Stratus Properties (STRS) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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
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		8,221,014
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, Par Value, $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Series D Participating Cumulative Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Series D Participating Cumulative Preferred Stock Purchase Rights
Trading Symbol	STRS
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 13,422	$ 19,173
Restricted cash	19,627	19,418
Real estate held for sale	5,018	14,872
Real estate under development	88,534	95,026
Land available for development	61,292	45,539
Real estate held for investment, net	326,149	329,103
Lease right-of-use assets	10,923	11,378
Deferred tax assets	34	12,311
Other assets	18,220	14,548
Total assets	543,219	561,368
Liabilities:
Accounts payable	9,920	16,053
Accrued liabilities, including taxes	10,751	11,580
Debt	368,601	365,749
Lease liabilities	13,036	12,636
Deferred gain	6,656	7,654
Other liabilities	13,341	13,614
Total liabilities	422,305	427,286
Commitments and contingencies
Stockholders’ equity:
Common stock	93	93
Capital in excess of par value of common stock	186,620	186,082
Accumulated deficit	(55,581)	(43,567)
Common stock held in treasury	(21,600)	(21,509)
Total stockholders’ equity	109,532	121,099
Noncontrolling interests in subsidiaries	11,382	12,983
Total equity	120,914	134,082
Total liabilities and equity	$ 543,219	$ 561,368

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Leasing operations	$ 5,807	$ 5,024	$ 17,257	$ 13,066
Total revenues	12,801	22,255	49,866	65,677
Cost of sales:
Cost of sales	10,828	16,363	42,127	46,216
Depreciation	3,329	2,835	10,339	8,168
Total cost of sales	14,157	19,198	52,466	54,384
General and administrative expenses	2,868	3,025	8,786	9,143
Income from forfeited earnest money	0	0	(15,000)	0
Gain on sale of assets	0	(37)	0	(1,989)
Total	17,025	22,186	46,252	61,538
Operating (loss) income	(4,224)	69	3,614	4,139
Interest expense, net	(3,587)	(3,203)	(11,168)	(8,686)
Gain (loss) on interest rate derivative instruments	82	(9)	3	(191)
Loss on early extinguishment of debt	0	(231)	0	(247)
Other income, net	3	18	111	329
Loss before income taxes and equity in unconsolidated affiliates' loss	(7,726)	(3,356)	(7,440)	(4,656)
Equity in unconsolidated affiliates' loss	(9)	(7)	(9)	(20)
(Provision for) benefit from income taxes	(7,536)	401	(6,166)	186
(Loss) income from continuing operations	(15,271)	(2,962)	(13,615)	(4,490)
Total comprehensive loss attributable to noncontrolling interests in subsidiaries	193	2	1,601	3
Net loss and total comprehensive loss attributable to common stockholders	$ (15,078)	$ (2,960)	$ (12,014)	$ (4,487)
Basic and diluted net loss per share attributable to common stockholders (in usd per share)	$ (1.84)	$ (0.36)	$ (1.46)	$ (0.55)
Basic and diluted weighted average number of shares outstanding, basic (in shares)	8,214	8,188	8,208	8,177
Real estate
Revenues:
Revenue from contracts with customers	$ 5,025	$ 2,616	$ 19,254	$ 9,693
Cost of sales:
Cost of sales	3,578	2,352	15,754	6,193
Leasing Operations [Member]
Cost of sales:
Cost of sales	2,789	2,491	9,941	7,077
Hotel [Member]
Revenues:
Revenue from contracts with customers	1,596	8,696	8,537	25,983
Cost of sales:
Cost of sales	3,318	6,891	10,983	20,397
Entertainment [Member]
Revenues:
Revenue from contracts with customers	373	5,919	4,818	16,935
Cost of sales:
Cost of sales	$ 1,143	$ 4,629	$ 5,449	$ 12,549

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Cash Flows [Abstract]
Net loss	$ (2,962)	$ (13,615)	$ (4,490)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		10,339	8,168
Cost of real estate sold		10,692	5,321
Gain on sale of assets	(37)	0	(1,989)
(Gain) loss on interest rate derivative instruments	9	(3)	191
Loss on early extinguishment of debt	(231)	0	(247)
Amortization of debt issuance costs and stock-based compensation		1,601	1,042
Equity in unconsolidated affiliates' loss	(7)	(9)	(20)
Increase in deposits		93	645
Deferred income taxes		12,277	(553)
Purchases and development of real estate properties		(11,607)	(8,866)
Municipal utility district reimbursements applied to real estate under development	900	0	920
Increase in other assets		(2,971)	(3,529)
Decrease in accounts payable, accrued liabilities and other		(6,356)	(1,120)
Net cash provided by (used in) operating activities		459	(3,993)
Cash flow from investing activities:
Capital expenditures		(5,328)	(51,167)
Proceeds from sale of assets		0	3,170
Payments on master lease obligations		(1,093)	(1,216)
Purchase of noncontrolling interest in consolidated subsidiary		0	(4,589)
Other, net		(9)	(10)
Net cash used in investing activities		(6,430)	(53,812)
Cash flow from financing activities:
Borrowings from credit facility		18,800	19,186
Payments on credit facility		(25,975)	(18,109)
Borrowings from project loans		15,690	133,278
Payments on project and term loans		(7,584)	(64,118)
Stock-based awards net payments		(79)	(265)
Financing costs		(423)	(1,342)
Net cash provided by financing activities		429	68,630
Net (decrease) increase in cash, cash equivalents and restricted cash		(5,542)	10,825
Cash, cash equivalents and restricted cash at beginning of year		38,591	38,919
Cash, cash equivalents and restricted cash at end of period	$ 49,744	$ 33,049	$ 49,744

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Capital in Excess of Par Value	Accum-ulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests in Subsidiaries
Balance at Dec. 31, 2018	$ 146,651	$ 123,986	$ 93	$ 186,256	$ (41,103)	$ (21,260)	$ 22,665
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
Forfeited dividends	11	11		11
Tender of shares for stock-based awards	(249)	(249)				$ (249)
Tender of shares for stock-based awards (in shares)						9
Purchase of noncontrolling interest in consolidated subsidiary	(4,589)						(4,589)
Total comprehensive loss		(4,487)			(4,487)		(3)
Total comprehensive loss	(4,490)
Balance at Sep. 30, 2019	137,583	119,510	$ 93	186,516	(45,590)	$ (21,509)	18,073
Balance (in shares) at Sep. 30, 2019			9,331			1,133
Balance at Jun. 30, 2019	140,512	122,437	$ 93	186,334	(42,630)	$ (21,360)	18,075
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
Forfeited dividends	11	11		11
Tender of shares for stock-based awards	(149)	(149)				$ (149)
Tender of shares for stock-based awards (in shares)						5
Total comprehensive loss		(2,960)			(2,960)		(2)
Total comprehensive loss	(2,962)
Balance at Sep. 30, 2019	137,583	119,510	$ 93	186,516	(45,590)	$ (21,509)	18,073
Balance (in shares) at Sep. 30, 2019			9,331			1,133
Balance at Dec. 31, 2019	134,082	121,099	$ 93	186,082	(43,567)	$ (21,509)	12,983
Balance (in shares) at Dec. 31, 2019			9,330			1,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	22	22		22
Exercised and issued stock-based awards (in shares)			28
Stock-based compensation	516	516		516
Tender of shares for stock-based awards	(91)	(91)				$ (91)
Tender of shares for stock-based awards (in shares)						4
Total comprehensive loss		(12,014)			(12,014)		(1,601)
Total comprehensive loss	(13,615)
Balance at Sep. 30, 2020	120,914	109,532	$ 93	186,620	(55,581)	$ (21,600)	11,382
Balance (in shares) at Sep. 30, 2020			9,358			1,137
Balance at Jun. 30, 2020	135,987	124,412	$ 93	186,422	(40,503)	$ (21,600)	11,575
Balance (in shares) at Jun. 30, 2020			9,347			1,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	22	22		22
Exercised and issued stock-based awards (in shares)			11
Stock-based compensation	176	176		176
Total comprehensive loss		(15,078)			(15,078)		(193)
Total comprehensive loss	(15,271)
Balance at Sep. 30, 2020	$ 120,914	$ 109,532	$ 93	$ 186,620	$ (55,581)	$ (21,600)	$ 11,382
Balance (in shares) at Sep. 30, 2020			9,358			1,137

General

General	9 Months Ended
	Sep. 30, 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 third quarter of 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 and continues to affect Stratus' operations. As a result, this interim period, as well as future interim periods while the COVID-19 pandemic is ongoing, 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 those related to the 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’ assessment of the future magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors, have contributed to the recognition of a $9.6 million valuation allowance on Stratus' deferred tax assets at September 30, 2020, and could result in other material changes to the estimates used in and material impacts to Stratus’ consolidated financial statements in future reporting periods. Real Estate Investment Trust Exploration. On September 21, 2020, Stratus' Board of Directors (Board) announced its approval of the initiation of an in-depth exploration of a conversion from a C-Corporation to a real estate investment trust (REIT). Stratus has engaged financial, tax, accounting and legal advisors, and the Board will closely monitor and evaluate the findings to ultimately determine if conversion to a REIT is in the best interest of Stratus' shareholders. If the Board determines to move forward, Stratus expects the conversion would likely occur in 2022, subject to a variety of factors, including its ability to complete the steps that must be taken in order to convert to a REIT and the timing thereof, and whether its shareholders will approve changes to Stratus’ organizational documents consistent with a public REIT structure. Terminated Block 21 Sale. 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 the proposed sale represented a strategic shift for Stratus, the assets and liabilities of Block 21 were classified as held for sale - discontinued operations in the consolidated balance sheet of Stratus' 2019 Form 10-K. 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. During the second quarter of 2020, Stratus recorded the $15.0 million as operating income, 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. As a result of the termination of the agreements to sell Block 21, Stratus concluded that such assets and liabilities no longer qualified as held for sale. 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 of Stratus' 2019 Form 10-K 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. Recently, there have been reports of increasing numbers of new COVID-19 cases throughout the United States, and in particular, Texas, resulting in some governments extending or re-imposing restrictions. 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, particularly on the hotel and entertainment segments. As mentioned above, Stratus' previously disclosed transaction to sell Block 21 for $275 million was terminated by Ryman as a result of the capital markets and economic environment caused by the COVID-19 pandemic. The COVID-19 pandemic and related economic disruption, as well as other factors, have contributed to the recognition of a $9.6 million valuation allowance on Stratus' deferred tax assets at September 30, 2020. Stratus continues to advance its land planning, engineering and permitting activities. All major construction projects have been completed and no new construction is scheduled until the first quarter of 2021 and may be deferred if health and market conditions warrant. 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 during the first three quarters of 2020 and are expected to continue to be adversely impacted beyond third-quarter 2020. For example, while the hotel has remained open throughout the pandemic, average occupancy in the third quarter of 2020 was 16 percent. Stratus' entertainment venues, ACL Live and 3TEN ACL Live, hosted a limited number of events with restricted capacity during third-quarter 2020 as most events were either rescheduled or cancelled as a result of the COVID-19 pandemic. As a result of the COVID-19 pandemic, many of Stratus’ retail leasing tenants, other than grocery and liquor stores, closed or have been operating at significantly reduced capacity since late in the first quarter of 2020. Beginning in April 2020, Stratus agreed, generally, to 90-day base rent deferrals with a majority of these tenants. The deferred rents are scheduled to be collected over a 12-month or 24-month period starting in January 2021. These rent deferrals resulted in a reduction of scheduled base rent collections of 17 percent during the period from April through September 2020. As of September 30, 2020, all of Stratus’ retail tenants who were open prior to the pandemic had reopened, although operating with capacity restrictions. At its multi-family properties, Stratus has granted rent deferral accommodations on a case-by-case basis, which during the period from April through September 2020 resulted in a reduction of scheduled rent collections of less than one percent of contractual rents, with no material decline in occupancy. In the aggregate, Stratus’ retail and multi-family rent collections were eight percent less than scheduled rents during the period from April through September 2020. Stratus assessed its rents receivable for potential credit losses as of June 30, 2020, and recorded a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. Stratus again assessed its rents receivable for potential credit losses as of September 30, 2020, and concluded that no additional charges for estimated uncollectible rents receivable and unrealizable deferred costs were required. The following is an update to Stratus' revenue recognition accounting policy included in Note 1 of its 2019 Form 10-K. Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. If upon, or subsequent to, lease commencement, the assessed collectability of lease payments is not probable, recognized lease income is limited to collected lease payments. In addition, any previously recognized rents receivable and deferred lease costs associated with that lease are charged to cost of sales in the period that assessed collectability is considered not probable. 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 carry back 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 (PPP loan) of the CARES Act. The PPP loan bears interest at one percent and matures April 15, 2022, except for the portion that may be forgiven. The proceeds from the loan must be used to retain workers and maintain payroll or make mortgage interest payments, lease payments and utility payments. Refer to Note 8 for further discussion of income tax benefits.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
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 90 thousand shares of common stock for third-quarter 2020, 83 thousand shares for third-quarter 2019, 86 thousand shares for the first nine months of 2020 and 91 thousand shares for the first nine months of 2019 associated with restricted stock units and outstanding stock options that were anti-dilutive as a result of the net losses for the periods.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 a $26.0 million construction loan with Texas Capital Bank, National Association and 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.-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): September 30, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 3,212 $ 1,110 Real estate under development 2,381 3,703 Land available for development 8,317 9,273 Real estate held for investment 67,994 64,637 Other assets 2,186 1,807 Total assets 84,090 80,530 Liabilities: Accounts payable and accrued liabilities 3,724 8,680 Debt 56,277 45,848 Total liabilities 60,001 54,528 Net assets $ 24,089 $ 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 $28 thousand in both third-quarter 2020 and third-quarter 2019, $93 thousand for the first nine months of 2020 and $84 thousand for the first nine months of 2019. Refer to Note 2 of the Stratus 2019 Form 10-K for further discussion.

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS 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, 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, 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): September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Interest rate cap agreement $ — $ — $ 3 $ 3 Liabilities: Debt 368,601 372,288 365,749 370,558 Interest rate swap agreement 108 108 114 114 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 September 30, 2020, the agreement had a notional amount of $14.9 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. 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	9 Months Ended
	Sep. 30, 2020
Capitalization, Long-term Debt and Equity [Abstract]
Debt	DEBT The components of Stratus' debt are as follows (in thousands): September 30, 2020 December 31, 2019 Block 21 loan $ 139,578 $ 141,184 The Santal loan 74,252 73,972 Comerica Bank credit facility 35,307 42,482 New Caney land loan 4,939 4,908 PPP loan 3,987 — Construction loans: Kingwood Place 30,996 23,991 The Saint Mary 25,281 21,857 Lantana Place 24,099 23,268 Jones Crossing 22,301 21,354 West Killeen Market 7,159 7,213 Amarra Villas credit facility 702 5,520 Total debt a $ 368,601 $ 365,749 a. Includes net reductions for unamortized debt issuance costs of $2.5 million at September 30, 2020, and $3.5 million at December 31, 2019. As of September 30, 2020, Stratus had $24.5 million available under its $60.0 million Comerica Bank credit facility, with a $150 thousand letter 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, Stratus 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. The Saint Mary construction loan matures June 19, 2021. Stratus expects to refinance the loan or sell The Saint Mary prior to the maturity date. The New Caney land loan matures March 8, 2021. Stratus expects to exercise its option to extend the loan for an additional 12 months, which requires a principal payment of approximately $500 thousand. Effective November 2, 2020, the West Killeen Market construction loan was modified to replace the financial covenant that Stratus maintain a minimum total stockholders’ equity balance of $110.0 million with a financial covenant that Stratus maintain a minimum net asset value, as defined in the agreement, of $125 million. During second-quarter 2020, Stratus entered into amendments to the Lantana Place and West Killeen Market construction loans in which Stratus was granted waivers of the debt service coverage ratio covenants for the quarters needed such that it believes that it will be able to remain in compliance if rent payments do not further deteriorate materially as currently anticipated. 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 was 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 $4.7 million in third-quarter 2020, $5.2 million in third-quarter 2019, $14.8 million for the first nine months of 2020 and $14.9 million for the first nine months of 2019. Stratus' capitalized interest totaled $1.1 million in third-quarter 2020, $2.0 million in third-quarter 2019, $3.6 million for the first nine months of 2020 and $6.2 million for the first nine months of 2019, primarily related to development activities at Barton Creek. The 2019 periods also included capitalized interest related to development activities at Kingwood Place and The Saint Mary.

Profit Participation Incentive

Profit Participation Incentive Plan	9 Months Ended
	Sep. 30, 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 third-quarter 2020, Stratus recorded a $0.3 million increase to the accrued liability for the Plan of which $0.1 million increased project development costs and $0.2 million increased general and administrative expenses. During third-quarter 2019, Stratus accrued $0.2 million to project development costs and $0.2 million in general and administrative expenses related to the Plan. During the first nine months of 2020, Stratus accrued $0.3 million to project development costs and $0.4 million in general and administrative expense related to the Plan. During the first nine months of 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 $3.2 million at September 30, 2020, and $2.5 million at December 31, 2019 (included in other liabilities). As of September 30, 2020, no amounts had been paid to participants under the Plan.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 $34 thousand at September 30, 2020 , and $12.3 million at December 31, 2019. The decrease in Stratus' net deferred tax assets is primarily attributed to a valuation allowance recorded in the third quarter of 2020 totaling $9.6 million. In evaluating the recoverability of the deferred tax assets, management considered available positive and negative evidence, giving greater weight to the recent current losses and uncertainty regarding projected future financial results. Upon a change in facts and circumstances, management may conclude that sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance in the future, which would favorably impact Stratus' results of operations. 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 of (83) percent for the first nine months of 2020 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to the discrete tax charge of $9.6 million to record a valuation allowance on Stratus' deferred tax assets; the CARES Act, which, among other impacts, allows Stratus to carry back losses to 2017 when the U.S. corporate tax rate was 35 percent, resulting in a discrete tax benefit of $1.4 million; and the Texas state margin tax. The difference between Stratus' consolidated effective income tax rate of four percent 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 deductibility limitation.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 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 multi-family 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 Place), Kingwood, Texas (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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Real Estate Operations: Developed property sales $ 5,001 $ 2,601 $ 19,141 $ 9,483 Commissions and other 24 15 113 210 5,025 2,616 19,254 9,693 Leasing Operations: Rental revenue 5,807 5,024 17,257 13,066 Hotel: Rooms, food and beverage 1,504 8,097 7,511 24,279 Other 92 599 1,026 1,704 1,596 8,696 8,537 25,983 Entertainment: Event revenue 373 5,211 4,224 15,033 Other — 708 594 1,902 373 5,919 4,818 16,935 Total revenues from contracts with customers $ 12,801 $ 22,255 $ 49,866 $ 65,677 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, 2020: Revenues: Unaffiliated customers $ 5,025 $ 5,807 $ 1,596 $ 373 $ — $ 12,801 Intersegment 5 223 18 (6) (240) — Cost of sales, excluding depreciation 3,585 2,793 3,317 1,242 (109) 10,828 Depreciation 57 2,051 891 392 (62) 3,329 General and administrative expenses — — — — 2,868 2,868 Operating income (loss) $ 1,388 $ 1,186 $ (2,594) $ (1,267) $ (2,937) $ (4,224) Capital expenditures and purchases and development of real estate properties $ 2,952 $ 716 $ 213 $ 2 $ — $ 3,883 Total assets at September 30, 2020 160,890 236,970 93,666 35,495 16,198 543,219 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 193,421 197,052 97,414 43,810 36,235 567,932 Nine Months Ended September 30, 2020: Revenues: Unaffiliated customers $ 19,254 $ 17,257 $ 8,537 $ 4,818 $ — $ 49,866 Intersegment 13 666 82 8 (769) — Cost of sales, excluding depreciation 15,653 9,955 d 10,992 e 5,773 (246) 42,127 Depreciation 173 6,132 2,927 f 1,279 f (172) 10,339 General and administrative expenses — — — — 8,786 8,786 Income from forfeited earnest money — — — — (15,000) g (15,000) Operating income (loss) $ 3,441 $ 1,836 $ (5,300) $ (2,226) $ 5,863 $ 3,614 Capital expenditures and purchases and development of real estate properties $ 11,607 $ 4,681 $ 523 $ 124 $ — $ 16,935 Real Estate Operations a Leasing Operations Hotel Entertainment Corporate, Eliminations and Other b Total 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 h 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 h 920 — — — — 920 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 third-quarter of 2019. Refer to Note 4. d. Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. Refer to Note 1. e. Includes a $0.8 million credit related to a business interruption insurance claim filed as a result of water and smoke damage in the W Austin hotel in January 2018. f. 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. g. Represents income from earnest money received as a result of Ryman's termination of the agreements to sell Block 21. h. 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. Refer to Note 1 of the Stratus 2019 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after September 30, 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)	9 Months Ended
	Sep. 30, 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 those related to the 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’ assessment of the future magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors, have contributed to the recognition of a $9.6 million valuation allowance on Stratus' deferred tax assets at September 30, 2020, and could result in other material changes to the estimates used in and material impacts to Stratus’ consolidated financial statements in future reporting periods.
Earnings Per Share	Stratus’ 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.

General (Tables)

General (Tables)	9 Months Ended
	Sep. 30, 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 of Stratus' 2019 Form 10-K 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

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 3,212 $ 1,110 Real estate under development 2,381 3,703 Land available for development 8,317 9,273 Real estate held for investment 67,994 64,637 Other assets 2,186 1,807 Total assets 84,090 80,530 Liabilities: Accounts payable and accrued liabilities 3,724 8,680 Debt 56,277 45,848 Total liabilities 60,001 54,528 Net assets $ 24,089 $ 26,002

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Interest rate cap agreement $ — $ — $ 3 $ 3 Liabilities: Debt 368,601 372,288 365,749 370,558 Interest rate swap agreement 108 108 114 114

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Table [Abstract]
Schedule of debt	The components of Stratus' debt are as follows (in thousands): September 30, 2020 December 31, 2019 Block 21 loan $ 139,578 $ 141,184 The Santal loan 74,252 73,972 Comerica Bank credit facility 35,307 42,482 New Caney land loan 4,939 4,908 PPP loan 3,987 — Construction loans: Kingwood Place 30,996 23,991 The Saint Mary 25,281 21,857 Lantana Place 24,099 23,268 Jones Crossing 22,301 21,354 West Killeen Market 7,159 7,213 Amarra Villas credit facility 702 5,520 Total debt a $ 368,601 $ 365,749

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Real Estate Operations: Developed property sales $ 5,001 $ 2,601 $ 19,141 $ 9,483 Commissions and other 24 15 113 210 5,025 2,616 19,254 9,693 Leasing Operations: Rental revenue 5,807 5,024 17,257 13,066 Hotel: Rooms, food and beverage 1,504 8,097 7,511 24,279 Other 92 599 1,026 1,704 1,596 8,696 8,537 25,983 Entertainment: Event revenue 373 5,211 4,224 15,033 Other — 708 594 1,902 373 5,919 4,818 16,935 Total revenues from contracts with customers $ 12,801 $ 22,255 $ 49,866 $ 65,677
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, 2020: Revenues: Unaffiliated customers $ 5,025 $ 5,807 $ 1,596 $ 373 $ — $ 12,801 Intersegment 5 223 18 (6) (240) — Cost of sales, excluding depreciation 3,585 2,793 3,317 1,242 (109) 10,828 Depreciation 57 2,051 891 392 (62) 3,329 General and administrative expenses — — — — 2,868 2,868 Operating income (loss) $ 1,388 $ 1,186 $ (2,594) $ (1,267) $ (2,937) $ (4,224) Capital expenditures and purchases and development of real estate properties $ 2,952 $ 716 $ 213 $ 2 $ — $ 3,883 Total assets at September 30, 2020 160,890 236,970 93,666 35,495 16,198 543,219 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 193,421 197,052 97,414 43,810 36,235 567,932 Nine Months Ended September 30, 2020: Revenues: Unaffiliated customers $ 19,254 $ 17,257 $ 8,537 $ 4,818 $ — $ 49,866 Intersegment 13 666 82 8 (769) — Cost of sales, excluding depreciation 15,653 9,955 d 10,992 e 5,773 (246) 42,127 Depreciation 173 6,132 2,927 f 1,279 f (172) 10,339 General and administrative expenses — — — — 8,786 8,786 Income from forfeited earnest money — — — — (15,000) g (15,000) Operating income (loss) $ 3,441 $ 1,836 $ (5,300) $ (2,226) $ 5,863 $ 3,614 Capital expenditures and purchases and development of real estate properties $ 11,607 $ 4,681 $ 523 $ 124 $ — $ 16,935 Real Estate Operations a Leasing Operations Hotel Entertainment Corporate, Eliminations and Other b Total 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 h 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 h 920 — — — — 920 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 third-quarter of 2019. Refer to Note 4. d. Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. Refer to Note 1. e. Includes a $0.8 million credit related to a business interruption insurance claim filed as a result of water and smoke damage in the W Austin hotel in January 2018. f. 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. g. Represents income from earnest money received as a result of Ryman's termination of the agreements to sell Block 21. h. 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. Refer to Note 1 of the Stratus 2019 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements.

General (Details)

General (Details) $ in Thousands	May 21, 2020USD ($)	Dec. 09, 2019USD ($)theater_seathotel_room	Jun. 30, 2020	Apr. 30, 2020	Sep. 30, 2020USD ($)	Jun. 22, 2020	Jun. 21, 2020	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Apr. 22, 2020USD ($)
Subsequent Event [Line Items]
Valuation allowance, deferred tax assets					$ 9,600				$ 9,600
Repayments of lines of credit									25,975	$ 18,109
Other income, net					3			$ 18	111	$ 329
Average hotel occupancy percentage							16.00%
Base rent deferral period				90 days
Decrease in scheduled base rent collections, percentage						17.00%
Deferrals, percentage of contractual rents			100.00%
Percentage of deferred scheduled rent						8.00%
CARES Act, proceeds from loans payable											$ 4,000
CARES Act, interest rate											1.00%
Provision for other credit losses									$ 1,400
Minimum [Member]
Subsequent Event [Line Items]
Deferred rent amortization period				12 months
Maximum [Member]
Subsequent Event [Line Items]
Deferred rent amortization period				24 months
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
Block 21 | Block 21 loan
Subsequent Event [Line Items]
Repayments of Debt	$ 1,200
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

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 - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Weighted-average shares excluded from computation of earnings per share (in shares)	90	83	86	91

Related Party Transactions Sain

Related Party Transactions Saint Mary, L.P. (Details) $ in Thousands	Jun. 19, 2018USD ($)unit	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 13,422	$ 19,173
Restricted cash		19,627	19,418
Real estate under development		88,534	95,026
Land available for development		61,292	45,539
Other assets		18,220	14,548
Total assets		543,219	561,368	$ 567,932
Debt		368,601	365,749
Total liabilities		422,305	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		3,212	1,110
Real estate under development		2,381	3,703
Land available for development		8,317	9,273
Real estate held for investment, net		67,994	64,637
Other assets		2,186	1,807
Total assets		84,090	80,530
Accounts payable and accrued liabilities		3,724	8,680
Debt		56,277	45,848
Total liabilities		60,001	54,528
Net Assets		24,089	26,002
The Saint Mary construction loan
Related Party Transaction [Line Items]
Debt		$ 25,281	$ 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 ($)a	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 13,422	$ 19,173
Restricted cash		19,627	19,418
Real estate under development		88,534	95,026
Land available for development		61,292	45,539
Other assets		18,220	14,548
Total assets		543,219	561,368	$ 567,932
Debt		368,601	365,749
Total liabilities		422,305	427,286
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		3,212	1,110
Real estate under development		2,381	3,703
Land available for development		8,317	9,273
Real estate held for investment, net		67,994	64,637
Other assets		2,186	1,807
Total assets		84,090	80,530
Accounts payable and accrued liabilities		3,724	8,680
Debt		56,277	45,848
Total liabilities		60,001	54,528
Net Assets		$ 24,089	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	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	$ 28	$ 93	$ 84

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments on credit facility				$ 25,975	$ 18,109
Gain on sale of assets		$ 0	$ 37	$ 0	1,989
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
Gain on sale of assets					$ (2,000)
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, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 368,601	$ 365,749
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	372,288	370,558
Interest Rate Cap | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	0	3
Interest Rate Cap | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	0	3
Interest Rate Swap | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreement	108	114
Interest Rate Swap | Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreement	$ 108	$ 114

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount			$ 14,900	$ 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			9 Months Ended
	Jan. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Nov. 02, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt		$ 368,601,000			$ 368,601,000			$ 365,749,000
Unamortized debt issuance costs		2,500,000			2,500,000			3,500,000
Interest costs incurred		4,700,000		$ 5,200,000	14,800,000	$ 14,900,000
Interest costs capitalized		1,100,000		$ 2,000,000	3,600,000	$ 6,200,000
Minimum [Member]
Debt Instrument [Line Items]
Debt covenant, total stockholders' equity		$ 110,000,000			110,000,000
Minimum [Member] | Subsequent event
Debt Instrument [Line Items]
Debt Covenant, net asset value							$ 125,000,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%	0.00%
Block 21 loan
Debt Instrument [Line Items]
Debt		$ 139,578,000			139,578,000			141,184,000
The Santal loan
Debt Instrument [Line Items]
Debt		74,252,000			74,252,000			73,972,000
Comerica Bank credit facility
Debt Instrument [Line Items]
Debt		35,307,000			35,307,000			42,482,000
Comerica Bank credit facility | Line of credit
Debt Instrument [Line Items]
Letters of credit committed		150,000			150,000
Comerica Bank credit facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, available borrowing capacity		24,500,000			24,500,000
Credit facility, maximum borrowing capacity		60,000,000			60,000,000
Amarra Villas credit facility
Debt Instrument [Line Items]
Debt		702,000			702,000			5,520,000
New Caney land loan
Debt Instrument [Line Items]
Debt		4,939,000			4,939,000			4,908,000
Debt Instrument, Covenant, Principal Payment for Loan Extension		500,000			500,000
Lantana Place
Debt Instrument [Line Items]
Debt		24,099,000			24,099,000			23,268,000
Jones Crossing
Debt Instrument [Line Items]
Debt		22,301,000			22,301,000			21,354,000
The Saint Mary Construction Loan [Member]
Debt Instrument [Line Items]
Debt		25,281,000			25,281,000			21,857,000
Kingwood Place
Debt Instrument [Line Items]
Debt		30,996,000			30,996,000			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		7,159,000			7,159,000			7,213,000
PPP loan
Debt Instrument [Line Items]
Debt		$ 3,987,000			$ 3,987,000			$ 0

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for Capital Improvements			$ 5,328,000	$ 51,167,000
General and administrative expenses	$ 2,868,000	$ 3,025,000	8,786,000	9,143,000
Other liabilities	13,341,000		13,341,000		$ 13,614,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in accrued liabilities	(300,000)
Payments for Capital Improvements	100,000	200,000	300,000	600,000
General and administrative expenses	200,000	$ 200,000	400,000	$ 700,000
Other liabilities	$ 3,200,000		3,200,000		$ 2,500,000
Deferred compensation arrangement with individual, distribution paid			$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Contingency [Line Items]
Deferred tax assets	$ 34			$ 34		$ 12,300
Valuation allowance, deferred tax assets	9,600			$ 9,600
Effective income tax rate				(83.00%)	(4.00%)
Federal Statutory Income Tax Rate			35.00%	21.00%	21.00%
(Provision for) benefit from income taxes	$ (7,536)	$ 401		$ (6,166)	$ 186
Internal Revenue Service (IRS) [Member]
Income Tax Contingency [Line Items]
(Provision for) benefit from income taxes				$ 1,400

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from External Customer [Line Items]
Leasing operations	$ 5,807	$ 5,024	$ 17,257	$ 13,066
Total revenues	12,801	22,255	49,866	65,677
Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,025	2,616	19,254	9,693
Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,596	8,696	8,537	25,983
Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	373	5,919	4,818	16,935
Real Estate Operations | Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,025	2,616	19,254	9,693
Real Estate Operations | Developed property sales
Revenue from External Customer [Line Items]
Revenue from contracts with customers	5,001	2,601	19,141	9,483
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	24	15	113	210
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations	5,807	5,024	17,257	13,066
Hotel | Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,596	8,696	8,537	25,983
Hotel | Rooms, food and beverage
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,504	8,097	7,511	24,279
Hotel | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	92	599	1,026	1,704
Entertainment | Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	373	5,919	4,818	16,935
Entertainment | Event revenue
Revenue from External Customer [Line Items]
Revenue from contracts with customers	373	5,211	4,224	15,033
Entertainment | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	$ 0	$ 708	$ 594	$ 1,902

Business Segments Segment Infor

Business Segments Segment Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments					4
Leasing operations			$ 5,807	$ 5,024	$ 17,257	$ 13,066
Revenues:
Unaffiliated customers			12,801	22,255	49,866	65,677
Cost of sales			10,828	16,363	42,127	46,216
Depreciation			3,329	2,835	10,339	8,168
General and administrative expenses			2,868	3,025	8,786	9,143
Income from forfeited earnest money			0	0	(15,000)	0
Gain on sale of assets			0	(37)	0	(1,989)
Operating (loss) income			(4,224)	69	3,614	4,139
Payments to Acquire and Develop Real Estate			2,952	3,110		8,866
Payments for Capital Improvements					5,328	51,167
Total assets		$ 561,368	543,219	567,932	543,219	567,932
Municipal utility district reimbursements applied to real estate under development				900	0	920
Depreciation					10,339	8,168
Proceeds From Business Interruption Insurance	$ 800
Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations			5,807	5,024	17,257	13,066
Hotel
Revenues:
Depreciation		202
Entertainment
Revenues:
Depreciation		$ 89
Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Revenue from contracts with customers			0	0	0	0
Revenues:
Cost of sales			(109)	(185)	(246)	(526)
Depreciation			(62)	(47)	(172)	(223)
General and administrative expenses			2,868	3,025	8,786	9,143
Income from forfeited earnest money					(15,000)
Gain on sale of assets				0		0
Operating (loss) income			(2,937)	(3,391)	5,863	(9,661)
Payments for Capital Improvements			0	0	0	0
Total assets			16,198	36,235	16,198	36,235
Municipal utility district reimbursements applied to real estate under development						0
Real estate
Segment Reporting Information [Line Items]
Revenue from contracts with customers			5,025	2,616	19,254	9,693
Revenues:
Cost of sales			3,578	2,352	15,754	6,193
Real estate | Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers			5,025	2,616	19,254	9,693
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			3,883	9,287	16,935	60,033
Municipal utility district reimbursements applied to real estate under development						920
Operating Segments | Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers			5,025	2,616	19,254	9,693
Revenues:
Cost of sales			3,585	2,352	15,653	6,193
Depreciation			57	57	173	182
General and administrative expenses			0	0	0	0
Income from forfeited earnest money					0
Gain on sale of assets				0		0
Operating (loss) income			1,388	211	3,441	3,331
Payments to Acquire and Develop Real Estate					11,607
Total assets			160,890	193,421	160,890	193,421
Operating Segments | Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations			5,807		17,257
Revenues:
Cost of sales			2,793	2,495	9,955	7,090
Depreciation			2,051	1,529	6,132	4,324
General and administrative expenses			0	0	0	0
Income from forfeited earnest money					0
Gain on sale of assets				(37)		(1,989)
Operating (loss) income			1,186	1,256	1,836	4,319
Payments for Capital Improvements			716	5,871	4,681	50,482
Total assets			236,970	197,052	236,970	197,052
Municipal utility district reimbursements applied to real estate under development						0
Operating Leases, Income Statement, Lease Revenue				5,024		13,066
Operating Segments | Hotel
Segment Reporting Information [Line Items]
Revenue from contracts with customers			1,596	8,696	8,537	25,983
Revenues:
Cost of sales			3,317	6,931	10,992	20,497
Depreciation			891	903	2,927	2,702
General and administrative expenses			0	0	0	0
Income from forfeited earnest money					0
Gain on sale of assets				0		0
Operating (loss) income			(2,594)	930	(5,300)	2,979
Payments for Capital Improvements			213	294	523	548
Total assets			93,666	97,414	93,666	97,414
Municipal utility district reimbursements applied to real estate under development						0
Operating Segments | Entertainment
Segment Reporting Information [Line Items]
Revenue from contracts with customers			373	5,919	4,818	16,935
Revenues:
Cost of sales			1,242	4,770	5,773	12,962
Depreciation			392	393	1,279	1,183
General and administrative expenses			0	0	0	0
Income from forfeited earnest money					0
Gain on sale of assets				0		0
Operating (loss) income			(1,267)	1,063	(2,226)	3,171
Payments for Capital Improvements			2	12	124	137
Total assets			35,495	43,810	35,495	43,810
Municipal utility district reimbursements applied to real estate under development						0
Eliminations and Other
Revenues:
Intersegment			0	0	0	0
Eliminations and Other | Real Estate Operations
Revenues:
Intersegment			5	4	13	13
Eliminations and Other | Leasing Operations
Revenues:
Intersegment			223	219	666	678
Eliminations and Other | Hotel
Revenues:
Intersegment			18	68	82	195
Eliminations and Other | Entertainment
Revenues:
Intersegment			(6)	307	8	381
Eliminations and Other | Eliminations and Other [Member]
Revenues:
Intersegment			$ (240)	$ (598)	$ (769)	$ (1,267)