Stratus Properties (STRS) 10-K 15 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 26, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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 St., 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 102.4
Entity Common Stock, Shares Outstanding		8,221,014
Documents Incorporated by Reference	Portions of the registrant's proxy statement for its 2021 annual meeting of stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0000885508
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 12,434	$ 19,173
Restricted cash	21,749	19,418
Real estate held for sale	4,204	14,872
Real estate under development	98,137	95,026
Land available for development	53,432	45,539
Real estate held for investment, net	286,529	292,012
Lease right-of-use assets	10,871	11,378
Deferred tax assets	44	12,311
Other assets	20,100	14,318
Assets held for sale - The Saint Mary	36,516	37,321
Total assets	544,016	561,368
LIABILITIES AND EQUITY
Accounts payable	8,047	16,053
Accrued liabilities, including taxes	12,868	11,495
Debt	351,055	343,892
Present value of net minimum lease payments	13,269	12,636
Deferred gain	6,173	7,654
Other liabilities	17,233	13,490
Liabilities held for sale - The Saint Mary	25,607	22,066
Total liabilities	434,252	427,286
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01 per share, 150,000 shares authorized, 9,330 and 9,288 shares issued, respectively and 8,197 and 8,164 shares outstanding, respectively	94	93
Capital in excess of par value of common stock	186,777	186,082
Accumulated deficit	(66,357)	(43,567)
Common stock held in treasury, 1,133 shares and 1,124 shares, at cost, respectively	(21,600)	(21,509)
Total stockholders’ equity	98,914	121,099
Noncontrolling interests in subsidiaries	10,850	12,983
Total equity	109,764	134,082
Total liabilities and equity	$ 544,016	$ 561,368

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position (Parentheticals) [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	150,000	150,000
Common Stock, Shares, Issued	9,358	9,330
Common Stock, Shares, Outstanding	8,221	8,197
Treasury Stock, Shares	1,137	1,133

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Revenue	$ 22,613	$ 13,816
Leasing operations	23,257	18,542
Total revenues	61,015	92,178
Cost of sales:
Real estate operations	18,685	9,758
Leasing operations	12,591	9,402
Depreciation	13,670	11,006
Total cost of sales	67,020	75,314
General and administrative expenses	15,036	12,384
Income from forfeited earnest money	(15,000)	0
Gain on sales of assets	0	(5,683)
Total	67,056	82,015
Operating (loss) income	(6,041)	10,163
Interest expense, net	(14,827)	(12,483)
Gain (loss) on interest rate derivative instruments	111	(188)
Loss on early extinguishment of debt	0	(247)
Other income, net	116	424
Loss before income taxes and equity in unconsolidated affiliates’ loss	(20,641)	(2,331)
Equity in unconsolidated affiliates’ loss	(16)	(19)
Provision for income taxes	(3,818)	(117)
Net (loss) income and total comprehensive (loss) income	(24,475)	(2,467)
Total comprehensive loss attributable to noncontrolling interests	1,685	3
Net loss and total comprehensive loss attributable to common stockholders	$ (22,790)	$ (2,464)
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per share (in dollars per share)	$ (2.78)	$ (0.30)
Basic and diluted weighted-average common shares outstanding (in shares)	8,211	8,182
Hotel Operations
Revenues:
Revenue	$ 9,912	$ 35,247
Cost of sales:
Cost of Goods and Services Sold	15,427	26,849
Entertainment
Revenues:
Revenue	5,233	24,573
Cost of sales:
Cost of Goods and Services Sold	$ 6,647	$ 18,299

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flow from operating activities:
Net income (loss)	$ (24,475)	$ (2,467)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	13,670	11,006
Cost of real estate sold	12,092	7,210
Gain on sales of assets	0	(5,683)
(Gain) loss on interest rate derivative contracts	(111)	188
Loss on early extinguishment of debt	0	247
Debt issuance cost amortization and stock-based compensation	2,099	1,574
Equity in unconsolidated affiliates’ loss	16	19
Increase in deposits and other, net	44	75
Deferred income taxes	12,267	(318)
Purchases and development of real estate properties	(13,775)	(11,277)
Write-off of capitalized hotel remodel costs	1,584	0
Municipal utility districts reimbursements	0	1,143
Increase in other assets	(5,023)	(2,241)
Decrease in accounts payable, accrued liabilities and other	(2,446)	(1,836)
Net cash used in operating activities	(4,058)	(2,360)
Cash flow from investing activities:
Capital expenditures	(6,191)	(62,550)
Proceeds from sales of assets	0	10,820
Payments on master lease obligations	(1,637)	(1,798)
Purchase of noncontrolling interests in consolidated subsidiaries	0	(10,345)
Investment in unconsolidated affiliates and other, net	6	(9)
Net cash used in investing activities	(7,822)	(63,882)
Cash flow from financing activities:
Borrowings from credit facility	29,300	27,186
Payments on credit facility	(28,478)	(34,925)
Borrowings from project loans	16,322	143,318
Payments on project and term loans	(8,708)	(67,943)
Cash dividend paid on vested stock-based awards	(10)	(31)
Stock-based awards net payments	(68)	(234)
Distributions to noncontrolling interests	(448)	(90)
Financing costs	(438)	(1,366)
Net cash provided by financing activities	7,472	65,915
Net decrease in cash, cash equivalents and restricted cash	(4,408)	(327)
Cash, cash equivalents and restricted cash at beginning of year	38,591	38,918
Cash, cash equivalents and restricted cash at end of year	$ 34,183	$ 38,591

Consoldiated Statements of Equi

Consoldiated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Total Stratus Stockholders' Equity [Member]	Noncontrolling Interest in Subsidiaries [Member]
Balance (in shares) at Dec. 31, 2018		9,288			1,124
Balance at Dec. 31, 2018	$ 146,651	$ 93	$ 186,256	$ (41,103)	$ (21,260)	$ 123,986	$ 22,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		42
Exercised and issued stock-based awards	15		15			15
Stock-based compensation	397		397			397
Forfeited dividends	(11)		(11)			(11)
Tender of shares for stock-based awards (in shares)					9
Tender of shares for stock-based awards	(249)				$ (249)	(249)
Noncontrolling interests distributions	(90)						(90)
Distributions to noncontrolling interests	(10,186)		(597)			(597)	(9,589)
Total comprehensive income (loss)	(2,467)			(2,464)		(2,464)	(3)
Balance (in shares) at Dec. 31, 2019		9,330			1,133
Balance at Dec. 31, 2019	134,082	$ 93	186,082	(43,567)	$ (21,509)	121,099	12,983
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		28
Exercised and issued stock-based awards	23	$ 1	22			23
Stock-based compensation	673		673			673
Tender of shares for stock-based awards (in shares)					4
Tender of shares for stock-based awards	(91)				$ (91)	(91)
Noncontrolling interests distributions	(448)						(448)
Total comprehensive income (loss)	(24,475)			(22,790)		(22,790)	(1,685)
Balance (in shares) at Dec. 31, 2020		9,358			1,137
Balance at Dec. 31, 2020	$ 109,764	$ 94	$ 186,777	$ (66,357)	$ (21,600)	$ 98,914	$ 10,850

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management and sale of commercial, and multi-family and single-family residential real estate properties, real estate leasing, and the operation of hotel and entertainment businesses located in the Austin, Texas area and other select markets in Texas. The real estate development, leasing, hotel, entertainment and marketing operations of Stratus are conducted primarily through its subsidiaries. Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is deemed the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Concentration of Risks. Stratus conducts its operations in the Austin, Texas area and other select markets in Texas. Consequently, any significant economic downturn in the Texas market, and the Austin market specifically, could potentially have an effect on Stratus’ business, results of operations and financial condition. Since January 2020, the COVID-19 pandemic has caused substantial disruption in international and U.S. economies and markets. Stratus’ revenue, operating income and cash flow in its hotel and entertainment segments were adversely impacted during 2020 and are expected to continue to be adversely impacted in 2021. Use of Estimates. The preparation of Stratus’ financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include the estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments; profit recognition related to the sales of real estate; deferred income taxes and related valuation allowances; income taxes; allocation of certain indirect costs; profit pools under the Profit Participation Incentive Plan; and asset lives for depreciation. Actual results could differ from those estimates. Cash and cash equivalents. All highly liquid investments with a maturity of three months or less when purchased are considered cash equivalents. Real Estate. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Real estate held for investment is stated at cost, less accumulated depreciation. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for use, sale or lease. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized for properties currently under active development. Stratus capitalizes improvements that increase the value of properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from properties held for investment. Impairment tests for properties held for investment and properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the operation of the property and its eventual disposition. If projected undiscounted cash flow is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Stratus recorded no impairment charges for the two years ended December 31, 2020. Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists. Depreciation. Real estate held for investment is depreciated on a straight-line basis over the properties' estimated lives of 30 to 40 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms. Accrued Property Taxes. Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $10.0 million at December 31, 2020, and $7.1 million at December 31, 2019. Revenue Recognition. Revenue or gains on sales of real estate are recognized when control of the asset has been transferred to the buyer if collection of substantially all of the consideration to which Stratus will be entitled is probable and Stratus has satisfied all other performance obligations under the contract. Consideration is allocated among multiple performance obligations or distinct nonfinancial assets to be transferred to the buyer based on relative fair value. Consideration is reasonably determined and deemed likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay. Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and development fees when earned, as properties are sold or when the services are performed. Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold, properties held for sale, and land available for development, such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2020 2019 Hotel $ 15,427 $ 26,849 Depreciation 13,670 11,006 Leasing Operations 12,591 9,402 Cost of developed property sales 12,479 7,672 Entertainment 6,647 18,299 Project expenses and allocation of overhead costs (see below) 5,604 5,705 Cost of undeveloped property sales 632 16 Municipal utility district reimbursements (see below) — (3,360) Other, net (30) (275) Total cost of sales $ 67,020 $ 75,314 Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. costs of construction and development activities are capitalized to real estate under development, and costs of project management, sales and marketing activities are charged to expense as cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as office supplies, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer. Municipal Utility District Reimbursements. Stratus capitalizes infrastructure costs and receives Barton Creek municipal utility district (MUD) reimbursements for certain infrastructure costs incurred in the Barton Creek area. MUD reimbursements received for infrastructure projects are recorded as a reduction of the related asset’s carrying amount or cost of sales if the property has been sold. Stratus has long-term agreements with seven independent MUDs in Barton Creek to build the MUDs’ utility systems and to be eligible for future reimbursements for the related costs. In November 2017, the city of Magnolia and the state of Texas approved the creation of a MUD which will provide an opportunity for Stratus to recoup approximately $26 million over the life of the project for future road and utility infrastructure costs incurred in connection with its development of Magnolia Place, a mixed-use project that will be shadow-anchored by an H-E-B, L.P. (HEB) grocery store. Stratus received $4.8 million of proceeds in 2019 related to Travis County MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $1.1 million as a reduction of real estate under development on the consolidated balance sheet, and $3.4 million as a reduction in real estate cost of sales and $0.3 million in other income, net in the consolidated statement of comprehensive loss. The amount and timing of MUD reimbursements depends upon the respective MUD having a sufficient tax base within its district to issue bonds and obtain the necessary state approval for the sale of the bonds. Because the timing of the issuance and approval of the bonds is subject to considerable uncertainty, coupled with the fact that interest rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements are not known until approximately one month before the MUD reimbursements are received. To the extent the reimbursements are less than the costs capitalized, Stratus records a loss when such determination is made. MUD reimbursements represent the actual amounts received. Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $1.0 million in 2020 and $1.4 million in 2019. Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income or loss in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. See Note 7 for further discussion. 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. The weighted-average shares exclude approximately 86 thousand shares for the year 2020 and 88 thousand shares for the year 2019 associated with restricted stock units (RSUs) and outstanding stock options that were anti-dilutive because of net losses. Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of RSUs and performance based RSUs is based on Stratus’ stock price on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. Stratus grants awards that settle in either cash or RSUs to employees and nonemployees under a profit participation plan. As required for liability-based awards under Accounting Standards Codification 718, Stock-Based Compensation , at the date of grant, Stratus estimates the fair value of each award and adjusts the fair value in each subsequent reporting period. The awards are amortized on a straight-line basis over the estimated service period. See Note 8 for further discussion. Reclassifications. For comparative purposes, certain prior year amounts have been reclassified to conform with current year presentation. The reclassifications relate to (i) Stratus' presentation of The Saint Mary assets and liabilities as held for sale as of December 31, 2020 and 2019, and (ii) the termination of Stratus' agreements to sell Block 21 by the purchaser. The assets, liabilities and net income of Block 21 were previously presented as discontinued operations in the consolidated balance sheet at December 31, 2019, and consolidated statement of comprehensive loss for the year ended December 31, 2019. Refer to Note 4 for a discussion of each transaction and the impacts to the consolidated financial statements.

Related Party Transactions (Not

Related Party Transactions (Notes)	12 Months Ended
	Dec. 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 consolidated 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 (see Note 4 for further discussion) and (2) an $8.0 million private placement. The Saint Mary, L.P. issued, in a private placement exempt from registration under federal and state securities laws, Class B limited partnership interests to a limited number of investors (the Saint Mary Class B limited partners), for $8.0 million (the Saint Mary Offering) resulting in the Saint Mary Class B limited partners owning an aggregate 49.1 percent equity interest in The Saint Mary, L.P. In accordance with the terms of the Saint Mary Offering, Circle C Land, L.P., a Texas limited partnership and a subsidiary of Stratus and the sole Class A limited partner of The Saint Mary, L.P. (Circle C) purchased Class B limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. for $1.0 million. Upon completion of the Saint Mary Offering, Stratus holds, in aggregate, a 57 percent indirect equity interest in The Saint Mary, L.P. Additionally, among the participants in the Saint Mary Offering, LCHM Holdings, LLC (LCHM), a related party as a result of its greater than 5 percent beneficial ownership of Stratus’ common stock, purchased Saint Mary Class B limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. for $1.0 million. As discussed further in Note 4, The Saint Mary, L.P. sold The Saint Mary property in January 2021. Stratus Kingwood Place, L.P. On August 3, 2018, Stratus Kingwood Place, L.P., a Texas limited partnership and a consolidated 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 HEB-anchored mixed-use development project (Kingwood Place). The Kingwood, L.P. issued, in a private placement exempt from registration under federal and state securities laws, Class B limited partnership interests to a limited number of investors (the Kingwood Class B limited partners), for $11.0 million (the Kingwood Offering), representing approximately 70 percent of the projected partnership equity. Among the participants in the Kingwood Offering, LCHM purchased Kingwood Class B limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. for $1.0 million. In connection with the Kingwood Offering, Stratus Northpark, L.L.C., a Texas limited liability company, a subsidiary of Stratus and the general partner of the Kingwood, L.P. (the Kingwood General Partner), Stratus Properties Operating Co., L.P., a Delaware limited partnership, also a subsidiary of Stratus (the Class A limited partner), and the Kingwood Class B limited partners entered into an Amended and Restated Limited Partnership Agreement (the Kingwood Partnership Agreement) effective as of August 3, 2018. The Kingwood Partnership Agreement includes the following key provisions: • The Kingwood General Partner manages the Kingwood, L.P., in exchange for an asset management fee of $283 thousand per year. • The Kingwood General Partner earns a development management fee equal to four percent of the construction costs for Kingwood Place for the overall coordination and management of the development and construction of Kingwood Place. • The partners are entitled to preferred returns, which change after certain returns are achieved as specified in the Kingwood Partnership Agreement. On December 6, 2018, the Kingwood, L.P., entered into a construction loan agreement with Comerica Bank, which supersedes and replaces the land acquisition loan agreement discussed above and provided for a loan totaling $32.9 million to finance nearly 70 percent of the costs associated with construction of Kingwood Place (see Note 6 for further discussion), which was subsequently modified and increased to $35.4 million in January 2020. The remaining 30 percent of the project’s cost (totaling approximately $15 million) is being funded by borrower equity, contributed by Stratus and private equity investors. On October 31, 2019, Stratus acquired a limited partner's 33.33 percent interest in Kingwood, L.P. for $5.8 million. The limited partner was not a related party. 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. Stratus’ consolidated balance sheets include the following assets and liabilities of the Kingwood, L.P. (in thousands). The assets and liabilities of The Saint Mary (primarily the real estate held for investment and the related debt) are presented as held for sale in Stratus' consolidated balance sheets. Refer to Note 4 for further details of The Saint Mary sale, and assets and liabilities held for sale. December 31, 2020 2019 Assets: Cash and cash equivalents $ 745 $ 908 Real estate under development 2,380 3,703 Land available for development 8,143 9,273 Real estate held for investment, net 31,962 27,698 Other assets 2,195 1,252 Total assets 45,425 42,834 Liabilities: Accounts payable and accrued liabilities 850 4,084 Debt 31,215 23,991 Total liabilities 32,065 28,075 Net assets $ 13,360 $ 14,759 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 consulting services and expense reimbursements totaled $120 thousand during 2020 and $111 thousand during 2019. In addition, during 2019, Stratus granted an award to the consultant under its Profit Participation Incentive Plan in one development project (refer to Note 8).

Real Estate, net

Real Estate, net	12 Months Ended
	Dec. 31, 2020
Real Estate, net [Abstract]
Real Estate Disclosure [Text Block]	REAL ESTATE, NET Stratus’ consolidated balance sheets include the following net real estate assets (in thousands): December 31, 2020 2019 Real estate held for sale: Developed lots and condominium unit $ 4,204 $ 14,872 Real estate under development: Acreage, multi-family units, commercial square footage and homes 98,137 95,026 Land available for development: Undeveloped acreage 53,432 45,539 Real estate held for investment: The Santal 78,460 78,436 Kingwood Place 33,579 28,366 Lantana Place 30,258 29,297 Jones Crossing 24,651 24,077 West Killeen Market 10,233 9,931 Block 21 Hotel 111,387 113,007 Entertainment venue 42,963 42,824 Office and retail 19,663 19,552 Furniture, fixtures and equipment 1,253 1,131 Total 352,447 346,621 Accumulated depreciation (65,918) (54,609) Total real estate held for investment, net 286,529 292,012 Total real estate, net $ 442,302 $ 447,449 Real estate held for sale. Developed lots and a condominium unit include individual tracts of land that have been developed and permitted for residential use and a condominium unit at the W Austin Residences in Block 21. As of December 31, 2020, Stratus owned five developed lots and one condominium unit at the W Austin Residences. Real estate under development. Acreage under development includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. Real estate under development also includes commercial and residential properties under construction. Land available for development. Undeveloped acreage includes real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property). Stratus’ undeveloped acreage as of December 31, 2020, included land permitted for residential and commercial development and vacant pad sites at West Killeen Market, Jones Crossing and Kingwood Place. Real estate held for investment. Following is a discussion of real estate held for investment as of December 31, 2020. The Santal multi-family project is a garden-style apartment complex consisting of 448 units. The Kingwood Place project includes 151,855 square-feet of commercial space anchored by a HEB grocery store and leased pad sites. The Lantana Place project includes 99,379-square-foot for the first retail phase. The Jones Crossing project includes 154,117 square-feet for the first phase of the retail component of an HEB-anchored, mixed-use development. The West Killeen Market project includes 44,493 square-feet of commercial space adjacent to a 90,000 square-foot HEB grocery store. Block 21 contains the 251-room W Austin Hotel. Block 21 also contains 38,316 square feet of Class A leasable office space and 18,327 square feet of retail space, including entertainment space occupied by ACL Live, a 2,750-seat entertainment venue, and 3TEN ACL Live, an entertainment venue with capacity of approximately 350 people. Capitalized interest. Stratus recorded capitalized interest of $4.7 million in 2020 and $7.7 million in 2019.

Asset Sales

Asset Sales	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Asset Sales	ASSET SALES The Saint Mary. In January 2021, The Saint Mary, L.P. sold The Saint Mary for $60.0 million. After closing costs and payment of the outstanding construction loan, the sale generated net proceeds of approximately $34 million. Stratus received $21.3 million from the subsidiary in connection with the sale with the remainder being distributed to the noncontrolling interests. Stratus expects to recognize a pre-tax gain on the sale, net of noncontrolling interests, of approximately $14 million in the first quarter of 2021. See Note 2 further discussion of The Saint Mary, L.P. and The Saint Mary project. As the sale agreement was entered into prior to December 31, 2020, Stratus reported the assets and liabilities of The Saint Mary as held for sale in the consolidated balance sheets for all periods presented. The carrying amounts of the major classes of assets and liabilities related to the sale follow (in thousands): December 31, 2020 2019 Assets: Real estate held for investment, net $ 36,341 $ 37,091 Other assets 175 230 Total assets held for sale $ 36,516 $ 37,321 Liabilities: Accrued liabilities $ 68 $ 85 Debt 25,319 21,857 Other liabilities 220 124 Total liabilities held for sale $ 25,607 $ 22,066 The Saint Mary had rental revenue of $3.2 million in 2020 and $0.5 million in 2019, and operating losses of $0.4 million in both 2020 and 2019. Interest expense, net of capitalized amounts, on The Saint Mary construction loan was $1.1 million in 2020 and $0.2 million in 2019. The Saint Mary, L.P. had a total comprehensive loss attributable to noncontrolling interests of $1.5 million in 2020, including $0.5 million related to losses incurred prior to 2020. Barton Creek Village. In November 2019, Stratus sold Barton Creek Village for $7.7 million. Stratus used a portion of the proceeds to repay the Barton Creek Village term loan. Stratus recorded a pre-tax gain on this sale totaling $3.7 million for the year 2019. 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 pre-tax gain on this sale totaling $2.0 million for the year 2019. 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 announced that it had agreed to sell Block 21 to Ryman Hospitality Properties, Inc. (Ryman) for $275.0 million. Ryman deposited $15.0 million in earnest money to secure its performance under the agreements governing the sale. 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 and the net income associated with Block 21 was classified as net income from discontinued operations in the consolidated statements of comprehensive loss included in Stratus' 2019 consolidated financial statements. 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 Stratus' consolidated balance sheet follow (in thousands): Assets: Cash and cash equivalents $ 10,408 Restricted cash 13,574 Real estate held for investment, net 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 The revenues and expenses for the year ended December 31, 2019, which were previously classified as net income from discontinued operations in Stratus' consolidated statement of comprehensive loss follow (in thousands): Revenues: Hotel Revenue $ 35,247 Entertainment Revenue 24,565 Leasing operations and other 2,363 Total revenue 62,175 Cost of Sales: Hotel 26,849 Entertainment 18,185 Leasing operations and other 1,739 Depreciation 5,415 Total cost of sales 52,188 General and administrative expenses 1,040 Operating income 8,947 Interest expense, net (8,235) Provision for income taxes (392) Net income $ 320

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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): December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Interest rate cap agreement $ — $ — $ 3 $ 3 Liabilities: Debt 351,055 354,380 343,892 348,443 Interest rate swap agreement — — 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 the one-month LIBOR if one-month LIBOR is greater than 3.0 percent (refer to Note 6 for further discussion of The Santal loan). The interest rate cap agreement terminates on October 5, 2021. The interest rate swap agreement with Comerica Bank was entered into in 2013, was effective through December 31, 2020, and had a fixed interest rate of 2.3 percent compared to the variable rate based on the one-month LIBOR. The agreement amortized to a notional amount of $14.8 million at December 31, 2020, and as of December 31, 2019, 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	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt Disclosure	DEBT Stratus’ debt follows (in thousands): December 31, 2020 2019 Block 21 loan, fixed interest rate of 5.58% in 2020 and 2019 $ 139,013 $ 141,184 The Santal loan, average interest rate of 4.80% in 2020 and 4.82% in 2019 74,343 73,972 Comerica Bank credit facility, average interest rate of 5.25% in 2020 and 6.30% in 2019 43,304 42,482 New Caney land loan, average interest rate of 3.69% in 2020 and 5.21% in 2019 4,949 4,908 Paycheck Protection Program loan fixed interest rate of 1.00% in 2020 3,987 — Construction loans: Kingwood Place construction loan average interest rate of 3.32% in 2020 and 4.66% in 2019 31,215 23,991 Lantana Place construction loan, average interest rate of 3.60% in 2020 and 5.01% in 2019 24,051 23,268 Jones Crossing construction loan average interest rate of 4.30% in 2020 and 5.45% in 2019 22,377 21,354 West Killeen Market construction loan, average interest rate of 3.51% in 2020 and 5.09% in 2019 6,707 7,213 Amarra Villas credit facility, average interest rate of 0.92% in 2020 and 5.21% in 2019 1,109 5,520 Total debt a $ 351,055 $ 343,892 a. Includes net reductions for unamortized debt issuance costs of $2.2 million at December 31, 2020, and $3.2 million at December 31, 2019. Block 21 loan. In 2016, Stratus completed the refinancing of Block 21. Goldman Sachs Mortgage Company provided a $150.0 million, ten-year, non-recourse term loan (the Block 21 loan) with a fixed interest rate of 5.58 percent per annum and payable monthly based on a 30-year amortization. Stratus’ wholly owned subsidiary, Stratus Block 21, LLC (the Block 21 subsidiary), is the borrower under the Block 21 loan agreement. The Block 21 loan agreement contains financial tests that Stratus and the Block 21 subsidiary must meet in order to avoid a “Trigger Period.” Specifically, Stratus must maintain (i) a net worth in excess of $125 million and (ii) liquid assets having a market value of at least $10 million, each as defined in the guaranty under the Block 21 loan agreement. Additionally, the Block 21 subsidiary must maintain a trailing-12-month debt service coverage ratio, tested quarterly, as defined in the Block 21 loan agreement. If any of these financial tests are not met, a “Trigger Period” results, which is not a default, but limits Stratus’ ability to receive cash from the Block 21 subsidiary. Although the Block 21 loan agreement is a non-recourse loan, Stratus may contribute cash to the Block 21 subsidiary in order to prevent the Block 21 subsidiary from defaulting under the Block 21 loan or to fund the operation of the hotel and specified reserves. Stratus contributed $9.6 million to the Block 21 subsidiary during 2020, and based on current projections, Stratus expects to make additional contributions of approximately $18 million through early 2022. The obligations of the Block 21 subsidiary are secured by all assets owned from time to time by the Block 21 subsidiary. Additionally, certain obligations of the Block 21 subsidiary under the Block 21 loan are guaranteed by Stratus, including environmental indemnification and other customary non-recourse carve-out obligations. In connection with any acceleration of the Block 21 loan, the Block 21 subsidiary must pay a yield maintenance premium in the amount of at least three percent of the amount of indebtedness prepaid. Prepayment of the Block 21 loan is not permitted except for certain prepayments resulting from casualty or condemnation and in whole within 90 days of the maturity date. The Santal Loan. On September 30, 2019, a Stratus subsidiary entered into a $75.0 million loan with ACRC Lender LLC (The Santal loan) to refinance the Phase I and Phase II construction loans for The Santal. The Santal loan has a three-year primary term maturing on October 5, 2022, with the possibility of two 12-month extensions, subject to satisfying specified conditions. Interest on the loan is variable at LIBOR plus 2.85 percent (or, if applicable, a replacement rate), provided that at no time shall the interest rate be less than 4.80 percent per annum. The Santal loan contains financial covenants, including a requirement that Stratus maintain a net asset value of $125 million and liquid assets of at least $7.5 million, each as defined in the agreement. The Santal loan also contains a financial test for Stratus' subsidiary that own The Santal to maintain a debt service coverage ratio of at least 1.05 to 1.00. If the debt service coverage ratio test is not met, a “Cash Trap Period” results, which is not a default, but limits Stratus’ ability to receive cash from our Santal subsidiary. The loan is secured by The Santal project, and certain obligations of the borrower are guaranteed by Stratus, including customary non-recourse carve-out obligations. Approximately $57.9 million of the proceeds were used to repay, in full, The Santal Phase I and Phase II construction loans. Remaining proceeds after paying transaction costs, were approximately $16 million, inclusive of reserves presented in restricted cash. In October 2019, Stratus used $13.0 million of the net proceeds to reduce the outstanding balance on its Comerica Bank credit facility. As a result of entering into The Santal loan, Stratus recognized a loss on early extinguishment of debt of $231 thousand for 2019. As required by The Santal loan, Stratus entered into an interest rate cap agreement (see Note 5 for further discussion). Comerica Bank credit facility. Stratus' loan agreement with Comerica Bank provides for a revolving credit facility of $60.0 million and a $7.5 million sublimit for letters of credit issuance, subject to a borrowing base limitation as described in the loan agreement. 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 (i) extend the maturity date of the facility to September 27, 2022, and (ii) permit reappraisals of portions of the mortgaged property in the event of certain entitlement upgrades. Advances under the credit facility bear interest at the annual LIBOR (with a floor of 1.0 percent) plus 4.0 percent. The Comerica Bank credit facility is secured by substantially all of Stratus’ and its subsidiaries' assets, except for properties that are encumbered by separate debt financing. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125 million and an aggregate debt-to-gross asset value of less than 50 percent. In addition, Stratus must maintain a loan-to-value ratio of less than or equal to 50 percent; if the ratio is exceeded, Stratus must make a mandatory prepayment to achieve compliance. The loan agreement requires Comerica Banks’ prior written consent for any common stock repurchases in excess of $1 million or any dividend payments. As of December 31, 2020, Stratus had $16.5 million available under its $60.0 million Comerica Bank revolving line of credit, with a $150 thousand letter of credit committed against the credit facility. New Caney loan. On March 8, 2019, a Stratus subsidiary entered into a $5.0 million land loan with Texas Capital Bank. Proceeds from the loan were used to fund the acquisition of HEB's portion of the New Caney partnership in which Stratus and HEB purchased a tract of land for the future development of an HEB-anchored mixed-use project in New Caney, Texas. In March 2021, Stratus exercised its option to extend the loan for an additional 12 months from March 8, 2021, to March 8, 2022, which required a principal payment of approximately $0.5 million. The loan bears interest at LIBOR plus 3.0 percent. Borrowings are secured by the New Caney land and are guaranteed by Stratus. The loan agreement contains financial covenants including a requirement that Stratus maintain a net asset value of $125 million and unencumbered liquid assets of no less than $10 million. Paycheck Protection Program loan. On April 22, 2020, Stratus received a $4.0 million loan under the Paycheck Protection Program (PPP loan) of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which was signed into law on March 27, 2020. 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. Stratus intends to apply for forgiveness of the entire balance under the federal paycheck protection program, however, no assurance of full forgiveness can be provided. Kingwood Place construction loan. In 2018, the Kingwood, L.P., entered into a construction loan agreement with Comerica Bank (the Kingwood Place construction loan), which provides financing for nearly 70 percent of the costs associated with construction of Kingwood Place. The total loan of $32.9 million included the original commitment of $6.75 million used to purchase a 54-acre tract of land located in Kingwood, Texas, and an additional $26.1 million for the development of Kingwood Place. The remaining 30 percent of the project’s cost (totaling approximately $15 million) was funded by borrower equity, contributed by Stratus and private equity investors. 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. The loan has a maturity date of December 6, 2022, with the possibility of two 12-month extensions if certain debt service coverage ratios are met. The loan bears interest at LIBOR plus 2.5 percent. Borrowings on the Kingwood Place construction loan are secured by the Kingwood Place project, and are guaranteed by Stratus until certain conditions are met. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125 million and an aggregate debt-to-gross asset value of less than 50 percent. The Kingwood Place construction loan requires Comerica Banks’ prior written consent for any common stock repurchases in excess of $1 million. Lantana Place construction loan. In 2017, a Stratus subsidiary entered into a $26.3 million construction loan with Southside Bank (the Lantana Place construction loan) to finance the initial phase of Lantana Place. Southside Bank has no obligation to make any advances after December 31, 2018. Interest is variable at one-month LIBOR plus 2.75 percent, subject to a minimum interest rate of 3.0 percent. Payments of interest only were due monthly, through October 1, 2020, and afterward the principal balance is being paid in equal monthly installments of principal and interest based on a 30-year amortization. Outstanding amounts must be repaid in full on or before March 31, 2023, and can be prepaid without penalty. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125 million and a requirement that Stratus' Lantana Place subsidiary maintain a debt service coverage ratio of at least 1.35 to 1.00. Outstanding amounts are secured by the Lantana Place project. Stratus has guaranteed outstanding amounts under the loan until completion of the initial phase of Lantana Place and the development is able to maintain a debt service ratio of 1.50 to 1.00 for a period of six consecutive months. During second-quarter 2020 and January 2021, Stratus entered into amendments to the Lantana Place construction loan in which Stratus' Lantana Place subsidiary was granted a waiver of the debt service coverage ratio covenant until September 30, 2021, at which point the ratio is measured by reference to the three-month period then ended, and subsequently builds each quarter until measured by reference to the 12-month period ending June 30, 2022, and then on a trailing 12-month period for each quarter thereafter. As part of the January 2021 amendment, Stratus agreed to repay $2.0 million in principal, which it did in January 2021. Jones Crossing construction loan. In 2017, a Stratus subsidiary entered into a $36.8 million construction loan with Southside Bank (the Jones Crossing construction loan) to finance construction of Phases 1 and 2, the retail component, of Stratus’ Jones Crossing project. As of December 31, 2020, $22.6 million was drawn on the Jones Crossing construction loan. Southside Bank has no obligation to make any advances after December 31, 2020. Interest is variable at one-month LIBOR plus 3.75 percent, subject to a minimum interest rate of 4.0 percent. Payments of interest only are due monthly through March 1, 2021. The principal balance of the loan outstanding after March 1, 2021, will be payable in equal monthly installments of principal and interest based on a 30-year amortization. Outstanding amounts must be repaid in full on or before September 1, 2023. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125 million and, beginning in March 2021, a requirement that Stratus' Jones Crossing subsidiary maintain a debt service coverage ratio of at least 1.35 to 1.00. The loan is secured by the Jones Crossing project. Outstanding amounts under the loan are guaranteed by Stratus. Stratus’ guaranty will convert to a limited guarantee, as provided in the agreement, upon completion of Phases 1 and 2 of the Jones Crossing development and once Stratus' Jones Crossing subsidiary is able to maintain a debt service ratio of 1.50 to 1.00 as of the end of each fiscal quarter after completion of Phases 1 and 2. West Killeen Market construction loan. In 2016, a Stratus subsidiary entered into a $9.9 million construction loan agreement with Southside Bank (the West Killeen Market loan) to finance a portion of the construction of the West Killeen Market project. Southside Bank has no obligation to make any advances after December 31, 2017. Interest on the loan is variable at one-month LIBOR plus 2.75 percent, subject to a minimum interest rate of 3.0 percent. Payments of interest only were due monthly, through February 1, 2020, and afterward the principal balance is being paid in equal monthly installments of principal and interest based on a 30-year amortization. Outstanding amounts must be paid in full on or before July 31, 2022. The loan is secured by the West Killeen Market project and is guaranteed by Stratus until construction is completed and Stratus' West Killeen Market subsidiary is able to maintain a debt service ratio of 1.50 to 1.00 as of the end of each fiscal quarter after completion of the project. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125 million and a requirement that Stratus' West Killeen Market maintains a debt service coverage ratio of at least 1.35 to 1.00. During second-quarter 2020, Stratus entered into amendments to the West Killeen Market construction loan in which Stratus was granted a waiver of the debt service coverage ratio covenant until December 31, 2020, at which point the ratio is measured by reference to the three-month period then ended, and subsequently builds each quarter until measured by reference to the 12-month period ending September 30, 2021, and then on a trailing 12-month period for each quarter thereafter. Amarra Villas credit facility. In 2016, a Stratus subsidiary entered into the Amarra Villas credit facility to finance construction of the Amarra Villas project. On March 19, 2019, two Stratus subsidiaries entered into a loan agreement with Comerica Bank to modify, increase and extend Stratus' Amarra Villas credit facility, which was scheduled to mature on July 12, 2019. The new loan agreement provides for an increase in the revolving credit facility commitment from $8.0 million to $15.0 million and an extension of the maturity date to March 19, 2022. Interest on the loan is variable at LIBOR plus 3.0 percent. The Amarra Villas credit facility contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125 million and a debt-to-gross asset value of less than 50 percent. At December 31, 2020, Stratus had $13.9 million available under its $15.0 million Amarra Villas credit facility. As a result of entering into this new loan agreement, Stratus recognized a loss on early extinguishment of debt of $16 thousand in 2019. Principal paydowns occur as homes are sold, and additional amounts are borrowed as additional homes are constructed. The loan is secured by the Amarra Villas project and guaranteed by Stratus. The Amarra Villas credit facility requires Comerica Banks’ prior written consent for any common stock repurchases in excess of $1 million. Stratus’ and its subsidiaries’ debt arrangements contain significant limitations that may restrict Stratus’ and its subsidiaries’ ability to, among other things: borrow additional money or issue guarantees; pay dividends, repurchase equity or make other distributions to equityholders; make loans, advances or other investments; create liens on assets; sell assets; enter into sale-leaseback transactions; enter into transactions with affiliates; permit a change of control; sell all or substantially all of its assets; and engage in mergers, consolidations or other business combinations. Interest Payments. Interest paid on debt totaled $8.4 million in 2020 and $7.3 million in 2019. Maturities. Maturities of debt based on the principal amounts and terms outstanding at December 31, 2020, and excluding debt related to The Saint Mary included in liabilities held for sale, total $10.7 million in 2021, $165.4 million in 2022, $45.2 million in 2023, $2.9 million in 2024, $3.1 million in 2025 and $125.9 million thereafter.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ provision for income taxes consists of the following (in thousands): Years Ended December 31, 2020 2019 Current $ (8,449) $ 435 Deferred 12,267 (318) Provision for income taxes $ 3,818 $ 117 The components of deferred income taxes follow (in thousands): December 31, 2020 2019 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 8,622 $ 9,333 Employee benefit accruals 834 773 Deferred income 11 498 Charitable contribution carryforward 208 161 Other assets 3,704 3,283 Net operating loss credit carryforwards 444 1,583 Other liabilities (3,095) (3,320) Valuation allowance (10,684) — Deferred tax assets, net $ 44 $ 12,311 The decrease in Stratus' net deferred tax assets is primarily attributed to a valuation allowance recorded in 2020 totaling $10.7 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 that are not more likely than not to be realized. Stratus’ future results of operations may be favorably impacted by reversals of valuation allowances if Stratus is able to demonstrate sufficient positive evidence that its deferred tax assets will be realized. Reconciliations of the U.S. federal statutory tax rate to Stratus’ effective income tax rate follow (dollars in thousands): Years Ended December 31, 2020 2019 Amount Percent Amount Percent Income tax benefit computed at the federal statutory income tax rate $ 4,338 21 % $ 493 21 % Adjustments attributable to: Change in valuation allowance (10,693) (52) — — Noncontrolling interests (354) (2) (1) — State taxes (325) (1) (420) (18) Executive compensation limitation (183) (1) (111) (5) Change in statutory rate 3,539 a 17 — — Other (140) (1) (78) (3) Provision for income taxes $ 3,818 (19) % $ 117 (5) % a. The CARES Act allows Stratus to carry back losses to 2017 when the U.S. corporate tax rate was 35 percent, resulting in this discrete tax benefit. 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. Stratus paid federal income taxes and state margin taxes totaling $0.5 million in 2020 and $0.6 million in 2019. Stratus received income tax refunds of $1.7 million in 2020 and less than $0.1 million in 2019. In connection with the CARES Act and the ability to carry back net operating losses, Stratus has filed for a $1.9 million U.S. federal tax refund for 2019 and plans to file for a $5.3 million refund for 2020. Uncertain Tax Positions. During the two years ended December 31, 2020, Stratus recorded unrecognized tax benefits related to state margin tax filing positions and federal examinations. A summary of the changes in unrecognized tax benefits follows (in thousands): Years Ended December 31, 2020 2019 Balance at January 1 $ 198 $ 314 Additions for tax positions related to prior years 12 24 Subtractions for tax positions related to prior years — (140) Balance at December 31 $ 210 $ 198 As of December 31, 2020, Stratus had $0.2 million of unrecognized tax benefits that if recognized would affect its annual effective tax rate. During 2021, approximately $0.2 million of unrecognized tax benefits could be recognized as a result of the expiration of statutes of limitations and completion of federal and state examinations. Stratus records liabilities offsetting the tax provision benefits of uncertain tax positions to the extent it estimates that a tax position is more likely than not to not be sustained upon examination by the taxing authorities. Stratus has elected to classify any interest and penalties related to income taxes within income tax expense in its consolidated statements of comprehensive loss. As of December 31, 2020, less than $0.1 million of such interest costs have been accrued. Stratus files both U.S. federal income tax and state margin tax returns. With limited exceptions, Stratus is no longer subject to U.S. federal income tax examinations by tax authorities for the years prior to 2015, and state margin tax examinations for the years prior to 2016. Currently, Stratus is under examination by the Internal Revenue Service for tax years 2015 to 2017.

Equity Transactions, Stock-Base

Equity Transactions, Stock-Based Compensation and Employee Benefits	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Equity Transactions, Stock-Based Compensation and Employee Benefits	EQUITY TRANSACTIONS, STOCK-BASED COMPENSATION AND EMPLOYEE BENEFITS Equity Share Purchase Program. In November 2013, Stratus’ Board approved an increase in the open market share purchase program from 0.7 million shares to 1.7 million shares of Stratus common stock. The purchases may occur over time depending on many factors, including the market price of Stratus common stock; Stratus’ operating results, cash flow and financial position; and general economic and market conditions. There were no purchases under this program during 2020 or 2019. As of December 31, 2020, 991,695 shares remained available under this program. Stratus' ability to pay dividends on its common stock and repurchase shares of its common stock is restricted by the terms of its Comerica Bank credit facility, which prohibit Stratus from paying any dividends or repurchasing shares in excess of $1.0 million without the bank's prior written consent. Stock-based Compensation Stock Award Plans. Stratus currently has three stock-based compensation plans with awards available for grant. The 2017 and 2013 Stock Incentive Plans were each approved by Stratus’ stockholders, and provide for the issuance of stock-based compensation awards (including stock options and RSUs), relating to 180,000 shares of Stratus common stock. The plans permit awards to Stratus employees, non-employee directors and consultants. Stratus’ 1996 Stock Option plan for Non-Employee Directors provides for the issuance of stock options only to Stratus' non-employee directors, although Stratus’ current non-employee director compensation program does not provide for the grant of stock options. Stratus common stock issued upon option exercises or RSU vestings represents newly issued shares of common stock. Awards with respect to 115,650 shares under the 2017 Stock Incentive Plan, 15,100 shares under the 2013 Stock Incentive Plan and 2,500 shares under the 1996 Stock Option Plan for Non-Employee Directors were available for new grants as of December 31, 2020. Stock-Based Compensation Costs. Compensation costs charged against earnings for RSUs, the only stock-based awards granted over the last several years, totaled $0.7 million for 2020 and $0.4 million for 2019. Stock-based compensation costs are capitalized when appropriate. Stratus does not currently apply a forfeiture rate when estimating stock-based compensation costs for RSUs. RSUs. RSUs granted under the plans provide for the issuance of common stock to non-employee directors and certain officers of Stratus at no cost to the directors and officers. The RSUs are converted into shares of Stratus common stock ratably and generally vest in one-quarter increments over the four During 2016, Stratus’ executive officers were granted performance-based RSUs with a three A summary of outstanding unvested RSUs as of December 31, 2020, and activity during the year ended December 31, 2020, is presented below: Number of Aggregate Balance at January 1 62,700 Granted 43,700 Vested (25,050) Forfeited (7,150) Balance at December 31 74,200 $ 1,892 The total fair value of RSUs granted was $0.8 million for 2020 and $0.6 million for 2019. The total intrinsic value of RSUs vested was $0.6 million during both 2020 and 2019. As of December 31, 2020, Stratus had $1.2 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over a weighted-average period of 1.5 years. The following table includes amounts related to vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2020 2019 Stratus shares tendered to pay the minimum required taxes a 3,839 9,517 Amounts Stratus paid for employee taxes $ 91 $ 249 a. Under terms of the related plans and agreements, upon vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the minimum required taxes. Employee Benefits Stratus maintains a 401(k) defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The 401(k) plan provides for an employer matching contribution equal to 100 percent of the participant’s contribution, subject to a limit of 5 percent of the participant’s annual salary. Stratus’ policy is to make an additional safe harbor contribution equal to 3 percent of each participant’s total compensation. The 401(k) plan also provides for discretionary contributions. Stratus’ contributions to the 401(k) plan totaled $0.4 million in 2020 and $0.6 million in 2019. Profit Participation Incentive Plan. In 2018, the Stratus Compensation Committee of the Board (the Committee) unanimously adopted the Stratus Profit Participation Incentive Plan (the Plan), which provides participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the Plan. Under the Plan, 25 percent of the profit for each approved project following a capital transaction (each as defined in the Plan) will be set aside in a pool. The Committee will allocate participation interests in each pool to certain officers, employees and consultants determined to be instrumental in the success of the project. The profit is equal to the net proceeds to Stratus from a capital transaction after Stratus has received a return of its costs and expenses, any capital contributions and a preferred return of 10 percent per year on the approved project. Provided the applicable service conditions are met, each participant is eligible to earn a bonus equal to his or her allocated participation interest in the applicable profit pool. Bonuses under the Plan are payable in cash prior to March 15th of the year following the capital transaction, unless the participant is an executive officer, in which case annual cash payouts under the Plan are limited to no more than four times the executive officer’s base salary, and any amounts due under the Plan in excess of that amount will be converted to an equivalent number of stock-settled RSUs with a one If a capital transaction has not occurred prior to the third anniversary of the date an approved project is substantially complete (a valuation event), the Committee will obtain a third-party appraisal of the approved project as of the valuation event. Based on the appraised value, the Committee will determine if any profit would have been generated after applying the hurdles described above, and if so, the amount of any bonus that would have been attributable to each participant. Any such amount will convert into an equivalent number of stock-settled RSUs based on the 12-month trailing prices of Stratus common stock during the year of the valuation event. The RSUs will be granted in the year following the valuation event and will vest in annual installments over a three-year period, provided that the participant satisfies the applicable service conditions. The fair value of the RSUs will be determined based on the price of Stratus' common stock on the date of grant. If the grant date fair value exceeds the bonus amount, the incremental portion will be amortized ratably over the three-year vesting period. If a participant leaves Stratus and forfeits their RSUs, Stratus is able to reverse the expense associated with that award. In 2018, the Committee designated seven existing development projects as approved projects under the Plan, and allocated participation interests in profit pools of each approved project to certain officers, employees and consultants. During 2019, the Committee designated Magnolia Place as an approved project under the Plan. Estimates related to the awards may change over time due to differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Stratus estimated the profit pool of each approved project by projecting the cash flow from operations, the net sales price, the timing of a capital transaction or valuation event and Stratus' equity and preferred return including costs to complete for projects under development. The primary fair value assumptions used at December 31, 2020, were projected cash flows, estimated capitalization rates ranging from 3.5 percent to 7.5 percent, projected service periods for each project ranging from 2.2 years to 6.2 years, and estimated transaction costs of approximately 1.0 percent to 7.1 percent. On October 17, 2020, West Killeen Market (an approved project under the Plan) reached a valuation event. The profit pool is $1.2 million and was paid in an equivalent number of stock-settled RSUs in March 2021. The sale of The Saint Mary (also an approved project under the Plan) in January 2021, was a capital transaction with a profit pool. The accrued liability under the Plan related to The Saint Mary project totaled $2.1 million at December 31, 2020, and is expected to be paid to eligible participants no later than March 15, 2022.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Construction Contracts. Stratus had commitments under noncancelable construction contracts totaling $1.5 million at December 31, 2020. Letters of Credit. As of December 31, 2020, Stratus had a $150 thousand letter of credit committed against its credit facility with Comerica Bank (see Note 6). Rental Income. As of December 31, 2020, Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases of developed retail space and ground leases, totaled $8.5 million in 2021, $8.4 million in 2022, $8.1 million in 2023, $7.7 million in 2024, $7.2 million in 2025 and $85.6 million thereafter, with the longest lease extending through 2118. HEB Profit Participation. HEB has profit participation rights in the Jones Crossing, Kingwood Place, Lakeway and New Caney projects. HEB is entitled to 10 percent of any cash flow from operations or profit from the sale of these properties after Stratus receives a return of its equity plus a preferred return of 10 percent. Stratus may enter into similar profit participation agreements for future projects. Operating Leases. Effective January 1, 2019, Stratus adopted an Accounting Standards Update (ASU) that requires lessees to recognize most leases on the balance sheet. Adoption of this ASU resulted in the recognition of lease right-of-use assets of $11.9 million and lease liabilities of $12.0 million as of January 1, 2019. Stratus' most significant lease is a 99-year ground lease for approximately 72 acres of land in College Station, Texas on which it is developing the Jones Crossing project. Stratus also leases various types of assets, including office space, vehicles and office equipment under non-cancelable leases. All of Stratus' leases are considered operating leases. Operating lease costs were $1.4 million for both the year 2020 and the year 2019. Stratus paid $223 thousand during 2020 and $220 thousand in 2019 for lease liabilities recorded in the consolidated balance sheet (included in operating cash flows in the consolidated statements of cash flows). As of December 31, 2020 and 2019, the weighted-average discount rate used to determine the lease liabilities was 6.0 percent and the weighted-average remaining lease term was 94 years. The future minimum payments for leases recorded on the consolidated balance sheet at December 31, 2020, follow (in thousands): 2021 $ 166 2022 454 2023 514 2024 671 2025 669 Thereafter 109,209 Total payments 111,683 Present value adjustment (98,414) Present value of net minimum lease payments $ 13,269 Circle C Settlement. In 2002, the city of Austin granted final approval of a development agreement (the Circle C settlement) and permanent zoning for Stratus’ real estate located within the Circle C community in southwest Austin. The Circle C settlement firmly established all essential municipal development regulations applicable to Stratus’ Circle C properties until 2032. The city of Austin also provided Stratus $15.0 million of development fee credits, which are in the form of credit bank capacity, in connection with its future development of its Circle C and other Austin-area properties for waivers of fees and reimbursement for certain infrastructure costs. In addition, Stratus can elect to sell up to $1.5 million of the incentives per year to other developers for their use in paying City fees related to their projects as long as the projects are within the desired development zone, as defined within the Circle C settlement. To the extent Stratus sells the incentives to other developers, Stratus recognizes the income from the sale when title is transferred and compensation is received. As of December 31, 2020, Stratus had permanently used $12.8 million of its City-based development fee credits, including cumulative amounts sold to third parties totaling $5.1 million. Fee credits used for the development of Stratus’ properties effectively reduce the basis of the related properties and Stratus defers recognition of any gain associated with the use of the fees until the affected properties are sold. Stratus also had $0.5 million in credit bank capacity in use as temporary fiscal deposits as of December 31, 2020. Available credit bank capacity was $2.6 million at December 31, 2020. Deferred Gain on Sale of The Oaks at Lakeway. In 2017, Stratus sold The Oaks at Lakeway to FHF I Oaks at Lakeway, LLC for $114.0 million in cash. The Oaks at Lakeway is an HEB Grocery Company, L.P. (HEB)-anchored retail project located in Lakeway, Texas. The parties entered into three master lease agreements at closing: (1) one covering unleased in-line retail space, with a 5-year term, (2) one covering four unleased pad sites, three of which have 10-year terms, and one of which has a 15-year term, and (3) one covering the hotel pad with a 99-year term. As specified conditions are met, primarily consisting of the tenant executing a lease, commencing payment of rent and taking occupancy, leases will be assigned to the purchaser and the corresponding property will be removed from the master lease, reducing Stratus’ master lease payment obligations. The master leases contain annual scheduled rent increases. The 99-year hotel pad master lease has been terminated, and master lease obligations for certain retail spaces and pad sites have been released as Stratus has executed and assigned leases to the purchaser. Stratus’ master lease payment obligation, net of rent payments received, currently approximates $120 thousand per month, of which approximately $50 thousand relates to the in-line retail space master lease, which expires in February 2022 and approximately $70 thousand relates to the pad site master lease, which expires in February 2027. To the extent additional leases are executed and assigned to the purchaser in the future, the master lease obligation will decline further. At the date of sale, Stratus allocated the purchase price for The Oaks at Lakeway between two performance obligations based on the relative fair values of each. The first performance obligation, to deliver the completed and leased portion of the property, was performed on the date of sale. The second performance obligation was to complete construction of the remaining buildings and leasing of the vacant space. The obligations under master leases were considered variable consideration, and monthly payments are recorded as reductions to the contract liability. Stratus recognized a gain of $24.3 million related to the first performance obligation in 2017. A contract liability of $6.2 million is presented as a deferred gain in the consolidated balance sheets at December 31, 2020, compared with $7.7 million at December 31, 2019. The reduction in the deferred gain balance primarily reflects master lease payments. The contract liability, as reduced by future master lease payments, may be recognized as additional gain in the future as Stratus fulfills the remaining performance obligation. Environmental Regulations. Stratus has made, and will continue to make, expenditures for protection of the environment. Increasing emphasis on environmental matters can be expected to result in additional costs, which will be charged against Stratus’ operations in future periods. Present and future environmental laws and regulations applicable to Stratus’ operations may require substantial capital expenditures that could adversely affect the development of its real estate interests or may affect its operations in other ways that cannot be accurately predicted at this time. Litigation. Stratus may from time to time be involved in various legal proceedings of a character normally incident to the ordinary course of its business. Stratus believes that potential liability from any of these pending or threatened proceedings will not have a material adverse effect on Stratus’ financial condition or results of operations.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS Stratus 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 Residences in Block 21, which was sold in February 2021); 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 Block 21 and completed portions of Lantana Place, Jones Crossing and Kingwood Place. The Saint Mary was sold in January 2021 (see Note 4 for further discussion). The Hotel segment includes the W Austin Hotel located at Block 21 in downtown Austin, Texas. The Entertainment segment includes ACL Live, a live music and entertainment venue, and 3TEN ACL Live, both located at Block 21. 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): Years Ended December 31, 2020 2019 Real Estate Operations: Developed property sales $ 21,789 $ 13,549 Undeveloped property sales 700 — Commissions and other 124 267 22,613 13,816 Leasing Operations: Rental revenue 23,257 18,542 23,257 18,542 Hotel: Rooms, food and beverage 8,742 33,054 Other 1,170 2,193 9,912 35,247 Entertainment: Event revenue 4,594 22,003 Other 639 2,570 5,233 24,573 Total Revenues from Contracts with Customers $ 61,015 $ 92,178 Financial Information by Business Segment. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Real Estate Operations a Leasing Operations Hotel Entertainment Eliminations and Other b Total Year Ended December 31, 2020: Revenues: Unaffiliated customers $ 22,613 $ 23,257 $ 9,912 $ 5,233 $ — $ 61,015 Intersegment 17 891 102 14 (1,024) — Cost of sales, excluding depreciation 18,533 12,611 c 15,436 d 7,082 (312) 53,350 Depreciation 228 8,189 3,810 e 1,672 e (229) 13,670 General and administrative expenses — — — — 15,036 15,036 Income from forfeited earnest money — — — — (15,000) f (15,000) Operating income (loss) $ 3,869 $ 3,348 $ (9,232) $ (3,507) $ (519) $ (6,041) Capital expenditures and purchases and development of real estate properties $ 13,775 $ 5,203 $ 837 $ 151 $ — $ 19,966 Total assets at December 31, 2020 161,581 236,549 g 90,831 33,827 21,228 544,016 Year Ended December 31, 2019: Revenues: Unaffiliated customers $ 13,816 $ 18,542 $ 35,247 $ 24,573 $ — $ 92,178 Intersegment 18 931 284 445 (1,678) — Cost of sales, excluding depreciation 9,758 h 9,420 26,984 18,871 (725) 64,308 Depreciation 246 6,159 3,389 1,481 (269) 11,006 General and administrative expenses — — — — 12,384 12,384 Gain on sales of assets — (5,683) i — — — (5,683) Operating income (loss) $ 3,830 $ 9,577 $ 5,158 $ 4,666 $ (13,068) $ 10,163 Capital expenditures and purchases and development of real estate properties $ 11,277 $ 61,245 $ 1,167 $ 138 $ — $ 73,827 MUD reimbursements applied to real estate under development h 1,133 10 — — — 1,143 Total assets at December 31, 2019 161,912 235,476 g 96,577 42,328 25,075 561,368 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. d. Includes a $1.6 million charge related to the write-off of capitalized hotel remodel costs, partially offset by a $0.8 million credit related to recovery under a business interruption insurance claim filed as a result of water and smoke damage in the W Austin Hotel in January 2018. e. 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. f. Represents income from earnest money received as a result of Ryman's termination of the agreements to sell Block 21. g. Includes assets held for sale at The Saint Mary, which totaled $36.5 million at December 31, 2020, and $37.3 million at December 31, 2019. The Saint Mary was sold in January 2021. h. Stratus received $4.8 million of proceeds related to MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $1.1 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. i. Includes the sale of Barton Creek Village and a retail pad subject to a ground lease located in the Circle C community.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSStratus evaluated events after December 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Business and Principles of Consolidation	Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management and sale of commercial, and multi-family and single-family residential real estate properties, real estate leasing, and the operation of hotel and entertainment businesses located in the Austin, Texas area and other select markets in Texas. The real estate development, leasing, hotel, entertainment and marketing operations of Stratus are conducted primarily through its subsidiaries. Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is deemed the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
Concentration of Risk	Concentration of Risks. Stratus conducts its operations in the Austin, Texas area and other select markets in Texas. Consequently, any significant economic downturn in the Texas market, and the Austin market specifically, could potentially have an effect on Stratus’ business, results of operations and financial condition. Since January 2020, the COVID-19 pandemic has caused substantial disruption in international and U.S. economies and markets. Stratus’ revenue, operating income and cash flow in its hotel and entertainment segments were adversely impacted during 2020 and are expected to continue to be adversely impacted in 2021.
Use of Estimates	Use of Estimates. The preparation of Stratus’ financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include the estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments; profit recognition related to the sales of real estate; deferred income taxes and related valuation allowances; income taxes; allocation of certain indirect costs; profit pools under the Profit Participation Incentive Plan; and asset lives for depreciation. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and cash equivalents. All highly liquid investments with a maturity of three months or less when purchased are considered cash equivalents.
Real Estate and Leasing Assets	Real Estate. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Real estate held for investment is stated at cost, less accumulated depreciation. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for use, sale or lease. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized for properties currently under active development. Stratus capitalizes improvements that increase the value of properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from properties held for investment. Impairment tests for properties held for investment and properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the operation of the property and its eventual disposition. If projected undiscounted cash flow is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required.
Depreciation, Depletion, and Amortization	Depreciation. Real estate held for investment is depreciated on a straight-line basis over the properties' estimated lives of 30 to 40 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms.
Accrued Property Taxes	Accrued Property Taxes.  Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $10.0 million at December 31, 2020, and $7.1 million at December 31, 2019
Revenue Recognition	Revenue Recognition. Revenue or gains on sales of real estate are recognized when control of the asset has been transferred to the buyer if collection of substantially all of the consideration to which Stratus will be entitled is probable and Stratus has satisfied all other performance obligations under the contract. Consideration is allocated among multiple performance obligations or distinct nonfinancial assets to be transferred to the buyer based on relative fair value. Consideration is reasonably determined and deemed likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay.
Cost of Sales	Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold, properties held for sale, and land available for development, such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2020 2019 Hotel $ 15,427 $ 26,849 Depreciation 13,670 11,006 Leasing Operations 12,591 9,402 Cost of developed property sales 12,479 7,672 Entertainment 6,647 18,299 Project expenses and allocation of overhead costs (see below) 5,604 5,705 Cost of undeveloped property sales 632 16 Municipal utility district reimbursements (see below) — (3,360) Other, net (30) (275) Total cost of sales $ 67,020 $ 75,314
Allocation of Overhead Costs	Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. costs of construction and development activities are capitalized to real estate under development, and costs of project management, sales and marketing activities are charged to expense as cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as office supplies, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer.
Municipal Utility District Reimbursements	Municipal Utility District Reimbursements. Stratus capitalizes infrastructure costs and receives Barton Creek municipal utility district (MUD) reimbursements for certain infrastructure costs incurred in the Barton Creek area. MUD reimbursements received for infrastructure projects are recorded as a reduction of the related asset’s carrying amount or cost of sales if the property has been sold. Stratus has long-term agreements with seven independent MUDs in Barton Creek to build the MUDs’ utility systems and to be eligible for future reimbursements for the related costs. In November 2017, the city of Magnolia and the state of Texas approved the creation of a MUD which will provide an opportunity for Stratus to recoup approximately $26 million over the life of the project for future road and utility infrastructure costs incurred in connection with its development of Magnolia Place, a mixed-use project that will be shadow-anchored by an H-E-B, L.P. (HEB) grocery store. Stratus received $4.8 million of proceeds in 2019 related to Travis County MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $1.1 million as a reduction of real estate under development on the consolidated balance sheet, and $3.4 million as a reduction in real estate cost of sales and $0.3 million in other income, net in the consolidated statement of comprehensive loss. The amount and timing of MUD reimbursements depends upon the respective MUD having a sufficient tax base within its district to issue bonds and obtain the necessary state approval for the sale of the bonds. Because the timing of the issuance and approval of the bonds is subject to considerable uncertainty, coupled with the fact that interest rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements are not known until approximately one month before the MUD reimbursements are received. To the extent the reimbursements are less than the costs capitalized, Stratus records a loss when such determination is made. MUD reimbursements represent the actual amounts received.
Advertising Costs	Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $1.0 million in 2020 and $1.4 million in 2019.
Income Tax	Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income or loss in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. See Note 7 for further discussion.
Earnings Per Share	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. The weighted-average shares exclude approximately 86 thousand shares for the year 2020 and 88 thousand shares for the year 2019 associated with restricted stock units (RSUs) and outstanding stock options that were anti-dilutive because of net losses.
Stock-based Compensation	Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of RSUs and performance based RSUs is based on Stratus’ stock price on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. Stratus grants awards that settle in either cash or RSUs to employees and nonemployees under a profit participation plan. As required for liability-based awards under Accounting Standards Codification 718, Stock-Based Compensation
New Accounting Standards

Summary of Significant Accoun_3

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Cost of Sales	A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2020 2019 Hotel $ 15,427 $ 26,849 Depreciation 13,670 11,006 Leasing Operations 12,591 9,402 Cost of developed property sales 12,479 7,672 Entertainment 6,647 18,299 Project expenses and allocation of overhead costs (see below) 5,604 5,705 Cost of undeveloped property sales 632 16 Municipal utility district reimbursements (see below) — (3,360) Other, net (30) (275) Total cost of sales $ 67,020 $ 75,314

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block]	Stratus’ consolidated balance sheets include the following assets and liabilities of the Kingwood, L.P. (in thousands). The assets and liabilities of The Saint Mary (primarily the real estate held for investment and the related debt) are presented as held for sale in Stratus' consolidated balance sheets. Refer to Note 4 for further details of The Saint Mary sale, and assets and liabilities held for sale. December 31, 2020 2019 Assets: Cash and cash equivalents $ 745 $ 908 Real estate under development 2,380 3,703 Land available for development 8,143 9,273 Real estate held for investment, net 31,962 27,698 Other assets 2,195 1,252 Total assets 45,425 42,834 Liabilities: Accounts payable and accrued liabilities 850 4,084 Debt 31,215 23,991 Total liabilities 32,065 28,075 Net assets $ 13,360 $ 14,759

Real Estate, net (Tables)

Real Estate, net (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate, net [Abstract]
Schedule of Real Estate Properties [Table Text Block]	Stratus’ consolidated balance sheets include the following net real estate assets (in thousands): December 31, 2020 2019 Real estate held for sale: Developed lots and condominium unit $ 4,204 $ 14,872 Real estate under development: Acreage, multi-family units, commercial square footage and homes 98,137 95,026 Land available for development: Undeveloped acreage 53,432 45,539 Real estate held for investment: The Santal 78,460 78,436 Kingwood Place 33,579 28,366 Lantana Place 30,258 29,297 Jones Crossing 24,651 24,077 West Killeen Market 10,233 9,931 Block 21 Hotel 111,387 113,007 Entertainment venue 42,963 42,824 Office and retail 19,663 19,552 Furniture, fixtures and equipment 1,253 1,131 Total 352,447 346,621 Accumulated depreciation (65,918) (54,609) Total real estate held for investment, net 286,529 292,012 Total real estate, net $ 442,302 $ 447,449

Asset Sales (Tables)

Asset Sales (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	As the sale agreement was entered into prior to December 31, 2020, Stratus reported the assets and liabilities of The Saint Mary as held for sale in the consolidated balance sheets for all periods presented. The carrying amounts of the major classes of assets and liabilities related to the sale follow (in thousands): December 31, 2020 2019 Assets: Real estate held for investment, net $ 36,341 $ 37,091 Other assets 175 230 Total assets held for sale $ 36,516 $ 37,321 Liabilities: Accrued liabilities $ 68 $ 85 Debt 25,319 21,857 Other liabilities 220 124 Total liabilities held for sale $ 25,607 $ 22,066 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 Stratus' consolidated balance sheet follow (in thousands): Assets: Cash and cash equivalents $ 10,408 Restricted cash 13,574 Real estate held for investment, net 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 Revenues: Hotel Revenue $ 35,247 Entertainment Revenue 24,565 Leasing operations and other 2,363 Total revenue 62,175 Cost of Sales: Hotel 26,849 Entertainment 18,185 Leasing operations and other 1,739 Depreciation 5,415 Total cost of sales 52,188 General and administrative expenses 1,040 Operating income 8,947 Interest expense, net (8,235) Provision for income taxes (392) Net income $ 320

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	A summary of the carrying amount and fair value of Stratus’ other financial instruments follows (in thousands): December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Interest rate cap agreement $ — $ — $ 3 $ 3 Liabilities: Debt 351,055 354,380 343,892 348,443 Interest rate swap agreement — — 114 114

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Stratus’ debt follows (in thousands): December 31, 2020 2019 Block 21 loan, fixed interest rate of 5.58% in 2020 and 2019 $ 139,013 $ 141,184 The Santal loan, average interest rate of 4.80% in 2020 and 4.82% in 2019 74,343 73,972 Comerica Bank credit facility, average interest rate of 5.25% in 2020 and 6.30% in 2019 43,304 42,482 New Caney land loan, average interest rate of 3.69% in 2020 and 5.21% in 2019 4,949 4,908 Paycheck Protection Program loan fixed interest rate of 1.00% in 2020 3,987 — Construction loans: Kingwood Place construction loan average interest rate of 3.32% in 2020 and 4.66% in 2019 31,215 23,991 Lantana Place construction loan, average interest rate of 3.60% in 2020 and 5.01% in 2019 24,051 23,268 Jones Crossing construction loan average interest rate of 4.30% in 2020 and 5.45% in 2019 22,377 21,354 West Killeen Market construction loan, average interest rate of 3.51% in 2020 and 5.09% in 2019 6,707 7,213 Amarra Villas credit facility, average interest rate of 0.92% in 2020 and 5.21% in 2019 1,109 5,520 Total debt a $ 351,055 $ 343,892 a. Includes net reductions for unamortized debt issuance costs of $2.2 million at December 31, 2020, and $3.2 million at December 31, 2019.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of benefit from (provision for) income taxes	Stratus’ provision for income taxes consists of the following (in thousands): Years Ended December 31, 2020 2019 Current $ (8,449) $ 435 Deferred 12,267 (318) Provision for income taxes $ 3,818 $ 117
Schedule of components of deferred income taxes	The components of deferred income taxes follow (in thousands): December 31, 2020 2019 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 8,622 $ 9,333 Employee benefit accruals 834 773 Deferred income 11 498 Charitable contribution carryforward 208 161 Other assets 3,704 3,283 Net operating loss credit carryforwards 444 1,583 Other liabilities (3,095) (3,320) Valuation allowance (10,684) — Deferred tax assets, net $ 44 $ 12,311
Schedule of reconciliation of U.S. federal statutory tax rate	Reconciliations of the U.S. federal statutory tax rate to Stratus’ effective income tax rate follow (dollars in thousands): Years Ended December 31, 2020 2019 Amount Percent Amount Percent Income tax benefit computed at the federal statutory income tax rate $ 4,338 21 % $ 493 21 % Adjustments attributable to: Change in valuation allowance (10,693) (52) — — Noncontrolling interests (354) (2) (1) — State taxes (325) (1) (420) (18) Executive compensation limitation (183) (1) (111) (5) Change in statutory rate 3,539 a 17 — — Other (140) (1) (78) (3) Provision for income taxes $ 3,818 (19) % $ 117 (5) % a. The CARES Act allows Stratus to carry back losses to 2017 when the U.S. corporate tax rate was 35 percent, resulting in this discrete tax benefit. 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.
Summary of changes in unrecognized tax benefits	A summary of the changes in unrecognized tax benefits follows (in thousands): Years Ended December 31, 2020 2019 Balance at January 1 $ 198 $ 314 Additions for tax positions related to prior years 12 24 Subtractions for tax positions related to prior years — (140) Balance at December 31 $ 210 $ 198

Equity Transactions, Stock-Ba_2

Equity Transactions, Stock-Based Compensation and Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Summary of outstanding unvested RSUs	A summary of outstanding unvested RSUs as of December 31, 2020, and activity during the year ended December 31, 2020, is presented below: Number of Aggregate Balance at January 1 62,700 Granted 43,700 Vested (25,050) Forfeited (7,150) Balance at December 31 74,200 $ 1,892
Schedule of vesting of RSUs and exercises of stock options	The following table includes amounts related to vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2020 2019 Stratus shares tendered to pay the minimum required taxes a 3,839 9,517 Amounts Stratus paid for employee taxes $ 91 $ 249 a. Under terms of the related plans and agreements, upon vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the minimum required taxes.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, Maturity	The future minimum payments for leases recorded on the consolidated balance sheet at December 31, 2020, follow (in thousands): 2021 $ 166 2022 454 2023 514 2024 671 2025 669 Thereafter 109,209 Total payments 111,683 Present value adjustment (98,414) Present value of net minimum lease payments $ 13,269

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	Stratus’ revenues from contracts with customers follow (in thousands): Years Ended December 31, 2020 2019 Real Estate Operations: Developed property sales $ 21,789 $ 13,549 Undeveloped property sales 700 — Commissions and other 124 267 22,613 13,816 Leasing Operations: Rental revenue 23,257 18,542 23,257 18,542 Hotel: Rooms, food and beverage 8,742 33,054 Other 1,170 2,193 9,912 35,247 Entertainment: Event revenue 4,594 22,003 Other 639 2,570 5,233 24,573 Total Revenues from Contracts with Customers $ 61,015 $ 92,178
Schedule of financial information by business segment	Financial Information by Business Segment. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Real Estate Operations a Leasing Operations Hotel Entertainment Eliminations and Other b Total Year Ended December 31, 2020: Revenues: Unaffiliated customers $ 22,613 $ 23,257 $ 9,912 $ 5,233 $ — $ 61,015 Intersegment 17 891 102 14 (1,024) — Cost of sales, excluding depreciation 18,533 12,611 c 15,436 d 7,082 (312) 53,350 Depreciation 228 8,189 3,810 e 1,672 e (229) 13,670 General and administrative expenses — — — — 15,036 15,036 Income from forfeited earnest money — — — — (15,000) f (15,000) Operating income (loss) $ 3,869 $ 3,348 $ (9,232) $ (3,507) $ (519) $ (6,041) Capital expenditures and purchases and development of real estate properties $ 13,775 $ 5,203 $ 837 $ 151 $ — $ 19,966 Total assets at December 31, 2020 161,581 236,549 g 90,831 33,827 21,228 544,016 Year Ended December 31, 2019: Revenues: Unaffiliated customers $ 13,816 $ 18,542 $ 35,247 $ 24,573 $ — $ 92,178 Intersegment 18 931 284 445 (1,678) — Cost of sales, excluding depreciation 9,758 h 9,420 26,984 18,871 (725) 64,308 Depreciation 246 6,159 3,389 1,481 (269) 11,006 General and administrative expenses — — — — 12,384 12,384 Gain on sales of assets — (5,683) i — — — (5,683) Operating income (loss) $ 3,830 $ 9,577 $ 5,158 $ 4,666 $ (13,068) $ 10,163 Capital expenditures and purchases and development of real estate properties $ 11,277 $ 61,245 $ 1,167 $ 138 $ — $ 73,827 MUD reimbursements applied to real estate under development h 1,133 10 — — — 1,143 Total assets at December 31, 2019 161,912 235,476 g 96,577 42,328 25,075 561,368 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. d. Includes a $1.6 million charge related to the write-off of capitalized hotel remodel costs, partially offset by a $0.8 million credit related to recovery under a business interruption insurance claim filed as a result of water and smoke damage in the W Austin Hotel in January 2018. e. 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. f. Represents income from earnest money received as a result of Ryman's termination of the agreements to sell Block 21. g. Includes assets held for sale at The Saint Mary, which totaled $36.5 million at December 31, 2020, and $37.3 million at December 31, 2019. The Saint Mary was sold in January 2021. h. Stratus received $4.8 million of proceeds related to MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $1.1 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. i. Includes the sale of Barton Creek Village and a retail pad subject to a ground lease located in the Circle C community.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) shares in Thousands	1 Months Ended	12 Months Ended		24 Months Ended
	Nov. 30, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Jan. 01, 2019
Schedule of Significant Accounting Policies [Line Items]
Lease right-of-use assets		$ 10,871,000	$ 11,378,000	$ 10,871,000
Present value of net minimum lease payments		13,269,000	12,636,000	13,269,000
Impairment of Real Estate				0
Advertising Expense		1,000,000	1,400,000
Accrued Property Taxes		$ 10,000,000	$ 7,100,000	10,000,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		86	88
Real Estate Reimbursements, MUD		$ 0	$ 3,360,000
Real Estate For Development, Reimbursement MUD		1,100,000		$ 1,100,000
Proceeds From Bonds, MUD Reimbursements		$ 4,800,000
Municipal Utility District Reimbursements		Municipal Utility District Reimbursements. Stratus capitalizes infrastructure costs and receives Barton Creek municipal utility district (MUD) reimbursements for certain infrastructure costs incurred in the Barton Creek area. MUD reimbursements received for infrastructure projects are recorded as a reduction of the related asset’s carrying amount or cost of sales if the property has been sold. Stratus has long-term agreements with seven independent MUDs in Barton Creek to build the MUDs’ utility systems and to be eligible for future reimbursements for the related costs. In November 2017, the city of Magnolia and the state of Texas approved the creation of a MUD which will provide an opportunity for Stratus to recoup approximately $26 million over the life of the project for future road and utility infrastructure costs incurred in connection with its development of Magnolia Place, a mixed-use project that will be shadow-anchored by an H-E-B, L.P. (HEB) grocery store. Stratus received $4.8 million of proceeds in 2019 related to Travis County MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $1.1 million as a reduction of real estate under development on the consolidated balance sheet, and $3.4 million as a reduction in real estate cost of sales and $0.3 million in other income, net in the consolidated statement of comprehensive loss. The amount and timing of MUD reimbursements depends upon the respective MUD having a sufficient tax base within its district to issue bonds and obtain the necessary state approval for the sale of the bonds. Because the timing of the issuance and approval of the bonds is subject to considerable uncertainty, coupled with the fact that interest rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements are not known until approximately one month before the MUD reimbursements are received. To the extent the reimbursements are less than the costs capitalized, Stratus records a loss when such determination is made. MUD reimbursements represent the actual amounts received.
Cost of Sales [Member]
Schedule of Significant Accounting Policies [Line Items]
Real Estate Reimbursements, MUD		$ 3,400,000
Other Income [Member]
Schedule of Significant Accounting Policies [Line Items]
Real Estate Reimbursements, MUD		$ 300,000
Minimum [Member] | Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		30 years
Minimum [Member] | Furniture, fixtures and equipment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		3 years
Maximum [Member] | Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Furniture, fixtures and equipment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		15 years
Accounting Standards Update 2016-02 [Member]
Schedule of Significant Accounting Policies [Line Items]
Lease right-of-use assets					$ 11,900,000
Present value of net minimum lease payments					$ 12,000,000
MUD bond [Member]
Schedule of Significant Accounting Policies [Line Items]
Proceeds from MUD reimbursement	$ 26,000,000		$ 4,800,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Cost of Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of Significant Accounting Policies [Line Items]
Depreciation	$ 13,670	$ 11,006
Leasing operations	12,591	9,402
Cost of Developed Property Sales	12,479	7,672
Cost of Sales, Project Expenses and Allocation of Overhead Costs	5,604	5,705
Cost of Undeveloped Property Sales	632	16
Real Estate Reimbursements, MUD	0	3,360
Other Cost and Expense, Operating	30	275
Total cost of sales	67,020	75,314
Hotel Operations
Schedule of Significant Accounting Policies [Line Items]
Cost of Goods and Services Sold	15,427	26,849
Entertainment
Schedule of Significant Accounting Policies [Line Items]
Cost of Goods and Services Sold	$ 6,647	$ 18,299

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Potential anti-dilutive securities	86	88

Related Party Transactions The

Related Party Transactions The Saint Mary, L.P. (Details) $ in Thousands	Oct. 31, 2019	Aug. 03, 2018USD ($)	Jun. 19, 2018USD ($)unit	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents				$ 12,434	$ 19,173
Restricted cash				21,749	19,418
Real estate under development				98,137	95,026
Other assets				20,100	14,318
Assets				544,016	561,368
Accrued liabilities, including taxes				12,868	11,495
Liabilities				434,252	$ 427,286
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			$ 8,000
Assets				$ 31,962
Apartment Building [Member] | The Saint Mary, L.P. [Member] | The Saint Mary [Member]
Related Party Transaction [Line Items]
Number of Lots/Units in Real Estate Property | unit			240
Construction Loan Payable [Member] | The Saint Mary Construction Loan [Member] | The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross			$ 26,000
Stratus Properties Inc [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			5.00%
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			57.00%
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest			49.10%
The Saint Mary, L.P. [Member] | Circle C Land, L.P [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			6.10%
Noncontrolling Interest in Limited Partnerships			$ 1,000
The Saint Mary, L.P. [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			6.10%
Noncontrolling Interest in Limited Partnerships			$ 1,000
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	33.33%			70.00%
Stratus Kingwood, L.P. [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest		8.80%
Noncontrolling Interest in Limited Partnerships		$ 1,000

Related Party Transactions King

Related Party Transactions Kingwood Place, L.P. (Details) $ in Thousands	Oct. 31, 2019USD ($)	Dec. 06, 2018USD ($)	Aug. 03, 2018USD ($)a	Jun. 19, 2018USD ($)	Dec. 31, 2020USD ($)ft²	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents					$ 12,434		$ 19,173
Real estate under development					98,137		95,026
Other assets					20,100		14,318
Assets					544,016		561,368
Accrued liabilities, including taxes					12,868		11,495
Debt					351,055		343,892
Liabilities					434,252		427,286
Restricted cash					21,749		19,418
Land available for development					$ 53,432		45,539
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land			$ 13,500
Net Rentable Area | ft²					151,855
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	33.33%				70.00%
Payments to Acquire Limited Partnership Interests	$ 5,800
LCHM Holdings, L.L.C. [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest			8.80%
Noncontrolling Interest in Limited Partnerships			$ 1,000
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement		$ 15,000	$ 10,700		$ 11,000
Area of Land | a			54
Liabilities					32,065		28,075
Percentage of Construction Costs		30.00%
Stratus Kingwood, L.P. [Member] | Land Available for Development [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land			$ 7,000
Stratus Kingwood, L.P. [Member] | Kingwood Place Loan [Member] | Notes Payable to Banks [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount			6,750
Stratus Kingwood, L.P. [Member] | Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount		$ 32,900				$ 35,400
Percentage of Construction Costs		70.00%
Stratus Kingwood, L.P. [Member] | Kingwood Place [Member] | Asset Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction			$ 283
Stratus Kingwood, L.P. [Member] | Kingwood Place [Member] | Development And Construction Management Fee [Member]
Related Party Transaction [Line Items]
Property Management Fee, Percent Fee			4.00%
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement				$ 8,000
Assets					31,962
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents					745		908
Real estate under development					2,380		3,703
Other assets					2,195		1,252
Assets					45,425		42,834
Debt					31,215		23,991
Net Assets					13,360		14,759
Land available for development					8,143		9,273
Real estate held for investment, net							27,698
Accounts Payable and Accrued Liabilities					$ 850		$ 4,084

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Austin Retail Partners [Member] | Immediate family member [Member]
Related Party Transaction [Line Items]
Related party expense reimbursements	$ 120	$ 111

Real Estate, net Summary of Rea

Real Estate, net Summary of Real Estate Holdings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)ft²hotel_roomunittheater_seatpeople	Dec. 31, 2019USD ($)	Jun. 19, 2018unit
Real Estate Properties [Line Items]
Real estate held for sale	$ 4,204	$ 14,872
Development in Process	98,137	95,026
Land Available for Development	53,432	45,539
Real Estate Held for Investment, Gross	352,447	346,621
Real estate held for investment, net	286,529	292,012
Real estate held for investment, Depreciation	65,918	54,609
Real Estate Investment Property, Net	442,302	447,449
Interest Costs Capitalized	4,700	7,700
West Killeen Market [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	10,233	9,931
Lantana Place [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	30,258	29,297
Jones Crossing [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 24,651	24,077
Net Rentable Area | ft²	154,117
Kingwood Place [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 33,579	28,366
Net Rentable Area | ft²	151,855
The Santal
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 78,460	78,436
Lantana Place, First Phase [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	99,379
HEB Grocery Store
Real Estate Properties [Line Items]
Net Rentable Area | ft²	90,000
Block 21 [Member]
Real Estate Properties [Line Items]
Number of Hotel Rooms | hotel_room	251
Number Of Theater Seats | theater_seat	2,750
3TEN ACL Live [Member]
Real Estate Properties [Line Items]
Capacity of Entertainment Venue | people	350
Hotel Operations | W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 111,387	113,007
Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit	5
Real Estate Held for Sale [Member] | W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit	1
Retail Site [Member] | Barton Creek Village [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	0
Retail Site [Member] | West Killeen Market [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	44,493
Retail Site [Member] | Block 21 [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	18,327
Apartment Building [Member] | The Saint Mary [Member] | The Saint Mary, L.P. [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit			240
Apartment Building [Member] | The Santal | The Santal
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit	448
Furniture and Fixtures [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 1,253	1,131
Office Building [Member] | Block 21 [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	38,316
Entertainment | W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 42,963	42,824
Office and Retail [Member] | W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 19,663	$ 19,552

Asset Sales - Discontinued Oper

Asset Sales - Discontinued Operations (Details) $ in Thousands	May 21, 2020USD ($)	Dec. 09, 2019USD ($)hotel_roomtheater_seat	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Lines of Credit				$ 28,478	$ 34,925
Other income, net				116	424
Operating Leases, Income Statement, Lease Revenue				23,257	18,542
Operating Income (Loss)				6,041	(10,163)
The Saint Mary [Member] | Real Estate Held for Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt				25,319	21,857
Interest Expense				1,100	200
Operating Leases, Income Statement, Lease Revenue				3,200	500
Operating Income (Loss)				$ 400	400
The Saint Mary [Member] | Real Estate Held for Sale [Member] | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale			$ 60,000
Proceeds from Sale of Property Held-for-sale, Net			34,000
Gain (Loss) on Sale of Properties			14,000
The Saint Mary [Member] | Real Estate Held for Sale [Member] | Stratus Properties Inc [Member] | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale, Net			$ 21,300
Block 21 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Lines of Credit	$ 13,800
Proceeds from Release of Escrow Deposit		$ 15,000
Other income, net		15,000
Block 21 [Member] | Goldman Sachs Loan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Debt	$ 1,200
Block 21 [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration		$ 275,000
Debt					$ 141,184
Number of Hotel Rooms | hotel_room		251
Number Of Theater Seats | theater_seat		2,750
Escrow Deposits Related to Property Sales		$ 15,000

Asset Sales - Balance Sheet (De

Asset Sales - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets	$ 36,516	$ 37,321
Total liabilities	25,607	22,066
Block 21 [Member] | Discontinued Operations, Held-for-sale [Member]
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, net		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
The Saint Mary [Member] | Real Estate Held for Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate held for investment, net	36,341	37,091
Other assets	175	230
Total assets	36,516	37,321
Accrued liabilities	68	85
Debt	25,319	21,857
Other liabilities	220	124
Total liabilities	$ 25,607	$ 22,066
Goldman Sachs Loan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest Rate, Stated Percentage	5.58%	5.58%

Asset Sales - Income Statement

Asset Sales - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	$ 1,685	$ 3
Block 21 [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Leasing operations and other		2,363
Revenue		62,175
Costs of sales		52,188
Depreciation		5,415
General and administrative expenses		1,040
Operating income		8,947
Interest expense, net		(8,235)
Provision for income taxes		(392)
Net income		320
The Saint Mary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	1,500
The Saint Mary [Member] | Noncontrolling Interest in Subsidiaries [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prior Period Reclassification Adjustment	$ (500)
Hotel Operations | Block 21 [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from contract with customer		35,247
Costs of sales		26,849
Entertainment | Block 21 [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from contract with customer		24,565
Costs of sales		18,185
Leasing Operations | Block 21 [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs of sales		$ 1,739

Asset Sales Asset Sales - Barto

Asset Sales Asset Sales - Barton Creek Village and Circle C (Details) - USD ($) $ in Thousands	Nov. 14, 2019	Jan. 17, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of assets				$ 0	$ 5,683
Repayments of Lines of Credit				28,478	$ 34,925
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Barton Creek Village [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 7,700
Gain (loss) on sales of assets	$ 3,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Circle C Ground Lease [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment		$ 3,200
Gain (loss) on sales of assets				$ 2,000
Revolving Line of Credit Tranche [Member] | Comerica credit facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Lines of Credit			$ 2,500

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 351,055	$ 343,892
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	354,380	348,443
Interest Rate Cap [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate derivative assets, at fair value	0	3
Interest Rate Cap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate derivative assets, at fair value	0	3
Interest Rate Swap [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreement	0	114
Interest Rate Swap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreement	$ 0	$ 114

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Interest Rate Cap [Member]
Derivative [Line Items]
Payments for Derivative Instrument, Financing Activities	$ 24
Derivative, Notional Amount				$ 75,000
Interest Rate Cap [Member] | LIBOR Maximum [Member]
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate				3.00%
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount					$ 15,300
Derivative, Fixed Interest Rate			2.30%
Interest Rate Swap [Member] | Scenario, Forecast [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 14,800

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt	$ 351,055	$ 343,892
Unamortized Debt Issuance Expense	$ 2,200	$ 3,200
The Santal Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	4.80%	4.82%
The Santal Loan [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt	$ 74,343	$ 73,972
Comerica credit facility [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	5.25%	6.30%
Long-term Line of Credit	$ 43,304	$ 42,482
New Caney Land Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.69%	5.21%
New Caney Land Loan [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt	$ 4,949	$ 4,908
Kingwood Place Construction Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.32%	4.66%
Kingwood Place Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 31,215	$ 23,991
Lantana Place Construction Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.60%	5.01%
Lantana Place Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 24,051	$ 23,268
Jones Crossing Construction Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	4.30%	5.45%
Jones Crossing Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 22,377	$ 21,354
West Killeen Market construction loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.51%	5.09%
West Killeen Market construction loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 6,707	$ 7,213
Goldman Sachs Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	5.58%	5.58%
Goldman Sachs Loan [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt	$ 139,013	$ 141,184
PPP Loan
Debt Instrument [Line Items]
Debt	$ 3,987	0
Interest Rate, Stated Percentage	1.00%
Amarra Villas Credit Facility [Member]
Debt Instrument [Line Items]
Debt	$ 1,109	$ 5,520
Interest Rate, Stated Percentage	0.92%	5.21%

Debt (Narrative) (Details)

Debt (Narrative) (Details)

Apr. 14, 2020USD ($)

Apr. 13, 2020

Mar. 31, 2020

Dec. 31, 2019USD ($)

Sep. 30, 2019USD ($)

Dec. 06, 2018USD ($)

Aug. 03, 2018USD ($)a

Jun. 19, 2018USD ($)

Jan. 31, 2020USD ($)

Oct. 31, 2019USD ($)

Dec. 31, 2020USD ($)ft²

Jun. 30, 2020

Dec. 31, 2020USD ($)ft²hotel_room

Dec. 31, 2019USD ($)

Dec. 31, 2016USD ($)

Mar. 31, 2022USD ($)

Sep. 30, 2020USD ($)

Apr. 22, 2020USD ($)

Mar. 19, 2019USD ($)

Mar. 08, 2019USD ($)

Sep. 01, 2017USD ($)

Apr. 28, 2017USD ($)

Aug. 05, 2016USD ($)

Debt Instrument [Line Items]

Loss on early extinguishment of debt

$ 0

$ (247,000)

Interest Expense, Debt

8,400,000

$ 7,300,000

Coronavirus, Aid, Relief, And Economic Securities (CARES) Act, Proceeds From Loans Payable

$ 4,000,000

Coronavirus, Aid, Relief, And Economic Securities (CARES) Act, Interest Rate

1.00%

Stratus Kingwood, L.P. [Member]

Debt Instrument [Line Items]

Area of Land | a

54

Proceeds from Issuance of Private Placement

$ 15,000,000

$ 10,700,000

11,000,000

The Saint Mary, L.P. [Member]

Debt Instrument [Line Items]

Proceeds from Issuance of Private Placement

$ 8,000,000

Block 21 [Member]

Debt Instrument [Line Items]

Proceeds from Contributed Capital

$ 9,600,000

Block 21 [Member] | Scenario, Forecast [Member]

Debt Instrument [Line Items]

Proceeds from Contributed Capital

$ 18,000,000

Kingwood Place [Member]

Debt Instrument [Line Items]

Net Rentable Area | ft²

151,855

151,855

The Santal Loan [Member]

Debt Instrument [Line Items]

Number of Debt Maturity Extensions | hotel_room

2

Debt Maturity Extension, Term

12 months

Interest Rate, Stated Percentage

4.82%

4.80%

4.80%

4.82%

Debt Instrument, Term

3 years

The Santal Loan [Member] | ACRC Lender LLC [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Liquid Assets

$ 7,500,000

Proceeds from Issuance of Debt, Net Of Repayments

$ 16,000,000

Loss on early extinguishment of debt

$ (231,000)

The Santal Loan [Member] | ACRC Lender LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 75,000,000

Basis Spread on Variable Rate

2.85%

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

The Santal Loan [Member] | ACRC Lender LLC [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt Service Coverage Ratio

105.00%

The Santal Loan [Member] | ACRC Lender LLC [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Interest Rate

4.80%

Comerica credit facility [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

6.30%

5.25%

5.25%

6.30%

Comerica credit facility [Member] | Revolving Line of Credit Tranche [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 60,000,000

$ 60,000,000

Line of Credit Facility, Remaining Borrowing Capacity

16,500,000

16,500,000

Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount

$ 1,000,000

$ 1,000,000

Debt Instrument, Debt Covenant, Loan-to-value Ratio

50.00%

50.00%

Comerica credit facility [Member] | Revolving Line of Credit Tranche [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

1.00%

0.00%

Comerica credit facility [Member] | Revolving Line of Credit Tranche [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent

50.00%

50.00%

Comerica credit facility [Member] | Revolving Line of Credit Tranche [Member] | Credit facility [Member]

Debt Instrument [Line Items]

Repayments of Debt

$ 13,000,000

Comerica credit facility [Member] | Letter of Credit [Member] | Letter of Credit [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 7,500,000

$ 7,500,000

Letters of Credit Outstanding, Amount

$ 150,000

$ 150,000

Comerica credit facility [Member] | Credit facility [Member] | Revolving Line of Credit Tranche [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

4.00%

New Caney Land Loan [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

5.21%

3.69%

3.69%

5.21%

New Caney Land Loan [Member] | Land Loan Payable [Member]

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 5,000,000

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

Repayments of Debt

$ 500,000

Debt Instrument, Debt Covenant, Liquid Assets

$ 10,000,000

$ 10,000,000

New Caney Land Loan [Member] | Land Loan Payable [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

3.00%

Kingwood Place Construction Loan [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

4.66%

3.32%

3.32%

4.66%

Kingwood Place Construction Loan [Member] | Construction Loan Payable [Member]

Debt Instrument [Line Items]

Number of Debt Maturity Extensions

2

Debt Maturity Extension, Term

12 months

Kingwood Place Construction Loan [Member] | Construction Loan Payable [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

2.50%

Kingwood Place Construction Loan [Member] | Stratus Kingwood, L.P. [Member] | Notes Payable to Banks [Member]

Debt Instrument [Line Items]

Debt Instrument, Face Amount

32,900,000

$ 35,400,000

Long-term Debt

$ 26,100,000

Debt Instrument, Increase (Decrease), Net

$ 2,500,000

Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount

$ 1,000,000

$ 1,000,000

Kingwood Place Construction Loan [Member] | Stratus Kingwood, L.P. [Member] | Notes Payable to Banks [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

Kingwood Place Construction Loan [Member] | Stratus Kingwood, L.P. [Member] | Notes Payable to Banks [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent

50.00%

50.00%

Santal Phase I & Phase II Construction Loan [Member]

Debt Instrument [Line Items]

Repayments of Debt

$ 57,900,000

Kingwood Place Loan [Member] | Stratus Kingwood, L.P. [Member] | Notes Payable to Banks [Member]

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 6,750,000

Lantana Place Construction Loan [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

5.01%

3.60%

3.60%

5.01%

Lantana Place Construction Loan [Member] | Construction Loan Payable [Member]

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 26,300,000

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

Repayments of Debt

$ 2,000,000

Debt Instrument, Covenant, Debt Service Ratio

150.00%

Debt Instrument, Payment Frequency, Amortization Period

30 years

Lantana Place Construction Loan [Member] | Construction Loan Payable [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

2.75%

Lantana Place Construction Loan [Member] | Construction Loan Payable [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt Service Coverage Ratio

135.00%

Interest Rate, Stated Percentage

3.00%

3.00%

Jones Crossing Construction Loan [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

5.45%

4.30%

4.30%

5.45%

Jones Crossing Construction Loan [Member] | Construction Loan Payable [Member]

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 36,800,000

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

Long-term Debt, Including Current Maturities, Principal Amount

$ 22,600,000

$ 22,600,000

Debt Instrument, Payment Frequency, Amortization Period

30 years

Jones Crossing Construction Loan [Member] | Construction Loan Payable [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

3.75%

Jones Crossing Construction Loan [Member] | Construction Loan Payable [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt Service Ratio

150.00%

Debt Instrument, Covenant, Debt Service Coverage Ratio

135.00%

Jones Crossing Construction Loan [Member] | Construction Loan Payable [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

4.00%

4.00%

West Killeen Market construction loan [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

5.09%

3.51%

3.51%

5.09%

West Killeen Market construction loan [Member] | Construction Loan Payable [Member]

Debt Instrument [Line Items]

Debt Instrument, Face Amount

$ 9,900,000

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

Debt Instrument, Covenant, Debt Service Ratio

150.00%

Debt Instrument, Payment Frequency, Amortization Period

30 years

West Killeen Market construction loan [Member] | Construction Loan Payable [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

2.75%

West Killeen Market construction loan [Member] | Construction Loan Payable [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt Service Coverage Ratio

135.00%

Interest Rate, Stated Percentage

3.00%

3.00%

Amarra Villas Credit Facility [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

5.21%

0.92%

0.92%

5.21%

Amarra Villas Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

3.00%

Amarra Villas Credit Facility [Member] | Credit facility [Member]

Debt Instrument [Line Items]

Loss on early extinguishment of debt

$ (16,000)

Line of Credit Facility, Maximum Borrowing Capacity

$ 8,000,000

$ 15,000,000

15,000,000

$ 8,000,000

$ 15,000,000

Line of Credit Facility, Remaining Borrowing Capacity

13,900,000

13,900,000

Amarra Villas Credit Facility [Member] | Credit facility [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

Amarra Villas Credit Facility [Member] | Credit facility [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent

50.00%

50.00%

Amarra Villas Credit Facility [Member] | Stratus Kingwood, L.P. [Member] | Credit facility [Member]

Debt Instrument [Line Items]

Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount

$ 1,000,000

$ 1,000,000

Block 21 Loan | Notes Payable to Banks [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 150,000,000

Interest Rate, Stated Percentage

5.58%

Debt Instrument, Payment Frequency, Amortization Period

30 years

Long-term Debt, Term

10 years

Yield Maintenance Premium, Percentage of Indebtedness Prepaid

3.00%

Block 21 Loan | Notes Payable to Banks [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Debt Covenant, Net Worth

$ 125,000,000

Debt Instrument, Debt Covenant, Liquid Assets

$ 10,000,000

Debt - Maturities (Details)

Debt - Maturities (Details) $ in Millions	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 10.7
2022	165.4
2023	45.2
2024	2.9
2025	3.1
Thereafter	$ 125.9

Income Taxes - Provision for (b

Income Taxes - Provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current	$ (8,449)	$ 435
Deferred	12,267	(318)
Provision for income taxes	$ (3,818)	$ (117)

Income Taxes - Deferred income

Income Taxes - Deferred income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Components of Deferred Tax Assets and Liabilities [Abstract]
Real estate, commercial leasing assets and facilities	$ 8,622	$ 9,333
Employee benefit accruals	834	773
Deferred income	11	498
Charitable contribution carryforward	208	161
Other assets	3,704	3,283
Net operating loss credit carryforwards	444	1,583
Other liabilities	3,095	3,320
Valuation allowance	(10,684)	0
Deferred tax assets, net	$ 44	$ 12,311

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Schedule of Income Taxes [Line Items]
Valuation allowance	$ (10,684)	$ 0
Unrecognized tax benefits that would would impact effective tax rate	200
Unrecognized tax benefits, interest costs accrued	100
Proceeds from income tax refunds	1,700	100
Coronavirus, Aid, Relief, And Economic Securities (CARES) Act, Tax Refund, Filed	$ 5,300	$ 1,900
Scenario, Forecast [Member]
Schedule of Income Taxes [Line Items]
Unrecognized tax benefits that would would impact effective tax rate			$ 200

Income Taxes - Income taxes (Re

Income Taxes - Income taxes (Reconciliation of U.S. federal statutory rate to effective tax rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
federal statutory income tax rate	$ 4,338	$ 493
Change in valuation allowance	(10,693)	0
Change in valuation allowance	(354)	(1)
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Income Tax (Benefit) Expense, Amount	3,539	0
Executive compensation limitation	(183)	(111)
State taxes	(325)	(420)
Other	(140)	(78)
Provision for income taxes	$ 3,818	$ 117
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax benefit computed at the federal statutory income tax rate	21.00%	21.00%
Change in valuation allowance	(52.00%)	0.00%
Noncontrolling interests	(2.00%)	0.00%
Change in statutory rate	17.00%	0.00%
Executive compensation limitation	1.00%	5.00%
State taxes	(1.00%)	(18.00%)
Other	(1.00%)	(3.00%)
Effective income tax rate reconciliation, percent	(19.00%)	(5.00%)
Income taxes paid	$ 500	$ 600
Proceeds from income tax refunds	$ 1,700	$ 100

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 198	$ 314
Additions for tax positions related to prior years	12	24
Subtractions for tax positions related to prior years	0	(140)
Balance at December 31	$ 210	$ 198

Equity Transactions, Stock-Ba_3

Equity Transactions, Stock-Based Compensation and Employee Benefits - Equity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)planshares	Dec. 31, 2019shares	Nov. 01, 2013shares	Oct. 31, 2013shares
Stock repurchase program, authorized (in shares)			1,700,000	700,000
Stock repurchased during period (in shares)	0	0
Stock Repurchase Program, remaining number of shares authorized to be repurchased (in shares)	991,695
Number of Stock-Based Compensation Plans | plan	3
Revolving Line of Credit Tranche [Member] | Comerica credit facility [Member]
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount | $	$ 1

Equity Transactions, Stock-Ba_4

Equity Transactions, Stock-Based Compensation and Employee Benefits - Stock Award Plans and Stock-Based Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2014
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Cost [Line Items]
Compensation costs	$ 0.7	$ 0.4
2017 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
Number of shares authorized (in shares)			180,000
Shares available for grant (in shares)	115,650
2013 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
Number of shares authorized (in shares)				180,000
Shares available for grant (in shares)	15,100
1996 Stock Option Plan [Member]
Share-based Compensation Cost [Line Items]
Shares available for grant (in shares)	2,500

Equity Transactions, Stock-Ba_5

Equity Transactions, Stock-Based Compensation and Employee Benefits - RSUs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2016
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Rollforward [Line Items]
Award vesting period	4 years
Performance-based RSUs [Member]
Share-based Compensation Rollforward [Line Items]
Award vesting period	3 years
Granted (in RSUs)			21,000
Performance share unit payout percentage		5000.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in RSUs)			21,000
Performance Shares and Restricted Stock Units [Member]
Share-based Compensation Rollforward [Line Items]
Granted (in RSUs)	43,700
Grant date fair value	$ 800	$ 600
Intrinsic value of vested share based awards	600	$ 600
Unrecognized compensation costs	$ 1,200
Unrecognized compensation costs, weighted-average period of recognition	1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in RSUs)	62,700
Granted (in RSUs)	43,700
Vested (in RSUs)	(25,050)
Forfeited (in RSUs)	(7,150)
Ending balance (in RSUs)	74,200	62,700
RSUs outsanding intrinsic value	$ 1,892

Equity Transactions, Stock-Ba_6

Equity Transactions, Stock-Based Compensation and Employee Benefits - Stock Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stratus shares tendered to pay the exercise price and/or the minimum required taxes (in shares)	3,839	9,517
Amounts Stratus paid for employee taxes	$ 91	$ 249

Equity Transactions, Stock-Ba_7

Equity Transactions, Stock-Based Compensation and Employee Benefits - Employee Benefits (Details) $ in Thousands	Jul. 11, 2018	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 17, 2020USD ($)	Aug. 02, 2018development_project
Other Employee Benefits [Line Items]
Employer matching contribution of participants contribution, percent		100.00%
Employer matching contribution, percent of participant's annual salary		5.00%
Employer 401(k) plan contributions		$ 400	$ 600
Payments for Capital Improvements		6,191	62,550
General and administrative expenses		15,036	12,384
Other liabilities		$ 17,233	13,490
West Killeen Market [Member]
Other Employee Benefits [Line Items]
Profit Participation Incentive Plan Pool				$ 1,200
Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Profit percentage of project designated to pool	25.00%
Preferred return percent	10.00%	10.00%
Number of development projects | development_project					7
Payments for Capital Improvements		$ 1,300	700
General and administrative expenses		2,400	1,000
Other liabilities		6,200	$ 2,500
Deferred Profit Sharing [Member] | The Saint Mary, L.P. [Member]
Other Employee Benefits [Line Items]
Other liabilities		$ 2,100
Restricted Stock Units (RSUs) [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Vesting period of RSUs for capital transactions not occurred prior to third anniversary	3 years
Restricted Stock Units (RSUs) [Member] | Deferred Profit Sharing [Member] | Executive Officer [Member]
Other Employee Benefits [Line Items]
Annual cash payout threshold ratio in excess of base salary	4
Vesting period of RSUs issued due to payouts in excess	1 year
Corporate [Member]
Other Employee Benefits [Line Items]
Employer safe harbor contribution, percent		3.00%
Minimum [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Estimated Capitalization Rate		3.50%
Deferred Compensation Arrangement with Individual, Requisite Service Period		2 years 2 months 12 days
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent		1.00%
Maximum [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Estimated Capitalization Rate		7.50%
Deferred Compensation Arrangement with Individual, Requisite Service Period		6 years 2 months 12 days
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent		7.10%

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jul. 11, 2018	Dec. 31, 2020
Long-term Purchase Commitment [Line Items]
Noncancellable construction contract commitments		$ 1,500
Minimum annual rental income under long-term operating leases:
2020		8,500
2021		8,400
2022		8,100
2023		7,700
2024		7,200
Thereafter		$ 85,600
Deferred Profit Sharing [Member]
Long-term Purchase Commitment [Line Items]
Preferred return percent	10.00%	10.00%
Letter of Credit [Member] | Comerica credit facility [Member] | Letter of Credit [Member]
Long-term Purchase Commitment [Line Items]
Letters of credit committed		$ 150
HEB Store [Member]
Long-term Purchase Commitment [Line Items]
Payments of Participation Interest		10.00%

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)a	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 1,400
Operating lease, payments	$ 223	$ 220
Weighted average discount rate, percent	6.00%
Weighted average remaining lease term	94 years
Lease right-of-use assets	$ 10,871	11,378
Present value of net minimum lease payments	$ 13,269	$ 12,636
Accounting Standards Update 2016-02 [Member]
Lessee, Lease, Description [Line Items]
Lease right-of-use assets			$ 11,900
Present value of net minimum lease payments			$ 12,000
College Station, Texas [Member] | Land Available for Development [Member]
Lessee, Lease, Description [Line Items]
Term of contract	99 years
Land under development or available for development (in acres) | a	72

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Payments for Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 166
2022	454
2023	514
2024	671
2025	669
Thereafter	109,209
Total payments	111,683
Present value adjustment	(98,414)
Present value of net minimum lease payments	$ 13,269	$ 12,636

Commitments and Contingencies_4

Commitments and Contingencies - Circle C Settlement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Aug. 01, 2002
Commitments and Contingencies Disclosure [Abstract]
Development Fee Credits, Amount Per Settlement Agreement		$ 15
Development Fee Credits, Amount Eligible For Sale Per Year	$ 1.5
Development Fee Credits, Cumulative Amount Permanently Used	12.8
Development Fee Credits, Cumulative Amount Sold To Third Parties	5.1
Development Fee Credits, Outstanding Credit Bank Capacity	0.5
Development Fee Credits, Available Credit Bank Capacity	$ 2.6

Commitment and Contingencies -

Commitment and Contingencies - The Oaks at Lakeway (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain			$ 6,173	$ 7,654
The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment		$ 114,000
Contractual obligation			120
Deferred revenue, revenue recognized	$ 24,300
Lakeway Master Lease Retail [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract		5 years
Lakeway Master Lease Retail [Member] | The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contractual obligation			50
Lakeway Master Lease Unleased 3 Pad Sites [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract		10 years
Lakeway Master Lease Unleased 3 Pad Sites [Member] | The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contractual obligation			$ 70
Lakeway Master Lease Unleased 1 Pad Site [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract		15 years
Lakeway Master Lease Hotel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract		99 years

Business Segments - Revenues fr

Business Segments - Revenues from External Customers for Products and Services (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Revenue from External Customer [Line Items]
Revenue	$ 22,613	$ 13,816
Leasing operations	23,257	18,542
Total revenues	$ 61,015	92,178
Number of operating segments	4
Hotel Operations
Revenue from External Customer [Line Items]
Revenue	$ 9,912	35,247
Entertainment
Revenue from External Customer [Line Items]
Revenue	5,233	24,573
Real Estate Operations | Real Estate [Member]
Revenue from External Customer [Line Items]
Revenue	22,613	13,816
Real Estate Operations | Developed property sales
Revenue from External Customer [Line Items]
Revenue	21,789	13,549
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenue	124	267
Real Estate Operations | Real Estate, Undeveloped [Member]
Revenue from External Customer [Line Items]
Revenue	700	0
Leasing Operations
Revenue from External Customer [Line Items]
Lease income	23,257
Leasing operations		18,542
Hotel Segment [Member] | Occupancy, Food And Beverage [Member]
Revenue from External Customer [Line Items]
Revenue	8,742	33,054
Hotel Segment [Member] | Hotel, Other [Member]
Revenue from External Customer [Line Items]
Revenue	1,170	2,193
Hotel Segment [Member] | Hotel Operations
Revenue from External Customer [Line Items]
Revenue	9,912	35,247
Entertainment Segment [Member] | Entertainment
Revenue from External Customer [Line Items]
Revenue	4,594	22,003
Entertainment Segment [Member] | Entertainment, Other [Member]
Revenue from External Customer [Line Items]
Revenue	639	2,570
Entertainment Segment [Member] | Entertainment
Revenue from External Customer [Line Items]
Revenue	$ 5,233	$ 24,573

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2019	Nov. 30, 2017	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Unaffiliated customers			$ 61,015	$ 92,178
Intersegment			0	0
Cost of sales, excluding depreciation			53,350	64,308
Depreciation			13,670	11,006
General and administrative expenses			15,036	12,384
Income from forfeited earnest money			(15,000)	0
Gain (loss) on sales of assets			0	(5,683)
Operating income (loss)			(6,041)	10,163
Capital expenditures			19,966	73,827
Municipal utility districts reimbursements			0	1,143
Assets	$ 561,368		544,016	561,368
Assets held for sale - The Saint Mary	37,321		36,516	37,321
Provision for Other Credit Losses			1,400
Provision for Write-off of Capitalized Remodeling Costs			1,600
Proceeds From Business Interruption Insurance			800
Depreciation			$ 13,670	11,006
Schedule of financial information by business segment			Financial Information by Business Segment. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Real Estate Operations a Leasing Operations Hotel Entertainment Eliminations and Other b Total Year Ended December 31, 2020: Revenues: Unaffiliated customers $ 22,613 $ 23,257 $ 9,912 $ 5,233 $ — $ 61,015 Intersegment 17 891 102 14 (1,024) — Cost of sales, excluding depreciation 18,533 12,611 c 15,436 d 7,082 (312) 53,350 Depreciation 228 8,189 3,810 e 1,672 e (229) 13,670 General and administrative expenses — — — — 15,036 15,036 Income from forfeited earnest money — — — — (15,000) f (15,000) Operating income (loss) $ 3,869 $ 3,348 $ (9,232) $ (3,507) $ (519) $ (6,041) Capital expenditures and purchases and development of real estate properties $ 13,775 $ 5,203 $ 837 $ 151 $ — $ 19,966 Total assets at December 31, 2020 161,581 236,549 g 90,831 33,827 21,228 544,016 Year Ended December 31, 2019: Revenues: Unaffiliated customers $ 13,816 $ 18,542 $ 35,247 $ 24,573 $ — $ 92,178 Intersegment 18 931 284 445 (1,678) — Cost of sales, excluding depreciation 9,758 h 9,420 26,984 18,871 (725) 64,308 Depreciation 246 6,159 3,389 1,481 (269) 11,006 General and administrative expenses — — — — 12,384 12,384 Gain on sales of assets — (5,683) i — — — (5,683) Operating income (loss) $ 3,830 $ 9,577 $ 5,158 $ 4,666 $ (13,068) $ 10,163 Capital expenditures and purchases and development of real estate properties $ 11,277 $ 61,245 $ 1,167 $ 138 $ — $ 73,827 MUD reimbursements applied to real estate under development h 1,133 10 — — — 1,143 Total assets at December 31, 2019 161,912 235,476 g 96,577 42,328 25,075 561,368 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. d. Includes a $1.6 million charge related to the write-off of capitalized hotel remodel costs, partially offset by a $0.8 million credit related to recovery under a business interruption insurance claim filed as a result of water and smoke damage in the W Austin Hotel in January 2018. e. 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. f. Represents income from earnest money received as a result of Ryman's termination of the agreements to sell Block 21. g. Includes assets held for sale at The Saint Mary, which totaled $36.5 million at December 31, 2020, and $37.3 million at December 31, 2019. The Saint Mary was sold in January 2021. h. Stratus received $4.8 million of proceeds related to MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $1.1 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. i. Includes the sale of Barton Creek Village and a retail pad subject to a ground lease located in the Circle C community.
Hotel Segment [Member]
Revenues:
Depreciation	202
Entertainment Segment [Member]
Revenues:
Depreciation	89
Eliminations and Other [Member]
Revenues:
Capital expenditures			$ 0	0
Municipal utility districts reimbursements				0
Operating Segments [Member]
Revenues:
Municipal utility districts reimbursements				1,133
Operating Segments [Member] | Real Estate Operations
Revenues:
Unaffiliated customers			22,613	13,816
Cost of sales, excluding depreciation			18,533	9,758
Depreciation			228	246
General and administrative expenses			0	0
Income from forfeited earnest money			0
Gain (loss) on sales of assets				0
Operating income (loss)			3,869	3,830
Capital expenditures			13,775	11,277
Assets	161,912		161,581	161,912
Operating Segments [Member] | Leasing Operations
Revenues:
Unaffiliated customers			23,257	18,542
Cost of sales, excluding depreciation			12,611	9,420
Depreciation			8,189	6,159
General and administrative expenses			0	0
Income from forfeited earnest money			0
Gain (loss) on sales of assets				(5,683)
Operating income (loss)			3,348	9,577
Capital expenditures			5,203	61,245
Municipal utility districts reimbursements				10
Assets	235,476		236,549	235,476
Operating Segments [Member] | Hotel Segment [Member]
Revenues:
Unaffiliated customers			9,912	35,247
Cost of sales, excluding depreciation			15,436	26,984
Depreciation			3,810	3,389
General and administrative expenses			0	0
Income from forfeited earnest money			0
Gain (loss) on sales of assets				0
Operating income (loss)			(9,232)	5,158
Capital expenditures			837	1,167
Municipal utility districts reimbursements				0
Assets	96,577		90,831	96,577
Operating Segments [Member] | Entertainment Segment [Member]
Revenues:
Unaffiliated customers			5,233	24,573
Cost of sales, excluding depreciation			7,082	18,871
Depreciation			1,672	1,481
General and administrative expenses			0	0
Income from forfeited earnest money			0
Gain (loss) on sales of assets				0
Operating income (loss)			(3,507)	4,666
Capital expenditures			151	138
Municipal utility districts reimbursements				0
Assets	42,328		33,827	42,328
Operating Segments [Member] | Eliminations and Other [Member]
Revenues:
Gain (loss) on sales of assets				0
Intersegment Eliminations [Member]
Revenues:
Unaffiliated customers			0	0
Intersegment			(1,024)	(1,678)
Cost of sales, excluding depreciation			(312)	(725)
Depreciation			(229)	(269)
General and administrative expenses			15,036	12,384
Income from forfeited earnest money			(15,000)
Operating income (loss)			(519)	(13,068)
Assets	$ 25,075		21,228	25,075
Intersegment Eliminations [Member] | Real Estate Operations
Revenues:
Intersegment			17	18
Intersegment Eliminations [Member] | Leasing Operations
Revenues:
Intersegment			891	931
Intersegment Eliminations [Member] | Hotel Segment [Member]
Revenues:
Intersegment			102	284
Intersegment Eliminations [Member] | Entertainment Segment [Member]
Revenues:
Intersegment			$ 14	445
MUD bond [Member]
Revenues:
Proceeds from MUD reimbursement		$ 26,000		4,800
MUD bond [Member] | Real Estate [Member]
Revenues:
Proceeds from MUD reimbursement				$ 3,400