Stratus Properties (STRS) 10-Q 17 May 21 2021 Q1 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca Street, Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,234,828
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, Par Value, $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Series D Participating Cumulative Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Series D Participating Cumulative Preferred Stock Purchase Rights
Trading Symbol	STRS
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 12,560	$ 12,434
Restricted cash	18,682	21,749
Real estate held for sale	2,000	4,204
Real estate under development	110,464	98,137
Land available for development	43,555	53,432
Real estate held for investment, net	283,899	286,529
Lease right-of-use assets	10,784	10,871
Other assets	19,927	20,144
Assets held for sale - The Saint Mary	0	36,516
Total assets	501,871	544,016
Liabilities:
Accounts payable	8,659	8,047
Accrued liabilities, including taxes	5,477	12,868
Debt	339,213	351,055
Lease liabilities	13,467	13,269
Deferred gain	5,936	6,173
Other liabilities	15,585	17,233
Liabilities held for sale - The Saint Mary	0	25,607
Total liabilities	388,337	434,252
Commitments and contingencies
Stockholders’ equity:
Common stock	94	94
Capital in excess of par value of common stock	188,121	186,777
Accumulated deficit	(57,413)	(66,357)
Common stock held in treasury	(21,753)	(21,600)
Total stockholders’ equity	109,049	98,914
Noncontrolling interests in subsidiaries	4,485	10,850
Total equity	113,534	109,764
Total liabilities and equity	$ 501,871	$ 544,016

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Leasing operations	$ 5,167	$ 5,732
Total revenues	14,515	28,134
Cost of sales:
Cost of sales	10,930	22,334
Depreciation	3,002	3,633
Total cost of sales	13,932	25,967
General and administrative expenses	4,544	2,815
Gain on sale of assets	(22,931)	0
Total	(4,455)	28,782
Operating income (loss)	18,970	(648)
Interest expense, net	(3,035)	(3,915)
Loss on interest rate derivative instruments	0	(121)
Loss on early extinguishment of debt	(63)	0
Other income, net	3	19
Income (loss) before income taxes and equity in unconsolidated affiliates' loss	15,875	(4,665)
(Provision for) benefit from income taxes	(207)	2,518
Equity in unconsolidated affiliates' loss	(2)	0
Net income (loss)	15,666	(2,147)
Total comprehensive (income) loss attributable to noncontrolling interests in subsidiaries	(6,722)	1,077
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 8,944	$ (1,070)
Earnings per share, basic (in usd per share)	$ 1.09	$ (0.13)
Diluted net loss per share attributable to common stockholders (in usd per share)	$ 1.08	$ (0.13)
Basic weighted average number of shares outstanding, basic (in shares)	8,223	8,200
Diluted weighted average number of shares outstanding, basic (in shares)	8,273	8,200
Real estate
Revenues:
Revenue from contracts with customers	$ 6,621	$ 12,336
Cost of sales:
Cost of sales	4,344	10,255
Leasing Operations [Member]
Cost of sales:
Cost of sales	2,377	3,082
Hotel [Member]
Revenues:
Revenue from contracts with customers	2,118	5,911
Cost of sales:
Cost of sales	2,902	5,899
Entertainment [Member]
Revenues:
Revenue from contracts with customers	609	4,155
Cost of sales:
Cost of sales	$ 1,307	$ 3,098

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Cash Flows [Abstract]
Net income (loss)	$ 15,666	$ (2,147)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	3,002	3,633
Cost of real estate sold	3,112	8,146
Gain on sale of assets	(22,931)	0
Loss on interest rate derivative instruments	0	121
Loss on early extinguishment of debt	63	0
Amortization of debt issuance costs and stock-based compensation	529	538
Equity in unconsolidated affiliates' loss	2	0
Decrease in deposits	(20)	(185)
Deferred income taxes	0	2,477
Purchases and development of real estate properties	(2,489)	(6,222)
Decrease (increase) in other assets	238	(3,967)
Decrease in accounts payable, accrued liabilities and other	(7,543)	(6,828)
Net cash used in operating activities	(10,371)	(4,434)
Cash flow from investing activities:
Capital expenditures	(1,009)	(2,328)
Proceeds from sale of assets	59,488	0
Payments on master lease obligations	(270)	(287)
Other, net	(5)	0
Net cash provided by (used in) investing activities	58,204	(2,615)
Cash flow from financing activities:
Borrowings from credit facility	17,000	12,500
Payments on credit facility	(26,227)	(5,681)
Borrowings from project loans	458	5,905
Payments on project and term loans	(28,708)	(6,380)
Cash dividend paid on vested stock-based awards	(4)	(8)
Stock-based awards net payments	(153)	(91)
Distributions to noncontrolling interests	(13,087)	0
Financing costs	(53)	(81)
Net cash (used in) provided by financing activities	(50,774)	6,164
Net decrease in cash, cash equivalents and restricted cash	(2,941)	(885)
Cash, cash equivalents and restricted cash at beginning of year	34,183	38,591
Cash, cash equivalents and restricted cash at end of period	$ 31,242	$ 37,706

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Capital in Excess of Par Value	Accum-ulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests in Subsidiaries
Balance at Dec. 31, 2019	$ 134,082	$ 121,099	$ 93	$ 186,082	$ (43,567)	$ (21,509)	$ 12,983
Balance (in shares) at Dec. 31, 2019			9,330			1,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0		0
Exercised and issued stock-based awards (in shares)			17
Stock-based compensation	162	162		162
Tender of shares for stock-based awards	(91)	(91)				$ (91)
Tender of shares for stock-based awards (in shares)						4
Total comprehensive income		(1,070)			(1,070)		(1,077)
Total comprehensive loss	(2,147)
Balance at Mar. 31, 2020	132,006	120,100	$ 93	186,244	(44,637)	$ (21,600)	11,906
Balance (in shares) at Mar. 31, 2020			9,347			1,137
Balance at Dec. 31, 2020	109,764	98,914	$ 94	186,777	(66,357)	$ (21,600)	10,850
Balance (in shares) at Dec. 31, 2020			9,358			1,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0		0
Exercised and issued stock-based awards (in shares)			19
Stock-based compensation	182	182		182
StockIssuedDuringPeriodValueProfitParticipationIncentivePlan	1,162	1,162		1,162
Tender of shares for stock-based awards	(153)	(153)				$ (153)
Tender of shares for stock-based awards (in shares)						6
Distributions to noncontrolling interests	(13,087)						(13,087)
Total comprehensive income		8,944			8,944		6,722
Total comprehensive loss	15,666
Balance at Mar. 31, 2021	$ 113,534	$ 109,049	$ 94	$ 188,121	$ (57,413)	$ (21,753)	$ 4,485
Balance (in shares) at Mar. 31, 2021			9,377			1,143

General

General	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2020, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2020 (Stratus 2020 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. Operating results for the first quarter of 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. In particular, Stratus recognized a $22.9 million gain on the sale of assets in the first quarter of 2021 and the COVID-19 pandemic continued to affect Stratus' operations. As a result, this interim period, as well as future interim periods while the COVID-19 pandemic is ongoing, will not be comparable to past performance or indicative of future performance. The preparation of Stratus’ consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including those related to the potential impacts arising from the COVID-19 pandemic and related government actions, that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ materially from those estimates. As the impact of the COVID-19 pandemic continues to evolve, and the extent of its impact cannot be determined with certainty, estimates and assumptions about future events and their effects require increased judgement. Stratus’ assessment of the future magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors could result in material changes to the estimates used in and material impacts to Stratus’ consolidated financial statements in future reporting periods. COVID-19 Pandemic Impact. Since January 2020, the COVID-19 pandemic has caused substantial disruption in international and U.S. economies and markets. The World Health Organization designated the COVID-19 outbreak a pandemic in mid-March 2020. The impacts of the pandemic are expected to continue during 2021 but are anticipated to lessen through the year. The pandemic has resulted in government restrictions of various degrees and effective at various times, including stay-at-home orders, bans on travel, limitations on the size of gatherings, limitations on the operations of businesses deemed non-essential, closures of work facilities, schools, public buildings and businesses, cancellation of events (including entertainment events, conferences and meetings), quarantines and social distancing measures. Effective March 10, 2021, the Governor of Texas issued an executive order lifting the mask mandate in Texas and increasing the capacity of all businesses and facilities in the state to 100 percent. Businesses in Texas may still limit capacity or implement additional safety protocols at their own discretion. While Stratus is ramping up its hotel and entertainment operations, it will continue to increase capacity gradually and safely and in compliance with all applicable regulations. As a result, the pandemic has had, and is expected to continue to have, a significant adverse impact on Stratus' business and operations, particularly on the hotel and entertainment segments. Because the pandemic is unprecedented in recent history, and its severity, duration and future economic consequences are difficult to predict, Stratus cannot predict its future impact on the company with any certainty. Stratus’ revenue, operating income and cash flow in its hotel and entertainment segments were adversely impacted beginning late in the first quarter of 2020 and through the first quarter of 2021, and are expected to continue to be adversely impacted during 2021, although the adverse impacts are currently anticipated to lessen through the year. For example, while the hotel has remained open throughout the pandemic, average occupancy in the first quarter of 2021 was 21 percent, compared to 50 percent in the first quarter of 2020. However, the average occupancy in the first quarter of 2021 was higher than the average occupancy in the fourth quarter of 2020, which was 13 percent. Stratus' entertainment venues, ACL Live and 3TEN ACL Live, hosted a limited number of events with restricted capacity during first-quarter 2021. Refer to Note 1 of the Stratus 2020 Form 10-K for further discussion of the pandemic's impacts on Stratus' business. Subsequent Events. Stratus evaluated events after March 31, 2021, 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Stratus’ basic net income (loss) per share of common stock was calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share (in thousands, except per share amounts) follows: Three Months Ended March 31, 2021 2020 Net income (loss) and total comprehensive income (loss) attributable to common stockholders $ 8,944 $ (1,070) Basic weighted-average shares of common stock outstanding 8,223 8,200 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 50 a — b Diluted weighted-average shares of common stock outstanding 8,273 8,200 Basic net income (loss) per share attributable to common stockholders $ 1.09 $ (0.13) Diluted net income (loss) per share attributable to common stockholders $ 1.08 $ (0.13) a. Excludes 16 thousand shares of common stock associated with RSUs that were anti-dilutive. b. Excludes 78 thousand shares of common stock associated with RSUs and stock options that were anti-dilutive as a result of the net loss.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Saint Mary, L.P. In June 2018, The Saint Mary, L.P., a Texas limited partnership and a subsidiary of Stratus, completed a series of financing transactions to develop The Saint Mary, a 240-unit luxury, garden-style apartment project in the Circle C community in Austin, Texas. The financing transactions included a $26.0 million construction loan with Texas Capital Bank, National Association and an $8.0 million private placement. As one of the participants in the private placement offering, LCHM Holdings, LLC (LCHM), a related party as a result of its greater than 5 percent beneficial ownership of Stratus’ common stock, purchased limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. Refer to Note 2 of the Stratus 2020 Form 10-K for further discussion. The Saint Mary, L.P. sold The Saint Mary property in January 2021. In connection with the sale, The Saint Mary, L.P. distributed $1.8 million to LCHM. Refer to Note 4 for further discussion. Stratus Kingwood Place, L.P. In August 2018, Stratus Kingwood Place, L.P., a Texas limited partnership and a subsidiary of Stratus (the Kingwood, L.P.), completed a $10.7 million private placement, approximately $7 million of which, combined with a $6.75 million loan from Comerica Bank, was used to purchase a 54-acre tract of land located in Kingwood, Texas for $13.5 million, for the development of Kingwood Place, a H-E-B, L.P.-anchored, mixed-use development project (Kingwood Place). As one of the participants in the private placement offering, LCHM purchased limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. Refer to Note 2 of the Stratus 2020 Form 10-K for further discussion. Stratus has performed evaluations and concluded that The Saint Mary, L.P. and the Kingwood, L.P. are variable interest entities and that Stratus is the primary beneficiary. Stratus will continue to evaluate which entity is the primary beneficiary of The Saint Mary, L.P. and the Kingwood, L.P. in accordance with applicable accounting guidance. The Saint Mary, L.P. and the Kingwood, L.P.’s results are consolidated in Stratus’ financial statements. Stratus’ consolidated balance sheets include the following 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 as of December 31, 2020. March 31, 2021 December 31, 2020 Assets: Cash and cash equivalents $ 437 $ 745 Real estate under development 2,380 2,380 Land available for development 8,155 8,143 Real estate held for investment 31,810 31,962 Other assets 2,060 2,195 Total assets 44,842 45,425 Liabilities: Accounts payable and accrued liabilities 669 850 Debt 31,469 31,215 Total liabilities 32,138 32,065 Net assets $ 12,704 $ 13,360 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 $37 thousand in first-quarter 2021 and $39 thousand in first-quarter 2020.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS 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. After establishing a reserve for remaining costs of the partnership, Stratus received $20.9 million from the subsidiary in connection with the sale and $12.9 million of the net proceeds were distributed to the noncontrolling interest owners. Stratus recognized a gain on the sale of $22.9 million ($16.2 million net of noncontrolling interests) in the first quarter of 2021. Stratus also recognized a $63 thousand loss on extinguishment of debt related to the repayment of The Saint Mary construction loan. Stratus reported the assets and liabilities of The Saint Mary as held for sale in its December 31, 2020, consolidated balance sheet. The carrying amounts of the major classes of assets and liabilities for The Saint Mary as of December 31, 2020, follow (in thousands): Assets: Real estate held for investment, net $ 36,341 Other assets 175 Total assets held for sale $ 36,516 Liabilities: Accrued liabilities $ 68 Debt 25,319 Other liabilities 220 Total liabilities held for sale $ 25,607

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value for certain Stratus financial instruments (i.e., cash and cash equivalents, restricted cash, accounts payable and accrued liabilities) approximates fair value because of their short-term nature and generally negligible credit losses. A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands): March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Liabilities: Debt $ 339,213 $ 342,214 $ 351,055 $ 354,380 Debt. Stratus' debt is recorded at cost and is not actively traded. Fair value is estimated based on discounted future expected cash flows at estimated current market interest rates. Accordingly, Stratus' debt is classified within Level 2 of the fair value hierarchy. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Capitalization, Long-term Debt and Equity [Abstract]
Debt	DEBT The components of Stratus' debt are as follows (in thousands): March 31, 2021 December 31, 2020 Block 21 loan $ 138,417 $ 139,013 The Santal loan 74,439 74,343 Comerica Bank credit facility 34,077 43,304 New Caney land loan 4,485 4,949 Paycheck Protection Program (PPP) loan 3,987 3,987 Construction loans: Kingwood Place 31,469 31,215 Jones Crossing 22,370 22,377 Lantana Place 21,926 24,051 West Killeen Market 6,674 6,707 Amarra Villas credit facility 1,369 1,109 Total debt a $ 339,213 $ 351,055 a. Includes net reductions for unamortized debt issuance costs of $1.9 million at March 31, 2021, and $2.2 million at December 31, 2020. As of March 31, 2021, Stratus had $25.8 million available under its $60.0 million Comerica Bank credit facility, with a $150 thousand letter of credit committed against the credit facility. In January 2021, Stratus entered into an amendment 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 repaid $2.0 million in principal on the Lantana Place construction loan. In March 2021, Stratus exercised its option to extend the New Caney land loan for an additional 12 months from March 8, 2021, to March 8, 2022, which required a principal payment of $0.5 million. In April 2021, Stratus entered into an amendment to The Santal loan to (i) extend the maturity date from October 5, 2022, to October 5, 2024 (and remove two options to extend the maturity date for an additional 12 months); (ii) revise the interest rate from LIBOR (or, if applicable, a replacement rate) plus 2.85 percent, with a 4.80 percent floor, to LIBOR (or, if applicable, a replacement rate) plus 3.25 percent, with a 3.40 percent floor; (iii) eliminate the requirement that Stratus' Santal subsidiary make minimum amortization payments beginning in November 2022; (iv) extend the period during which The Santal loan may not be prepaid from April 2020 to June 2022; and (v) revise certain events or circumstances that would qualify as an event of default or violate the prohibition on conveyances under the applicable provisions. In April 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 accrues interest at one percent and will mature on April 15, 2022, except for the portion that may be forgiven. The proceeds from the loan were to 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 its PPP loan prior to the June 2021 deadline; however, no assurance of full forgiveness can be provided. For additional information regarding Stratus' debt, refer to Note 6 in the Stratus 2020 Form 10-K. Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $4.3 million in first-quarter 2021 and $5.2 million in first-quarter 2020. Stratus' capitalized interest totaled $1.3 million in both first-quarter 2021 and first-quarter 2020, primarily related to development activities at Barton Creek.

Profit Participation Incentive

Profit Participation Incentive Plan	3 Months Ended
	Mar. 31, 2021
Profit Participation Plan [Abstract]
Profit Participation Incentive Plan	PROFIT PARTICIPATION INCENTIVE PLAN In July 2018, the Compensation Committee of Stratus' Board of Directors (the Committee) unanimously adopted the Stratus Profit Participation Incentive Plan (the Plan), which provides participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the Plan. Estimates related to the awards may change over time as a result of differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Refer to Note 8 of the Stratus 2020 Form 10-K for further discussion. During first-quarter 2021, Stratus added $0.2 million to project development costs and charged $0.5 million to general and administrative expense related to the Plan. In March 2021, Stratus granted 53,411 stock-settled RSUs with a grant-date value of $1.5 million, based on Stratus' stock price on the date of issuance, under the Plan for West Killeen Market, which reached a valuation event under the Plan in October 2020. Stratus transferred the $1.2 million accrued liability balance under the Plan for West Killeen Market to capital in excess of par value and will amortize the $0.3 million balance of the grant date value with a charge to general and administrative expenses and a credit to capital in excess of par value over the three-year vesting period of the RSUs. The sale of The Saint Mary in January 2021, was a capital transaction under the Plan. The accrued liability under the Plan related to The Saint Mary project totaled $2.2 million at March 31, 2021, and is expected to be paid in cash to eligible participants no later than March 15, 2022. During first-quarter 2020, Stratus recorded a $49 thousand reduction to the accrued liability for the Plan of which $4 thousand reduced project development costs and $45 thousand reduced general administrative expenses. The accrued liability for the Plan totaled $5.7 million at March 31, 2021, and $6.2 million at December 31, 2020 (included in other liabilities). As of March 31, 2021, no amounts had been paid in cash to participants under the Plan.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes is further described in Notes 1 and 7 in the Stratus 2020 Form 10-K. Stratus had deferred tax assets (net of deferred tax liabilities and valuation allowances) totaling $44 thousand at March 31, 2021 , and December 31, 2020. Stratus' deferred tax assets had valuation allowances totaling $11.9 million at March 31, 2021, and $10.7 million at December 31, 2020. In evaluating the recoverability of the deferred tax assets, management considered available positive and negative evidence, giving greater weight to the recent current cumulative 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. The difference between Stratus' consolidated effective income tax rate of 1 percent for the first three months of 2021 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to a forecasted taxable loss for 2021, noncontrolling interests in subsidiaries, the presence of a full valuation allowance against U.S. Federal deferred tax assets, and the Texas state margin tax. The difference between Stratus' consolidated effective income tax rate of 54 percent for the first three months of 2020 and the U.S. Federal statutory income tax rate of 21 percent, was primarily attributable to the CARES Act, which allowed Stratus to carryback losses to 2017 when the U.S. corporate tax rate was 35 percent, among other impacts, resulting in a first-quarter 2020 tax benefit of $1.3 million, and the Texas state margin tax.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2021
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, office and retail space at Block 21 and completed portions of Lantana Place, Jones Crossing and Kingwood Place. The Saint Mary was included in Leasing Operations until it was sold in January 2021 (see Notes 3 and 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): Three Months Ended March 31, 2021 2020 Real Estate Operations: Developed property sales $ 4,040 $ 12,308 Undeveloped property sales 2,500 — Commissions and other 81 28 6,621 12,336 Leasing Operations: Rental revenue 5,167 5,732 Hotel: Rooms, food and beverage 1,760 5,075 Other 358 836 2,118 5,911 Entertainment: Event revenue 595 3,558 Other 14 597 609 4,155 Total revenues from contracts with customers $ 14,515 $ 28,134 Financial Information by Business Segment. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Real Estate Operations a Leasing Operations Hotel Entertainment Corporate, Eliminations and Other b Total Three Months Ended March 31, 2021: Revenues: Unaffiliated customers $ 6,621 $ 5,167 $ 2,118 $ 609 $ — $ 14,515 Intersegment 4 230 32 — (266) — Cost of sales, excluding depreciation 4,333 2,381 2,902 1,425 (111) 10,930 Depreciation 56 1,711 880 401 (46) 3,002 General and administrative expenses — — — — 4,544 4,544 Gain on sale of assets — (22,931) c — — — (22,931) Operating income (loss) $ 2,236 $ 24,236 $ (1,632) $ (1,217) $ (4,653) $ 18,970 Capital expenditures and purchases and development of real estate properties $ 2,489 $ 919 $ 72 $ 18 $ — $ 3,498 Total assets at March 31, 2021 161,471 195,234 91,191 32,787 21,188 501,871 Three Months Ended March 31, 2020: Revenues: Unaffiliated customers $ 12,336 $ 5,732 $ 5,911 $ 4,155 $ — $ 28,134 Intersegment 4 227 48 15 (294) — Cost of sales, excluding depreciation 10,182 3,088 5,908 3,226 (70) 22,334 Depreciation 59 2,047 1,105 d 483 d (61) 3,633 General and administrative expenses — — — — 2,815 2,815 Operating income (loss) $ 2,099 $ 824 $ (1,054) $ 461 $ (2,978) $ (648) Capital expenditures and purchases and development of real estate properties $ 6,222 $ 2,283 $ 27 $ 18 $ — $ 8,550 Total assets at March 31, 2020 160,691 235,734 e 96,484 42,639 23,390 558,938 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Represents the gain on the January 2021 sale of The Saint Mary. d. 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. e. Includes assets held for sale at The Saint Mary, which totaled $37.1 million at March 31, 2020.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2020, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2020 (Stratus 2020 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments.
Use of Estimates	The preparation of Stratus’ consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including those related to the potential impacts arising from the COVID-19 pandemic and related government actions, that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ materially from those estimates. As the impact of the COVID-19 pandemic continues to evolve, and the extent of its impact cannot be determined with certainty, estimates and assumptions about future events and their effects require increased judgement. Stratus’ assessment of the future magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors could result in material changes to the estimates used in and material impacts to Stratus’ consolidated financial statements in future reporting periods.
Earnings Per Share	Stratus’ basic net income (loss) per share of common stock was calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding during the period.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share (in thousands, except per share amounts) follows: Three Months Ended March 31, 2021 2020 Net income (loss) and total comprehensive income (loss) attributable to common stockholders $ 8,944 $ (1,070) Basic weighted-average shares of common stock outstanding 8,223 8,200 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 50 a — b Diluted weighted-average shares of common stock outstanding 8,273 8,200 Basic net income (loss) per share attributable to common stockholders $ 1.09 $ (0.13) Diluted net income (loss) per share attributable to common stockholders $ 1.08 $ (0.13) a. Excludes 16 thousand shares of common stock associated with RSUs that were anti-dilutive. b. Excludes 78 thousand shares of common stock associated with RSUs and stock options that were anti-dilutive as a result of the net loss.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Assets and Liabilities of The Saint Mary, L.P. and Kingwood, L.P.	Stratus will continue to evaluate which entity is the primary beneficiary of The Saint Mary, L.P. and the Kingwood, L.P. in accordance with applicable accounting guidance. The Saint Mary, L.P. and the Kingwood, L.P.’s results are consolidated in Stratus’ financial statements. Stratus’ consolidated balance sheets include the following 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 as of December 31, 2020. March 31, 2021 December 31, 2020 Assets: Cash and cash equivalents $ 437 $ 745 Real estate under development 2,380 2,380 Land available for development 8,155 8,143 Real estate held for investment 31,810 31,962 Other assets 2,060 2,195 Total assets 44,842 45,425 Liabilities: Accounts payable and accrued liabilities 669 850 Debt 31,469 31,215 Total liabilities 32,138 32,065 Net assets $ 12,704 $ 13,360

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Stratus reported the assets and liabilities of The Saint Mary as held for sale in its December 31, 2020, consolidated balance sheet. The carrying amounts of the major classes of assets and liabilities for The Saint Mary as of December 31, 2020, follow (in thousands): Assets: Real estate held for investment, net $ 36,341 Other assets 175 Total assets held for sale $ 36,516 Liabilities: Accrued liabilities $ 68 Debt 25,319 Other liabilities 220 Total liabilities held for sale $ 25,607

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of the carrying amount and fair value of other financial instruments	A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands): March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Liabilities: Debt $ 339,213 $ 342,214 $ 351,055 $ 354,380

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Table [Abstract]
Schedule of debt	The components of Stratus' debt are as follows (in thousands): March 31, 2021 December 31, 2020 Block 21 loan $ 138,417 $ 139,013 The Santal loan 74,439 74,343 Comerica Bank credit facility 34,077 43,304 New Caney land loan 4,485 4,949 Paycheck Protection Program (PPP) loan 3,987 3,987 Construction loans: Kingwood Place 31,469 31,215 Jones Crossing 22,370 22,377 Lantana Place 21,926 24,051 West Killeen Market 6,674 6,707 Amarra Villas credit facility 1,369 1,109 Total debt a $ 339,213 $ 351,055

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	Stratus' revenues from contracts with customers follow (in thousands): Three Months Ended March 31, 2021 2020 Real Estate Operations: Developed property sales $ 4,040 $ 12,308 Undeveloped property sales 2,500 — Commissions and other 81 28 6,621 12,336 Leasing Operations: Rental revenue 5,167 5,732 Hotel: Rooms, food and beverage 1,760 5,075 Other 358 836 2,118 5,911 Entertainment: Event revenue 595 3,558 Other 14 597 609 4,155 Total revenues from contracts with customers $ 14,515 $ 28,134
Schedule of Segment Reporting Information by Segment [Table Text Block]	The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Real Estate Operations a Leasing Operations Hotel Entertainment Corporate, Eliminations and Other b Total Three Months Ended March 31, 2021: Revenues: Unaffiliated customers $ 6,621 $ 5,167 $ 2,118 $ 609 $ — $ 14,515 Intersegment 4 230 32 — (266) — Cost of sales, excluding depreciation 4,333 2,381 2,902 1,425 (111) 10,930 Depreciation 56 1,711 880 401 (46) 3,002 General and administrative expenses — — — — 4,544 4,544 Gain on sale of assets — (22,931) c — — — (22,931) Operating income (loss) $ 2,236 $ 24,236 $ (1,632) $ (1,217) $ (4,653) $ 18,970 Capital expenditures and purchases and development of real estate properties $ 2,489 $ 919 $ 72 $ 18 $ — $ 3,498 Total assets at March 31, 2021 161,471 195,234 91,191 32,787 21,188 501,871 Three Months Ended March 31, 2020: Revenues: Unaffiliated customers $ 12,336 $ 5,732 $ 5,911 $ 4,155 $ — $ 28,134 Intersegment 4 227 48 15 (294) — Cost of sales, excluding depreciation 10,182 3,088 5,908 3,226 (70) 22,334 Depreciation 59 2,047 1,105 d 483 d (61) 3,633 General and administrative expenses — — — — 2,815 2,815 Operating income (loss) $ 2,099 $ 824 $ (1,054) $ 461 $ (2,978) $ (648) Capital expenditures and purchases and development of real estate properties $ 6,222 $ 2,283 $ 27 $ 18 $ — $ 8,550 Total assets at March 31, 2020 160,691 235,734 e 96,484 42,639 23,390 558,938 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Represents the gain on the January 2021 sale of The Saint Mary. d. 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. e. Includes assets held for sale at The Saint Mary, which totaled $37.1 million at March 31, 2020.

General (Details)

General (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain on sale of assets	$ (22,931)		$ 0
Average hotel occupancy percentage	21.00%	13.00%	50.00%

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 8,944	$ (1,070)
Basic weighted average number of shares outstanding, basic (in shares)	8,223	8,200
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) (in shares)	50	0
Weighted average number of shares outstanding, diluted (in shares)	8,273	8,200
Earnings per share, basic (in usd per share)	$ 1.09	$ (0.13)
Diluted net loss per share attributable to common stockholders (in usd per share)	$ 1.08	$ (0.13)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average shares excluded from computation of earnings per share (in shares)	16
Restricted Stock Units and Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average shares excluded from computation of earnings per share (in shares)		78

Related Party Transactions Sain

Related Party Transactions Saint Mary, L.P. (Details) $ in Thousands	Aug. 03, 2018USD ($)a	Jun. 19, 2018USD ($)unit	Jan. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents				$ 12,560		$ 12,434
Real estate under development				110,464		98,137
Land available for development				43,555		53,432
Real estate held for investment, net				283,899		286,529
Other assets				19,927		20,144
Total assets				501,871	$ 558,938	544,016
Debt				339,213		351,055
Total liabilities				388,337		434,252
Austin Retail Partners [Member] | Immediate Family Member of Management or Principal Owner [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party				37	$ 39
The Saint Mary, L.P. | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		6.10%
Stratus Kingwood, L.P. [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	8.80%
The Saint Mary, L.P.
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement		$ 8,000
Proceeds From Sale Distributed			$ 1,800
Related Party, Common Stock Ownership Percentage		5.00%
The Saint Mary, L.P. | The Saint Mary Construction Loan [Member] | Construction Loan Payable [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross		$ 26,000
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 10,700
Area of Land | a	54
Stratus Kingwood, L.P. [Member] | Land [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 7,000
Stratus Kingwood, L.P. [Member] | Kingwood Place Loan [Member] | Notes Payable to Banks [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross	6,750
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents				437		745
Real estate under development				2,380		2,380
Land available for development				8,155		8,143
Real estate held for investment, net				31,810		31,962
Other assets				2,060		2,195
Total assets				44,842		45,425
Accounts payable and accrued liabilities				669		850
Debt				31,469		31,215
Total liabilities				32,138		32,065
Net Assets				$ 12,704		$ 13,360
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land	$ 13,500
Apartment Building [Member] | The Saint Mary [Member] | The Saint Mary, L.P.
Related Party Transaction [Line Items]
Number of Units in Real Estate Property | unit		240

Related Party Transactions Othe

Related Party Transactions Other Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Immediate Family Member of Management or Principal Owner [Member] | Austin Retail Partners [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 37	$ 39

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets		$ 22,931	$ 0
Loss on early extinguishment of debt		(63)	0
The Saint Mary Construction Loan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on early extinguishment of debt		(63)
The Saint Mary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets		(22,900)
Gain (Loss) on Disposition of Assets, Net of Noncontrolling Interests		16,200
Disposal Group, Held-for-sale, Not Discontinued Operations | The Saint Mary [Member]
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
Operating Leases, Income Statement, Lease Revenue		100	700
Interest Expense		$ 100	$ 300
Proceeds from Sale of Property Held-for-sale, Distributed to Noncontrolling Interests	12,900
Disposal Group, Held-for-sale, Not Discontinued Operations | The Saint Mary [Member] | Stratus Properties Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale, Net	$ 20,900

Dispositions - Balance Sheet (D

Dispositions - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale - The Saint Mary	$ 0	$ 36,516
Liabilities held for sale - The Saint Mary	$ 0	25,607
Disposal Group, Held-for-sale, Not Discontinued Operations | The Saint Mary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate held for investment		36,341
Other assets		175
Assets held for sale - The Saint Mary		36,516
Disposal Group, Including Discontinued Operation, Accrued Liabilities		68
Debt		25,319
Other liabilities		220
Liabilities held for sale - The Saint Mary		$ 25,607

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 339,213	$ 351,055
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 342,214	$ 354,380

Debt (Details)

Debt (Details) - USD ($)	Apr. 01, 2021	Mar. 31, 2021	Mar. 31, 2021	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Apr. 22, 2020
Debt Instrument [Line Items]
Debt		$ 339,213,000	$ 339,213,000		$ 339,213,000		$ 351,055,000
Unamortized debt issuance costs		1,900,000	1,900,000		1,900,000		2,200,000
Interest costs incurred					4,300,000	$ 5,200,000
Interest costs capitalized					1,300,000
CARES Act, proceeds from loans payable								$ 4,000,000
Block 21 loan
Debt Instrument [Line Items]
Debt		138,417,000	138,417,000		138,417,000		139,013,000
The Santal loan
Debt Instrument [Line Items]
Debt		$ 74,439,000	74,439,000		74,439,000		74,343,000
Debt Instrument, Interest Rate Floor		4.80%
The Santal loan | Subsequent event
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor	3.40%
The Santal loan | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.85%
The Santal loan | London Interbank Offered Rate (LIBOR) [Member] | Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Comerica Bank credit facility
Debt Instrument [Line Items]
Debt		$ 34,077,000	34,077,000		34,077,000		43,304,000
Comerica Bank credit facility | Line of credit
Debt Instrument [Line Items]
Letters of credit committed		150,000	150,000		150,000
Comerica Bank credit facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, available borrowing capacity		25,800,000	25,800,000		25,800,000
Credit facility, maximum borrowing capacity		60,000,000	60,000,000		60,000,000
Amarra Villas credit facility
Debt Instrument [Line Items]
Debt		1,369,000	1,369,000		1,369,000		1,109,000
New Caney land loan
Debt Instrument [Line Items]
Debt		4,485,000	4,485,000		4,485,000		4,949,000
Debt Instrument, Periodic Payment, Principal			500,000
Lantana Place
Debt Instrument [Line Items]
Debt		21,926,000	21,926,000		21,926,000		24,051,000
Lantana Place | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Repayments of Debt				$ 2,000,000
Jones Crossing
Debt Instrument [Line Items]
Debt		22,370,000	22,370,000		22,370,000		22,377,000
Kingwood Place
Debt Instrument [Line Items]
Debt		31,469,000	31,469,000		31,469,000		31,215,000
West Killeen Market
Debt Instrument [Line Items]
Debt		6,674,000	6,674,000		6,674,000		6,707,000
Paycheck Protection Program (PPP) loan
Debt Instrument [Line Items]
Debt		$ 3,987,000	$ 3,987,000		$ 3,987,000		$ 3,987,000

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for Capital Improvements	$ 1,009,000	$ 2,328,000
General and administrative expenses	4,544,000	2,815,000
Other liabilities	$ 15,585,000		$ 17,233,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	53,411
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	$ 1,500,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in accrued liabilities		49,000
Payments for Capital Improvements	200,000	4,000
General and administrative expenses	500,000	$ 45,000
Other liabilities	5,700,000		$ 6,200,000
Deferred compensation arrangement with individual, distribution paid	0
Accrued Liability, Balance Transfered	1,200,000
Profit Participation Incentive Plan Pool, Amortizable Balance	300,000
Deferred Profit Sharing | The Saint Mary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities	$ 2,200,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Contingency [Line Items]
Deferred tax assets	$ 44		$ 44
Valuation allowance, deferred tax assets	$ 11,900		$ 10,700
Effective income tax rate	(1.00%)	54.00%
(Provision for) benefit from income taxes	$ (207)	$ 2,518
Internal Revenue Service (IRS) [Member]
Income Tax Contingency [Line Items]
(Provision for) benefit from income taxes		$ 1,300

Business Segments Revenues from

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from External Customer [Line Items]
Leasing operations	$ 5,167	$ 5,732
Revenues	14,515	28,134
Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	6,621	12,336
Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,118	5,911
Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	609	4,155
Real Estate Operations | Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	6,621	12,336
Real Estate Operations | Developed Property
Revenue from External Customer [Line Items]
Revenue from contracts with customers	4,040	12,308
Real Estate Operations | Undeveloped Property
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,500	0
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	81	28
Leasing Operations [Member]
Revenue from External Customer [Line Items]
Leasing operations	5,167	5,732
Hotel Segment [Member] | Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	2,118	5,911
Hotel Segment [Member] | Rooms, food and beverage
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,760	5,075
Hotel Segment [Member] | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	358	836
Entertainment Segment [Member] | Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	609	4,155
Entertainment Segment [Member] | Event revenue
Revenue from External Customer [Line Items]
Revenue from contracts with customers	595	3,558
Entertainment Segment [Member] | Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	$ 14	$ 597

Business Segments Segment Infor

Business Segments Segment Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2019USD ($)	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment		4
Leasing operations		$ 5,167	$ 5,732
Revenues:
Unaffiliated customers		14,515	28,134
Cost of sales		10,930	22,334
Depreciation		3,002	3,633
General and administrative expenses		4,544	2,815
Gain on sale of assets		(22,931)	0
Operating income (loss)		18,970	(648)
Payments to Acquire and Develop Real Estate			6,222
Payments for Capital Improvements		1,009	2,328
Total assets		501,871	558,938	$ 544,016
Depreciation		3,002	3,633
The Saint Mary [Member]
Revenues:
Gain on sale of assets		22,900
Leasing Operations [Member]
Segment Reporting Information [Line Items]
Leasing operations		5,167	5,732
Hotel Segment [Member]
Revenues:
Depreciation	$ 202
Entertainment Segment [Member]
Revenues:
Depreciation	$ 89
Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Revenue from contracts with customers		0	0
Revenues:
Cost of sales		(111)	(70)
Depreciation		(46)	(61)
General and administrative expenses		4,544	2,815
Gain on sale of assets		0
Operating income (loss)		(4,653)	(2,978)
Payments for Capital Improvements		0	0
Total assets		21,188	23,390
Real estate
Segment Reporting Information [Line Items]
Revenue from contracts with customers		6,621	12,336
Revenues:
Cost of sales		4,344	10,255
Real estate | Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers		6,621	12,336
Operating Segments
Revenues:
Payments for Capital Improvements		3,498	8,550
Operating Segments | Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers		6,621	12,336
Revenues:
Cost of sales		4,333	10,182
Depreciation		56	59
General and administrative expenses		0	0
Gain on sale of assets		0
Operating income (loss)		2,236	2,099
Payments to Acquire and Develop Real Estate		2,489
Total assets		161,471	160,691
Operating Segments | Leasing Operations [Member]
Segment Reporting Information [Line Items]
Leasing operations		5,167
Revenues:
Cost of sales		2,381	3,088
Depreciation		1,711	2,047
General and administrative expenses		0	0
Gain on sale of assets		(22,931)
Operating income (loss)		24,236	824
Payments for Capital Improvements		919	2,283
Total assets		195,234	235,734
Operating Leases, Income Statement, Lease Revenue			5,732
Operating Segments | Leasing Operations [Member] | The Saint Mary [Member]
Revenues:
Total assets			37,100
Operating Segments | Hotel Segment [Member]
Segment Reporting Information [Line Items]
Revenue from contracts with customers		2,118	5,911
Revenues:
Cost of sales		2,902	5,908
Depreciation		880	1,105
General and administrative expenses		0	0
Gain on sale of assets		0
Operating income (loss)		(1,632)	(1,054)
Payments for Capital Improvements		72	27
Total assets		91,191	96,484
Operating Segments | Entertainment Segment [Member]
Segment Reporting Information [Line Items]
Revenue from contracts with customers		609	4,155
Revenues:
Cost of sales		1,425	3,226
Depreciation		401	483
General and administrative expenses		0	0
Gain on sale of assets		0
Operating income (loss)		(1,217)	461
Payments for Capital Improvements		18	18
Total assets		32,787	42,639
Eliminations and Other
Revenues:
Intersegment		0	0
Eliminations and Other | Real Estate Operations
Revenues:
Intersegment		4	4
Eliminations and Other | Leasing Operations [Member]
Revenues:
Intersegment		230	227
Eliminations and Other | Hotel Segment [Member]
Revenues:
Intersegment		32	48
Eliminations and Other | Entertainment Segment [Member]
Revenues:
Intersegment		0	15
Eliminations and Other | Eliminations and Other [Member]
Revenues:
Intersegment		$ (266)	$ (294)