Stratus Properties (STRS) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca Street, Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,273,268
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 12,273,000	$ 24,229,000
Restricted cash	10,859,000	18,294,000
Real estate held for sale	1,773,000	1,773,000
Real estate under development	206,191,000	181,224,000
Land available for development	34,816,000	40,659,000
Real estate held for investment, net	89,760,000	90,284,000
Lease right-of-use assets	10,460,000	10,487,000
Deferred tax assets	4,843,000	6,009,000
Other assets	22,621,000	17,214,000
Assets held for sale - discontinued operations	151,172,000	151,053,000
Total assets	544,768,000	541,226,000
Liabilities:
Accounts payable	14,573,000	14,118,000
Accrued liabilities, including taxes	19,682,000	22,069,000
Debt	121,446,000	106,648,000
Lease liabilities	14,135,000	13,986,000
Deferred gain	4,274,000	4,801,000
Other liabilities	10,381,000	17,894,000
Liabilities held for sale - discontinued operations	149,717,000	153,097,000
Total liabilities	334,208,000	332,613,000
Commitments and contingencies
Stockholders’ equity:
Common stock	94,000	94,000
Capital in excess of par value of common stock	188,971,000	188,759,000
Accumulated deficit	(6,691,000)	(8,963,000)
Common stock held in treasury	(22,205,000)	(21,753,000)
Total stockholders’ equity	160,169,000	158,137,000
Noncontrolling interests in subsidiaries	50,391,000	50,476,000
Total equity	210,560,000	208,613,000
Total liabilities and equity	$ 544,768,000	$ 541,226,000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Leasing operations	$ 3,080	$ 4,818
Total revenues	3,099	11,374
Cost of sales:
Cost of sales	2,350	6,412
Depreciation	873	1,586
Total cost of sales	3,223	7,998
General and administrative expenses	3,167	4,324
Gain on sale of assets	(4,812)	(22,931)
Total	1,578	(10,609)
Operating income	1,521	21,983
Interest expense, net	(15)	(1,056)
Loss on extinguishment of debt	0	(63)
Other income, net	6	3
Income before income taxes and equity in unconsolidated affiliates' loss	1,512	20,867
Benefit from (provision for) income taxes	302	(2,691)
Equity in unconsolidated affiliates' loss	(2)	(2)
Net income	1,812	18,174
Net income (loss) from discontinued operations	375	(2,508)
Net income	2,187	15,666
Total comprehensive loss (income) attributable to noncontrolling interests	85	(6,722)
Net income and total comprehensive income attributable to common stockholders	$ 2,272	$ 8,944
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.23	$ 1.39
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.05	(0.30)
Basic net (loss) income per share attributable to common stockholders (in usd per share)	0.28	1.09
Income (Loss) from Continuing Operations, Per Diluted Share	0.23	1.38
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0.04	(0.30)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ 0.27	$ 1.08
Basic weighted average number of shares outstanding, basic (in shares)	8,251	8,223
Diluted weighted average number of shares outstanding, basic (in shares)	8,355	8,273
Real estate operations
Revenues:
Revenue from contracts with customers	$ 19	$ 6,556
Cost of sales:
Cost of sales	1,366	4,360
Leasing operations
Cost of sales:
Cost of sales	$ 984	$ 2,052

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from operating activities:
Net income	$ 2,187	$ 15,666
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	873	3,002
Cost of real estate sold	0	3,112
Gain on sale of assets	(4,812)	(22,931)
Loss on extinguishment of debt	0	63
Debt issuance cost amortization and stock-based compensation	515	529
Equity in unconsolidated affiliates' loss	2	2
Deferred income taxes	1,167	0
Purchases and development of real estate properties	(4,864)	(2,489)
(Increase) decrease in other assets	(5,559)	238
Decrease in accounts payable, accrued liabilities and other	(7,629)	(7,563)
Net cash used in operating activities	(18,120)	(10,371)
Cash flow from investing activities:
Capital expenditures	(14,724)	(1,009)
Proceeds from sale of assets	0	59,488
Payments on master lease obligations	(182)	(270)
Other, net	0	(5)
Net cash (used in) provided by investing activities	(14,906)	58,204
Cash flow from financing activities:
Borrowings from credit facility	10,000	17,000
Payments on credit facility	0	(26,227)
Borrowings from project loans	5,111	458
Payments on project and term loans	(1,172)	(28,708)
Stock-based awards net payments	(452)	(157)
Distributions to noncontrolling interests	0	(13,087)
Financing costs	(17)	(53)
Net cash provided by (used in) financing activities	13,470	(50,774)
Net decrease in cash, cash equivalents and restricted cash	(19,556)	(2,941)
Cash, cash equivalents and restricted cash at beginning of year	70,139	34,183
Cash, cash equivalents and restricted cash at end of period	$ 50,583	$ 31,242

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total	Common Stock	Capital in Excess of Par Value	Accum-ulated Deficit	Common Stock Held in Treasury	Noncontrolling Interests in Subsidiaries
Balance at Dec. 31, 2020	$ 109,764	$ 98,914	$ 94	$ 186,777	$ (66,357)	$ (21,600)	$ 10,850
Balance (in shares) at Dec. 31, 2020			9,358			1,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and vested stock-based awards	0
Exercised and issued stock-based awards (in shares)			19
Stock-based compensation	182	182		182
Grant of restricted stock units under the Profit Participation Incentive Plan	1,162	1,162		1,162
Tender of shares for stock-based awards	(153)	(153)				$ (153)
Tender of shares for stock-based awards (in shares)						6
Distributions to noncontrolling interests	(13,087)						(13,087)
Total comprehensive income (loss)	15,666	8,944			8,944		6,722
Balance at Mar. 31, 2021	113,534	109,049	$ 94	188,121	(57,413)	$ (21,753)	4,485
Balance (in shares) at Mar. 31, 2021			9,377			1,143
Balance at Dec. 31, 2021	208,613	158,137	$ 94	188,759	(8,963)	$ (21,753)	50,476
Balance (in shares) at Dec. 31, 2021			9,388			1,143
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and vested stock-based awards	0
Exercised and issued stock-based awards (in shares)			39
Stock-based compensation	212	212		212
Tender of shares for stock-based awards	(452)	(452)				$ (452)
Tender of shares for stock-based awards (in shares)						11
Total comprehensive income (loss)	2,187	2,272			2,272		(85)
Balance at Mar. 31, 2022	$ 210,560	$ 160,169	$ 94	$ 188,971	$ (6,691)	$ (22,205)	$ 50,391
Balance (in shares) at Mar. 31, 2022			9,427			1,154

General

General	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2021 (Stratus 2021 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. Operating results for the first quarter of 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Refer to Note 4 for a discussion of Stratus' discontinued operations. Related Party Transactions. During the first quarter of 2022, Stratus had 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 $173 thousand in first-quarter 2022 and $37 thousand in first-quarter 2021. The first quarter of 2022 included a cash payment under Stratus’ Profit Participation Incentive Plan (PPIP). As of March 31, 2022, the consultant has one outstanding award under the PPIP. In addition, during first-quarter 2022, the Compensation Committee of Stratus' Board of Directors (the Compensation Committee) approved an award to be granted to the consultant under the PPIP related to another development project. Refer to Note 7 for discussion of the PPIP. In April 2022, Stratus hired the consultant as an employee at the same annual salary as his compensation under the contract with Whitefish Partners. As an employee, he is eligible for the same health and retirement benefits provided to all Stratus employees.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Stratus’ basic net income per share of common stock was calculated by dividing the net income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in thousands, except per share amounts) follows: Three Months Ended March 31, 2022 2021 Income from continuing operations $ 1,812 $ 18,174 Net income (loss) from discontinued operations 375 (2,508) Net income 2,187 15,666 Net loss (income) attributable to noncontrolling interests in subsidiaries 85 (6,722) Net income attributable to Stratus common stockholders $ 2,272 $ 8,944 Basic weighted-average shares of common stock outstanding 8,251 8,223 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) a 104 50 Diluted weighted-average shares of common stock outstanding 8,355 8,273 Basic net income (loss) per share attributable to common stockholders Continuing operations $ 0.23 $ 1.39 Discontinued operations 0.05 (0.30) $ 0.28 $ 1.09 Diluted net income (loss) per share attributable to common stockholders Continuing operations $ 0.23 $ 1.38 Discontinued operations 0.04 (0.30) $ 0.27 $ 1.08

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	LIMITED PARTNERSHIPS Stratus, through its subsidiaries, is a partner in the following limited partnerships: The Saint George Apartments, L.P., Stratus Block 150, L.P., The Saint June, L.P., Stratus Kingwood Place, L.P. and The Saint Mary, L.P. For additional information regarding Stratus' partnerships, refer to Note 2 in the Stratus 2021 Form 10-K. Stratus Block 150, L.P. In the first quarter of 2022, pursuant to the limited partnership agreement, wholly owned subsidiaries of Stratus contributed an additional $1.4 million in cash to Stratus Block 150, L.P. No additional capital contributions are required to be made by the partners. As of March 31, 2022, Stratus holds, in the aggregate, a 31.0 percent indirect controlling equity interest in Stratus Block 150, L.P. As of March 31, 2022, JBM Trust, a related party to Stratus, holds a 5.9 percent equity interest in Stratus Block 150, L.P. For additional information regarding Stratus' related parties, including JBM Trust, refer to Notes 1 and 2 in the Stratus 2021 Form 10-K. Accounting for Limited Partnerships. Stratus has performed evaluations and concluded that The Saint George Apartments, L.P., Stratus Block 150, L.P., The Saint June, L.P., Stratus 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): March 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 8,504 $ 7,432 Restricted cash 5,170 11,809 Real estate under development 72,776 62,692 Land available for development 7,702 7,641 Real estate held for investment 31,417 31,399 Other assets 3,159 3,160 Total assets 128,728 124,133 Liabilities: Accounts payable and accrued liabilities 9,894 6,661 Debt 46,334 46,096 Total liabilities 56,228 52,757 Net assets $ 72,500 $ 71,376

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	ASSET SALES Block 21 Pending Sale - Discontinued Operations. Block 21 is Stratus’ wholly owned mixed-use real estate property 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 sales. 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 Ryman’s assumption of approximately $137 million of existing Block 21 mortgage debt and is subject to an expected downward adjustment of $5.0 million. The remainder of the purchase price will be paid in cash. The transaction is expected to close prior to June 1, 2022, but remains 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 agreement 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 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 in the consolidated balance sheets follow (in thousands): March 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 9,509 $ 9,172 Restricted cash a 17,942 18,444 Real estate held for investment, net 120,634 120,452 Other assets 3,087 2,985 Total assets $ 151,172 $ 151,053 Liabilities: Accounts payable and accrued liabilities, including taxes $ 4,268 $ 6,200 Debt b 136,054 136,684 Other liabilities 9,395 10,213 Total liabilities $ 149,717 $ 153,097 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. Balances include net reductions for unamortized debt issuance costs of $0.5 million at March 31, 2022, and $0.6 million at December 31, 2021. Block 21’s results of operations in the consolidated statements of comprehensive income consists of the following (in thousands): Three Months Ended March 31, 2022 2021 Revenues: a Hotel $ 5,871 $ 2,118 Entertainment 5,340 608 Leasing operations and other 726 414 Total revenue 11,937 3,140 Cost of sales: Hotel 4,743 2,901 Entertainment 4,139 1,279 Leasing operations and other 471 337 Depreciation — b 1,416 Total cost of sales 9,353 5,933 General and administrative expenses 100 220 Operating income (loss) 2,484 (3,013) Interest expense, net (1,945) (1,979) (Provision for) benefit from income taxes (164) 2,484 Net income (loss) $ 375 $ (2,508) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $321 thousand in first-quarter 2022 and $262 thousand in first-quarter 2021. b. In accordance with accounting guidance, depreciation is not recognized subsequent to classification as assets held for sale, which occurred in the fourth quarter of 2021. Capital expenditures associated with discontinued operations totaled $182 thousand in first-quarter 2022 and $107 thousand in first-quarter 2021. 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, L.P.-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 (the In-line Master Lease), (2) one covering the hotel pad with a 99-year term (the Hotel Master Lease) and (3) one covering four unleased pad sites, three of which have 10-year terms, and one of which has a 15-year term (the Pad Site Master Lease). For additional information, refer to Note 9 in the Stratus 2021 Form 10-K under the heading “Deferred Gain on Sale of The Oaks at Lakeway.” The In-Line Master Lease expired in February 2022 and the Hotel Master Lease was terminated in November 2020. As such, Stratus has no further obligations under these two master leases. With respect to the Pad Site Master Lease, Stratus has leased the one pad site with a 15-year term, reducing the monthly rent payment net of rent collections for this pad site to approximately $2,500. Stratus may assign this lease to the purchaser and terminate the obligation under the Pad Site Master Lease for this pad site with a payment of $560,000 to the purchaser. The lease term for the remaining three unleased pad sites under the Pad Site Master Lease expires in February 2027. To the extent leases are executed for the remaining three unleased pad sites, tenants open for business, and the leases are then assigned to the purchaser, the master lease obligation could be reduced further. In the first quarter of 2022, Stratus reassessed its plans with respect to construction of the remaining buildings on the three remaining unleased pad sites and determined that, rather than execute leases and build the buildings, it is less costly to continue to pay the monthly rent (approximately $77 thousand per month) pursuant to the Pad Site Master Lease until the lease expires in February 2027. In connection with this determination, Stratus reversed an accrual of costs to lease and construct these buildings, resulting in recognition of an additional $4.8 million of gain in first-quarter 2022. A contract liability of $4.3 million is presented as a deferred gain in the consolidated balance sheets at March 31, 2022, compared with $4.8 million at December 31, 2021. The reduction in the deferred gain balance primarily reflects master lease payments. The remaining deferred gain balance is expected to be reduced primarily by future master lease payments. 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. In first-quarter 2021, after establishing a reserve for remaining costs of the partnership, Stratus received $20.9 million from the subsidiary in connection with the sale and $12.9 million of the net proceeds were distributed to the noncontrolling interest owners. Stratus recognized a pre-tax gain on the sale of $22.9 million ($16.2 million net of noncontrolling interests) in first-quarter 2021. Stratus also recognized a $63 thousand loss on extinguishment of debt in first-quarter 2021 related to the repayment of The Saint Mary construction loan. The Saint Mary had rental revenue of $0.1 million in first-quarter 2021 prior to the sale. Interest expense, net of capitalized amounts, related to The Saint Mary construction loan was less than $0.1 million in first-quarter 2021. 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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' debt follows (in thousands): March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Liabilities: Debt $ 121,446 $ 122,747 $ 106,648 $ 108,091

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Capitalization, Long-term Debt and Equity [Abstract]
Debt	DEBT The components of Stratus' debt follow (in thousands): March 31, 2022 December 31, 2021 Comerica Bank credit facility $ 10,000 $ — Jones Crossing loan 24,067 24,042 The Annie B land loan 13,877 13,847 New Caney land loan 4,262 4,496 Paycheck Protection Program loan 38 156 Construction loans: Kingwood Place 32,457 32,249 Lantana Place 21,997 22,098 Magnolia Place 6,542 2,077 West Killeen Market 6,040 6,078 Amarra Villas credit facility 2,166 1,605 Total debt a $ 121,446 $ 106,648 a. Includes net reductions for unamortized debt issuance costs of $1.1 million at March 31, 2022, and $1.2 million at December 31, 2021. Total debt does not include debt associated with Block 21, which is reflected in liabilities held for sale. Refer to Note 4 for further discussion. Comerica Bank credit facility. As of March 31, 2022, Stratus had $49.7 million available under its $60.0 million Comerica Bank credit facility, with letters of credit totaling $347 thousand committed against the credit facility. In April 2022, Stratus borrowed $20.0 million on the credit facility, of which the majority of the funds were used to make a U.S. Federal tax payment for Stratus’ 2021 tax liability. In May 2022, Stratus and Comerica Bank entered into an amendment to extend the maturity date of the Comerica Bank credit facility from September 27, 2022, to December 26, 2022, increase the letter of credit sublimit from $7.5 million to $11.5 million and change the benchmark rate from the London Interbank Offered Rate (LIBOR) to the Bloomberg Short-Term Bank Yield Index (BSBY) Rate. Advances under the credit facility now bear interest at the one-month BSBY Rate (with a floor of 0.0 percent) plus 4.0 percent. New Caney land loan. In March 2022, Stratus extended the maturity of 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. PPP 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, which was signed into law on March 27, 2020. The PPP loan matured and the remaining balance was repaid by Stratus on April 15, 2022. Of the original loan amount, $3.7 million was forgiven in August 2021. 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 request advances under the loan through December 31, 2022. Amarra Villas credit facility. In March 2022, 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. For additional information regarding Stratus' debt, refer to Note 6 in the Stratus 2021 Form 10-K. Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $1.1 million in first-quarter 2022 and $2.3 million in first-quarter 2021. Stratus' capitalized interest totaled $1.1 million in first-quarter 2022 and $1.3 million in first-quarter 2021. Capitalized interest is primarily related to development activities at Barton Creek, The Annie B, The Saint George and Magnolia Place.

Profit Participation Incentive

Profit Participation Incentive Plan	3 Months Ended
	Mar. 31, 2022
Profit Participation Plan [Abstract]
Profit Participation Incentive Plan	PROFIT PARTICIPATION INCENTIVE PLAN In July 2018, the Compensation Committee unanimously adopted the PPIP, which provides participants with economic incentives tied to the success of the development projects designated by the Compensation Committee as approved projects under the PPIP. Estimates related to the awards may change over time as a result of differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. During the first quarter of 2022, the Compensation Committee designated The Saint June as an approved project under the PPIP although no awards for this project were granted as of March 31, 2022. Refer to Note 8 of the Stratus 2021 Form 10-K for further discussion. The sale of The Saint Mary in January 2021 was a capital transaction under the PPIP. During February 2022, $2.1 million was paid in cash to eligible participants. In September 2021, Lantana Place reached a valuation event under the PPIP. The profit pool was $3.9 million, of which $0.2 million was paid in cash during February 2022. The remaining accrued liability under the PPIP related to Lantana Place totaled $3.7 million at March 31, 2022, and is expected to be settled in RSUs awarded to eligible participants in the first half of 2022. The sale of The Santal in December 2021 was a capital transaction under the PPIP. During February 2022, $5.0 million was paid in cash to eligible participants, subject to the PPIP’s limits on cash compensation paid to certain officers. Amounts due under the PPIP above the limits are converted to an equivalent number of RSUs with a one-year vesting period. The remaining accrued liability under the PPIP related to The Santal totaled $1.7 million at March 31, 2022, and is expected to be settled in RSUs awarded to eligible participants in the first half of 2022. A summary of PPIP costs follows (in thousands): Three Months Ended March 31, 2022 2021 Charged to general and administrative expense $ 15 $ 495 Capitalized to project development costs 51 224 Total PPIP costs $ 66 $ 719 The accrued liability for the PPIP totaled $7.9 million at March 31, 2022, and $15.2 million at December 31, 2021 (included in other liabilities).

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes are further described in Notes 1 and 7 in the Stratus 2021 Form 10-K. Stratus had deferred tax assets (net of deferred tax liabilities) totaling $11.3 million at March 31, 2022 and $12.4 million at December 31, 2021. Stratus' deferred tax assets had valuation allowances totaling $6.5 million at March 31, 2022, and $6.4 million at December 31, 2021. Management has concluded that the pending sale of Block 21 is sufficient positive evidence to support the ability to realize certain deferred tax assets expected to be realized from the sale, which resulted in Stratus recording a $4.2 million non-cash tax credit in the fourth quarter of 2021 to reduce the related valuation allowance. 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.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2022
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; the Lantana community, including a portion of Lantana Place planned for a multi-family phase now known as The Saint Julia, and the land for The Saint George and The Annie B); 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 (one vacant pad site 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, Lantana Place, Kingwood Place and the completed portion of Jones Crossing. The segment also included The Saint Mary until its sale in January 2021 and The Santal until its sale in December 2021. Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus’ operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity. Revenues from Contracts with Customers. Stratus' revenues from contracts with customers follow (in thousands): Three Months Ended March 31, 2022 2021 Real Estate Operations: Developed property sales $ — $ 4,040 Undeveloped property sales — 2,500 Commissions and other 19 16 19 6,556 Leasing Operations: Rental revenue 3,080 4,818 3,080 4,818 Total revenues from contracts with customers $ 3,099 $ 11,374 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 Three Months Ended March 31, 2022: Revenues: Unaffiliated customers $ 19 $ 3,080 $ — $ 3,099 Intersegment 4 — (4) — Cost of sales, excluding depreciation 1,366 984 — 2,350 Depreciation 25 852 (4) 873 General and administrative expenses — — 3,167 c 3,167 Gain on sale of assets — (4,812) d — (4,812) Operating (loss) income $ (1,368) $ 6,056 $ (3,167) $ 1,521 Capital expenditures and purchases and development of real estate properties $ 4,864 $ 14,542 $ 182 $ 19,588 Total assets at March 31, 2022 254,212 106,652 183,904 e 544,768 Three Months Ended March 31, 2021: Revenues: Unaffiliated customers $ 6,556 $ 4,818 $ — $ 11,374 Intersegment 4 — (4) — Cost of sales, excluding depreciation 4,360 2,052 — 6,412 Depreciation 64 1,544 (22) 1,586 General and administrative expenses — — 4,324 4,324 Gain on sale of assets — (22,931) f — (22,931) Operating income (loss) $ 2,136 $ 24,153 $ (4,306) $ 21,983 Capital expenditures and purchases and development of real estate properties $ 2,489 $ 902 $ 107 $ 3,498 Total assets at March 31, 2021 161,488 180,758 g 159,625 e 501,871 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 decrease in first-quarter 2022, compared to first-quarter 2021, is primarily the result of $0.8 million incurred in first-quarter 2021 for consulting, legal and public relation costs for Stratus' successful proxy contest and the real estate investment trust exploration process as well as a $0.5 million decrease in employee incentive compensation costs associated with the PPIP. d. Represents a gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that Stratus entered into in connection with its sale of The Oaks at Lakeway in 2017. e. Includes assets held for sale associated with discontinued operations at Block 21, which totaled $151.2 million at March 31, 2022, and $140.5 million at March 31, 2021. f. Represents the gain on the January 2021 sale of The Saint Mary. g. Includes $68.5 million of assets held for sale related to The Santal, which was sold in the fourth quarter of 2021.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after March 31, 2022, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2021 (Stratus 2021 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments.
Earnings Per Share	Stratus’ basic net income per share of common stock was calculated by dividing the net income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Assets and Liabilities of The Saint Mary, L.P. and Kingwood, L.P.	Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships (in thousands): March 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 8,504 $ 7,432 Restricted cash 5,170 11,809 Real estate under development 72,776 62,692 Land available for development 7,702 7,641 Real estate held for investment 31,417 31,399 Other assets 3,159 3,160 Total assets 128,728 124,133 Liabilities: Accounts payable and accrued liabilities 9,894 6,661 Debt 46,334 46,096 Total liabilities 56,228 52,757 Net assets $ 72,500 $ 71,376

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The carrying amounts of Block 21's major classes of assets and liabilities in the consolidated balance sheets follow (in thousands): March 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 9,509 $ 9,172 Restricted cash a 17,942 18,444 Real estate held for investment, net 120,634 120,452 Other assets 3,087 2,985 Total assets $ 151,172 $ 151,053 Liabilities: Accounts payable and accrued liabilities, including taxes $ 4,268 $ 6,200 Debt b 136,054 136,684 Other liabilities 9,395 10,213 Total liabilities $ 149,717 $ 153,097 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. Balances include net reductions for unamortized debt issuance costs of $0.5 million at March 31, 2022, and $0.6 million at December 31, 2021. Block 21’s results of operations in the consolidated statements of comprehensive income consists of the following (in thousands): Three Months Ended March 31, 2022 2021 Revenues: a Hotel $ 5,871 $ 2,118 Entertainment 5,340 608 Leasing operations and other 726 414 Total revenue 11,937 3,140 Cost of sales: Hotel 4,743 2,901 Entertainment 4,139 1,279 Leasing operations and other 471 337 Depreciation — b 1,416 Total cost of sales 9,353 5,933 General and administrative expenses 100 220 Operating income (loss) 2,484 (3,013) Interest expense, net (1,945) (1,979) (Provision for) benefit from income taxes (164) 2,484 Net income (loss) $ 375 $ (2,508)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of the carrying amount and fair value of other financial instruments	A summary of the carrying amount and fair value of Stratus' debt follows (in thousands): March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Liabilities: Debt $ 121,446 $ 122,747 $ 106,648 $ 108,091

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Table [Abstract]
Schedule of debt	The components of Stratus' debt follow (in thousands): March 31, 2022 December 31, 2021 Comerica Bank credit facility $ 10,000 $ — Jones Crossing loan 24,067 24,042 The Annie B land loan 13,877 13,847 New Caney land loan 4,262 4,496 Paycheck Protection Program loan 38 156 Construction loans: Kingwood Place 32,457 32,249 Lantana Place 21,997 22,098 Magnolia Place 6,542 2,077 West Killeen Market 6,040 6,078 Amarra Villas credit facility 2,166 1,605 Total debt a $ 121,446 $ 106,648 a. Includes net reductions for unamortized debt issuance costs of $1.1 million at March 31, 2022, and $1.2 million at December 31, 2021. Total debt does not include debt associated with Block 21, which is reflected in liabilities held for sale. Refer to Note 4 for further discussion.

Compensation Related Costs, Gen

Compensation Related Costs, General (Tables)	3 Months Ended
	Mar. 31, 2022
Compensation Related Costs [Abstract]
Share-based Payment Arrangement, Cost by Plan	A summary of PPIP costs follows (in thousands): Three Months Ended March 31, 2022 2021 Charged to general and administrative expense $ 15 $ 495 Capitalized to project development costs 51 224 Total PPIP costs $ 66 $ 719

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	Stratus' revenues from contracts with customers follow (in thousands): Three Months Ended March 31, 2022 2021 Real Estate Operations: Developed property sales $ — $ 4,040 Undeveloped property sales — 2,500 Commissions and other 19 16 19 6,556 Leasing Operations: Rental revenue 3,080 4,818 3,080 4,818 Total revenues from contracts with customers $ 3,099 $ 11,374
Schedule of Segment Reporting Information by Segment [Table Text Block]	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 Three Months Ended March 31, 2022: Revenues: Unaffiliated customers $ 19 $ 3,080 $ — $ 3,099 Intersegment 4 — (4) — Cost of sales, excluding depreciation 1,366 984 — 2,350 Depreciation 25 852 (4) 873 General and administrative expenses — — 3,167 c 3,167 Gain on sale of assets — (4,812) d — (4,812) Operating (loss) income $ (1,368) $ 6,056 $ (3,167) $ 1,521 Capital expenditures and purchases and development of real estate properties $ 4,864 $ 14,542 $ 182 $ 19,588 Total assets at March 31, 2022 254,212 106,652 183,904 e 544,768 Three Months Ended March 31, 2021: Revenues: Unaffiliated customers $ 6,556 $ 4,818 $ — $ 11,374 Intersegment 4 — (4) — Cost of sales, excluding depreciation 4,360 2,052 — 6,412 Depreciation 64 1,544 (22) 1,586 General and administrative expenses — — 4,324 4,324 Gain on sale of assets — (22,931) f — (22,931) Operating income (loss) $ 2,136 $ 24,153 $ (4,306) $ 21,983 Capital expenditures and purchases and development of real estate properties $ 2,489 $ 902 $ 107 $ 3,498 Total assets at March 31, 2021 161,488 180,758 g 159,625 e 501,871 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 decrease in first-quarter 2022, compared to first-quarter 2021, is primarily the result of $0.8 million incurred in first-quarter 2021 for consulting, legal and public relation costs for Stratus' successful proxy contest and the real estate investment trust exploration process as well as a $0.5 million decrease in employee incentive compensation costs associated with the PPIP. d. Represents a gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that Stratus entered into in connection with its sale of The Oaks at Lakeway in 2017. e. Includes assets held for sale associated with discontinued operations at Block 21, which totaled $151.2 million at March 31, 2022, and $140.5 million at March 31, 2021. f. Represents the gain on the January 2021 sale of The Saint Mary. g. Includes $68.5 million of assets held for sale related to The Santal, which was sold in the fourth quarter of 2021.

General (Details)

General (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Whitefish Partners LLC | Immediate Family Member of Management or Principal Owner
Product Information [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 173	$ 37

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock Units and Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average shares excluded from computation of earnings per share (in shares)	4	16

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 1,812	$ 18,174
Net income	2,187	15,666
Net Income (Loss) Attributable to Noncontrolling Interest	85	(6,722)
Net income attributable to Stratus common stockholders	$ 2,272	$ 8,944
Diluted weighted average number of shares outstanding, basic (in shares)	8,355	8,273
Basic weighted average number of shares outstanding, basic (in shares)	8,251	8,223
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) (in shares)	104	50
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ 0.27	$ 1.08
Basic net (loss) income per share attributable to common stockholders (in usd per share)	$ 0.28	$ 1.09
Net income (loss) from discontinued operations	$ 375	$ (2,508)
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.23	$ 1.39
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.05	(0.30)
Income (Loss) from Continuing Operations, Per Diluted Share	0.23	1.38
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	$ 0.04	$ (0.30)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 12,273	$ 24,229
Restricted cash	10,859	18,294
Real estate under development	206,191	181,224
Land available for development	34,816	40,659
Real estate held for investment, net	89,760	90,284
Other assets	22,621	17,214
Total assets	544,768	541,226	$ 501,871
Debt	121,446	106,648
Total liabilities	$ 334,208	332,613
Stratus Properties Inc | Stratus Block 150, L.P.
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	31.00%
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 1,400
JBM Trust | Stratus Block 150, L.P.
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	5.90%
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 8,504	7,432
Restricted cash	5,170	11,809
Real estate under development	72,776	62,692
Land available for development	7,702	7,641
Real estate held for investment, net	31,417	31,399
Other assets	3,159	3,160
Total assets	128,728	124,133
Accounts payable and accrued liabilities	9,894	6,661
Debt	46,334	46,096
Total liabilities	56,228	52,757
Net Assets	$ 72,500	$ 71,376

Dispositions (Details)

Dispositions (Details)	1 Months Ended			3 Months Ended			12 Months Ended
	Oct. 31, 2021USD ($)	Jan. 31, 2021USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)unit	Dec. 09, 2019theater_seathotel_room	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets				$ 4,812,000	$ 22,931,000
Loss on extinguishment of debt				0	(63,000)
Debt				121,446,000				$ 106,648,000
Capital Expenditure, Discontinued Operations				182,000	107,000
Deferred gain				4,274,000				4,801,000
Block 21 Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt	$ 137,000,000
Goldman Sachs Term Loan | Nonrecourse
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt principal											$ 150,000,000
Interest Rate, Stated Percentage											558.00%
Lakeway Master Lease Retail
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract							5 years
Lakeway Master Lease Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract							99 years
Lakeway Master Lease Unleased 3 Pad Sites
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract							10 years
Lakeway Master Lease Unleased 1 Pad Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract							15 years
The Saint Mary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Assets, Net of Noncontrolling Interests				16,200,000
Loss on extinguishment of debt				(63,000)
Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposits related to property sales	5,000,000
Escrow Deposit				6,900,000
Debt				136,054,000				$ 136,684,000
Disposal Group, Held-for-sale, Not Discontinued Operations | The Saint Mary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale		$ 60,000,000
Proceeds from Sale of Property Held-for-sale, Net		34,000,000
Sublease income					100,000
Interest Expense					$ 100,000
Proceeds from Sale of Property Held-for-sale, Distributed to Noncontrolling Interests		12,900,000
Disposal Group, Held-for-sale, Not Discontinued Operations | The Saint Mary | Stratus Properties Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale, Net		$ 20,900,000
Discontinued Operations, Held-for-sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration	260,000,000		$ 275,000,000
Escrow deposits related to property sales			$ 15,000,000
Disposal Group, Including Discontinued Operation, Consideration, Downward Adjustment	$ 5,000,000
Other Operating Income						$ 15,000,000
Number of Hotel Rooms | hotel_room										251
Number Of Theater Seats | theater_seat										2,750
Discontinued Operations, Held-for-sale | Kingwood Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration									$ 5,500,000
Discontinued Operations, Held-for-sale | Kingwood Place [Member] | Multifamily
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property | unit									275
Disposal by sale | The Oaks at Lakeway
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment							$ 114,000,000
Payments for Cancellation of Operating Lease				560,000
Lessee, Operating Lease, Monthly Rent Payment				2,500
Deferred Revenue, Revenue Recognized							$ 4,800,000
Contractual Obligation				$ 77,000

Dispositions - Balance Sheet (D

Dispositions - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt	$ 121,446	$ 106,648
Cash and cash equivalents	12,273	24,229
Restricted cash	10,859	18,294
Real Estate Investments, Other	89,760	90,284
Other assets	22,621	17,214
Total assets	544,768	541,226	$ 501,871
Other liabilities	10,381	17,894
Total liabilities	334,208	332,613
Unamortized debt issuance costs	1,100	1,200
Goldman Sachs Term Loan | Nonrecourse
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest Rate, Stated Percentage				558.00%
Unamortized debt issuance costs	500	600
Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt	136,054	136,684
Cash and cash equivalents	9,509	9,172
Restricted cash	17,942	18,444
Real Estate Investments, Other	120,634	120,452
Other assets	3,087	2,985
Total assets	151,172	151,053
Accounts payable and accrued liabilities	4,268	6,200
Other liabilities	9,395	10,213
Total liabilities	$ 149,717	$ 153,097

Dispositions Income Statement (

Dispositions Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 3,099	$ 11,374
Leasing operations	3,080	4,818
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	2,350	6,412
Depreciation	873	1,586
Cost of Revenue	3,223	7,998
General and administrative expenses	3,167	4,324
Operating income (loss)	1,521	21,983
Interest expense, net	(15)	(1,056)
Benefit from (provision for) income taxes	302	(2,691)
Net income	2,187	15,666
Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	11,937	3,140
Leasing operations	726	414
Depreciation	0	1,416
Cost of Revenue	9,353	5,933
General and administrative expenses	100	220
Operating income (loss)	2,484	(3,013)
Interest expense, net	(1,945)	(1,979)
Benefit from (provision for) income taxes	(164)	2,484
Net income	375	(2,508)
Discontinued Operations, Held-for-sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from forfeited earnest money			$ (15,000)
Discontinued Operations, Held-for-sale | Block 21 | Eliminations and Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	321	262
Hotel | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	5,871	2,118
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	4,743	2,901
Entertainment | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	5,340	608
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	4,139	1,279
Leasing operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	984	2,052
Leasing operations | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	$ 471	$ 337

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 121,446	$ 106,648
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 122,747	$ 108,091

Debt (Details)

Debt (Details) - USD ($)	May 01, 2022	Sep. 30, 2022	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Apr. 22, 2020
Debt Instrument [Line Items]
Debt				$ 121,446,000	$ 121,446,000		$ 106,648,000
Unamortized debt issuance costs				1,100,000	1,100,000		1,200,000
Interest costs incurred					1,100,000	$ 2,300,000
Interest costs capitalized					1,100,000	1,300,000
CARES Act, proceeds from loans payable								$ 4,000,000
Loss on extinguishment of debt					0	(63,000)
Borrowings from credit facility					10,000,000	$ 17,000,000
Comerica Bank credit facility
Debt Instrument [Line Items]
Debt				10,000,000	10,000,000		0
Comerica Bank credit facility | Revolving Credit Facility | Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
Debt Instrument, Interest Rate Floor	0.00%
Comerica Bank credit facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, available borrowing capacity				49,700,000	49,700,000
Credit facility, maximum borrowing capacity				60,000,000	60,000,000
Comerica Bank credit facility | Line of credit | Revolving Credit Facility | Subsequent event
Debt Instrument [Line Items]
Borrowings from credit facility			$ 20,000,000
Comerica Bank credit facility | Letter of Credit
Debt Instrument [Line Items]
Letters of credit committed				347,000	347,000
Comerica Bank credit facility | Letter of Credit | Revolving Credit Facility | Subsequent event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 11,500,000		$ 7,500,000
Amarra Villas credit facility
Debt Instrument [Line Items]
Debt				2,166,000	2,166,000		1,605,000
New Caney land loan
Debt Instrument [Line Items]
Debt				4,262,000	$ 4,262,000		4,496,000
New Caney land loan | Land Loan Payable
Debt Instrument [Line Items]
Repayments of Debt				200,000
New Caney land loan | Land Loan Payable | Forecast
Debt Instrument [Line Items]
Repayments of Debt		$ 200,000
New Caney land loan | Land Loan Payable | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					3.00%
Lantana Place
Debt Instrument [Line Items]
Debt				21,997,000	$ 21,997,000		22,098,000
Jones Crossing Construction Loan [Member]
Debt Instrument [Line Items]
Debt							24,042,000
Kingwood Place
Debt Instrument [Line Items]
Debt				32,457,000	32,457,000		32,249,000
West Killeen Market
Debt Instrument [Line Items]
Debt				6,040,000	6,040,000		6,078,000
Paycheck Protection Program loan
Debt Instrument [Line Items]
Debt				38,000	38,000		156,000
Loss on extinguishment of debt					3,700,000
Magnolia Place Construction Loan
Debt Instrument [Line Items]
Debt				6,542,000	6,542,000		2,077,000
Annie B
Debt Instrument [Line Items]
Debt				13,877,000	13,877,000		$ 13,847,000
Jones Crossing loan
Debt Instrument [Line Items]
Debt				$ 24,067,000	$ 24,067,000

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		$ 10,381		$ 17,894
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		7,900		$ 15,200
Share-based Payment Arrangement, Expense		66	$ 719
Deferred Profit Sharing | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		15	495
Deferred Profit Sharing | Project Development Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		51	$ 224
Deferred Profit Sharing | The Saint Mary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, distribution paid	$ 2,100
Deferred Profit Sharing | The Santal
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		1,700
Deferred compensation arrangement with individual, distribution paid	5,000
Deferred Profit Sharing | Lantana Place
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		$ 3,700
Deferred compensation arrangement with individual, distribution paid	$ 200
Profit Participation Incentive Plan Pool, Amortizable Balance					$ 3,900

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Valuation allowance, deferred tax assets	$ 6.5	$ 6.4
Effective income tax rate	(20.00%)		13.00%
Income Tax Credits and Adjustments		4.2
Deferred Tax Liabilities, Gross	$ 11.3	$ 12.4

Business Segments Revenues from

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from External Customer [Line Items]
Leasing operations	$ 3,080,000	$ 4,818,000
Revenues	3,099,000	11,374,000
Assets held for sale - discontinued operations	151,172,000	140,500,000	$ 151,053,000
Real estate operations
Revenue from External Customer [Line Items]
Revenue from contracts with customers	19,000	6,556,000
Real Estate Operations | Operating Segments
Revenue from External Customer [Line Items]
Revenue from contracts with customers	19,000	6,556,000
Real Estate Operations | Real estate operations
Revenue from External Customer [Line Items]
Revenue from contracts with customers	19,000	6,556,000
Real Estate Operations | Developed Property
Revenue from External Customer [Line Items]
Revenue from contracts with customers	0	4,040,000
Real Estate Operations | Undeveloped Property
Revenue from External Customer [Line Items]
Revenue from contracts with customers	0	2,500,000
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	19,000	16,000
Leasing Operations [Member]
Revenue from External Customer [Line Items]
Leasing operations	3,080,000	4,818,000
Leasing Operations [Member] | Operating Segments
Revenue from External Customer [Line Items]
Leasing operations	$ 3,080,000	$ 4,818,000

Business Segments Segment Infor

Business Segments Segment Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	2
Revenues:
Leasing operations	$ 3,080,000	$ 4,818,000
Unaffiliated customers	3,099,000	11,374,000
Cost of sales	2,350,000	6,412,000
Depreciation	873,000	1,586,000
General and administrative expenses	3,167,000	4,324,000
Gain on sale of assets	(4,812,000)	(22,931,000)
Operating income (loss)	1,521,000	21,983,000
Development of Real Estate Properties and Capital Improvements	19,588,000
Total assets	544,768,000	501,871,000	$ 541,226,000
Deferred Compensation Arrangement with Individual, Compensation Expense, increase	500,000
Consulting, Legal And Public Relation Expense	800,000
Assets held for sale - discontinued operations	151,172,000	140,500,000	$ 151,053,000
Leasing Operations [Member]
Revenues:
Leasing operations	3,080,000	4,818,000
Eliminations and Other [Member]
Revenues:
Revenue from contracts with customers	0	0
Cost of sales	0	0
Depreciation	(4,000)	(22,000)
General and administrative expenses	3,167,000	4,324,000
Gain on sale of assets	0	0
Operating income (loss)	(3,167,000)	(4,306,000)
Development of Real Estate Properties and Capital Improvements	182,000	107,000
Total assets	183,904,000	159,625,000
Eliminations and Other [Member] | The Santal | Discontinued Operations, Held-for-sale
Revenues:
Total assets		68,500,000
Real estate operations
Revenues:
Revenue from contracts with customers	19,000	6,556,000
Cost of sales	1,366,000	4,360,000
Real estate operations | Real Estate Operations
Revenues:
Revenue from contracts with customers	19,000	6,556,000
Operating Segments
Revenues:
Development of Real Estate Properties and Capital Improvements		3,498,000
Operating Segments | Real Estate Operations
Revenues:
Revenue from contracts with customers	19,000	6,556,000
Cost of sales	1,366,000	4,360,000
Depreciation	25,000	64,000
General and administrative expenses	0	0
Gain on sale of assets	0	0
Operating income (loss)	(1,368,000)	2,136,000
Development of Real Estate Properties and Capital Improvements	4,864,000	2,489,000
Total assets	254,212,000	161,488,000
Operating Segments | Leasing Operations [Member]
Revenues:
Leasing operations	3,080,000	4,818,000
Cost of sales	984,000	2,052,000
Depreciation	852,000	1,544,000
General and administrative expenses	0	0
Gain on sale of assets	(4,812,000)	(22,931,000)
Operating income (loss)	6,056,000	24,153,000
Development of Real Estate Properties and Capital Improvements	14,542,000	902,000
Total assets	106,652,000	180,758,000
Eliminations and Other
Revenues:
Intersegment	0	0
Eliminations and Other | Real Estate Operations
Revenues:
Intersegment	4,000	4,000
Eliminations and Other | Leasing Operations [Member]
Revenues:
Intersegment	0	0
Eliminations and Other | Eliminations and Other [Member]
Revenues:
Intersegment	$ (4,000)	$ (4,000)