Stratus Properties (STRS) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca Street, Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,003,221
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 35,162	$ 37,666
Restricted cash	1,228	8,043
Real estate held for sale	1,773	1,773
Real estate under development	245,965	239,278
Land available for development	47,320	39,855
Real estate held for investment, net	145,758	92,377
Lease right-of-use assets	11,449	10,631
Deferred tax assets	38	38
Other assets	13,328	15,479
Total assets	502,021	445,140
Liabilities:
Accounts payable	17,136	15,244
Accrued liabilities, including taxes	7,172	7,049
Debt	156,068	122,765
Lease liabilities	15,970	14,848
Deferred gain	2,948	3,519
Other liabilities	6,784	9,642
Total liabilities	206,078	173,067
Commitments and contingencies
Stockholders’ equity:
Common stock	96	94
Capital in excess of par value of common stock	197,293	195,773
Retained earnings	27,506	41,452
Common stock held in treasury	(32,924)	(30,071)
Total stockholders’ equity	191,971	207,248
Noncontrolling interests in subsidiaries	103,972	64,825
Total equity	295,943	272,073
Total liabilities and equity	$ 502,021	$ 445,140

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Real estate operations	$ 0	$ 6,887	$ 2,551	$ 14,831
Leasing operations	3,669	3,090	10,450	9,370
Total revenues	3,669	9,977	13,001	24,201
Cost of sales:
Cost of sales	2,848	7,578	12,437	16,230
Depreciation and amortization	967	907	2,865	2,664
Total cost of sales	3,815	8,485	15,302	18,894
General and administrative expenses	3,183	3,602	11,973	10,213
Impairment of real estate	0	720	0	720
Gain on sale of assets	0	0	0	(4,812)
Total	6,998	12,807	27,275	25,015
Operating loss	(3,329)	(2,830)	(14,274)	(814)
Interest expense, net	0	0	0	(15)
Other income, net	472	680	1,501	766
Loss before income taxes and equity in unconsolidated affiliate's loss	(2,857)	(2,150)	(12,773)	(63)
Provision for income taxes	(356)	(420)	(2,016)	(159)
Equity in unconsolidated affiliate's loss	(4)	(4)	(10)	(8)
Net loss from continuing operations	(3,217)	(2,574)	(14,799)	(230)
Net income from discontinued operations	0	0	0	96,300
Net (loss) income and total comprehensive (loss) income	(3,217)	(2,574)	(14,799)	96,070
Total comprehensive loss attributable to noncontrolling interests	373	214	853	463
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (2,844)	$ (2,360)	$ (13,946)	$ 96,533
(Loss) Income from Continuing Operations, Per Basic Share	$ (0.35)	$ (0.29)	$ (1.69)	$ 0.03
Income (Loss) from Discontinued Operations, Per Basic Share	0	0	0	11.65
Basic net (loss) income per share attributable to common stockholders (in usd per share)	(0.35)	(0.29)	(1.69)	11.68
(Loss) Income from Continuing Operations, Per Diluted Share	(0.35)	(0.29)	(1.69)	0.03
Income (Loss) from Discontinued Operations, Per Diluted Share	0	0	0	11.47
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ (0.35)	$ (0.29)	$ (1.69)	$ 11.50
Basic weighted average number of shares outstanding, basic (in shares)	8,240	8,275	8,230	8,266
Diluted weighted average number of shares outstanding, basic (in shares)	8,240	8,275	8,230	8,397
Dividends declared per share of common stock	$ 0	$ 4.67	$ 0	$ 4.67
Real estate operations
Revenues:
Real estate operations	$ 0	$ 6,887	$ 2,551	$ 14,831
Cost of sales:
Cost of sales	1,467	6,228	8,651	13,026
Leasing operations
Cost of sales:
Cost of sales	$ 1,381	$ 1,350	$ 3,786	$ 3,204

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities:
Net (loss) income	$ (14,799)	$ 96,070
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	2,865	2,664
Cost of real estate sold	2,080	7,510
Impairment of real estate	0	720
Gain on sale of discontinued operations	0	(119,695)
Gain on sale of assets	0	(4,812)
Debt issuance cost amortization and stock-based compensation	2,110	1,898
Equity in unconsolidated affiliate’s loss	10	8
Deferred income taxes	0	5,962
Purchases and development of real estate properties	(34,697)	(18,294)
Decrease in other assets	2,223	4,858
Increase (decrease) in accounts payable, accrued liabilities and other	908	(26,213)
Net cash used in operating activities	(39,300)	(49,324)
Cash flow from investing activities:
Proceeds from sale of discontinued operations	0	105,813
Capital expenditures	(36,178)	(38,889)
Payments on master lease obligations	(730)	(742)
Other	5	(8)
Net cash (used in) provided by investing activities	(36,903)	66,174
Cash flow from financing activities:
Borrowings from revolving credit facility	0	30,000
Payments on revolving credit facility	0	(30,000)
Borrowings from project loans	41,656	25,798
Payments on project and term loans	(8,472)	(9,761)
Payment of dividends	(678)	(38,675)
Finance lease principal payments	(11)	0
Stock-based awards net payments	(789)	(452)
Noncontrolling interest contributions	40,000	15,032
Purchases of treasury stock	(2,064)	(262)
Financing costs	(2,758)	(1,356)
Net cash provided by (used in) financing activities	66,884	(9,676)
Net (decrease) increase in cash, cash equivalents and restricted cash	(9,319)	7,174
Cash, cash equivalents and restricted cash at beginning of year	45,709	70,139
Cash, cash equivalents and restricted cash at end of period	$ 36,390	$ 77,313

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Parent [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]
Balance (in shares) at Dec. 31, 2021			9,388,000
Balance at Dec. 31, 2021	$ 208,613	$ 158,137	$ 94	$ 188,759	$ (8,963)		$ 50,476
Treasury balance (in shares) at Dec. 31, 2021						1,143,000
Treasury balance at Dec. 31, 2021						$ (21,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			39,000
Stock-based compensation	212	212		212
Tender of shares for stock-based awards (in shares)						11,000
Tender of shares for stock-based awards	(452)	(452)				$ (452)
Total comprehensive loss	2,187	2,272			2,272		(85)
Balance (in shares) at Mar. 31, 2022			9,427,000
Balance at Mar. 31, 2022	210,560	160,169	$ 94	188,971	(6,691)		50,391
Treasury balance (in shares) at Mar. 31, 2022						1,154,000
Treasury balance at Mar. 31, 2022						$ (22,205)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	347	347		347
Total comprehensive loss	96,457	96,621			96,621		(164)
Grant of restricted stock units (RSUs) under the Profit Participation Incentive Plan (PPIP)	5,292	5,292		5,292
Balance (in shares) at Jun. 30, 2022			9,427,000
Balance at Jun. 30, 2022	312,656	262,429	$ 94	194,610	89,930		50,227
Treasury balance (in shares) at Jun. 30, 2022						1,154,000
Treasury balance at Jun. 30, 2022						$ (22,205)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			8,000
Stock-based compensation	513	513		513
Stock Repurchased During Period, Shares						34,000
Stock Repurchased During Period, Value	(799)	(799)				$ (799)
Total comprehensive loss	(2,574)	(2,360)			(2,360)		(214)
Contributions from noncontrolling interests	15,032						15,032
Cash dividend	(40,011)	(40,011)			(40,011)
Balance (in shares) at Sep. 30, 2022			9,435,000
Balance at Sep. 30, 2022	284,817	219,772	$ 94	195,123	47,559		65,045
Treasury balance (in shares) at Sep. 30, 2022						1,188,000
Treasury balance at Sep. 30, 2022						$ (23,004)
Balance (in shares) at Dec. 31, 2022			9,439,000
Balance at Dec. 31, 2022	272,073	207,248	$ 94	195,773	41,452		64,825
Treasury balance (in shares) at Dec. 31, 2022						1,448,000
Treasury balance at Dec. 31, 2022						$ (30,071)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			40,000
Stock Issued During Period, Value, Issued for Services	6	6		6
Stock-based compensation	529	529		529
Tender of shares for stock-based awards (in shares)						11,000
Tender of shares for stock-based awards	(216)	(216)				$ (216)
Stock Repurchased During Period, Shares						44,000
Stock Repurchased During Period, Value	(894)	(894)				$ (894)
Total comprehensive loss	(6,273)	(5,801)			(5,801)		(472)
Contributions from noncontrolling interests	40,000						40,000
Balance (in shares) at Mar. 31, 2023			9,479,000
Balance at Mar. 31, 2023	305,225	200,872	$ 94	196,308	35,651		104,353
Treasury balance (in shares) at Mar. 31, 2023						1,503,000
Treasury balance at Mar. 31, 2023						$ (31,181)
Balance (in shares) at Dec. 31, 2022			9,439,000
Balance at Dec. 31, 2022	$ 272,073	207,248	$ 94	195,773	41,452		64,825
Treasury balance (in shares) at Dec. 31, 2022						1,448,000
Treasury balance at Dec. 31, 2022						$ (30,071)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Repurchased During Period, Shares	91,919
Stock Repurchased During Period, Value	$ (2,100)
Balance (in shares) at Sep. 30, 2023			9,586,000
Balance at Sep. 30, 2023	295,943	191,971	$ 96	197,293	27,506		103,972
Treasury balance (in shares) at Sep. 30, 2023						1,580,000
Treasury balance at Sep. 30, 2023						$ (32,924)
Balance (in shares) at Mar. 31, 2023			9,479,000
Balance at Mar. 31, 2023	305,225	200,872	$ 94	196,308	35,651		104,353
Treasury balance (in shares) at Mar. 31, 2023						1,503,000
Treasury balance at Mar. 31, 2023						$ (31,181)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			93,000
Exercised and vested stock-based awards	2	2	$ 2
Stock Issued During Period, Value, Issued for Services	6	6		6
Stock-based compensation	505	505		505
Tender of shares for stock-based awards (in shares)						28,000
Tender of shares for stock-based awards	573	573				$ 573
Stock Repurchased During Period, Shares						31,000
Stock Repurchased During Period, Value	(695)	(695)				$ (695)
Total comprehensive loss	(5,309)	(5,301)			(5,301)		(8)
Balance (in shares) at Jun. 30, 2023			9,572,000
Balance at Jun. 30, 2023	299,161	194,816	$ 96	196,819	30,350		104,345
Treasury balance (in shares) at Jun. 30, 2023						1,562,000
Treasury balance at Jun. 30, 2023						$ (32,449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			14,000
Stock Issued During Period, Value, Issued for Services	6	6		6
Stock-based compensation	468	468		468
Stock Repurchased During Period, Shares						18,000
Stock Repurchased During Period, Value	(475)	(475)				$ (475)
Total comprehensive loss	(3,217)	(2,844)			(2,844)		(373)
Balance (in shares) at Sep. 30, 2023			9,586,000
Balance at Sep. 30, 2023	$ 295,943	$ 191,971	$ 96	$ 197,293	$ 27,506		$ 103,972
Treasury balance (in shares) at Sep. 30, 2023						1,580,000
Treasury balance at Sep. 30, 2023						$ (32,924)

General

General	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2022, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2022 (Stratus 2022 Form 10-K) filed with the U.S. Securities and Exchange Commission on March 31, 2023. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. The results of operations for any interim period are not necessarily indicative of the results of operations for any other future interim period or for a full fiscal year. Refer to Note 4 for a discussion of Stratus' discontinued operations. Related Party Transactions. Through the first quarter of 2022, Stratus had an arrangement with Whitefish Partners, LLC (Whitefish Partners), formerly known as Austin Retail Partners, LLC, for services provided by a consultant of Whitefish Partners who is the son of Stratus' President and Chief Executive Officer. Payments to Whitefish Partners for the consultant’s consulting services and expense reimbursements totaled $185 thousand for first-quarter 2022, which included $20 thousand as an annual incentive award for 2021 and a $135 thousand cash payment under Stratus’ Profit Participation Incentive Plan (PPIP). 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 Long-Term Incentive Plan (LTIP). In first-quarter 2023, he received $22 thousand as an annual incentive award for 2022, and his annual salary was increased to $120 thousand. As of September 30, 2023, the employee has two outstanding awards under the PPIP. The liability associated with these awards at September 30, 2023 is nominal in amount relative to the consolidated financial statements. Refer to Note 7 for discussion of the PPIP and LTIP. For additional information regarding Stratus' related parties, including LCHM Holdings, LLC and JBM Trust, refer to Notes 1, 2 and 4 in the Stratus 2022 Form 10-K.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Stratus’ basic net (loss) income per share of common stock was calculated by dividing the net (loss) income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net loss from continuing operations $ (3,217) $ (2,574) $ (14,799) $ (230) Net income from discontinued operations — — — 96,300 Net (loss) income and total comprehensive (loss) income (3,217) (2,574) (14,799) 96,070 Total comprehensive loss attributable to noncontrolling interests 373 214 853 463 Net (loss) income and total comprehensive (loss) income attributable to common stockholders $ (2,844) $ (2,360) $ (13,946) $ 96,533 Basic weighted-average shares of common stock outstanding 8,240 8,275 8,230 8,266 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a — — — 131 Diluted weighted-average shares of common stock outstanding 8,240 8,275 8,230 8,397 Basic net (loss) income per share attributable to common stockholders: Continuing operations $ (0.35) $ (0.29) $ (1.69) $ 0.03 Discontinued operations — — — 11.65 $ (0.35) $ (0.29) $ (1.69) $ 11.68 Diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (0.35) $ (0.29) $ (1.69) $ 0.03 Discontinued operations — — — 11.47 $ (0.35) $ (0.29) $ (1.69) $ 11.50 a. Excludes 178 thousand shares for third-quarter 2023, 296 thousand shares for third-quarter 2022 and 232 thousand shares for the first nine months of 2023 of common stock associated with RSUs that were anti-dilutive as a result of net losses. Excludes 6 thousand shares for the first nine months of 2022 of common stock associated with RSUs that were anti-dilutive.

Limited Partnerships

Limited Partnerships	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Limited Partnerships	LIMITED PARTNERSHIPS Stratus has entered into strategic partnerships for certain development projects. Stratus, through its subsidiaries, is a partner in the following limited partnerships: The Saint George Apartments, L.P. (10.0 percent indirect equity interest), Stratus Block 150, L.P. (31.0 percent indirect equity interest), The Saint June, L.P. (34.13 percent indirect equity interest), Holden Hills, L.P. (50.0 percent indirect equity interest) and Stratus Kingwood Place, L.P. (60.0 percent indirect equity interest). For additional information regarding Stratus' partnerships, refer to Notes 2 and 4 in the Stratus 2022 Form 10-K. Holden Hills, L.P. In first-quarter 2023, Holden Hills, L.P. (the Holden Hills partnership), a Texas limited partnership and subsidiary of Stratus, was formed for the development of Holden Hills, Stratus’ final large residential development within the Barton Creek community in Austin, Texas, consisting of 495 acres and designed to feature 475 unique residences (Holden Hills Project). 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) Stratus 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 Stratus. Further, the Holden Hills partnership reimbursed Stratus 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 50.0 percent equity interest in the Holden Hills partnership, and the Class B limited partner holds the remaining 50.0 percent equity 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. Refer to “Potential Returns” below for further discussion. Stratus consolidates the Holden Hills partnership; therefore, its contribution of the Holden Hills land and related personal property was recorded at historical cost and the contribution from the Class B limited partner was accounted for as a noncontrolling interest in subsidiary. In addition to each partner’s initial capital contribution, upon the call of the general partner from time to time, Stratus is 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. Stratus 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 luxury residence sites to be developed in distinct communities or “pods” 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 a buy-sell at any time by written notice to the other partner, specifying the buyout price. Stratus has entered into a development agreement with the Holden Hills partnership pursuant to which 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, estimated to cost approximately $14.7 million (the Tecoma Improvements), and Stratus will reimburse the partnership for 60 percent of the costs. The Tecoma Improvements will enable access and provide utilities necessary for the development of both Holden Hills and Section N. As of September 30, 2023, Stratus had $9.2 million remaining to complete the Tecoma Improvements. The Holden Hills partnership has agreed to pay Stratus a development management fee of 4.00 percent of certain construction costs for Phase I of the project, 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. In first-quarter 2023, the Holden Hills partnership entered into a loan agreement with Comerica Bank to finance the development of Phase I of the project. Refer to Note 6 for discussion of the loan agreement. Operating Loans to Partnerships. In April 2023, Stratus made an operating loan of $1.5 million to Stratus Block 150, L.P. to facilitate the partnership’s ability to pay ongoing costs of The Annie B project during the pre-construction period. In August 2023, Stratus made an additional advance of $800 thousand under the operating loan to Stratus Block 150, L.P. The loan bears interest at the one-month Bloomberg Short-Term Bank Yield Index (BSBY) Rate plus 5.00 percent, is subordinate to The Annie B land loan and must be repaid before distributions may be made to the partners. In June 2023, Stratus made an operating loan of $750 thousand to The Saint June, L.P. to support the partnership’s ability to pay its construction loan interest, which has risen above the amount originally budgeted due to rising interest rates. In October 2023, Stratus made an additional advance of $250 thousand under the operating loan to The Saint June, L.P., and the Class B Limited Partner made a $250 thousand operating loan to The Saint June, L.P. The loans bear interest at the Term Secured Overnight Financing Rate (SOFR) plus 5.00 percent, is subordinate to The Saint June construction loan and must be repaid before distributions may be made to the partners. Potential Returns. The following table presents the distribution percentages for the limited partnerships in which Stratus’ potential returns may increase above its relative equity interest if certain hurdles are achieved. Distribution Percentages The Saint George Apartments, L.P. The Saint June, L.P. Holden Hills, L.P. Stratus Kingwood Place, L.P. Stratus Third-party Class B Limited Partner Stratus Third-party Class B Limited Partner Stratus Third-party Class B Limited Partner Stratus Third-party Class B Limited Partners Until all partners have received a return of their capital contributions and a 9.0 percent cumulative return; 10.00 % 90.00 % 34.13 % 65.87 % 50.00 % 50.00 % 60.00 % 40.00 % Until all partners have received an 11.0 percent cumulative return; — — — — — — 68.00 32.00 Until the Class B limited partner has received a 12.0 percent cumulative return; 20.00 80.00 44.13 55.87 55.00 45.00 — — Until the Class B limited partner has received an 18.0 percent cumulative return; 30.00 70.00 — — — — — — Thereafter 50.00 50.00 54.13 45.87 65.00 35.00 76.00 24.00 Accounting for Limited Partnerships. Stratus has performed evaluations and concluded that The Saint George Apartments, L.P., Stratus Block 150, L.P., The Saint June, L.P., Stratus Kingwood Place, L.P. and Holden Hills, L.P. are variable interest entities and that Stratus is the primary beneficiary. Accordingly, the partnerships’ results are consolidated in Stratus’ financial statements. Stratus will continue to 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 the individual partnership loan agreements. Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships, net of intercompany balances (including the operating loans made by Stratus), which are eliminated (in thousands): September 30, 2023 a December 31, Assets: b Cash and cash equivalents $ 2,933 $ 7,744 Restricted cash 490 — Real estate under development 125,610 107,968 Land available for development 1,911 3,927 Real estate held for investment c 85,011 31,415 Lease right-of-use assets 485 106 Other assets 3,087 4,397 Total assets 219,527 155,557 Liabilities: d Accounts payable 13,620 10,473 Accrued liabilities, including taxes 2,196 1,296 Debt 83,889 55,305 Lease liabilities 486 107 Other liabilities 360 371 Total liabilities 100,551 67,552 Net assets $ 118,976 $ 88,005 a. Includes the assets and liabilities of the Holden Hills partnership, which was formed in January 2023. b. Substantially all of the assets are available to settle only obligations of the partnerships. c. In third-quarter 2023, construction of The Saint June was substantially completed, and the carrying value of the asset was reclassified from real estate under development to real estate held for investment. d. All of the debt is guaranteed by Stratus until certain conditions are met as provided in the applicable loan agreements. The creditors for the remaining liabilities do not have recourse to the general credit of Stratus.

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	ASSET SALES Block 21 - Discontinued Operations. Block 21 was Stratus’ wholly owned mixed-use real estate property in downtown Austin, Texas containing the 251-room W Austin Hotel and Austin City Limits Live at the Moody Theater, a 2,750-seat entertainment venue, Class A office space, retail space and the 3TEN ACL Live entertainment venue. On May 31, 2022, Stratus completed the previously announced sale of Block 21 to Ryman Hospitality Properties, Inc. (Ryman) for $260.0 million, subject to certain purchase price adjustments, and including Ryman’s assumption of $136.2 million of existing mortgage debt, with the remainder paid in cash. A portion of the proceeds, $6.9 million, was escrowed and held in restricted cash at December 31, 2022. These proceeds were released from restriction in June 2023 and disbursed in full to Stratus and reclassified to the operating account. Stratus recorded a pre-tax gain on the sale of $119.7 million in second-quarter 2022. In accordance with accounting guidance, Stratus reported the results of operations of Block 21 as discontinued operations in the consolidated statement of comprehensive income for second-quarter 2022 and the first nine months of 2022 because the disposal represents a strategic shift that had a major effect on operations. 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. Block 21’s results of operations in the consolidated statements of comprehensive (loss) income consist of the following (in thousands): Two Months Ended Five Months Ended May 31, 2022 Revenues: a Hotel $ 6,782 $ 12,653 Entertainment 4,650 9,990 Leasing operations and other 206 932 Total revenue 11,638 23,575 Cost of sales: Hotel 4,487 9,230 Entertainment 3,624 7,763 Leasing operations and other 331 802 Depreciation b — — Total cost of sales 8,442 17,795 General and administrative expenses 136 236 Gain on sale of assets (119,695) (119,695) Operating income 122,755 125,239 Interest expense, net (1,291) (3,236) Provision for income taxes (25,539) (25,703) Net income from discontinued operations $ 95,925 $ 96,300 a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $189 thousand for the two months ended May 31, 2022 and $510 thousand for the five months ended May 31, 2022. b. In accordance with accounting guidance, depreciation is not recognized subsequent to classification as assets held for sale, which occurred in the fourth quarter of 2021. Capital expenditures associated with discontinued operations totaled $213 thousand the first nine months of 2022. The Oaks at Lakeway. In 2017, Stratus sold The Oaks at Lakeway to FHF I Oaks at Lakeway, LLC for $114.0 million in cash. The Oaks at Lakeway is an H-E-B, L.P.-anchored retail project located in Lakeway, Texas. The parties entered into three master lease agreements at closing: (1) one covering unleased in-line retail space, with a 5-year term (the In-line Master Lease), (2) one covering the hotel pad with a 99-year term (the Hotel Master Lease) and (3) one covering four unleased pad sites, three of which have 10-year terms, and one of which has a 15-year term (the Pad Site Master Lease). 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 $73 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 pre-tax gain in first-quarter 2022. A contract liability is presented as a deferred gain in the consolidated balance sheets in the amount of $2.9 million at September 30, 2023 and $3.5 million at December 31, 2022. 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. Kingwood Place Land. In fourth-quarter 2022, Stratus sold a multi-family tract of land at Kingwood Place for $5.5 million. In third-quarter 2022, Stratus recorded a $70 thousand impairment charge due to selling costs in excess of the previous estimate. Amarra Villas. In third-quarter 2022, Stratus recorded a $650 thousand impairment charge related to one of the Amarra Villas homes that was sold in first-quarter 2023 for $2.5 million. The charge was due to estimated total project costs and costs of sale for the home under construction that exceeded its contractual sale price.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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. The fair value of Stratus’ debt also approximates fair value, as the interest rates are variable and approximate prevailing market interest rates available for similar mortgage debt. 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 available for similar mortgage debt. Accordingly, Stratus' debt is classified within Level 2 of the fair value hierarchy. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Capitalization, Long-Term Debt and Equity [Abstract]
Debt	DEBT AND EQUITY The components of Stratus' debt follow (in thousands): September 30, December 31, Comerica Bank revolving credit facility $ — $ — Jones Crossing loan 22,314 24,143 The Annie B land loan 13,966 13,969 New Caney land loan — 4,047 Construction loans: Kingwood Place 27,984 27,507 The Saint June 25,807 13,829 Lantana Place 21,755 21,782 The Saint George 15,095 — Amarra Villas revolving credit facility 14,242 5,366 Magnolia Place 8,605 6,816 West Killeen Market 5,264 5,306 Holden Hills 1,036 — Total debt a $ 156,068 $ 122,765 a. Includes net reductions for unamortized debt issuance costs of $2.4 million at September 30, 2023, and $1.1 million at December 31, 2022. Comerica Bank revolving credit facility. As of September 30, 2023, Status had $40.5 million available under the Comerica Bank revolving credit facility net of letters of credit totaling $13.3 million, $11.0 million of which was issued to secure Stratus’ obligation to build certain roads and utilities facilities benefiting Holden Hills and Section N. 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 floor of the one-month BSBY Rate. 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. In May 2023, Stratus entered into a modification of the revolving credit facility to increase the maximum amount of letters of credit that may be issued under the revolving credit facility from $11.5 million to $13.3 million. In July 2023, Stratus entered into a $2.3 million letter of credit to secure its obligations, which are subject to certain conditions, to construct and pay for certain utility infrastructure in Lakeway, Texas, estimated to cost approximately $2.3 million. Jones Crossing loan. The Jones Crossing loan requires the Jones Crossing project to meet a debt service coverage ratio (DSCR) test of 1.15 to 1.00 measured quarterly and, starting June 30, 2023, on a rolling 12 month basis. If the DSCR falls below 1.15 to 1.00, it is not an event of default, but a “Cash Sweep Period” (as defined in the Jones Crossing loan) results, which limits Stratus’ ability to receive cash from its Jones Crossing subsidiary, unless a principal payment is made on the loan to restore the DSCR to the required threshold. The DSCR fell below 1.15 to 1.00 in each of fourth-quarter 2022 and first-quarter 2023, and the Jones Crossing subsidiary made principal payments of $231 thousand and $1.7 million in February 2023 and May 2023, respectively, to bring the DSCR back above 1.15 to 1.00 and a Cash Sweep Period did not occur. As permitted under the Jones Crossing loan agreement, in August 2023 the Jones Crossing subsidiary separated the ground lease for the multi-family parcel (the Multi-Family Phase) from the primary ground lease, and the Multi-Family Phase was released from the loan collateral. In October 2023, the Jones Crossing loan was modified effective August 1, 2023 to remove the Multi-Family Phase from certain defined terms and to revise the DSCR calculation to exclude the Multi-Family Phase from expenses on a retroactive basis beginning in second-quarter 2023. Accordingly, the DSCR met the threshold in second-quarter and third-quarter 2023. The Annie B land loan. In February 2023, Stratus Block 150, L.P. entered into a modification agreement that extended the maturity date of The Annie B land loan to March 1, 2024, and changed the interest rate to the one-month 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 2023, the New Caney land loan was repaid. Kingwood Place construction loan. The Kingwood Place construction loan currently matures on December 6, 2023. Stratus Kingwood Place, L.P. exercised its option to extend the maturity date for one additional 12-month period, which the lender has approved. Stratus Kingwood Place, L.P. is working with the lender to document the extension and modification of the loan agreement. The Saint June construction loan. In January 2023, The Saint June construction loan was amended to change the interest rate for the loan to SOFR with a floor of 0.75 percent plus 2.85 percent, subject to an overall 3.50 percent floor. Amarra Villas revolving credit facility. In March 2023, Stratus made a $2.2 million principal payment on the Amarra Villas revolving credit facility upon the closing of a sale of one of the Amarra Villas homes. Magnolia Place construction loan. In May 2023, the Magnolia Place construction loan was amended to change the interest rate for the loan to Term SOFR with a floor of 0.00 percent plus 3.36 percent, subject to an overall 3.50 percent floor. 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 Municipal Utility District (MUD) reimbursements it receives and is entitled to retain as payments of principal on the loan. Stratus entered into a guaranty for the benefit of the lender pursuant to which Stratus guaranteed the payment of the loan and the completion of Phase I, including the Tecoma Improvements (which benefit both the Holden Hills Project and Section N). Stratus is also liable for customary carve-out obligations and an environmental indemnity. 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). For additional information regarding Stratus' debt, refer to Note 6 in the Stratus 2022 Form 10-K. Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $3.4 million in third-quarter 2023, $1.8 million in third-quarter 2022, $8.7 million for the first nine months of 2023 and $4.4 million for the first nine months of 2022. Substantially all of these interest costs were capitalized for all periods presented. Capitalized interest is primarily related to development activities at Barton Creek (primarily Holden Hills, Section N and The Saint June), The Saint George and The Annie B for all periods presented. Equity. The Comerica Bank revolving credit facility, Amarra Villas revolving credit facility, The Annie B land loan, The Saint George construction loan, Kingwood Place construction loan and Holden Hills construction loan require Comerica Bank’s prior written consent for any common stock repurchases in excess of $1.0 million or any dividend payments. On September 1, 2022, after receiving written consent from Comerica Bank, Stratus’ Board of Directors (Board) declared a special cash dividend of $4.67 per share (totaling $40.0 million) on Stratus’ common stock, which was paid on September 29, 2022 to shareholders of record as of September 19, 2022. Accrued liabilities included $0.6 million as of September 30, 2023, and $1.3 million as of December 31, 2022, representing dividends accrued for unvested RSUs in accordance with the terms of the awards. The accrued dividends are paid to the holders of the RSUs as the RSUs vest. In 2022, with written consent from Comerica Bank, Stratus’ Board also approved a share repurchase program, which authorized repurchases of up to $10.0 million of Stratus’ common stock. During the first nine months of 2023, Stratus acquired 91,919 shares of its common stock under the share repurchase program for a total cost of $2.1 million at an average price of $22.43 per share. In October 2023, Stratus completed the share repurchase program. In total, under the completed share repurchase program Stratus acquired 389,378 shares of its common stock for a total cost of $10.0 million at an average price of $25.68 per share. In November 2023, with written consent from Comerica Bank, Stratus’ Board approved a new share repurchase program, which authorizes repurchases of up to $5.0 million of Stratus’ common stock. The repurchase program authorizes Stratus, in management’s and the Capital Committee of the Board’s discretion, to repurchase shares from time to time, subject to market conditions and other factors.

Profit Participation Incentive

Profit Participation Incentive Plan	9 Months Ended
	Sep. 30, 2023
Profit Participation Plan [Abstract]
Profit Participation Incentive Plan	PROFIT PARTICIPATION INCENTIVE PLAN AND LONG-TERM INCENTIVE PLAN In July 2018, the Compensation Committee adopted 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. 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. Estimates related to the awards may change over time as a result of differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Refer to Notes 1 and 8 of the Stratus 2022 Form 10-K for further discussion. The sale of The Saint Mary in January 2021 was a capital transaction under the PPIP. During February 2022, $2.1 million was paid in cash to eligible participants. In September 2021, Lantana Place reached a valuation event under the PPIP. The profit pool was $3.9 million, of which $0.2 million was paid in cash during February 2022 and the remaining $3.7 million was settled in RSUs with a three-year vesting period awarded to eligible participants during second-quarter 2022 following stockholder approval of Stratus’ new stock incentive plan. The sale of The Santal in December 2021 was a capital transaction under the PPIP. The profit pool was $6.7 million, of which $5.0 million was paid in cash to eligible participants during February 2022. The PPIP contains limits on cash compensation paid to certain officers and amounts due above the limits are converted to an equivalent number of RSUs with a one-year vesting period. Of the remaining amount, $1.6 million was settled in RSUs awarded to one participant during second-quarter 2022 following stockholder approval of Stratus’ new stock incentive plan. During first-quarter 2022, the Compensation Committee designated The Saint June as an approved project under the PPIP, and awards of participation interests were granted in August 2022. In July 2023, Kingwood Place reached a valuation event under the PPIP and Stratus obtained an appraisal of the property to determine the payout under the PPIP. The accrued liability under the PPIP related to Kingwood Place was reduced to $1.5 million at September 30, 2023, and is expected to be settled in RSUs with a three-year vesting period awarded to eligible participants in the first quarter of 2024. In August 2023, the Compensation Committee designated The Saint George as an approved project under the LTIP and granted awards of participation interests to participants. Under the terms of the PPIP and LTIP, the number of RSUs granted in connection with settlement of approved projects is determined by reference to the 12-month trailing average stock price for the year the project reaches a payment event, whereas the grant date fair value of the RSUs for accounting purposes is based on the grant date closing price. For the RSUs awarded in connection with Lantana Place and The Santal, the aggregate grant date value was $2.1 million greater than the accrued liability for the two projects as a result of this different valuation methodology. During second-quarter 2022, Stratus transferred the $5.3 million accrued liability balance under the PPIP for Lantana Place and The Santal that was settled in RSUs to capital in excess of par value and is amortizing the $2.1 million excess of the grant-date value over the former accrued liability with a charge to general and administrative expenses and a credit to capital in excess of par value over the three-year or one-year vesting periods of the related RSUs. A summary of PPIP costs follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Charged (credited) to general and administrative expense $ (205) $ 135 $ 84 $ 269 Capitalized (credited) to project development costs 136 107 237 209 Total PPIP costs $ (69) $ 242 $ 321 $ 478 The accrued liability for the PPIP totaled $3.3 million at September 30, 2023, and $3.0 million at December 31, 2022 (included in other liabilities).

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes are further described in Notes 1 and 7 in the Stratus 2022 Form 10-K. Stratus has a full valuation allowance against its U.S. Federal net deferred tax assets as of both September 30, 2023 and December 31, 2022. Stratus has recorded a deferred tax asset totaling $38 thousand at both September 30, 2023 and December 31, 2022 related to state income taxes. 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. During 2023, Stratus expects to incur current state income taxes in addition to U.S. Federal current income taxes primarily associated with taxable income generated from cash received in the Holden Hills transaction discussed in Note 3. The difference between Stratus' consolidated effective income tax rate of (16) percent for the first nine months of 2023 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to state income taxes, noncontrolling interests in subsidiaries, the presence of a valuation allowance against its U.S. Federal net deferred tax assets as of September 30, 2023, and the executive compensation limitation. The difference between Stratus' consolidated effective income tax rate of (13) percent for the first nine months of 2022 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to state income taxes, noncontrolling interests in subsidiaries, the presence of a valuation allowance against certain U.S. Federal deferred tax assets as of September 30, 2022, and the release of a reserve on uncertain tax positions related to the 2015 through 2017 U.S. Federal tax audit, which was closed in first-quarter 2022. 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 1 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 does not expect the IR Act to have a material impact on its consolidated financial statements.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2023
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, which includes Section N, Holden Hills, Amarra multi-family and commercial land, Amarra Villas, Amarra Drive lots and other vacant land; the Circle C community; the Lantana community, which includes a portion of Lantana Place planned for a multi-family phase 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), each located in the greater Houston area. The Leasing Operations segment is comprised of Stratus’ real estate assets held for investment that are leased or available for lease and includes The Saint June, West Killeen Market, Lantana Place, Kingwood Place and the completed portions of Jones Crossing and Magnolia Place and retail pad sites subject to ground leases at Lantana Place, Kingwood Place and Jones Crossing. Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus’ operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity. Revenues from Contracts with Customers. Stratus' revenues from contracts with customers follow (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Real Estate Operations: Developed property sales $ — $ — $ 2,493 $ 2,382 Undeveloped property sales — 6,887 — 12,331 Commissions and other — — 58 118 — 6,887 2,551 14,831 Leasing Operations: Rental revenue 3,669 3,090 10,450 9,370 3,669 3,090 10,450 9,370 Total revenues from contracts with customers $ 3,669 $ 9,977 $ 13,001 $ 24,201 Financial Information by Business Segment. Summarized financial information by segment for the three months ended September 30, 2023, 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 $ — $ 3,669 $ — $ 3,669 Cost of sales, excluding depreciation and amortization (1,467) (1,381) — (2,848) Depreciation and amortization (38) (934) 5 (967) General and administrative expenses — — (3,183) (3,183) Operating (loss) income $ (1,505) $ 1,354 $ (3,178) $ (3,329) Capital expenditures and purchases and development of real estate properties $ 13,613 $ 12,701 $ — $ 26,314 Total assets at September 30, 2023 c 302,927 164,565 34,529 502,021 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Corporate, eliminations and other includes cash and cash equivalents and restricted cash of $34.3 million. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets. Summarized financial information by segment for the three months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 6,887 $ 3,090 $ — $ 9,977 Cost of sales, excluding depreciation and amortization (6,232) (1,350) 4 (7,578) Depreciation and amortization (24) (887) 4 (907) General and administrative expenses — — (3,602) (3,602) Impairment of real estate c (720) — — (720) Operating (loss) income $ (89) $ 853 $ (3,594) $ (2,830) Capital expenditures and purchases and development of real estate properties $ 6,203 $ 11,314 $ — $ 17,517 Total assets at September 30, 2022 d 274,397 111,938 76,502 462,837 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes a $650 thousand impairment charge related to one of the Amarra Villas homes that was sold for $2.5 million in first-quarter 2023 and $70 thousand for the multi-family tract of land at Kingwood Place sold for $5.5 million in fourth-quarter 2022. Refer to Note 4. d. Corporate, eliminations and other includes $73.9 million of cash and cash equivalents and restricted cash, primarily received from the May 2022 sale of Block 21. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets. Summarized financial information by segment for the first nine months ended September 30, 2023, 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 $ 2,551 $ 10,450 $ — $ 13,001 Cost of sales, excluding depreciation and amortization (8,651) (3,786) — (12,437) Depreciation and amortization (115) (2,764) 14 (2,865) General and administrative expenses — — (11,973) (11,973) Operating (loss) income $ (6,215) $ 3,900 $ (11,959) $ (14,274) Capital expenditures and purchases and development of real estate properties $ 34,697 $ 36,178 $ — $ 70,875 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. Summarized financial information by segment for the first nine months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 14,831 $ 9,370 $ — $ 24,201 Intersegment 6 — (6) — Cost of sales, excluding depreciation and amortization (13,030) (3,204) 4 (16,230) Depreciation and amortization (73) (2,604) 13 (2,664) General and administrative expenses — — (10,213) (10,213) Gain on sale of assets c — 4,812 — 4,812 Impairment of real estate d (720) — — (720) Operating income (loss) $ 1,014 $ 8,374 $ (10,202) $ (814) Capital expenditures and purchases and development of real estate properties $ 18,294 $ 38,676 $ 213 $ 57,183 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Represents a pre-tax gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that Stratus entered into in connection with its sale of The Oaks at Lakeway in 2017. Refer to Note 4 under the heading “The Oaks at Lakeway” for further discussion. d. Includes a $650 thousand impairment charge related to one of the Amarra Villas homes that was sold for $2.5 million in first-quarter 2023 and $70 thousand for the multi-family tract of land at Kingwood Place sold for $5.5 million in fourth-quarter 2022. Refer to Note 4.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after September 30, 2023, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements.

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2022, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2022 (Stratus 2022 Form 10-K) filed with the U.S. Securities and Exchange Commission on March 31, 2023. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. The results of operations for any interim period are not necessarily indicative of the results of operations for any other future interim period or for a full fiscal year. Refer to Note 4 for a discussion of Stratus' discontinued operations.
Related Party Transactions	Related Party Transactions. Through the first quarter of 2022, Stratus had an arrangement with Whitefish Partners, LLC (Whitefish Partners), formerly known as Austin Retail Partners, LLC, for services provided by a consultant of Whitefish Partners who is the son of Stratus' President and Chief Executive Officer. Payments to Whitefish Partners for the consultant’s consulting services and expense reimbursements totaled $185 thousand for first-quarter 2022, which included $20 thousand as an annual incentive award for 2021 and a $135 thousand cash payment under Stratus’ Profit Participation Incentive Plan (PPIP). 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 Long-Term Incentive Plan (LTIP). In first-quarter 2023, he received $22 thousand as an annual incentive award for 2022, and his annual salary was increased to $120 thousand. As of September 30, 2023, the employee has two outstanding awards under the PPIP. The liability associated with these awards at September 30, 2023 is nominal in amount relative to the consolidated financial statements. Refer to Note 7 for discussion of the PPIP and LTIP. For additional information regarding Stratus' related parties, including LCHM Holdings, LLC and JBM Trust, refer to Notes 1, 2 and 4 in the Stratus 2022 Form 10-K.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) income per share (in thousands, except per share amounts) follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net loss from continuing operations $ (3,217) $ (2,574) $ (14,799) $ (230) Net income from discontinued operations — — — 96,300 Net (loss) income and total comprehensive (loss) income (3,217) (2,574) (14,799) 96,070 Total comprehensive loss attributable to noncontrolling interests 373 214 853 463 Net (loss) income and total comprehensive (loss) income attributable to common stockholders $ (2,844) $ (2,360) $ (13,946) $ 96,533 Basic weighted-average shares of common stock outstanding 8,240 8,275 8,230 8,266 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a — — — 131 Diluted weighted-average shares of common stock outstanding 8,240 8,275 8,230 8,397 Basic net (loss) income per share attributable to common stockholders: Continuing operations $ (0.35) $ (0.29) $ (1.69) $ 0.03 Discontinued operations — — — 11.65 $ (0.35) $ (0.29) $ (1.69) $ 11.68 Diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (0.35) $ (0.29) $ (1.69) $ 0.03 Discontinued operations — — — 11.47 $ (0.35) $ (0.29) $ (1.69) $ 11.50 a. Excludes 178 thousand shares for third-quarter 2023, 296 thousand shares for third-quarter 2022 and 232 thousand shares for the first nine months of 2023 of common stock associated with RSUs that were anti-dilutive as a result of net losses. Excludes 6 thousand shares for the first nine months of 2022 of common stock associated with RSUs that were anti-dilutive.

Limited Partnerships (Tables)

Limited Partnerships (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Potential Returns of the VIE Partnerships	Potential Returns. The following table presents the distribution percentages for the limited partnerships in which Stratus’ potential returns may increase above its relative equity interest if certain hurdles are achieved. Distribution Percentages The Saint George Apartments, L.P. The Saint June, L.P. Holden Hills, L.P. Stratus Kingwood Place, L.P. Stratus Third-party Class B Limited Partner Stratus Third-party Class B Limited Partner Stratus Third-party Class B Limited Partner Stratus Third-party Class B Limited Partners Until all partners have received a return of their capital contributions and a 9.0 percent cumulative return; 10.00 % 90.00 % 34.13 % 65.87 % 50.00 % 50.00 % 60.00 % 40.00 % Until all partners have received an 11.0 percent cumulative return; — — — — — — 68.00 32.00 Until the Class B limited partner has received a 12.0 percent cumulative return; 20.00 80.00 44.13 55.87 55.00 45.00 — — Until the Class B limited partner has received an 18.0 percent cumulative return; 30.00 70.00 — — — — — — Thereafter 50.00 50.00 54.13 45.87 65.00 35.00 76.00 24.00
Schedule of Assets and Liabilities of the VIE Partnerships	Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships, net of intercompany balances (including the operating loans made by Stratus), which are eliminated (in thousands): September 30, 2023 a December 31, Assets: b Cash and cash equivalents $ 2,933 $ 7,744 Restricted cash 490 — Real estate under development 125,610 107,968 Land available for development 1,911 3,927 Real estate held for investment c 85,011 31,415 Lease right-of-use assets 485 106 Other assets 3,087 4,397 Total assets 219,527 155,557 Liabilities: d Accounts payable 13,620 10,473 Accrued liabilities, including taxes 2,196 1,296 Debt 83,889 55,305 Lease liabilities 486 107 Other liabilities 360 371 Total liabilities 100,551 67,552 Net assets $ 118,976 $ 88,005 a. Includes the assets and liabilities of the Holden Hills partnership, which was formed in January 2023. b. Substantially all of the assets are available to settle only obligations of the partnerships. c. In third-quarter 2023, construction of The Saint June was substantially completed, and the carrying value of the asset was reclassified from real estate under development to real estate held for investment. d. All of the debt is guaranteed by Stratus until certain conditions are met as provided in the applicable loan agreements. The creditors for the remaining liabilities do not have recourse to the general credit of Stratus.

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Tables)	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Block 21’s results of operations in the consolidated statements of comprehensive (loss) income consist of the following (in thousands): Two Months Ended Five Months Ended May 31, 2022 Revenues: a Hotel $ 6,782 $ 12,653 Entertainment 4,650 9,990 Leasing operations and other 206 932 Total revenue 11,638 23,575 Cost of sales: Hotel 4,487 9,230 Entertainment 3,624 7,763 Leasing operations and other 331 802 Depreciation b — — Total cost of sales 8,442 17,795 General and administrative expenses 136 236 Gain on sale of assets (119,695) (119,695) Operating income 122,755 125,239 Interest expense, net (1,291) (3,236) Provision for income taxes (25,539) (25,703) Net income from discontinued operations $ 95,925 $ 96,300 a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $189 thousand for the two months ended May 31, 2022 and $510 thousand for the five months ended May 31, 2022. b. In accordance with accounting guidance, depreciation is not recognized subsequent to classification as assets held for sale, which occurred in the fourth quarter of 2021.

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Table [Abstract]
Schedule of debt	The components of Stratus' debt follow (in thousands): September 30, December 31, Comerica Bank revolving credit facility $ — $ — Jones Crossing loan 22,314 24,143 The Annie B land loan 13,966 13,969 New Caney land loan — 4,047 Construction loans: Kingwood Place 27,984 27,507 The Saint June 25,807 13,829 Lantana Place 21,755 21,782 The Saint George 15,095 — Amarra Villas revolving credit facility 14,242 5,366 Magnolia Place 8,605 6,816 West Killeen Market 5,264 5,306 Holden Hills 1,036 — Total debt a $ 156,068 $ 122,765

Compensation Related Costs, Gen

Compensation Related Costs, General (Tables)	9 Months Ended
	Sep. 30, 2023
Compensation Related Costs [Abstract]
Share-based Payment Arrangement, Cost by Plan	A summary of PPIP costs follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Charged (credited) to general and administrative expense $ (205) $ 135 $ 84 $ 269 Capitalized (credited) to project development costs 136 107 237 209 Total PPIP costs $ (69) $ 242 $ 321 $ 478

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	Revenues from Contracts with Customers. Stratus' revenues from contracts with customers follow (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Real Estate Operations: Developed property sales $ — $ — $ 2,493 $ 2,382 Undeveloped property sales — 6,887 — 12,331 Commissions and other — — 58 118 — 6,887 2,551 14,831 Leasing Operations: Rental revenue 3,669 3,090 10,450 9,370 3,669 3,090 10,450 9,370 Total revenues from contracts with customers $ 3,669 $ 9,977 $ 13,001 $ 24,201
Schedule of Segment Reporting Information by Segment [Table Text Block]	Financial Information by Business Segment. Summarized financial information by segment for the three months ended September 30, 2023, 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 $ — $ 3,669 $ — $ 3,669 Cost of sales, excluding depreciation and amortization (1,467) (1,381) — (2,848) Depreciation and amortization (38) (934) 5 (967) General and administrative expenses — — (3,183) (3,183) Operating (loss) income $ (1,505) $ 1,354 $ (3,178) $ (3,329) Capital expenditures and purchases and development of real estate properties $ 13,613 $ 12,701 $ — $ 26,314 Total assets at September 30, 2023 c 302,927 164,565 34,529 502,021 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Corporate, eliminations and other includes cash and cash equivalents and restricted cash of $34.3 million. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets. Summarized financial information by segment for the three months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 6,887 $ 3,090 $ — $ 9,977 Cost of sales, excluding depreciation and amortization (6,232) (1,350) 4 (7,578) Depreciation and amortization (24) (887) 4 (907) General and administrative expenses — — (3,602) (3,602) Impairment of real estate c (720) — — (720) Operating (loss) income $ (89) $ 853 $ (3,594) $ (2,830) Capital expenditures and purchases and development of real estate properties $ 6,203 $ 11,314 $ — $ 17,517 Total assets at September 30, 2022 d 274,397 111,938 76,502 462,837 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes a $650 thousand impairment charge related to one of the Amarra Villas homes that was sold for $2.5 million in first-quarter 2023 and $70 thousand for the multi-family tract of land at Kingwood Place sold for $5.5 million in fourth-quarter 2022. Refer to Note 4. d. Corporate, eliminations and other includes $73.9 million of cash and cash equivalents and restricted cash, primarily received from the May 2022 sale of Block 21. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets. Summarized financial information by segment for the first nine months ended September 30, 2023, 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 $ 2,551 $ 10,450 $ — $ 13,001 Cost of sales, excluding depreciation and amortization (8,651) (3,786) — (12,437) Depreciation and amortization (115) (2,764) 14 (2,865) General and administrative expenses — — (11,973) (11,973) Operating (loss) income $ (6,215) $ 3,900 $ (11,959) $ (14,274) Capital expenditures and purchases and development of real estate properties $ 34,697 $ 36,178 $ — $ 70,875 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. Summarized financial information by segment for the first nine months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 14,831 $ 9,370 $ — $ 24,201 Intersegment 6 — (6) — Cost of sales, excluding depreciation and amortization (13,030) (3,204) 4 (16,230) Depreciation and amortization (73) (2,604) 13 (2,664) General and administrative expenses — — (10,213) (10,213) Gain on sale of assets c — 4,812 — 4,812 Impairment of real estate d (720) — — (720) Operating income (loss) $ 1,014 $ 8,374 $ (10,202) $ (814) Capital expenditures and purchases and development of real estate properties $ 18,294 $ 38,676 $ 213 $ 57,183 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Represents a pre-tax gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that Stratus entered into in connection with its sale of The Oaks at Lakeway in 2017. Refer to Note 4 under the heading “The Oaks at Lakeway” for further discussion. d. Includes a $650 thousand impairment charge related to one of the Amarra Villas homes that was sold for $2.5 million in first-quarter 2023 and $70 thousand for the multi-family tract of land at Kingwood Place sold for $5.5 million in fourth-quarter 2022. Refer to Note 4.

General (Details)

General (Details) - Immediate Family Member of Management or Principal Owner - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023
Product Information [Line Items]
Selling, General and Administrative Expense	$ 100			$ 120
Annual Incentive Award
Product Information [Line Items]
Selling, General and Administrative Expense		$ 22
Whitefish Partners LLC
Product Information [Line Items]
Selling, General and Administrative Expense			$ 185
Whitefish Partners LLC | Annual Incentive Award
Product Information [Line Items]
Selling, General and Administrative Expense			20
Whitefish Partners LLC | Deferred Profit Sharing
Product Information [Line Items]
Selling, General and Administrative Expense			$ 135

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (3,217)	$ (2,574)	$ (14,799)	$ (230)
Net income from discontinued operations	0	0	0	96,300
Net (loss) income and total comprehensive (loss) income	(3,217)	(2,574)	(14,799)	96,070
Total comprehensive loss attributable to noncontrolling interests	373	214	853	463
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (2,844)	$ (2,360)	$ (13,946)	$ 96,533
Basic weighted average number of shares outstanding, basic (in shares)	8,240	8,275	8,230	8,266
Add shares issuable upon exercise or vesting of dilutive restricted stock units (RSUs) (in shares)	0	0	0	131
Diluted weighted average number of shares outstanding, basic (in shares)	8,240	8,275	8,230	8,397
(Loss) Income from Continuing Operations, Per Basic Share	$ (0.35)	$ (0.29)	$ (1.69)	$ 0.03
Income (Loss) from Discontinued Operations, Per Basic Share	0	0	0	11.65
Basic net (loss) income per share attributable to common stockholders (in usd per share)	(0.35)	(0.29)	(1.69)	11.68
(Loss) Income from Continuing Operations, Per Diluted Share	(0.35)	(0.29)	(1.69)	0.03
Income (Loss) from Discontinued Operations, Per Diluted Share	0	0	0	11.47
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ (0.35)	$ (0.29)	$ (1.69)	$ 11.50
Weighted-average shares excluded from computation of earnings per share (in shares)	178	296	232	6

Limited Partnerships (Schedule

Limited Partnerships (Schedule of Assets and Liabilities of the VIE Partnerships (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Limited Partnerships [Line Items]
Cash and cash equivalents	$ 35,162	$ 37,666
Restricted cash	1,228	8,043
Real estate under development	245,965	239,278
Land available for development	47,320	39,855
Real estate held for investment, net	145,758	92,377
Lease right-of-use assets	11,449	10,631
Other assets	13,328	15,479
Total assets	502,021	445,140	$ 462,837
Accounts payable	17,136	15,244
Accrued liabilities, including taxes	7,172	7,049
Debt	156,068	122,765
Lease liabilities	15,970	14,848
Other liabilities	6,784	9,642
Total liabilities	206,078	173,067
Stratus Kingwood, L.P., The Saint June L.P, Stratus Block 150, L.P, and Holden Hills, L.P.
Limited Partnerships [Line Items]
Cash and cash equivalents	2,933	7,744
Restricted cash	490	0
Real estate under development	125,610	107,968
Land available for development	1,911	3,927
Real estate held for investment, net	85,011	31,415
Lease right-of-use assets	485	106
Other assets	3,087	4,397
Total assets	219,527	155,557
Accounts payable	13,620	10,473
Accrued liabilities, including taxes	2,196	1,296
Debt	83,889	55,305
Lease liabilities	486	107
Other liabilities	360	371
Total liabilities	100,551	67,552
Net assets	$ 118,976	$ 88,005

Limited Partnerships (Schedul_2

Limited Partnerships (Schedule of Potential Returns) (Details)	Sep. 30, 2023
Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	10%
Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	34.13%
Holden Hills | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
Holden Hills | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	60%
9% Cumulative Return | Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	10%
9% Cumulative Return | Saint George L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	90%
9% Cumulative Return | Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	34.13%
9% Cumulative Return | Saint June, L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	65.87%
9% Cumulative Return | Holden Hills | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
9% Cumulative Return | Holden Hills | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
9% Cumulative Return | Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	60%
9% Cumulative Return | Stratus Kingwood, L.P. [Member] | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	40%
11% Cumulative Return | Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	68%
11% Cumulative Return | Stratus Kingwood, L.P. [Member] | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	32%
12% Cumulative Return | Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	20%
12% Cumulative Return | Saint George L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	80%
12% Cumulative Return | Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	44.13%
12% Cumulative Return | Saint June, L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	55.87%
12% Cumulative Return | Holden Hills | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	55%
12% Cumulative Return | Holden Hills | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	45%
18% Cumulative Return | Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	30%
18% Cumulative Return | Saint George L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	70%
Thereafter Cumulative Return | Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
Thereafter Cumulative Return | Saint George L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
Thereafter Cumulative Return | Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	54.13%
Thereafter Cumulative Return | Saint June, L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	45.87%
Thereafter Cumulative Return | Holden Hills | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	65%
Thereafter Cumulative Return | Holden Hills | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	35%
Thereafter Cumulative Return | Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	76%
Thereafter Cumulative Return | Stratus Kingwood, L.P. [Member] | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	24%

Limited Partnerships (Details)

Limited Partnerships (Details) - USD ($) $ in Thousands		1 Months Ended				9 Months Ended
	Nov. 14, 2023	Oct. 31, 2023	Aug. 31, 2023	Jun. 30, 2023	Apr. 30, 2023	Sep. 30, 2023	Oct. 01, 2023
Saint George L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage						10%
Stratus Block 150, L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage						31%
Intercompany Loans, Description			In August 2023, Stratus made an additional advance of $800 thousand under the operating loan to Stratus Block 150, L.P.		In April 2023, Stratus made an operating loan of $1.5 million to Stratus Block 150, L.P. to facilitate the partnership’s ability to pay ongoing costs of The Annie B project during the pre-construction period.
Intercompany Loan, Amount			$ 800		$ 1,500
Stratus Block 150, L.P. | Stratus Properties Inc | Bloomberg short-term bank yield index
Limited Partnerships [Line Items]
Basis spread on variable rate					5%
Saint June, L.P. | Subsequent event
Limited Partnerships [Line Items]
Intercompany Loans, Description		In October 2023, Stratus made an additional advance of $250 thousand under the operating loan to The Saint June, L.P., and the Class B Limited Partner made a $250 thousand operating loan to The Saint June, L.P.
Saint June, L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage						34.13%
Intercompany Loans, Description				In June 2023, Stratus made an operating loan of $750 thousand to The Saint June, L.P. to support the partnership’s ability to pay its construction loan interest, which has risen above the amount originally budgeted due to rising interest rates.
Intercompany Loan, Amount				$ 750
Saint June, L.P. | Stratus Properties Inc | Subsequent event
Limited Partnerships [Line Items]
Intercompany Loan, Amount							$ 250
Saint June, L.P. | Stratus Properties Inc | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Limited Partnerships [Line Items]
Basis spread on variable rate					5%
Saint June, L.P. | Unrelated Equity Investor | Subsequent event
Limited Partnerships [Line Items]
Intercompany Loan, Amount							$ 250
Holden Hills
Limited Partnerships [Line Items]
Initial project and closing cost						$ 5,800
Property Management Fee, Percent Fee						4%
Management Fee Expense						$ 150
Holden Hills | Stratus Properties Inc
Limited Partnerships [Line Items]
Proceeds from Partnership Contribution						$ 70,000
Equity Method Investment, Ownership Percentage						50%
Payments of Distributions to Affiliates						$ 30,000
Municipal improvements						$ 14,700
Percentage of costs reimbursed						60%
Municipal improvements remaining						$ 9,200
Holden Hills | Stratus Properties Inc | Forecast | Maximum [Member]
Limited Partnerships [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 10,000
Holden Hills | Unrelated Equity Investor
Limited Partnerships [Line Items]
Proceeds from Partnership Contribution						$ 40,000
Equity Method Investment, Ownership Percentage						50%
Holden Hills | Unrelated Equity Investor | Forecast | Maximum [Member]
Limited Partnerships [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 10,000
Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage						60%

Dispositions Income Statement (

Dispositions Income Statement (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		5 Months Ended	9 Months Ended
	May 31, 2022	Sep. 30, 2023	Sep. 30, 2022	May 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		$ 3,669	$ 9,977		$ 13,001	$ 24,201
Leasing operations		3,669	3,090		10,450	9,370
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		2,848	7,578		12,437	16,230
Depreciation and amortization		967	907		2,865	2,664
Cost of Revenue		3,815	8,485		15,302	18,894
General and administrative expenses		3,183	3,602		11,973	10,213
Operating income (loss)		(3,329)	(2,830)		(14,274)	(814)
Interest expense, net		0	0		0	(15)
Provision for income taxes		(356)	(420)		(2,016)	(159)
Net (loss) income		(3,217)	(2,574)		(14,799)	96,070
Eliminations and Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues						0
Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 11,638			$ 23,575
Leasing operations	206			932
Depreciation and amortization	0			0
Cost of Revenue	8,442			17,795
General and administrative expenses	136			236
Other Operating Income	(119,695)			(119,695)
Operating income (loss)	122,755			125,239
Interest expense, net	(1,291)			(3,236)
Provision for income taxes	(25,539)			(25,703)
Net (loss) income	95,925			96,300
Discontinued Operations, Disposed of by Sale | Block 21 | Eliminations and Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	189			510
Hotel [Member] | Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	6,782			12,653
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	4,487			9,230
Entertainment [Member] | Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	4,650			9,990
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	3,624			7,763
Leasing operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization		$ 1,381	$ 1,350		$ 3,786	$ 3,204
Leasing operations | Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	$ 331			$ 802

Dispositions (Details)

Dispositions (Details)			3 Months Ended				9 Months Ended
	Oct. 20, 2022 USD ($)	May 31, 2022 USD ($) hotel_room theater_seat	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2017 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets			$ 0		$ 0		$ 0	$ 4,812,000
Deferred gain			2,948,000				2,948,000		$ 3,519,000
Impairment of real estate			0		720,000		0	720,000
Lakeway Master Lease Retail
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract										5 years
Lakeway Master Lease Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract										99 years
Lakeway Master Lease Unleased 3 Pad Sites
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract										10 years
Lakeway Master Lease Unleased 1 Pad Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract										15 years
Kingwood Place_
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate					70,000
Amarra Villas_
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate					$ 650,000
Discontinued Operations, Disposed of by Sale | Block 21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale		$ 260,000,000
Loans Assumed		136,200,000
Escrow deposits related to property sales		6,900,000
Gain on sale of assets		$ 119,700,000
Number of Hotel Rooms | hotel_room		251
Number Of Theater Seats | theater_seat		2,750
Capital Expenditure, Discontinued Operations								$ 213,000
Disposal by sale | The Oaks at Lakeway
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment						$ 114,000,000
Lessee, Operating Lease, Monthly Rent Payment							2,500
Payments for Cancellation of Operating Lease							560,000
Contractual Obligation										$ 73,000
Deferred Revenue, Revenue Recognized						$ 4,800,000
Deferred gain			$ 2,900,000				$ 2,900,000		$ 3,500,000
Disposal by sale | Kingwood Place_
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 5,500,000
Disposal by sale | Amarra Villas_
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale				$ 2,500,000

Debt (Details)

Debt (Details) $ / shares in Units, $ in Thousands			1 Months Ended				3 Months Ended				9 Months Ended		16 Months Ended
	May 11, 2023 USD ($)	Sep. 01, 2022 USD ($) $ / shares	Jul. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 31, 2023	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Nov. 08, 2023 USD ($) $ / shares shares	Nov. 09, 2023 USD ($)	Jul. 01, 2023 USD ($)	May 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 01, 2022 USD ($)
Debt Instrument [Line Items]
Debt							$ 156,068				$ 156,068						$ 122,765
Unamortized debt issuance costs							2,400				2,400						1,100
Interest costs incurred							$ 3,400			$ 1,800	$ 8,700	$ 4,400
Dividends declared per share of common stock | $ / shares		$ 4.67					$ 0			$ 4.67	$ 0	$ 4.67
Dividends, Common Stock, Cash		$ 40,000
Dividends Payable							$ 600				$ 600						1,300
Stock Repurchase Program, Authorized Amount		$ 10,000
Stock Repurchased During Period, Shares | shares											91,919
Stock Repurchased During Period, Value							475	$ 695	$ 894	$ 799	$ 2,100
Treasury Stock Acquired, Average Cost Per Share | $ / shares											$ 22.43
Subsequent event
Debt Instrument [Line Items]
Stock Repurchase Program, Authorized Amount														$ 5,000
Stock Repurchased During Period, Shares | shares													389,378
Stock Repurchased During Period, Value													$ 10,000
Treasury Stock Acquired, Average Cost Per Share | $ / shares													$ 25.68
Comerica Bank revolving credit facility
Debt Instrument [Line Items]
Debt							0				$ 0						0
Comerica Bank revolving credit facility | Letter of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity																$ 13,300		$ 11,500
Comerica Bank revolving credit facility | Letter of Credit | Revolving Credit Facility | Lakeway
Debt Instrument [Line Items]
New letter of credit															$ 2,300
Municipal improvements			$ 2,300
Comerica Bank revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, available borrowing capacity							40,500				40,500
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount							1,000				1,000
Comerica Bank revolving credit facility | Revolving Credit Facility | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor				(0.50%)
Basis spread on variable rate				4%
Jones Crossing loan
Debt Instrument [Line Items]
Debt							22,314				$ 22,314						24,143
Debt Instrument, Covenant, Debt Service Coverage Ratio											1.15
Repayments of Debt	$ 1,700				$ 231
The Annie B land loan
Debt Instrument [Line Items]
Debt							13,966				$ 13,966						13,969
Debt instrument, interest reserve					$ 600
The Annie B land loan | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor					(0.50%)
Basis spread on variable rate					3%
New Caney land loan
Debt Instrument [Line Items]
Debt							0				0						4,047
Kingwood Place
Debt Instrument [Line Items]
Debt							27,984				27,984						27,507
Lantana Place
Debt Instrument [Line Items]
Debt							21,755				21,755						21,782
The Saint June
Debt Instrument [Line Items]
Debt							25,807				25,807						13,829
The Saint June | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor						(0.75%)
Basis spread on variable rate						2.85%
Debt Instrument, Basis Spread Floor						3.50%
Magnolia Place Construction Loan [Member]
Debt Instrument [Line Items]
Debt							8,605				8,605						6,816
Magnolia Place Construction Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor	0%
Basis spread on variable rate	3.36%
Debt Instrument, Basis Spread Floor	3.50%
West Killeen Market
Debt Instrument [Line Items]
Debt							5,264				5,264						5,306
Amarra Villas revolving credit facility
Debt Instrument [Line Items]
Debt							14,242				14,242						5,366
Amarra Villas revolving credit facility | Line of credit
Debt Instrument [Line Items]
Repayments of Debt				$ 2,200
Holden Hills construction loan
Debt Instrument [Line Items]
Debt							1,036				1,036						0
Holden Hills construction loan | Construction Loan Payable
Debt Instrument [Line Items]
Debt Instrument, Covenant, Loan to Value Ratio					0.28
Debt principal					$ 26,100
Construction cost percent					23%
Debt Covenant, net asset value					$ 125,000
Holden Hills construction loan | Construction Loan Payable | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor					(0.50%)
Basis spread on variable rate					3%
Saint George construction loan
Debt Instrument [Line Items]
Debt							$ 15,095				$ 15,095						$ 0
Comerica Credit Facility, Holden Hills and Section N Obligation | Letter of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit committed																$ 11,000

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		$ 6,784		$ 6,784		$ 9,642
Accrued Liability, Balance Transferred			$ 5,300
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		3,300		3,300		$ 3,000
Grant Date Fair Value, Value Greater than Accrued Liability			2,100		$ 2,100
Share-based Payment Arrangement, Expense		(69)	242	321	478
Deferred Profit Sharing | Charged (credited) to general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		(205)	135	84	269
Deferred Profit Sharing | Project Development Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		136	107	237	209
Deferred Profit Sharing | The Saint Mary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, distribution paid	$ 2,100
Deferred Profit Sharing | Lantana Place
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, distribution paid	200
Other liabilities			3,700		3,700
Profit Participation Incentive Plan Pool, Amortizable Balance								$ 3,900
Deferred Profit Sharing | The Santal
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, distribution paid	$ 5,000
Other liabilities			$ 1,600		$ 1,600
Profit Participation Incentive Plan Pool, Amortizable Balance							$ 6,700
Deferred Profit Sharing | Kingwood Place_
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities		$ 1,500		$ 1,500

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(16.00%)	(13.00%)
Deferred Tax Assets, State Taxes	$ 38		$ 38

Business Segments Revenues from

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from External Customer [Line Items]
Real estate revenue	$ 0	$ 6,887	$ 2,551	$ 14,831
Leasing operations	3,669	3,090	10,450	9,370
Revenues	3,669	9,977	13,001	24,201
Real estate operations
Revenue from External Customer [Line Items]
Real estate revenue	0	6,887	2,551	14,831
Real Estate Operations | Developed Property
Revenue from External Customer [Line Items]
Real estate revenue	0	0	2,493	2,382
Real Estate Operations | Undeveloped Property
Revenue from External Customer [Line Items]
Real estate revenue	0	6,887	0	12,331
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Real estate revenue	0	0	58	118
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations	$ 3,669	$ 3,090	$ 10,450	$ 9,370

Business Segments Segment Infor

Business Segments Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment			2
Revenues:
Real estate operations	$ 0	$ 6,887	$ 2,551	$ 14,831
Leasing operations	3,669	3,090	10,450	9,370
Unaffiliated customers	3,669	9,977	13,001	24,201
Cost of sales, excluding depreciation and amortization	(2,848)	(7,578)	(12,437)	(16,230)
Depreciation and amortization	(967)	(907)	(2,865)	(2,664)
General and administrative expenses	(3,183)	(3,602)	(11,973)	(10,213)
Gain on sale of assets	0	0	0	4,812
Impairment of Real Estate	0	(720)	0	(720)
Operating income (loss)	(3,329)	(2,830)	(14,274)	(814)
Capital expenditures and purchases and development of real estate properties	26,314	17,517
Total assets	502,021	462,837	502,021	462,837	$ 445,140
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	36,390	77,313	36,390	77,313	$ 45,709	$ 70,139
Leasing Operations
Revenues:
Leasing operations	3,669	3,090	10,450	9,370
Eliminations and Other
Revenues:
Real estate operations	0	0	0	0
Cost of sales, excluding depreciation and amortization	0	4	0	4
Depreciation and amortization	5	4	14	13
General and administrative expenses	(3,183)	(3,602)	(11,973)	(10,213)
Gain on sale of assets				0
Impairment of Real Estate		0		0
Operating income (loss)	(3,178)	(3,594)	(11,959)	(10,202)
Capital expenditures and purchases and development of real estate properties	0	0	0	213
Total assets	34,529	76,502	34,529	76,502
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	34,300	73,900	34,300	73,900
Operating Segments
Revenues:
Capital expenditures and purchases and development of real estate properties			70,875	57,183
Operating Segments | Real Estate Operations
Revenues:
Real estate operations	0	6,887	2,551	14,831
Cost of sales, excluding depreciation and amortization	(1,467)	(6,232)	(8,651)	(13,030)
Depreciation and amortization	(38)	(24)	(115)	(73)
General and administrative expenses	0	0	0	0
Gain on sale of assets				0
Impairment of Real Estate		(720)		(720)
Operating income (loss)	(1,505)	(89)	(6,215)	1,014
Capital expenditures and purchases and development of real estate properties	13,613	6,203	34,697	18,294
Total assets	302,927	274,397	302,927	274,397
Operating Segments | Leasing Operations
Revenues:
Leasing operations	3,669	3,090	10,450	9,370
Cost of sales, excluding depreciation and amortization	(1,381)	(1,350)	(3,786)	(3,204)
Depreciation and amortization	(934)	(887)	(2,764)	(2,604)
General and administrative expenses	0	0	0	0
Gain on sale of assets				4,812
Impairment of Real Estate		0		0
Operating income (loss)	1,354	853	3,900	8,374
Capital expenditures and purchases and development of real estate properties	12,701	11,314	36,178	38,676
Total assets	$ 164,565	$ 111,938	$ 164,565	111,938
Eliminations and Other
Revenues:
Unaffiliated customers				0
Eliminations and Other | Real Estate Operations
Revenues:
Real estate operations				6
Eliminations and Other | Leasing Operations
Revenues:
Leasing operations				0
Eliminations and Other | Eliminations and Other
Revenues:
Real estate operations				$ (6)