Stratus Properties (STRS) 10-K 31 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 28, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
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			$ 128.7
Entity Common Stock, Shares Outstanding		8,273,268
Documents Incorporated by Reference	Portions of the registrant's proxy statement for its 2022 annual meeting of stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0000885508
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Location	Austin, Texas
Auditor Name	BKM Sowan Horan, LLP
Auditor Firm ID	5127

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 24,229	$ 9,309
Restricted cash	18,294	8,899
Real estate held for sale	1,773	4,204
Real estate under development	181,224	98,137
Land available for development	40,659	53,432
Lease right-of-use assets	10,487	10,796
Deferred tax assets	6,009	44
Other assets	17,214	17,960
Assets held for sale, including discontinued operations	151,053	248,536
Total assets	541,226	544,016
LIABILITIES AND EQUITY
Accounts payable	14,118	7,455
Accrued liabilities, including taxes	22,069	7,994
Debt	106,648	137,699
Present value of net minimum lease payments	13,986	13,195
Deferred gain	4,801	6,173
Other liabilities	17,894	9,600
Liabilities held for sale, including discontinued operations	153,097	252,136
Total liabilities	332,613	434,252
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	94
Capital in excess of par value of common stock	188,759	186,777
Accumulated deficit	(8,963)	(66,357)
Common stock held in treasury, 1,133 shares and 1,124 shares, at cost, respectively	(21,753)	(21,600)
Total stockholders’ equity	158,137	98,914
Noncontrolling interests in subsidiaries	50,476	10,850
Total equity	208,613	109,764
Total liabilities and equity	$ 541,226	$ 544,016

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2021	Dec. 31, 2020
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	9,388	9,358
Common Stock, Shares, Outstanding	8,245	8,221
Treasury Stock, Shares	1,143	1,137

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenue	$ 8,449	$ 22,578
Leasing operations	19,787	21,755
Total revenues	28,236	44,333
Cost of sales:
Depreciation	5,449	7,581
Total cost of sales	24,212	37,410
General and administrative expenses	24,509	13,578
Impairment of real estate	1,825	0
Gain on sales of assets	(105,970)	0
Total	(55,424)	50,988
Operating income (loss)	83,660	(6,655)
Interest expense, net	(3,193)	(6,697)
Net gain on extinguishment of debt	1,529	0
Other income, net	65	200
Income (loss) before income taxes and equity in unconsolidated affiliates’ loss	82,061	(13,152)
Provision for income taxes	(12,577)	(4,840)
Equity in unconsolidated affiliates’ loss	(27)	(16)
Income (loss) from continuing operations	69,457	(18,008)
Net loss from discontinued operations	(6,208)	(6,467)
Net income (loss) and total comprehensive income (loss)	63,249	(24,475)
Total comprehensive (income) loss attributable to noncontrolling interests	(5,855)	1,685
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 57,394	$ (22,790)
Earnings Per Share, Basic and Diluted [Abstract]
Continuing operations (in dollars per share)	$ 7.72	$ (1.99)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	(0.75)	(0.79)
Earnings Per Share, Basic	6.97	(2.78)
Income (Loss) from Continuing Operations, Per Diluted Share	7.65	(1.99)
Discontinued operations (in dollars per share)	(0.75)	(0.79)
Earnings per share (in dollars per share)	$ 6.90	$ (2.78)
Weighted-average shares of common stock outstanding, Diluted	8,313	8,211
Weighted-average shares of common stock outstanding, Basic	8,236	8,211
Real Estate [Member]
Cost of sales:
Real estate operations	$ 9,733	$ 18,628
Leasing Operations
Cost of sales:
Real estate operations	$ 9,030	$ 11,201

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities:
Net income (loss)	$ 63,249	$ (24,475)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	9,964	13,670
Cost of real estate sold	4,056	12,092
Impairment of real estate	1,825	0
Gain on sales of assets	(105,970)	0
Net gain on extinguishment of debt	(1,529)	0
Debt issuance cost amortization and stock-based compensation	2,007	2,099
Equity in unconsolidated affiliates’ loss	27	16
Deferred income taxes	(5,965)	12,267
Purchases and development of real estate properties	(52,772)	(13,775)
Write-off of capitalized hotel remodel costs	287	1,584
Increase in other assets	(2,212)	(5,134)
Increase (decrease) in accounts payable, accrued liabilities and other	33,423	(2,402)
Net cash used in operating activities	(53,610)	(4,058)
Cash flow from investing activities:
Capital expenditures	(19,562)	(6,191)
Proceeds from sales of assets	209,947	0
Payments on master lease obligations	(1,501)	(1,637)
Other, net	56	6
Net cash provided by (used in) investing activities	188,940	(7,822)
Cash flow from financing activities:
Borrowings from credit facility	39,700	29,300
Payments on credit facility	(83,004)	(28,478)
Borrowings from project loans	42,661	16,322
Payments on project and term loans	(130,723)	(8,708)
Stock-based awards net payments	(132)	(78)
Distributions to noncontrolling interests	(12,529)	(448)
Noncontrolling interests' contributions	46,300	0
Financing costs	(1,647)	(438)
Net cash (used in) provided by financing activities	(99,374)	7,472
Net increase (decrease) in cash, cash equivalents and restricted cash	35,956	(4,408)
Cash, cash equivalents and restricted cash at beginning of year	34,183	38,591
Cash, cash equivalents and restricted cash at end of year	$ 70,139	$ 34,183

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, 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 Interest, Decrease from Distributions to Noncontrolling Interest Holders	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		30
Exercised and issued stock-based awards	25		25			25
Stock-based compensation	795		795			795
Grant of restricted stock units under the Profit Participation Incentive Plan	1,162		1,162			1,162
Tender of shares for stock-based awards (in shares)					6
Tender of shares for stock-based awards	(153)				$ (153)	(153)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(12,529)						(12,529)
Distributions to noncontrolling interests	46,300						46,300
Total comprehensive income (loss)	63,249			57,394		57,394	5,855
Balance (in shares) at Dec. 31, 2021		9,388			1,143
Balance at Dec. 31, 2021	$ 208,613	$ 94	$ 188,759	$ (8,963)	$ (21,753)	$ 158,137	$ 50,476

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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, and real estate leasing in the Austin, Texas area and other select markets in Texas. The real estate development, leasing 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. Refer to Note 4 for a discussion of Stratus' discontinued operations. 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 disruption in international and U.S. economies and markets and has impacted Stratus’ revenue, operating income and cash flow during 2020 and 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 (PPIP); 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. Restricted cash. Stratus' restricted cash is comprised of bank deposits and at December 31, 2021, primarily consists of $11.8 million related to The Saint June as a condition of the project’s construction loan. 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. 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 $3.6 million at December 31, 2021, and $6.5 million at December 31, 2020. 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, 2021 2020 Depreciation $ 5,449 $ 7,581 Leasing Operations 9,030 11,201 Cost of developed property sales 2,617 12,479 Cost of undeveloped property sales 1,671 632 Project expenses and allocation of overhead costs (see below) 5,758 5,433 Other, net (313) 84 Total cost of sales $ 24,212 $ 37,410 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. (H-E-B) grocery store. 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 charged to expense as incurred and are included as a component of cost of sales. Advertising costs totaled $0.4 million in 2021 and $0.8 million in 2020. 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’ 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: Years Ended December 31, 2021 2020 Income (loss) from continuing operations $ 69,457 $ (18,008) Net loss from discontinued operations (6,208) (6,467) Net income (loss) $ 63,249 $ (24,475) Net (income) loss attributable to noncontrolling interests in subsidiaries (5,855) 1,685 Net income (loss) attributable to Stratus common stockholders $ 57,394 $ (22,790) Basic weighted-average shares of common stock outstanding 8,236 8,211 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 77 a — b Diluted weighted-average shares of common stock outstanding 8,313 8,211 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 7.72 $ (1.99) Discontinued operations (0.75) (0.79) Basic net income (loss) per share attributable to common stockholders $ 6.97 $ (2.78) Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 7.65 $ (1.99) Discontinued operations (0.75) (0.79) Diluted net income (loss) per share attributable to common stockholders $ 6.90 $ (2.78) a. Excludes approximately 5 thousand shares associated with RSUs that were anti-dilutive. b. Excludes approximately 86 thousand shares associated with 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 may grant RSUs that settle in cash to employees and nonemployees under a profit participation incentive plan (the PPIP). 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. Related Party Transactions. Refer to Note 3 for discussion of LCHM Holdings, LLC (LCHM), its manager, and JBM Trust, which are related parties as a result of LCHM’s representation on Stratus’ Board of Directors (Board). LCHM and JBM Trust have invested in certain of Stratus' limited partnerships. Stratus has an arrangement with Whitefish Partners, LLC (Whitefish Partners), formerly known as Austin Retail Partners, LLC, for services provided by a consultant of Whitefish Partners who is the son of Stratus' President and Chief Executive Officer. Payments to Whitefish Partners for the consultant's consulting services and expense reimbursements totaled $122 thousand during 2021 and $120 thousand during 2020. 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 Santal's assets and liabilities as held for sale as of December 31, 2020, and (ii) Stratus' presentation of Block 21's assets and liabilities as held for sale as of December 31, 2020, and Block 21's revenues and expenses for the year ended December 31, 2020, classified as discontinued operations. 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, 2021
Related Party Transactions [Abstract]
Related Party Transactions	LIMITED PARTNERSHIPS The Saint George Apartments, L.P. In November 2021, The Saint George Apartments, L.P. (The Saint George partnership), a Texas limited partnership and subsidiary of Stratus, was formed to purchase land and develop, construct and lease The Saint George, a 317-unit luxury wrap-style multi-family project in Austin. In December 2021, an unrelated equity investor contributed $18.3 million to The Saint George partnership for a 90.0 percent interest. Stratus has a 10.0 percent interest in The Saint George partnership following its contribution of pursuit costs and $0.5 million of cash. In December 2021, The Saint George partnership purchased the land for the project for $18.5 million. Discussions with a lender are ongoing to provide a construction loan for development. The Saint George partnership is governed by a limited partnership agreement between Stratus and the equity investor, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner will manage The Saint George partnership in exchange for an asset management fee of $300 thousand per year beginning two years after construction of The Saint George, and will earn a development management fee of 4.0 percent of certain construction costs for The Saint George. The partnership agreement also contains a buy-sell option pursuant to which at any time either party will have the right to initiate a buy-sell of the other party’s interests. Stratus Block 150, L.P. In September 2021, Stratus Block 150, L.P., a Texas limited partnership and a subsidiary of Stratus, completed financing transactions from which a portion of the proceeds were used to purchase the land for Block 150, now known as The Annie B, a proposed luxury multi-family high-rise development with ground-level retail in downtown Austin, Texas. The proceeds will also be used to fund predevelopment costs of the project. These financing transactions included (i) a $14.0 million land loan and (ii) $11.7 million from the sale of Class B limited partnership interests in a private placement offering, along with $3.9 million in cash and pursuit costs contributed by wholly owned subsidiaries of Stratus. Refer to Note 6 for further discussion of the land loan. Upon completion of the private placement offering, Stratus holds, in the aggregate, a 25.0 percent indirect equity interest in Stratus Block 150, L.P. No individual Class B limited partner has an equity interest greater than 25.0 percent. One of the participants in the private placement offering, JBM Trust, which purchased a limited partnership interest initially representing a 6.4 percent equity interest in Stratus Block 150, L.P., has a trustee who also serves as sole manager of LCHM. Stratus Block 150, L.P. is governed by a limited partnership agreement between Stratus and the equity investors, and a wholly owned subsidiary of Stratus serves as the general partner. Stratus plans to capitalize The Annie B in a two-phase process consisting of the initial land partnership phase and potentially followed by a development partnership phase. No asset management fee will be paid to the general partner during the land partnership phase. If the general partner determines to proceed with the development partnership phase, the general partner would continue to manage Stratus Block 150, L.P. and would begin to receive an asset management fee to be agreed on at that time. During the development partnership phase, the general partner would receive a development management fee of approximately 4 percent of certain construction costs for The Annie B. The Saint June, L.P. In June 2021, The Saint June, L.P., a Texas limited partnership and a subsidiary of Stratus, entered into a construction loan to develop The Saint June, a 182-unit luxury garden-style multi-family project within the Amarra development of the Barton Creek community in Austin, Texas. Refer to Note 6 for further discussion of this loan. In July 2021, an unrelated equity investor contributed $16.3 million to The Saint June, L.P. partnership for a 65.87 percent interest. Stratus has a 34.13 percent interest in The Saint June, L.P. following its contribution of land, development costs and $1.1 million of cash. The Saint June, L.P. is governed by a limited partnership agreement between Stratus and the equity investor, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner will manage The Saint June, L.P. in exchange for an asset management fee of $210 thousand per year beginning two years after construction of The Saint June, which began in July 2021, and will earn a development management fee of 4.0 percent of certain construction costs for The Saint June. The partnership agreement also contains a buy-sell option pursuant to which at any time either party will have the right to initiate a buy-sell of the other party’s interests. 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 $6.8 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, an H-E-B-anchored mixed-use development project (Kingwood Place). Two of the participants in the Kingwood Offering, LCHM and JBM Trust, each purchased Kingwood Class B limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. Kingwood, L.P. is governed by a limited partnership agreement between Stratus and the equity investors, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner manages the Kingwood, L.P., in exchange for an asset management fee of $283 thousand per year and earns a development management fee of 4.0 percent of certain construction costs for Kingwood Place. In December 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) was funded by borrower equity, contributed by Stratus and private equity investors. In October 2019, Stratus acquired an unrelated equity investor's 33.33 percent interest in Kingwood, L.P. for $5.8 million. Following the acquisition, Stratus has a 60.0 percent interest in the Kingwood, L.P. The Saint Mary, L.P. In June 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 multi-family 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. Stratus holds, in aggregate, a 57 percent indirect equity interest in The Saint Mary, L.P. Two of the limited partners, LCHM and JBM Trust, each purchased Saint Mary Class B limited partnership interests initially representing a 6.1 percent equity interest in The Saint Mary, L.P. As discussed further in Note 4, The Saint Mary, L.P. sold The Saint Mary property in January 2021. In connection with the sale, The Saint Mary, L.P. distributed $1.7 million each to LCHM and JBM Trust. Accounting for Limited Partnerships. Stratus has performed evaluations and concluded that The Saint George partnership, Stratus Block 150, L.P., The Saint June, L.P., Kingwood, L.P. and The Saint Mary, L.P. are variable interest entities and that Stratus is the primary beneficiary. Accordingly, the partnerships’ results are consolidated in Stratus’ financial statements. Stratus will continue to evaluate which entity is the primary beneficiary of these partnerships in accordance with applicable accounting guidance. Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships (in thousands), except those related to The Saint Mary. 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 sheet as of December 31, 2020. Refer to Note 4 for further details of The Saint Mary sale, and assets and liabilities held for sale. December 31, 2021 2020 Assets: Cash and cash equivalents $ 6,177 $ 745 Restricted cash 11,809 — Real estate under development 62,692 2,380 Land available for development 7,641 8,143 Real estate held for investment, net 31,399 31,962 Other assets 3,132 2,195 Total assets 122,850 45,425 Liabilities: Accounts payable and accrued liabilities 5,499 850 Debt 46,096 31,215 Total liabilities 51,595 32,065 Net assets $ 71,255 $ 13,360

Real Estate, net

Real Estate, net	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Real estate held for sale: Developed lots and, at December 31, 2020, one condominium unit $ 1,773 $ 4,204 Real estate under development: Acreage, multi-family units, commercial square footage and homes 181,224 98,137 Land available for development: Undeveloped acreage 40,659 53,432 Real estate held for investment: Kingwood Place 33,979 33,579 Lantana Place 30,283 30,258 Jones Crossing 25,239 24,651 West Killeen Market 10,237 10,233 Furniture, fixtures and equipment 730 1,253 Total 100,468 99,974 Accumulated depreciation (10,184) (7,275) Total real estate held for investment, net 90,284 92,699 Total real estate, net $ 313,940 $ 248,472 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, which was sold in 2021. As of December 31, 2021, Stratus owned two developed lots. 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. Stratus' real estate under development as of December 31, 2021, increased from December 31, 2020, primarily as a result of the acquisitions of land for The Saint George and The Annie B projects and the construction of The Saint June. Included in real estate under development is an office building in Austin, Texas that Stratus is renovating. During 2021 and in connection with Stratus' evaluation of properties for indication of impairment, the estimated net undiscounted future cash flows from this property were less than its carrying value, and Stratus recorded a $500 thousand impairment charge to reduce its carrying value to its estimated fair value. Real estate under development also includes The Villas at Amarra Drive (Amarra Villas), a 20-unit project within the Amarra development. During 2021, Stratus recorded a $700 thousand impairment charge for the Amarra Villas homes because the estimated total project costs and costs of sale for two of the homes under construction exceed their contract sale prices, as Stratus was required to retain a new general contractor during the course of construction and after entering into the sales contracts for the two homes. 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, 2021, included land permitted for residential and commercial development and vacant pad sites at West Killeen Market, Jones Crossing and Kingwood Place. Stratus recorded a $625 thousand impairment charge in 2021 related to entering into a contract to sell the multi-family tract of land at Kingwood Place. If consummated, the sale is expected to close mid-2022. See Note 4 for further discussion. Real estate held for investment. The Kingwood Place project includes 151,855 square-feet of commercial space anchored by an H-E-B grocery store and leased pad sites. The Lantana Place project includes 99,379 square feet for the first retail phase. The Jones Crossing project includes 154,117 square-feet for the first phase of the retail component of an H-E-B-anchored, mixed-use development. The West Killeen Market project includes 44,493 square-feet of commercial space adjacent to a 90,000 square-foot H-E-B grocery store. Capitalized interest. Stratus recorded capitalized interest of $5.5 million in 2021 and $4.7 million in 2020.

Asset Sales

Asset Sales	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Asset Sales	ASSET SALES Block 21 Pending Sale - Discontinued Operations. Block 21 is Stratus’ wholly owned mixed-use real estate development and entertainment business in downtown Austin, Texas. Block 21 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. In December 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. In May 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, which Stratus recorded as operating income in 2020. In October 2021, Stratus entered into new agreements to sell Block 21 to Ryman for $260.0 million. The purchase price includes the purchaser’s assumption of approximately $138 million of existing Block 21 mortgage debt and is subject to downward adjustments up to $5.0 million. The remainder of the purchase price will be paid in cash. The transaction is expected to close sometime prior to June 1, 2022, subject to the timely satisfaction or waiver of various closing conditions, including the consent of the loan servicer to the purchaser’s assumption of the existing mortgage loan, the consent of the hotel operator, an affiliate of Marriott, to the purchaser’s assumption of the hotel operating agreement, the absence of a material adverse effect, and other customary closing conditions. The Block 21 purchase agreements will terminate if all conditions to closing are not satisfied or waived by the parties. Ryman has deposited $5.0 million in earnest money to secure its performance under the agreements governing the sale. Of the total purchase price, $6.9 million will be held in escrow for 12 months after the closing, subject to a longer retention period with respect to any required reserve for pending claims. In accordance with accounting guidance, Stratus reported the results of operations of Block 21 as discontinued operations in the consolidated statements of comprehensive income (loss) because the disposal represents a strategic shift that had a major effect on operations, and presented the assets and liabilities of Block 21 as held for sale - discontinued operations in the consolidated balance sheets for all periods presented. Block 21 did not have any other comprehensive income and Stratus' consolidated statements of cash flows are reported on a combined basis without separately presenting discontinued operations. The carrying amounts of Block 21’s major classes of assets and liabilities, which were classified as held for sale, in Stratus' consolidated balance sheets follow (in thousands): December 31, 2021 2020 Assets: Cash and cash equivalents $ 9,172 $ 3,125 Restricted cash 18,444 a 12,850 Real estate held for investment, net 120,452 124,669 Other assets 2,985 2,165 Total assets held for sale $ 151,053 $ 142,809 Liabilities: Accounts payable and accrued liabilities, including taxes $ 6,200 $ 5,296 Debt b 136,684 139,013 Other liabilities 10,213 7,183 Total liabilities held for sale $ 153,097 $ 151,492 a. Most restricted cash would be received by Ryman upon the closing of the sale. b. In 2016, Stratus completed the refinancing of the W Austin Hotel & Residences. Goldman Sachs Mortgage Company provided a $150.0 million, ten-year, non-recourse term loan with a fixed interest rate of 5.58 percent per annum and payable monthly based on a 30-year amortization. Block 21's results of operations, presented as net loss from discontinued operations in Stratus' consolidated statements of comprehensive income (loss) follow (in thousands): Years Ended December 31, 2021 2020 Revenues: a Hotel $ 18,310 $ 9,912 Entertainment 12,929 5,232 Leasing operations and other 1,479 1,539 Total revenue 32,718 16,683 Cost of Sales: Hotel 15,784 15,427 Entertainment 10,482 6,534 Leasing operations and other 872 1,561 Depreciation 4,515 b 6,089 Total cost of sales 31,653 29,611 General and administrative expenses 735 1,457 Income from forfeited earnest money — (15,000) Operating income 330 615 Interest expense, net (7,972) (8,103) Benefit from income taxes 1,434 1,021 Net loss from discontinued operations $ (6,208) $ (6,467) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $1.2 million in 2021 and $1.0 million in 2020. b. In accordance with accounting guidance, depreciation is not recognized subsequent to classification as assets held for sale, which occurred in December 2021. Capital expenditures associated with discontinued operations totaled $0.5 million in 2021 and $1.0 million in 2020. The Santal. In December 2021, Stratus completed the sale of The Santal for $152.0 million, less a $0.7 million repair credit. The Santal was Stratus’ wholly owned 448-unit luxury garden-style multi-family project located in Section N of Austin’s Barton Creek community. After closing costs and repayment of The Santal loan, the sale generated net proceeds of approximately $74 million and Stratus recorded a pre-tax gain on the sale of $83.0 million in 2021. Stratus also recognized a $1.9 million loss on extinguishment of debt in 2021, primarily for prepayment fees on The Santal loan. Stratus reported the assets and liabilities of The Santal 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 Santal as of December 31, 2020, follow (in thousands): Assets: Real estate held for investment, net $ 69,160 Other assets 51 Total assets held for sale $ 69,211 Liabilities: Accrued liabilities $ 170 Debt 74,343 Other liabilities 524 Total liabilities held for sale $ 75,037 The Santal had rental revenue of $8.7 million in both 2021 and 2020. Interest expense related to The Santal loan was $3.0 million in 2021 and $4.0 million in 2020. 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 $21.9 million from the subsidiary in connection with the sale and $12.2 million of the net proceeds were distributed to the noncontrolling interest owners. Stratus recognized a pre-tax gain on the sale of $22.9 million ($16.2 million net of noncontrolling interests) in 2021. Stratus also recognized a $63 thousand loss on extinguishment of debt in 2021 related to the repayment of The Saint Mary construction loan. See Note 2 for further discussion of The Saint Mary, L.P. and The Saint Mary project. 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 The Saint Mary had rental revenue of $0.1 million in 2021 prior to the sale and $3.2 million in 2020. Interest expense on The Saint Mary construction loan was less than $0.1 million in 2021 and $1.1 million in 2020. Kingwood Place Pending Land Sale. In September 2021, Stratus entered into a contract to sell the multi-family tract of land at Kingwood Place, which was planned for approximately 275 multi-family units, for $5.5 million. The sale, if consummated, is expected to close by mid-2022. Upon entering into the contract, Stratus recorded a $625 thousand impairment charge to reduce the carrying value of the land to its fair value based on the contractual sale price less estimated selling costs.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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): December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Liabilities: Debt $ 106,648 $ 108,091 $ 137,699 $ 138,784 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, 2021
Debt Disclosure [Abstract]
Debt Disclosure	DEBT Stratus’ debt follows (in thousands): December 31, 2021 2020 Comerica Bank credit facility, average interest rate of 5.00% in 2021 and 5.25% in 2020 $ — $ 43,304 Jones Crossing loan, average interest rate of 2.40% in 2021 24,042 — The Annie B land loan, average interest rate of 3.50% in 2021 13,847 — New Caney land loan, average interest rate of 3.11% in 2021 and 3.69% in 2020 4,496 4,949 Paycheck Protection Program loan, fixed interest rate of 1.00% in 2021 and 2020 156 3,987 Construction loans: Kingwood Place construction loan, average interest rate of 2.61% in 2021 and 3.32% in 2020 32,249 31,215 Lantana Place construction loan, average interest rate of 3.00% in 2021 and 3.60% in 2020 22,098 24,051 West Killeen Market construction loan, average interest rate of 3.00% in 2021 and 3.51% in 2020 6,078 6,707 Magnolia Place construction loan, average interest rate of 3.50% in 2021 2,077 — Amarra Villas credit facility, average interest rate of 3.10% in 2021 and 0.92% in 2020 1,605 1,109 Jones Crossing construction loan, average interest rate of 4.00% in 2021 and 4.30% in 2020 — 22,377 Total debt a $ 106,648 $ 137,699 a. Includes net reductions for unamortized debt issuance costs of $1.2 million at December 31, 2021, and $0.8 million at December 31, 2020. 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. In June 2020, Stratus entered into an 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 London Interbank Offered Rate (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 $125.0 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 $1.0 million or any dividend payments. After using a portion of the proceeds from the sale of The Santal to pay down the balance, as of December 31, 2021, Stratus had $59.7 million available under its $60.0 million Comerica Bank revolving credit facility, with letters of credit totaling $347 thousand committed against the credit facility. Jones Crossing loan and Jones Crossing construction loan. In June 2021, a Stratus subsidiary entered into a $24.5 million loan with Regions Bank (the Jones Crossing loan). Of the proceeds from the Jones Crossing loan, $22.2 million was used to repay in full the original Jones Crossing construction loan. The repayment of the Jones Crossing construction loan resulted in Stratus recognizing a $163 thousand loss on the early extinguishment of debt representing the write-off of unamortized debt issuance costs related to the construction loan. The Jones Crossing loan has a maturity date of June 17, 2026, and bears interest at LIBOR plus 2.25 percent (or, if applicable, a replacement rate), provided LIBOR shall not be less than 0.15 percent. Payments of interest only on the Jones Crossing loan are due monthly through the term of the loan with the outstanding principal due at maturity. If the debt service coverage ratio falls below 1.15 to 1.00 for any fiscal quarter beginning with the quarter ending September 30, 2022, a “Cash Sweep Period” (as defined in the Jones Crossing loan) results, which limits Stratus’ ability to receive cash from its Jones Crossing subsidiary. The Jones Crossing loan is secured by the Jones Crossing project, and Stratus has provided a guaranty limited to non-recourse carve-out obligations and environmental indemnification. In addition, any default under the ground leases, which grant Stratus the right to occupy the Jones Crossing property, would trigger the carve-out guaranty. The Jones Crossing loan contains certain financial covenants, including a requirement that Stratus maintain liquid assets of at least $2.0 million. The Annie B land loan. In September 2021, a Stratus subsidiary entered into an 18-month, $14.0 million land loan with Comerica Bank to acquire the land for The Annie B project (The Annie B land loan). The loan matures on March 1, 2023, and bears interest at LIBOR plus 3.0 percent, provided LIBOR shall not be less than 0.5 percent. Payments of interest only on the loan are due monthly through February 2023, with the outstanding principal due at maturity. The Annie B land loan is guaranteed by Stratus and secured by The Annie B project. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and an aggregate debt-to-gross asset value of less than 50 percent. The Annie B land loan requires Comerica Banks’ prior written consent for any Stratus common stock repurchases in excess of $1.0 million. New Caney loan. In March 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 H-E-B's portion of the New Caney partnership in which Stratus and H-E-B purchased a tract of land for the future development of an H-E-B-anchored mixed-use project in New Caney, Texas. In March 2021, Stratus exercised its option to extend the loan for an additional 12 months to March 8, 2022, which required a principal payment of $0.5 million. In March 2022, Stratus extended the loan for an additional 12 months to March 8, 2023, which required a principal payment of $0.2 million and will require a second principal payment of $0.2 million in September 2022. Stratus also entered into an amendment to the New Caney land loan to convert the benchmark rate from LIBOR to the Secured Overnight Financing Rate (SOFR). The loan now bears interest at SOFR plus 3.0 percent, subject to the applicable margin adjustment. 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 $125.0 million and unencumbered liquid assets of no less than $10.0 million. Paycheck Protection Program loan. 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 bears interest at 1.0 percent and matures April 15, 2022, except for the portion that was forgiven. Stratus' PPP loan forgiveness application was accepted and approved in August 2021 and the outstanding balance and accrued interest were forgiven with the exception of $0.3 million. As such, Stratus recognized a gain on extinguishment of debt of $3.7 million during 2021. 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 $125.0 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 $1.0 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. 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 April 28, 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 $125.0 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. In 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 repaid $2.0 million in principal on the Lantana Place construction loan. In January 2022, Stratus entered into an amendment to the Lantana Place construction loan to extend the date through which Stratus can draw on the loan through December 31, 2022. 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. 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 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 construction on the project, measured by reference to the trailing six-month period ending on the last day of such quarter. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and a requirement that Stratus' West Killeen Market maintains a debt service coverage ratio of at least 1.35 to 1.00 measured by reference on a trailing 12-month period for each quarter. Magnolia Place construction loan. In August 2021, a Stratus subsidiary entered into a $14.8 million construction loan with Veritex Community Bank secured by the Magnolia Place project. The loan matures on August 12, 2024, with two options to extend the maturity for an additional 12 months, subject to satisfying specified conditions and the payment of an extension fee. The loan bears interest at 30-day LIBOR plus 3.25 percent (or, if applicable, a replacement rate), with a floor of 3.50 percent. Payments of interest only are due monthly with the outstanding principal due at maturity. Stratus provided a completion guaranty and 25-percent-limited-payment guaranty. The loan agreement contains financial covenants, including that Stratus is required to maintain a net asset value, as defined in the loan agreement, of $125.0 million and liquid assets of at least $7.5 million. Amarra Villas credit facility. In 2016, a Stratus subsidiary entered into the Amarra Villas credit facility to finance construction of the Amarra Villas project. In March 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 in July 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. In March 2022, the Stratus subsidiaries and Comerica Bank agreed to an extension of the maturity date to June 19, 2022, while they negotiate a modification of this facility. 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 $125.0 million and a debt-to-gross asset value of less than 50 percent. At December 31, 2021, Stratus had $13.4 million available under its $15.0 million Amarra Villas credit facility. 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 $1.0 million. The Saint June construction loan. In June 2021, The Saint June, L.P. entered into a construction loan with Texas Capital Bank to finance approximately 55 percent of the estimated $55 million cost of the development and construction of The Saint June. Available borrowings under the loan total the least of (i) $30.3 million, (ii) 60 percent of the total construction costs, or (iii) 55 percent of the as-stabilized appraised value of the property. As of December 31, 2021, no amounts were outstanding under this loan. The loan matures on October 2, 2024, with two options to extend the maturity for an additional 12 months, subject to satisfying specified conditions and the payment of an extension fee for each extension. The loan bears interest at 30-day LIBOR plus 2.75 percent (or, if applicable, a replacement rate), with a floor of 3.50 percent. Payments of interest only on the loan are due monthly through October 2, 2024, with the outstanding principal due at maturity. The loan is secured by The Saint June project and is fully guaranteed by Stratus. However, the guaranty will convert to a 50 percent repayment guaranty upon completion of construction of The Saint June. Further, once The Saint June, L.P. is able to maintain a debt service coverage ratio of 1.25 to 1.00, the repayment guaranty will be eliminated. Notwithstanding the foregoing, Stratus will remain liable for customary carve-out obligations and environmental indemnity. Stratus is also required to maintain a net asset value, as defined by the guaranty, of $125.0 million and liquid assets of at least $10.0 million. The Saint June, L.P. is not permitted to make distributions to its partners until completion of The Saint June project and after the project achieves a debt service coverage ratio of at least 1.00 for three consecutive months. Financial Covenants and Compliance. 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. As of December 31, 2021, Stratus and its subsidiaries were in compliance with the financial covenants contained in the financing agreements discussed above. LIBOR Phase Out. Certain of Stratus' debt agreements, including its Comerica Bank credit facility, reference LIBOR which is being phased out and replaced with alternative reference rates. Stratus does not expect the transition from LIBOR and other interbank offered rates to have a material impact on its consolidated financial results. Interest Payments. Interest paid on debt, excluding debt related to Block 21, The Santal and The Saint Mary included in liabilities held for sale, totaled $4.8 million in 2021 and $4.7 million in 2020. Maturities. Maturities of debt based on the principal amounts and terms outstanding at December 31, 2021, and excluding debt related to Block 21 included in liabilities held for sale, total $45.6 million in 2022, $35.4 million in 2023, $2.4 million in 2024 and $24.5 million in 2026.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ provision for income taxes consists of the following (in thousands): Years Ended December 31, 2021 2020 Current $ 18,608 $ (6,208) Deferred (6,031) 11,048 Provision for income taxes $ 12,577 $ 4,840 The components of deferred income taxes follow (in thousands): December 31, 2021 2020 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 9,743 $ 8,622 Employee benefit accruals 2,411 834 Deferred income 10 11 Charitable contribution carryforward — 208 Other assets 3,465 3,704 Net operating loss credit carryforwards — 444 Other liabilities (3,180) (3,095) Valuation allowance (6,440) (10,684) Deferred tax assets, net $ 6,009 $ 44 The $6.0 million increase in Stratus' net deferred tax assets is primarily attributable to the release of a valuation allowance on deferred tax assets expected to be realized in 2022 from the pending sale of Block 21. Management concluded that the pending sale of Block 21 was sufficient positive evidence to support the reversal of the valuation allowance on certain deferred tax assets expected to be realized from the sale. Stratus continues to maintain a valuation allowance on its remaining deferred tax assets. In evaluating the recoverability of the remaining deferred tax assets, management considered available positive and negative evidence, giving greater weight to the 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, 2021 2020 Amount Percent Amount Percent Income tax benefit computed at the federal statutory income tax rate $ 17,228 21 % $ (2,765) 21 % Adjustments attributable to: Change in valuation allowance (4,247) (5) 10,252 (78) Noncontrolling interests (1,230) (2) 354 (3) State taxes 571 1 218 (2) Executive compensation limitation 840 1 183 (1) Change in statutory rate — — (3,539) 27 a PPP loan forgiveness and other (585) (1) 137 (1) Provision for income taxes $ 12,577 15 % $ 4,840 (37) % 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 $0.4 million in 2021 and $0.5 million in 2020. In connection with the CARES Act and the ability to carry back net operating losses, Stratus received a $1.9 million U.S. federal income tax refund in 2021 related to 2019 and 2020. Stratus has filed for an additional refund of $5.1 million related to the carry back of net operating losses, which is still outstanding. Stratus also received a $1.7 million U.S. federal income tax refund in 2020. Uncertain Tax Positions. During the two years ended December 31, 2021, 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, 2021 2020 Balance at January 1 $ 210 $ 198 Additions for tax positions related to prior years 11 12 Balance at December 31 $ 221 $ 210 As of December 31, 2021, Stratus had $0.2 million of unrecognized tax benefits that if recognized would affect its annual effective tax rate. During 2022, 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 income (loss). As of December 31, 2021, 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 2017. 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, 2021
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 2021 or 2020. As of December 31, 2021, 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), each 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 27,089 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, 2021. Stock-Based Compensation Costs. Compensation costs charged against earnings for RSUs, the only stock-based awards granted over the last several years, totaled $0.8 million for 2021 and $0.7 million for 2020. 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 employees and consultants at no cost to the recipients. The RSUs are converted into shares of Stratus common stock ratably and generally vest in increments over a one 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, pursuant to the terms of the PPIP (see further discussion below) in connection with West Killeen Market, which reached a valuation event under the PPIP in October 2020. Stratus transferred the $1.2 million accrued liability balance under the PPIP 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. A summary of outstanding unvested RSUs as of December 31, 2021, and activity during the year ended December 31, 2021, is presented below: Number of Aggregate Balance at January 1 74,200 Granted 88,561 Vested (27,150) Balance at December 31 135,611 $ 4,959 The total fair value of RSUs granted was $2.4 million for 2021 and $0.8 million for 2020. The total intrinsic value of RSUs vested was $0.8 million during 2021 and $0.6 million during 2020. As of December 31, 2021, Stratus had $1.7 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over a weighted-average period of 1.8 years. The following table includes amounts related to vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2021 2020 Stratus shares tendered to pay the minimum required taxes a 5,461 3,839 Amounts Stratus paid for employee taxes $ 153 $ 91 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 $0.5 million in 2021 and $0.4 million in 2020. Profit Participation Incentive Plan. In 2018, the Stratus Compensation Committee of the Board (the Committee) unanimously adopted the PPIP, which provides participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the PPIP. Under the PPIP, 25 percent of the profit (as described below) for each approved project following a capital transaction (each as defined in the PPIP) 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 10.0 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 PPIP 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 PPIP are limited to no more than four times the executive officer’s base salary, and any amounts due under the PPIP in excess of that amount will be converted to an equivalent number of stock-settled RSUs based on the 12-month trailing average price of Stratus common stock during the year of the capital transaction, with a one-year vesting period. 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 average trailing price 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 calculated 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 development projects as approved projects under the PPIP, 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 PPIP. 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, 2021, were projected cash flows, estimated capitalization rates ranging from 6.0 percent to 7.5 percent, projected service periods for each project ranging from 1.5 years to 3.4 years, and estimated transaction costs of approximately 2.0 percent to 6.8 percent. As noted above, on October 17, 2020, West Killeen Market reached a valuation event under the PPIP. Stratus transferred the $1.2 million accrued liability balance under the PPIP for West Killeen Market to capital in excess of par value and is amortizing 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 PPIP. The accrued liability under the PPIP related to The Saint Mary project totaled $2.1 million at December 31, 2021, and was paid to eligible participants in February 2022. In September 2021, Lantana Place reached a valuation event under the PPIP and Stratus obtained an appraisal of the property to determine the payout under the PPIP. The accrued liability under the PPIP related to Lantana Place totaled $3.9 million at December 31, 2021, and is expected to be settled in RSUs awarded to eligible participants in the first half of 2022, subject to shareholder approval of a new stock incentive plan authorizing additional shares for issuance. The sale of The Santal in December 2021 was a capital transaction under the PPIP. The accrued liability under the PPIP related to The Santal totaled $6.7 million at December 31, 2021, and was paid in cash to eligible participants in February 2022, subject to the PPIP’s limits on cash compensation paid to certain officers as described above. Amounts due under the PPIP above the limits are converted to an equivalent number of RSUs with a one-year vesting period and will be granted in the first half of 2022, subject to shareholder approval of a new stock incentive plan authorizing additional shares for issuance. A summary of PPIP costs follows (in thousands): Years Ended December 31, 2021 2020 Charged to general and administrative expense $ 9,780 $ 2,436 Capitalized to project development costs 441 1,288 Total PPIP costs $ 10,221 $ 3,724 The accrued liability for the PPIP totaled $15.2 million at December 31, 2021, and $6.2 million at December 31, 2020 (included in other liabilities).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Construction Contracts. Stratus had commitments under noncancelable construction contracts totaling approximately $36 million at December 31, 2021. Letters of Credit. As of December 31, 2021, Stratus had letters of credit totaling $347 thousand committed against its credit facility with Comerica Bank (see Note 6). Rental Income. As of December 31, 2021, Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases of developed retail space and ground leases, totaled $9.0 million in 2022, $8.8 million in 2023, $8.7 million in 2024, $8.5 million in 2025, $8.5 million in 2026 and $93.7 million thereafter, with the longest lease extending through 2118. H-E-B Profit Participation. H-E-B has profit participation rights in the Jones Crossing, Kingwood Place, Lakeway and New Caney projects. H-E-B 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. 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 $1.3 million in both 2021 and 2020. Stratus paid $183 thousand during 2021 and $197 thousand in 2020 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, 2021 and 2020, the weighted-average discount rate used to determine the lease liabilities was 6.0 percent. As of December 31, 2021, the weighted-average remaining lease term was 94 years (95 years as of December 31, 2020). The future minimum payments for leases recorded on the consolidated balance sheet at December 31, 2021, follow (in thousands): 2022 $ 500 2023 549 2024 709 2025 679 2026 669 Thereafter 108,540 Total payments 111,646 Present value adjustment (97,660) Present value of net minimum lease payments $ 13,986 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, 2021, Stratus had permanently used $12.5 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 $0.8 million in credit bank capacity in use as temporary fiscal deposits as of December 31, 2021. Available credit bank capacity was $1.9 million at December 31, 2021. 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 H-E-B-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, approximated $110 thousand per month as of December 31, 2021, of which approximately $40 thousand relates to the in-line retail space master lease, which expired 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 $4.8 million is presented as a deferred gain in the consolidated balance sheets at December 31, 2021, compared with $6.2 million at December 31, 2020. 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 could 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, 2021
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS As a result of the pending sale of Block 21, Stratus has two operating segments: Real Estate Operations and Leasing Operations. Block 21, which encompassed Stratus’ hotel and entertainment segments, along with some leasing operations, is reflected as discontinued operations. 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; and the Lantana community, including a portion of Lantana Place planned for a future multi-family phase); 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, for which a sale is pending, and a vacant pad site) 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 West Killeen Market and completed portions of Lantana Place, Jones Crossing and Kingwood Place. The segment also included The Saint Mary until its sale in January 2021 and The Santal until its sale in December 2021 (see Note 4 for further discussion). 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, 2021 2020 Real Estate Operations: Developed property sales $ 4,615 $ 21,789 Undeveloped property sales 3,250 700 Commissions and other 584 89 8,449 22,578 Leasing Operations: Rental revenue 19,787 21,755 19,787 21,755 Total revenues from contracts with customers $ 28,236 $ 44,333 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 Corporate, Eliminations and Other b Total Year Ended December 31, 2021: Revenues: Unaffiliated customers $ 8,449 $ 19,787 $ — $ 28,236 Intersegment 17 — (17) — Cost of sales, excluding depreciation 9,758 9,030 (25) 18,763 Depreciation 155 5,358 (64) 5,449 General and administrative expenses — — 24,509 c 24,509 Impairment of real estate 1,825 d — — 1,825 Gain on sales of assets — (105,970) e — (105,970) Operating (loss) income $ (3,272) $ 111,369 $ (24,437) $ 83,660 Capital expenditures and purchases and development of real estate properties $ 52,772 f $ 19,024 $ 538 $ 72,334 Total assets at December 31, 2021 241,225 107,990 192,011 g 541,226 Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Year Ended December 31, 2020: Revenues: Unaffiliated customers $ 22,578 $ 21,755 $ — $ 44,333 Intersegment 17 — (17) — Cost of sales, excluding depreciation 18,628 11,203 h (2) 29,829 Depreciation 229 7,478 (126) 7,581 General and administrative expenses — — 13,578 13,578 Operating income (loss) $ 3,738 $ 3,074 $ (13,467) $ (6,655) Capital expenditures and purchases and development of real estate properties $ 13,775 $ 5,203 $ 988 $ 19,966 Total assets at December 31, 2020 161,608 221,890 i 160,518 g 544,016 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. The increase in 2021, compared to 2020, is primarily the result of a $7.4 million increase in employee incentive compensation costs associated with the PPIP primarily for The Santal and Lantana Place projects, and a $2.7 million increase in consulting, legal and public relation costs for Stratus' successful proxy contest. d. Includes $700 thousand for two Amarra Villas homes under construction and under contract, $625 thousand for the multi-family tract of land at Kingwood Place and $500 thousand for an office building in Austin. e. Represents the pre-tax gains on the December 2021 sale of The Santal of $83.0 million, and the January 2021 sale of The Saint Mary of $22.9 million. f. Includes the purchases of The Annie B land for $22.5 million and The Saint George land for $18.5 million. g. Includes assets held for sale associated with discontinued operations at Block 21, which totaled $151.1 million at December 31, 2021, and $142.8 million at December 31, 2020. h. Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. i. Includes assets held for sale at The Saint Mary and The Santal totaling $105.7 million, both of which were sold during 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
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, and real estate leasing in the Austin, Texas area and other select markets in Texas. The real estate development, leasing 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. Refer to Note 4 for a discussion of Stratus' discontinued operations.
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 disruption in international and U.S. economies and markets and has impacted Stratus’ revenue, operating income and cash flow during 2020 and 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 (PPIP); 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. Restricted cash. Stratus' restricted cash is comprised of bank deposits and at December 31, 2021, primarily consists of $11.8 million related to The Saint June as a condition of the project’s construction loan.
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 $3.6 million at December 31, 2021, and $6.5 million at December 31, 2020
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, 2021 2020 Depreciation $ 5,449 $ 7,581 Leasing Operations 9,030 11,201 Cost of developed property sales 2,617 12,479 Cost of undeveloped property sales 1,671 632 Project expenses and allocation of overhead costs (see below) 5,758 5,433 Other, net (313) 84 Total cost of sales $ 24,212 $ 37,410
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. (H-E-B) grocery store. 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 charged to expense as incurred and are included as a component of cost of sales. Advertising costs totaled $0.4 million in 2021 and $0.8 million in 2020.
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’ 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: Years Ended December 31, 2021 2020 Income (loss) from continuing operations $ 69,457 $ (18,008) Net loss from discontinued operations (6,208) (6,467) Net income (loss) $ 63,249 $ (24,475) Net (income) loss attributable to noncontrolling interests in subsidiaries (5,855) 1,685 Net income (loss) attributable to Stratus common stockholders $ 57,394 $ (22,790) Basic weighted-average shares of common stock outstanding 8,236 8,211 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) 77 a — b Diluted weighted-average shares of common stock outstanding 8,313 8,211 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 7.72 $ (1.99) Discontinued operations (0.75) (0.79) Basic net income (loss) per share attributable to common stockholders $ 6.97 $ (2.78) Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 7.65 $ (1.99) Discontinued operations (0.75) (0.79) Diluted net income (loss) per share attributable to common stockholders $ 6.90 $ (2.78) a. Excludes approximately 5 thousand shares associated with RSUs that were anti-dilutive. b. Excludes approximately 86 thousand shares associated with 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 may grant RSUs that settle in cash to employees and nonemployees under a profit participation incentive plan (the PPIP). 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Cost of Sales	A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2021 2020 Depreciation $ 5,449 $ 7,581 Leasing Operations 9,030 11,201 Cost of developed property sales 2,617 12,479 Cost of undeveloped property sales 1,671 632 Project expenses and allocation of overhead costs (see below) 5,758 5,433 Other, net (313) 84 Total cost of sales $ 24,212 $ 37,410

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block]	Refer to Note 4 for further details of The Saint Mary sale, and assets and liabilities held for sale. December 31, 2021 2020 Assets: Cash and cash equivalents $ 6,177 $ 745 Restricted cash 11,809 — Real estate under development 62,692 2,380 Land available for development 7,641 8,143 Real estate held for investment, net 31,399 31,962 Other assets 3,132 2,195 Total assets 122,850 45,425 Liabilities: Accounts payable and accrued liabilities 5,499 850 Debt 46,096 31,215 Total liabilities 51,595 32,065 Net assets $ 71,255 $ 13,360

Real Estate, net (Tables)

Real Estate, net (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Real estate held for sale: Developed lots and, at December 31, 2020, one condominium unit $ 1,773 $ 4,204 Real estate under development: Acreage, multi-family units, commercial square footage and homes 181,224 98,137 Land available for development: Undeveloped acreage 40,659 53,432 Real estate held for investment: Kingwood Place 33,979 33,579 Lantana Place 30,283 30,258 Jones Crossing 25,239 24,651 West Killeen Market 10,237 10,233 Furniture, fixtures and equipment 730 1,253 Total 100,468 99,974 Accumulated depreciation (10,184) (7,275) Total real estate held for investment, net 90,284 92,699 Total real estate, net $ 313,940 $ 248,472

Asset Sales (Tables)

Asset Sales (Tables)	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The carrying amounts of Block 21’s major classes of assets and liabilities, which were classified as held for sale, in Stratus' consolidated balance sheets follow (in thousands): December 31, 2021 2020 Assets: Cash and cash equivalents $ 9,172 $ 3,125 Restricted cash 18,444 a 12,850 Real estate held for investment, net 120,452 124,669 Other assets 2,985 2,165 Total assets held for sale $ 151,053 $ 142,809 Liabilities: Accounts payable and accrued liabilities, including taxes $ 6,200 $ 5,296 Debt b 136,684 139,013 Other liabilities 10,213 7,183 Total liabilities held for sale $ 153,097 $ 151,492 a. Most restricted cash would be received by Ryman upon the closing of the sale. b. In 2016, Stratus completed the refinancing of the W Austin Hotel & Residences. Goldman Sachs Mortgage Company provided a $150.0 million, ten-year, non-recourse term loan with a fixed interest rate of 5.58 percent per annum and payable monthly based on a 30-year amortization. Block 21's results of operations, presented as net loss from discontinued operations in Stratus' consolidated statements of comprehensive income (loss) follow (in thousands): Years Ended December 31, 2021 2020 Revenues: a Hotel $ 18,310 $ 9,912 Entertainment 12,929 5,232 Leasing operations and other 1,479 1,539 Total revenue 32,718 16,683 Cost of Sales: Hotel 15,784 15,427 Entertainment 10,482 6,534 Leasing operations and other 872 1,561 Depreciation 4,515 b 6,089 Total cost of sales 31,653 29,611 General and administrative expenses 735 1,457 Income from forfeited earnest money — (15,000) Operating income 330 615 Interest expense, net (7,972) (8,103) Benefit from income taxes 1,434 1,021 Net loss from discontinued operations $ (6,208) $ (6,467) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $1.2 million in 2021 and $1.0 million in 2020. b. In accordance with accounting guidance, depreciation is not recognized subsequent to classification as assets held for sale, which occurred in December 2021. Assets: Real estate held for investment, net $ 69,160 Other assets 51 Total assets held for sale $ 69,211 Liabilities: Accrued liabilities $ 170 Debt 74,343 Other liabilities 524 Total liabilities held for sale $ 75,037 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)	12 Months Ended
	Dec. 31, 2021
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, 2021 December 31, 2020 Carrying Fair Carrying Fair Liabilities: Debt $ 106,648 $ 108,091 $ 137,699 $ 138,784

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Stratus’ debt follows (in thousands): December 31, 2021 2020 Comerica Bank credit facility, average interest rate of 5.00% in 2021 and 5.25% in 2020 $ — $ 43,304 Jones Crossing loan, average interest rate of 2.40% in 2021 24,042 — The Annie B land loan, average interest rate of 3.50% in 2021 13,847 — New Caney land loan, average interest rate of 3.11% in 2021 and 3.69% in 2020 4,496 4,949 Paycheck Protection Program loan, fixed interest rate of 1.00% in 2021 and 2020 156 3,987 Construction loans: Kingwood Place construction loan, average interest rate of 2.61% in 2021 and 3.32% in 2020 32,249 31,215 Lantana Place construction loan, average interest rate of 3.00% in 2021 and 3.60% in 2020 22,098 24,051 West Killeen Market construction loan, average interest rate of 3.00% in 2021 and 3.51% in 2020 6,078 6,707 Magnolia Place construction loan, average interest rate of 3.50% in 2021 2,077 — Amarra Villas credit facility, average interest rate of 3.10% in 2021 and 0.92% in 2020 1,605 1,109 Jones Crossing construction loan, average interest rate of 4.00% in 2021 and 4.30% in 2020 — 22,377 Total debt a $ 106,648 $ 137,699 a. Includes net reductions for unamortized debt issuance costs of $1.2 million at December 31, 2021, and $0.8 million at December 31, 2020.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Current $ 18,608 $ (6,208) Deferred (6,031) 11,048 Provision for income taxes $ 12,577 $ 4,840
Schedule of components of deferred income taxes	The components of deferred income taxes follow (in thousands): December 31, 2021 2020 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 9,743 $ 8,622 Employee benefit accruals 2,411 834 Deferred income 10 11 Charitable contribution carryforward — 208 Other assets 3,465 3,704 Net operating loss credit carryforwards — 444 Other liabilities (3,180) (3,095) Valuation allowance (6,440) (10,684) Deferred tax assets, net $ 6,009 $ 44
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, 2021 2020 Amount Percent Amount Percent Income tax benefit computed at the federal statutory income tax rate $ 17,228 21 % $ (2,765) 21 % Adjustments attributable to: Change in valuation allowance (4,247) (5) 10,252 (78) Noncontrolling interests (1,230) (2) 354 (3) State taxes 571 1 218 (2) Executive compensation limitation 840 1 183 (1) Change in statutory rate — — (3,539) 27 a PPP loan forgiveness and other (585) (1) 137 (1) Provision for income taxes $ 12,577 15 % $ 4,840 (37) % 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, 2021 2020 Balance at January 1 $ 210 $ 198 Additions for tax positions related to prior years 11 12 Balance at December 31 $ 221 $ 210

Equity Transactions, Stock-Ba_2

Equity Transactions, Stock-Based Compensation and Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Summary of outstanding unvested RSUs	A summary of outstanding unvested RSUs as of December 31, 2021, and activity during the year ended December 31, 2021, is presented below: Number of Aggregate Balance at January 1 74,200 Granted 88,561 Vested (27,150) Balance at December 31 135,611 $ 4,959
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, 2021 2020 Stratus shares tendered to pay the minimum required taxes a 5,461 3,839 Amounts Stratus paid for employee taxes $ 153 $ 91 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.
Share-based Payment Arrangement, Cost by Plan	A summary of PPIP costs follows (in thousands): Years Ended December 31, 2021 2020 Charged to general and administrative expense $ 9,780 $ 2,436 Capitalized to project development costs 441 1,288 Total PPIP costs $ 10,221 $ 3,724

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, follow (in thousands): 2022 $ 500 2023 549 2024 709 2025 679 2026 669 Thereafter 108,540 Total payments 111,646 Present value adjustment (97,660) Present value of net minimum lease payments $ 13,986

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	Stratus’ revenues from contracts with customers follow (in thousands): Years Ended December 31, 2021 2020 Real Estate Operations: Developed property sales $ 4,615 $ 21,789 Undeveloped property sales 3,250 700 Commissions and other 584 89 8,449 22,578 Leasing Operations: Rental revenue 19,787 21,755 19,787 21,755 Total revenues from contracts with customers $ 28,236 $ 44,333
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 Corporate, Eliminations and Other b Total Year Ended December 31, 2021: Revenues: Unaffiliated customers $ 8,449 $ 19,787 $ — $ 28,236 Intersegment 17 — (17) — Cost of sales, excluding depreciation 9,758 9,030 (25) 18,763 Depreciation 155 5,358 (64) 5,449 General and administrative expenses — — 24,509 c 24,509 Impairment of real estate 1,825 d — — 1,825 Gain on sales of assets — (105,970) e — (105,970) Operating (loss) income $ (3,272) $ 111,369 $ (24,437) $ 83,660 Capital expenditures and purchases and development of real estate properties $ 52,772 f $ 19,024 $ 538 $ 72,334 Total assets at December 31, 2021 241,225 107,990 192,011 g 541,226 Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Year Ended December 31, 2020: Revenues: Unaffiliated customers $ 22,578 $ 21,755 $ — $ 44,333 Intersegment 17 — (17) — Cost of sales, excluding depreciation 18,628 11,203 h (2) 29,829 Depreciation 229 7,478 (126) 7,581 General and administrative expenses — — 13,578 13,578 Operating income (loss) $ 3,738 $ 3,074 $ (13,467) $ (6,655) Capital expenditures and purchases and development of real estate properties $ 13,775 $ 5,203 $ 988 $ 19,966 Total assets at December 31, 2020 161,608 221,890 i 160,518 g 544,016 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. The increase in 2021, compared to 2020, is primarily the result of a $7.4 million increase in employee incentive compensation costs associated with the PPIP primarily for The Santal and Lantana Place projects, and a $2.7 million increase in consulting, legal and public relation costs for Stratus' successful proxy contest. d. Includes $700 thousand for two Amarra Villas homes under construction and under contract, $625 thousand for the multi-family tract of land at Kingwood Place and $500 thousand for an office building in Austin. e. Represents the pre-tax gains on the December 2021 sale of The Santal of $83.0 million, and the January 2021 sale of The Saint Mary of $22.9 million. f. Includes the purchases of The Annie B land for $22.5 million and The Saint George land for $18.5 million. g. Includes assets held for sale associated with discontinued operations at Block 21, which totaled $151.1 million at December 31, 2021, and $142.8 million at December 31, 2020. h. Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. i. Includes assets held for sale at The Saint Mary and The Santal totaling $105.7 million, both of which were sold during 2021.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2017	Dec. 31, 2021	Dec. 31, 2020
Schedule of Significant Accounting Policies [Line Items]
Advertising Expense		$ 400	$ 800
Accrued Property Taxes		$ 3,600	6,500
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. (H-E-B) grocery store. 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.
Saint June, L.P.
Schedule of Significant Accounting Policies [Line Items]
Restricted Cash		$ 11,800
Whitefish Partners, LLC | Immediate family member [Member]
Schedule of Significant Accounting Policies [Line Items]
Related party expense reimbursements		$ 122	$ 120
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
MUD bond [Member]
Schedule of Significant Accounting Policies [Line Items]
Proceeds from MUD reimbursement	$ 26,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Cost of Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Significant Accounting Policies [Line Items]
Depreciation	$ 5,449	$ 7,581
Cost of Developed Property Sales	2,617	12,479
Cost of Sales, Project Expenses and Allocation of Overhead Costs	5,758	5,433
Cost of Undeveloped Property Sales	1,671	632
Other Cost and Expense, Operating	(313)	84
Total cost of sales	24,212	37,410
Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Real estate operations	$ 9,030	$ 11,201

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Significant Accounting Policies [Line Items]
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 69,457	$ (18,008)
Net loss from discontinued operations	(6,208)	(6,467)
Net income (loss)	63,249	(24,475)
Net Income (Loss) Attributable to Noncontrolling Interest	(5,855)	1,685
Net Income (Loss) Available to Common Stockholders, Basic	$ 57,394	$ (22,790)
Weighted-average shares of common stock outstanding, Basic	8,236	8,211
Weighted-average shares of common stock outstanding, Diluted	8,313	8,211
Continuing operations (in dollars per share)	$ 7.72	$ (1.99)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	(0.75)	(0.79)
Earnings Per Share, Basic	6.97	(2.78)
Income (Loss) from Continuing Operations, Per Diluted Share	7.65	(1.99)
Discontinued operations (in dollars per share)	(0.75)	(0.79)
Earnings per share (in dollars per share)	$ 6.90	$ (2.78)
Employee Stock Option [Member]
Schedule of Significant Accounting Policies [Line Items]
Shares issuable upon exercise or vesting of dilutive stock options and RSUs	77	0
Stock Options and RSUs
Schedule of Significant Accounting Policies [Line Items]
Potential anti-dilutive securities		86
Restricted Stock Units (RSUs) [Member]
Schedule of Significant Accounting Policies [Line Items]
Potential anti-dilutive securities	5

Related Party Transactions Sain

Related Party Transactions Saint George (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Nov. 30, 2021unit
Related Party Transaction [Line Items]
Payments for Capital Improvements			$ 19,562	$ 6,191
Saint George L.P.
Related Party Transaction [Line Items]
Management Fee Expense	$ 300
Management Fee Percent		4.00%
Saint George L.P. | Land Available for Development [Member]
Related Party Transaction [Line Items]
Payments for Capital Improvements	18,500
Saint George L.P. | Unrelated Equity Investor
Related Party Transaction [Line Items]
Proceeds from Partnership Contribution	$ 18,300
Equity Method Investment, Ownership Percentage	90.00%	90.00%	90.00%
Saint George L.P. | Stratus Properties Inc [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	10.00%	10.00%	10.00%
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 500
Apartment Building [Member] | Saint George L.P.
Related Party Transaction [Line Items]
Number of Lots/Units in Real Estate Property | unit					317

Related Party Transactions Stra

Related Party Transactions Stratus Block 150 (Details) $ in Millions	1 Months Ended
	Sep. 30, 2021USD ($)
Stratus Block 150, L.P. | JBM Trust
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	6.40%
Annie B
Related Party Transaction [Line Items]
Proceeds from Contributions from Affiliates	$ 3.9
Management Fee Percent	4.00%
Annie B | Stratus Block 150, L.P. | Stratus Properties Inc [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	25.00%
Annie B | Stratus Block 150, L.P. | Class B Limited Partnership Interests
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 11.7
Annie B | Block 150 Loan | Stratus Block 150, L.P. Land Loan | Stratus Block 150, L.P.
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 14

Related Party Transactions The

Related Party Transactions The Saint June L.P. (Details) - Saint June, L.P. $ in Thousands	Jul. 01, 2021USD ($)	Jul. 31, 2021	Jun. 30, 2021unit
Related Party Transaction [Line Items]
Management Fee Expense	$ 210
Management Fee Percent	4.00%
Unrelated Equity Investor
Related Party Transaction [Line Items]
Proceeds from Partnership Contribution	$ 16,300
Equity Method Investment, Ownership Percentage		65.87%
Stratus Properties Inc [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage		34.13%
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 1,100
Apartment Building [Member]
Related Party Transaction [Line Items]
Number of Lots/Units in Real Estate Property | unit			182

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, 2021	Jan. 31, 2020USD ($)
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land			$ 13,500
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	33.33%
Payments to Acquire Limited Partnership Interests	$ 5,800
Stratus Properties Inc [Member] | Kingwood Place [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage					60.00%
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%
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement		$ 15,000	$ 10,700
Area of Land | a			54
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

Related Party Transactions Th_2

Related Party Transactions The Saint Mary, L.P. (Details) $ in Millions	Oct. 31, 2019	Aug. 03, 2018	Jun. 19, 2018USD ($)unit	Jan. 31, 2021USD ($)
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			$ 8
The Saint Mary, L.P. [Member] | LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Proceeds From Sale Distributed				$ 1.7
The Saint Mary, L.P. [Member] | JBM Trust
Related Party Transaction [Line Items]
Proceeds From Sale Distributed				$ 1.7
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
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			57.00%
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%
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	33.33%
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%

Related Party Transactions Held

Related Party Transactions Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 24,229	$ 9,309
Restricted cash	18,294	8,899
Real estate under development	181,224	98,137
Land available for development	40,659	53,432
Other assets	17,214	17,960
Total assets	541,226	544,016
Debt	106,648	137,699
Total liabilities	332,613	434,252
Real estate held for investment, net	90,284	92,699
The Saint George Apartments, LP; Stratus Block 150, LP; The Saint June, LP; Stratus Kingwood Place, LP
Related Party Transaction [Line Items]
Cash and cash equivalents	6,177	745
Restricted cash	11,809	0
Real estate under development	62,692	2,380
Land available for development	7,641	8,143
Other assets	3,132	2,195
Total assets	122,850	45,425
Accounts payable and accrued liabilities	5,499	850
Debt	46,096	31,215
Total liabilities	51,595	32,065
Net assets	71,255	13,360
Real estate held for investment, net	$ 31,399	$ 31,962

Real Estate, net Summary of Rea

Real Estate, net Summary of Real Estate Holdings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²unit	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Real estate held for sale	$ 1,773	$ 4,204
Development in Process	181,224	98,137
Land Available for Development	40,659	53,432
Real estate held for investment, net	90,284	92,699
Real Estate Investment Property, Net	313,940	248,472
Real estate held for investment, Depreciation	10,184	7,275
Interest Costs Capitalized	5,500	4,700
Impairment of real estate	1,825	0
Real Estate Held for Investment, Gross	100,468	99,974
West Killeen Market [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	10,237	10,233
Lantana Place [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	30,283	30,258
Jones Crossing [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	25,239	24,651
Kingwood Place [Member]
Real Estate Properties [Line Items]
Impairment of real estate	625
Real Estate Held for Investment, Gross	$ 33,979	33,579
HEB Grocery Store
Real Estate Properties [Line Items]
Net Rentable Area | ft²	90,000
Austin, Texas Office Building
Real Estate Properties [Line Items]
Tangible Asset Impairment Charges	$ 500
Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit	20
Tangible Asset Impairment Charges	$ 700
Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit	2
Retail Site [Member] | West Killeen Market [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	44,493
Retail Site [Member] | Jones Crossing [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	154,117
Retail Site [Member] | Kingwood Place [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	151,855
Retail Site [Member] | Lantana Place, First Phase [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²	99,379
Furniture and Fixtures [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 730	$ 1,253

Asset Sales - Narrative (Detail

Asset Sales - Narrative (Details) $ in Thousands	May 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 31, 2021USD ($)	Sep. 30, 2021USD ($)unit	Jan. 31, 2021USD ($)	Dec. 31, 2021USD ($)unit	Dec. 31, 2020USD ($)	Dec. 09, 2019hotel_roomtheater_seat
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, including discontinued operations						$ 151,053	$ 248,536
Liabilities held for sale, including discontinued operations						153,097	252,136
Impairment of real estate						1,825	0
Net gain on extinguishment of debt						(1,529)	0
Capital Expenditure, Discontinued Operations						500	1,000
Debt						106,648	137,699
Lease income						19,787	21,755
Discontinued Operations, Held-for-sale [Member] | Block 21 Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt			$ 138,000
The Saint Mary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on extinguishment of debt						63
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
Interest Expense						100	1,100
Real estate held for investment, net							36,341
Other assets							175
Assets held for sale, including discontinued operations							36,516
Accrued liabilities							68
Other liabilities							220
Liabilities held for sale, including discontinued operations							25,607
Lease income						100	3,200
The Saint Mary [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 Property Held-for-sale					$ 60,000
Proceeds from Sale of Property Held-for-sale, Net					34,000
Gain (Loss) on Sale of Properties						22,900
Gain (Loss) on Disposition of Assets, Net of Noncontrolling Interests						16,200
Proceeds from Sale of Property Held-for-sale, Distributed to Noncontrolling Interests					12,200
The Saint Mary [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Stratus Properties Inc [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale, Net					$ 21,900
Block 21 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Release of Escrow Deposit	$ 15,000
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	260,000
Number of Hotel Rooms | hotel_room								251
Number Of Theater Seats | theater_seat								2,750
Escrow Deposits Related to Property Sales		$ 15,000	5,000
Escrow Deposit			6,900
Debt						136,684	139,013
Disposal Group, Including Discontinued Operation, Consideration, Downward Adjustment			$ 5,000
Kingwood Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration				$ 5,500
Impairment of real estate				$ 625
Kingwood Place [Member] | Multifamily [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | unit				275
The Santal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on extinguishment of debt						1,900
The Santal | Real Estate Held for Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt							74,343
Interest Expense						3,000	4,000
Real estate held for investment, net							69,160
Other assets							51
Assets held for sale, including discontinued operations							69,211
Accrued liabilities							170
Other liabilities							524
Liabilities held for sale, including discontinued operations							75,037
Lease income						8,700	$ 8,700
The Santal | 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 Property Held-for-sale, Net						74,000
Gain (Loss) on Sale of Properties						83,000
Sale, consideration						152,000
Disposal Group, Including Discontinued Operation, Repair Credit						$ 700
The Santal | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Apartment Building [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | unit						448

Asset Sales - Balance Sheet (De

Asset Sales - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets held for sale	$ 151,053	$ 248,536
Total liabilities held for sale	153,097	252,136
Cash and cash equivalents	24,229	9,309
Restricted cash	18,294	8,899
Real estate held for investment, net	90,284	92,699
Other assets	17,214	17,960
Total assets	541,226	544,016
Debt	106,648	137,699
Other liabilities	17,894	9,600
Total liabilities	332,613	434,252
Goldman Sachs Term Loan | Nonrecourse
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt Instrument, Face Amount			$ 150,000
Interest Rate, Stated Percentage			5.58%
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
Other assets		175
Total assets held for sale		36,516
Accrued liabilities		68
Debt		25,319
Other liabilities		220
Total liabilities held for sale		25,607
The Santal | 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		69,160
Other assets		51
Total assets held for sale		69,211
Accrued liabilities		170
Debt		74,343
Other liabilities		524
Total liabilities held for sale		75,037
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	9,172	3,125
Restricted cash	18,444	12,850
Real estate held for investment, net	120,452	124,669
Other assets	2,985	2,165
Total assets	151,053	142,809
Accounts payable and accrued liabilities	6,200	5,296
Debt	136,684	139,013
Other liabilities	10,213	7,183
Total liabilities	$ 153,097	$ 151,492

Asset Sales - Income Statement

Asset Sales - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations	$ (6,208)	$ (6,467)
Lease income	19,787	21,755
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	1,479	1,539
Revenue	32,718	16,683
Costs of sales	31,653	29,611
Depreciation	4,515	6,089
Other Operating Income	0	(15,000)
General and administrative expenses	735	1,457
Operating income	330	615
Interest expense, net	(7,972)	(8,103)
Benefit from income taxes	1,434	1,021
Net loss from discontinued operations	(6,208)	(6,467)
Block 21 [Member] | Discontinued Operations, Held-for-sale [Member] | Intersegment Eliminations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	1,200	1,000
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	18,310	9,912
Costs of sales	15,784	15,427
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	12,929	5,232
Costs of sales	10,482	6,534
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	$ 872	$ 1,561

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 106,648	$ 137,699
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	$ 108,091	$ 138,784

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Aug. 01, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt	$ 106,648		$ 137,699
Unamortized Debt Issuance Expense	$ 1,200		$ 800
Comerica credit facility [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	5.00%		5.25%
Long-term Line of Credit			$ 43,304
New Caney Land Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.11%		3.69%
New Caney Land Loan [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt	$ 4,496		$ 4,949
Kingwood Place Construction Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	2.61%		3.32%
Kingwood Place Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 32,249		$ 31,215
Lantana Place Construction Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.00%		3.60%
Lantana Place Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 22,098		$ 24,051
Jones Crossing Construction Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	4.00%		4.30%
Jones Crossing Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt			$ 22,377
West Killeen Market construction loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.00%		3.51%
West Killeen Market construction loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 6,078		$ 6,707
PPP Loan
Debt Instrument [Line Items]
Debt	$ 156	$ 300	$ 3,987
Interest Rate, Stated Percentage	1.00%
Amarra Villas Credit Facility [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.10%		0.92%
Amarra Villas Credit Facility [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 1,605		$ 1,109
Annie B
Debt Instrument [Line Items]
Debt	$ 13,847
Interest Rate, Stated Percentage	3.50%
Magnolia Place Construction Loan
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	3.50%
Magnolia Place Construction Loan | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 2,077		$ 0
Jones Crossing Loan
Debt Instrument [Line Items]
Debt	$ 24,042
Interest Rate, Stated Percentage	2.40%

Debt (Narrative) (Details)

Debt (Narrative) (Details)

Apr. 14, 2020USD ($)

Mar. 31, 2020

Dec. 31, 2019USD ($)

Dec. 06, 2018USD ($)

Aug. 03, 2018USD ($)a

Sep. 30, 2022USD ($)

Mar. 31, 2022USD ($)

Sep. 30, 2021USD ($)

Jun. 30, 2021USD ($)

Jan. 31, 2020USD ($)

Sep. 30, 2021USD ($)

Sep. 30, 2022

Jun. 30, 2021USD ($)

Dec. 31, 2021USD ($)extension

Dec. 31, 2020USD ($)

Aug. 01, 2021USD ($)

Apr. 22, 2020USD ($)

Mar. 31, 2019USD ($)

Mar. 08, 2019USD ($)

Apr. 28, 2017USD ($)

Aug. 05, 2016USD ($)

Debt Instrument [Line Items]

Net gain on extinguishment of debt

$ 1,529,000

$ 0

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

$ 4,000,000

Debt

106,648,000

137,699,000

Interest Paid, Excluding Capitalized Interest, Operating Activities

$ 4,800,000

$ 4,700,000

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

Percentage of Construction Costs

30.00%

Comerica credit facility [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

5.00%

5.25%

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

Debt Instrument [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

$ 60,000,000

Line of Credit Facility, Remaining Borrowing Capacity

59,700,000

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

$ 1,000,000

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

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%

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

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

50.00%

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

Letters of Credit Outstanding, Amount

$ 347,000

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

3.11%

3.69%

New Caney Land Loan [Member] | Notes Payable to Banks [Member]

Debt Instrument [Line Items]

Debt

$ 4,496,000

$ 4,949,000

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

Repayments of Debt

$ 500,000

Debt Instrument, Debt Covenant, Liquid Assets

$ 10,000,000

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

Debt Instrument [Line Items]

Repayments of Debt

$ 200,000

New Caney Land Loan [Member] | Land Loan Payable [Member] | Scenario, Forecast [Member]

Debt Instrument [Line Items]

Repayments of Debt

$ 200,000

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

2.61%

3.32%

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

Debt Instrument [Line Items]

Number of Debt Maturity Extensions | extension

2

Debt Maturity Extension, Term

12 months

Debt

$ 32,249,000

$ 31,215,000

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

Percentage of Construction Costs

70.00%

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

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%

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

3.00%

3.60%

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

Repayments of Debt

$ 2,000,000

Debt Instrument, Covenant, Debt Service Ratio

150.00%

Debt Instrument, Payment Frequency, Amortization Period

30 years

Debt

$ 22,098,000

$ 24,051,000

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%

Jones Crossing Construction Loan [Member]

Debt Instrument [Line Items]

Repayments of Debt

$ 22,200,000

Net gain on extinguishment of debt

163,000

Interest Rate, Stated Percentage

4.00%

4.30%

Debt Instrument, Covenant, Liquid Asset Requirement

$ 2,000,000

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

Debt Instrument [Line Items]

Debt

$ 22,377,000

West Killeen Market construction loan [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

3.00%

3.51%

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

Debt Instrument, Covenant, Debt Service Ratio

150.00%

Debt Instrument, Payment Frequency, Amortization Period

30 years

Debt

$ 6,078,000

$ 6,707,000

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%

Amarra Villas Credit Facility [Member]

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

3.10%

0.92%

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]

Line of Credit Facility, Maximum Borrowing Capacity

$ 8,000,000

$ 15,000,000

$ 15,000,000

Line of Credit Facility, Remaining Borrowing Capacity

13,400,000

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

Debt Instrument [Line Items]

Debt Instrument, Covenant, Net Asset Value

$ 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%

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

Jones Crossing Loan

Debt Instrument [Line Items]

Interest Rate, Stated Percentage

2.40%

Debt

$ 24,042,000

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

Debt Instrument [Line Items]

Basis Spread on Variable Rate

2.25%

Debt Instrument, Variable Rate, Floor

0.15%

Jones Crossing Loan | Minimum [Member] | Scenario, Forecast [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt Service Coverage Ratio

115.00%

Jones Crossing Loan | Regions Bank

Debt Instrument [Line Items]

Debt

24,500,000

$ 24,500,000

Annie B

Debt Instrument [Line Items]

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

$ 125,000,000

Interest Rate, Stated Percentage

3.50%

Debt

$ 13,847,000

Debt Instrument, Interest Rate Floor

0.50%

Debt Covenant, Common Stock Repurchase Amount, Maximum

$ 1,000,000

1,000,000

Annie B | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

3.00%

Annie B | Maximum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt Service Coverage Ratio

50.00%

Annie B | Comerica Bank

Debt Instrument [Line Items]

Long-term Debt, Gross

$ 14,000,000

$ 14,000,000

PPP Loan

Debt Instrument [Line Items]

Net gain on extinguishment of debt

$ 3,700,000

Interest Rate, Stated Percentage

1.00%

Debt

$ 156,000

$ 3,987,000

$ 300,000

Magnolia Place Construction Loan

Debt Instrument [Line Items]

Debt Instrument, Covenant, Net Asset Value

125,000,000

Interest Rate, Stated Percentage

3.50%

Debt Instrument, Covenant, Liquid Asset Requirement

7,500,000

Repayment Guaranty, Percentage

25.00%

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

Debt Instrument [Line Items]

Basis Spread on Variable Rate

3.25%

Debt Instrument, Variable Rate, Floor

3.50%

Magnolia Place Construction Loan | Veritex Community Bank

Debt Instrument [Line Items]

Debt Instrument, Unused Borrowing Capacity, Amount

$ 14,800,000

Magnolia Place Construction Loan | Construction Loan Payable [Member]

Debt Instrument [Line Items]

Debt

$ 2,077,000

$ 0

Saint June Construction Loan

Debt Instrument [Line Items]

Debt Instrument, Covenant, Net Asset Value

$ 125,000,000

125,000,000

Debt Instrument, Covenant, Debt Service Coverage Ratio

125.00%

Debt Instrument, Covenant, Liquid Asset Requirement

$ 10,000,000

10,000,000

Repayment Guaranty, Percentage

50.00%

Saint June Construction Loan | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis Spread on Variable Rate

2.75%

Debt Instrument, Variable Rate, Floor

3.50%

Saint June Construction Loan | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Covenant, Debt Service Coverage Ratio

100.00%

Saint June Construction Loan | Texas Capital Bank

Debt Instrument [Line Items]

Debt Instrument, Unused Borrowing Capacity, Amount

$ 30,300,000

$ 30,300,000

Debt Instrument, Percent Financed

55.00%

Estimated Construction And Development Cost

$ 55,000,000

Construction Cost, Percent

60.00%

Appraised Value Of Property, Percent

55.00%

Debt - Maturities (Details)

Debt - Maturities (Details) $ in Millions	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 45.6
2023	35.4
2024	2.4
2025	$ 24.5

Income Taxes - Provision for (b

Income Taxes - Provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current	$ 18,608	$ (6,208)
Deferred	(6,031)	11,048
Provision for income taxes	$ 12,577	$ 4,840

Income Taxes - Deferred income

Income Taxes - Deferred income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Components of Deferred Tax Assets and Liabilities [Abstract]
Real estate, commercial leasing assets and facilities	$ 9,743	$ 8,622
Employee benefit accruals	2,411	834
Deferred income	10	11
Charitable contribution carryforward	0	208
Other assets	3,465	3,704
Net operating loss credit carryforwards	0	(444)
Other liabilities	3,180	3,095
Valuation allowance	(6,440)	(10,684)
Deferred tax assets, net	$ 6,009	$ 44

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Schedule of Income Taxes [Line Items]
Increase (Decrease) in Deferred Tax Assets	$ 6,000
Valuation allowance	(6,440)	$ (10,684)
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
Coronavirus, Aid, Relief, And Economic Securities (CARES) Act, Tax Refund, Filed	5,100
Coronavirus, Aid, Relief, And Economic Securities (CARES) Act, Tax Refund, Received	$ 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, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ 17,228	$ (2,765)
Change in valuation allowance	(4,247)	10,252
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount	(1,230)	354
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Income Tax (Benefit) Expense, Amount	0	(3,539)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount	840	183
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	571	218
PPP loan forgiveness and other	(585)	137
Provision for income taxes	$ 12,577	$ 4,840
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	(5.00%)	(78.00%)
Noncontrolling interests	(2.00%)	(3.00%)
Change in statutory rate	0.00%	27.00%
Executive compensation limitation	1.00%	1.00%
State taxes	1.00%	(2.00%)
PPP loan forgiveness and other	(1.00%)	(1.00%)
Effective income tax rate reconciliation, percent	15.00%	(37.00%)
Income taxes paid	$ 400	$ 500
Proceeds from income tax refunds		$ 1,700

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 210	$ 198
Additions for tax positions related to prior years	11	12
Balance at December 31	$ 221	$ 210

Equity Transactions, Stock-Ba_3

Equity Transactions, Stock-Based Compensation and Employee Benefits - Equity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)planshares	Dec. 31, 2020shares	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
2017 Stock Incentive Plan [Member]
Number of shares authorized (in shares)	180,000
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, 2021	Dec. 31, 2020
2017 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
Shares available for grant (in shares)	27,089
2013 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
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
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Cost [Line Items]
Compensation costs	$ 0.8	$ 0.7

Equity Transactions, Stock-Ba_5

Equity Transactions, Stock-Based Compensation and Employee Benefits - RSUs (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
West Killeen | Deferred Profit Sharing [Member]
Share-based Compensation Rollforward [Line Items]
Accrued Liability, Balance Transferred	$ 1,200
Profit Participation Incentive Plan Pool, Amortizable Balance	$ 300
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Rollforward [Line Items]
Award vesting period		1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Rollforward [Line Items]
Award vesting period		4 years
Restricted Stock Units (RSUs) [Member] | West Killeen
Share-based Compensation Rollforward [Line Items]
Award vesting period	3 years
Granted (in RSUs)	53,411
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	$ 1,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in RSUs)	53,411
Performance Shares and Restricted Stock Units [Member]
Share-based Compensation Rollforward [Line Items]
Granted (in RSUs)		88,561
Grant date fair value		$ 2,400	$ 800
Intrinsic value of vested share based awards		800	$ 600
Unrecognized compensation costs		$ 1,700
Unrecognized compensation costs, weighted-average period of recognition		1 year 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in RSUs)		74,200
Granted (in RSUs)		88,561
Vested (in RSUs)		(27,150)
Ending balance (in RSUs)		135,611	74,200
RSUs outsanding intrinsic value		$ 4,959

Equity Transactions, Stock-Ba_6

Equity Transactions, Stock-Based Compensation and Employee Benefits - Stock Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Stratus shares tendered to pay the exercise price and/or the minimum required taxes (in shares)	5,461	3,839
Amounts Stratus paid for employee taxes	$ 153	$ 91

Equity Transactions, Stock-Ba_7

Equity Transactions, Stock-Based Compensation and Employee Benefits - Employee Benefits (Details) $ in Thousands	Oct. 17, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2018	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		$ 500	$ 400
Other liabilities		$ 17,894	9,600
West Killeen Market [Member]
Other Employee Benefits [Line Items]
Profit Participation Incentive Plan Pool	$ 1,200
Profit Participation Incentive Plan Pool, Grant Date Fair Value	$ 300
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
Other liabilities		$ 15,200	$ 6,200
Deferred Profit Sharing [Member] | Lantana Place [Member]
Other Employee Benefits [Line Items]
Other liabilities		3,900
Deferred Profit Sharing [Member] | The Santal
Other Employee Benefits [Line Items]
Other liabilities		6,700
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 issued due to payouts in excess	3 years
Vesting period of RSUs for capital transactions not occurred prior to third anniversary				3 years
Restricted Stock Units (RSUs) [Member] | Deferred Profit Sharing [Member] | The Santal
Other Employee Benefits [Line Items]
Vesting period of RSUs issued due to payouts in excess	1 year
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		6.00%
Deferred Compensation Arrangement with Individual, Requisite Service Period				1 year 6 months
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent		2.00%
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				3 years 4 months 24 days
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent		6.80%

Equity Transactions, Stock-Ba_8

Equity Transactions, Stock-Based Compensation and Employee Benefits Deferred Compensation (Details) - Deferred Profit Sharing [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Cost [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 10,221	$ 3,724
General and Administrative Expense
Share-based Compensation Cost [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	9,780	2,436
Project Development Costs
Share-based Compensation Cost [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 441	$ 1,288

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2018
Long-term Purchase Commitment [Line Items]
Noncancellable construction contract commitments	$ 36,000
Minimum annual rental income under long-term operating leases:
Year one	9,000
Year two	8,800
Year three	8,700
Year four	8,500
Year five	8,500
After year five	$ 93,700
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	$ 347
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, 2021USD ($)a	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 1,300	$ 1,300
Operating lease, payments	$ 183	$ 197
Weighted average discount rate, percent	6.00%	6.00%
Weighted average remaining lease term	94 years	95 years
Present value of net minimum lease payments	$ 13,986	$ 13,195
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, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 500
2023	549
2024	709
2025	679
2026	669
Thereafter	108,540
Total payments	111,646
Present value adjustment	(97,660)
Present value of net minimum lease payments	$ 13,986	$ 13,195

Commitments and Contingencies_4

Commitments and Contingencies - Circle C Settlement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	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	12.5
Development Fee Credits, Cumulative Amount Sold To Third Parties	5.1
Development Fee Credits, Outstanding Credit Bank Capacity	0.8
Development Fee Credits, Available Credit Bank Capacity	$ 1.9

Commitment and Contingencies -

Commitment and Contingencies - The Oaks at Lakeway (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain		$ 4,801	$ 6,173
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		110
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		40
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, 2021USD ($)segment	Dec. 31, 2020USD ($)
Revenue from External Customer [Line Items]
Number of operating segments | segment	2
Revenue	$ 8,449	$ 22,578
Lease income	19,787	21,755
Total revenues	28,236	44,333
Real Estate Operations | Real Estate [Member]
Revenue from External Customer [Line Items]
Revenue	8,449	22,578
Real Estate Operations | Developed property sales
Revenue from External Customer [Line Items]
Revenue	4,615	21,789
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenue	584	89
Real Estate Operations | Real Estate, Undeveloped [Member]
Revenue from External Customer [Line Items]
Revenue	3,250	700
Leasing Operations
Revenue from External Customer [Line Items]
Lease income	$ 19,787	$ 21,755

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Unaffiliated customers	$ 28,236	$ 44,333
Intersegment	0	0
Cost of sales, excluding depreciation	18,763	29,829
Depreciation	5,449	7,581
General and administrative expenses	24,509	13,578
Gain on sales of assets	(105,970)	0
Operating income (loss)	83,660	(6,655)
Capital expenditures	72,334	19,966
Total assets	541,226	544,016
Assets held for sale, including discontinued operations	151,053	248,536
Provision for Other Credit Losses		1,400
Impairment of real estate	1,825	0
Deferred Compensation Arrangement with Individual, Compensation Expense, increase	7,400
Payments for Capital Improvements	19,562	6,191
Consulting, Legal And Public Relation Expense	$ 2,700
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 Corporate, Eliminations and Other b Total Year Ended December 31, 2021: Revenues: Unaffiliated customers $ 8,449 $ 19,787 $ — $ 28,236 Intersegment 17 — (17) — Cost of sales, excluding depreciation 9,758 9,030 (25) 18,763 Depreciation 155 5,358 (64) 5,449 General and administrative expenses — — 24,509 c 24,509 Impairment of real estate 1,825 d — — 1,825 Gain on sales of assets — (105,970) e — (105,970) Operating (loss) income $ (3,272) $ 111,369 $ (24,437) $ 83,660 Capital expenditures and purchases and development of real estate properties $ 52,772 f $ 19,024 $ 538 $ 72,334 Total assets at December 31, 2021 241,225 107,990 192,011 g 541,226 Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Year Ended December 31, 2020: Revenues: Unaffiliated customers $ 22,578 $ 21,755 $ — $ 44,333 Intersegment 17 — (17) — Cost of sales, excluding depreciation 18,628 11,203 h (2) 29,829 Depreciation 229 7,478 (126) 7,581 General and administrative expenses — — 13,578 13,578 Operating income (loss) $ 3,738 $ 3,074 $ (13,467) $ (6,655) Capital expenditures and purchases and development of real estate properties $ 13,775 $ 5,203 $ 988 $ 19,966 Total assets at December 31, 2020 161,608 221,890 i 160,518 g 544,016 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. The increase in 2021, compared to 2020, is primarily the result of a $7.4 million increase in employee incentive compensation costs associated with the PPIP primarily for The Santal and Lantana Place projects, and a $2.7 million increase in consulting, legal and public relation costs for Stratus' successful proxy contest. d. Includes $700 thousand for two Amarra Villas homes under construction and under contract, $625 thousand for the multi-family tract of land at Kingwood Place and $500 thousand for an office building in Austin. e. Represents the pre-tax gains on the December 2021 sale of The Santal of $83.0 million, and the January 2021 sale of The Saint Mary of $22.9 million. f. Includes the purchases of The Annie B land for $22.5 million and The Saint George land for $18.5 million. g. Includes assets held for sale associated with discontinued operations at Block 21, which totaled $151.1 million at December 31, 2021, and $142.8 million at December 31, 2020. h. Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. i. Includes assets held for sale at The Saint Mary and The Santal totaling $105.7 million, both of which were sold during 2021.
Discontinued Operations, Held-for-sale [Member] | The Santal and Saint Mary
Revenues:
Assets held for sale, including discontinued operations		105,700
Real Estate Held for Sale [Member] | The Santal
Revenues:
Assets held for sale, including discontinued operations		69,211
Real Estate Held for Sale [Member] | The Saint Mary [Member]
Revenues:
Assets held for sale, including discontinued operations		36,516
Amarra Drive Villas [Member]
Revenues:
Tangible Asset Impairment Charges	$ 700
Austin, Texas Office Building
Revenues:
Tangible Asset Impairment Charges	500
Kingwood Place [Member]
Revenues:
Impairment of real estate	625
Block 21 [Member] | Discontinued Operations, Held-for-sale [Member]
Revenues:
Assets held for sale, including discontinued operations	151,100	142,800
Eliminations and Other [Member]
Revenues:
Capital expenditures	538	988
Operating Segments [Member] | Annie B
Revenues:
Payments for Capital Improvements	22,500
Operating Segments [Member] | Saint George L.P.
Revenues:
Payments for Capital Improvements	18,500
Operating Segments [Member] | Real Estate Operations
Revenues:
Unaffiliated customers	8,449	22,578
Cost of sales, excluding depreciation	9,758	18,628
Depreciation	155	229
General and administrative expenses	0	0
Gain on sales of assets	0
Operating income (loss)	(3,272)	3,738
Capital expenditures	52,772	13,775
Total assets	241,225	161,608
Impairment of real estate	1,825
Operating Segments [Member] | Leasing Operations
Revenues:
Unaffiliated customers	19,787	21,755
Cost of sales, excluding depreciation	9,030	11,203
Depreciation	5,358	7,478
General and administrative expenses	0	0
Gain on sales of assets	(105,970)
Operating income (loss)	111,369	3,074
Capital expenditures	19,024	5,203
Total assets	107,990	221,890
Impairment of real estate	0
Intersegment Eliminations [Member]
Revenues:
Unaffiliated customers	0	0
Intersegment	(17)	(17)
Cost of sales, excluding depreciation	(25)	(2)
Depreciation	(64)	(126)
General and administrative expenses	24,509	13,578
Gain on sales of assets	0
Operating income (loss)	(24,437)	(13,467)
Total assets	192,011	160,518
Impairment of real estate	0
Intersegment Eliminations [Member] | Real Estate Operations
Revenues:
Intersegment	17	17
Intersegment Eliminations [Member] | Leasing Operations
Revenues:
Intersegment	$ 0	$ 0