the facility to September 27, 2022. As of June 12, 2020, Stratus had $25.0 million available under its $60.0 million Comerica Bank credit facility, with $150 thousand of letters of credit committed against the credit facility. In January 2020, the Kingwood Place construction loan was modified to increase the loan amount by $2.5 million to a total of $35.4 million. The increase is being used to fund the construction of a retail building on an existing Kingwood Place retail pad. For a description of Stratus' other debt, refer to Note 6 in the Stratus 2019 Form 10-K. Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $5.2 million in first-quarter 2020 and $4.6 million in first-quarter 2019. Stratus' capitalized interest totaled $1.3 million in first-quarter 2020 and $2.1 million in first-quarter 2019, primarily related to development activities at Barton Creek. The 2019 period also included capitalized interest related to development activities at Kingwood Place and The Saint Mary.

Profit Participation Incentive

Profit Participation Incentive Plan	3 Months Ended
	Mar. 31, 2020
Profit Participation Plan [Abstract]
Profit Participation Incentive Plan	PROFIT PARTICIPATION INCENTIVE PLAN In July 2018, the Stratus 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. Estimates related to the awards may change over time as a result of differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Refer to Note 8 of the Stratus 2019 Form 10-K for further discussion. During first-quarter 2020, Stratus recorded a $49 thousand reduction to the accrued liability for the Plan of which $4 thousand reduced project development costs and $45 thousand reduced general and administrative expenses. During first-quarter 2019, Stratus accrued $0.2 million to project development costs and $0.3 million in general and administrative expenses related to the Plan. The accrued liability for the Plan totaled $2.4 million at March 31, 2020, and $2.5 million at December 31, 2019 (included in other liabilities). As of March 31, 2020, no amounts had been paid to participants under the Plan.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
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 7 in the Stratus 2019 Form 10-K. Stratus had deferred tax assets (net of deferred tax liabilities) totaling $9.8 million at March 31, 2020 , and $12.3 million at December 31, 2019. 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 three months of 2020 and the U.S. Federal statutory income tax rate of 21 percent, was primarily attributable to the CARES Act, which allows Stratus to carryback losses to 2017 when the U.S. corporate tax rate was 35 percent among other impacts, resulting in a first-quarter 2020 tax benefit of $1.3 million, and the Texas state margin tax. The difference between Stratus' consolidated effective income tax rate for the first three 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 permanent differences.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2020
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 (including the Barton Creek community; the Circle C community; the Lantana community, including a portion of Lantana Place planned for a future commercial phase; 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, land for future multi-family development and vacant pad sites) and New Caney, Texas (New Caney), located in the greater Houston area. The Leasing Operations segment is comprised of Stratus’ real estate assets, both residential and commercial, that are leased or available for lease and includes The Santal, West Killeen Market, The Saint Mary, office and retail space at the W Austin Hotel & Residences and completed portions of 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 March 31, 2020 2019 Real Estate Operations: Developed property sales $ 12,308 $ 2,834 Commissions and other 28 114 12,336 2,948 Leasing Operations: Rental revenue 5,732 3,629 5,732 3,629 Hotel: Rooms, food and beverage 5,075 7,737 Other 836 588 5,911 8,325 Entertainment: Event revenue 3,558 4,224 Other 597 572 4,155 4,796 Total Revenues from Contracts with Customers $ 28,134 $ 19,698 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 March 31, 2020: Revenues: Unaffiliated customers $ 12,336 $ 5,732 $ 5,911 $ 4,155 $ — $ 28,134 Intersegment 4 227 48 15 (294) — Cost of sales, excluding depreciation 10,182 3,088 5,908 3,226 (70) 22,334 Depreciation 59 2,047 1,105 c 483 c (61) 3,633 General and administrative expenses — — — — 2,815 2,815 Operating income (loss) $ 2,099 $ 824 $ (1,054) $ 461 $ (2,978) $ (648) Capital expenditures and purchases and development of real estate properties $ 6,222 $ 2,283 $ 27 $ 18 $ — $ 8,550 Total assets at March 31, 2020 160,691 235,734 96,484 42,639 23,390 558,938 Real Estate Operations a Leasing Operations Hotel Entertainment Corporate, Eliminations and Other b Total Three Months Ended March 31, 2019: Revenues: Unaffiliated customers $ 2,948 $ 3,629 $ 8,325 $ 4,796 $ — $ 19,698 Intersegment 5 230 47 29 (311) — Cost of sales, excluding depreciation 46 d 2,144 6,698 3,607 (156) 12,339 Depreciation 61 1,407 900 394 (132) 2,630 General and administrative expenses — — — — 3,199 3,199 Gain on sales of assets — (2,113) e — — — (2,113) Operating income (loss) $ 2,846 $ 2,421 $ 774 $ 824 $ (3,222) $ 3,643 Capital expenditures and purchases and development of real estate properties $ 3,298 $ 29,220 $ 98 $ 125 $ — $ 32,741 Municipal utility district (MUD) reimbursements classified as a reduction of real estate under development d 920 — — — — 920 Total assets at March 31, 2019 198,447 164,811 98,503 43,846 23,176 528,783 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 a $202 thousand adjustment in the Hotel segment and an $89 thousand adjustment in the Entertainment segment for the period in December 2019 when the hotel and entertainment venues were held for sale and, therefore, not depreciated. d. In the first quarter of 2019, Stratus received $4.6 million of 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) income. Refer to Note 1 of the Stratus 2019 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements. e. Relates to the first-quarter 2019 sale of a retail pad subject to a ground lease located in the Circle C community. Refer to Note 4.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS In June 2020, Stratus received $0.8 million related to a business interruption insurance claim that it filed as a result of water and smoke damage in the W Austin hotel in January 2018. Stratus will recognize these proceeds as a reduction of hotel costs of sales in the second quarter of 2020. Stratus evaluated events after March 31, 2020, 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.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2019 (Stratus 2019 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.
Use of Estimates	The preparation of Stratus’ consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including potential impacts arising from the COVID-19 pandemic and related government actions, that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ materially from those estimates. As the impact of the COVID-19 pandemic continues to evolve, and the extent of its impact cannot be determined with certainty, estimates and assumptions about future events and their effects require increased judgement. Stratus’ future assessment of the magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors, could result in material changes to the estimates and material impacts to Stratus’ consolidated financial statements in future reporting periods.

General (Tables)

General (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disposal Groups, Including Discontinued Operations	The carrying amounts as of December 31, 2019, of Block 21’s major classes of assets and liabilities, which were previously classified as held for sale - discontinued operations in the consolidated balance sheet follow (in thousands): Assets: Cash and cash equivalents $ 10,408 Restricted cash 13,574 Real estate held for investment 131,286 Other assets 3,480 Total assets $ 158,748 Liabilities: Accounts payable and accrued liabilities, including taxes $ 7,005 Debt 141,184 Other liabilities 7,036 Total liabilities $ 155,225

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended March 31, 2020 2019 Net (loss) income and total comprehensive (loss) income attributable to common stockholders $ (1,070) $ 862 Basic weighted-average shares of common stock outstanding 8,200 8,167 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) — a 46 b Diluted weighted-average shares of common stock outstanding 8,200 8,213 Net (loss) income per share attributable to common stockholders: Basic $ (0.13) $ 0.11 Diluted $ (0.13) $ 0.10 a. Excludes 78 thousand shares of common stock associated with RSUs and stock options that were anti-dilutive as a result of the net loss. b. Excludes 31 thousand shares of common stock associated with RSUs that were anti-dilutive.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
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. The Saint Mary, L.P. and the Kingwood, L.P.’s results are consolidated in Stratus’ financial statements. Stratus’ consolidated balance sheets include the following combined assets and liabilities of The Saint Mary, L.P. and the Kingwood, L.P. (in thousands): March 31, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 2,109 $ 1,110 Real estate under development 9,585 3,703 Land available for development 4,163 9,273 Real estate held for investment 64,263 64,637 Other assets 1,878 1,807 Total assets $ 81,998 $ 80,530 Liabilities: Accounts payable and accrued liabilities $ 4,973 $ 8,680 Debt 51,974 45,848 Total liabilities $ 56,947 $ 54,528 Net assets $ 25,051 $ 26,002

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Interest rate cap agreement $ 1 $ 1 $ 3 $ 3 Liabilities: Debt 373,068 377,427 365,749 370,558 Interest rate swap agreement 233 233 114 114

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Table [Abstract]
Schedule of debt	The components of Stratus' debt are as follows (in thousands): March 31, 2020 December 31, 2019 Goldman Sachs loan $ 140,643 $ 141,184 The Santal loan 74,065 73,972 Comerica Bank credit facility 49,300 42,482 New Caney land loan 4,918 4,908 Construction loans: Kingwood Place 26,983 23,991 The Saint Mary 24,991 21,857 Lantana Place 23,283 23,268 Jones Crossing 21,669 21,354 West Killeen Market 7,211 7,213 Amarra Villas credit facility 5 5,520 Total debt a $ 373,068 $ 365,749

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Real Estate Operations: Developed property sales $ 12,308 $ 2,834 Commissions and other 28 114 12,336 2,948 Leasing Operations: Rental revenue 5,732 3,629 5,732 3,629 Hotel: Rooms, food and beverage 5,075 7,737 Other 836 588 5,911 8,325 Entertainment: Event revenue 3,558 4,224 Other 597 572 4,155 4,796 Total Revenues from Contracts with Customers $ 28,134 $ 19,698
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 March 31, 2020: Revenues: Unaffiliated customers $ 12,336 $ 5,732 $ 5,911 $ 4,155 $ — $ 28,134 Intersegment 4 227 48 15 (294) — Cost of sales, excluding depreciation 10,182 3,088 5,908 3,226 (70) 22,334 Depreciation 59 2,047 1,105 c 483 c (61) 3,633 General and administrative expenses — — — — 2,815 2,815 Operating income (loss) $ 2,099 $ 824 $ (1,054) $ 461 $ (2,978) $ (648) Capital expenditures and purchases and development of real estate properties $ 6,222 $ 2,283 $ 27 $ 18 $ — $ 8,550 Total assets at March 31, 2020 160,691 235,734 96,484 42,639 23,390 558,938 Real Estate Operations a Leasing Operations Hotel Entertainment Corporate, Eliminations and Other b Total Three Months Ended March 31, 2019: Revenues: Unaffiliated customers $ 2,948 $ 3,629 $ 8,325 $ 4,796 $ — $ 19,698 Intersegment 5 230 47 29 (311) — Cost of sales, excluding depreciation 46 d 2,144 6,698 3,607 (156) 12,339 Depreciation 61 1,407 900 394 (132) 2,630 General and administrative expenses — — — — 3,199 3,199 Gain on sales of assets — (2,113) e — — — (2,113) Operating income (loss) $ 2,846 $ 2,421 $ 774 $ 824 $ (3,222) $ 3,643 Capital expenditures and purchases and development of real estate properties $ 3,298 $ 29,220 $ 98 $ 125 $ — $ 32,741 Municipal utility district (MUD) reimbursements classified as a reduction of real estate under development d 920 — — — — 920 Total assets at March 31, 2019 198,447 164,811 98,503 43,846 23,176 528,783 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 a $202 thousand adjustment in the Hotel segment and an $89 thousand adjustment in the Entertainment segment for the period in December 2019 when the hotel and entertainment venues were held for sale and, therefore, not depreciated. d. In the first quarter of 2019, Stratus received $4.6 million of 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) income. Refer to Note 1 of the Stratus 2019 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements. e. Relates to the first-quarter 2019 sale of a retail pad subject to a ground lease located in the Circle C community. Refer to Note 4.

General (Details)

General (Details) $ in Thousands	May 21, 2020USD ($)	Dec. 09, 2019USD ($)hotel_roomtheater_seat	Jun. 30, 2020	Jun. 21, 2020	Apr. 30, 2020	Jun. 30, 2020USD ($)	Jun. 22, 2020	Jun. 21, 2020	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Apr. 22, 2020USD ($)
Subsequent Event [Line Items]
Repayments of lines of credit									$ 5,681	$ 12,911
Other income, net									$ 19	$ 299
Discontinued Operations, Held-for-sale | Block 21
Subsequent Event [Line Items]
Number of hotel rooms | hotel_room		251
Number Of theater seats | theater_seat		2,750
Sale, consideration		$ 275,000
Escrow deposits related to property sales		$ 15,000
Subsequent event
Subsequent Event [Line Items]
Average hotel occupancy percentage				24.00%				12.00%
Base rent deferral period					90 days
Decrease in scheduled base rent collections, percentage							30.00%
Deferrals, percentage of contractual rents			200.00%
Percentage of deferred scheduled rent							15.00%
CARES Act, proceeds from loans payable											$ 4,000
CARES Act, interest rate											1.00%
Subsequent event | Minimum [Member]
Subsequent Event [Line Items]
Deferred rent amortization period					12 months
Subsequent event | Maximum [Member]
Subsequent Event [Line Items]
Deferred rent amortization period					24 months
Subsequent event | Block 21
Subsequent Event [Line Items]
Proceeds from release of escrow deposit	$ 15,000
Repayments of lines of credit	13,800
Other income, net						$ 15,000
Subsequent event | Block 21 | Goldman Sachs loan
Subsequent Event [Line Items]
Repayments of Debt	$ 1,200

General - Carrying Amounts (Det

General - Carrying Amounts (Details) - Block 21 - Discontinued Operations, Held-for-sale $ in Thousands	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 10,408
Restricted cash	13,574
Real estate held for investment	131,286
Other assets	3,480
Total assets	158,748
Accounts payable and accrued liabilities, including taxes	7,005
Debt	141,184
Other liabilities	7,036
Total liabilities	$ 155,225

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (1,070)	$ 862
Weighted average number of shares outstanding, basic (in shares)	8,200	8,167
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) (in shares)	0	46
Weighted average number of shares outstanding, diluted (in shares)	8,200	8,213
Earnings per share, basic (in usd per share)	$ (0.13)	$ 0.11
Earnings per share, diluted (in usd per share)	$ (0.13)	$ 0.10
Weighted-average shares excluded from computation of earnings per share (in shares)	78	31

Related Party Transactions Sain

Related Party Transactions Saint Mary, L.P. (Details) $ in Thousands	Jun. 19, 2018USD ($)unit	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 23,882	$ 19,173
Restricted cash		13,824	19,418
Real estate under development		100,953	95,026
Land available for development		46,070	45,539
Other assets		18,756	14,548
Total assets		558,938	561,368	$ 528,783
Debt		373,068	365,749
Total liabilities		426,932	427,286
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 8,000
Related Party, Common Stock Ownership Percentage	5.00%
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		2,109	1,110
Real estate under development		9,585	3,703
Land available for development		4,163	9,273
Real estate held for investment, net		64,263	64,637
Other assets		1,878	1,807
Total assets		81,998	80,530
Accounts payable and accrued liabilities		4,973	8,680
Debt		51,974	45,848
Total liabilities		56,947	54,528
Net Assets		25,051	26,002
The Saint Mary construction loan
Related Party Transaction [Line Items]
Debt		$ 24,991	$ 21,857
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 ($)a	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 23,882	$ 19,173
Restricted cash		13,824	19,418
Real estate under development		100,953	95,026
Land available for development		46,070	45,539
Other assets		18,756	14,548
Total assets		558,938	561,368	$ 528,783
Debt		373,068	365,749
Total liabilities		426,932	427,286
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		2,109	1,110
Real estate under development		9,585	3,703
Land available for development		4,163	9,273
Real estate held for investment, net		64,263	64,637
Other assets		1,878	1,807
Total assets		81,998	80,530
Accounts payable and accrued liabilities		4,973	8,680
Debt		51,974	45,848
Total liabilities		56,947	54,528
Net Assets		$ 25,051	$ 26,002
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
	Mar. 31, 2020	Mar. 31, 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	$ 39	$ 27

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands	Jan. 17, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments on credit facility		$ 5,681	$ 12,911
Gain on sale of assets		$ 0	$ 2,113
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	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 373,068	$ 365,749
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	377,427	370,558
Interest Rate Cap | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	1	3
Interest Rate Cap | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	1	3
Interest Rate Swap | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreement	233	114
Interest Rate Swap | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreement	$ 233	$ 114

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount			$ 15,200	$ 15,300
Derivative, fixed interest rate			2.30%
Interest Rate Swap | Forecast
Derivative [Line Items]
Derivative, notional amount		$ 14,800
Interest Rate Cap
Derivative [Line Items]
Payments for derivative instrument	$ 24
Derivative, notional amount			$ 75,000
Interest Rate Cap | LIBOR maximum
Derivative [Line Items]
Derivative, basis spread on variable rate			3.00%

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Jun. 12, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt		$ 373,068,000			$ 365,749,000
Unamortized debt issuance costs		3,100,000			3,500,000
Interest costs incurred		5,200,000	$ 4,600,000
Interest costs capitalized		1,300,000	$ 2,100,000
Goldman Sachs loan
Debt Instrument [Line Items]
Debt		140,643,000			141,184,000
The Santal loan
Debt Instrument [Line Items]
Debt		74,065,000			73,972,000
Comerica Bank credit facility
Debt Instrument [Line Items]
Debt		49,300,000			42,482,000
Comerica Bank credit facility | Line of credit
Debt Instrument [Line Items]
Letters of credit committed		150,000
Comerica Bank credit facility | Line of credit | Subsequent event
Debt Instrument [Line Items]
Letters of credit committed				$ 150,000
Comerica Bank credit facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, available borrowing capacity		10,600,000
Credit facility, maximum borrowing capacity		60,000,000
Comerica Bank credit facility | Line of credit | Revolving Credit Facility | Subsequent event
Debt Instrument [Line Items]
Credit facility, available borrowing capacity				25,000,000
Credit facility, maximum borrowing capacity				$ 60,000,000
Amarra Villas credit facility
Debt Instrument [Line Items]
Debt		5,000			5,520,000
New Caney land loan
Debt Instrument [Line Items]
Debt		4,918,000			4,908,000
Lantana Place
Debt Instrument [Line Items]
Debt		23,283,000			23,268,000
Jones Crossing
Debt Instrument [Line Items]
Debt		21,669,000			21,354,000
The Saint Mary Construction Loan [Member]
Debt Instrument [Line Items]
Debt		24,991,000			21,857,000
Kingwood Place
Debt Instrument [Line Items]
Debt		26,983,000			23,991,000
Kingwood Place | Notes Payable to Banks [Member] | Stratus Kingwood, L.P. [Member]
Debt Instrument [Line Items]
Debt Instrument, Increase (Decrease), Net	$ 2,500,000
Debt principal	$ 35,400,000
West Killeen Market
Debt Instrument [Line Items]
Debt		$ 7,211,000			$ 7,213,000

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for Capital Improvements	$ 2,328,000	$ 29,443,000
General and administrative expenses	2,815,000	3,199,000
Other liabilities	13,825,000		$ 13,614,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Decrease in accrued liabilities	49,000
Payments for Capital Improvements	4,000	200,000
General and administrative expenses	45,000	$ 300,000
Other liabilities	2,400,000		$ 2,500,000
Deferred Compensation Arrangement with Individual, Distribution Paid	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2017	Dec. 31, 2019
Income Tax Contingency [Line Items]
Deferred tax assets	$ 9,800			$ 12,300
Federal Statutory Income Tax Rate	21.00%	21.00%	35.00%
Income Tax Expense (Benefit)	$ 2,518	$ (433)
Internal Revenue Service (IRS) [Member]
Income Tax Contingency [Line Items]
Income Tax Expense (Benefit)	$ 1,300

Business Segments Revenues from

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from External Customer [Line Items]
Leasing operations - Post Lease ASU Adoption	$ 5,732
Total revenues	28,134	$ 19,698
Operating Leases, Income Statement, Lease Revenue		3,629
Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	12,336	2,948
Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,911	8,325
Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	4,155	4,796
Real Estate Operations | Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	12,336	2,948
Real Estate Operations | Developed property sales
Revenue from External Customer [Line Items]
Revenue from contracts with customers	12,308	2,834
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	28	114
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations - Post Lease ASU Adoption	5,732
Operating Leases, Income Statement, Lease Revenue		3,629
Hotel | Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,911	8,325
Hotel | Rooms, food and beverage
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,075	7,737
Hotel | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	836	588
Entertainment | Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	4,155	4,796
Entertainment | Event revenue
Revenue from External Customer [Line Items]
Revenue from contracts with customers	3,558	4,224
Entertainment | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	$ 597	$ 572

Business Segments Segment Infor

Business Segments Segment Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments		4
Leasing operations - Post Lease ASU Adoption		$ 5,732
Revenues:
Unaffiliated customers		28,134	$ 19,698
Cost of sales		22,334	12,339
Depreciation		3,633	2,630
General and administrative expenses		2,815	3,199
Gain on sale of assets		0	(2,113)
Operating (loss) income		(648)	3,643
Payments to Acquire and Develop Real Estate		6,222	3,298
Payments for Capital Improvements		2,328	29,443
Municipal utility district reimbursements applied to real estate under development		0	920
Total assets	$ 561,368	558,938	528,783
Operating Leases, Income Statement, Lease Revenue			3,629
Depreciation		3,633	2,630
Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations - Post Lease ASU Adoption		5,732
Revenues:
Operating Leases, Income Statement, Lease Revenue			3,629
Hotel
Revenues:
Depreciation	202
Entertainment
Revenues:
Depreciation	$ 89
Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Revenue from contracts with customers		0	0
Revenues:
Cost of sales		(70)	(156)
Depreciation		(61)	(132)
General and administrative expenses		2,815	3,199
Gain on sale of assets			0
Operating (loss) income		(2,978)	(3,222)
Payments for Capital Improvements		0	0
Municipal utility district reimbursements applied to real estate under development			0
Total assets		23,390	23,176
Real estate
Segment Reporting Information [Line Items]
Revenue from contracts with customers		12,336	2,948
Revenues:
Cost of sales		10,255	46
Real estate | Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers		12,336	2,948
Municipal bonds
Revenues:
Proceeds from MUD reimbursement		4,600
Municipal bonds | Other income, net
Revenues:
Proceeds from MUD reimbursement		300
Municipal bonds | Real estate
Revenues:
Proceeds from MUD reimbursement		3,400
Operating Segments
Revenues:
Payments for Capital Improvements		8,550	32,741
Operating Segments | Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers		12,336	2,948
Revenues:
Cost of sales		10,182	46
Depreciation		59	61
General and administrative expenses		0	0
Gain on sale of assets			0
Operating (loss) income		2,099	2,846
Municipal utility district reimbursements applied to real estate under development			920
Total assets		160,691	198,447
Operating Segments | Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations - Post Lease ASU Adoption		5,732
Revenues:
Cost of sales		3,088	2,144
Depreciation		2,047	1,407
General and administrative expenses		0	0
Gain on sale of assets			(2,113)
Operating (loss) income		824	2,421
Payments for Capital Improvements		2,283	29,220
Municipal utility district reimbursements applied to real estate under development			0
Total assets		235,734	164,811
Operating Leases, Income Statement, Lease Revenue			3,629
Operating Segments | Hotel
Segment Reporting Information [Line Items]
Revenue from contracts with customers		5,911	8,325
Revenues:
Cost of sales		5,908	6,698
Depreciation		1,105	900
General and administrative expenses		0	0
Gain on sale of assets			0
Operating (loss) income		(1,054)	774
Payments for Capital Improvements		27	98
Municipal utility district reimbursements applied to real estate under development			0
Total assets		96,484	98,503
Operating Segments | Entertainment
Segment Reporting Information [Line Items]
Revenue from contracts with customers		4,155	4,796
Revenues:
Cost of sales		3,226	3,607
Depreciation		483	394
General and administrative expenses		0	0
Gain on sale of assets			0
Operating (loss) income		461	824
Payments for Capital Improvements		18	125
Municipal utility district reimbursements applied to real estate under development			0
Total assets		42,639	43,846
Eliminations and Other
Revenues:
Intersegment		0	0
Eliminations and Other | Real Estate Operations
Revenues:
Intersegment		4	5
Eliminations and Other | Leasing Operations
Revenues:
Intersegment		227	230
Eliminations and Other | Hotel
Revenues:
Intersegment		48	47
Eliminations and Other | Entertainment
Revenues:
Intersegment		15	29
Eliminations and Other | Eliminations and Other [Member]
Revenues:
Intersegment		$ (294)	$ (311)

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Event (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2020USD ($)
Subsequent event
Subsequent Event [Line Items]
Proceeds From Business Interruption Insurance	$ 800