Stratus Properties (STRS) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 102,372	$ 24,229
Restricted cash	8,162	18,294
Real estate held for sale	1,773	1,773
Real estate under development	212,421	181,224
Land available for development	45,174	40,659
Real estate held for investment, net	88,935	90,284
Lease right-of-use assets	10,350	10,487
Deferred tax assets	177	6,009
Other assets	15,296	17,214
Assets held for sale - discontinued operations	0	151,053
Total assets	484,660	541,226
Liabilities:
Accounts payable	15,680	14,118
Accrued liabilities, including taxes	18,261	22,069
Debt	114,591	106,648
Lease liabilities	14,206	13,986
Deferred gain	4,055	4,801
Other liabilities	5,211	17,894
Liabilities held for sale - discontinued operations	0	153,097
Total liabilities	172,004	332,613
Commitments and contingencies
Stockholders’ equity:
Common stock	94	94
Capital in excess of par value of common stock	194,610	188,759
Retained earnings (accumulated deficit)	89,930	(8,963)
Common stock held in treasury	(22,205)	(21,753)
Total stockholders’ equity	262,429	158,137
Noncontrolling interests in subsidiaries	50,227	50,476
Total equity	312,656	208,613
Total liabilities and equity	$ 484,660	$ 541,226

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Leasing operations	$ 3,200	$ 4,863	$ 6,280	$ 9,681
Total revenues	11,125	5,631	14,224	17,005
Cost of sales:
Cost of sales	6,302	3,724	8,652	10,136
Depreciation	884	1,566	1,757	3,152
Total cost of sales	7,186	5,290	10,409	13,288
General and administrative expenses	3,444	6,221	6,611	10,545
Gain on sale of assets	0	0	(4,812)	(22,931)
Total	10,630	11,511	12,208	902
Operating income (loss)	495	(5,880)	2,016	16,103
Interest expense, net	0	(779)	(15)	(1,835)
Loss on extinguishment of debt	0	(163)	0	(226)
Other income, net	80	1	86	4
Income (loss) before income taxes and equity in unconsolidated affiliates' loss	575	(6,821)	2,087	14,046
(Provision for) benefit from income taxes	(41)	2,522	261	(169)
Equity in unconsolidated affiliates' loss	(2)	(7)	(4)	(9)
Net income	532	(4,306)	2,344	13,868
Net income (loss) from discontinued operations	95,925	(5,898)	96,300	(8,406)
Net income	96,457	(10,204)	98,644	5,462
Total comprehensive loss (income) attributable to noncontrolling interests	164	41	249	(6,681)
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 96,621	$ (10,163)	$ 98,893	$ (1,219)
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.09	$ (0.52)	$ 0.31	$ 0.87
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	11.59	(0.71)	11.66	(1.02)
Basic net (loss) income per share attributable to common stockholders (in usd per share)	11.68	(1.23)	11.97	(0.15)
Income (Loss) from Continuing Operations, Per Diluted Share	0.09	(0.52)	0.31	0.87
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	11.44	(0.71)	11.51	(1.02)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ 11.53	$ (1.23)	$ 11.82	$ (0.15)
Basic weighted average number of shares outstanding, basic (in shares)	8,273	8,235	8,262	8,229
Diluted weighted average number of shares outstanding, basic (in shares)	8,383	8,235	8,369	8,229
Real estate operations
Revenues:
Revenues	$ 7,925	$ 768	$ 7,944	$ 7,324
Cost of sales:
Cost of sales	5,432	1,532	6,798	5,892
Leasing operations
Cost of sales:
Cost of sales	$ 870	$ 2,192	$ 1,854	$ 4,244

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flow from operating activities:
Net income	$ 98,644	$ 5,462
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	1,757	5,926
Cost of real estate sold	3,599	3,341
Gain on sale of discontinued operations	(119,695)	0
Gain on sale of assets	(4,812)	(22,931)
Loss on extinguishment of debt	0	226
Debt issuance cost amortization and stock-based compensation	1,107	969
Equity in unconsolidated affiliates' loss	4	9
Deferred income taxes	5,832	0
Purchases and development of real estate properties	(12,091)	(4,879)
Decrease (increase) in other assets	3,112	(1,309)
Decrease in accounts payable, accrued liabilities and other	(21,098)	(1,804)
Net cash used in operating activities	(43,641)	(14,990)
Cash flow from investing activities:
Proceeds from sale of discontinued operations	105,813	0
Proceeds from sale of assets	0	59,488
Capital expenditures	(27,575)	(2,378)
Payments on master lease obligations	(418)	(643)
Other, net	0	37
Net cash provided by investing activities	77,820	56,504
Cash flow from financing activities:
Borrowings from credit facility	30,000	29,000
Payments on credit facility	(30,000)	(26,778)
Borrowings from project loans	12,455	25,355
Payments on project and term loans	(5,582)	(52,040)
Stock-based awards net payments	(452)	(157)
Distributions to noncontrolling interests	0	(13,087)
Financing costs	(205)	(1,106)
Net cash provided by (used in) financing activities	6,216	(38,813)
Net increase in cash, cash equivalents and restricted cash	40,395	2,701
Cash, cash equivalents and restricted cash at beginning of year	70,139	34,183
Cash, cash equivalents and restricted cash at end of period	$ 110,534	$ 36,884

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	Retained Earnings (Accumulated Deficit)	Common Stock Held in Treasury	Noncontrolling Interests in Subsidiaries
Balance (in shares) at Dec. 31, 2020			9,358
Balance at Dec. 31, 2020	$ 109,764	$ 98,914	$ 94	$ 186,777	$ (66,357)		$ 10,850
Treasury balance (in shares) at Dec. 31, 2020						1,137
Treasury balance at Dec. 31, 2020						$ (21,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			19
Exercised and vested stock-based awards	0
Stock-based compensation	384	384		384
Grant of RSUs under the PPIP	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)
Distributions to noncontrolling interests	(13,087)						(13,087)
Total comprehensive income (loss)	5,462	(1,219)			(1,219)		6,681
Balance (in shares) at Jun. 30, 2021			9,377
Balance at Jun. 30, 2021	103,532	99,088	$ 94	188,323	(67,576)		4,444
Treasury balance (in shares) at Jun. 30, 2021						1,143
Treasury balance at Jun. 30, 2021						$ (21,753)
Balance (in shares) at Mar. 31, 2021			9,377
Balance at Mar. 31, 2021	113,534	109,049	$ 94	188,121	(57,413)		4,485
Treasury balance (in shares) at Mar. 31, 2021						1,143
Treasury balance at Mar. 31, 2021						$ (21,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	202	202		202
Total comprehensive income (loss)	(10,204)	(10,163)			(10,163)		(41)
Balance (in shares) at Jun. 30, 2021			9,377
Balance at Jun. 30, 2021	103,532	99,088	$ 94	188,323	(67,576)		4,444
Treasury balance (in shares) at Jun. 30, 2021						1,143
Treasury balance at Jun. 30, 2021						$ (21,753)
Balance (in shares) at Dec. 31, 2021			9,388
Balance at Dec. 31, 2021	208,613	158,137	$ 94	188,759	(8,963)		50,476
Treasury balance (in shares) at Dec. 31, 2021						1,143
Treasury balance at Dec. 31, 2021						$ (21,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			39
Exercised and vested stock-based awards	0
Stock-based compensation	559	559		559
Grant of RSUs under the PPIP	5,292	5,292		5,292
Tender of shares for stock-based awards (in shares)						11
Tender of shares for stock-based awards	(452)	(452)				$ (452)
Total comprehensive income (loss)	98,644	98,893			98,893		(249)
Balance (in shares) at Jun. 30, 2022			9,427
Balance at Jun. 30, 2022	312,656	262,429	$ 94	194,610	89,930		50,227
Treasury balance (in shares) at Jun. 30, 2022						1,154
Treasury balance at Jun. 30, 2022						$ (22,205)
Balance (in shares) at Mar. 31, 2022			9,427
Balance at Mar. 31, 2022	210,560	160,169	$ 94	188,971	(6,691)		50,391
Treasury balance (in shares) at Mar. 31, 2022						1,154
Treasury balance at Mar. 31, 2022						$ (22,205)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	347	347		347
Grant of RSUs under the PPIP	5,292	5,292		5,292
Total comprehensive income (loss)	96,457	96,621			96,621		(164)
Balance (in shares) at Jun. 30, 2022			9,427
Balance at Jun. 30, 2022	$ 312,656	$ 262,429	$ 94	$ 194,610	$ 89,930		$ 50,227
Treasury balance (in shares) at Jun. 30, 2022						1,154
Treasury balance at Jun. 30, 2022						$ (22,205)

General

General	6 Months Ended
	Jun. 30, 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 (GAAP) in the United States (U.S.) 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 U.S. Securities and Exchange Commission on March 31, 2022. 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. The results of operations for any interim period are not necessarily indicative of the results of operations for any other future interim period or for a full fiscal year. Refer to Note 4 for a discussion of Stratus' discontinued operations. Related Party Transactions. Through 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. In April 2022, Stratus hired the consultant as an employee at an annual salary of $100 thousand. As an employee, he is eligible for the same health and retirement benefits provided to all Stratus employees and is also eligible for annual incentive awards and for awards under Stratus’ Profit Participation Incentive Plan (PPIP). In the first half of 2022, he received $20 thousand as an annual incentive award for 2021 and a $135 thousand cash payment under the PPIP. As of June 30, 2022, the employee has one outstanding award under the PPIP. In addition, during first-quarter 2022, the Compensation Committee (Compensation Committee) of Stratus' Board of Directors (Board) approved an award to be granted to the employee under the PPIP related to another development project, which was granted in August 2022. Refer to Note 7 for discussion of the PPIP.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Stratus’ basic net income (loss) per share of common stock was calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share (in thousands, except per share amounts) follows: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net income (loss) from continuing operations $ 532 $ (4,306) $ 2,344 $ 13,868 Net income (loss) from discontinued operations 95,925 (5,898) 96,300 (8,406) Net income (loss) and total comprehensive income (loss) 96,457 (10,204) 98,644 5,462 Total comprehensive loss (income) attributable to noncontrolling interests 164 41 249 (6,681) Net income (loss) and total comprehensive income (loss) attributable to common stockholders $ 96,621 $ (10,163) $ 98,893 $ (1,219) Basic weighted-average shares of common stock outstanding 8,273 8,235 8,262 8,229 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) 110 — a 107 b — a Diluted weighted-average shares of common stock outstanding 8,383 8,235 8,369 8,229 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 0.09 $ (0.52) $ 0.31 $ 0.87 Discontinued operations 11.59 (0.71) 11.66 (1.02) $ 11.68 $ (1.23) $ 11.97 $ (0.15) Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.09 $ (0.52) $ 0.31 $ 0.87 Discontinued operations 11.44 (0.71) 11.51 (1.02) $ 11.53 $ (1.23) $ 11.82 $ (0.15) a. Excludes 147 thousand shares for second-quarter 2021 and 128 thousand shares for the first six months of 2021 of common stock associated with RSUs that were anti-dilutive as a result of the net loss. b. Excludes 2 thousand shares for the first six months of 2022 of common stock associated with RSUs that were anti-dilutive.

Limited Partnerships

Limited Partnerships	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Limited Partnerships	LIMITED PARTNERSHIPS Stratus has entered into strategic partnerships for certain development projects. 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. The Saint George Apartments, L.P. In July 2022, The Saint George Apartments, L.P. entered into a construction loan agreement to finance construction of The Saint George, a 316-unit luxury wrap-style, multi-family project located in north-central Austin, Texas. Refer to Note 6 for further discussion of the loan agreement. In connection with closing the construction financing, Stratus made an additional capital contribution of $1.7 million and the unaffiliated Class B limited partner made an additional capital contribution of $15.0 million, bringing Stratus’ total capital contributions to $3.7 million and the Class B limited partner’s total capital contributions to $33.4 million. As of June 30, 2022, Stratus holds a 10.0 percent interest in The Saint George Apartments, L.P. Stratus Block 150, L.P. In first-quarter 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 June 30, 2022, Stratus holds, in the aggregate, a 31.0 percent indirect controlling equity interest in Stratus Block 150, L.P. As of June 30, 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): June 30, December 31, Assets: Cash and cash equivalents $ 6,172 $ 7,432 Restricted cash — 11,809 Real estate under development 82,824 62,692 Land available for development 7,703 7,641 Real estate held for investment 31,179 31,399 Other assets 2,797 3,160 Total assets 130,675 124,133 Liabilities: Accounts payable and accrued liabilities 9,933 6,661 Debt 48,366 46,096 Total liabilities 58,299 52,757 Net assets $ 72,376 $ 71,376

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	ASSET SALES Block 21 - Discontinued Operations. On May 31, 2022, Stratus completed the previously announced sale of Block 21 to Ryman Hospitality Properties, Inc. (Ryman) for $260.0 million, subject to certain purchase price adjustments, and including Ryman’s assumption of $136.2 million of existing mortgage debt, with the remainder paid in cash. Stratus’ net proceeds of cash and restricted cash totaled $112.3 million (including $6.9 million of post-closing escrow amounts to be held for 12 months after the closing, subject to a longer retention period with respect to any required reserve for pending claims). Stratus recorded a pre-tax gain on the sale of $119.7 million ($94.1 million net of taxes) in second-quarter 2022 included in net income (loss) from discontinued operations. Block 21 was 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 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 in the consolidated balance sheet at December 31, 2021, follow (in thousands): Assets: Cash and cash equivalents $ 9,172 Restricted cash a 18,444 Real estate held for investment, net 120,452 Other assets 2,985 Total assets $ 151,053 Liabilities: Accounts payable and accrued liabilities, including taxes $ 6,200 Debt 136,684 Other liabilities 10,213 Total liabilities $ 153,097 a. Most restricted cash was received by Ryman upon the closing of the sale. Block 21’s results of operations in the consolidated statements of comprehensive income (loss) consists of the following (in thousands): Two Months Ended Three Months Ended Five Months Ended Six Months Ended May 31, 2022 June 30, 2021 May 31, 2022 June 30, 2021 Revenues: a Hotel $ 6,782 $ 3,934 $ 12,653 $ 6,052 Entertainment 4,650 1,658 9,990 2,266 Leasing operations and other 206 354 932 768 Total revenue 11,638 5,946 23,575 9,086 Cost of sales: Hotel 4,487 3,863 9,230 6,764 Entertainment 3,624 1,531 7,763 2,810 Leasing operations and other 331 338 802 675 Depreciation — b 1,358 — b 2,774 Total cost of sales 8,442 7,090 17,795 13,023 General and administrative expenses 136 178 236 398 Gain on sale of assets (119,695) — (119,695) — Operating income (loss) 122,755 (1,322) 125,239 (4,335) Interest expense, net (1,291) (1,992) (3,236) (3,971) (Provision for) benefit from income taxes (25,539) (2,584) (25,703) (100) Net income (loss) from discontinued operations $ 95,925 $ (5,898) $ 96,300 $ (8,406) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $189 thousand for the two months ended May 31, 2022, $274 thousand in second-quarter 2021, $510 thousand for the five months ended May 31, 2022, and $536 thousand for the first six months of 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 $31 thousand in second-quarter 2022, $158 thousand in second-quarter 2021, $213 thousand for the first six months of 2022 and $265 thousand the first six months of 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 thousand 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 first-quarter 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 during the first six months of 2022. A contract liability of $4.1 million is presented as a deferred gain in the consolidated balance sheets at June 30, 2022, compared with $4.8 million at December 31, 2021. The reduction in the deferred gain balance primarily reflects Pad Site Master Lease payments. The remaining deferred gain balance is expected to be reduced primarily by future Pad Site 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) for the first six months of 2021. Stratus also recognized a $63 thousand loss on extinguishment of debt for the first six months of 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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): June 30, December 31, Carrying Fair Carrying Fair Liabilities: Debt $ 114,591 $ 116,268 $ 106,648 $ 108,091 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	6 Months Ended
	Jun. 30, 2022
Capitalization, Long-term Debt and Equity [Abstract]
Debt	DEBT AND EQUITY The components of Stratus' debt follow (in thousands): June 30, December 31, Comerica Bank credit facility $ — $ — Jones Crossing loan 24,092 24,042 The Annie B land loan 13,908 13,847 New Caney land loan 4,265 4,496 Paycheck Protection Program loan — 156 Construction loans: Kingwood Place 32,593 32,249 Lantana Place 21,848 22,098 Magnolia Place 7,548 2,077 West Killeen Market 6,003 6,078 Amarra Villas credit facility 2,469 1,605 The Saint June 1,865 — Total debt a $ 114,591 $ 106,648 a. Includes net reductions for unamortized debt issuance costs of $1.4 million at June 30, 2022, and $1.2 million at December 31, 2021. Total debt at December 31, 2021, does not include debt associated with Block 21, which is reflected in liabilities held for sale - discontinued operations. Refer to Note 4 for further discussion. Comerica Bank credit facility. Using proceeds from the sale of Block 21, Stratus repaid the outstanding amount under its $60.0 million Comerica Bank credit facility prior to June 30, 2022. As of June 30, 2022, Stratus had $49.0 million available under the credit facility. Letters of credit, totaling $11.0 million, have been issued under the credit facility, and secure the company’s obligation to build certain roads and utilities facilities benefiting Holden Hills and Section N. In May 2022, Stratus and Comerica Bank entered into an amendment to extend the maturity date of the 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 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 New Caney land 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 to the Term Secured Overnight Financing Rate (Term SOFR). The loan now bears interest at Term 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 in April 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. West Killeen Market construction loan. In June 2022, Stratus and Southside Bank amended the West Killeen Market construction loan. Pursuant to the agreement, the principal amount of the loan is fully advanced and funded at an amount of $6.0 million, the interest rate for the loan was changed to Term SOFR plus 2.75 percent, subject to a 3.0 percent floor, and the maturity date of the loan was extended three years to July 31, 2025. Principal and interest payments of approximately $30 thousand are due monthly and the remaining balance is payable at maturity. Amarra Villas credit facility. In June 2022, Stratus subsidiaries and Comerica Bank entered into a modification agreement pursuant to which the commitment amount of the Amarra Villas credit facility was increased from $15.0 million to $18.0 million, the interest rate was changed to the one-month BSBY Rate (with a floor of 0.0 percent) plus 3.0 percent, and the maturity date was extended to June 19, 2024. The Saint George construction loan. In July 2022, The Saint George Apartments, L.P., a Stratus subsidiary entered into a $56.8 million loan with Comerica Bank to provide financing for the construction of The Saint George multi-family project. The construction loan has a maturity date of July 19, 2026, with two options to extend the maturity for an additional 12 months, subject to satisfying specified conditions, including the applicable debt service coverage ratios, and the payment of an extension fee for each extension. Advances under the construction loan bear interest at the one-month BSBY Rate (with a floor of 0.0 percent) plus 2.35 percent. Payments of interest only on the construction loan are due monthly through July 19, 2026, with the outstanding principal due at maturity. During any extension periods, the principal balance of the construction loan will be payable in monthly installments of principal and interest based on a 30-year amortization calculated at 6.50 percent with the outstanding principal due at maturity. The construction loan may be prepaid without premium or penalty. Borrowings on the construction loan are secured by The Saint George project and are guaranteed by Stratus. Stratus provided a full completion guaranty and 25 percent repayment guaranty, which will be eliminated once the project meets specified conditions including a debt service coverage ratio of at least 1.20 to 1.00 and confirmation that the loan-to-value ratio does not exceed 65 percent. Notwithstanding the foregoing, Stratus remains liable for customary carve-out obligations and environmental indemnity. 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 Saint George Apartments, L.P. is not permitted to make distributions to its partners until The Saint George project is completed and achieves a debt service coverage ratio of at least 1.20 to 1.00. 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 $1.5 million in second-quarter 2022, $2.1 million in second-quarter 2021, $2.6 million for the first six months of 2022 and $4.4 million for the first six months of 2021. Stratus' capitalized interest totaled $1.5 million in second-quarter 2022, $1.2 million in second-quarter 2021, $2.6 million for the first six months of 2022 and $2.5 million for the first six months of 2021. Capitalized interest is primarily related to development activities at Barton Creek (primarily Section N), The Annie B, The Saint George and Magnolia Place. Equity. The Comerica Bank credit facility, Amarra Villas credit facility, The Annie B land loan, The Saint George construction loan and Kingwood Place construction loan require Comerica Bank’s prior written consent for any common stock repurchases in excess of $1.0 million or any dividend payments. As a result of the Board’s strategic planning process, in August 2022, Stratus announced that the Board has approved returning $50.0 million cash to stockholders, subject to obtaining required consents from Comerica Bank. This return of capital could be in the form of share repurchases, dividends or a combination.

Profit Participation Incentive

Profit Participation Incentive Plan	6 Months Ended
	Jun. 30, 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, and the awards were granted in August 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 and the remaining accrued liability of $3.7 million was settled in RSUs with a three-year vesting period awarded to eligible participants during second-quarter 2022 following stockholder approval of Stratus’ new stock incentive plan. The sale of The Santal in December 2021 was a capital transaction under the PPIP. The profit pool was $6.7 million, of which $5.0 million was paid in cash to eligible participants during February 2022. The PPIP contains limits on cash compensation paid to certain officers and amounts due above the limits are converted to an equivalent number of RSUs with a one-year vesting period. The remaining accrued liability related to The Santal totaled $1.6 million and was settled in RSUs awarded to one participant during second-quarter 2022 following stockholder approval of Stratus’ new stock incentive plan. Under the terms of the PPIP, the number of RSUs granted in connection with settlement of approved projects is determined by reference to the 12-month trailing average stock price for the year the project reaches a payment event, whereas the grant date fair value of the RSUs for accounting purposes is based on the grant date closing price. For the RSUs awarded in connection with Lantana Place and The Santal, the aggregate grant date value was $2.1 million greater than the accrued liability for the two projects as a result of this different valuation methodology. During second-quarter 2022, Stratus transferred the $5.3 million accrued liability balance under the PPIP for Lantana Place and The Santal that was settled in RSUs to capital in excess of par value and is amortizing the $2.1 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 or one-year vesting periods of the related RSUs. A summary of PPIP costs follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Charged to general and administrative expense $ 119 $ 250 $ 134 $ 745 Capitalized to project development costs 51 203 102 427 Total PPIP costs $ 170 $ 453 $ 236 $ 1,172 The accrued liability for the PPIP totaled $2.7 million at June 30, 2022, and $15.2 million at December 31, 2021 (included in other liabilities).

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 $6.0 million at June 30, 2022, and $12.4 million at December 31, 2021. Stratus' deferred tax assets had valuation allowances totaling $5.8 million at June 30, 2022, and $6.4 million at December 31, 2021. Prior to the sale of Block 21, management concluded that the pending sale of Block 21 was 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 fourth-quarter 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. The difference between Stratus' consolidated effective income tax rate of (13) percent for the first six months of 2022 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to the release of a reserve on uncertain tax positions related to the 2015 through 2017 U.S. Federal tax audit, which was closed in first-quarter 2022. The difference between Stratus' consolidated effective income tax rate of 1 percent for the first six months of 2021 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to noncontrolling interests in subsidiaries, the presence of a full valuation allowance against certain U.S. Federal deferred tax assets as of June 30, 2021, and the Texas state margin tax.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTSAs a result of the 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 through its sale in May 2022. 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 Section N, Holden Hills, Amarra multi-family and commercial land, Amara Villas, The Saint June and other vacant land in 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; The Saint George; and the land for 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, for which a sale is pending); 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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Real Estate Operations: Developed property sales $ 2,382 $ 575 $ 2,382 $ 4,615 Undeveloped property sales 5,444 a — 5,444 a 2,500 Commissions and other 99 193 118 209 7,925 768 7,944 7,324 Leasing Operations: Rental revenue b 3,200 4,863 6,280 9,681 3,200 4,863 6,280 9,681 Total revenues from contracts with customers $ 11,125 $ 5,631 $ 14,224 $ 17,005 a. Includes the sale of (i) a six-acre multi-family tract of land in Amarra Drive for $2.5 million, (ii) a completed pad site at Magnolia Place for $2.3 million and (iii) a tract of land in Austin for $0.6 million. b. Decreases in the 2022 periods, compared to the 2021 periods, primarily reflects the sale of The Santal in December 2021, partly offset by increased revenue at Lantana Place. The Santal had rental revenue of $2.3 million in second-quarter 2021 and $4.5 million during the first six months of 2021. 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 June 30, 2022: Revenues: Unaffiliated customers $ 7,925 $ 3,200 $ — $ 11,125 Intersegment 2 — (2) — Cost of sales, excluding depreciation 5,432 870 — 6,302 Depreciation 24 865 (5) 884 General and administrative expenses — — 3,444 c 3,444 Operating income (loss) $ 2,471 $ 1,465 $ (3,441) $ 495 Capital expenditures and purchases and development of real estate properties $ 7,227 $ 12,820 $ 31 $ 20,078 Total assets at June 30, 2022 265,929 106,020 112,711 d 484,660 Three Months Ended June 30, 2021: Revenues: Unaffiliated customers $ 768 $ 4,863 $ — $ 5,631 Intersegment 5 — (5) — Cost of sales, excluding depreciation 1,532 2,192 — 3,724 Depreciation 48 1,532 (14) 1,566 General and administrative expenses — — 6,221 6,221 Operating (loss) income $ (807) $ 1,139 $ (6,212) $ (5,880) Capital expenditures and purchases and development of real estate properties $ 2,390 $ 1,211 $ 158 $ 3,759 Total assets at June 30, 2021 165,624 180,428 e 164,289 f 510,341 Six Months Ended June 30, 2022: Revenues: Unaffiliated customers $ 7,944 $ 6,280 $ — $ 14,224 Intersegment 6 — (6) — Cost of sales, excluding depreciation 6,798 1,854 — 8,652 Depreciation 49 1,717 (9) 1,757 General and administrative expenses — — 6,611 c 6,611 Gain on sale of assets — (4,812) g — (4,812) Operating income (loss) $ 1,103 $ 7,521 $ (6,608) $ 2,016 Capital expenditures and purchases and development of real estate properties $ 12,091 $ 27,362 $ 213 $ 39,666 Six Months Ended June 30, 2021: Revenues: Unaffiliated customers $ 7,324 $ 9,681 $ — $ 17,005 Intersegment 9 — (9) — Cost of sales, excluding depreciation 5,892 4,244 — 10,136 Depreciation 112 3,076 (36) 3,152 General and administrative expenses — — 10,545 10,545 Gain on sale of assets — (22,931) h — (22,931) Operating income (loss) $ 1,329 $ 25,292 $ (10,518) $ 16,103 Capital expenditures and purchases and development of real estate properties $ 4,879 $ 2,113 $ 265 $ 7,257 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 decreases in 2022 from the comparable prior-year periods are primarily the result of $3.3 million incurred in second-quarter 2021 and $4.4 million incurred for the first six months of 2021 for consulting, legal and public relation costs for Stratus' successful proxy contest and the real estate investment trust exploration process. d. Includes $102.3 million of cash and cash equivalents, primarily received from the May 2022 sale of Block 21. e. Includes $67.9 million of assets held for sale related to the December 2021 sale of The Santal. f. Includes $144.2 million of assets held for sale associated with discontinued operations at Block 21. g. Represents a pre-tax 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. h. Represents the pre-tax gain on the January 2021 sale of The Saint Mary.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after June 30, 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)	6 Months Ended
	Jun. 30, 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 (GAAP) in the United States (U.S.) 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 U.S. Securities and Exchange Commission on March 31, 2022. 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.
Related Party Transactions	Related Party Transactions. Through 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. In April 2022, Stratus hired the consultant as an employee at an annual salary of $100 thousand. As an employee, he is eligible for the same health and retirement benefits provided to all Stratus employees and is also eligible for annual incentive awards and for awards under Stratus’ Profit Participation Incentive Plan (PPIP). In the first half of 2022, he received $20 thousand as an annual incentive award for 2021 and a $135 thousand cash payment under the PPIP. As of June 30, 2022, the employee has one outstanding award under the PPIP. In addition, during first-quarter 2022, the Compensation Committee (Compensation Committee) of Stratus' Board of Directors (Board) approved an award to be granted to the employee under the PPIP related to another development project, which was granted in August 2022. Refer to Note 7 for discussion of the PPIP.
Earnings Per Share	Stratus’ basic net income (loss) per share of common stock was calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding during the period.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share (in thousands, except per share amounts) follows: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net income (loss) from continuing operations $ 532 $ (4,306) $ 2,344 $ 13,868 Net income (loss) from discontinued operations 95,925 (5,898) 96,300 (8,406) Net income (loss) and total comprehensive income (loss) 96,457 (10,204) 98,644 5,462 Total comprehensive loss (income) attributable to noncontrolling interests 164 41 249 (6,681) Net income (loss) and total comprehensive income (loss) attributable to common stockholders $ 96,621 $ (10,163) $ 98,893 $ (1,219) Basic weighted-average shares of common stock outstanding 8,273 8,235 8,262 8,229 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) 110 — a 107 b — a Diluted weighted-average shares of common stock outstanding 8,383 8,235 8,369 8,229 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ 0.09 $ (0.52) $ 0.31 $ 0.87 Discontinued operations 11.59 (0.71) 11.66 (1.02) $ 11.68 $ (1.23) $ 11.97 $ (0.15) Diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.09 $ (0.52) $ 0.31 $ 0.87 Discontinued operations 11.44 (0.71) 11.51 (1.02) $ 11.53 $ (1.23) $ 11.82 $ (0.15) a. Excludes 147 thousand shares for second-quarter 2021 and 128 thousand shares for the first six months of 2021 of common stock associated with RSUs that were anti-dilutive as a result of the net loss. b. Excludes 2 thousand shares for the first six months of 2022 of common stock associated with RSUs that were anti-dilutive.

Limited Partnerships (Tables)

Limited Partnerships (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of Assets and Liabilities of the VIE Partnerships	Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships (in thousands): June 30, December 31, Assets: Cash and cash equivalents $ 6,172 $ 7,432 Restricted cash — 11,809 Real estate under development 82,824 62,692 Land available for development 7,703 7,641 Real estate held for investment 31,179 31,399 Other assets 2,797 3,160 Total assets 130,675 124,133 Liabilities: Accounts payable and accrued liabilities 9,933 6,661 Debt 48,366 46,096 Total liabilities 58,299 52,757 Net assets $ 72,376 $ 71,376

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Tables)	6 Months Ended
	Jun. 30, 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 sheet at December 31, 2021, follow (in thousands): Assets: Cash and cash equivalents $ 9,172 Restricted cash a 18,444 Real estate held for investment, net 120,452 Other assets 2,985 Total assets $ 151,053 Liabilities: Accounts payable and accrued liabilities, including taxes $ 6,200 Debt 136,684 Other liabilities 10,213 Total liabilities $ 153,097 a. Most restricted cash was received by Ryman upon the closing of the sale. Block 21’s results of operations in the consolidated statements of comprehensive income (loss) consists of the following (in thousands): Two Months Ended Three Months Ended Five Months Ended Six Months Ended May 31, 2022 June 30, 2021 May 31, 2022 June 30, 2021 Revenues: a Hotel $ 6,782 $ 3,934 $ 12,653 $ 6,052 Entertainment 4,650 1,658 9,990 2,266 Leasing operations and other 206 354 932 768 Total revenue 11,638 5,946 23,575 9,086 Cost of sales: Hotel 4,487 3,863 9,230 6,764 Entertainment 3,624 1,531 7,763 2,810 Leasing operations and other 331 338 802 675 Depreciation — b 1,358 — b 2,774 Total cost of sales 8,442 7,090 17,795 13,023 General and administrative expenses 136 178 236 398 Gain on sale of assets (119,695) — (119,695) — Operating income (loss) 122,755 (1,322) 125,239 (4,335) Interest expense, net (1,291) (1,992) (3,236) (3,971) (Provision for) benefit from income taxes (25,539) (2,584) (25,703) (100) Net income (loss) from discontinued operations $ 95,925 $ (5,898) $ 96,300 $ (8,406) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $189 thousand for the two months ended May 31, 2022, $274 thousand in second-quarter 2021, $510 thousand for the five months ended May 31, 2022, and $536 thousand for the first six months of 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, Carrying Fair Carrying Fair Liabilities: Debt $ 114,591 $ 116,268 $ 106,648 $ 108,091

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Table [Abstract]
Schedule of debt	The components of Stratus' debt follow (in thousands): June 30, December 31, Comerica Bank credit facility $ — $ — Jones Crossing loan 24,092 24,042 The Annie B land loan 13,908 13,847 New Caney land loan 4,265 4,496 Paycheck Protection Program loan — 156 Construction loans: Kingwood Place 32,593 32,249 Lantana Place 21,848 22,098 Magnolia Place 7,548 2,077 West Killeen Market 6,003 6,078 Amarra Villas credit facility 2,469 1,605 The Saint June 1,865 — Total debt a $ 114,591 $ 106,648 a. Includes net reductions for unamortized debt issuance costs of $1.4 million at June 30, 2022, and $1.2 million at December 31, 2021. Total debt at December 31, 2021, does not include debt associated with Block 21, which is reflected in liabilities held for sale - discontinued operations. Refer to Note 4 for further discussion.

Compensation Related Costs, Gen

Compensation Related Costs, General (Tables)	6 Months Ended
	Jun. 30, 2022
Compensation Related Costs [Abstract]
Share-based Payment Arrangement, Cost by Plan	A summary of PPIP costs follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Charged to general and administrative expense $ 119 $ 250 $ 134 $ 745 Capitalized to project development costs 51 203 102 427 Total PPIP costs $ 170 $ 453 $ 236 $ 1,172

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Real Estate Operations: Developed property sales $ 2,382 $ 575 $ 2,382 $ 4,615 Undeveloped property sales 5,444 a — 5,444 a 2,500 Commissions and other 99 193 118 209 7,925 768 7,944 7,324 Leasing Operations: Rental revenue b 3,200 4,863 6,280 9,681 3,200 4,863 6,280 9,681 Total revenues from contracts with customers $ 11,125 $ 5,631 $ 14,224 $ 17,005 a. Includes the sale of (i) a six-acre multi-family tract of land in Amarra Drive for $2.5 million, (ii) a completed pad site at Magnolia Place for $2.3 million and (iii) a tract of land in Austin for $0.6 million. b. Decreases in the 2022 periods, compared to the 2021 periods, primarily reflects the sale of The Santal in December 2021, partly offset by increased revenue at Lantana Place. The Santal had rental revenue of $2.3 million in second-quarter 2021 and $4.5 million during the first six months of 2021.
Schedule of Segment Reporting Information by Segment [Table Text Block]	The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands). Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Three Months Ended June 30, 2022: Revenues: Unaffiliated customers $ 7,925 $ 3,200 $ — $ 11,125 Intersegment 2 — (2) — Cost of sales, excluding depreciation 5,432 870 — 6,302 Depreciation 24 865 (5) 884 General and administrative expenses — — 3,444 c 3,444 Operating income (loss) $ 2,471 $ 1,465 $ (3,441) $ 495 Capital expenditures and purchases and development of real estate properties $ 7,227 $ 12,820 $ 31 $ 20,078 Total assets at June 30, 2022 265,929 106,020 112,711 d 484,660 Three Months Ended June 30, 2021: Revenues: Unaffiliated customers $ 768 $ 4,863 $ — $ 5,631 Intersegment 5 — (5) — Cost of sales, excluding depreciation 1,532 2,192 — 3,724 Depreciation 48 1,532 (14) 1,566 General and administrative expenses — — 6,221 6,221 Operating (loss) income $ (807) $ 1,139 $ (6,212) $ (5,880) Capital expenditures and purchases and development of real estate properties $ 2,390 $ 1,211 $ 158 $ 3,759 Total assets at June 30, 2021 165,624 180,428 e 164,289 f 510,341 Six Months Ended June 30, 2022: Revenues: Unaffiliated customers $ 7,944 $ 6,280 $ — $ 14,224 Intersegment 6 — (6) — Cost of sales, excluding depreciation 6,798 1,854 — 8,652 Depreciation 49 1,717 (9) 1,757 General and administrative expenses — — 6,611 c 6,611 Gain on sale of assets — (4,812) g — (4,812) Operating income (loss) $ 1,103 $ 7,521 $ (6,608) $ 2,016 Capital expenditures and purchases and development of real estate properties $ 12,091 $ 27,362 $ 213 $ 39,666 Six Months Ended June 30, 2021: Revenues: Unaffiliated customers $ 7,324 $ 9,681 $ — $ 17,005 Intersegment 9 — (9) — Cost of sales, excluding depreciation 5,892 4,244 — 10,136 Depreciation 112 3,076 (36) 3,152 General and administrative expenses — — 10,545 10,545 Gain on sale of assets — (22,931) h — (22,931) Operating income (loss) $ 1,329 $ 25,292 $ (10,518) $ 16,103 Capital expenditures and purchases and development of real estate properties $ 4,879 $ 2,113 $ 265 $ 7,257 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 decreases in 2022 from the comparable prior-year periods are primarily the result of $3.3 million incurred in second-quarter 2021 and $4.4 million incurred for the first six months of 2021 for consulting, legal and public relation costs for Stratus' successful proxy contest and the real estate investment trust exploration process. d. Includes $102.3 million of cash and cash equivalents, primarily received from the May 2022 sale of Block 21. e. Includes $67.9 million of assets held for sale related to the December 2021 sale of The Santal. f. Includes $144.2 million of assets held for sale associated with discontinued operations at Block 21. g. Represents a pre-tax 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. h. Represents the pre-tax gain on the January 2021 sale of The Saint Mary.

General (Details)

General (Details) - Whitefish Partners LLC - Immediate Family Member of Management or Principal Owner - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2022	Jun. 30, 2022
Product Information [Line Items]
Annual salary with Stratus	$ 100
Expenses with related party		$ 135
Annual Incentive Award
Product Information [Line Items]
Expenses with related party		$ 20

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) from continuing operations	$ 532	$ (4,306)	$ 2,344	$ 13,868
Net income (loss) from discontinued operations	95,925	(5,898)	96,300	(8,406)
Net income (loss) and total comprehensive income (loss)	96,457	(10,204)	98,644	5,462
Total comprehensive loss (income) attributable to noncontrolling interests	164	41	249	(6,681)
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 96,621	$ (10,163)	$ 98,893	$ (1,219)
Basic weighted average number of shares outstanding, basic (in shares)	8,273	8,235	8,262	8,229
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) (in shares)	110	0	107	0
Diluted weighted average number of shares outstanding, basic (in shares)	8,383	8,235	8,369	8,229
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.09	$ (0.52)	$ 0.31	$ 0.87
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	11.59	(0.71)	11.66	(1.02)
Basic net (loss) income per share attributable to common stockholders (in usd per share)	11.68	(1.23)	11.97	(0.15)
Income (Loss) from Continuing Operations, Per Diluted Share	0.09	(0.52)	0.31	0.87
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	11.44	(0.71)	11.51	(1.02)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ 11.53	$ (1.23)	$ 11.82	$ (0.15)
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)		147	2	128

Limited Partnerships (Details)

Limited Partnerships (Details) $ in Millions		1 Months Ended	3 Months Ended
	Jul. 31, 2022 USD ($) unit	Jul. 31, 2022 USD ($) unit	Mar. 31, 2022 USD ($)	Jun. 30, 2022
Saint George L.P. | Multifamily | Subsequent event
Limited Partnerships [Line Items]
Number of Units in Real Estate Property | unit	316	316
Saint George L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage				10%
Saint George L.P. | Stratus Properties Inc | Subsequent event
Limited Partnerships [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 1.7	$ 3.7
Saint George L.P. | Unrelated Equity Investor | Subsequent event
Limited Partnerships [Line Items]
Proceeds from Partnership Contribution	$ 15	$ 33.4
Stratus Block 150, L.P.
Limited Partnerships [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates			$ 1.4
Stratus Block 150, L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage				31%
Stratus Block 150, L.P. | JBM Trust
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage				5.90%

Limited Partnerships (Schedule

Limited Partnerships (Schedule of Assets and Liabilities of the VIE Partnerships (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Limited Partnerships [Line Items]
Cash and cash equivalents	$ 102,372	$ 24,229
Restricted cash	8,162	18,294
Real estate under development	212,421	181,224
Land available for development	45,174	40,659
Real estate held for investment, net	88,935	90,284
Other assets	15,296	17,214
Total assets	484,660	541,226	$ 510,341
Debt	114,591	106,648
Total liabilities	172,004	332,613
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Limited Partnerships [Line Items]
Cash and cash equivalents	6,172	7,432
Restricted cash	0	11,809
Real estate under development	82,824	62,692
Land available for development	7,703	7,641
Real estate held for investment, net	31,179	31,399
Other assets	2,797	3,160
Total assets	130,675	124,133
Accounts payable and accrued liabilities	9,933	6,661
Debt	48,366	46,096
Total liabilities	58,299	52,757
Net assets	$ 72,376	$ 71,376

Dispositions (Details)

Dispositions (Details)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2022 USD ($) theater_seat hotel_room	Jan. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets					$ 0	$ 59,488,000
Gain on sale of assets			$ 0	$ 0	4,812,000	22,931,000
Capital Expenditure, Discontinued Operations			31,000	158,000	213,000	265,000
Deferred gain			4,055,000		4,055,000			$ 4,801,000
Loss on extinguishment of debt			0	(163,000)	0	$ (226,000)
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)
Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 260,000,000
Loans Assumed	136,200,000
Proceeds from sale of assets	112,300,000
Escrow deposits related to property sales	6,900,000
Gain on sale of assets	119,700,000
Gain (Loss) on Disposition of Assets, Net of Tax	$ 94,100,000
Number of Hotel Rooms | hotel_room	251
Number Of Theater Seats | theater_seat	2,750
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
Lessee, Operating Lease, Monthly Rent Payment					2,500
Payments for Cancellation of Operating Lease					560,000
Contractual Obligation			77,000		77,000
Deferred Revenue, Revenue Recognized							$ 4,800,000
Deferred gain			$ 4,100,000		$ 4,100,000			$ 4,800,000
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
Proceeds from Sale of Property Held-for-sale, Distributed to Noncontrolling Interests		12,900,000
Sublease income				100,000
Interest Expense				$ 100,000
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

Dispositions - Balance Sheet (D

Dispositions - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 102,372	$ 24,229
Restricted cash	8,162	18,294
Real Estate Investments, Other	88,935	90,284
Other assets	15,296	17,214
Total assets	484,660	541,226	$ 510,341
Debt	114,591	106,648
Other liabilities	5,211	17,894
Total liabilities	172,004	332,613
Deferred gain	$ 4,055	4,801
Block 21 | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		9,172
Restricted cash		18,444
Real Estate Investments, Other		120,452
Other assets		2,985
Total assets		151,053
Accounts payable and accrued liabilities		6,200
Debt		136,684
Other liabilities		10,213
Total liabilities		$ 153,097

Dispositions Income Statement (

Dispositions Income Statement (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	May 31, 2022	Jun. 30, 2022	Jun. 30, 2021	May 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		$ 11,125	$ 5,631		$ 14,224	$ 17,005
Leasing operations		3,200	4,863		6,280	9,681
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		6,302	3,724		8,652	10,136
Depreciation		884	1,566		1,757	3,152
Cost of Revenue		7,186	5,290		10,409	13,288
General and administrative expenses		3,444	6,221		6,611	10,545
Operating income (loss)		495	(5,880)		2,016	16,103
Interest expense, net		0	(779)		(15)	(1,835)
(Provision for) benefit from income taxes		(41)	2,522		261	(169)
Net income		96,457	(10,204)		98,644	5,462
Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 11,638		5,946	$ 23,575		9,086
Leasing operations	206		354	932		768
Depreciation	0		1,358	0		2,774
Cost of Revenue	8,442		7,090	17,795		13,023
General and administrative expenses	136		178	236		398
Income from forfeited earnest money	(119,695)		0	(119,695)		0
Operating income (loss)	122,755		(1,322)	125,239		(4,335)
Interest expense, net	(1,291)		(1,992)	(3,236)		(3,971)
(Provision for) benefit from income taxes	(25,539)		(2,584)	(25,703)		(100)
Net income	95,925		(5,898)	96,300		(8,406)
Discontinued Operations, Disposed of by 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	189		274	510		536
Hotel | Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	6,782		3,934	12,653		6,052
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	4,487		3,863	9,230		6,764
Entertainment | Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	4,650		1,658	9,990		2,266
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	3,624		1,531	7,763		2,810
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		$ 870	2,192		$ 1,854	4,244
Leasing operations | Discontinued Operations, Disposed of by Sale | 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	$ 331		$ 338	$ 802		$ 675

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 114,591	$ 106,648
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 116,268	$ 108,091

Debt (Details)

Debt (Details) - USD ($)			1 Months Ended					3 Months Ended		6 Months Ended
	Jun. 30, 2022	May 01, 2022	Sep. 30, 2022	Jul. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Aug. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 01, 2022	Jun. 01, 2022	May 31, 2022	Apr. 30, 2022	Dec. 31, 2021	Apr. 22, 2020
Debt Instrument [Line Items]
Debt	$ 114,591,000				$ 114,591,000			$ 114,591,000		$ 114,591,000						$ 106,648,000
Unamortized debt issuance costs	1,400,000				1,400,000			1,400,000		1,400,000						1,200,000
CARES Act, proceeds from loans payable																	$ 4,000,000
Loss on extinguishment of debt								0	$ (163,000)	0	$ (226,000)
Interest costs incurred								1,500,000	2,100,000	2,600,000	4,400,000
Interest costs capitalized								1,500,000	$ 1,200,000	2,600,000	$ 2,500,000
Subsequent event
Debt Instrument [Line Items]
Distribution Amount, Board Approved												$ 50,000,000
Comerica Bank credit facility
Debt Instrument [Line Items]
Debt	0				0			0		0						0
Comerica Bank credit facility | Revolving Credit Facility | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor		0%
Basis spread on variable rate		4%
Comerica Bank credit facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	60,000,000				60,000,000			60,000,000		60,000,000
Credit facility, available borrowing capacity	49,000,000				49,000,000			49,000,000		49,000,000
Comerica Bank credit facility | Letter of Credit
Debt Instrument [Line Items]
Letters of credit committed	11,000,000				11,000,000			11,000,000		11,000,000
Comerica Bank credit facility | Letter of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 11,500,000													$ 7,500,000
Comerica Bank credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount	1,000,000				1,000,000			1,000,000		1,000,000
Jones Crossing loan
Debt Instrument [Line Items]
Debt	24,092,000				24,092,000			24,092,000		24,092,000						24,042,000
The Annie B land loan
Debt Instrument [Line Items]
Debt	13,908,000				13,908,000			13,908,000		13,908,000						13,847,000
New Caney land loan
Debt Instrument [Line Items]
Debt	4,265,000				4,265,000			4,265,000		$ 4,265,000						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 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate										3%
Paycheck Protection Program loan
Debt Instrument [Line Items]
Debt	0				0			0		$ 0						156,000
Loss on extinguishment of debt							$ 3,700,000
Kingwood Place
Debt Instrument [Line Items]
Debt	32,593,000				32,593,000			32,593,000		32,593,000						32,249,000
Lantana Place
Debt Instrument [Line Items]
Debt	21,848,000				21,848,000			21,848,000		21,848,000						22,098,000
Magnolia Place
Debt Instrument [Line Items]
Debt	7,548,000				7,548,000			7,548,000		7,548,000						2,077,000
West Killeen Market
Debt Instrument [Line Items]
Debt	6,003,000				6,003,000			6,003,000		6,003,000						6,078,000
West Killeen Market | Construction Loan Payable | Southside Bank
Debt Instrument [Line Items]
Debt principal	6,000,000				6,000,000			6,000,000		6,000,000
Debt Instrument, Periodic Payment	$ 30,000
West Killeen Market | Construction Loan Payable | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor	3%
Basis spread on variable rate	2.75%
Amarra Villas credit facility
Debt Instrument [Line Items]
Debt	$ 2,469,000				$ 2,469,000			2,469,000		2,469,000						1,605,000
Amarra Villas credit facility | Line of credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity													$ 18,000,000	$ 15,000,000
Amarra Villas credit facility | Line of credit | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor					0%
Basis spread on variable rate					3%
The Saint June
Debt Instrument [Line Items]
Debt	$ 1,865,000				$ 1,865,000			$ 1,865,000		$ 1,865,000						$ 0
Saint George Apartments Loan | Subsequent event | Comercia Bank
Debt Instrument [Line Items]
Interest Rate, Stated Percentage				6.50%
Debt Instrument, Payment Guaranty, Percentage				25%
Debt Instrument, Covenant, Debt Service Coverage Ratio				1.20
Debt Instrument, Covenant, Loan to Value Ratio				0.65
Debt Covenant, net asset value				$ 125,000,000
Saint George Apartments Loan | Subsequent event | Comercia Bank | Saint George L.P.
Debt Instrument [Line Items]
Debt principal				$ 56,800,000
Saint George Apartments Loan | Bloomberg short-term bank yield index | Subsequent event | Comercia Bank
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor				0%
Basis spread on variable rate				2.35%

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		$ 5,211		$ 5,211		$ 17,894
Grant Date Fair Value, Value Greater than Accrued Liability		2,100		2,100
Accrued Liability, Balance Transferred		5,300
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		2,700		2,700		15,200
Profit Participation Incentive Plan Pool, Amortizable Balance		2,100		2,100
Share-based Payment Arrangement, Expense		170	$ 453	236	$ 1,172
Deferred Profit Sharing | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		119	250	134	745
Deferred Profit Sharing | Project Development Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		51	$ 203	102	$ 427
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 | Lantana Place
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, distribution paid	200
Other liabilities		3,700		3,700
Profit Participation Incentive Plan Pool, Amortizable Balance							$ 3,900
Deferred Profit Sharing | The Santal
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, distribution paid	$ 5,000
Other liabilities		$ 1,600		$ 1,600
Profit Participation Incentive Plan Pool, Amortizable Balance						$ 6,700

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Deferred Tax Liabilities, Gross	$ 12.4	$ 6
Valuation allowance, deferred tax assets	6.4	$ 5.8
Income Tax Credits and Adjustments	$ 4.2
Effective income tax rate		(13.00%)	1%

Business Segments Revenues from

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from External Customer [Line Items]
Leasing operations	$ 3,200	$ 4,863	$ 6,280	$ 9,681
Revenues	11,125	5,631	14,224	17,005
Real estate operations
Revenue from External Customer [Line Items]
Revenues	7,925	768	7,944	7,324
Real Estate Operations | Real estate operations
Revenue from External Customer [Line Items]
Revenues	7,925	768	7,944	7,324
Real Estate Operations | Developed Property
Revenue from External Customer [Line Items]
Revenues	2,382	575	2,382	4,615
Real Estate Operations | Undeveloped Property
Revenue from External Customer [Line Items]
Revenues	5,444	0	5,444	2,500
Real Estate Operations | Undeveloped Property | Amarra Drive
Revenue from External Customer [Line Items]
Revenues	2,500
Real Estate Operations | Undeveloped Property | Magnolia Place
Revenue from External Customer [Line Items]
Revenues	2,300
Real Estate Operations | Undeveloped Property | Austin tract of land
Revenue from External Customer [Line Items]
Revenues	600
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Revenues	99	193	118	209
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations	$ 3,200	4,863	$ 6,280	9,681
Leasing Operations | The Santal
Revenue from External Customer [Line Items]
Leasing operations		$ 2,300		$ 4,500

Business Segments Segment Infor

Business Segments Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment			2
Revenues:
Leasing operations	$ 3,200	$ 4,863	$ 6,280	$ 9,681
Unaffiliated customers	11,125	5,631	14,224	17,005
Cost of sales	6,302	3,724	8,652	10,136
Depreciation	884	1,566	1,757	3,152
General and administrative expenses	3,444	6,221	6,611	10,545
Gain on sale of assets	0	0	(4,812)	(22,931)
Operating income (loss)	495	(5,880)	2,016	16,103
Payments for Capital Improvements			27,575	2,378
Total assets	484,660	510,341	484,660	510,341	$ 541,226
Consulting, Legal And Public Relation Expense		3,300		4,400
Cash and cash equivalents	102,372		102,372		24,229
Assets held for sale - discontinued operations	0	144,200	0	144,200	$ 151,053
Leasing Operations
Revenues:
Leasing operations	3,200	4,863	6,280	9,681
Leasing Operations | The Santal
Revenues:
Leasing operations		2,300		4,500
Eliminations and Other
Revenues:
Revenues	0	0	0	0
Cost of sales	0	0	0	0
Depreciation	(5)	(14)	(9)	(36)
General and administrative expenses	3,444	6,221	6,611	10,545
Gain on sale of assets			0	0
Operating income (loss)	(3,441)	(6,212)	(6,608)	(10,518)
Development of Real Estate Properties and Capital Improvements			213	265
Payments for Capital Improvements	31	158
Total assets	112,711	164,289	112,711	164,289
Cash and cash equivalents	102,300		102,300
Eliminations and Other | The Santal | Discontinued Operations, Held-for-sale
Revenues:
Total assets		67,900		67,900
Operating Segments
Revenues:
Development of Real Estate Properties and Capital Improvements			39,666	7,257
Payments for Capital Improvements	20,078	3,759
Operating Segments | Real Estate Operations
Revenues:
Revenues	7,925	768	7,944	7,324
Cost of sales	5,432	1,532	6,798	5,892
Depreciation	24	48	49	112
General and administrative expenses	0	0	0	0
Gain on sale of assets			0	0
Operating income (loss)	2,471	(807)	1,103	1,329
Development of Real Estate Properties and Capital Improvements			12,091	4,879
Payments to Acquire and Develop Real Estate	7,227	2,390
Total assets	265,929	165,624	265,929	165,624
Operating Segments | Leasing Operations
Revenues:
Leasing operations	3,200	4,863	6,280	9,681
Cost of sales	870	2,192	1,854	4,244
Depreciation	865	1,532	1,717	3,076
General and administrative expenses	0	0	0	0
Gain on sale of assets			(4,812)	(22,931)
Operating income (loss)	1,465	1,139	7,521	25,292
Development of Real Estate Properties and Capital Improvements			27,362	2,113
Payments for Capital Improvements	12,820	1,211
Total assets	106,020	180,428	106,020	180,428
Eliminations and Other
Revenues:
Intersegment	0	0	0	0
Eliminations and Other | Real Estate Operations
Revenues:
Intersegment	2	5	6	9
Eliminations and Other | Leasing Operations
Revenues:
Intersegment	0	0	0	0
Eliminations and Other | Eliminations and Other
Revenues:
Intersegment	$ (2)	$ (5)	$ (6)	$ (9)