Stratus Properties (STRS) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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)		8,180,292
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 63,537	$ 24,229
Restricted cash	13,776	18,294
Real estate held for sale	1,773	1,773
Real estate under development	224,813	181,224
Land available for development	40,331	40,659
Real estate held for investment, net	93,446	90,284
Lease right-of-use assets	10,910	10,487
Deferred tax assets	47	6,009
Other assets	14,204	17,214
Assets held for sale - discontinued operations	0	151,053
Total assets	462,837	541,226
Liabilities:
Accounts payable	13,187	14,118
Accrued liabilities, including taxes	15,951	22,069
Debt	124,170	106,648
Lease liabilities	14,945	13,986
Deferred gain	3,748	4,801
Other liabilities	6,019	17,894
Liabilities held for sale - discontinued operations	0	153,097
Total liabilities	178,020	332,613
Commitments and contingencies
Stockholders’ equity:
Common stock	94	94
Capital in excess of par value of common stock	195,123	188,759
Retained earnings (accumulated deficit)	47,559	(8,963)
Common stock held in treasury	(23,004)	(21,753)
Total stockholders’ equity	219,772	158,137
Noncontrolling interests in subsidiaries	65,045	50,476
Total equity	284,817	208,613
Total liabilities and equity	$ 462,837	$ 541,226

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Real estate operations	$ 6,887	$ 892	$ 14,831	$ 8,216
Leasing operations	3,090	5,376	9,370	15,057
Total revenues	9,977	6,268	24,201	23,273
Cost of sales:
Cost of sales	7,578	4,347	16,230	14,483
Depreciation	907	1,472	2,664	4,624
Total cost of sales	8,485	5,819	18,894	19,107
General and administrative expenses	3,602	5,252	10,213	15,797
Impairment of real estate	720	625	720	625
Gain on sale of assets	0	0	(4,812)	(22,931)
Total	12,807	11,696	25,015	12,598
Operating (loss) income	(2,830)	(5,428)	(814)	10,675
Interest expense, net	0	(855)	(15)	(2,690)
Net gain on extinguishment of debt	0	3,680	0	3,454
Other income, net	680	70	766	74
(Loss) income before income taxes and equity in unconsolidated affiliate's loss	(2,150)	(2,533)	(63)	11,513
Provision for income taxes	(420)	(121)	(159)	(290)
Equity in unconsolidated affiliate's loss	(4)	(2)	(8)	(11)
Net (loss) income from continuing operations	(2,574)	(2,656)	(230)	11,212
Net (loss) income from discontinued operations	0	(1,541)	96,300	(9,947)
Net (loss) income and total comprehensive (loss) income	(2,574)	(4,197)	96,070	1,265
Total comprehensive loss (income) attributable to noncontrolling interests	214	433	463	(6,248)
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (2,360)	$ (3,764)	$ 96,533	$ (4,983)
Income (Loss) from Continuing Operations, Per Basic Share	$ (0.29)	$ (0.27)	$ 0.03	$ 0.60
Income (Loss) from Discontinued Operations, Per Basic Share	0	(0.19)	11.65	(1.21)
Basic net (loss) income per share attributable to common stockholders (in usd per share)	(0.29)	(0.46)	11.68	(0.61)
Income (Loss) from Continuing Operations, Per Diluted Share	(0.29)	(0.27)	0.03	0.60
Income (Loss) from Discontinued Operations, Per Diluted Share	0	(0.19)	11.47	(1.21)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ (0.29)	$ (0.46)	$ 11.50	$ (0.61)
Basic weighted average number of shares outstanding, basic (in shares)	8,275	8,239	8,266	8,232
Diluted weighted average number of shares outstanding, basic (in shares)	8,275	8,239	8,397	8,232
Common Stock, Dividends, Per Share, Declared	$ 4.67	$ 0	$ 4.67	$ 0
Real estate operations
Revenues:
Real estate operations	$ 6,887	$ 892	$ 14,831	$ 8,216
Cost of sales:
Cost of sales	6,228	2,110	13,026	8,002
Leasing operations
Cost of sales:
Cost of sales	$ 1,350	$ 2,237	$ 3,204	$ 6,481

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flow from operating activities:
Net income	$ 96,070	$ 1,265
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	2,664	8,758
Cost of real estate sold	7,510	4,028
Impairment of real estate	720	625
Gain on sale of discontinued operations	(119,695)	0
Gain on sale of assets	(4,812)	(22,931)
Net gain on extinguishment of debt	0	(3,454)
Debt issuance cost amortization and stock-based compensation	1,898	1,468
Equity in unconsolidated affiliate’s loss	8	11
Deferred income taxes	5,962	0
Purchases and development of real estate properties	(18,294)	(30,841)
Decrease (increase) in other assets	4,858	(997)
(Decrease) increase in accounts payable, accrued liabilities and other	(26,213)	5,699
Net cash used in operating activities	(49,324)	(36,369)
Cash flow from investing activities:
Proceeds from sale of discontinued operations	105,813	0
Proceeds from sale of assets	0	59,488
Capital expenditures	(38,889)	(6,708)
Payments on master lease obligations	(742)	(1,019)
Other, net	(8)	36
Net cash provided by investing activities	66,174	51,797
Cash flow from financing activities:
Borrowings from credit facility	30,000	37,700
Payments on credit facility	(30,000)	(26,778)
Borrowings from project loans	25,798	39,445
Payments on project and term loans	(9,761)	(53,330)
Payment of dividends	(38,675)	0
Stock-based awards net payments	(452)	(132)
Distributions to noncontrolling interests	0	(13,227)
Noncontrolling interests’ contributions	15,032	27,977
Purchases of treasury stock	(262)	0
Financing costs	(1,356)	(1,645)
Net cash (used in) provided by financing activities	(9,676)	10,010
Net increase in cash, cash equivalents and restricted cash	7,174	25,438
Cash, cash equivalents and restricted cash at beginning of year	70,139	34,183
Cash, cash equivalents and restricted cash at end of period	$ 77,313	$ 59,621

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Parent [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]
Balance (in shares) at Dec. 31, 2020			9,358,000
Balance at Dec. 31, 2020	$ 109,764	$ 98,914	$ 94	$ 186,777	$ (66,357)		$ 10,850
Treasury balance (in shares) at Dec. 31, 2020						1,137,000
Treasury balance at Dec. 31, 2020						$ (21,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			19,000
Exercised and vested stock-based awards	0
Stock-based compensation	182	182		182
Tender of shares for stock-based awards (in shares)						6,000
Tender of shares for stock-based awards	(153)	(153)				$ (153)
Total comprehensive income (loss)	15,666	8,944			8,944		6,722
Grant of RSUs under the PPIP	1,162	1,162		1,162
Distributions to noncontrolling interests	(13,087)						(13,087)
Balance (in shares) at Mar. 31, 2021			9,377,000
Balance at Mar. 31, 2021	113,534	109,049	$ 94	188,121	(57,413)		4,485
Treasury balance (in shares) at Mar. 31, 2021						1,143,000
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			9,377,000
Balance at Jun. 30, 2021	103,532	99,088	$ 94	188,323	(67,576)		4,444
Treasury balance (in shares) at Jun. 30, 2021						1,143,000
Treasury balance at Jun. 30, 2021						$ (21,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			11,000
Exercised and vested stock-based awards	25	25		25
Stock-based compensation	205	205		205
Total comprehensive income (loss)	(4,197)	(3,764)			(3,764)		(433)
Distributions to noncontrolling interests	(140)						(140)
Contributions from noncontrolling interests	27,977						27,977
Balance (in shares) at Sep. 30, 2021			9,388,000
Balance at Sep. 30, 2021	127,402	95,554	$ 94	188,553	(71,340)		31,848
Treasury balance (in shares) at Sep. 30, 2021						1,143,000
Treasury balance at Sep. 30, 2021						$ (21,753)
Balance (in shares) at Dec. 31, 2021			9,388,000
Balance at Dec. 31, 2021	208,613	158,137	$ 94	188,759	(8,963)		50,476
Treasury balance (in shares) at Dec. 31, 2021						1,143,000
Treasury balance at Dec. 31, 2021						$ (21,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			39,000
Exercised and vested stock-based awards	0
Stock-based compensation	212	212		212
Tender of shares for stock-based awards (in shares)						11,000
Tender of shares for stock-based awards	(452)	(452)				$ (452)
Total comprehensive income (loss)	2,187	2,272			2,272		(85)
Balance (in shares) at Mar. 31, 2022			9,427,000
Balance at Mar. 31, 2022	210,560	160,169	$ 94	188,971	(6,691)		50,391
Treasury balance (in shares) at Mar. 31, 2022						1,154,000
Treasury balance at Mar. 31, 2022						$ (22,205)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	347	347		347
Total comprehensive income (loss)	96,457	96,621			96,621		(164)
Grant of RSUs under the PPIP	5,292	5,292		5,292
Balance (in shares) at Jun. 30, 2022			9,427,000
Balance at Jun. 30, 2022	312,656	262,429	$ 94	194,610	89,930		50,227
Treasury balance (in shares) at Jun. 30, 2022						1,154,000
Treasury balance at Jun. 30, 2022						$ (22,205)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			8,000
Exercised and vested stock-based awards	0
Stock-based compensation	513	513		513
Stock Repurchased During Period, Value	$ (799)	(799)				$ (799)
Stock Repurchased During Period, Shares	33,958					34,000
Dividends, Common Stock	$ (40,011)	(40,011)			(40,011)
Total comprehensive income (loss)	(2,574)	(2,360)			(2,360)		(214)
Contributions from noncontrolling interests	15,032						15,032
Balance (in shares) at Sep. 30, 2022			9,435,000
Balance at Sep. 30, 2022	$ 284,817	$ 219,772	$ 94	$ 195,123	$ 47,559		$ 65,045
Treasury balance (in shares) at Sep. 30, 2022						1,188,000
Treasury balance at Sep. 30, 2022						$ (23,004)

General

General	9 Months Ended
	Sep. 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 nine months of 2022, he received $20 thousand as an annual incentive award for 2021 and a $135 thousand cash payment under the PPIP. As of September 30, 2022, the employee has two outstanding awards under the PPIP. Refer to Note 7 for discussion of the PPIP.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Stratus’ basic net (loss) income per share of common stock was calculated by dividing the net (loss) income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net (loss) income from continuing operations $ (2,574) $ (2,656) $ (230) $ 11,212 Net (loss) income from discontinued operations — (1,541) 96,300 (9,947) Net (loss) income and total comprehensive (loss) income (2,574) (4,197) 96,070 1,265 Total comprehensive loss (income) attributable to noncontrolling interests 214 433 463 (6,248) Net (loss) income and total comprehensive (loss) income attributable to common stockholders $ (2,360) $ (3,764) $ 96,533 $ (4,983) Basic weighted-average shares of common stock outstanding 8,275 8,239 8,266 8,232 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a — — 131 — Diluted weighted-average shares of common stock outstanding 8,275 8,239 8,397 8,232 Basic net (loss) income per share attributable to common stockholders: Continuing operations $ (0.29) $ (0.27) $ 0.03 $ 0.60 Discontinued operations — (0.19) 11.65 (1.21) $ (0.29) $ (0.46) $ 11.68 $ (0.61) Diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (0.29) $ (0.27) $ 0.03 $ 0.60 Discontinued operations — (0.19) 11.47 (1.21) $ (0.29) $ (0.46) $ 11.50 $ (0.61) a. Excludes 6 thousand shares for the first nine months of 2022 of common stock associated with RSUs that were anti-dilutive. Excludes 296 thousand shares for third-quarter 2022, 145 thousand shares for third-quarter 2021 and 134 thousand shares for the first nine months of 2021 of common stock associated with RSUs that were anti-dilutive as a result of net losses.

Limited Partnerships

Limited Partnerships	9 Months Ended
	Sep. 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 September 30, 2022, Stratus holds a 10.0 percent indirect controlling equity 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 September 30, 2022, Stratus holds, in the aggregate, a 31.0 percent indirect controlling equity interest in Stratus Block 150, L.P. As of September 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): September 30, December 31, Assets: Cash and cash equivalents $ 17,621 $ 7,432 Restricted cash — 11,809 Real estate under development 93,586 62,692 Land available for development 8,286 7,641 Real estate held for investment 30,955 31,399 Other assets 4,723 3,160 Total assets 155,171 124,133 Liabilities: Accounts payable and accrued liabilities 10,151 6,661 Debt 56,366 46,096 Total liabilities 66,517 52,757 Net assets $ 88,654 $ 71,376

Dispositions

Dispositions	9 Months Ended
	Sep. 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 in second-quarter 2022 included in net (loss) income 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 (loss) 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 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 (loss) income consist of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues: a Hotel $ — $ 5,199 $ 12,653 $ 11,251 Entertainment — 3,657 9,990 5,923 Leasing operations and other — 356 932 1,124 Total revenue — 9,212 23,575 18,298 Cost of sales: Hotel — 4,312 9,230 11,076 Entertainment — 2,749 7,763 5,559 Leasing operations and other — 196 802 871 Depreciation b — 1,360 — 4,134 Total cost of sales — 8,617 17,795 21,640 General and administrative expenses — 170 236 568 Gain on sale of assets — — (119,695) — Operating income (loss) — 425 125,239 (3,910) Interest expense, net — (2,005) (3,236) (5,976) Benefit from (provision for) income taxes — 39 (25,703) (61) Net (loss) income from discontinued operations $ — $ (1,541) $ 96,300 $ (9,947) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $286 thousand in third-quarter 2021, $510 thousand for the first nine months of 2022, and $822 thousand for the first nine 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 $210 thousand in third-quarter 2021, $213 thousand for the first nine months of 2022 and $475 thousand the first nine 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 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 $71 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 nine months of 2022. A contract liability of $3.7 million is presented as a deferred gain in the consolidated balance sheets at September 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. Kingwood Place Land. 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 closed in October 2022. Upon entering into the contract, Stratus recorded a $625 thousand impairment charge in third-quarter 2021 to reduce the carrying value of the land to its fair value based on the contractual sale price less estimated selling costs. In third-quarter 2022, Stratus recorded a $70 thousand impairment charge due to selling costs in excess of the previous estimate.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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): September 30, December 31, Carrying Fair Carrying Fair Liabilities: Debt $ 124,170 $ 125,855 $ 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	9 Months Ended
	Sep. 30, 2022
Capitalization, Long-term Debt and Equity [Abstract]
Debt	DEBT AND EQUITY The components of Stratus' debt follow (in thousands): September 30, December 31, Comerica Bank credit facility $ — $ — Jones Crossing loan 24,118 24,042 The Annie B land loan 13,939 13,847 New Caney land loan 4,043 4,496 Paycheck Protection Program loan — 156 Construction loans: Kingwood Place 32,657 32,249 Lantana Place 21,776 22,098 The Saint June 9,770 — Magnolia Place 6,314 2,077 West Killeen Market 5,979 6,078 Amarra Villas credit facility 5,574 1,605 Total debt a $ 124,170 $ 106,648 a. Includes net reductions for unamortized debt issuance costs of $1.2 million at September 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 in June 2022. As of September 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. In November 2022, Stratus entered into an amendment to extend the maturity date of the credit facility from December 26, 2022, to March 27, 2023. 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 in March 2022 and 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. 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 August 2022, Stratus and Southside Bank amended the Lantana Place construction loan. Pursuant to the agreement, the date through which Stratus can request advances under the loan was extended through December 31, 2023, the interest rate for the loan was changed to Term SOFR plus 2.40 percent, subject to a 3.0 percent floor, and the maturity date of the loan was extended to July 1, 2027. In addition, the land planned for The Saint Julia, a proposed multi-family project at Lantana Place, was released from the collateral for the loan. Payments of interest only on the construction loan are due monthly through July 1, 2023. Beginning August 1, 2023, monthly payments of principal and interest based on a 30-year amortization are due, with the outstanding principal due at maturity. The debt service coverage ratio was also changed to 1.25 to 1.00, and Stratus was released as guarantor under the related guaranty. 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 based on a 30-year amortization 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. No amounts were outstanding on this loan as of September 30, 2022. 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 $1.8 million in third-quarter 2022, $2.2 million in third-quarter 2021, $4.4 million for the first nine months of 2022 and $6.6 million for the first nine months of 2021. Stratus' capitalized interest totaled $1.8 million in third-quarter 2022, $1.3 million in third-quarter 2021, $4.3 million for the first nine months of 2022 and $3.9 million for the first nine 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. On September 1, 2022, after receiving written consent from Comerica Bank, Stratus’ Board of Directors (Board) declared a special cash dividend of $4.67 per share (totaling $40.0 million) on Stratus’ common stock, which was paid on September 29, 2022, to shareholders of record as of September 19, 2022. Accrued liabilities as of September 30, 2022, included $1.3 million representing dividends accrued for unvested RSUs in accordance with the terms of the awards. The accrued dividends will be paid to the holders of the RSUs, if and when they vest. Stratus’ Board also approved a new share repurchase program, which authorizes repurchases of up to $10.0 million of Stratus’ common stock. The repurchase program authorizes Stratus, in management’s discretion, to repurchase shares from time to time, subject to market conditions and other factors. In third-quarter 2022, Stratus acquired 33,958 shares of its common stock under the share repurchase program for a total cost of $0.8 million at an average price of $23.49 per share. Through November 4, 2022, Stratus has acquired 105,415 shares of its common stock for a total cost of $2.6 million at an average price of $25.02 per share, and $7.4 million remains available for repurchases under the program.

Profit Participation Incentive

Profit Participation Incentive Plan	9 Months Ended
	Sep. 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. 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. During first-quarter 2022, the Compensation Committee designated The Saint June as an approved project under the PPIP, and the awards were granted in August 2022. 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Charged to general and administrative expense $ 135 $ 2,751 $ 269 $ 3,495 Capitalized to project development costs 107 (60) 209 367 Total PPIP costs $ 242 $ 2,691 $ 478 $ 3,862 The accrued liability for the PPIP totaled $2.9 million at September 30, 2022, and $15.2 million at December 31, 2021 (included in other liabilities).

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 $6.3 million at September 30, 2022, and $12.4 million at December 31, 2021. Stratus' deferred tax assets had valuation allowances totaling $6.3 million at September 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. Stratus plans to make a federal income tax payment of approximately $10 million in December 2022 to satisfy estimated taxes due associated with current year taxable income, including the gain on the sale of Block 21. 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 for the first nine months of 2022 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to state income taxes, noncontrolling interests in subsidiaries, the presence of a valuation allowance against certain U.S. Federal deferred tax assets as of September 30, 2022, and 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 3 percent for the first nine 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 September 30, 2021, and the Texas state margin tax.

Business Segments

Business Segments	9 Months Ended
	Sep. 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); and in Magnolia, Texas (Magnolia Place), Kingwood, Texas (land for future multi-family development, for which a sale closed in October 2022, 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Real Estate Operations: Developed property sales $ — $ — $ 2,382 $ 4,615 Undeveloped property sales 6,887 750 12,331 3,250 Commissions and other — 142 118 351 6,887 892 14,831 8,216 Leasing Operations: Rental revenue 3,090 5,376 9,370 15,057 3,090 5,376 9,370 15,057 Total revenues from contracts with customers $ 9,977 $ 6,268 $ 24,201 $ 23,273 Financial Information by Business Segment. Summarized financial information by segment for the three months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 6,887 $ 3,090 $ — $ 9,977 Cost of sales, excluding depreciation 6,232 1,350 (4) 7,578 Depreciation 24 887 (4) 907 General and administrative expenses — — 3,602 3,602 Impairment of real estate c 720 — — 720 Operating (loss) income $ (89) $ 853 $ (3,594) $ (2,830) Capital expenditures and purchases and development of real estate properties $ 6,203 $ 11,314 $ — $ 17,517 Total assets at September 30, 2022 274,397 111,938 76,502 462,837 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes a $650 thousand impairment charge for one of the Amarra Villas homes that is under contract to sell for $2.4 million and a $70 thousand impairment charge for the multi-family tract of land at Kingwood Place that sold for $5.5 million in October 2022. Summarized financial information by segment for the three months ended September 30, 2021, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 892 $ 5,376 $ — $ 6,268 Cost of sales, excluding depreciation 2,134 2,238 (25) 4,347 Depreciation 37 1,449 (14) 1,472 General and administrative expenses c — — 5,252 5,252 Impairment of real estate d 625 — — 625 Operating (loss) income $ (1,904) $ 1,689 $ (5,213) $ (5,428) Capital expenditures and purchases and development of real estate properties $ 25,962 $ 4,120 $ 210 $ 30,292 Total assets at September 30, 2021 e 211,423 180,057 167,620 559,100 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes $2.8 million in employee incentive compensation costs associated with the PPIP resulting primarily from an increased valuation for The Santal. d. Includes a $625 thousand impairment charge for the multi-family tract of land at Kingwood Place. e. Leasing operations includes $67.3 million of assets held for sale related to the December 2021 sale of The Santal. Corporate, eliminations and other includes $147.8 million of assets held for sale associated with discontinued operations at Block 21. Summarized financial information by segment for the nine months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 14,831 $ 9,370 $ — $ 24,201 Intersegment 6 — (6) — Cost of sales, excluding depreciation 13,030 3,204 (4) 16,230 Depreciation 73 2,604 (13) 2,664 General and administrative expenses — — 10,213 10,213 Gain on sale of assets c — (4,812) — (4,812) Impairment of real estate d 720 — — 720 Operating income (loss) $ 1,014 $ 8,374 $ (10,202) $ (814) Capital expenditures and purchases and development of real estate properties $ 18,294 $ 38,676 $ 213 $ 57,183 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Represents 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. d. Includes a $650 thousand impairment charge for one of the Amarra Villas homes that is under contract to sell for $2.4 million and a $70 thousand impairment charge for the multi-family tract of land at Kingwood Place that sold for $5.5 million in October 2022. Summarized financial information by segment for the nine months ended September 30, 2021, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 8,216 $ 15,057 $ — $ 23,273 Intersegment 9 — (9) — Cost of sales, excluding depreciation 8,026 6,482 (25) 14,483 Depreciation 149 4,525 (50) 4,624 General and administrative expenses c — — 15,797 15,797 Gain on sale of assets d — (22,931) — (22,931) Impairment of real estate e 625 — — 625 Operating (loss) income $ (575) $ 26,981 $ (15,731) $ 10,675 Capital expenditures and purchases and development of real estate properties $ 30,841 $ 6,233 $ 475 $ 37,549 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes $3.8 million incurred for consulting, legal and public relation costs for Stratus' successful proxy contest and the real estate investment trust exploration process as well as $3.5 million in employee incentive compensation costs associated with the PPIP resulting primarily from an increased valuation for The Santal. d. Represents the pre-tax gain on the January 2021 sale of The Saint Mary. e. Includes a $625 thousand impairment charge for the multi-family tract of land at Kingwood Place.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On October 20, 2022, Stratus closed on the sale of a multi-family tract of land at Kingwood Place, an H-E-B grocery anchored, mixed-use project in Kingwood, Texas for $5.5 million. In connection with the sale, Stratus made a $5.0 million principal payment on the Kingwood Place construction loan. Stratus evaluated events after September 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)	9 Months Ended
	Sep. 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. 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	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 nine months of 2022, he received $20 thousand as an annual incentive award for 2021 and a $135 thousand cash payment under the PPIP. As of September 30, 2022, the employee has two outstanding awards under the PPIP. Refer to Note 7 for discussion of the PPIP.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net (loss) income from continuing operations $ (2,574) $ (2,656) $ (230) $ 11,212 Net (loss) income from discontinued operations — (1,541) 96,300 (9,947) Net (loss) income and total comprehensive (loss) income (2,574) (4,197) 96,070 1,265 Total comprehensive loss (income) attributable to noncontrolling interests 214 433 463 (6,248) Net (loss) income and total comprehensive (loss) income attributable to common stockholders $ (2,360) $ (3,764) $ 96,533 $ (4,983) Basic weighted-average shares of common stock outstanding 8,275 8,239 8,266 8,232 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a — — 131 — Diluted weighted-average shares of common stock outstanding 8,275 8,239 8,397 8,232 Basic net (loss) income per share attributable to common stockholders: Continuing operations $ (0.29) $ (0.27) $ 0.03 $ 0.60 Discontinued operations — (0.19) 11.65 (1.21) $ (0.29) $ (0.46) $ 11.68 $ (0.61) Diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (0.29) $ (0.27) $ 0.03 $ 0.60 Discontinued operations — (0.19) 11.47 (1.21) $ (0.29) $ (0.46) $ 11.50 $ (0.61) a. Excludes 6 thousand shares for the first nine months of 2022 of common stock associated with RSUs that were anti-dilutive. Excludes 296 thousand shares for third-quarter 2022, 145 thousand shares for third-quarter 2021 and 134 thousand shares for the first nine months of 2021 of common stock associated with RSUs that were anti-dilutive as a result of net losses.

Limited Partnerships (Tables)

Limited Partnerships (Tables)	9 Months Ended
	Sep. 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): September 30, December 31, Assets: Cash and cash equivalents $ 17,621 $ 7,432 Restricted cash — 11,809 Real estate under development 93,586 62,692 Land available for development 8,286 7,641 Real estate held for investment 30,955 31,399 Other assets 4,723 3,160 Total assets 155,171 124,133 Liabilities: Accounts payable and accrued liabilities 10,151 6,661 Debt 56,366 46,096 Total liabilities 66,517 52,757 Net assets $ 88,654 $ 71,376

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Tables)	9 Months Ended
	Sep. 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 (loss) income consist of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues: a Hotel $ — $ 5,199 $ 12,653 $ 11,251 Entertainment — 3,657 9,990 5,923 Leasing operations and other — 356 932 1,124 Total revenue — 9,212 23,575 18,298 Cost of sales: Hotel — 4,312 9,230 11,076 Entertainment — 2,749 7,763 5,559 Leasing operations and other — 196 802 871 Depreciation b — 1,360 — 4,134 Total cost of sales — 8,617 17,795 21,640 General and administrative expenses — 170 236 568 Gain on sale of assets — — (119,695) — Operating income (loss) — 425 125,239 (3,910) Interest expense, net — (2,005) (3,236) (5,976) Benefit from (provision for) income taxes — 39 (25,703) (61) Net (loss) income from discontinued operations $ — $ (1,541) $ 96,300 $ (9,947) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $286 thousand in third-quarter 2021, $510 thousand for the first nine months of 2022, and $822 thousand for the first nine 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)	9 Months Ended
	Sep. 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): September 30, December 31, Carrying Fair Carrying Fair Liabilities: Debt $ 124,170 $ 125,855 $ 106,648 $ 108,091

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Table [Abstract]
Schedule of debt	The components of Stratus' debt follow (in thousands): September 30, December 31, Comerica Bank credit facility $ — $ — Jones Crossing loan 24,118 24,042 The Annie B land loan 13,939 13,847 New Caney land loan 4,043 4,496 Paycheck Protection Program loan — 156 Construction loans: Kingwood Place 32,657 32,249 Lantana Place 21,776 22,098 The Saint June 9,770 — Magnolia Place 6,314 2,077 West Killeen Market 5,979 6,078 Amarra Villas credit facility 5,574 1,605 Total debt a $ 124,170 $ 106,648 a. Includes net reductions for unamortized debt issuance costs of $1.2 million at September 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)	9 Months Ended
	Sep. 30, 2022
Compensation Related Costs [Abstract]
Share-based Payment Arrangement, Cost by Plan	A summary of PPIP costs follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Charged to general and administrative expense $ 135 $ 2,751 $ 269 $ 3,495 Capitalized to project development costs 107 (60) 209 367 Total PPIP costs $ 242 $ 2,691 $ 478 $ 3,862

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Real Estate Operations: Developed property sales $ — $ — $ 2,382 $ 4,615 Undeveloped property sales 6,887 750 12,331 3,250 Commissions and other — 142 118 351 6,887 892 14,831 8,216 Leasing Operations: Rental revenue 3,090 5,376 9,370 15,057 3,090 5,376 9,370 15,057 Total revenues from contracts with customers $ 9,977 $ 6,268 $ 24,201 $ 23,273
Schedule of Segment Reporting Information by Segment [Table Text Block]	Summarized financial information by segment for the three months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 6,887 $ 3,090 $ — $ 9,977 Cost of sales, excluding depreciation 6,232 1,350 (4) 7,578 Depreciation 24 887 (4) 907 General and administrative expenses — — 3,602 3,602 Impairment of real estate c 720 — — 720 Operating (loss) income $ (89) $ 853 $ (3,594) $ (2,830) Capital expenditures and purchases and development of real estate properties $ 6,203 $ 11,314 $ — $ 17,517 Total assets at September 30, 2022 274,397 111,938 76,502 462,837 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes a $650 thousand impairment charge for one of the Amarra Villas homes that is under contract to sell for $2.4 million and a $70 thousand impairment charge for the multi-family tract of land at Kingwood Place that sold for $5.5 million in October 2022. Summarized financial information by segment for the three months ended September 30, 2021, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 892 $ 5,376 $ — $ 6,268 Cost of sales, excluding depreciation 2,134 2,238 (25) 4,347 Depreciation 37 1,449 (14) 1,472 General and administrative expenses c — — 5,252 5,252 Impairment of real estate d 625 — — 625 Operating (loss) income $ (1,904) $ 1,689 $ (5,213) $ (5,428) Capital expenditures and purchases and development of real estate properties $ 25,962 $ 4,120 $ 210 $ 30,292 Total assets at September 30, 2021 e 211,423 180,057 167,620 559,100 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes $2.8 million in employee incentive compensation costs associated with the PPIP resulting primarily from an increased valuation for The Santal. d. Includes a $625 thousand impairment charge for the multi-family tract of land at Kingwood Place. e. Leasing operations includes $67.3 million of assets held for sale related to the December 2021 sale of The Santal. Corporate, eliminations and other includes $147.8 million of assets held for sale associated with discontinued operations at Block 21. Summarized financial information by segment for the nine months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 14,831 $ 9,370 $ — $ 24,201 Intersegment 6 — (6) — Cost of sales, excluding depreciation 13,030 3,204 (4) 16,230 Depreciation 73 2,604 (13) 2,664 General and administrative expenses — — 10,213 10,213 Gain on sale of assets c — (4,812) — (4,812) Impairment of real estate d 720 — — 720 Operating income (loss) $ 1,014 $ 8,374 $ (10,202) $ (814) Capital expenditures and purchases and development of real estate properties $ 18,294 $ 38,676 $ 213 $ 57,183 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Represents 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. d. Includes a $650 thousand impairment charge for one of the Amarra Villas homes that is under contract to sell for $2.4 million and a $70 thousand impairment charge for the multi-family tract of land at Kingwood Place that sold for $5.5 million in October 2022. Summarized financial information by segment for the nine months ended September 30, 2021, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 8,216 $ 15,057 $ — $ 23,273 Intersegment 9 — (9) — Cost of sales, excluding depreciation 8,026 6,482 (25) 14,483 Depreciation 149 4,525 (50) 4,624 General and administrative expenses c — — 15,797 15,797 Gain on sale of assets d — (22,931) — (22,931) Impairment of real estate e 625 — — 625 Operating (loss) income $ (575) $ 26,981 $ (15,731) $ 10,675 Capital expenditures and purchases and development of real estate properties $ 30,841 $ 6,233 $ 475 $ 37,549 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes $3.8 million incurred for consulting, legal and public relation costs for Stratus' successful proxy contest and the real estate investment trust exploration process as well as $3.5 million in employee incentive compensation costs associated with the PPIP resulting primarily from an increased valuation for The Santal. d. Represents the pre-tax gain on the January 2021 sale of The Saint Mary. e. Includes a $625 thousand impairment charge for the multi-family tract of land at Kingwood Place.

General (Details)

General (Details) - Whitefish Partners LLC - Immediate Family Member of Management or Principal Owner - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2022	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net (loss) income from continuing operations	$ (2,574)	$ (2,656)	$ (230)	$ 11,212
Net (loss) income from discontinued operations	0	(1,541)	96,300	(9,947)
Net (loss) income and total comprehensive (loss) income	(2,574)	(4,197)	96,070	1,265
Total comprehensive loss (income) attributable to noncontrolling interests	214	433	463	(6,248)
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (2,360)	$ (3,764)	$ 96,533	$ (4,983)
Basic weighted average number of shares outstanding, basic (in shares)	8,275	8,239	8,266	8,232
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) (in shares)	0	0	131	0
Diluted weighted average number of shares outstanding, basic (in shares)	8,275	8,239	8,397	8,232
Income (Loss) from Continuing Operations, Per Basic Share	$ (0.29)	$ (0.27)	$ 0.03	$ 0.60
Income (Loss) from Discontinued Operations, Per Basic Share	0	(0.19)	11.65	(1.21)
Basic net (loss) income per share attributable to common stockholders (in usd per share)	(0.29)	(0.46)	11.68	(0.61)
Income (Loss) from Continuing Operations, Per Diluted Share	(0.29)	(0.27)	0.03	0.60
Income (Loss) from Discontinued Operations, Per Diluted Share	0	(0.19)	11.47	(1.21)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ (0.29)	$ (0.46)	$ 11.50	$ (0.61)
Weighted-average shares excluded from computation of earnings per share (in shares)	296	145	6	134

Limited Partnerships (Details)

Limited Partnerships (Details) $ in Thousands		3 Months Ended
	Jul. 31, 2022 USD ($) hotel_room	Mar. 31, 2022 USD ($)	Sep. 30, 2022
Saint George L.P.
Limited Partnerships [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 1,700
Proceeds from Partnership Contribution	$ 15,000
Saint George L.P. | Multifamily
Limited Partnerships [Line Items]
Number of Units in Real Estate Property | hotel_room	316
Saint George L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 3,700
Equity Method Investment, Ownership Percentage			10%
Saint George L.P. | Unrelated Equity Investor
Limited Partnerships [Line Items]
Proceeds from Partnership Contribution	$ 33,400
Stratus Block 150, L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates		$ 1,400
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	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Limited Partnerships [Line Items]
Cash and cash equivalents	$ 63,537	$ 24,229
Restricted cash	13,776	18,294
Real estate under development	224,813	181,224
Land available for development	40,331	40,659
Real estate held for investment, net	93,446	90,284
Other assets	14,204	17,214
Total assets	462,837	541,226	$ 559,100
Debt	124,170	106,648
Total liabilities	178,020	332,613
Limited Partnerships [Member]
Limited Partnerships [Line Items]
Cash and cash equivalents	17,621	7,432
Restricted cash	0	11,809
Real estate under development	93,586	62,692
Land available for development	8,286	7,641
Real estate held for investment, net	30,955	31,399
Other assets	4,723	3,160
Total assets	155,171	124,133
Accounts payable and accrued liabilities	10,151	6,661
Debt	56,366	46,096
Total liabilities	66,517	52,757
Net assets	$ 88,654	$ 71,376

Dispositions - Balance Sheet (D

Dispositions - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 63,537	$ 24,229
Restricted cash	13,776	18,294
Real Estate Investments, Other	93,446	90,284
Other assets	14,204	17,214
Total assets	462,837	541,226	$ 559,100
Debt	124,170	106,648
Other liabilities	6,019	17,894
Total liabilities	$ 178,020	332,613
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	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 9,977	$ 6,268	$ 24,201	$ 23,273
Leasing operations	3,090	5,376	9,370	15,057
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	7,578	4,347	16,230	14,483
Depreciation	907	1,472	2,664	4,624
Cost of Revenue	8,485	5,819	18,894	19,107
General and administrative expenses	3,602	5,252	10,213	15,797
Operating income (loss)	(2,830)	(5,428)	(814)	10,675
Interest expense, net	0	(855)	(15)	(2,690)
Provision for income taxes	(420)	(121)	(159)	(290)
Net income	(2,574)	(4,197)	96,070	1,265
Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	9,212	23,575	18,298
Leasing operations	0	356	932	1,124
Depreciation	0	1,360	0	4,134
Cost of Revenue	0	8,617	17,795	21,640
General and administrative expenses	0	170	236	568
Gain on sale of assets	0	0	(119,695)	0
Operating income (loss)	0	425	125,239	(3,910)
Interest expense, net	0	(2,005)	(3,236)	(5,976)
Provision for income taxes	0	39	(25,703)	(61)
Net income	0	(1,541)	96,300	(9,947)
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		286	510	822
Hotel [Member] | Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	5,199	12,653	11,251
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	0	4,312	9,230	11,076
Entertainment [Member] | Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	3,657	9,990	5,923
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	0	2,749	7,763	5,559
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	1,350	2,237	3,204	6,481
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	$ 0	$ 196	$ 802	$ 871

Dispositions (Details)

Dispositions (Details)			1 Months Ended		3 Months Ended			9 Months Ended
	Oct. 20, 2022 USD ($)	May 31, 2022 USD ($) theater_seat hotel_room	Feb. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) hotel_room	Mar. 31, 2018 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) hotel_room	Dec. 31, 2021 USD ($)	Dec. 31, 2017 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
Deferred gain					3,748,000			3,748,000		$ 4,801,000
Net gain on extinguishment of debt					0	3,680,000		0	3,454,000
Impairment of real estate					720,000	625,000		720,000	$ 625,000
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
Kingwood Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate					70,000	$ 625,000
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 | hotel_room						275			275
Amarra Villas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate					650,000
The Saint Mary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets									$ 22,900,000
Gain (Loss) on Disposition of Assets, Net of Noncontrolling Interests								16,200,000
Net gain 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
Number of Hotel Rooms | hotel_room		251
Number Of Theater Seats | theater_seat		2,750
Capital Expenditure, Discontinued Operations						$ 210,000		213,000	$ 475,000
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											$ 71,000
Deferred Revenue, Revenue Recognized							$ 4,800,000
Deferred gain					$ 3,700,000			$ 3,700,000		$ 4,800,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Kingwood Place [Member] | Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 5,500,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Amarra Villas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale			$ 2,400,000
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

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 124,170	$ 106,648
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 125,855	$ 108,091

Debt (Details)

Debt (Details) - USD ($)				1 Months Ended						3 Months Ended		4 Months Ended	9 Months Ended
	Sep. 01, 2022	Jun. 30, 2022	May 01, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Aug. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Nov. 03, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 01, 2022	May 31, 2022	Apr. 30, 2022	Dec. 31, 2021	Apr. 22, 2020
Debt Instrument [Line Items]
Debt				$ 124,170,000						$ 124,170,000			$ 124,170,000					$ 106,648,000
Unamortized debt issuance costs				1,200,000						1,200,000			1,200,000					1,200,000
CARES Act, proceeds from loans payable																			$ 4,000,000
Net gain on extinguishment of debt										0	$ 3,680,000		0	$ 3,454,000
Interest costs incurred										1,800,000	2,200,000		4,400,000	6,600,000
Interest costs capitalized										$ 1,800,000	$ 1,300,000		$ 4,300,000	$ 3,900,000
Common Stock, Dividends, Per Share, Declared	$ 4.67									$ 4.67	$ 0		$ 4.67	$ 0
Dividends, Common Stock, Cash	$ 40,000,000
Stock Repurchase Program, Authorized Amount	$ 10,000,000
Dividends Payable				1,300,000						$ 1,300,000			$ 1,300,000
Stock Repurchased During Period, Value										$ 799,000
Stock Repurchased During Period, Shares										33,958
Treasury Stock Acquired, Average Cost Per Share										$ 23.49
Subsequent event
Debt Instrument [Line Items]
Stock Repurchased During Period, Value												$ 2,600,000
Stock Repurchased During Period, Shares												105,415
Treasury Stock Acquired, Average Cost Per Share												$ 25.02
Stock Repurchase Program, Remaining Authorized Repurchase Amount												$ 7,400,000
Comerica Bank credit facility
Debt Instrument [Line Items]
Debt				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
Credit facility, available borrowing capacity				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
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
Jones Crossing loan
Debt Instrument [Line Items]
Debt				24,118,000						24,118,000			24,118,000					24,042,000
The Annie B land loan
Debt Instrument [Line Items]
Debt				13,939,000						13,939,000			13,939,000					13,847,000
New Caney land loan
Debt Instrument [Line Items]
Debt				4,043,000						4,043,000			$ 4,043,000					4,496,000
New Caney land loan | Land Loan Payable
Debt Instrument [Line Items]
Repayments of Debt				200,000				$ 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					156,000
Net gain on extinguishment of debt									$ 3,700,000
Kingwood Place
Debt Instrument [Line Items]
Debt				32,657,000						32,657,000			32,657,000					32,249,000
Lantana Place
Debt Instrument [Line Items]
Debt				21,776,000						21,776,000			21,776,000					22,098,000
Magnolia Place Construction Loan [Member]
Debt Instrument [Line Items]
Debt				6,314,000						6,314,000			6,314,000					2,077,000
West Killeen Market
Debt Instrument [Line Items]
Debt				5,979,000						5,979,000			5,979,000					6,078,000
West Killeen Market | Construction Loan Payable | Southside Bank
Debt Instrument [Line Items]
Debt principal		$ 6,000,000					$ 6,000,000
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				5,574,000						5,574,000			5,574,000					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				$ 9,770,000						$ 9,770,000			$ 9,770,000					$ 0
Saint George Apartments Loan | 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 | 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 | Comercia Bank
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor						0%
Basis spread on variable rate						2.35%
Southside Bank | 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					2.40%
Debt Instrument, Covenant, Debt Service Coverage Ratio					1.25

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		$ 6,019		$ 6,019		$ 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		2,900		2,900		15,200
Share-based Payment Arrangement, Expense		242	$ 2,691	478	$ 3,862
Deferred Profit Sharing | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		135	2,751	269	3,495
Deferred Profit Sharing | Project Development Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		107	(60)	209	367
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		$ 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 Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022
Deferred Tax Liabilities, Gross		$ 12,400		$ 6,300
Valuation allowance, deferred tax assets		6,400		$ 6,300
Income Tax Credits and Adjustments		$ 4,200
Effective income tax rate			3%
Subsequent event
Income Taxes Paid	$ 10,000

Business Segments Revenues from

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from External Customer [Line Items]
Real estate revenue	$ 6,887	$ 892	$ 14,831	$ 8,216
Leasing operations	3,090	5,376	9,370	15,057
Revenues	9,977	6,268	24,201	23,273
Real estate operations
Revenue from External Customer [Line Items]
Real estate revenue	6,887	892	14,831	8,216
Real Estate Operations | Developed Property
Revenue from External Customer [Line Items]
Real estate revenue	0	0	2,382	4,615
Real Estate Operations | Undeveloped Property
Revenue from External Customer [Line Items]
Real estate revenue	6,887	750	12,331	3,250
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Real estate revenue	0	142	118	351
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations	$ 3,090	$ 5,376	$ 9,370	$ 15,057

Business Segments Segment Infor

Business Segments Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment			2
Revenues:
Real estate operations	$ 6,887	$ 892	$ 14,831	$ 8,216
Leasing operations	3,090	5,376	9,370	15,057
Unaffiliated customers	9,977	6,268	24,201	23,273
Cost of sales	7,578	4,347	16,230	14,483
Depreciation	907	1,472	2,664	4,624
General and administrative expenses	3,602	5,252	10,213	15,797
Gain on sale of assets	0	0	(4,812)	(22,931)
Operating income (loss)	(2,830)	(5,428)	(814)	10,675
Development of Real Estate Properties and Capital Improvements	17,517	30,292
Total assets	462,837	559,100	462,837	559,100	$ 541,226
Cash and cash equivalents	63,537		63,537		24,229
Assets held for sale - discontinued operations	0		0		$ 151,053
Consulting, Legal And Public Relation Expense				3,800
Impairment of real estate	720	625	720	625
Deferred Profit Sharing
Revenues:
Share-based Payment Arrangement, Expense	242	2,691	478	3,862
Deferred Profit Sharing | General and Administrative Expense
Revenues:
Share-based Payment Arrangement, Expense	135	2,751	269	3,495
The Santal | Discontinued Operations, Held-for-sale
Revenues:
Assets held for sale - discontinued operations		67,300		67,300
Block 21 | Discontinued Operations, Held-for-sale
Revenues:
Assets held for sale - discontinued operations		147,800		147,800
Leasing Operations
Revenues:
Leasing operations	3,090	5,376	9,370	15,057
Eliminations and Other
Revenues:
Real estate operations	0	0	0	0
Cost of sales	(4)	(25)	(4)	(25)
Depreciation	(4)	(14)	(13)	(50)
General and administrative expenses	3,602	5,252	10,213	15,797
Gain on sale of assets			0	0
Operating income (loss)	(3,594)	(5,213)	(10,202)	(15,731)
Development of Real Estate Properties and Capital Improvements	0	210	213	475
Total assets	76,502	167,620	76,502	167,620
Impairment of real estate	0	0	0	0
Operating Segments
Revenues:
Development of Real Estate Properties and Capital Improvements			57,183	37,549
Operating Segments | Real Estate Operations
Revenues:
Real estate operations	6,887	892	14,831	8,216
Cost of sales	6,232	2,134	13,030	8,026
Depreciation	24	37	73	149
General and administrative expenses	0	0	0	0
Gain on sale of assets			0	0
Operating income (loss)	(89)	(1,904)	1,014	(575)
Development of Real Estate Properties and Capital Improvements	6,203	25,962	18,294	30,841
Total assets	274,397	211,423	274,397	211,423
Impairment of real estate	720	625	720	625
Operating Segments | Leasing Operations
Revenues:
Leasing operations	3,090	5,376	9,370	15,057
Cost of sales	1,350	2,238	3,204	6,482
Depreciation	887	1,449	2,604	4,525
General and administrative expenses	0	0	0	0
Gain on sale of assets			(4,812)	(22,931)
Operating income (loss)	853	1,689	8,374	26,981
Development of Real Estate Properties and Capital Improvements	11,314	4,120	38,676	6,233
Total assets	111,938	180,057	111,938	180,057
Impairment of real estate	$ 0	$ 0	0	0
Eliminations and Other
Revenues:
Intersegment			0	0
Eliminations and Other | Real Estate Operations
Revenues:
Intersegment			6	9
Eliminations and Other | Leasing Operations
Revenues:
Intersegment			0	0
Eliminations and Other | Eliminations and Other
Revenues:
Intersegment			$ (6)	$ (9)

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Event (Details) - Subsequent event - Kingwood Place [Member] $ in Thousands	Oct. 20, 2022 USD ($)
Disposal Group, Held-for-sale, Not Discontinued Operations
Subsequent Event [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 5,500
Lantana Place
Subsequent Event [Line Items]
Repayments of Debt	$ 5,000