Stratus Properties (STRS) 10-K 31 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Mar. 27, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca St., Suite 300
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 171,300
Entity Common Stock, Shares Outstanding		7,979,164
Documents Incorporated by Reference	Portions of the registrant's proxy statement for its 2023 annual meeting of stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0000885508
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Audit Information [Abstract]
Auditor Location	Dallas, Texas	Austin, Texas
Auditor Name	CohnReznick LLP	BKM Sowan Horan, LLP
Auditor Firm ID	596	5127

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 37,666	$ 24,229
Restricted cash	8,043	18,294
Real estate held for sale	1,773	1,773
Real estate under development	239,278	181,224
Land available for development	39,855	40,659
Real estate held for investment, net	92,377	90,284
Lease right-of-use assets	10,631	10,487
Deferred tax assets	38	6,009
Other assets	15,479	17,214
Assets held for sale, including discontinued operations	0	151,053
Total assets	445,140	541,226
LIABILITIES AND EQUITY
Accounts payable	15,244	14,118
Accrued liabilities, including taxes	7,049	22,069
Debt	122,765	106,648
Lease liabilities	14,848	13,986
Deferred gain	3,519	4,801
Other liabilities	9,642	17,894
Liabilities held for sale, including discontinued operations	0	153,097
Total liabilities	173,067	332,613
Commitments and contingencies
Stockholders’ equity:
Common stock, par value of $0.01 per share, 150,000 shares authorized, 9,439 and 9,388 shares issued, respectively and 7,991 and 8,245 shares outstanding, respectively	94	94
Capital in excess of par value of common stock	195,773	188,759
Retained earnings (accumulated deficit)	41,452	(8,963)
Common stock held in treasury, 1,448 shares and 1,143 shares at cost, respectively	(30,071)	(21,753)
Total stockholders’ equity	207,248	158,137
Noncontrolling interests in subsidiaries	64,825	50,476
Total equity	272,073	208,613
Total liabilities and equity	$ 445,140	$ 541,226

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position (Parentheticals) [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares Authorized	150,000,000
Common Stock, Shares, Issued	9,439,000	9,388,000
Common Stock, Shares, Outstanding	7,991,000	8,245,000
Treasury Stock, Shares	1,448,000	1,143,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Real estate operations	$ 24,744	$ 8,449
Leasing operations	12,754	19,787
Total revenues	37,498	28,236
Cost of sales:
Depreciation and amortization	3,586	5,449
Total cost of sales	31,786	24,212
General and administrative expenses	17,567	24,509
Impairment of real estate	720	1,825
Gain on sales of assets	(4,812)	(105,970)
Total	45,261	(55,424)
Operating (loss) income	(7,763)	83,660
Interest expense, net	(15)	(3,193)
Net gain on extinguishment of debt	0	1,529
Other income, net	1,103	65
Net (loss) income before income taxes and equity in unconsolidated affiliate's loss	(6,675)	82,061
Provision for income taxes	(389)	(12,577)
Equity in unconsolidated affiliate's loss	(13)	(27)
Net (loss) income from continuing operations	(7,077)	69,457
Net income (loss) from discontinued operations	96,820	(6,208)
Net income and total comprehensive income	89,743	63,249
Total comprehensive loss (income) attributable to noncontrolling interests	683	(5,855)
Net income and total comprehensive income attributable to common stockholders	$ 90,426	$ 57,394
Earnings Per Share, Basic and Diluted [Abstract]
Continuing operations (in dollars per share)	$ (0.78)	$ 7.72
Discontinued operations (in dollars per share)	11.77	(0.75)
Earnings Per Share, Basic	10.99	6.97
Continuing operations (in dollars per diluted share)	(0.78)	7.65
Discontinued operations (in dollars per diluted share)	11.77	(0.75)
Earnings per share (in dollars per diluted share)	$ 10.99	$ 6.90
Weighted-average shares of common stock outstanding, Basic	8,228	8,236
Weighted-average shares of common stock outstanding, Diluted	8,228	8,313
Dividends declared per share of common stock	$ 4.67	$ 0
Real Estate [Member]
Revenues:
Real estate operations	$ 24,744	$ 8,449
Cost of sales:
Cost of sales	23,761	9,733
Leasing Operations
Revenues:
Leasing operations	12,754	19,787
Cost of sales:
Cost of sales	$ 4,439	$ 9,030

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Net income	$ 89,743	$ 63,249
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	3,586	9,964
Cost of real estate sold	15,596	4,056
Impairment of real estate	720	1,825
Gain on sale of discontinued operations	(119,695)	0
Gain on sales of assets	(4,812)	(105,970)
Net gain on extinguishment of debt	0	(1,529)
Debt issuance cost amortization and stock-based compensation	2,824	2,007
Equity in unconsolidated affiliates’ loss	13	27
Deferred income taxes	5,971	(5,965)
Purchases and development of real estate properties	(24,454)	(52,772)
Write-off of capitalized hotel remodel costs	0	287
Decrease (increase) in other assets	3,805	(2,212)
(Decrease) increase in accounts payable, accrued liabilities and other	(28,557)	33,423
Net cash used in operating activities	(55,260)	(53,610)
Cash flow from investing activities:
Capital expenditures	(54,813)	(19,562)
Proceeds from sale of discontinued operations	105,813	0
Proceeds from sales of assets	0	209,947
Payments on master lease obligations	(989)	(1,501)
Other, net	(8)	56
Net cash provided by investing activities	50,003	188,940
Cash flow from financing activities:
Borrowings from revolving credit facility	30,000	39,700
Payments on revolving credit facility	(30,000)	(83,004)
Borrowings from project loans	33,163	42,661
Payments on project and term loans	(18,831)	(130,723)
Payment of dividends	(38,693)	0
Finance lease principal paydown	(4)	0
Stock-based awards net payments	(452)	(132)
Distributions to noncontrolling interests	0	(12,529)
Purchases of treasury stock	(7,866)	0
Noncontrolling interests' contributions	15,032	46,300
Financing costs	(1,522)	(1,647)
Net cash used in financing activities	(19,173)	(99,374)
Net (decrease) increase in cash, cash equivalents and restricted cash	(24,430)	35,956
Cash, cash equivalents and restricted cash at beginning of year	70,139	34,183
Cash, cash equivalents and restricted cash at end of year	$ 45,709	$ 70,139

Consoldiated Statements of Equi

Consoldiated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings (Accumulated Deficit)	Common Stock Held in Treasury	Total Stratus Stockholders' Equity [Member]	Noncontrolling Interest in Subsidiaries [Member]
Balance (in shares) at Dec. 31, 2020		9,358,000			1,137,000
Balance at Dec. 31, 2020	$ 109,764	$ 94	$ 186,777	$ (66,357)	$ (21,600)	$ 98,914	$ 10,850
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		30,000
Exercised and issued stock-based awards	25		25			25
Stock-based compensation	795		795			795
Grant of RSUs under the PPIP	1,162		1,162			1,162
Tender of shares for stock-based awards (in shares)					6,000
Tender of shares for stock-based awards	(153)				$ (153)	(153)
Distributions to noncontrolling interests	(12,529)						(12,529)
Noncontrolling interests' contributions	46,300						46,300
Total comprehensive income (loss)	63,249			57,394		57,394	5,855
Balance (in shares) at Dec. 31, 2021		9,388,000			1,143,000
Balance at Dec. 31, 2021	208,613	$ 94	188,759	(8,963)	$ (21,753)	158,137	50,476
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		51,000
Exercised and issued stock-based awards	0
Stock-based compensation	1,716		1,716			1,716
Grant of RSUs under the PPIP	5,292		5,292			5,292
Tender of shares for stock-based awards (in shares)					11,000
Tender of shares for stock-based awards	(452)				$ (452)	(452)
Noncontrolling interests' contributions	15,032						15,032
Total comprehensive income (loss)	$ 89,743			90,426		90,426	(683)
Stock repurchased during period (in shares)	294,700				294,000
Stock Repurchased During Period, Value	$ (7,866)				$ (7,866)	(7,866)
Dividends, Common Stock	(40,011)			(40,011)		(40,011)
Stock Issued During Period, Value, Issued for Services	6		6			6
Balance (in shares) at Dec. 31, 2022		9,439,000			1,448,000
Balance at Dec. 31, 2022	$ 272,073	$ 94	$ 195,773	$ 41,452	$ (30,071)	$ 207,248	$ 64,825

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management, leasing and sale of multi-family and single-family residential real estate properties and commercial properties in the Austin, Texas area and other select markets in Texas. The real estate and leasing operations of Stratus are conducted primarily through its subsidiaries. Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is determined to be the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Refer to Note 4 for a discussion of Stratus' discontinued operations. Concentration of Risks. Stratus conducts its operations in the Austin, Texas area and other select markets in Texas. Consequently, any significant economic downturn in the Texas market, and the Austin market specifically, could potentially have an effect on Stratus’ business, results of operations and financial condition. Stratus has taken steps to obtain Federal Deposit Insurance Corporation (FDIC) protection for much of its cash deposits; however it typically has some cash balances on deposit with banks in excess of FDIC-insured limits. Use of Estimates. The preparation of Stratus’ financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include the estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments; profit recognition related to the sales of real estate; deferred income taxes and related valuation allowances; income taxes; allocation of certain indirect costs; profit pools under the Profit Participation Incentive Plan (PPIP) and the Long-Term Incentive Plan (LTIP); and asset lives for depreciation. Actual results could differ from those estimates. Cash and cash equivalents. All highly liquid investments with a maturity of three months or less when purchased are considered cash equivalents. Restricted cash. Stratus' restricted cash of $8.0 million is comprised of bank deposits and at December 31, 2022 primarily consists of $6.9 million of post-closing escrow amounts from the sale of Block 21 in May 2022 to be held for 12 months after the closing, subject to a longer retention period with respect to any required reserve for pending claims. Real Estate. Real estate held for investment is stated at cost, less accumulated depreciation. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for use or sale. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs including property taxes are capitalized for properties currently under development. Stratus capitalizes improvements that increase the value of properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from properties held for investment. Impairment tests for properties held for investment and properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the operation of the property and its eventual disposition. If projected undiscounted cash flow is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists. Depreciation. Real estate held for investment is depreciated on a straight-line basis over the properties' estimated lives of 30 to 40 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms. Accrued Property Taxes. Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $3.8 million at December 31, 2022 and $3.6 million at December 31, 2021. Revenue Recognition. Revenue or gains on sales of real estate are recognized when control of the asset has been transferred to the buyer if collection of substantially all of the consideration to which Stratus will be entitled is probable and Stratus has satisfied all other performance obligations under the contract. Consideration is allocated among multiple performance obligations or distinct nonfinancial assets to be transferred to the buyer based on relative fair value. Consideration is reasonably determined and deemed likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay. Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and development fees when earned, as properties are sold or when the services are performed. Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold, properties held for sale, and land available for development, such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2022 2021 Depreciation and amortization $ 3,586 $ 5,449 Leasing operations 4,439 9,030 Cost of developed property sales 5,601 2,617 Cost of undeveloped property sales 11,524 1,671 Project expenses and allocation of overhead costs (see below) 6,611 5,758 Other, net 25 (313) Total cost of sales $ 31,786 $ 24,212 Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. costs of construction and development activities are capitalized to real estate under development, and costs of project management, sales and marketing activities are charged to expense as cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as rent, office supplies, insurance, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer. Advertising Costs. Advertising costs are charged to expense as incurred and are included as a component of cost of sales. Advertising costs totaled $0.5 million in 2022 and $0.4 million in 2021. Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income or loss in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. Refer to Note 7 for further discussion. Earnings Per Share. Stratus’ basic net income per share of common stock was calculated by dividing the net income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in thousands, except per share amounts) follows: Years Ended December 31, 2022 2021 Net (loss) income from continuing operations $ (7,077) $ 69,457 Net income (loss) from discontinued operations 96,820 (6,208) Net income $ 89,743 $ 63,249 Net income (loss) attributable to noncontrolling interests 683 (5,855) Net income attributable to common stockholders $ 90,426 $ 57,394 Basic weighted-average shares of common stock outstanding 8,228 8,236 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a — 77 Diluted weighted-average shares of common stock outstanding 8,228 8,313 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ (0.78) $ 7.72 Discontinued operations 11.77 (0.75) Basic net income per share attributable to common stockholders $ 10.99 $ 6.97 Diluted net income(loss) per share attributable to common stockholders: Continuing operations $ (0.78) $ 7.65 Discontinued operations 11.77 (0.75) Diluted net income per share attributable to common stockholders $ 10.99 $ 6.90 a. Excludes approximately 295 thousand shares in 2022 of common stock associated with RSUs that were anti-dilutive as a result of the net loss from continuing operations. Excludes 5 thousand shares associated with RSUs that were anti-dilutive in 2021. Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of RSUs is based on Stratus’ stock price on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. The awards are amortized on a straight-line basis over the estimated service period. Stratus may grant RSUs that settle in cash to employees and nonemployees under the PPIP. The value of these awards in excess of the liability amount, if any, as of the date of the valuation event is amortized on a straight-line basis over the estimated service period. Refer to Note 8 for further discussion. Related Party Transactions. Refer to Notes 2 and 4 for discussion of LCHM Holdings, LLC (LCHM), its manager, and JBM Trust, which are related parties as a result of LCHM’s representation on Stratus’ Board of Directors (Board). LCHM and JBM Trust have invested in certain of Stratus' limited partnerships. 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 the PPIP and the LTIP. In 2022, he received $20 thousand as an annual incentive award for 2021 and a $135 thousand cash bonus related to payouts for development projects under the PPIP. As of December 31, 2022, the employee has two outstanding awards under the PPIP. Refer to Note 8 for discussion of the PPIP. Payments to Whitefish Partners for the consultant's consulting services and expense reimbursements totaled $122 thousand during 2021.

Related Party Transactions (Not

Related Party Transactions (Notes)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	LIMITED PARTNERSHIPS The Saint George Apartments, L.P. In November 2021, The Saint George Apartments, L.P. (The Saint George partnership), a Texas limited partnership and subsidiary of Stratus, was formed to purchase land and develop, construct and lease The Saint George, a 316-unit luxury wrap-style multi-family project in Austin. In December 2021, The Saint George partnership purchased the land for the project for $18.5 million. In December 2021, an unrelated equity investor contributed $18.3 million to The Saint George partnership for a 90.0 percent interest. In July 2022, The Saint George Apartments, L.P. entered into a construction loan agreement. Borrowings on the construction loan are secured by The Saint George project and are guaranteed by Stratus until certain conditions are met. 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 (consisting of pursuit costs and $2.2 million in cash) and the Class B limited partner’s total capital contributions to $33.4 million. Stratus has a 10.0 percent interest in The Saint George partnership. Stratus’ potential returns may increase above its relative equity interest if negotiated return hurdles are achieved. The Saint George partnership is governed by a limited partnership agreement between Stratus and the equity investor, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner has the authority to manage the day-to-day operations of the partnership, subject to approval rights of the limited partners for specified matters. The general partner will manage The Saint George partnership in exchange for an asset management fee of $300 thousand per year beginning two years after construction of The Saint George, and will earn a development management fee of 4.0 percent of certain construction costs for The Saint George. The limited partnership agreement contains a buy-sell option pursuant to which at any time either party will have the right to initiate a buy-sell of the other party’s interests. Transfers of interests in the partnership are subject to substantial restrictions. Stratus Block 150, L.P. In September 2021, Stratus Block 150, L.P., a Texas limited partnership and a subsidiary of Stratus, completed financing transactions from which a portion of the proceeds were used to purchase the land for Block 150, now known as The Annie B, a proposed luxury multi-family high-rise development in downtown Austin, Texas. The proceeds will also be used to fund predevelopment costs of the project. These financing transactions included (i) a $14.0 million land loan and (ii) $11.7 million from the sale of Class B limited partnership interests in a private placement offering, along with $3.9 million in cash and pursuit costs contributed by wholly owned subsidiaries of Stratus. The Annie B land loan is secured by The Annie B project and guaranteed by Stratus until certain conditions are met. Refer to Note 6 for further discussion of the land loan. 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 December 31, 2022, Stratus holds, in the aggregate, a 31.0 percent indirect equity interest in Stratus Block 150, L.P. No individual Class B limited partner has an equity interest greater than 25.0 percent. One of the participants in the private placement offering, JBM Trust, which purchased a limited partnership interest initially representing a 5.9 percent equity interest in Stratus Block 150, L.P., has a trustee who also serves as sole manager of LCHM. Stratus Block 150, L.P. is governed by a limited partnership agreement between Stratus and the equity investors, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner has the authority to manage the day-to-day operations of the partnership, subject to approval rights of the limited partners for specified matters. Stratus plans to capitalize The Annie B in a two-phase process consisting of the initial land partnership phase and potentially followed by a development partnership phase. No asset management fee will be paid to the general partner during the land partnership phase. If the general partner determines to proceed with the development partnership phase, the general partner would continue to manage Stratus Block 150, L.P. and would begin to receive an asset management fee to be agreed on at that time. During the development partnership phase, the general partner would receive a development management fee of approximately 4 percent of certain construction costs for The Annie B. Transfers of interests in the partnership are subject to substantial restrictions. If a change of control of Stratus occurs as defined in the limited partnership agreement, each Class B limited partner has a put right to require Stratus to purchase all but not less than all of its interests for a price generally providing a cumulative 10 percent annual return on capital contributions. The Saint June, L.P. In June 2021, The Saint June, L.P., a Texas limited partnership and a subsidiary of Stratus, entered into a construction loan to develop The Saint June, a 182-unit luxury garden-style multi-family project within the Amarra development of the Barton Creek community in Austin, Texas. The loan is secured by The Saint June project and is guaranteed by Stratus until certain conditions are met. Refer to Note 6 for further discussion of this loan. In July 2021, an unrelated equity investor contributed $16.3 million to The Saint June, L.P. partnership for a 65.87 percent interest. Stratus has a 34.13 percent interest in The Saint June, L.P. following its contribution of land, development costs and $1.1 million of cash. Stratus’ potential returns may increase above its relative equity interest if negotiated return hurdles are achieved. The Saint June, L.P. is governed by a limited partnership agreement between Stratus and the equity investor, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner has the authority to manage the day-to-day operations of the partnership, subject to approval rights of the limited partners for specified matters. The general partner will manage The Saint June, L.P. in exchange for an asset management fee of $210 thousand per year beginning two years after construction of The Saint June, which began in July 2021, and will earn a development management fee of 4.0 percent of certain construction costs for The Saint June. The limited partnership agreement contains a buy-sell option pursuant to which at any time either party will have the right to initiate a buy-sell of the other party’s interests. Transfers of interests in the partnership are subject to substantial restrictions. Stratus Kingwood Place, L.P. In August 2018, Stratus Kingwood Place, L.P., a Texas limited partnership and a subsidiary of Stratus (the Kingwood, L.P.), completed a $10.7 million private placement, approximately $7 million of which, combined with a $6.8 million loan from Comerica Bank, was used to purchase a 54-acre tract of land located in Kingwood, Texas for $13.5 million, for the development of Kingwood Place, an H-E-B-anchored mixed-use development project (Kingwood Place). Two of the participants in the Kingwood Offering, LCHM and JBM Trust, each purchased Kingwood Class B limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. Kingwood, L.P. is governed by a limited partnership agreement between Stratus and the equity investors, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner has the authority to manage the day-to-day operations of the partnership, subject to approval rights of the limited partners for specified matters. The general partner manages the Kingwood, L.P., in exchange for an asset management fee of $283 thousand per year and earns a development management fee of 4.0 percent of certain construction costs for Kingwood Place. Transfers of interests in the partnership are subject to substantial restrictions. In December 2018, the Kingwood, L.P., entered into a construction loan agreement with Comerica Bank, which superseded and replaced the land acquisition loan agreement discussed above and provided for a loan totaling $32.9 million to finance nearly 70 percent of the costs associated with construction of Kingwood Place, which was subsequently modified and increased to $35.4 million in January 2020 (refer to Note 6 for further discussion). Borrowings on the Kingwood Place construction loan are secured by the Kingwood Place project, and are guaranteed by Stratus until certain conditions are met. The remaining 30 percent of the project’s cost (totaling approximately $15 million) was funded by borrower equity, contributed by Stratus and private equity investors. In October 2019, Stratus acquired an unrelated equity investor's 33.33 percent interest in Kingwood, L.P. for $5.8 million. Following the acquisition, Stratus has a 60.0 percent interest in the Kingwood, L.P. Stratus’ potential returns may increase above its relative equity interest if negotiated return hurdles are achieved. Accounting for Limited Partnerships. Stratus has performed evaluations and concluded that The Saint George partnership, Stratus Block 150, L.P., The Saint June, L.P. and the Kingwood, L.P. are VIEs and that Stratus is the primary beneficiary. Accordingly, the partnerships’ results are consolidated in Stratus’ financial statements. Stratus will continue to re-evaluate which entity is the primary beneficiary of these partnerships in accordance with applicable accounting guidance. The cash and cash equivalents held at these limited partnerships are subject to restrictions on distribution to the parent company pursuant to project loan agreements. Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships (in thousands). December 31, 2022 2021 Assets: a Cash and cash equivalents $ 7,744 $ 6,177 Restricted cash — 11,809 Real estate under development 107,258 62,692 Land available for development 5,970 7,641 Real estate held for investment, net 30,720 31,399 Other assets 4,455 3,132 Total assets 156,147 122,850 Liabilities: b Accounts payable and accrued liabilities 12,563 5,499 Debt 55,305 46,096 Total liabilities 67,868 51,595 Net assets $ 88,279 $ 71,255 a. Substantially all of the assets are available to settle obligations of only the partnerships. b. All of the debt is guaranteed by Stratus until certain conditions are met in the individual partnership loan agreements. The creditors for the remaining liabilities do not have recourse to the general credit of Stratus.

Real Estate, net

Real Estate, net	12 Months Ended
	Dec. 31, 2022
Real Estate, net [Abstract]
Real Estate Disclosure [Text Block]	REAL ESTATE, NET Stratus’ consolidated balance sheets include the following net real estate assets (in thousands): December 31, 2022 2021 Real estate held for sale: Developed lots $ 1,773 $ 1,773 Real estate under development: Acreage, multi-family units, commercial square footage and homes 239,278 181,224 Land available for development: Undeveloped acreage and vacant office building for future renovation 39,855 40,659 Real estate held for investment: Kingwood Place 34,239 33,979 Lantana Place 30,284 30,283 Jones Crossing 25,032 25,239 West Killeen Market 10,192 10,237 Magnolia Place 5,761 — Furniture, fixtures and equipment 491 730 Total 105,999 100,468 Accumulated depreciation (13,622) (10,184) Total real estate held for investment, net 92,377 90,284 Total real estate, net $ 373,283 $ 313,940 Real estate held for sale. Developed lots include individual tracts of land that have been developed and permitted for residential use. As of December 31, 2022, Stratus owned two developed lots. Real estate under development. Acreage under development includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. Real estate under development also includes commercial and residential properties under construction. Stratus' real estate under development as of December 31, 2022 increased from December 31, 2021, primarily as a result of the development costs for The Saint June, The Saint George and Amarra Villas projects. Real estate under development also includes The Villas at Amarra Drive (Amarra Villas), a 20-unit residential project within the Amarra development. During 2021, Stratus recorded a $700 thousand impairment charge for the Amarra Villas homes because the estimated total project costs and costs of sale for two of the homes under construction exceed their contract sale prices, as Stratus was required to retain a new general contractor during the course of construction and after entering into the sales contracts for the two homes. Stratus recorded an additional $650 thousand impairment charge in third-quarter 2022. In November 2017, the city of Magnolia and the state of Texas approved the creation of a municipal utility district (MUD) which provides an opportunity for Stratus to recoup certain road and utility infrastructure costs incurred in connection with the development of Magnolia Place. Real estate held for investment as of December 31, 2022, includes approximately $12 million of costs eligible for reimbursement by the Magnolia MUD. Land available for development. Undeveloped acreage includes real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property). Stratus’ undeveloped acreage as of December 31, 2022 included land permitted for residential and commercial development and vacant pad sites at Jones Crossing and Kingwood Place. Included in land available for development is an office building in Austin, Texas that Stratus had purchased with the intent to renovate. During 2021 and in connection with Stratus' evaluation of properties for indication of impairment, the estimated net undiscounted future cash flows from this property were less than its carrying value, and Stratus recorded a $500 thousand impairment charge to reduce its carrying value to its estimated fair value. 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. Real estate held for investment. The Kingwood Place project includes 151,855 square-feet of commercial space anchored by an H-E-B grocery store and leased pad sites. The Lantana Place project includes 99,379 square feet for the first retail phase. The Jones Crossing project includes 154,117 square-feet for the first phase of the retail component of an H-E-B-anchored, mixed-use development. The West Killeen Market project includes 44,493 square-feet of commercial space adjacent to a 90,000 square-foot H-E-B grocery store. The Magnolia Place project includes 18,582 square feet in the first phase of the retail component of an H-E-B-shadow anchored, mixed-used development. Capitalized interest. Stratus recorded capitalized interest of $6.6 million in 2022 and $5.5 million in 2021.

Asset Sales

Asset Sales	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Asset Sales	ASSET SALES Block 21 - Discontinued Operations. On May 31, 2022, Stratus completed the 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 income (loss) from discontinued operations. Block 21 was Stratus’ wholly owned mixed-use real estate property in downtown Austin, Texas. Block 21 contains the 251-room W Austin Hotel and is home to Austin City Limits Live at the Moody Theater, a 2,750-seat entertainment venue that serves as the location for the filming of Austin City Limits, the longest running music series in American television history. Block 21 also includes Class A office space, retail space and the 3TEN ACL Live entertainment venue and business. In accordance with accounting guidance, Stratus reported the results of operations of Block 21 as discontinued operations in the consolidated statements of comprehensive income 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 held for sale $ 151,053 Liabilities: Accounts payable and accrued liabilities, including taxes $ 6,200 Debt 136,684 Other liabilities 10,213 Total liabilities held for sale $ 153,097 a. Most restricted cash was received by Ryman upon the closing of the sale. Block 21's results of operations, presented as net income (loss) from discontinued operations in Stratus' consolidated statements of comprehensive income follow (in thousands): Years Ended December 31, 2022 2021 Revenues: a Hotel $ 12,653 $ 18,310 Entertainment 10,004 12,929 Leasing operations and other 932 1,479 Total revenue 23,589 32,718 Cost of Sales: Hotel 8,869 15,784 Entertainment 7,472 10,482 Leasing operations and other 710 872 Depreciation b — 4,515 Total cost of sales 17,051 31,653 General and administrative expenses 337 735 Gain on sale of assets (119,695) — Operating income 125,896 330 Interest expense, net (3,236) (7,972) Provision for income taxes (25,840) 1,434 Net income (loss) from discontinued operations $ 96,820 $ (6,208) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $0.5 million in 2022 and $1.2 million in 2021. b. In accordance with accounting guidance, depreciation is not recognized subsequent to classification as assets held for sale, which occurred in December 2021. Capital expenditures associated with discontinued operations totaled $0.2 million in 2022 and $0.5 million in 2021. The Santal. In December 2021, Stratus completed the sale of The Santal for $152.0 million, less a $0.7 million repair credit. The Santal was Stratus’ wholly owned 448-unit luxury garden-style multi-family project located in Section N of Austin’s Barton Creek community. After closing costs and repayment of The Santal loan, the sale generated net proceeds of approximately $74 million and Stratus recorded a pre-tax gain on the sale of $83.0 million in 2021. Stratus also recognized a $1.9 million loss on extinguishment of debt in 2021, primarily for prepayment fees on The Santal loan. The Santal had rental revenue of $8.7 million in 2021. Interest expense related to The Santal loan was $3.0 million in 2021. The Saint Mary. In January 2021, The Saint Mary, L.P., a consolidated Texas limited partnership in which Stratus holds an aggregate 57 percent indirect equity interest, sold The Saint Mary, a 240-unit luxury garden-style multi-family project in the Circle C community in Austin, Texas for $60.0 million. After closing costs and payment of the outstanding construction loan, the sale generated net proceeds of approximately $34 million. After establishing a reserve for remaining costs of the partnership, Stratus received $20.9 million from the subsidiary in connection with the sale and $12.9 million of the net proceeds were distributed to the noncontrolling interest owners. Stratus recognized a pre-tax gain on the sale of $22.9 million ($16.2 million net of noncontrolling interests) in 2021. Stratus also recognized a $63 thousand loss on extinguishment of debt in 2021 related to the repayment of The Saint Mary construction loan. In connection with the sale, The Saint Mary, L.P. distributed $1.7 million each to LCHM and JBM Trust. The Saint Mary had rental revenue of $0.1 million in 2021 prior to the sale. Interest expense on The Saint Mary construction loan was less than $0.1 million in 2021. Kingwood Place Land Sale. In September 2021, Stratus entered into a contract to sell the multi-family tract of land at Kingwood Place, which was planned for approximately 275 multi-family units, for $5.5 million. The sale 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. Amarra Villas. In February 2021, Stratus entered into a contract to sell one of the Amarra Villas homes. The sale closed in March 2023 for $2.5 million. Stratus recorded a $650 thousand impairment charge in third-quarter 2022 because the estimated total project costs and costs of sale for the home under construction exceeded its contractual sale price. In fourth-quarter 2022, we sold another Amarra Villas home for $3.6 million.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value for certain Stratus financial instruments (i.e., cash and cash equivalents, restricted cash, accounts payable and accrued liabilities) approximates fair value because of their short-term nature and generally negligible credit losses. A summary of the carrying amount and fair value of Stratus’ other financial instruments follows (in thousands): December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Liabilities: Debt $ 122,765 $ 124,575 $ 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	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt Disclosure	DEBT Stratus’ debt follows (in thousands): December 31, 2022 2021 Comerica Bank revolving credit facility, average interest rate of 4.97% in 2022 and 5.00% in 2021 $ — $ — Jones Crossing loan, average interest rate of 3.85% in 2022 and 2.40% in 2021 24,143 24,042 The Annie B land loan, average interest rate of 4.67% in 2022 and 3.50% in 2021 13,969 13,847 New Caney land loan, average interest rate of 4.06% in 2022 and 3.11% in 2021 4,047 4,496 Paycheck Protection Program loan, fixed interest rate of 1.00% in 2021 — 156 Construction loans: Kingwood Place construction loan, average interest rate of 4.06% in 2022 and 2.61% in 2021 27,507 32,249 Lantana Place construction loan, average interest rate of 4.18% in 2022 and 3.00% in 2021 21,782 22,098 The Saint June construction loan, average interest rate of 5.89% in 2022 13,829 — Magnolia Place construction loan, average interest rate of 5.12% in 2022 and 3.50% in 2021 6,816 2,077 West Killeen Market construction loan, average interest rate of 4.45% in 2022 and 3.00% in 2021 5,306 6,078 Amarra Villas credit facility, average interest rate of 5.10% in 2022 and 3.10% in 2021 5,366 1,605 Total debt a $ 122,765 $ 106,648 a. Includes net reductions for unamortized debt issuance costs of $1.1 million at December 31, 2022, and $1.2 million at December 31, 2021. Comerica Bank revolving credit facility. Using proceeds from the sale of Block 21, Stratus repaid the outstanding amount under its Comerica Bank revolving credit facility in June 2022. As of December 31, 2022, Stratus had $49.0 million available under the revolving credit facility. Letters of credit, totaling $11.0 million, have been issued under the revolving 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 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. In February 2023, the Holden Hills property was removed from the borrowing base for the revolving credit facility, and the maximum amount that could be borrowed was reduced. At March 27, 2023 the maximum amount that could be borrowed under the facility was $53.7 million pursuant to the terms of the loan agreement, resulting in availability of $42.7 million, net of letters of credit committed against the facility. The borrowing base limitation, as defined in the facility, is no more than 50 percent of the fair market value (primarily determined by appraisals) of the collateral assets, and the maximum amount that may be borrowed is determined by applying specified percentages to different types of collateral, with the largest category as of December 31, 2022 and 2021 consisting of unimproved real property which has a limitation of 35 percent of fair market value. In March 2023, Stratus entered into a modification of the revolving credit facility, which extended the maturity date of the revolving credit facility to March 27, 2025, and increased the BSBY Rate floor to 0.50 percent. As amended, advances under the revolving credit facility bear interest at the one-month BSBY Rate (with a floor of 0.50 percent) plus 4.00 percent. The loan is secured by substantially all assets that are not subject to a separate project loan agreement. The loan agreement requires Stratus to maintain a net asset value, as defined in the loan agreement, of $125 million and an aggregate debt-to-gross asset value of not more than 50 percent. Comerica Bank’s prior written consent is required for any common stock repurchases in excess of $1.0 million or any dividend payments. Jones Crossing loan. In June 2021, a Stratus wholly-owned subsidiary entered into a $24.5 million loan with Regions Bank (the Jones Crossing loan). Of the proceeds from the Jones Crossing loan, $22.2 million was used to repay in full the original Jones Crossing construction loan. The repayment of the Jones Crossing construction loan resulted in Stratus recognizing a $163 thousand loss on the early extinguishment of debt representing the write-off of unamortized debt issuance costs related to the construction loan. The Jones Crossing loan has a maturity date of June 17, 2026, and bears interest at LIBOR plus 2.25 percent (or, if applicable, a replacement rate), provided LIBOR shall not be less than 0.15 percent. Payments of interest only on the Jones Crossing loan are due monthly through the term of the loan with the outstanding principal due at maturity. If the debt service coverage ratio falls below 1.15 to 1.00 for any fiscal quarter beginning with the quarter ending September 30, 2022, a “Cash Sweep Period” (as defined in the Jones Crossing loan) results, which limits Stratus’ ability to receive cash from its Jones Crossing subsidiary. The debt service coverage ratio fell below 1.15 to 1.00 in fourth-quarter 2022, and the Jones Crossing subsidiary made a $231 thousand principal payment in February 2023 on the Jones Crossing loan to bring the debt service coverage ratio back above 1.15 to 1.00, and a “Cash Sweep Period” did not occur. The Jones Crossing loan is secured by the Jones Crossing project, and Stratus has provided a guaranty limited to non-recourse carve-out obligations and environmental indemnification. In addition, any default under the ground leases, which grant Stratus the right to occupy the Jones Crossing property, would trigger the carve-out guaranty. The Jones Crossing loan contains certain financial covenants, including a requirement that Stratus maintain liquid assets of at least $2.0 million. The Annie B land loan. In September 2021, Stratus Block 150, L.P. entered into an 18-month, $14.0 million land loan with Comerica Bank to acquire the land for The Annie B project (The Annie B land loan). The loan was set to mature March 1, 2023, and bore interest at LIBOR (with a floor of 0.50 percent) plus 3.00 percent. Payments of interest only on the loan were due monthly through February 2023, with the outstanding principal due at maturity. The Annie B land loan is guaranteed by Stratus and secured by The Annie B project. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and an aggregate debt-to-gross asset value of not more than 50 percent and places certain restrictions on distributions from the partnership to its partners, including Stratus. The Annie B land loan requires Comerica Banks’ prior written consent for any Stratus common stock repurchases in excess of $1.0 million or any dividend payments. In February 2023, Stratus entered into a modification agreement that extended the maturity date of the loan to March 1, 2024, and changed the interest rate to the BSBY Rate (with a floor of 0.50 percent) plus 3.00 percent. In connection with the modification agreement, Stratus Block 150, LP, escrowed an interest reserve of $0.6 million with the lender. New Caney land loan. In March 2019, a Stratus wholly-owned subsidiary entered into a $5.0 million land loan with Texas Capital Bank. Proceeds from the loan were used to fund the acquisition of H-E-B's portion of the New Caney partnership in which Stratus and H-E-B purchased a tract of land for the future development of an H-E-B-anchored mixed-use project in New Caney, Texas. In March 2021, Stratus exercised its option to extend the loan for an additional 12 months to March 8, 2022, which required a principal payment of $0.5 million. In March 2022, Stratus extended the loan for an additional 12 months to March 8, 2023, which required two principal payment of $0.2 million, one in March 2022 and one in September 2022. Stratus also entered into an amendment to the New Caney land loan to convert the benchmark rate from LIBOR to the Term Secured Overnight Financing Rate (SOFR). As amended the loan bore interest at Term SOFR plus 3.00 percent. Borrowings were secured by the New Caney land and were guaranteed by Stratus. The loan agreement contained financial covenants including a requirement that Stratus maintain a net asset value of $125.0 million and unencumbered liquid assets of no less than $10.0 million. This loan was repaid at its maturity in March 2023. Paycheck Protection Program loan. In April 2020, Stratus received a $4.0 million loan under the Paycheck Protection Program (PPP loan) of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which was signed into law on March 27, 2020. The PPP loan bore interest at 1.00 percent and matured April 15, 2022, except for the portion that was forgiven. Stratus' PPP loan forgiveness application was accepted and approved in August 2021 and the outstanding balance and accrued interest were forgiven with the exception of $0.3 million. As such, Stratus recognized a gain on extinguishment of debt of $3.7 million during 2021. Kingwood Place construction loan. In 2018, the Kingwood, L.P. entered into a construction loan agreement with Comerica Bank (the Kingwood Place construction loan), which provides financing for nearly 70 percent of the costs associated with construction of Kingwood Place. The total loan of $32.9 million included the original commitment of $6.8 million used to purchase a 54-acre tract of land located in Kingwood, Texas, and an additional $26.1 million for the development of Kingwood Place. The remaining 30 percent of the project’s cost (totaling approximately $15 million) was funded by borrower equity, contributed by Stratus and private equity investors. In January 2020, the Kingwood Place construction loan was modified to increase the loan amount by $2.5 million to a total of $35.4 million. The increase was used to fund the construction of a retail building on an existing Kingwood Place retail pad. In December 2022, the loan was amended to extend the maturity date for an additional 12 months to December 6, 2023, which required an extension fee payment of approximately $90 thousand. The loan has the possibility of one additional 12-month extension if certain debt service coverage ratios are met. The amendment also converted the benchmark rate from LIBOR to the BSBY Rate. The loan now bears interest at the one-month BSBY Rate (with a floor of 0.50 percent) plus 2.75 percent. Principal and interest payments of $29,200 are due monthly with the remaining balance due at maturity. Borrowings on the Kingwood Place construction loan are secured by the Kingwood Place project, and are guaranteed by Stratus until certain conditions are met. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and an aggregate debt-to-gross asset value of not more than 50 percent and places certain restrictions on distributions from the partnership to its partners, including Stratus. The Kingwood Place construction loan requires Comerica Banks’ prior written consent for any common stock repurchases in excess of $1.0 million and any dividend payments. Lantana Place construction loan. In 2017, a Stratus wholly-owned subsidiary entered into a $26.3 million construction loan with Southside Bank (the Lantana Place construction loan) to finance the initial phase of Lantana Place. In January 2021, Stratus entered into amendments to the Lantana Place construction loan in which Stratus' Lantana Place subsidiary was granted a waiver of the debt service coverage ratio covenant until September 30, 2021, at which point the ratio was measured by reference to the three-month period then ended, and subsequently increased each quarter until measured by reference to the 12-month period ended June 30, 2022, and then on a trailing 12-month period for each quarter thereafter. As part of the January 2021 amendment, Stratus repaid $2.0 million in principal on the Lantana Place construction loan. In 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 3.00 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. The Saint June construction loan. In June 2021, The Saint June, L.P. entered into a construction loan with Texas Capital Bank to finance approximately 55 percent of the estimated $55 million cost of the development and construction of The Saint June. Available borrowings under the loan total the least of (i) $30.3 million, (ii) 60 percent of the total construction costs, or (iii) 55 percent of the as-stabilized appraised value of the property. The loan matures on October 2, 2024, with two options to extend the maturity for an additional 12 months, subject to satisfying specified conditions and the payment of an extension fee for each extension. In January 2023, Stratus and Texas Capital Bank amended The Saint June construction loan. Pursuant to the agreement, the interest rate for the loan was changed to Term SOFR plus 2.85 percent, subject to a 3.50 percent floor. Payments of interest only on the loan are due monthly through October 2, 2024, with the outstanding principal due at maturity. The loan is secured by The Saint June project and is fully guaranteed by Stratus. However, the guaranty will convert to a 50 percent repayment guaranty upon completion of construction of The Saint June. Further, once The Saint June, L.P. is able to maintain a debt service coverage ratio of 1.25 to 1.00, the repayment guaranty will be eliminated. Notwithstanding the foregoing, Stratus will remain liable for customary carve-out obligations and environmental indemnity. Stratus is also required to maintain a net asset value, as defined by the guaranty, of $125.0 million and liquid assets of at least $10.0 million. The Saint June, L.P. is not permitted to make distributions to its partners, including Stratus, until completion of The Saint June project, payment of construction costs and the project continues to satisfy an assumed debt service coverage ratio of not less than 1.00 to 1.00 for three consecutive months. The project must comply with a specified loan-to-value ratio covenant. Magnolia Place construction loan. In August 2021, a Stratus wholly-owned subsidiary entered into a $14.8 million construction loan with Veritex Community Bank secured by the Magnolia Place project. The loan matures on August 12, 2024, with two options to extend the maturity for an additional 12 months, subject to satisfying specified conditions and the payment of an extension fee. The loan bears interest at 30-day LIBOR plus 3.25 percent (or, if applicable, a replacement rate), with a floor of 3.50 percent. Payments of interest only are due monthly with the outstanding principal due at maturity. Stratus provided a completion guaranty and 25-percent-limited-payment guaranty. The loan agreement contains financial covenants, including that Stratus is required to maintain a net asset value, as defined in the loan agreement, of $125.0 million and liquid assets of at least $7.5 million. West Killeen Market construction loan. In 2016, a Stratus wholly-owned subsidiary entered into a $9.9 million construction loan agreement with Southside Bank (the West Killeen Market loan) to finance a portion of the construction of the West Killeen Market project. The loan is secured by the West Killeen Market project and is guaranteed by Stratus until Stratus' West Killeen Market subsidiary is able to maintain a debt service ratio of 1.50 to 1.00 as of the end of each fiscal quarter after completion of construction on the project, measured by reference to the trailing six-month period ending on the last day of such quarter. 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 3.00 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. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and a requirement that Stratus' West Killeen Market maintains a debt service coverage ratio of at least 1.35 to 1.00 measured by reference to a trailing 12-month period for each quarter. Amarra Villas credit facility. In 2016, a Stratus wholly-owned subsidiary entered into the Amarra Villas credit facility to finance construction of the Amarra Villas project. In March 2019, two Stratus wholly-owned subsidiaries entered into an amended and restated loan agreement with Comerica Bank to modify, increase and extend Stratus' Amarra Villas credit facility. The amended and restated loan agreement provided for an increase in the revolving credit facility commitment from $8.0 million to $15.0 million and an extension of the maturity date from July 12, 2019 to March 19, 2022. In March 2022, the Stratus subsidiaries and Comerica Bank agreed to an extension of the maturity date to June 19, 2022, while they negotiated a modification of this 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 0.00 percent) plus 3.00 percent, and the maturity date was extended to June 19, 2024. The Amarra Villas credit facility contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and an aggregate debt-to-gross asset value of not more than 50 percent. At December 31, 2022, Stratus had $12.6 million available under its $18.0 million Amarra Villas credit facility. Principal paydowns occur as homes are sold, and additional amounts are borrowed as additional homes are constructed. The loan is secured by the Amarra Villas project and guaranteed by Stratus. The Amarra Villas credit facility requires Comerica Banks’ prior written consent for any common stock repurchases in excess of $1.0 million and any dividend payments. In March 2023, Stratus made a $2.2 million principal payment on the credit facility upon the closing of a sale of one of the Amarra Villas homes. The Saint George construction loan. In July 2022, The Saint George Apartments, L.P. 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 0.00 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. 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 not more than 50 percent. The Saint George Apartments, L.P. is not permitted to make distributions to its partners, including Stratus, while the loan remains outstanding. No amounts had been borrowed on this loan as of December 31, 2022. Financial Covenants and Compliance. Stratus’ and its subsidiaries’ debt arrangements, including Stratus’ guaranty agreements, contain significant limitations that may restrict Stratus’ and its subsidiaries’ ability to, among other things: borrow additional money or issue guarantees; pay dividends, repurchase equity or make other distributions to equityholders; make loans, advances or other investments; create liens on assets; sell assets; enter into sale-leaseback transactions; enter into transactions with affiliates; permit a change of control or change of management; sell all or substantially all of its assets; and engage in mergers, consolidations or other business combinations. As of December 31, 2022, Stratus and its subsidiaries were in compliance with the financial covenants contained in the financing agreements discussed above. LIBOR Phase Out. Certain of Stratus' debt agreements reference LIBOR which is being phased out and replaced with alternative reference rates. Stratus does not expect the transition from LIBOR and other interbank offered rates to have a material impact on its consolidated financial results. Interest Payments. Interest paid on debt, excluding debt related to Block 21 and The Santal included in liabilities held for sale, totaled $4.9 million in 2022 and $4.8 million in 2021. Maturities. Maturities of debt based on the principal amounts and terms outstanding at December 31, 2022 total $45.8 million in 2023, $26.9 million in 2024, $5.5 million in 2025, $24.8 million in 2026, and $20.9 million in 2027.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ provision for income taxes consists of the following (in thousands): Years Ended December 31, 2022 2021 Current $ (981) $ 18,608 Deferred 1,370 (6,031) Provision for income taxes $ 389 $ 12,577 The components of deferred income taxes follow (in thousands): December 31, 2022 2021 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 4,707 $ 9,743 Employee benefit accruals 1,005 2,411 Deferred income — 10 Other assets 3,745 3,465 Net operating loss credit carryforwards 3 — Other liabilities (3,237) (3,180) Valuation allowance (6,185) (6,440) Deferred tax assets, net $ 38 $ 6,009 The $6.0 million decrease in Stratus' net deferred tax assets is primarily attributable to deferred tax assets realized in 2022 from the sale of Block 21. Stratus continues to maintain a valuation allowance on substantially all of its remaining net deferred tax assets. In evaluating the recoverability of the remaining deferred tax assets, management considered available positive and negative evidence, giving greater weight to the uncertainty regarding projected future financial results. Upon a change in facts and circumstances, management may conclude that sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance in the future, which would favorably impact Stratus' results of operations. Stratus’ future results of operations may be negatively impacted by an inability to realize a tax benefit for future tax losses or for items that will generate additional deferred tax assets that are not more likely than not to be realized. Stratus’ future results of operations may be favorably impacted by reversals of valuation allowances if Stratus is able to demonstrate sufficient positive evidence that its deferred tax assets will be realized. Reconciliations of the U.S. federal statutory tax rate to Stratus’ effective income tax rate follow (dollars in thousands): Years Ended December 31, 2022 2021 a Amount Percent Amount Percent Income tax provision (benefit) computed at the federal statutory income tax rate $ (1,405) 21 % $ 17,228 21 % Adjustments attributable to: Change in valuation allowance (255) 4 (4,247) (5) Noncontrolling interests 141 (2) (1,230) (2) Executive compensation limitation 664 (10) 840 1 State taxes 177 (3) 571 1 PPP loan forgiveness — — (773) (1) Net, other 1,067 (16) 188 — Provision for income taxes $ 389 (6) % $ 12,577 15 % a. Certain prior year tax component amounts have been reclassified to conform to the current year presentation. Stratus paid federal income taxes and state margin taxes totaling $37.7 million in 2022 and $0.4 million in 2021. In connection with the CARES Act and the ability to carry back net operating losses, Stratus received a $5.1 million U.S. federal income tax refund in 2022. Stratus also received a $1.9 million U.S. federal income tax refund in 2021. Uncertain Tax Positions. Stratus has recorded unrecognized tax benefits related to federal examinations. A summary of the changes in unrecognized tax benefits follows (in thousands): Years Ended December 31, 2022 2021 Balance at January 1 $ 221 $ 210 (Reductions) additions for tax positions related to prior years (221) 11 Balance at December 31 $ — $ 221 As of December 31, 2022, Stratus had no unrecognized tax benefits. During 2022, approximately $0.2 million of unrecognized tax benefits were recognized as a result of the completion of federal examinations. Stratus records liabilities offsetting the tax provision benefits of uncertain tax positions to the extent it estimates that a tax position is more likely than not to not be sustained upon examination by the taxing authorities. Stratus has elected to classify any interest and penalties related to income taxes within income tax expense in its consolidated statements of comprehensive income (loss). As of December 31, 2022, no such interest costs have been accrued. Stratus files both U.S. federal income tax and state margin tax returns. With limited exceptions, Stratus is no longer subject to U.S. federal income tax examinations by tax authorities for the years prior to 2019 and state margin tax examinations for the years prior to 2018. On August 16, 2022, the Inflation Reduction Act of 2022 (the IR Act) was enacted in the United States. Among other provisions, the IR Act imposes a new one percent excise tax on the fair market value of net corporate stock repurchases made by covered corporations, effective for tax years beginning after December 31, 2022. Stratus is

Equity Transactions, Stock-Base

Equity Transactions, Stock-Based Compensation and Employee Benefits	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Equity Transactions, Stock-Based Compensation and Employee Benefits	EQUITY TRANSACTIONS, STOCK-BASED COMPENSATION AND EMPLOYEE BENEFITS Equity The Comerica Bank revolving credit facility, Amarra Villas credit facility, The Annie B land loan, The Saint George construction loan, Kingwood Place construction loan and Holden Hills construction loan entered into in February 2023 r equire Comerica Bank’s prior written consent for any common stock repurchases in excess of $1.0 million or any dividend payments. Dividends. On September 1, 2022, after receiving written consent from Comerica Bank, Stratus’ 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 December 31, 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. Share Repurchase Program. On September 1, 2022, after receiving written consent from Comerica Bank, Stratus’ Board 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 2022, Stratus acquired 294,700 shares of its common stock under the share repurchase program for a total cost of $7.9 million at an average price of $26.69 per share. Through March 27, 2023, Stratus has acquired 335,703 shares of its common stock for a total cost of $8.7 million at an average price of $25.93 per share, and $1.3 million remains available for repurchases under the program. Stock-based Compensation Stock Award Plans. On May 12, 2022, the stockholders of Stratus approved the 2022 Stock Incentive Plan (the Plan). The Plan authorizes the issuance of up to 500,000 shares of common stock. Awards for no more than 250,000 shares may be granted to a participant in a single year, however, an annual limit of $300,000 applies to the sum of all cash, equity-based awards and other compensation granted to a non-employee director for services as a member of the board, and a maximum grant date value of equity-based awards granted during a single year may not exceed $200,000 of such annual limit. Upon approval of the Plan by stockholders, Stratus ceased making new awards under any prior plans. The Plan had 317,061 shares available for new grants as of December 31, 2022. Stock-Based Compensation Costs. Compensation costs charged against earnings for RSUs, the only stock-based awards granted over the last several years, totaled $1.7 million for 2022 and $0.8 million for 2021. Stock-based compensation costs are capitalized when appropriate. Based on Stratus’ history, executive turnover is rare. Therefore, Stratus does not currently apply a forfeiture rate when estimating stock-based compensation costs for RSUs. RSUs. RSUs granted under the plans provide for the issuance of common stock to non-employee directors and employees and consultants at no cost to the recipients. The RSUs are converted into shares of Stratus common stock ratably and generally vest in increments over a one In May 2022, Stratus granted an aggregate 173,726 stock-settled RSUs with a grant-date value of $7.4 million, based on Stratus' stock price on the date of issuance, pursuant to the terms of the PPIP in connection with Lantana Place, which reached a valuation event under the PPIP in September 2021, and the sale of The Santal in December 2021 (see further discussion below). A summary of outstanding unvested RSUs as of December 31, 2022, and activity during the year ended December 31, 2022, follow (dollars in thousands): Number of Aggregate Balance at January 1 135,611 Granted 198,179 Vested (51,521) Balance at December 31 282,269 $ 5,445 The total fair value of RSUs granted was $8.3 million for 2022 and $2.4 million for 2021. The total intrinsic value of RSUs vested was $2.0 million during 2022 and $0.8 million during 2021. As of December 31, 2022, Stratus had $3.0 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over a weighted-average period of 1.4 years. The following table includes amounts related to vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2022 2021 Stratus shares tendered to pay the minimum required taxes a 11,277 5,461 Amounts Stratus paid for employee taxes $ 452 $ 153 a. Under terms of the related plans and agreements, upon vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the minimum required taxes. Employee Benefits Stratus maintains a 401(k) defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The 401(k) plan provides for an employer matching contribution equal to 100 percent of the participant’s contribution, subject to a limit of 5 percent of the participant’s annual salary. Stratus’ policy is to make an additional safe harbor contribution equal to 3 percent of each participant’s total compensation. The 401(k) plan also provides for discretionary contributions. Stratus’ contributions to the 401(k) plan totaled $0.6 million in 2022 and $0.5 million in 2021. Profit Participation Incentive Plan. In 2018, the Stratus Compensation Committee of the Board (the Committee) unanimously adopted the PPIP, which provides participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the PPIP. In February 2023, the Committee approved the LTIP, which amends and restates the PPIP, and is effective for participation interests awarded under development projects on or after its effective date. As of March 27, 2023, there were not yet any participation interests awarded under the LTIP. Outstanding participation interests granted under the PPIP will continue to be governed by the terms of the prior PPIP. The PPIP and LTIP provide participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the PPIP and LTIP. Under the PPIP and LTIP, 25 percent of the profit (as described below) for each approved project following a capital transaction (each as defined in the PPIP and LTIP) will be set aside in a pool. The Committee will allocate participation interests in each pool to certain officers, employees and consultants determined to be instrumental in the success of the project. The profit is equal to the net proceeds to Stratus from a capital transaction after Stratus has received a return of its costs and expenses, any capital contributions and a preferred return of 10 percent per year on the approved project. Provided the applicable service conditions are met, each participant is eligible to earn a bonus equal to his or her allocated participation interest in the applicable profit pool. Bonuses under the PPIP are payable in cash prior to March 15 of the year following the capital transaction, unless the participant is an executive officer, in which case annual cash payouts under the PPIP are limited to no more than four times the executive officer’s base salary, and any amounts due under the PPIP in excess of that amount will be converted to an equivalent number of stock-settled RSUs based on the 12-month trailing average price of Stratus common stock during the year of the capital transaction, with a one-year vesting period. If a capital transaction has not occurred prior to the third anniversary of the date an approved project is substantially complete (a valuation event), the Committee will obtain a third-party appraisal of the approved project as of the valuation event. Based on the appraised value, the Committee will determine if any profit would have been generated after applying the hurdles described above, and if so, the amount of any bonus that would have been attributable to each participant. Any such amount will convert into an equivalent number of stock-settled RSUs based on the 12-month average trailing price of Stratus common stock during the year of the valuation event. The RSUs will be granted in the year following the valuation event and will vest in annual installments over a three-year period, provided that the participant satisfies the applicable service conditions. The fair value of the RSUs will be determined based on the price of Stratus' common stock on the date of grant. If the grant date fair value exceeds the calculated bonus amount, the incremental portion will be amortized ratably over the three-year vesting period. If a participant leaves Stratus and forfeits their RSUs, Stratus is able to reverse the expense associated with that award. In 2018, the Committee designated seven development projects as approved projects under the PPIP, and allocated participation interests in profit pools of each approved project to certain officers, employees and consultants. During 2019, the Committee designated Magnolia Place as an approved project under the PPIP. During first-quarter 2022, the Committee designated The Saint June as an approved project under the PPIP, and the awards were granted in August 2022. As required for liability-based awards under Accounting Standards Codification 718, Stock-Based Compensation , at the date of grant, Stratus estimates the fair value of each award and adjusts the fair value in each subsequent reporting period. Estimates related to the awards may change over time due to differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Stratus estimated the profit pool of each approved project by projecting the cash flow from operations, the net sales price, the timing of a capital transaction or valuation event and Stratus' equity and preferred return including costs to complete for projects under development. The primary fair value assumptions used at December 31, 2022, were projected cash flows, estimated capitalization rates ranging from 4.3 percent to 7.5 percent, projected remaining service periods for each project ranging from 0.5 years to 3.3 years, and estimated transaction costs of approximately 1.3 percent to 7.9 percent. On October 17, 2020, West Killeen Market reached a valuation event under the PPIP. 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. The grant date value of the RSUs was $0.3 million greater than the accrued liability as a result of this different valuation methodology, Stratus transferred the $1.2 million accrued liability balance under the PPIP for West Killeen Market to capital in excess of par value and is amortizing the $0.3 million balance of the grant-date value with a charge to general and administrative expenses and a credit to capital in excess of par value over the three 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. During second-quarter 2022, following stockholder approval of Stratus’ new stock incentive plan, the remaining accrued liability related to The Santal of $1.6 million was settled in RSUs with a one-year vesting period awarded to one participant for whom the cash compensation limitation was reached. 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 the different valuation methodology described above. 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): Years Ended December 31, 2022 2021 Charged to general and administrative expense $ 524 $ 9,780 Capitalized to project development costs 2 441 Total PPIP costs $ 526 $ 10,221 The accrued liability for the PPIP totaled $3.0 million at December 31, 2022, and $15.2 million at December 31, 2021 (included in other liabilities).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Construction Contracts. Stratus had firm commitments totaling approximately $75 million at December 31, 2022 related to Amarra Villas, Magnolia Place, The Saint June and The Saint George development projects. We have construction loans, as well as remaining equity capital contributed to The Saint George limited partnership, in place to fund these commitments. Letters of Credit. As of December 31, 2022, Stratus had letters of credit totaling $11.0 million committed against its revolving credit facility with Comerica Bank, which secure the company’s obligation to build certain roads and utilities facilities benefiting Holden Hills and Section N (refer to Note 6 for further discussion). Rental Income. As of December 31, 2022, Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases of developed retail space and ground leases, totaled $10.1 million in 2023, $10.3 million in 2024, $10.0 million in 2025, $10.0 million in 2026, $10.0 million in 2027 and $92.3 million thereafter, with the longest lease extending through 2039. H-E-B Profit Participation. H-E-B has profit participation rights in the Jones Crossing, Kingwood Place, and Lakeway projects. H-E-B is entitled to 10 percent of any cash flow from operations or profit from the sale of these properties after Stratus receives a return of its equity plus a preferred return of 10 percent. Stratus may enter into similar profit participation agreements for future projects. Leases. Stratus' most significant lease is a 99-year ground lease for approximately 72 acres of land in College Station, Texas on which it is developing the Jones Crossing project. Stratus also leases various types of assets, including office space, vehicles and office equipment under non-cancelable leases. Stratus entered into one lease during fourth-quarter 2022 that is classified as a finance lease, and the other leases are classified as operating leases. As of December 31, 2022, the remaining term of the finance lease is five years with a weighted-average discount rate of 6.4 percent to determine the lease liability. Stratus did not have any finance leases during 2021. Supplemental balance sheet information related to leases is as follows (in thousands): December 31, Classification on the Consolidated Balance Sheet 2022 2021 Assets Operating right-of-use assets Lease right-of-use assets $ 10,631 $ 10,487 Finance right-of-use assets Other assets 79 — Liabilities Operating lease liability Lease liabilities $ 14,848 $ 13,986 Finance lease liability Other liabilities 80 — Operating lease costs were $1.5 million in 2022 and $1.3 million in 2021. Stratus paid $757 thousand during 2022 and $183 thousand in 2021 for lease liabilities recorded in the consolidated balance sheet (included in operating cash flows in the consolidated statements of cash flows). As of December 31, 2022 and 2021, the weighted-average discount rate used to determine the lease liabilities was 6.0 percent. As of December 31, 2022, the weighted-average remaining lease term was 90 years (94 years as of December 31, 2021). The future minimum payments for operating leases recorded on the consolidated balance sheet at December 31, 2022 follow (in thousands): Years ending December 31, 2023 $ 911 2024 848 2025 742 2026 669 2027 692 Thereafter 107,850 Total payments 111,712 Present value adjustment (96,864) Present value of net minimum lease payments $ 14,848 Circle C Settlement. In 2002, the city of Austin granted final approval of a development agreement (the Circle C settlement) and permanent zoning for Stratus’ real estate located within the Circle C community in southwest Austin. The Circle C settlement firmly established all essential municipal development regulations applicable to Stratus’ Circle C properties until 2032. The city of Austin also provided Stratus $15.0 million of development fee credits, which are in the form of credit bank capacity, in connection with its future development of its Circle C and other Austin-area properties for waivers of fees and reimbursement for certain infrastructure costs. In addition, Stratus can elect to sell up to $1.5 million of the incentives per year to other developers for their use in paying City fees related to their projects as long as the projects are within the desired development zone, as defined within the Circle C settlement. To the extent Stratus sells the incentives to other developers, Stratus recognizes the income from the sale when title is transferred and compensation is received. As of December 31, 2022, Stratus had permanently used $12.4 million of its City-based development fee credits, including cumulative amounts sold to third parties totaling $5.1 million. Fee credits used for the development of Stratus’ properties effectively reduce the basis of the related properties and Stratus defers recognition of any gain associated with the use of the fees until the affected properties are sold. Stratus also had $0.9 million in credit bank capacity in use as temporary fiscal deposits as of December 31, 2022. Available credit bank capacity was $1.8 million at December 31, 2022. Deferred Gain on Sale of The Oaks at Lakeway. In 2017, Stratus sold The Oaks at Lakeway to FHF I Oaks at Lakeway, LLC for $114.0 million in cash. The Oaks at Lakeway is an H-E-B anchored retail project located in Lakeway, Texas. The parties entered into three master lease agreements at closing: (1) one covering unleased in-line retail space, with a five ten 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 2022. A contract liability of $3.5 million is presented as a deferred gain in the consolidated balance sheets at December 31, 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. Environmental Regulations. Stratus has made, and will continue to make, expenditures for protection of the environment. Increasing emphasis on environmental matters can be expected to result in additional costs, which could be charged against Stratus’ operations in future periods. Present and future environmental laws and regulations applicable to Stratus’ operations may require substantial capital expenditures that could adversely affect the development of its real estate interests or may affect its operations in other ways that cannot be accurately predicted at this time. Litigation. Stratus may from time to time be involved in various legal proceedings of a character normally incident to the ordinary course of its business. Stratus believes that potential liability from any of these pending or threatened proceedings will not have a material adverse effect on Stratus’ financial condition or results of operations.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS As 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 presented as discontinued operations. The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed for sale, under development and available for development), which consists of its properties in Austin, Texas (including the Barton Creek Community, including Section N, Holden Hills, Amarra multi-family and commercial land, Amarra Villas, The Saint June and other vacant land; 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 (land for future phases of retail and multi-family development and retail pad sites at Jones Crossing); and in Magnolia, Texas (land for a future phase of retail development and for future multi-family use and retail pad sites at Magnolia Place), Kingwood, Texas (a retail 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, Kingwood Place and the completed portions of Lantana Place, Jones Crossing and Magnolia Place. The segment also included The Saint Mary until its sale in January 2021 and The Santal until its sale in December 2021 (refer to Note 4 for further discussion). Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus’ operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity. Revenues From Contracts with Customers. Stratus’ revenues from contracts with customers follow (in thousands): Year Ended December 31, 2022 2021 Real Estate Operations: Developed property sales $ 5,982 $ 4,615 Undeveloped property sales 18,620 3,250 Commissions and other 142 584 24,744 8,449 Leasing Operations: Rental revenue 12,754 19,787 12,754 19,787 Total revenues from contracts with customers $ 37,498 $ 28,236 Financial Information by Business Segment. Summarized financial information by segment for the year ended December 31, 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 $ 24,744 $ 12,754 $ — $ 37,498 Intersegment 6 — (6) — Cost of sales, excluding depreciation 23,766 4,439 (5) 28,200 Depreciation and amortizaion 100 3,506 (20) 3,586 General and administrative expenses — — 17,567 17,567 Impairment of real estate c 720 — — 720 Gain on sales of assets d — (4,812) — (4,812) Operating income (loss) $ 164 $ 9,621 $ (17,548) $ (7,763) Capital expenditures and purchases and development of real estate properties $ 24,454 $ 54,600 $ 213 $ 79,267 Total assets at December 31, 2022 288,270 109,348 47,522 445,140 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 $650 thousand for one of the Amarra Villas homes that was sold for $2.5 million in March 2023 and $70 thousand for the multi-family tract of land at Kingwood Place sold for $5.5 million in October 2022. d. Represents a pre-tax gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that we entered into in connection with the sale of The Oaks at Lakeway in 2017. Summarized financial information by segment for the year ended December 31, 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 $ 8,449 $ 19,787 $ — $ 28,236 Intersegment 17 — (17) — Cost of sales, excluding depreciation 9,758 9,030 (25) 18,763 Depreciation 155 5,358 (64) 5,449 General and administrative expenses c — — 24,509 24,509 Impairment of real estate d 1,825 — — 1,825 Gain on sales of assets e — (105,970) — (105,970) Operating (loss) income $ (3,272) $ 111,369 $ (24,437) $ 83,660 Capital expenditures and purchases and development of real estate properties $ 52,772 $ 19,024 $ 538 $ 72,334 Total assets at December 31, 2021 241,225 107,990 192,011 541,226 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 $4.0 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 $9.8 million in employee incentive compensation costs associated with the PPIP resulting primarily from an increased valuation for The Santal. d. Includes $700 thousand for two Amarra Villas homes that were sold in 2022, $625 thousand for the multi-family tract of land at Kingwood Place that sold for $5.5 million in October 2022 and $500 thousand for an office building in Austin. e. Represents the pre-tax gains on the December 2021 sale of The Santal of $83.0 million, and the January 2021 sale of The Saint Mary of $22.9 million.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Holden Hills, L.P. In first-quarter 2023, Holden Hills, L.P., a Texas limited partnership (the Holden Hills partnership), entered into financing transactions and commenced construction on the development of the Holden Hills project. The Holden Hills project is Stratus’ final large residential development within the Barton Creek community in Austin, Texas, consisting of 495 acres and designed to feature 475 unique residences. The Holden Hills partnership is governed by a limited partnership agreement between a wholly owned subsidiary of Stratus as Class A limited partner and an unaffiliated equity investor as Class B limited partner, and another wholly owned subsidiary of Stratus which serves as general partner. The partners made the following initial capital contributions to the Holden Hills partnership: (i) The Class A limited partner contributed the Holden Hills land and related personal property at an agreed value of $70.0 million and (ii) The Class B limited partner contributed $40.0 million in cash. Immediately following the Class B limited partner's initial capital contribution, $30.0 million of cash was distributed by the Holden Hills partnership to the Class A limited partner. Further, the Holden Hills partnership reimbursed the Class A limited partner for certain initial project costs and closing costs of approximately $5.8 million. As a result of these transactions, Stratus holds, indirectly through its wholly owned subsidiaries, a 50 percent equity capital interest in the Holden Hills partnership, and the Class B limited partner holds the remaining 50 percent equity capital interest in the Holden Hills partnership. Stratus’ potential returns on its equity investment in the Holden Hills partnership may increase above its relative equity interest as negotiated return hurdles are achieved. We expect to consolidate the Holden Hills limited partnership, and the contribution from our partner will be accounted for as a noncontrolling interest. In addition to each partner’s initial capital contribution, upon the call of the general partner from time to time, the Class A limited partner and the general partner, together, are obligated to make capital contributions up to an additional $10.0 million, and the Class B limited partner is also obligated to make capital contributions up to an additional $10.0 million. The general partner has the authority to manage the day-to-day operations of the Holden Hills partnership, subject to approval rights of the Class B limited partner for specified “major decisions,” including project and operating budgets, the business plan and amendments thereto; sales, leases or transfers of any portion of the Holden Hills project to any partner, affiliate of any partner, or to any unaffiliated third party other than as contemplated in the business plan; incurring any debt, mortgage or guaranty; capital calls in excess of those previously agreed upon; admitting a new partner; and certain transfers of direct or indirect interests in the Holden Hills partnership. The business plan includes rights of first refusal in favor of the Class B limited partner for sale of a pod to a third party. A “deadlock” may be declared by any partner if any limited partner does not approve any two major decisions proposed by the general partner within any 12-month period. Prior to the third anniversary of the effective date of the limited partnership agreement, a buy-sell provision can be triggered only if there is a deadlock. On or after the third anniversary, any partner can initiate the buy-sell at any time by written notice to the other partner, specifying the buyout price. The Holden Hills partnership has agreed to pay the general partner a development management fee of 4.00 percent of certain construction costs for Phase I, and an asset management fee of $150 thousand per year starting 15 months after construction starts on the project payable from available cash flow after debt service. The Class A limited partner and the Holden Hills partnership entered into a development agreement (Development Agreement) that provides that, as part of Phase I, the Holden Hills partnership will construct certain street, drainage, water, sidewalk, electric and gas improvements in order to extend the Tecoma Circle roadway on Section N land owned by Stratus from its current terminus to Southwest Parkway (the Tecoma Improvements). The Tecoma Improvements will enable access and provide utilities necessary for the development of both the Holden Hills project and Section N. Section N is Stratus’ wholly-owned approximately 570-acre tract located along Southwest Parkway in the southern portion of the Barton Creek community adjacent to Holden Hills. Pursuant to the Development Agreement, Stratus will reimburse the Holden Hills partnership for 60 percent of the costs of the Tecoma Improvements. The Class A limited partner has posted standby letters of credit with the City of Austin under Stratus’ revolving credit facility with Comerica Bank totaling approximately $11 million as fiscal security for completion of certain infrastructure improvements benefiting the Holden Hills project, and has agreed to leave such fiscal security in place until the improvements are completed. Holden Hills construction loan. In February 2023, the Holden Hills partnership entered into a loan agreement with Comerica Bank to finance the development of Phase I of the Holden Hills project. The loan agreement provides for a senior secured construction loan in the aggregate principal amount of the least of (i) $26.1 million, (ii) 23 percent of the total development costs for Phase I or (iii) the amount that would result in a maximum loan-to-value ratio of 28 percent. The loan has a maturity date of February 8, 2026. Advances under the loan bear interest at the one-month BSBY Rate (with a floor of 0.50 percent), plus 3.00 percent. Payments of interest only on the loan are due monthly until the maturity date with the outstanding principal due at maturity. The Holden Hills partnership may prepay all or any portion of the loan without premium or penalty. Amounts repaid under the loan may not be reborrowed. The loan is secured by the Holden Hills project, including the land related to both Phase I and Phase II, and the Phase I improvements. After completion of construction of Phase I, the Holden Hills partnership may sell and obtain releases of the liens on single-family platted home sites, individual pods or the Phase II land, subject to specified conditions, and upon payment to the lender of specified amounts related to the parcel to be released. The Holden Hills partnership is not permitted to make distributions to its partners, including Stratus, while the loan is outstanding. The Holden Hills partnership must apply all MUD reimbursements it receives and is entitled to retain as payments of principal on the loan. Stratus has entered into a guaranty for the benefit of the lender pursuant to which Stratus has guaranteed the payment of the loan and the completion of Phase I, including the Tecoma Improvements. Stratus is also liable for customary carve-out obligations and an environmental indemnity. The Holden Hills construction loan requires Comerica Banks’ prior written consent for any common stock repurchases in excess of $1.0 million and any dividend payments. Stratus must maintain, on a consolidated basis, a net asset value not less than $125.0 million, and a debt-to-gross-asset value not more than 50 percent (in each case as defined in the guaranty). Holden Hills Municipal Utility District Reimbursements. The Holden Hills partnership is expected to be eligible to be reimbursed in the future by Travis County MUDs for a portion of future costs of the Tecoma Improvements and also for a portion of future costs related only to the Holden Hills project. The Holden Hills partnership has agreed to deliver to the Class A limited partner 60 percent of any MUD reimbursements for Tecoma Improvement costs paid directly by the Class A limited partner, when such reimbursements are received by the partnership. The amount and timing of MUD reimbursements depends, among other factors, upon the timing of actual future expenditures, the MUD having a sufficient tax base within its district to issue bonds and obtaining the necessary state approval for the sale of the bonds. Accordingly, the amount and timing of the receipt of MUD reimbursements is uncertain.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Business and Principles of Consolidation	Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management, leasing and sale of multi-family and single-family residential real estate properties and commercial properties in the Austin, Texas area and other select markets in Texas. The real estate and leasing operations of Stratus are conducted primarily through its subsidiaries. Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is determined to be the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Refer to Note 4 for a discussion of Stratus' discontinued operations.
Concentration of Risk	Concentration of Risks. Stratus conducts its operations in the Austin, Texas area and other select markets in Texas. Consequently, any significant economic downturn in the Texas market, and the Austin market specifically, could potentially have an effect on Stratus’ business, results of operations and financial condition. Stratus has taken steps to obtain Federal Deposit Insurance Corporation (FDIC) protection for much of its cash deposits; however it typically has some cash balances on deposit with banks in excess of FDIC-insured limits.
Use of Estimates	Use of Estimates. The preparation of Stratus’ financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include the estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments; profit recognition related to the sales of real estate; deferred income taxes and related valuation allowances; income taxes; allocation of certain indirect costs; profit pools under the Profit Participation Incentive Plan (PPIP) and the Long-Term Incentive Plan (LTIP); and asset lives for depreciation. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and cash equivalents. All highly liquid investments with a maturity of three months or less when purchased are considered cash equivalents. Restricted cash. Stratus' restricted cash of $8.0 million is comprised of bank deposits and at December 31, 2022 primarily consists of $6.9 million of post-closing escrow amounts from the sale of Block 21 in May 2022 to be held for 12 months after the closing, subject to a longer retention period with respect to any required reserve for pending claims.
Real Estate	Real Estate. Real estate held for investment is stated at cost, less accumulated depreciation. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for use or sale. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs including property taxes are capitalized for properties currently under development. Stratus capitalizes improvements that increase the value of properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from properties held for investment. Impairment tests for properties held for investment and properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the operation of the property and its eventual disposition. If projected undiscounted cash flow is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists.
Depreciation	Depreciation. Real estate held for investment is depreciated on a straight-line basis over the properties' estimated lives of 30 to 40 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms.
Accrued Property Taxes	Accrued Property Taxes.  Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $3.8 million at December 31, 2022 and $3.6 million at December 31, 2021
Revenue Recognition	Revenue Recognition. Revenue or gains on sales of real estate are recognized when control of the asset has been transferred to the buyer if collection of substantially all of the consideration to which Stratus will be entitled is probable and Stratus has satisfied all other performance obligations under the contract. Consideration is allocated among multiple performance obligations or distinct nonfinancial assets to be transferred to the buyer based on relative fair value. Consideration is reasonably determined and deemed likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay.
Cost of Sales	Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold, properties held for sale, and land available for development, such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2022 2021 Depreciation and amortization $ 3,586 $ 5,449 Leasing operations 4,439 9,030 Cost of developed property sales 5,601 2,617 Cost of undeveloped property sales 11,524 1,671 Project expenses and allocation of overhead costs (see below) 6,611 5,758 Other, net 25 (313) Total cost of sales $ 31,786 $ 24,212
Allocation of Overhead Costs	Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. costs of construction and development activities are capitalized to real estate under development, and costs of project management, sales and marketing activities are charged to expense as cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as rent, office supplies, insurance, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer.
Advertising Costs	Advertising Costs. Advertising costs are charged to expense as incurred and are included as a component of cost of sales. Advertising costs totaled $0.5 million in 2022 and $0.4 million in 2021.
Income Taxes	Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income or loss in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. Refer to Note 7 for further discussion.
Earnings Per Share	Earnings Per Share. Stratus’ basic net income per share of common stock was calculated by dividing the net income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in thousands, except per share amounts) follows: Years Ended December 31, 2022 2021 Net (loss) income from continuing operations $ (7,077) $ 69,457 Net income (loss) from discontinued operations 96,820 (6,208) Net income $ 89,743 $ 63,249 Net income (loss) attributable to noncontrolling interests 683 (5,855) Net income attributable to common stockholders $ 90,426 $ 57,394 Basic weighted-average shares of common stock outstanding 8,228 8,236 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a — 77 Diluted weighted-average shares of common stock outstanding 8,228 8,313 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ (0.78) $ 7.72 Discontinued operations 11.77 (0.75) Basic net income per share attributable to common stockholders $ 10.99 $ 6.97 Diluted net income(loss) per share attributable to common stockholders: Continuing operations $ (0.78) $ 7.65 Discontinued operations 11.77 (0.75) Diluted net income per share attributable to common stockholders $ 10.99 $ 6.90 a. Excludes approximately 295 thousand shares in 2022 of common stock associated with RSUs that were anti-dilutive as a result of the net loss from continuing operations. Excludes 5 thousand shares associated with RSUs that were anti-dilutive in 2021.
Stock-based Compensation	Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of RSUs is based on Stratus’ stock price on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. The awards are amortized on a straight-line basis over the estimated service period. Stratus may grant RSUs that settle in cash to employees and nonemployees under the PPIP. The value of these awards in excess of the liability amount, if any, as of the date of the valuation event is amortized on a straight-line basis over the estimated service period. Refer to Note 8 for further discussion.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Cost of Sales	A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2022 2021 Depreciation and amortization $ 3,586 $ 5,449 Leasing operations 4,439 9,030 Cost of developed property sales 5,601 2,617 Cost of undeveloped property sales 11,524 1,671 Project expenses and allocation of overhead costs (see below) 6,611 5,758 Other, net 25 (313) Total cost of sales $ 31,786 $ 24,212
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in thousands, except per share amounts) follows: Years Ended December 31, 2022 2021 Net (loss) income from continuing operations $ (7,077) $ 69,457 Net income (loss) from discontinued operations 96,820 (6,208) Net income $ 89,743 $ 63,249 Net income (loss) attributable to noncontrolling interests 683 (5,855) Net income attributable to common stockholders $ 90,426 $ 57,394 Basic weighted-average shares of common stock outstanding 8,228 8,236 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a — 77 Diluted weighted-average shares of common stock outstanding 8,228 8,313 Basic net income (loss) per share attributable to common stockholders: Continuing operations $ (0.78) $ 7.72 Discontinued operations 11.77 (0.75) Basic net income per share attributable to common stockholders $ 10.99 $ 6.97 Diluted net income(loss) per share attributable to common stockholders: Continuing operations $ (0.78) $ 7.65 Discontinued operations 11.77 (0.75) Diluted net income per share attributable to common stockholders $ 10.99 $ 6.90 a. Excludes approximately 295 thousand shares in 2022 of common stock associated with RSUs that were anti-dilutive as a result of the net loss from continuing operations. Excludes 5 thousand shares associated with RSUs that were anti-dilutive in 2021.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block]	Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships (in thousands). December 31, 2022 2021 Assets: a Cash and cash equivalents $ 7,744 $ 6,177 Restricted cash — 11,809 Real estate under development 107,258 62,692 Land available for development 5,970 7,641 Real estate held for investment, net 30,720 31,399 Other assets 4,455 3,132 Total assets 156,147 122,850 Liabilities: b Accounts payable and accrued liabilities 12,563 5,499 Debt 55,305 46,096 Total liabilities 67,868 51,595 Net assets $ 88,279 $ 71,255 a. Substantially all of the assets are available to settle obligations of only the partnerships. b. All of the debt is guaranteed by Stratus until certain conditions are met in the individual partnership loan agreements. The creditors for the remaining liabilities do not have recourse to the general credit of Stratus.

Real Estate, net (Tables)

Real Estate, net (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate, net [Abstract]
Schedule of Real Estate Properties [Table Text Block]	Stratus’ consolidated balance sheets include the following net real estate assets (in thousands): December 31, 2022 2021 Real estate held for sale: Developed lots $ 1,773 $ 1,773 Real estate under development: Acreage, multi-family units, commercial square footage and homes 239,278 181,224 Land available for development: Undeveloped acreage and vacant office building for future renovation 39,855 40,659 Real estate held for investment: Kingwood Place 34,239 33,979 Lantana Place 30,284 30,283 Jones Crossing 25,032 25,239 West Killeen Market 10,192 10,237 Magnolia Place 5,761 — Furniture, fixtures and equipment 491 730 Total 105,999 100,468 Accumulated depreciation (13,622) (10,184) Total real estate held for investment, net 92,377 90,284 Total real estate, net $ 373,283 $ 313,940

Asset Sales (Tables)

Asset Sales (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The carrying amounts of Block 21's major classes of assets and liabilities in the consolidated balance 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 held for sale $ 151,053 Liabilities: Accounts payable and accrued liabilities, including taxes $ 6,200 Debt 136,684 Other liabilities 10,213 Total liabilities held for sale $ 153,097 a. Most restricted cash was received by Ryman upon the closing of the sale. Block 21's results of operations, presented as net income (loss) from discontinued operations in Stratus' consolidated statements of comprehensive income follow (in thousands): Years Ended December 31, 2022 2021 Revenues: a Hotel $ 12,653 $ 18,310 Entertainment 10,004 12,929 Leasing operations and other 932 1,479 Total revenue 23,589 32,718 Cost of Sales: Hotel 8,869 15,784 Entertainment 7,472 10,482 Leasing operations and other 710 872 Depreciation b — 4,515 Total cost of sales 17,051 31,653 General and administrative expenses 337 735 Gain on sale of assets (119,695) — Operating income 125,896 330 Interest expense, net (3,236) (7,972) Provision for income taxes (25,840) 1,434 Net income (loss) from discontinued operations $ 96,820 $ (6,208) a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $0.5 million in 2022 and $1.2 million in 2021. b. In accordance with accounting guidance, depreciation is not recognized subsequent to classification as assets held for sale, which occurred in December 2021.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	A summary of the carrying amount and fair value of Stratus’ other financial instruments follows (in thousands): December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Liabilities: Debt $ 122,765 $ 124,575 $ 106,648 $ 108,091

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Stratus’ debt follows (in thousands): December 31, 2022 2021 Comerica Bank revolving credit facility, average interest rate of 4.97% in 2022 and 5.00% in 2021 $ — $ — Jones Crossing loan, average interest rate of 3.85% in 2022 and 2.40% in 2021 24,143 24,042 The Annie B land loan, average interest rate of 4.67% in 2022 and 3.50% in 2021 13,969 13,847 New Caney land loan, average interest rate of 4.06% in 2022 and 3.11% in 2021 4,047 4,496 Paycheck Protection Program loan, fixed interest rate of 1.00% in 2021 — 156 Construction loans: Kingwood Place construction loan, average interest rate of 4.06% in 2022 and 2.61% in 2021 27,507 32,249 Lantana Place construction loan, average interest rate of 4.18% in 2022 and 3.00% in 2021 21,782 22,098 The Saint June construction loan, average interest rate of 5.89% in 2022 13,829 — Magnolia Place construction loan, average interest rate of 5.12% in 2022 and 3.50% in 2021 6,816 2,077 West Killeen Market construction loan, average interest rate of 4.45% in 2022 and 3.00% in 2021 5,306 6,078 Amarra Villas credit facility, average interest rate of 5.10% in 2022 and 3.10% in 2021 5,366 1,605 Total debt a $ 122,765 $ 106,648 a. Includes net reductions for unamortized debt issuance costs of $1.1 million at December 31, 2022, and $1.2 million at December 31, 2021.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of benefit from (provision for) income taxes	Stratus’ provision for income taxes consists of the following (in thousands): Years Ended December 31, 2022 2021 Current $ (981) $ 18,608 Deferred 1,370 (6,031) Provision for income taxes $ 389 $ 12,577
Schedule of components of deferred income taxes	The components of deferred income taxes follow (in thousands): December 31, 2022 2021 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 4,707 $ 9,743 Employee benefit accruals 1,005 2,411 Deferred income — 10 Other assets 3,745 3,465 Net operating loss credit carryforwards 3 — Other liabilities (3,237) (3,180) Valuation allowance (6,185) (6,440) Deferred tax assets, net $ 38 $ 6,009
Schedule of reconciliation of U.S. federal statutory tax rate	Reconciliations of the U.S. federal statutory tax rate to Stratus’ effective income tax rate follow (dollars in thousands): Years Ended December 31, 2022 2021 a Amount Percent Amount Percent Income tax provision (benefit) computed at the federal statutory income tax rate $ (1,405) 21 % $ 17,228 21 % Adjustments attributable to: Change in valuation allowance (255) 4 (4,247) (5) Noncontrolling interests 141 (2) (1,230) (2) Executive compensation limitation 664 (10) 840 1 State taxes 177 (3) 571 1 PPP loan forgiveness — — (773) (1) Net, other 1,067 (16) 188 — Provision for income taxes $ 389 (6) % $ 12,577 15 % a. Certain prior year tax component amounts have been reclassified to conform to the current year presentation.
Summary of changes in unrecognized tax benefits	A summary of the changes in unrecognized tax benefits follows (in thousands): Years Ended December 31, 2022 2021 Balance at January 1 $ 221 $ 210 (Reductions) additions for tax positions related to prior years (221) 11 Balance at December 31 $ — $ 221

Equity Transactions, Stock-Ba_2

Equity Transactions, Stock-Based Compensation and Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Summary of outstanding unvested RSUs	A summary of outstanding unvested RSUs as of December 31, 2022, and activity during the year ended December 31, 2022, follow (dollars in thousands): Number of Aggregate Balance at January 1 135,611 Granted 198,179 Vested (51,521) Balance at December 31 282,269 $ 5,445
Schedule of vesting of RSUs and exercises of stock options	The following table includes amounts related to vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2022 2021 Stratus shares tendered to pay the minimum required taxes a 11,277 5,461 Amounts Stratus paid for employee taxes $ 452 $ 153 a. Under terms of the related plans and agreements, upon vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the minimum required taxes.
Share-based Payment Arrangement, Cost by Plan	A summary of PPIP costs follows (in thousands): Years Ended December 31, 2022 2021 Charged to general and administrative expense $ 524 $ 9,780 Capitalized to project development costs 2 441 Total PPIP costs $ 526 $ 10,221

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Supplemental balance sheet information related to leases	Supplemental balance sheet information related to leases is as follows (in thousands): December 31, Classification on the Consolidated Balance Sheet 2022 2021 Assets Operating right-of-use assets Lease right-of-use assets $ 10,631 $ 10,487 Finance right-of-use assets Other assets 79 — Liabilities Operating lease liability Lease liabilities $ 14,848 $ 13,986 Finance lease liability Other liabilities 80 —
Lessee, Operating Lease, Liability, Maturity	The future minimum payments for operating leases recorded on the consolidated balance sheet at December 31, 2022 follow (in thousands): Years ending December 31, 2023 $ 911 2024 848 2025 742 2026 669 2027 692 Thereafter 107,850 Total payments 111,712 Present value adjustment (96,864) Present value of net minimum lease payments $ 14,848

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	Stratus’ revenues from contracts with customers follow (in thousands): Year Ended December 31, 2022 2021 Real Estate Operations: Developed property sales $ 5,982 $ 4,615 Undeveloped property sales 18,620 3,250 Commissions and other 142 584 24,744 8,449 Leasing Operations: Rental revenue 12,754 19,787 12,754 19,787 Total revenues from contracts with customers $ 37,498 $ 28,236
Schedule of financial information by business segment	Financial Information by Business Segment. Summarized financial information by segment for the year ended December 31, 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 $ 24,744 $ 12,754 $ — $ 37,498 Intersegment 6 — (6) — Cost of sales, excluding depreciation 23,766 4,439 (5) 28,200 Depreciation and amortizaion 100 3,506 (20) 3,586 General and administrative expenses — — 17,567 17,567 Impairment of real estate c 720 — — 720 Gain on sales of assets d — (4,812) — (4,812) Operating income (loss) $ 164 $ 9,621 $ (17,548) $ (7,763) Capital expenditures and purchases and development of real estate properties $ 24,454 $ 54,600 $ 213 $ 79,267 Total assets at December 31, 2022 288,270 109,348 47,522 445,140 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 $650 thousand for one of the Amarra Villas homes that was sold for $2.5 million in March 2023 and $70 thousand for the multi-family tract of land at Kingwood Place sold for $5.5 million in October 2022. d. Represents a pre-tax gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that we entered into in connection with the sale of The Oaks at Lakeway in 2017. Summarized financial information by segment for the year ended December 31, 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 $ 8,449 $ 19,787 $ — $ 28,236 Intersegment 17 — (17) — Cost of sales, excluding depreciation 9,758 9,030 (25) 18,763 Depreciation 155 5,358 (64) 5,449 General and administrative expenses c — — 24,509 24,509 Impairment of real estate d 1,825 — — 1,825 Gain on sales of assets e — (105,970) — (105,970) Operating (loss) income $ (3,272) $ 111,369 $ (24,437) $ 83,660 Capital expenditures and purchases and development of real estate properties $ 52,772 $ 19,024 $ 538 $ 72,334 Total assets at December 31, 2021 241,225 107,990 192,011 541,226 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 $4.0 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 $9.8 million in employee incentive compensation costs associated with the PPIP resulting primarily from an increased valuation for The Santal. d. Includes $700 thousand for two Amarra Villas homes that were sold in 2022, $625 thousand for the multi-family tract of land at Kingwood Place that sold for $5.5 million in October 2022 and $500 thousand for an office building in Austin. e. Represents the pre-tax gains on the December 2021 sale of The Santal of $83.0 million, and the January 2021 sale of The Saint Mary of $22.9 million.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Cost of Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Significant Accounting Policies [Line Items]
Depreciation and amortization	$ 3,586	$ 5,449
Cost of developed property sales	5,601	2,617
Cost of undeveloped property sales	11,524	1,671
Project expenses and allocation of overhead costs (see below)	6,611	5,758
Other, net	25	(313)
Total cost of sales	31,786	24,212
Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Leasing operations	$ 4,439	$ 9,030

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Significant Accounting Policies [Line Items]
Net (loss) income from continuing operations	$ (7,077)	$ 69,457
Net income (loss) from discontinued operations	96,820	(6,208)
Net income	89,743	63,249
Net Income (Loss) Attributable to Noncontrolling Interest	683	(5,855)
Net Income (Loss) Available to Common Stockholders, Basic	$ 90,426	$ 57,394
Weighted-average shares of common stock outstanding, Basic	8,228	8,236
Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a	0	77
Weighted-average shares of common stock outstanding, Diluted	8,228	8,313
Continuing operations (in dollars per share)	$ (0.78)	$ 7.72
Discontinued operations (in dollars per share)	11.77	(0.75)
Earnings Per Share, Basic	10.99	6.97
Continuing operations (in dollars per diluted share)	(0.78)	7.65
Discontinued operations (in dollars per diluted share)	11.77	(0.75)
Earnings per share (in dollars per diluted share)	$ 10.99	$ 6.90
Restricted Stock Units (RSUs) [Member]
Schedule of Significant Accounting Policies [Line Items]
Potential anti-dilutive securities	295	5

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	May 31, 2022	Apr. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Significant Accounting Policies [Line Items]
Advertising Expense			$ 500	$ 400
Accrued Property Taxes			3,800	3,600
Restricted cash			8,043	18,294
Discontinued Operations, Disposed of by Sale | Block 21 [Member]
Schedule of Significant Accounting Policies [Line Items]
Restricted cash				18,444
Escrow Deposits Related to Property Sales	$ 6,900
Immediate family member [Member]
Schedule of Significant Accounting Policies [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party		$ 100
Whitefish Partners, LLC | Immediate family member [Member]
Schedule of Significant Accounting Policies [Line Items]
Related party expense reimbursements				$ 122
Whitefish Partners, LLC | Immediate family member [Member] | Annual Incentive Award
Schedule of Significant Accounting Policies [Line Items]
Related party expense reimbursements			20
Whitefish Partners, LLC | Immediate family member [Member] | PPIP award
Schedule of Significant Accounting Policies [Line Items]
Related party expense reimbursements			$ 135
Minimum [Member] | Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation			30 years
Minimum [Member] | Furniture, fixtures and equipment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation			3 years
Maximum [Member] | Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation			40 years
Maximum [Member] | Furniture, fixtures and equipment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation			15 years

Related Party Transactions Sain

Related Party Transactions Saint George (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 unit
Related Party Transaction [Line Items]
Payments for Capital Improvements			$ 54,813	$ 19,562
Saint George L.P.
Related Party Transaction [Line Items]
Number of Lots/Units in Real Estate Property | unit					316
Proceeds from Partnership Contribution	$ 15,000
Management Fee Expense		$ 300
Management Fee Percent			4%
Proceeds from Contributions from Parent	1,700
Saint George L.P. | Stratus Properties Inc [Member]
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent	3,700
Saint George L.P. | Stratus Properties Inc [Member] | Cash and Cash Equivalents
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent	2,200
Saint George L.P. | Unrelated Equity Investor
Related Party Transaction [Line Items]
Proceeds from Partnership Contribution	$ 33,400
Saint George L.P. | Land Available for Development [Member]
Related Party Transaction [Line Items]
Payments for Capital Improvements		18,500
Saint George L.P. | Unrelated Equity Investor
Related Party Transaction [Line Items]
Proceeds from Partnership Contribution		$ 18,300
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		90%		90%
Saint George L.P. | Stratus Properties Inc [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		10%		10%

Related Party Transactions Stra

Related Party Transactions Stratus Block 150 (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2022
Stratus Block 150, L.P. | JBM Trust
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.90%
Annie B
Related Party Transaction [Line Items]
Proceeds from Contributions from Affiliates	$ 3,900
Management Fee Percent	4%
Annie B | Stratus Block 150, L.P. | Stratus Properties Inc [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	31%
Annie B | Stratus Block 150, L.P. | Class B Limited Partnership Interests
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 11,700
Annie B | Block 150 Loan | Stratus Block 150, L.P. Land Loan | Stratus Block 150, L.P.
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 14,000
Stratus Block 150, L.P. | Stratus Properties Inc [Member]
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent		$ 1,400

Related Party Transactions The

Related Party Transactions The Saint June L.P. (Details) - Saint June, L.P. $ in Thousands		12 Months Ended
	Jul. 01, 2021 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2021	Jun. 30, 2021 unit
Related Party Transaction [Line Items]
Management Fee Expense		$ 210
Management Fee Percent		4%
Unrelated Equity Investor
Related Party Transaction [Line Items]
Proceeds from Partnership Contribution	$ 16,300
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			65.87%
Stratus Properties Inc [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			34.13%
Stratus Properties Inc [Member] | Cash and Cash Equivalents
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent	$ 1,100
Apartment Building [Member]
Related Party Transaction [Line Items]
Number of Lots/Units in Real Estate Property | unit				182

Related Party Transactions King

Related Party Transactions Kingwood Place, L.P. (Details) $ in Thousands				12 Months Ended
	Oct. 31, 2019 USD ($)	Dec. 06, 2018 USD ($)	Aug. 03, 2018 USD ($) a	Dec. 31, 2022 USD ($)	Jan. 31, 2020 USD ($)
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land			$ 13,500
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	33.33%
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 5,800
Stratus Properties Inc [Member] | Kingwood Place [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				60%
LCHM Holdings, L.L.C. [Member] | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			8.80%
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement		$ 15,000	$ 10,700
Area of Land | a			54
Percentage of Construction Costs		30%
Stratus Kingwood, L.P. [Member] | Land Available for Development [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land			$ 7,000
Stratus Kingwood, L.P. [Member] | Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount		$ 32,900	$ 6,800		$ 35,400
Percentage of Construction Costs		70%
Stratus Kingwood, L.P. [Member] | Kingwood Place [Member] | Asset Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction				$ 283
Stratus Kingwood, L.P. [Member] | Kingwood Place [Member] | Development And Construction Management Fee [Member]
Related Party Transaction [Line Items]
Property Management Fee, Percent Fee				4%
JBM Trust | Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			8.80%

Related Party Transactions Held

Related Party Transactions Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 37,666	$ 24,229
Restricted cash	8,043	18,294
Real estate under development	239,278	181,224
Land available for development	39,855	40,659
Real estate held for investment, net	92,377	90,284
Other assets	15,479	17,214
Total assets	445,140	541,226
Debt	122,765	106,648
Total liabilities	173,067	332,613
Saint George partnership, Stratus Kingwood, L.P., The Saint June L.P, and Stratus Block 150, L.P
Related Party Transaction [Line Items]
Cash and cash equivalents	7,744	6,177
Restricted cash	0	11,809
Real estate under development	107,258	62,692
Land available for development	5,970	7,641
Real estate held for investment, net	30,720	31,399
Other assets	4,455	3,132
Total assets	156,147	122,850
Accounts payable and accrued liabilities	12,563	5,499
Debt	55,305	46,096
Total liabilities	67,868	51,595
Net assets	$ 88,279	$ 71,255

Real Estate, net Summary of Rea

Real Estate, net Summary of Real Estate Holdings (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 20, 2022 USD ($)	Nov. 30, 2017 USD ($)	Dec. 31, 2022 USD ($) ft² unit	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Real estate held for sale			$ 1,773	$ 1,773
Real estate under development:			239,278	181,224
Land Available for Development			39,855	40,659
Real estate held for investment, gross			105,999	100,468
Accumulated depreciation			(13,622)	(10,184)
Total real estate held for invesment, net			92,377	90,284
Total real estate, net			373,283	313,940
Impairment of real estate			720	1,825
Interest Costs Capitalized			(6,600)	(5,500)
Kingwood Place [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			34,239	33,979
Lantana Place [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			10,192	10,237
Jones Crossing [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			30,284	30,283
West Killeen Market [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			$ 25,032	25,239
HEB Grocery Store
Real Estate Properties [Line Items]
Net Rentable Area | ft²			90,000
Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Property Held-for-sale			$ 3,600
Magnolia Place
Real Estate Properties [Line Items]
Real estate held for investment, gross			$ 5,761	0
Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit			2
Retail Site [Member] | Kingwood Place [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²			151,855
Retail Site [Member] | Jones Crossing [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²			154,117
Retail Site [Member] | West Killeen Market [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²			44,493
Retail Site [Member] | Lantana Place, First Phase [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²			99,379
Retail Site [Member] | Magnolia Place
Real Estate Properties [Line Items]
Net Rentable Area | ft²			18,582
Furniture and Fixtures [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			$ 491	730
Real estate under development | Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit			20
Impairment of real estate			$ 650	700
Real estate under development | Magnolia Place | MUD bond [Member]
Real Estate Properties [Line Items]
Proceeds from MUD reimbursement		$ 12,000
Land available for development | Kingwood Place [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit			275
Impairment of real estate			$ 70	625
Land available for development | Kingwood Place [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 5,500
Land available for development | Austin, Texas Office Building
Real Estate Properties [Line Items]
Impairment of real estate				$ 500

Asset Sales - Balance Sheet (De

Asset Sales - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 37,666	$ 24,229
Restricted cash	8,043	18,294
Real estate held for investment, net	92,377	90,284
Other assets	15,479	17,214
Total assets held for sale	445,140	541,226
Debt	122,765	106,648
Other liabilities	9,642	17,894
Total liabilities held for sale	$ 173,067	332,613
Block 21 [Member] | 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 held for investment, net		120,452
Other assets		2,985
Total assets held for sale		151,053
Accounts payable and accrued liabilities, including taxes		6,200
Debt		136,684
Other liabilities		10,213
Total liabilities held for sale		$ 153,097

Asset Sales - Income Statement

Asset Sales - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations	$ 96,820	$ (6,208)
Block 21 [Member] | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Leasing operations and other	932	1,479
Revenue	23,589	32,718
Costs of sales	17,051	31,653
Depreciation	0	4,515
General and administrative expenses	337	735
Gain on sale of assets	(119,695)	0
Operating income	125,896	330
Interest expense, net	(3,236)	(7,972)
Provision for income taxes	(25,840)	1,434
Net income (loss) from discontinued operations	96,820	(6,208)
Block 21 [Member] | Discontinued Operations, Disposed of by Sale | Hotel Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from contract with customer	12,653	18,310
Costs of sales	8,869	15,784
Block 21 [Member] | Discontinued Operations, Disposed of by Sale | Entertainment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from contract with customer	10,004	12,929
Costs of sales	7,472	10,482
Block 21 [Member] | Discontinued Operations, Disposed of by Sale | Leasing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs of sales	710	872
Block 21 [Member] | Discontinued Operations, Disposed of by Sale | Intersegment Eliminations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 500	$ 1,200

Asset Sales - Narrative (Detail

Asset Sales - Narrative (Details)			1 Months Ended		12 Months Ended
	Oct. 20, 2022 USD ($) hotel_room	May 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) unit	Dec. 31, 2021 USD ($) unit	Jun. 19, 2018 unit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital Expenditure, Discontinued Operations					$ 200,000	$ 500,000
Net gain on extinguishment of debt					0	(1,529,000)
Lease income					12,754,000	19,787,000
Impairment of real estate					$ 720,000	1,825,000
The Saint Mary, L.P. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent					57%
Amarra Drive Villas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale					$ 3,600,000
Multifamily [Member] | Kingwood Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | hotel_room	275
Land available for development | Kingwood Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | unit					275
Impairment of real estate					$ 70,000	625,000
Real estate under development | Amarra Drive Villas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | unit					20
Impairment of real estate					$ 650,000	700,000
The Saint Mary, L.P. [Member] | JBM Trust
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds From Sale Distributed				$ 1,700,000
The Saint Mary, L.P. [Member] | LCHM Holdings, L.L.C. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds From Sale Distributed				1,700,000
The Saint Mary, L.P. [Member] | Apartment Building [Member] | The Saint Mary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | unit							240
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Land available for development | Kingwood Place [Member]
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
Real Estate Held for Sale [Member] | Amarra Drive Villas [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			$ 2,500,000
Block 21 [Member] | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration		$ 260,000,000
Proceeds from Sale of Property Held-for-sale		112,300,000
Loans Assumed		136,200,000
Escrow Deposits Related to Property Sales		6,900,000
Gain (Loss) on Sale of Properties		$ 119,700,000
Number of Hotel Rooms		251
Number Of Theater Seats		2,750
The Santal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on extinguishment of debt						1,900,000
The Santal | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration						152,000,000
Proceeds from Sale of Property Held-for-sale						74,000,000
Gain (Loss) on Sale of Properties						83,000,000
Disposal Group, Including Discontinued Operation, Repair Credit						700,000
Lease income						8,700,000
Interest Expense						$ 3,000,000
The Santal | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Apartment Building [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | unit						448
The Saint Mary [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration				60,000,000
Proceeds from Sale of Property Held-for-sale				34,000,000
Gain (Loss) on Sale of Properties						$ 22,900,000
Net gain on extinguishment of debt						63,000
Lease income				100,000
Interest Expense				100,000
Gain (Loss) on Disposition of Assets, Net of Noncontrolling Interests						$ 16,200,000
Proceeds from Sale of Property Held-for-sale, Distributed to Noncontrolling Interests				12,900,000
The Saint Mary [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Stratus Properties Inc [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale				$ 20,900,000

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 122,765	$ 106,648
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 124,575	$ 108,091

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Aug. 01, 2021
Debt Instrument [Line Items]
Debt	$ 122,765	$ 106,648
Unamortized Debt Issuance Expense	$ 1,100	$ 1,200
Comerica credit facility [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	4.97%	5%
Long-term Line of Credit	$ 0	$ 0
New Caney Land Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	4.06%	3.11%
New Caney Land Loan [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt	$ 4,047	$ 4,496
Kingwood Place Construction Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	4.06%	2.61%
Kingwood Place Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 27,507	$ 32,249
Lantana Place Construction Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	4.18%	3%
Lantana Place Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 21,782	$ 22,098
West Killeen Market construction loan [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	4.45%	3%
West Killeen Market construction loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 5,306	$ 6,078
PPP Loan
Debt Instrument [Line Items]
Debt	$ 0	$ 156	$ 300
Interest Rate, Stated Percentage		1%	1%
Amarra Villas Credit Facility [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	5.10%	3.10%
Amarra Villas Credit Facility [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 5,366	$ 1,605
Annie B
Debt Instrument [Line Items]
Debt	$ 13,969	$ 13,847
Interest Rate, Stated Percentage	4.67%	3.50%
Magnolia Place Construction Loan
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	5.12%	3.50%
Magnolia Place Construction Loan | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 6,816	$ 2,077
Jones Crossing Loan
Debt Instrument [Line Items]
Debt	$ 24,143	$ 24,042
Interest Rate, Stated Percentage	3.85%	2.40%
Saint June Construction Loan
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	5.89%
Saint June Construction Loan | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt	$ 13,829	$ 0

Debt - Comerica (Details)

Debt - Comerica (Details) - Comerica credit facility [Member] - USD ($)	Mar. 27, 2023	Dec. 31, 2022	May 01, 2022	Apr. 30, 2022
Credit facility [Member] | Revolving Line of Credit Tranche [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		$ 49,000,000
Letter of Credit [Member] | Revolving Line of Credit Tranche [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 11,500,000	$ 7,500,000
Letter of Credit [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		11,000,000
Revolving Line of Credit Tranche [Member]
Debt Instrument [Line Items]
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount		$ 1,000,000
Revolving Line of Credit Tranche [Member] | Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 53,700,000
Line of Credit Facility, Current Borrowing Capacity	$ 42,700,000
Debt Instrument, Interest Rate Floor	0.50%
Basis Spread on Variable Rate	4%
Debt Instrument, Covenant, Net Asset Value	$ 125,000,000
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount	$ 1,000,000

Debt - Jones Crossing (Details)

Debt - Jones Crossing (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 28, 2023	Jun. 30, 2021	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt				$ 122,765	$ 106,648
Net gain on extinguishment of debt				0	1,529
Jones Crossing Loan
Debt Instrument [Line Items]
Debt				24,143	$ 24,042
Repayments of Debt		$ 22,200
Net gain on extinguishment of debt		163
Debt Instrument, Covenant, Liquid Asset Requirement				$ 2,000
Jones Crossing Loan | Subsequent Event
Debt Instrument [Line Items]
Repayments of Debt	$ 231
Jones Crossing Loan | Minimum [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio			115%
Jones Crossing Loan | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate				2.25%
Debt Instrument, Variable Rate, Floor				0.15%
Jones Crossing Loan | Regions Bank
Debt Instrument [Line Items]
Debt		$ 24,500

Debt - The Annie B (Details)

Debt - The Annie B (Details) - Annie B - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2023	Sep. 30, 2021
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor		0.50%
Debt Instrument, Covenant, Net Asset Value		$ 125,000
Debt Covenant, Common Stock Repurchase Amount, Maximum		$ 1,000
Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor	0.50%
Debt Instrument, Interest Reserve	$ 600
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio		50%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		3%
London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event
Debt Instrument [Line Items]
Basis Spread on Variable Rate	3%
Comerica Bank
Debt Instrument [Line Items]
Debt Instrument, Term		18 months
Long-term Debt, Gross		$ 14,000

Debt - New Caney (Details)

Debt - New Caney (Details) - New Caney Land Loan [Member] - Land Loan Payable [Member] - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2022	Mar. 08, 2019
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 5,000,000
Repayments of Debt	$ 200,000	$ 500,000
Debt Instrument, Covenant, Net Asset Value				$ 125,000,000
Debt Instrument, Debt Covenant, Liquid Assets				$ 10,000,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate			3%

Debt - PPP (Details)

Debt - PPP (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Aug. 01, 2021	Apr. 22, 2020
Debt Instrument [Line Items]
Debt	$ 122,765	$ 106,648
Net gain on extinguishment of debt	0	$ 1,529
PPP Loan
Debt Instrument [Line Items]
Coronavirus, Aid, Relief, And Economic Securities (CARES) Act, Proceeds From Loans Payable				$ 4,000
Interest Rate, Stated Percentage		1%	1%
Debt	$ 0	$ 156	$ 300
Net gain on extinguishment of debt		$ 3,700

Debt - Kingwood (Details)

Debt - Kingwood (Details) - Stratus Kingwood, L.P. [Member]			1 Months Ended	12 Months Ended
	Dec. 06, 2018 USD ($)	Aug. 03, 2018 USD ($) a	Jan. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) extension	Dec. 01, 2022 USD ($)
Debt Instrument [Line Items]
Percentage of Construction Costs	30%
Area of Land | a		54
Proceeds from Issuance of Private Placement	$ 15,000,000	$ 10,700,000
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Percentage of Construction Costs	70%
Debt Instrument, Face Amount	$ 32,900,000	$ 6,800,000	$ 35,400,000
Debt Instrument, Increase (Decrease), Net	$ 26,100,000		$ 2,500,000
Debt Issuance Costs, Gross					$ 90,000
Number of Debt Maturity Extensions | extension				1
Debt Maturity Extension, Term				12 months
Debt Instrument, Periodic Payment				$ 29,200
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount				1,000,000
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Net Asset Value				$ 125,000,000
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent				50%
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member] | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor				0.50%
Basis Spread on Variable Rate				2.75%

Debt - Lantana Place (Details)

Debt - Lantana Place (Details) - Lantana Place Construction Loan [Member] - Southside Bank - Construction Loan Payable [Member] - USD ($) $ in Millions		1 Months Ended
	Jan. 01, 2021	Aug. 31, 2022	Apr. 28, 2017
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 26.3
Repayments of Debt	$ 2
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.40%
Debt Instrument, Interest Rate Floor		3%
Debt Instrument, Covenant, Debt Service Coverage Ratio		125%

Debt - Saint June (Details)

Debt - Saint June (Details) - Saint June Construction Loan - USD ($) $ in Millions		1 Months Ended
	Jan. 01, 2023	Jun. 30, 2021
Debt Instrument [Line Items]
Repayment Guaranty, Percentage		50%
Debt Instrument, Covenant, Debt Service Coverage Ratio		125%
Debt Instrument, Covenant, Net Asset Value		$ 125
Debt Instrument, Covenant, Liquid Asset Requirement		$ 10
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio		100%
Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis Spread on Variable Rate	2.85%
Debt Instrument, Variable Rate, Floor	3.50%
Texas Capital Bank
Debt Instrument [Line Items]
Debt Instrument, Percent Financed		55%
Estimated Construction And Development Cost		$ 55
Debt Instrument, Unused Borrowing Capacity, Amount		$ 30.3
Construction Cost, Percent		60%
Appraised Value Of Property, Percent		55%

Debt - Magnolia (Details)

Debt - Magnolia (Details) - Magnolia Place Construction Loan - USD ($) $ in Millions	2 Months Ended
	Sep. 30, 2021	Aug. 01, 2021
Debt Instrument [Line Items]
Repayment Guaranty, Percentage	25%
Debt Instrument, Covenant, Net Asset Value		$ 125
Debt Instrument, Covenant, Liquid Asset Requirement		7.5
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate	3.25%
Debt Instrument, Variable Rate, Floor	3.50%
Veritex Community Bank
Debt Instrument [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount		$ 14.8

Debt - Killeen (Details)

Debt - Killeen (Details) - West Killeen Market construction loan [Member] - Construction Loan Payable [Member] - USD ($)			12 Months Ended
	Jun. 30, 2022	Mar. 31, 2020	Dec. 31, 2022	Aug. 05, 2016
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 9,900,000
Debt Instrument, Covenant, Debt Service Ratio			150%
Debt Instrument, Covenant, Net Asset Value			$ 125,000,000
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio		135%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis Spread on Variable Rate	2.75%
Debt Instrument, Interest Rate Floor	3%
Southside Bank
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 6,000,000

Debt - Amarra Villas (Details)

Debt - Amarra Villas (Details) - Credit facility [Member] - Amarra Villas Credit Facility [Member] - USD ($)	1 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2019	Feb. 28, 2019
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 18,000,000		$ 15,000,000	$ 8,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 12,600,000
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount		1,000,000
Subsequent Event
Debt Instrument [Line Items]
Repayments of Debt	$ 2,200,000
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Net Asset Value		$ 125,000,000
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent		50%
Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor		0%
Basis Spread on Variable Rate		3%

Debt - Saint George (Details)

Debt - Saint George (Details) - Saint George Apartments Loan - Comercia Bank - Saint George L.P. $ in Millions	Jul. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 56.8
Interest Rate, Stated Percentage	6.50%
Debt Instrument, Payment Guaranty, Percentage	25%
Debt Instrument, Covenant, Debt Service Coverage Ratio	120%
Debt Instrument, Covenant, Loan to Value Ratio	0.65
Debt Instrument, Covenant, Net Asset Value	$ 125
Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent	50%
Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor	0%
Basis Spread on Variable Rate	2.35%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 4.9	$ 4.8

Debt - Maturities (Details)

Debt - Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 45,800
2024	26,900
2025	5,500
2026	24,800
2027	$ 20,900

Income Taxes - Provision for (b

Income Taxes - Provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current	$ (981)	$ 18,608
Deferred	1,370	(6,031)
Provision for income taxes	$ 389	$ 12,577

Income Taxes - Deferred income

Income Taxes - Deferred income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Components of Deferred Tax Assets and Liabilities [Abstract]
Real estate, commercial leasing assets and facilities	$ 4,707	$ 9,743
Employee benefit accruals	1,005	2,411
Deferred income	0	10
Other assets	3,745	3,465
Net operating loss credit carryforwards	3	0
Other liabilities	(3,237)	(3,180)
Valuation allowance	(6,185)	(6,440)
Deferred tax assets, net	$ 38	$ 6,009

Income Taxes - Income taxes (Re

Income Taxes - Income taxes (Reconciliation of U.S. federal statutory rate to effective tax rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax provision (benefit) computed at the federal statutory income tax rate	$ (1,405)	$ 17,228
Change in valuation allowance	(255)	(4,247)
Noncontrolling interests	141	(1,230)
Executive compensation limitation	664	840
State taxes	177	571
PPP loan forgiveness	0	(773)
Net, other	1,067	188
Provision for income taxes	$ 389	$ 12,577
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax benefit computed at the federal statutory income tax rate	21%	21%
Change in valuation allowance	4%	(5.00%)
Noncontrolling interests	(2.00%)	(2.00%)
Executive compensation limitation	(10.00%)	1%
State taxes	(3.00%)	1%
PPP loan forgiveness	0%	(1.00%)
Net, other	(16.00%)	0%
Effective income tax rate reconciliation, percent	(6.00%)	15%
Income taxes paid	$ 37,700	$ 400

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 221	$ 210
(Reductions) additions for tax positions related to prior years		11
Balance at December 31	0	$ 221
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	$ (221)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Schedule of Income Taxes [Line Items]
Increase (Decrease) in Deferred Tax Assets	$ (6,000)
Valuation allowance	(6,185)	$ (6,440)
Coronavirus, Aid, Relief, And Economic Securities (CARES) Act, Tax Refund, Received	$ 5,100	$ 1,900
Scenario, Forecast [Member]
Schedule of Income Taxes [Line Items]
Unrecognized tax benefits that would would impact effective tax rate			$ (200)

Equity Transactions, Stock-Ba_3

Equity Transactions, Stock-Based Compensation and Employee Benefits - Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		7 Months Ended	12 Months Ended
	Sep. 01, 2022	Mar. 27, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock repurchase program, authorized	$ 10,000
Stock repurchased during period (in shares)			294,700
Stock Repurchased During Period, Value			$ 7,866
Treasury Stock Acquired, Average Cost Per Share			$ 26.69
Dividends declared per share of common stock	$ 4.67		$ 4.67	$ 0
Dividends, Common Stock, Cash	$ 40,000
Dividends Payable			$ 1,300
Subsequent Event
Stock repurchased during period (in shares)		335,703
Stock Repurchased During Period, Value		$ 8,700
Treasury Stock Acquired, Average Cost Per Share		$ 25.93
Stock repurchase program, remaining authorized repurchase amount		$ 1,300
Revolving Line of Credit Tranche [Member] | Comerica credit facility [Member]
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount			$ 1,000
Revolving Line of Credit Tranche [Member] | Comerica credit facility [Member] | Subsequent Event
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount		$ 1,000

Equity Transactions, Stock-Ba_4

Equity Transactions, Stock-Based Compensation and Employee Benefits - Stock Award Plans & Compensation Costs (Details) - USD ($) $ in Thousands		12 Months Ended
	May 12, 2022	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Rollforward [Line Items]
Compensation costs		$ 1,700	$ 800
2022 Stock Incentive Plan
Share-based Compensation Rollforward [Line Items]
Number of shares authorized (in shares)	500,000
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee	250,000
Shares available for grant (in shares)		317,061
2022 Stock Incentive Plan | Director
Share-based Compensation Rollforward [Line Items]
Maximum compensation	$ 300
Annual limit for grate date value of equity-based awards granted each year	$ 200

Equity Transactions, Stock-Ba_5

Equity Transactions, Stock-Based Compensation and Employee Benefits - RSUs (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Oct. 17, 2020
Share-based Compensation Rollforward [Line Items]
Accrued Liability, Balance Transferred			$ 5,300
Schedule of vesting of RSUs and exercises of stock options
Stratus shares tendered to pay the exercise price and/or the minimum required taxes (in shares)				11,277	5,461
Amounts Stratus paid for employee taxes				$ 452	$ 153
West Killeen | Deferred Profit Sharing [Member]
Share-based Compensation Rollforward [Line Items]
Accrued Liability, Balance Transferred		$ 1,200
Profit Participation Incentive Plan Pool, Amortizable Balance		$ 300
Lantana Place [Member] | Deferred Profit Sharing [Member]
Share-based Compensation Rollforward [Line Items]
Profit Participation Incentive Plan Pool, Amortizable Balance						$ 3,900
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Rollforward [Line Items]
Granted (in RSUs)				198,179
Grant date fair value				$ 8,300	2,400
Intrinsic value of vested share based awards				2,000	$ 800
Unrecognized compensation costs				$ 3,000
Unrecognized compensation costs, weighted-average period of recognition				1 year 4 months 24 days
Summary of outstanding unvested RSUs
Beginning balance (in RSUs)				135,611
Granted (in RSUs)				198,179
Vested (in RSUs)				(51,521)
Ending balance (in RSUs)				282,269	135,611
RSUs outsanding intrinsic value				$ 5,445
Schedule of vesting of RSUs and exercises of stock options
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value Greater than Share-based Liabilities							$ 300
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Rollforward [Line Items]
Award vesting period				1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Rollforward [Line Items]
Award vesting period				4 years
Restricted Stock Units (RSUs) [Member] | West Killeen
Share-based Compensation Rollforward [Line Items]
Award vesting period		3 years
Restricted Stock Units (RSUs) [Member] | Lantana Place [Member]
Share-based Compensation Rollforward [Line Items]
Granted (in RSUs)	173,726
Summary of outstanding unvested RSUs
Granted (in RSUs)	173,726

Equity Transactions, Stock-Ba_6

Equity Transactions, Stock-Based Compensation and Employee Benefits - Employee Benefits (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018	Sep. 30, 2021 USD ($)	Aug. 02, 2018 development_project
Other Employee Benefits [Line Items]
Employer matching contribution of participants contribution, percent			100%
Employer matching contribution, percent of participant's annual salary			5%
Employer 401(k) plan contributions			$ 600	$ 500
Accrued Liability, Balance Transferred		$ 5,300
Other liabilities			9,642	17,894
Grant Date Fair Value, Value Greater than Accrued Liability			$ 2,100
Summary of PPIP costs
Deferred Compensation Arrangement with Individual, Compensation Expense				9,800
Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Profit percentage of project designated to pool					25%
Preferred return percent			10%		10%
Number of development projects | development_project							7
Other liabilities		7,400	$ 3,000	15,200
Summary of PPIP costs
Deferred Compensation Arrangement with Individual, Compensation Expense			526	10,221
Deferred Profit Sharing [Member] | General and Administrative Expense
Summary of PPIP costs
Deferred Compensation Arrangement with Individual, Compensation Expense			524	9,780
Deferred Profit Sharing [Member] | Project Development Costs
Summary of PPIP costs
Deferred Compensation Arrangement with Individual, Compensation Expense			2	441
Deferred Profit Sharing [Member] | Lantana Place [Member]
Other Employee Benefits [Line Items]
Profit Participation Incentive Plan Pool, Amortizable Balance						$ 3,900
Other liabilities		3,700
Deferred Compensation Arrangement with Individual, Distribution Paid	$ 200
Deferred Profit Sharing [Member] | The Santal
Other Employee Benefits [Line Items]
Profit Participation Incentive Plan Pool, Amortizable Balance				$ 6,700
Other liabilities		$ 1,600
Deferred Compensation Arrangement with Individual, Distribution Paid	$ 5,000
Deferred Profit Sharing [Member] | The Saint Mary, L.P. [Member]
Other Employee Benefits [Line Items]
Other liabilities			$ 2,100
Restricted Stock Units (RSUs) [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Vesting period of RSUs for capital transactions not occurred prior to third anniversary					3 years
Restricted Stock Units (RSUs) [Member] | Deferred Profit Sharing [Member] | Executive Officer [Member]
Other Employee Benefits [Line Items]
Annual cash payout threshold ratio in excess of base salary					4
Vesting period of RSUs issued due to payouts in excess					1 year
Corporate [Member]
Other Employee Benefits [Line Items]
Employer safe harbor contribution, percent			3%
Minimum [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Estimated Capitalization Rate			4.30%
Deferred Compensation Arrangement with Individual, Requisite Service Period			6 months
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent			1.30%
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Other Employee Benefits [Line Items]
Award vesting period			1 year
Maximum [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Estimated Capitalization Rate			7.50%
Deferred Compensation Arrangement with Individual, Requisite Service Period			3 years 3 months 18 days
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent			7.90%
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Other Employee Benefits [Line Items]
Award vesting period			4 years

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
Long-term Purchase Commitment [Line Items]
Noncancellable construction contract commitments	$ 75
Minimum annual rental income under long-term operating leases:
Year one	10.1
Year two	10.3
Year three	10
Year four	10
Year five	10
After year five	92.3
Operating lease, cost	$ 1.5	$ 1.3
Lessee, Finance Lease, Remaining Lease Term	5 years
Lessee, Finance Lease, Discount Rate	6.40%
Deferred Profit Sharing [Member]
Long-term Purchase Commitment [Line Items]
Preferred return percent	10%		10%
Letter of Credit [Member] | Comerica credit facility [Member] | Letter of Credit [Member]
Minimum annual rental income under long-term operating leases:
Line of Credit Facility, Maximum Borrowing Capacity	$ (11)
HEB Store [Member]
Long-term Purchase Commitment [Line Items]
Payments of Participation Interest	10%

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 1,500	$ 1,300
Operating lease, payments	$ 757	$ 183
Weighted average discount rate, percent	6%	6%
Weighted average remaining lease term	90 years	94 years
Present value of net minimum lease payments	$ 14,848	$ 13,986
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance Lease, Liability	$ 80	$ 0
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 79	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Lease right-of-use assets	$ 10,631	$ 10,487
College Station, Texas [Member] | Land Available for Development [Member]
Lessee, Lease, Description [Line Items]
Term of contract	99 years
Land under development or available for development (in acres) | a	72

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Payments for Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 911
2024	848
2025	742
2026	669
2027	692
Thereafter	107,850
Total payments	111,712
Present value adjustment	(96,864)
Present value of net minimum lease payments	$ 14,848	$ 13,986

Commitments and Contingencies_4

Commitments and Contingencies - Circle C Settlement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Aug. 01, 2002
Commitments and Contingencies Disclosure [Abstract]
Development Fee Credits, Amount Per Settlement Agreement		$ 15
Development Fee Credits, Amount Eligible For Sale Per Year	$ 1.5
Development Fee Credits, Cumulative Amount Permanently Used	12.4
Development Fee Credits, Cumulative Amount Sold To Third Parties	5.1
Development Fee Credits, Outstanding Credit Bank Capacity	0.9
Development Fee Credits, Available Credit Bank Capacity	$ 1.8

Commitment and Contingencies -

Commitment and Contingencies - The Oaks at Lakeway (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain		$ 3,519,000	$ 4,801,000
The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 114,000,000
Contractual obligation				$ 71,000
Deferred revenue, revenue recognized	$ 4,800,000
Deferred gain		3,500,000	$ 4,800,000
Payments for Cancellation of Operating Lease		560,000
Lessee, Operating Lease, Monthly Rent Payment		$ 2,500
Lakeway Master Lease Retail [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract				5 years
Lakeway Master Lease Unleased 3 Pad Sites [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract				10 years
Lakeway Master Lease Unleased 1 Pad Site [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract				15 years
Lakeway Master Lease Hotel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract				99 years

Business Segments - Revenues fr

Business Segments - Revenues from External Customers for Products and Services (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Revenue from External Customer [Line Items]
Number of operating segments | segment	2
Real estate operations	$ 24,744	$ 8,449
Lease income	12,754	19,787
Total revenues	37,498	28,236
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Real estate operations	142	584
Real Estate Operations | Real Estate, Undeveloped [Member]
Revenue from External Customer [Line Items]
Real estate operations	18,620	3,250
Real Estate Operations | Developed property sales
Revenue from External Customer [Line Items]
Real estate operations	5,982	4,615
Leasing Operations
Revenue from External Customer [Line Items]
Lease income	$ 12,754	$ 19,787

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Oct. 20, 2022	Mar. 31, 2023	Jan. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Unaffiliated customers				$ 37,498	$ 28,236
Intersegment				0	0
Cost of sales, excluding depreciation				28,200	18,763
Depreciation and amortization				3,586	5,449
General and administrative expenses				17,567	24,509
Impairment of real estate				720	1,825
Gain on sales of assets				(4,812)	(105,970)
Operating income (loss)				(7,763)	83,660
Capital expenditures				79,267	72,334
Total assets				445,140	541,226
Consulting, Legal And Public Relation Expense					4,000
Deferred Compensation Arrangement with Individual, Compensation Expense					9,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Santal
Revenues:
Gain (Loss) on Sale of Properties					83,000
Proceeds from Sale of Property Held-for-sale					74,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Saint Mary [Member]
Revenues:
Gain (Loss) on Sale of Properties					22,900
Proceeds from Sale of Property Held-for-sale			$ 34,000
Amarra Drive Villas [Member]
Revenues:
Proceeds from Sale of Property Held-for-sale				3,600
Amarra Drive Villas [Member] | Real estate under development
Revenues:
Impairment of real estate				650	700
Amarra Drive Villas [Member] | Real Estate Held for Sale [Member] | Subsequent Event
Revenues:
Proceeds from Sale of Property Held-for-sale		$ 2,500
Austin, Texas Office Building | Land available for development
Revenues:
Impairment of real estate					500
Kingwood Place [Member] | Land available for development
Revenues:
Impairment of real estate				70	625
Kingwood Place [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Land available for development
Revenues:
Proceeds from Sale of Property Held-for-sale	$ 5,500
Operating Segments [Member] | Real Estate Operations
Revenues:
Unaffiliated customers				24,744	8,449
Intersegment				6	17
Cost of sales, excluding depreciation				23,766	9,758
Depreciation and amortization				100	155
General and administrative expenses				0	0
Impairment of real estate				720	1,825
Gain on sales of assets				0	0
Operating income (loss)				164	(3,272)
Capital expenditures				24,454	52,772
Total assets				288,270	241,225
Operating Segments [Member] | Leasing Operations
Revenues:
Unaffiliated customers				12,754	19,787
Intersegment				0	0
Cost of sales, excluding depreciation				4,439	9,030
Depreciation and amortization				3,506	5,358
General and administrative expenses				0	0
Impairment of real estate				0	0
Gain on sales of assets				4,812	105,970
Operating income (loss)				9,621	111,369
Capital expenditures				54,600	19,024
Total assets				109,348	107,990
Intersegment Eliminations [Member] | Corporate, Eliminations and Other[Member]
Revenues:
Unaffiliated customers				0	0
Intersegment				(6)	(17)
Cost of sales, excluding depreciation				(5)	(25)
Depreciation and amortization				(20)	(64)
General and administrative expenses				17,567	24,509
Impairment of real estate				0	0
Gain on sales of assets				0	0
Operating income (loss)				(17,548)	(24,437)
Capital expenditures				213	538
Total assets				$ 47,522	$ 192,011

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2023 USD ($)	Mar. 31, 2023 USD ($) ft² a unit	Dec. 31, 2022 USD ($)
Holden Hills | Subsequent Event
Subsequent Event [Line Items]
Initial Project and Closing Cost		$ 5,800
Management Fee Percent		4%
Percentage of Costs Reimbursed		60%
Management Fee Expense		$ 150
Section N | Subsequent Event
Subsequent Event [Line Items]
Area of Land | ft²		570
Class A Limited Partnership Interests | Holden Hills | Subsequent Event
Subsequent Event [Line Items]
Proceeds from Partnership Contribution		$ 70,000
Payments of Distributions to Affiliates		$ 30,000
Equity Method Investment, Ownership Percentage		50%
Class B Limited Partnership Interests | Holden Hills | Subsequent Event
Subsequent Event [Line Items]
Proceeds from Partnership Contribution		$ 40,000
Equity Method Investment, Ownership Percentage		50%
Scenario, Forecast [Member] | Class A Limited Partnership Interests | Holden Hills
Subsequent Event [Line Items]
Percentage of Costs Reimbursed		60%
Scenario, Forecast [Member] | Class A Limited Partnership Interests | Holden Hills | Subsequent Event
Subsequent Event [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates		$ 10,000
Scenario, Forecast [Member] | Class B Limited Partnership Interests | Holden Hills | Subsequent Event
Subsequent Event [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates		10,000
Holden Hills Construction Loan | Secured Debt | Subsequent Event
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 26,100
Construction Cost, Percent	23%
Debt Instrument, Covenant, Loan to Value Ratio	0.28
Debt Instrument, Interest Rate Floor	0.50%
Basis Spread on Variable Rate	3%
Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent	50%
Debt Instrument, Covenant, Net Asset Value	$ 125,000
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount	$ 1,000
Letter of Credit [Member] | Comerica credit facility [Member] | Letter of Credit [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 11,000
Letter of Credit [Member] | Comerica credit facility [Member] | Holden Hills | Letter of Credit [Member] | Subsequent Event
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 11,000
Holden Hills | Subsequent Event
Subsequent Event [Line Items]
Area of Land | a		495
Number of Lots/Units in Real Estate Property | unit		475