Stratus Properties (STRS) 10-K 28 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca St., Suite 300
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 131,700
Entity Common Stock, Shares Outstanding		8,065,322
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for its 2024 annual meeting of stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0000885508
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Location	Dallas, Texas
Auditor Name	CohnReznick LLP
Auditor Firm ID	596

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 31,397	$ 37,666
Restricted cash	1,035	8,043
Real estate held for sale	7,382	1,773
Real estate under development	260,642	239,278
Land available for development	47,451	39,855
Real estate held for investment, net	144,112	92,377
Lease right-of-use assets	11,174	10,631
Deferred tax assets	173	38
Other assets	14,400	15,479
Total assets	517,766	445,140
LIABILITIES AND EQUITY
Accounts payable	15,629	15,244
Accrued liabilities, including taxes	6,660	7,049
Debt	175,168	122,765
Lease liabilities	15,866	14,848
Deferred gain	2,721	3,519
Other liabilities	7,117	9,642
Total liabilities	223,161	173,067
Commitments and contingencies
Stockholders’ equity:
Common stock, par value of $0.01 per share, 150,000 shares authorized, 9,586 and 9,439 shares issued, respectively and 8,003 and 7,991 shares outstanding, respectively	96	94
Capital in excess of par value of common stock	197,735	195,773
Retained earnings	26,645	41,452
Common stock held in treasury, 1,583 shares and 1,448 shares at cost, respectively	(32,997)	(30,071)
Total stockholders’ equity	191,479	207,248
Noncontrolling interests in subsidiaries	103,126	64,825
Total equity	294,605	272,073
Total liabilities and equity	$ 517,766	$ 445,140

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position (Parentheticals) [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares Authorized	150,000,000
Common Stock, Shares, Issued	9,586,000	9,439,000
Common Stock, Shares, Outstanding	8,003,000	7,991,000
Treasury Stock, Shares	1,583,000	1,448,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Real estate operations	$ 2,551	$ 24,744
Leasing operations	14,719	12,754
Total revenues	17,270	37,498
Cost of sales:
Depreciation and amortization	4,257	3,586
Total cost of sales	19,049	31,786
General and administrative expenses	15,167	17,567
Impairment of real estate	0	720
Gain on sales of assets	0	(4,812)
Total	34,216	45,261
Operating loss	(16,946)	(7,763)
Interest expense, net	0	(15)
Other income, net	1,912	1,103
Net loss before income taxes and equity in unconsolidated affiliate’s income (loss)	(15,034)	(6,675)
Provision for income taxes	(1,524)	(389)
Equity in unconsolidated affiliate’s income (loss)	65	(13)
Net loss from continuing operations	(16,493)	(7,077)
Net income from discontinued operations	0	96,820
Net (loss) income and total comprehensive (loss) income	(16,493)	89,743
Total comprehensive loss attributable to noncontrolling interests	1,686	683
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (14,807)	$ 90,426
Continuing operations, basic (in dollars per basic share)	$ (1.85)	$ (0.78)
Continuing operations, diluted (in dollars per diluted share)	(1.85)	(0.78)
Discontinued operations, basic (in dollars per basic share)	0	11.77
Discontinued operations, diluted (in dollars per diluted share)	0	11.77
Earnings per share (in dollars per basic share)	(1.85)	10.99
Earnings per share (in dollars per diluted share)	$ (1.85)	$ 10.99
Weighted-average shares of common stock outstanding, Basic	7,996	8,228
Weighted-average shares of common stock outstanding, Diluted	7,996	8,228
Dividends declared per share of common stock	$ 0	$ 4.67
Real Estate [Member]
Revenues:
Real estate operations	$ 2,551	$ 24,744
Cost of sales:
Cost of sales	9,615	23,761
Leasing Operations
Revenues:
Leasing operations	14,719	12,754
Cost of sales:
Cost of sales	$ 5,177	$ 4,439

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities:
Net (loss) income	$ (16,493)	$ 89,743
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	4,257	3,586
Cost of real estate sold	1,997	15,596
Impairment of real estate	0	720
Gain on sale of discontinued operations	0	(119,695)
Gain on sales of assets	0	(4,812)
Stock-based compensation	1,941	1,723
Debt issuance cost amortization	851	1,101
Equity in unconsolidated affiliates’ (income) loss	(65)	13
Deferred income taxes	(135)	5,971
Purchases and development of real estate properties	(44,451)	(24,454)
Decrease in other assets	1,661	3,805
Decrease in accounts payable, accrued liabilities and other	(817)	(28,557)
Net cash used in operating activities	(51,254)	(55,260)
Cash flow from investing activities:
Capital expenditures	(45,962)	(54,813)
Proceeds from sale of discontinued operations	0	105,813
Payments on master lease obligations	(977)	(989)
Other, net	(15)	(8)
Net cash (used in) provided by investing activities	(46,954)	50,003
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	60,692	33,163
Payments on project and term loans	(9,247)	(18,831)
Payment of dividends	(678)	(38,693)
Finance lease principal payments	(15)	(4)
Stock-based awards net payments	(789)	(452)
Purchases of treasury stock	(2,137)	(7,866)
Noncontrolling interests’ distributions	(13)	0
Noncontrolling interests’ contributions	40,000	15,032
Financing costs	(2,882)	(1,522)
Net cash provided by (used in) financing activities	84,931	(19,173)
Net decrease in cash, cash equivalents and restricted cash	(13,277)	(24,430)
Cash, cash equivalents and restricted cash at beginning of year	45,709	70,139
Cash, cash equivalents and restricted cash at end of year	$ 32,432	$ 45,709

Consoldiated Statements of Equi

Consoldiated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings (Accumulated Deficit)	Common Stock Held in Treasury	Noncontrolling Interests in Subsidiaries
Balance (in shares) at Dec. 31, 2021			9,388			1,143
Balance at Dec. 31, 2021	$ 208,613	$ 158,137	$ 94	$ 188,759	$ (8,963)	$ (21,753)	$ 50,476
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchased during period (in shares)						294
Common stock repurchases	(7,866)	(7,866)				$ (7,866)
Cash dividend	(40,011)	(40,011)			(40,011)
Exercised and issued stock-based awards (in shares)			51
Exercised and issued stock-based awards	0
Director fees paid in shares of common stock	6	6		6
Stock-based compensation	1,716	1,716		1,716
Grant of restricted stock units (RSUs) under the Profit Participation Incentive Plan (PPIP)	5,292	5,292		5,292
Tender of shares for stock-based awards (in shares)						11
Tender of shares for stock-based awards	(452)	(452)				$ (452)
Noncontrolling interests’ contributions	15,032						15,032
Total comprehensive income (loss)	89,743	90,426			90,426		(683)
Balance (in shares) at Dec. 31, 2022			9,439			1,448
Balance at Dec. 31, 2022	272,073	207,248	$ 94	195,773	41,452	$ (30,071)	64,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchased during period (in shares)						96
Common stock repurchases	(2,137)	(2,137)				$ (2,137)
Exercised and issued stock-based awards (in shares)			147
Exercised and issued stock-based awards	2	2	$ 2
Director fees paid in shares of common stock	24	24		24
Stock-based compensation	1,938	1,938		1,938
Tender of shares for stock-based awards (in shares)						39
Tender of shares for stock-based awards	(789)	(789)				$ (789)
Noncontrolling interests’ distributions	(13)						(13)
Noncontrolling interests’ contributions	40,000						40,000
Total comprehensive income (loss)	(16,493)	(14,807)			(14,807)		(1,686)
Balance (in shares) at Dec. 31, 2023			9,586			1,583
Balance at Dec. 31, 2023	$ 294,605	$ 191,479	$ 96	$ 197,735	$ 26,645	$ (32,997)	$ 103,126

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the entitlement, development, management, leasing and sale of multi-family and single-family residential and commercial real estate properties in the Austin, Texas area and other select markets in Texas. The real estate and leasing operations of Stratus are conducted primarily through its subsidiaries. Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is determined to be the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Refer to Note 4 for a discussion of Stratus' discontinued operations. Concentration of Risks. Stratus conducts its operations in the Austin, Texas area and other select markets in Texas. Consequently, any significant economic downturn in the Texas market, and the Austin market specifically, could potentially have an adverse effect on Stratus’ business, results of operations and financial condition. Stratus has taken steps to obtain Federal Deposit Insurance Corporation (FDIC) protection for much of its cash deposits; however it typically has some cash balances on deposit with banks in excess of FDIC-insured limits. Any loss of uninsured deposits could have an adverse effect on Stratus’ future financial condition, liquidity and operations. To help address this risk, as of December 31, 2023, $23.2 million was invested in an FDIC insured cash sweep platform. Use of Estimates. The preparation of Stratus’ financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include the estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments; profit recognition related to the sales of real estate; deferred income taxes and related valuation allowances; income taxes; allocation of certain indirect costs; profit pools under the Profit Participation Incentive Plan (PPIP) and the Long-Term Incentive Plan (LTIP); and asset lives for depreciation. Actual results could differ from those estimates. Cash and cash equivalents. All highly liquid investments with a maturity of three months or less when purchased are considered cash equivalents. Restricted cash. Stratus’ restricted cash of $1.0 million is comprised of bank deposits. Real Estate. Real estate held for investment is stated at cost, less accumulated depreciation. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for use or sale. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs including property taxes are capitalized for properties currently under development. Stratus capitalizes improvements that increase the value of properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from properties held for investment. Impairment tests for properties held for investment and properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the operation of the property and its eventual disposition. If projected undiscounted cash flow is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists. Depreciation. Real estate held for investment is depreciated on a straight-line basis over the properties’ estimated lives of 30 to 40 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms. Accrued Property Taxes. Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $4.2 million at December 31, 2023 and $3.8 million at December 31, 2022. Revenue Recognition. Revenue or gains on sales of real estate are recognized when control of the asset has been transferred to the buyer if collection of substantially all of the consideration to which Stratus will be entitled is probable and Stratus has satisfied all other performance obligations under the contract. Consideration is allocated among multiple performance obligations or distinct nonfinancial assets to be transferred to the buyer based on relative fair value. Consideration is reasonably determined and deemed likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay. Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and development fees when earned, as properties are sold or when the services are performed. Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold, properties held for sale, and land available for development, such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2023 2022 Project expenses and allocation of overhead costs (see below) $ 6,718 $ 6,611 Leasing operations 5,177 4,439 Depreciation and amortization 4,257 3,586 Cost of developed property sales 2,159 5,601 Cost of undeveloped property sales — 11,524 Other, net 738 25 Total cost of sales $ 19,049 $ 31,786 Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. costs of construction and development activities are capitalized to real estate under development, and costs of project management, sales and marketing activities are charged to expense as cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as rent, office supplies, insurance, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer. Advertising Costs. Advertising costs are charged to expense as incurred and are included as a component of cost of sales. Advertising costs totaled $0.2 million in 2023 and $0.5 million in 2022. Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income or loss in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. Refer to Note 7 for further discussion. Earnings Per Share. Stratus’ basic net (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: Years Ended December 31, 2023 2022 Net loss from continuing operations $ (16,493) $ (7,077) Net income from discontinued operations — 96,820 Net (loss) income $ (16,493) $ 89,743 Net loss attributable to noncontrolling interests 1,686 683 Net (loss) income attributable to common stockholders $ (14,807) $ 90,426 Weighted-average shares of common stock outstanding, basic and diluted a 7,996 8,228 Net (loss) income per share attributable to common stockholders, basic and diluted: Continuing operations $ (1.85) $ (0.78) Discontinued operations — 11.77 Net (loss) income per share attributable to common stockholders, basic and diluted $ (1.85) $ 10.99 a. Excludes approximately 217 thousand and 295 thousand shares in 2023 and 2022, respectively, of common stock associated with RSUs that were anti-dilutive as a result of the net losses from continuing operations. Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of RSUs is based on Stratus’ stock price on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. Based on Stratus’ history, turnover among RSU recipents is rare. Therefore, Stratus does not currently apply a forfeiture rate when estimating stock-based compensation costs for RSUs. The awards are amortized on a straight-line basis over the estimated service period. Stratus may grant RSUs that settle in cash or stock to employees and nonemployees under the PPIP and LTIP. The value of these awards in excess of the liability amount, if any, as of the date of the capital transaction or valuation event is amortized on a straight-line basis over the estimated service period. Refer to Note 8 for further discussion. Related Party Transactions. Refer to Notes 2 and 4 for discussion of LCHM Holdings, LLC (LCHM), its manager, and JBM Trust, which are related parties as a result of LCHM’s representation on Stratus’ Board of Directors (the Board). LCHM and JBM Trust have invested in certain of Stratus’ limited partnerships. Through the first quarter of 2022, Stratus had an arrangement with Whitefish Partners, LLC (Whitefish Partners), formerly known as Austin Retail Partners, LLC, for services provided by a consultant of Whitefish Partners who is the son of Stratus’ President and Chief Executive Officer. Payments to Whitefish Partners for the consultant's consulting services and expense reimbursements totaled $190 thousand for 2022, which included $20 thousand as an annual incentive award for 2021 and a $135 thousand cash bonus related to payouts for development projects under the 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 LTIP. As of December 31, 2023, the employee has two outstanding awards under the PPIP. The liability associated with these awards at December 31, 2023 is nominal in amount relative to the consolidated financial statements. In first-quarter 2023, he received $22 thousand as an annual incentive award for 2022, and his annual salary was increased to $120 thousand. In first-quarter 2024, he received $22 thousand as an annual incentive award for 2023, and his annual salary was increased to $124 thousand. Refer to Note 8 for discussion of the PPIP and LTIP. Recently Issued Accounting Standards. In August 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU), No. 2023-05, “Business Combinations – Joint Venture Formations.” This ASU addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The pronouncement requires a joint venture to initially measure contributions at fair value upon formation, which is more relevant than the carrying amounts of the contributed net assets and would reduce equity method basis differences. The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Stratus does not expect the pronouncement to have a material effect on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting – Improvements to Reportable Segments Disclosures”, which enhances disclosures of significant segment expenses regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods and permits more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for fiscal years beginning after December 15, 2023 and early adoption of the amendment is permitted. Stratus expects adoption of the pronouncement will lead to additional segment disclosure in its consolidated financial statements for 2024. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures”. This ASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on an annual basis. The ASU also requires disclosure of information on amount of income taxes paid disaggregated by federal, state and foreign taxes. This ASU is effective for annual periods beginning after December 15, 2024. Stratus does not expect the pronouncement to have a material effect on its consolidated financial statements.

Limited Partnerships

Limited Partnerships	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Limited Partnerships	LIMITED PARTNERSHIPS 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 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 December 31, 2023, the Holden Hills partnership had $8.0 million remaining to complete the Tecoma Improvements. The Holden Hills partnership has agreed to pay Stratus a development management fee of 4 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. The Holden Hills construction loan is secured by the Holden Hills Project and guaranteed by Stratus. Refer to Note 6 for discussion of the loan agreement. The Saint George Apartments, L.P. In November 2021, The Saint George Apartments, L.P. (The Saint George partnership), a Texas limited partnership and subsidiary of Stratus, was formed to purchase land and develop, construct and lease The Saint George, a 316-unit luxury wrap-style multi-family project in Austin. In December 2021, The Saint George partnership purchased the land for the project for $18.5 million. In December 2021, an unrelated equity investor contributed $18.3 million to The Saint George partnership for a 90.0 percent interest. In July 2022, The Saint George Apartments, L.P. entered into a construction loan agreement. Borrowings on the construction loan are secured by The Saint George project and are guaranteed by Stratus until certain conditions are met. Refer to Note 6 for further discussion of the loan agreement. In connection with closing the construction financing, Stratus made an additional capital contribution of $1.7 million and the unaffiliated Class B limited partner made an additional capital contribution of $15.0 million, bringing Stratus’ total capital contributions to $3.7 million (consisting of pursuit costs and $2.2 million in cash) and the Class B limited partner’s total capital contributions to $33.4 million. Stratus has a 10.0 percent interest in The Saint George partnership. Stratus’ potential returns may increase above its relative equity interest if negotiated return hurdles are achieved. Refer to “Potential Returns” below for further discussion. The Saint George partnership is governed by a limited partnership agreement between Stratus and the equity investor, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner has the authority to manage the day-to-day operations of the partnership, subject to approval rights of the limited partners for specified matters. The general partner will manage The Saint George partnership in exchange for an asset management fee of $300 thousand per year beginning two years after construction of The Saint George, and will earn a development management fee of 4 percent of certain construction costs for The Saint George. The limited partnership agreement contains a buy-sell option pursuant to which at any time either party will have the right to initiate a buy-sell of the other party’s interests. Transfers of interests in the partnership are subject to substantial restrictions. Stratus Block 150, L.P. In September 2021, Stratus Block 150, L.P., a Texas limited partnership and a subsidiary of Stratus, completed financing transactions from which a portion of the proceeds were used to purchase the land for Block 150, now known as The Annie B, a proposed luxury multi-family high-rise development in downtown Austin, Texas. The proceeds will also be used to fund predevelopment costs of the project. These financing transactions included (i) a $14.0 million land loan and (ii) $11.7 million from the sale of Class B limited partnership interests in a private placement offering, along with $3.9 million in cash and pursuit costs contributed by wholly owned subsidiaries of Stratus. The Annie B land loan is secured by The Annie B project and guaranteed by Stratus until certain conditions are met. Refer to Note 6 for further discussion of the land loan. In first-quarter 2022, pursuant to the limited partnership agreement, wholly owned subsidiaries of Stratus contributed an additional $1.4 million in cash to Stratus Block 150, L.P. No additional capital contributions are required to be made by the partners. As of December 31, 2023, Stratus holds, in the aggregate, a 31.0 percent indirect equity interest in Stratus Block 150, L.P. No individual Class B limited partner has an equity interest greater than 25.0 percent. One of the participants in the private placement offering, JBM Trust, which purchased a limited partnership interest initially representing a 5.9 percent equity interest in Stratus Block 150, L.P., has a trustee who also serves as sole manager of LCHM. Stratus Block 150, L.P. is governed by a limited partnership agreement between Stratus and the equity investors, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner has the authority to manage the day-to-day operations of the partnership, subject to approval rights of the limited partners for specified matters. Stratus plans to capitalize The Annie B in a two-phase process consisting of the initial land partnership phase and potentially followed by a development partnership phase. No asset management fee will be paid to the general partner during the land partnership phase. If the general partner determines to proceed with the development partnership phase, the general partner would continue to manage Stratus Block 150, L.P. and would begin to receive an asset management fee to be agreed on at that time. During the development partnership phase, the general partner would receive a development management fee of approximately 4 percent of certain construction costs for The Annie B. Transfers of interests in the partnership are subject to substantial restrictions. If a change of control of Stratus occurs as defined in the limited partnership agreement, each Class B limited partner has a put right to require Stratus to purchase all but not less than all of its interests for a price generally providing a cumulative 10.0 percent annual return on capital contributions. The Saint June, L.P. In June 2021, The Saint June, L.P., a Texas limited partnership and a subsidiary of Stratus, entered into a construction loan to develop The Saint June, a 182-unit luxury garden-style multi-family project within the Amarra development of the Barton Creek community in Austin, Texas. The loan is secured by The Saint June project and is guaranteed by Stratus until certain conditions are met. Refer to Note 6 for further discussion of this loan. In July 2021, an unrelated equity investor contributed $16.3 million to The Saint June, L.P. partnership for a 65.87 percent interest. Stratus has a 34.13 percent interest in The Saint June, L.P. following its contribution of land, development costs and $1.1 million of cash. Stratus’ potential returns may increase above its relative equity interest if negotiated return hurdles are achieved. Refer to “Potential Returns” below for further discussion. The Saint June, L.P. is governed by a limited partnership agreement between Stratus and the equity investor, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner has the authority to manage the day-to-day operations of the partnership, subject to approval rights of the limited partners for specified matters. The general partner will manage The Saint June, L.P. in exchange for an asset management fee of $210 thousand per year beginning two years after construction of The Saint June, which began in July 2021, and will earn a development management fee of 4 percent of certain construction costs for The Saint June. The limited partnership agreement contains a buy-sell option pursuant to which at any time either party will have the right to initiate a buy-sell of the other party’s interests. Transfers of interests in the partnership are subject to substantial restrictions. Stratus Kingwood Place, L.P. In August 2018, Stratus Kingwood Place, L.P., a Texas limited partnership and a subsidiary of Stratus (the Kingwood, L.P.), completed a $10.7 million private placement, approximately $7 million of which, combined with a $6.8 million loan from Comerica Bank, was used to purchase a 54-acre tract of land located in Kingwood, Texas for $13.5 million, for the development of Kingwood Place, an H-E-B-anchored mixed-use development project (Kingwood Place). Two of the participants in the Kingwood Offering, LCHM and JBM Trust, each purchased Kingwood Class B limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. Kingwood, L.P. is governed by a limited partnership agreement between Stratus and the equity investors, and a wholly owned subsidiary of Stratus serves as the general partner. The general partner has the authority to manage the day-to-day operations of the partnership, subject to approval rights of the limited partners for specified matters. The general partner manages the Kingwood, L.P., in exchange for an asset management fee of $283 thousand per year and earns a development management fee of 4 percent of certain construction costs for Kingwood Place. Transfers of interests in the partnership are subject to substantial restrictions. In December 2018, the Kingwood, L.P., entered into a construction loan agreement with Comerica Bank, which superseded and replaced the land acquisition loan agreement discussed above and provided for a loan totaling $32.9 million to finance a portion of the costs associated with construction of Kingwood Place, which was subsequently modified and increased to $35.4 million in January 2020 (refer to Note 6 for further discussion). Borrowings on the Kingwood Place construction loan are secured by the Kingwood Place project, and are guaranteed by Stratus until certain conditions are met. Approximately $15 million was funded by borrower equity, contributed by Stratus and private equity investors. In October 2019, Stratus acquired an unrelated equity investor’s 33.33 percent interest in Kingwood, L.P. for $5.8 million. Following the acquisition, Stratus has a 60.0 percent interest in the Kingwood, L.P. Stratus’ potential returns may increase above its relative equity interest if negotiated return hurdles are achieved. Refer to “Potential Returns” below for further discussion. 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 and February 2024, Stratus made additional operating loans of $800 thousand and $2.4 million, respectively, to Stratus Block 150, L.P. The loans bear interest at one-month Bloomberg Short-Term Bank Yield Index (BSBY) Rate plus 5.00 percent, are subordinate to The Annie B land loan and must be repaid before distributions may be made to the partners. In February 2024, the interest rate on the operating loans were changed to one-month Term Secured Overnight Financing Rate (SOFR) plus 5.00 percent. 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 and January 2024, Stratus made additional operating loans of $250 thousand and $339 thousand, respectively, to The Saint June, L.P., and the Class B Limited Partner made operating loans of $250 thousand and $339 thousand, respectively, to The Saint June, L.P. The loans bear interest at one-month Term SOFR plus 5.00 percent, are 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 VIEs and that Stratus is the primary beneficiary of each VIE. Accordingly, the partnerships’ financial statements 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 (in thousands). All intercompany balances are eliminated. December 31, 2023 a 2022 Assets: b Cash and cash equivalents $ 5,531 $ 7,744 Restricted cash 193 — Real estate under development 140,347 107,968 Land available for development 1,911 3,927 Real estate held for investment, net c 87,005 31,415 Lease right-of-use assets 420 106 Other assets 3,122 4,397 Total assets 238,529 155,557 Liabilities: d Accounts payable 12,751 10,473 Accrued liabilities, including taxes 1,793 1,296 Debt 100,205 55,305 Lease liabilities 421 107 Other liabilities 391 371 Total liabilities 115,561 67,552 Net assets $ 122,968 $ 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.

Real Estate, net

Real Estate, net	12 Months Ended
	Dec. 31, 2023
Real Estate, net [Abstract]
Real Estate Disclosure [Text Block]	REAL ESTATE, NET Stratus’ consolidated balance sheets include the following net real estate assets (in thousands): December 31, 2023 2022 Real estate held for sale: Developed lots and completed homes $ 7,382 $ 1,773 Real estate under development: Acreage, multi-family units, commercial square footage and homes 260,642 239,278 Land available for development: Undeveloped acreage and vacant office building for future renovation 47,451 39,855 Real estate held for investment: The Saint June 50,827 — Kingwood Place 37,166 34,239 Lantana Place 31,001 30,284 Jones Crossing 25,008 25,032 West Killeen Market 10,063 10,192 Magnolia Place 6,740 5,761 Furniture, fixtures and equipment 727 491 Total 161,532 105,999 Accumulated depreciation (17,420) (13,622) Total real estate held for investment, net 144,112 92,377 Total real estate, net $ 459,587 $ 373,283 Real estate held for sale. Real estate held for sale includes developed lots and completed homes. Developed lots include individual tracts of land that have been developed and permitted for residential use. As of December 31, 2023, Stratus owned two developed lots and two completed Amarra Villas homes. Real estate under development. Acreage under development includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. Real estate under development also includes commercial and residential properties under construction. Stratus’ real estate under development as of December 31, 2023 increased from December 31, 2022, primarily as a result of the development costs for The Saint George and Barton Creek properties, particularly Holden Hills and 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. In November 2017, the city of Magnolia and the state of Texas approved the creation of a municipal utility district (MUD) which provides an opportunity for Stratus to recoup certain road and utility infrastructure costs incurred in connection with the development of Magnolia Place. Real estate held for investment as of December 31, 2023, includes approximately $12 million of costs eligible for reimbursement by the Magnolia MUD. Land available for development. Undeveloped acreage includes real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property). Stratus’ undeveloped acreage as of December 31, 2023 included land permitted for residential and commercial development and vacant pad sites at Jones Crossing, Kingwood Place and Magnolia Place. In February 2024, Stratus sold the remaining pad sites at Magnolia Place. Refer to Note 6 for further discussion. In September 2021, Stratus entered into a contract to sell the multi-family tract of land at Kingwood Place, which was planned for approximately 275 multi-family units, for $5.5 million. The sale closed in October 2022. Upon entering into the contract, Stratus recorded a $625 thousand impairment charge in third-quarter 2021 to reduce the carrying value of the land to its fair value based on the contractual sale price less estimated selling costs. In third-quarter 2022, Stratus recorded a $70 thousand impairment charge due to selling costs in excess of the previous estimate. Real estate held for investment. The Saint June is a luxury garden-style multi-family project consisting of 182 units. The Kingwood Place project includes 151,877 square-feet of retail space anchored by an H-E-B grocery store and leased pad sites. The Lantana Place project includes 99,377 square feet for the retail phase of a mixed-use project. The Jones Crossing project includes 154,092 square-feet for the first phase of the retail component of an H-E-B-anchored, mixed-use development. The West Killeen Market project includes 44,493 square-feet of retail space adjacent to a 90,000 square-foot H-E-B grocery store. The Magnolia Place project includes 18,582 square feet in the retail component of an H-E-B-shadow anchored, mixed-used development. Capitalized interest. Stratus recorded capitalized interest of $12.5 million in 2023 and $6.6 million in 2022.

Asset Sales

Asset Sales	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Asset Sales	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 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): Five Months Ended May 31, 2022 Revenues: a Hotel $ 12,653 Entertainment 10,004 Leasing operations and other 932 Total revenue 23,589 Cost of sales: Hotel 8,869 Entertainment 7,472 Leasing operations and other 710 Depreciation b — Total cost of sales 17,051 General and administrative expenses 337 Gain on sale of assets (119,695) Operating income 125,896 Interest expense, net (3,236) Provision for income taxes (25,840) Net income from discontinued operations $ 96,820 a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $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 $0.2 million in 2022. Kingwood Place Land Sale. In September 2021, Stratus entered into a contract to sell the multi-family tract of land at Kingwood Place, which was planned for approximately 275 multi-family units, for $5.5 million. The sale closed in October 2022. Upon entering into the contract, Stratus recorded a $625 thousand impairment charge in third-quarter 2021 to reduce the carrying value of the land to its fair value based on the contractual sale price less estimated selling costs. In third-quarter 2022, Stratus recorded a $70 thousand impairment charge due to selling costs in excess of the previous estimate. Amarra Villas. In February 2021, Stratus entered into a contract to sell one of the Amarra Villas homes. The sale closed in March 2023 for $2.5 million. Stratus recorded a $650 thousand impairment charge in third-quarter 2022 because the estimated total project costs and costs of sale for the home under construction exceeded its contractual sale price. In fourth-quarter 2022, we sold another Amarra Villas home for $3.6 million. In first-quarter 2024, we sold another Amarra Villas home for $4.0 million. Magnolia Place.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt Disclosure	DEBT Stratus’ debt follows (in thousands): December 31, 2023 2022 a Comerica Bank revolving credit facility, b average interest rate of 4.97% in 2022 $ — $ — Jones Crossing loan, average interest rate of 7.27% in 2023 and 3.85% in 2022 22,340 24,143 The Annie B land loan, average interest rate of 7.96% in 2023 and 4.67% in 2022 13,983 13,969 New Caney land loan, c average interest rate of 4.06% in 2022 — 4,047 Construction loans: Kingwood Place construction loan, average interest rate of 7.74% in 2023 and 4.06% in 2022 28,160 27,507 The Saint June construction loan, d average interest rate of 7.87% in 2023 and 5.89% in 2022 27,668 13,829 The Saint George construction loan, e average interest rate of 7.68% in 2023 24,657 — Lantana Place construction loan, average interest rate of 7.47% in 2023 and 4.18% in 2022 22,961 21,782 Amarra Villas revolving credit facility, average interest rate of 8.11% in 2023 and 5.10% in 2022 15,682 5,366 Magnolia Place construction loan, f average interest rate of 8.38% in 2023 and 5.12% in 2022 8,731 6,816 Holden Hills construction loan, g average interest rate of 8.38% in 2023 5,736 — West Killeen Market construction loan, average interest rate of 7.75% in 2023 and 4.45% in 2022 5,250 5,306 Total debt h $ 175,168 $ 122,765 a. At March 31, 2022, Stratus had an outstanding balance of $38 thousand for the loan under the Paycheck Protection Program (PPP loan). The PPP loan bore interest at 1.00 percent. The PPP loan matured and the remaining balance was repaid on April 15, 2022. b. Stratus did not have an outstanding balance during 2023 or at December 31, 2022. At December 31, 2023, the interest rate for the revolving credit facility was 9.42 percent. c. In March 2023, Stratus repaid this loan. d. There was no outstanding balance during first-quarter 2022. e. There was no outstanding balance during 2022 or during first-quarter 2023. f. In February 2024, Stratus repaid this loan. g. There was no outstanding balance during 2022 or during first-quarter and second-quarter 2023. h. Includes net reductions for unamortized debt issuance costs of $2.2 million at December 31, 2023, and $1.1 million at December 31, 2022. Comerica Bank revolving credit facility. As of December 31, 2023, Stratus had $40.5 million available under the Comerica Bank revolving credit facility. Letters of credit, totaling $13.3 million were committed under the facility as of December 31, 2023, $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 February 2023, the Holden Hills property was removed from the borrowing base for the revolving credit facility, and the maximum amount that could be borrowed was reduced. In first-quarter 2024, based on updated property appraisals received, the maximum amount that could be borrowed under the revolving credit facility was reduced to $52.9 million, resulting in availability of $39.6 million, net of letters of credit committed under the facility as of March 25, 2024. The loan is secured by substantially all assets that do not serve as security for project loans. In March 2023, Stratus entered into a modification of the revolving credit facility, which extended the maturity date to March 27, 2025, and increased the floor of one-month BSBY Rate. As amended, advances under the revolving credit facility bear interest at 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. The loan agreement requires Stratus to maintain a net asset value, as defined in the loan agreement, of $125 million and an aggregate debt-to-gross asset value of not more than 50.0 percent. Comerica Bank’s prior written consent is required for any common stock repurchases in excess of $1.0 million and any dividend payments. Jones Crossing loan. In June 2021, a Stratus wholly-owned subsidiary entered into a $24.5 million loan with Regions Bank (the Jones Crossing loan) to refinance the construction loan. The Jones Crossing loan has a maturity date of June 17, 2026, and bears interest at one-month Term SOFR plus 2.25 percent, provided one-month Term SOFR shall not be less than 0.15 percent. Payments of interest only on the Jones Crossing loan are due monthly through the term of the loan with the outstanding principal due at maturity. 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. In fourth-quarter 2023, the DSCR was slightly below the threshold, and a $13 thousand principal payment was made in first-quarter 2024 to bring the DSCR back above the threshold. The Jones Crossing loan is secured by the Jones Crossing project, and Stratus has provided a guaranty limited to non-recourse carve-out obligations and environmental indemnification. In addition, any default under the ground leases, which grant Stratus the right to occupy the Jones Crossing property, would trigger the carve-out guaranty. The Jones Crossing loan contains certain financial covenants, including a requirement that Stratus maintain liquid assets of at least $2.0 million The Annie B land loan. In September 2021, Stratus Block 150, L.P. entered into an 18-month, $14.0 million land loan with Comerica Bank to acquire the land for The Annie B project (The Annie B land loan). In February 2023, Stratus Block 150, L.P. entered into a modification agreement that extended the maturity date of the loan to March 1, 2024, and changed the interest rate to 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. The Annie B land loan is guaranteed by Stratus and secured by The Annie B project. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and an aggregate debt-to-gross asset value of not more than 50.0 percent and places certain restrictions on distributions from the partnership to its partners, including Stratus. The Annie B land loan requires Comerica Banks’ prior written consent for any Stratus common stock repurchases in excess of $1.0 million or any dividend payments. In February 2024, The Annie B land loan was modified to extend the maturity to September 1, 2025, and change the interest rate to Term SOFR Rate plus 3.00 percent. Under the Annie B land loan, Term SOFR Rate is defined as one-month Term SOFR plus 0.10 percent and is subject to a floor of 0.50 percent. In connection with the modification, Stratus made a $1.4 million principal payment on the loan and is required to make another principal payment of $630 thousand in February 2025. New Caney land loan. In March 2019, a Stratus wholly-owned subsidiary entered into a $5.0 million land loan with Texas Capital Bank, which was scheduled to mature in March 2023 after Stratus exercised its options to extend the loan for two 12-month periods. This loan was repaid at its maturity in March 2023. Kingwood Place construction loan. In 2018, the Kingwood, L.P. entered into a construction loan agreement with Comerica Bank (the Kingwood Place construction loan), which provides financing for a portion of the costs associated with construction of Kingwood Place. Project costs totaling approximately $15.0 million were funded by borrower equity, contributed by Stratus and private equity investors. In January 2020, the Kingwood Place construction loan was modified to increase the loan amount by $2.5 million to a total of $35.4 million. The increase was used to fund the construction of a retail building on an existing Kingwood Place retail pad. In December 2022, the loan was amended to extend the maturity date to December 6, 2023. The amendment also converted the benchmark rate from the London Interbank Offered Rate to one-month BSBY Rate (with a floor of 0.50 percent) plus 2.75 percent. In December 2023, the loan was amended to extend the maturity date to December 6, 2024 and change the interest rate to Term SOFR Rate plus 2.75 percent. Under the Kingwood Place construction loan, Term SOFR Rate is defined as one-month Term SOFR plus 0.11 percent and is subject to a floor of 0.50 percent. Principal payments of $20,133 plus accrued interest are due monthly with the remaining balance due at maturity. Borrowings on the Kingwood Place construction loan are secured by the Kingwood Place project, and are guaranteed by Stratus until certain conditions are met. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and an aggregate debt-to-gross asset value of not more than 50.0 percent. In addition, Kingwood Place must meet a DSCR ratio of 1.10 to 1.00 measured as of June 30, 2024. If the DSCR is less than 1.10 to 1.00, it is not an event of default unless the partnership does not make a principal payment on the loan to meet the DSCR threshold. The loan agreement places certain restrictions on distributions from the partnership to its partners, including Stratus. The Kingwood Place construction loan requires Comerica Banks’ prior written consent for any common stock repurchases in excess of $1.0 million and any dividend payments. Lantana Place construction loan. In 2017, a Stratus wholly-owned subsidiary entered into a $26.3 million construction loan with Southside Bank (the Lantana Place construction loan) to finance the initial phase of Lantana Place. Borrowings on the Lantana Place construction loan are secured by the Lantana Place project, except for The Saint Julia. In January 2021, Stratus entered into amendments to the Lantana Place construction loan in which Stratus’ Lantana Place subsidiary was granted a waiver of the debt service coverage ratio covenant until September 30, 2021, at which point the ratio was measured by reference to the three-month period then ended, and subsequently increased each quarter until measured by reference to the 12-month period ended June 30, 2022, and then on a trailing 12-month period for each quarter thereafter. As part of the January 2021 amendment, Stratus repaid $2.0 million in principal on the Lantana Place construction loan. In August 2022, Stratus and Southside Bank amended the Lantana Place construction loan. Pursuant to the agreement, the date through which Stratus can request advances under the loan was extended through December 31, 2023, the interest rate for the loan was changed to one-month Term SOFR plus 2.40 percent, subject to a 3.00 percent floor, and the maturity date of the loan was extended to July 1, 2027. In addition, the land planned for The Saint Julia, a proposed multi-family project at Lantana Place, was released from the collateral for the loan. The debt service coverage ratio was also changed to 1.25 to 1.00, and Stratus was released as guarantor under the related guaranty. In December 2023, Stratus and Southside Bank amended the Lantana Place construction loan to extend the date through which Stratus can request advances under the loan to December 31, 2024. Payments of interest only on the construction loan were due monthly through July 1, 2023. Beginning August 1, 2023, monthly payments of principal and interest based on a 30-year amortization were due, with the outstanding principal due at maturity. The Saint June construction loan. In June 2021, The Saint June, L.P. entered into a construction loan with Texas Capital Bank to finance a portion of the cost of the development and construction of The Saint June. Available borrowings under the loan total the least of (i) $30.3 million, (ii) 60.0 percent of the total construction costs, or (iii) 55.0 percent of the as-stabilized appraised value of the property. The loan matures on October 2, 2024, with two options to extend the maturity for an additional 12 months, subject to satisfying specified conditions and the payment of an extension fee for each extension. In January 2023, Stratus and Texas Capital Bank amended The Saint June construction loan. Pursuant to the agreement, the interest rate for the loan was changed to one-month Term SOFR plus 2.85 percent, subject to a 3.50 percent floor. Payments of interest only on the loan are due monthly through October 2, 2024, with the outstanding principal due at maturity. The loan is secured by The Saint June project and was fully guaranteed by Stratus. However, the guaranty converted to a 50.0 percent repayment guaranty upon completion of construction of The Saint June. Further, once The Saint June, L.P. is able to maintain a debt service coverage ratio of 1.25 to 1.00, the repayment guaranty will be eliminated. Notwithstanding the foregoing, Stratus will remain liable for customary carve-out obligations and environmental indemnity. Stratus is also required to maintain a net asset value, as defined by the guaranty, of $125.0 million and liquid assets of at least $10.0 million. The Saint June, L.P. is not permitted to make distributions to its partners, including Stratus, until completion of The Saint June project, payment of construction costs and the project continues to satisfy an assumed debt service coverage ratio of not less than 1.00 to 1.00 for three consecutive months. The project must comply with a specified loan-to-value ratio covenant. Magnolia Place construction loan. In August 2021, a Stratus wholly-owned subsidiary entered into a $14.8 million construction loan with Veritex Community Bank secured by the Magnolia Place project and scheduled to mature on August 12, 2024, with two options to extend the maturity for an additional 12 months, subject to conditions. In February 2024, this loan was repaid in full in connection with the sale of approximately 47 acres of undeveloped land. West Killeen Market construction loan. In 2016, a Stratus wholly-owned subsidiary entered into a $9.9 million construction loan agreement with Southside Bank (the West Killeen Market loan) to finance a portion of the construction of the West Killeen Market project. The loan is secured by the West Killeen Market project and is guaranteed by Stratus until Stratus’ West Killeen Market subsidiary is able to maintain a debt service ratio of 1.50 to 1.00 as of the end of each fiscal quarter after completion of construction on the project, measured by reference to the trailing six-month period ending on the last day of such quarter. In June 2022, Stratus and Southside Bank amended the West Killeen Market construction loan. Pursuant to the agreement, the principal amount of the loan is fully advanced and funded at an amount of $6.0 million, the interest rate for the loan was changed to one-month Term SOFR plus 2.75 percent, subject to a 3.00 percent floor, and the maturity date of the loan was extended three years to July 31, 2025. Principal and interest payments based on a 30-year amortization are due monthly and the remaining balance is payable at maturity. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and a requirement that Stratus’ West Killeen Market maintains a debt service coverage ratio of at least 1.35 to 1.00 measured by reference to a trailing 12-month period for each quarter. Amarra Villas credit facility. In March 2019, two Stratus wholly-owned subsidiaries entered into an amended and restated loan agreement with Comerica Bank relating to the construction of the Amarra Villas project. The amended and restated loan agreement provided for an increase in the revolving credit facility commitment to $15.0 million and an extension of the maturity date to March 19, 2022. In March 2022, the Stratus subsidiaries and Comerica Bank agreed to an extension of the maturity date to June 19, 2022, while they negotiated a modification of this facility. In June 2022, Stratus subsidiaries and Comerica Bank entered into a modification agreement pursuant to which the commitment amount of the Amarra Villas credit facility was increased to $18.0 million, the interest rate was changed to one-month BSBY Rate (with a floor of 0.00 percent) plus 3.00 percent, and the maturity date was extended to June 19, 2024. The Amarra Villas credit facility contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and an aggregate debt-to-gross asset value of not more than 50.0 percent. At December 31, 2023, Stratus had $2.3 million available under its $18.0 million Amarra Villas credit facility. Principal paydowns occur as homes are sold, and additional amounts are borrowed as additional homes are constructed. The loan is secured by the Amarra Villas project and guaranteed by Stratus. The Amarra Villas credit facility requires Comerica Banks’ prior written consent for any common stock repurchases in excess of $1.0 million and any dividend payments. In March 2023, Stratus made a $2.2 million principal payment on the credit facility upon the closing of a sale of one of the Amarra Villas homes. In February 2024, Stratus made a $3.8 million principal payment on the credit facility upon the closing of a sale of another one of the Amarra Villas homes. The Saint George construction loan. In July 2022, The Saint George Apartments, L.P. entered into a $56.8 million loan with Comerica Bank to provide financing for the construction of The Saint George multi-family project. The construction loan has a maturity date of July 19, 2026, with two options to extend the maturity for an additional 12 months, subject to satisfying specified conditions, including the applicable debt service coverage ratios, and the payment of an extension fee for each extension. Advances under the construction loan bear interest at one-month BSBY Rate (with a floor of 0.00 percent) plus 2.35 percent. Payments of interest only on the construction loan are due monthly through July 19, 2026, with the outstanding principal due at maturity. During any extension periods, the principal balance of the construction loan will be payable in monthly installments of principal and interest based on a 30-year amortization calculated at 6.50 percent with the outstanding principal due at maturity. Borrowings on the construction loan are secured by The Saint George project and are guaranteed by Stratus. Stratus provided a full completion guaranty and 25.0 percent repayment guaranty, which will be eliminated once the project meets specified conditions including a debt service coverage ratio of at least 1.20 to 1.00 and confirmation that the loan-to-value ratio does not exceed 65.0 percent. Notwithstanding the foregoing, Stratus remains liable for customary carve-out obligations and environmental indemnity. The loan agreement contains financial covenants, including a requirement that Stratus maintain a net asset value, as defined in the agreement, of $125.0 million and an aggregate debt-to-gross asset value of not more than 50.0 percent. The Saint George Apartments, L.P. is not permitted to make distributions to its partners, including Stratus, while the loan remains outstanding. 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) 23.0 percent of the total development costs for Phase I or (iii) the amount that would result in a maximum loan-to-value ratio of 28.0 percent. The loan has a maturity date of February 8, 2026. Advances under the loan bear interest at 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 a net asset value, as defined in the agreement, of not less than $125.0 million, and a debt-to-gross-asset value of not more than 50.0 percent. Financial Covenants and Compliance. Stratus’ and its subsidiaries’ debt arrangements, including Stratus’ guaranty agreements, contain significant limitations that may restrict Stratus’ and its subsidiaries’ ability to, among other things: borrow additional money or issue guarantees; pay dividends, repurchase equity or make other distributions to equityholders; make loans, advances or other investments; create liens on assets; sell assets; enter into sale-leaseback transactions; enter into transactions with affiliates; permit a change of control or change of management; sell all or substantially all of its assets; and engage in mergers, consolidations or other business combinations. As of December 31, 2023, Stratus and its subsidiaries were in compliance with the financial covenants contained in the financing agreements discussed above. Interest Payments. Interest paid on debt totaled $11.4 million in 2023 and $4.9 million in 2022. Maturities. Maturities of debt based on the principal amounts and terms outstanding at December 31, 2023 total $95.0 million in 2024, $5.5 million in 2025, $54.9 million in 2026, $22.0 million in 2027, and none thereafter.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ provision for income taxes consists of the following (in thousands): Years Ended December 31, 2023 2022 Current $ 1,659 $ (981) Deferred (135) 1,370 Provision for income taxes $ 1,524 $ 389 The components of deferred income taxes follow (in thousands): December 31, 2023 2022 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 8,548 $ 4,707 Employee benefit accruals 923 1,005 Other assets 4,012 3,745 Net operating loss credit carryforwards 2 3 Other liabilities (3,553) (3,237) Valuation allowance (9,759) (6,185) Deferred tax assets, net $ 173 $ 38 Stratus continues to maintain a valuation allowance on substantially all of its remaining net deferred tax assets. In evaluating the recoverability of the remaining deferred tax assets, management considered available positive and negative evidence, giving greater weight to the uncertainty regarding projected future financial results. Upon a change in facts and circumstances, management may conclude that sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance in the future, which would favorably impact Stratus’ results of operations. Stratus’ future results of operations may be negatively impacted by an inability to realize a tax benefit for future tax losses or for items that will generate additional deferred tax assets that are not more likely than not to be realized. Stratus’ future results of operations may be favorably impacted by reversals of valuation allowances if Stratus is able to demonstrate sufficient positive evidence that its deferred tax assets will be realized. Reconciliations of the U.S. federal statutory tax rate to Stratus’ effective income tax rate follow (dollars in thousands): Years Ended December 31, 2023 2022 Amount Percent Amount Percent Income tax benefit computed at the federal statutory income tax rate $ (3,144) 21 % $ (1,405) 21 % Adjustments attributable to: Increase (decrease) in valuation allowance 3,574 (24) (255) 4 Noncontrolling interests 355 (2) 141 (2) Executive compensation limitation 197 (1) 664 (10) State taxes (45) — 177 (3) Net, other 587 (4) 1,067 (16) Provision for income taxes $ 1,524 (10) % $ 389 (6) % Stratus paid federal income taxes and state margin taxes totaling $1.5 million in 2023 and $37.7 million in 2022. Stratus received a $40 thousand state margin tax refund in 2023. In connection with the CARES Act and the ability to carry back net operating losses, Stratus received a $5.1 million U.S. federal income tax refund in 2022. During 2023, Stratus incurred current state income taxes in addition to U.S. federal current income taxes primarily due to taxable income generated from cash received in the Holden Hills transaction discussed in Note 2. Uncertain Tax Positions. Stratus has recorded unrecognized tax benefits related to federal examinations. A summary of the changes in unrecognized tax benefits follows (in thousands): Year Ended December 31, 2022 Balance at January 1 $ 221 (Reductions) additions for tax positions related to prior years (221) Balance at December 31 $ — As of December 31, 2023, Stratus had no unrecognized tax benefits. During 2022, approximately $0.2 million of unrecognized tax benefits were recognized as a result of the completion of federal examinations. Stratus records liabilities offsetting the tax provision benefits of uncertain tax positions to the extent it estimates that a tax position is more likely than not to not be sustained upon examination by the taxing authorities. Stratus has elected to classify any interest and penalties related to income taxes within income tax expense in its consolidated statements of comprehensive income (loss). As of December 31, 2023, no such interest costs have been accrued. Stratus files both U.S. federal income tax and state margin tax returns. With limited exceptions, Stratus is no longer subject to U.S. federal income tax examinations by tax authorities for the years prior to 2020 and state margin tax examinations for the years prior to 2019.

Equity Transactions, Stock-Base

Equity Transactions, Stock-Based Compensation and Employee Benefits	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Equity Transactions, Stock-Based Compensation and Employee Benefits	EQUITY TRANSACTIONS, STOCK-BASED COMPENSATION, EMPLOYEE BENEFITS AND DEVELOPMENT INCENTIVE PLANS 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 r equire Comerica Bank’s prior written consent for any common stock repurchases in excess of $1.0 million or any dividend payments, which was obtained in 2022 in connection with the special cash dividend and completed $10.0 million share repurchase program, and in November 2023 in connection with the new $5.0 million share repurchase program. Dividends. On September 1, 2022, after receiving written consent from Comerica Bank, Stratus’ Board declared a special cash dividend of $4.67 per share (totaling $40.0 million) on Stratus’ common stock, which was paid on September 29, 2022 to stockholders of record as of September 19, 2022. Accrued liabilities as of December 31, 2023, included $0.6 million representing dividends accrued for unvested RSUs in accordance with the terms of the awards. The accrued dividends will be paid to the holders of the RSUs, if and when they vest. Share Repurchase Programs. On September 1, 2022, after receiving written consent from Comerica Bank, Stratus’ Board approved a share repurchase program, which authorized repurchases of up to $10.0 million of Stratus’ common stock. The repurchase program authorized Stratus, in management’s discretion, to repurchase shares from time to time, subject to market conditions and other factors. In October 2023, Stratus completed the share repurchase program. In total, Stratus acquired 389,378 shares of its common stock under the share repurchase program 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. As of December 31, 2023, Stratus had not purchased any shares under the new program. Stock-based Compensation Stock Award Plans. On May 12, 2022, the stockholders of Stratus approved the 2022 Stock Incentive Plan (the Plan). The Plan authorizes the issuance of up to 500,000 shares of common stock. Awards for no more than 250,000 shares may be granted to a participant in a single year, however, an annual limit of $300,000 applies to the sum of all cash, equity-based awards and other compensation granted to a non-employee director for services as a member of the board, and a maximum grant date value of equity-based awards granted during a single year may not exceed $200,000 of such annual limit. Upon approval of the Plan by stockholders, Stratus ceased making new awards under any prior plans. The Plan had 291,177 shares available for new grants as of December 31, 2023. Stock-Based Compensation Costs. Compensation costs charged against earnings for RSUs, the only stock-based awards granted over the last several years, totaled $1.9 million for 2023 and $1.7 million for 2022. Stock-based compensation costs are capitalized when appropriate. Based on Stratus’ history, turnover among RSU recipients is rare. Therefore, Stratus does not currently apply a forfeiture rate when estimating stock-based compensation costs for RSUs. RSUs. RSUs granted under the plans provide for the issuance of common stock to non-employee directors and employees and consultants at no cost to the recipients. The RSUs are converted into shares of Stratus common stock ratably and generally vest in increments over a one Among the RSUs granted during 2022 and 2023, in May 2022, in accordance with the terms of the PPIP, Stratus granted 173,726 stock-settled RSUs with an aggregate grant-date fair value of $7.4 million, based on Stratus’ stock price on the date of issuance, in connection with Lantana Place, which reached a valuation event under the PPIP in September 2021, and the sale of The Santal in December 2021 (see further discussion of the PPIP under “Development Incentive Plans” below). A summary of outstanding unvested RSUs as of December 31, 2023, and activity during the year ended December 31, 2023, follow (dollars in thousands): Number of Aggregate Balance at January 1 282,269 Granted 24,816 Vested (145,248) Balance at December 31 161,837 $ 4,671 The total fair value of RSUs granted was $0.6 million for 2023 and $8.3 million for 2022. The total intrinsic value of RSUs vested was $3.0 million during 2023 and $2.0 million during 2022. As of December 31, 2023, Stratus had $1.6 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over a weighted-average period of 1.1 years. The following table includes amounts related to vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2023 2022 Stratus shares tendered to pay the minimum required taxes a 39,424 11,277 Amounts Stratus paid for employee taxes $ 789 $ 452 a. Under terms of the related plans and agreements, upon vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the minimum required taxes. Employee Benefits Stratus maintains a 401(k) defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The 401(k) plan provides for an employer matching contribution equal to 100 percent of the participant’s contribution, subject to a limit of 5 percent of the participant’s annual salary. Stratus’ policy is to make an additional safe harbor contribution equal to 3 percent of each participant’s total compensation. The 401(k) plan also provides for discretionary contributions. Stratus’ contributions to the 401(k) plan totaled $0.7 million in 2023 and $0.6 million in 2022. Development Incentive Plans Profit Participation Incentive Plan and Long-Term Incentive Plan. In 2018, the Stratus Compensation Committee of the Board (the Committee) unanimously adopted the PPIP, which provides participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the PPIP. In February 2023, the Committee approved the LTIP, which amends and restates the PPIP, and is effective for participation interests awarded under development projects on or after its effective date. Outstanding participation interests granted under the PPIP will continue to be governed by the terms of the prior PPIP. The PPIP and LTIP provide participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the PPIP and LTIP. Under the PPIP and LTIP, 25 percent of the profit (as described below) for each approved project following a capital transaction (each as defined in the PPIP and LTIP) will be set aside in a pool. The Committee will allocate participation interests in each pool to certain officers, employees and consultants determined to be instrumental in the success of the project. The profit is equal to the net proceeds to Stratus from a capital transaction after Stratus has received a return of its costs and expenses, any capital contributions and a preferred return of 10 percent per year on the approved project. Provided the applicable service conditions are met, each participant is eligible to earn a bonus equal to his or her allocated participation interest in the applicable profit pool. Bonus payments to executive officers under the LTIP are subject to reduction or elimination if required NAV-based results established by the Committee have not be achieved, if average payouts under the annual incentive plan over a prescribed time-period are below target, or if payouts under the annual incentive plan for the same calendar year are greater. Bonuses under the PPIP and LTIP are payable in cash prior to March 15 of the year following the capital transaction, unless the participant is an executive officer, in which case annual cash payouts under the PPIP and LTIP are limited to no more than four times the executive officer’s base salary, and any amounts due under the PPIP and LTIP in excess of that amount will be converted to an equivalent number of stock-settled RSUs based on the 12-month trailing average price of Stratus common stock during the year of the capital transaction, with a one-year vesting period. If a capital transaction has not occurred prior to the third anniversary of the date an approved project is substantially complete (a valuation event), the Committee will obtain a third-party appraisal of the approved project as of the valuation event. Based on the appraised value, the Committee will determine if any profit would have been generated after applying the hurdles and reductions, if applicable, described above, and if so, the amount of any bonus that would have been attributable to each participant. Any such amount will convert into an equivalent number of stock-settled RSUs based on the 12-month average trailing price of Stratus common stock during the year of the valuation event. The RSUs will be granted in the year following the valuation event and will vest in annual installments over a three-year period, provided that the participant satisfies the applicable service conditions. The fair value of the RSUs will be determined based on the price of Stratus’ common stock on the date of grant. If the grant date fair value exceeds the calculated bonus amount, the incremental portion will be amortized ratably over the three-year vesting period. If a participant leaves Stratus and forfeits their RSUs, Stratus will reverse the expense associated with that award. In 2018, the Committee designated seven development projects as approved projects under the PPIP, and granted awards of participation interests in the profit pools of each approved project to participants. During 2019, the Committee designated Magnolia Place as an approved project under the PPIP and granted awards of participation interests to participants. During first-quarter 2022, the Committee designated The Saint June as an approved project under the PPIP, and the awards of participation interests were granted to participants in August 2022. 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. As required for liability-based awards under Accounting Standards Codification 718, Stock-Based Compensation , at the date of grant, Stratus estimates the fair value of each award and adjusts the fair value in each subsequent reporting period. Estimates related to the awards may change over time due to differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Stratus estimated the profit pool of each approved project by projecting the cash flow from operations, the net sales price, the timing of a capital transaction or valuation event and Stratus’ equity and preferred return including costs to complete for projects under development. The primary fair value assumptions used at December 31, 2023, were projected cash flows, estimated capitalization rates ranging from 4.25 percent to 6.50 percent, projected remaining service periods for each project ranging from 1.4 years to 2.8 years, and estimated transaction costs of approximately 1.25 percent to 7.83 percent. The sale of The Saint Mary in January 2021 was a capital transaction under the PPIP. During February 2022, $2.1 million was paid in cash to eligible participants. In September 2021, Lantana Place reached a valuation event under the PPIP. The profit pool was $3.9 million, of which $0.2 million was paid in cash during February 2022 and the remaining accrued liability of $3.7 million was settled in RSUs with a three-year vesting period awarded to eligible participants during second-quarter 2022 following stockholder approval of Stratus’ new stock incentive plan. The sale of The Santal in December 2021 was a capital transaction under the PPIP. The profit pool was $6.7 million, of which $5.0 million was paid in cash to eligible participants during February 2022. During second-quarter 2022, following stockholder approval of Stratus’ new stock incentive plan, the remaining accrued liability related to The Santal of $1.6 million was settled in RSUs with a one-year vesting period awarded to one participant for whom the cash compensation limitation was reached. For the RSUs awarded in connection with Lantana Place and The Santal, the aggregate grant date value was $2.1 million greater than the accrued liability for the two projects as a result of the different valuation methodology described above. During second-quarter 2022, Stratus transferred the $5.3 million accrued liability balance under the PPIP for Lantana Place and The Santal that was settled in RSUs to capital in excess of par value and is amortizing the $2.1 million balance of the grant-date value with a charge to general and administrative expenses and a credit to capital in excess of par value over the three-year or one-year vesting periods of the related RSUs. 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 $1.6 million at December 31, 2023, and was settled in RSUs with a three-year vesting period awarded to eligible participants in the first quarter of 2024. A summary of PPIP and LTIP costs follows (in thousands): Years Ended December 31, 2023 2022 (Credited) charged to general and administrative expense $ (41) $ 524 Capitalized to project development costs 201 2 Total PPIP and LTIP costs $ 160 $ 526 The accrued liability for the PPIP and the LTIP totaled $3.1 million at December 31, 2023, and the accrued liability for the PPIP totaled $3.0 million at December 31, 2022 (included in other liabilities).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Construction Contracts. Stratus had firm commitments totaling approximately $41 million at December 31, 2023 primarily related to construction of The Saint George, Holden Hills and Amarra Villas. We have construction loans, as well as remaining equity capital contributed to the Holden Hills partnership, to fund these projected cash outlays for the projects over the next 12 months except for anticipated operating loans to The Saint George Apartments, L.P., Stratus Block 150, L.P. and The Saint June, L.P. described below and 60 percent of the costs of the Tecoma Improvements for which we have agreed to reimburse the Holden Hills partnership. As of December 31, 2023, the Holden Hills partnership had $8.0 million remaining to complete the Tecoma Improvements. Also, we anticipate making future operating loans to The Saint George Apartments, L.P., Stratus Block 150, L.P. and The Saint June, L.P. totaling up to $3.8 million over the next 12 months to enable the partnerships to pay debt service and project costs. The estimates of future operating loans are based on estimates of future costs of the partnerships and anticipated future operating loans from the Class B limited partners of approximately $2.5 million. The operating loans would bear interest at one-month Term SOFR plus 5.00 percent and would be repaid before distributions may be made to the partners. Letters of Credit. As of December 31, 2023, Stratus had letters of credit totaling $13.3 million issued under the revolving credit facility, $11.0 million of which secure our obligation to build certain roads and utilities facilities benefiting Holden Hills and Section N (refer to Note 6 for further discussion). Rental Income. As of December 31, 2023, Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases of developed retail space and ground leases, totaled $10.7 million in 2024, $10.8 million in 2025, $10.9 million in 2026, $10.7 million in 2027, $10.2 million in 2028 and $84.5 million thereafter, with the longest lease extending through 2039. H-E-B Profit Participation. H-E-B has profit participation rights in the Jones Crossing, Kingwood Place, and Lakeway projects. H-E-B is entitled to 10 percent of any cash flow from operations or profit from the sale of these properties after Stratus receives a return of its equity plus a preferred return of 10 percent. Stratus may enter into similar profit participation agreements for future projects. Leases. Stratus’ most significant lease is a 99-year ground lease for approximately 72 acres of land in College Station, Texas on which it is developing the Jones Crossing project. Stratus also leases various types of assets, including office space, vehicles and office equipment under non-cancelable leases. Stratus entered into one lease during fourth-quarter 2022 that is classified as a finance lease, and the other leases are classified as operating leases. As of December 31, 2023, the remaining term of the finance lease is approximately four years with a weighted-average discount rate of 6.4 percent used to determine the lease liability. Supplemental balance sheet information related to leases is as follows (in thousands): December 31, Classification on the Consolidated Balance Sheet 2023 2022 Assets Operating right-of-use assets Lease right-of-use assets $ 11,174 $ 10,631 Finance right-of-use assets Other assets 62 79 Liabilities Operating lease liability Lease liabilities $ 15,866 $ 14,848 Finance lease liability Other liabilities 65 80 Operating lease costs were $2.1 million in 2023 and $1.5 million in 2022. Stratus paid $1.6 million during 2023 and $757 thousand in 2022 for operating lease liabilities recorded in the consolidated balance sheet (included in operating cash flows in the consolidated statements of cash flows). As of December 31, 2023 and 2022, the weighted-average discount rate used to determine the lease liabilities was 6.2 percent and 6.0 percent, respectively. As of December 31, 2023, the weighted-average remaining lease term was approximately 84 years (90 years as of December 31, 2022). The future minimum payments for operating leases recorded on the consolidated balance sheet at December 31, 2023 follow (in thousands): Years ending December 31, 2024 $ 1,406 2025 1,374 2026 689 2027 706 2028 744 Thereafter 107,105 Total payments 112,024 Present value adjustment (96,158) Present value of net minimum lease payments $ 15,866 Circle C Settlement. In 2002, the city of Austin granted final approval of a development agreement (the Circle C settlement) and permanent zoning for Stratus’ real estate located within the Circle C community in southwest Austin. The Circle C settlement firmly established all essential municipal development regulations applicable to Stratus’ Circle C properties until 2032. The city of Austin also provided Stratus $15.0 million of development fee credits, which are in the form of credit bank capacity, in connection with its future development of its Circle C and other Austin-area properties for waivers of fees and reimbursement for certain infrastructure costs. In addition, Stratus can elect to sell up to $1.5 million of the incentives per year to other developers for their use in paying City fees related to their projects as long as the projects are within the desired development zone, as defined within the Circle C settlement. To the extent Stratus sells the incentives to other developers, Stratus recognizes the income from the sale when title is transferred and compensation is received. As of December 31, 2023, Stratus had permanently used $12.4 million of its City-based development fee credits, including cumulative amounts sold to third parties totaling $5.1 million. Fee credits used for the development of Stratus’ properties effectively reduce the basis of the related properties and Stratus defers recognition of any gain associated with the use of the fees until the affected properties are sold. Stratus also had $0.9 million in credit bank capacity in use as temporary fiscal deposits as of December 31, 2023. Available credit bank capacity was $1.8 million at December 31, 2023. Deferred Gain on Sale of The Oaks at Lakeway. In 2017, Stratus sold The Oaks at Lakeway to FHF I Oaks at Lakeway, LLC for $114.0 million in cash. The Oaks at Lakeway is an H-E-B anchored retail project located in Lakeway, Texas. The parties entered into three master lease agreements at closing: (1) one covering unleased in-line retail space, with a five-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 ten-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 gain during 2022. A contract liability of $2.7 million is presented as a deferred gain in the consolidated balance sheets at December 31, 2023, compared with $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. Environmental Regulations. Stratus has made, and will continue to make, expenditures for protection of the environment. Increasing emphasis on environmental matters can be expected to result in additional costs, which could be charged against Stratus’ operations in future periods. Present and future environmental laws and regulations applicable to Stratus’ operations may require substantial capital expenditures that could adversely affect the development of its real estate interests or may affect its operations in other ways that cannot be accurately predicted at this time. Litigation. Stratus may from time to time be involved in various legal proceedings of a character normally incident to the ordinary course of its business. Stratus believes that potential liability from any of these pending or threatened proceedings will not have a material adverse effect on Stratus’ financial condition or results of operations.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 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, was sold in May 2022 and 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, all of which were sold in February 2024 except for approximately 11 acres planned for future multi-family use), 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, Kingwood Place, the retail portions of Lantana Place and Magnolia Place, the completed retail portion of Jones Crossing 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): Year Ended December 31, 2023 2022 Real Estate Operations: Developed property sales $ 2,493 $ 5,982 Undeveloped property sales — 18,620 Commissions and other 58 142 2,551 24,744 Leasing Operations: Rental revenue 14,719 12,754 14,719 12,754 Total revenues from contracts with customers $ 17,270 $ 37,498 Financial Information by Business Segment. Summarized financial information by segment for the year ended December 31, 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 $ 14,719 $ — $ 17,270 Cost of sales, excluding depreciation and amortization (9,615) (5,177) — (14,792) Depreciation and amortization (154) (4,132) 29 (4,257) General and administrative expenses — — (15,167) (15,167) Operating (loss) income $ (7,218) $ 5,410 $ (15,138) $ (16,946) Capital expenditures and purchases and development of real estate properties $ 44,451 $ 45,962 $ — $ 90,413 Total assets at December 31, 2023 c 324,659 162,322 30,785 517,766 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 $29.9 million. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets. Summarized financial information by segment for the year ended December 31, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 24,744 $ 12,754 $ — $ 37,498 Intersegment 6 — (6) — Cost of sales, excluding depreciation (23,766) (4,439) 5 (28,200) Depreciation and amortization (100) (3,506) 20 (3,586) General and administrative expenses — — (17,567) (17,567) Impairment of real estate c (720) — — (720) Gain on sales of assets d — 4,812 — 4,812 Operating income (loss) $ 164 $ 9,621 $ (17,548) $ (7,763) Capital expenditures and purchases and development of real estate properties $ 24,454 $ 54,600 $ 213 $ 79,267 Total assets at December 31, 2022 e 288,270 109,964 46,906 445,140 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes $650 thousand for one of the Amarra Villas homes that was sold for $2.5 million in March 2023 and $70 thousand for the multi-family tract of land at Kingwood Place sold for $5.5 million in October 2022. d. Represents a pre-tax gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that we entered into in connection with the sale of The Oaks at Lakeway in 2017. Refer to Note 9. e. Corporate, eliminations and other includes $43.4 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after December 31, 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.

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Business and Principles of Consolidation	Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the entitlement, development, management, leasing and sale of multi-family and single-family residential and commercial real estate properties in the Austin, Texas area and other select markets in Texas. The real estate and leasing operations of Stratus are conducted primarily through its subsidiaries. Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is determined to be the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Refer to Note 4 for a discussion of Stratus' discontinued operations.
Concentration of Risk	Concentration of Risks. Stratus conducts its operations in the Austin, Texas area and other select markets in Texas. Consequently, any significant economic downturn in the Texas market, and the Austin market specifically, could potentially have an adverse effect on Stratus’ business, results of operations and financial condition. Stratus has taken steps to obtain Federal Deposit Insurance Corporation (FDIC) protection for much of its cash deposits; however it typically has some cash balances on deposit with banks in excess of FDIC-insured limits. Any loss of uninsured deposits could have an adverse effect on Stratus’ future financial condition, liquidity and operations. To help address this risk, as of December 31, 2023, $23.2 million was invested in an FDIC insured cash sweep platform.
Use of Estimates	Use of Estimates. The preparation of Stratus’ financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include the estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments; profit recognition related to the sales of real estate; deferred income taxes and related valuation allowances; income taxes; allocation of certain indirect costs; profit pools under the Profit Participation Incentive Plan (PPIP) and the Long-Term Incentive Plan (LTIP); and asset lives for depreciation. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and cash equivalents. All highly liquid investments with a maturity of three months or less when purchased are considered cash equivalents. Restricted cash. Stratus’ restricted cash of $1.0 million is comprised of bank deposits.
Real Estate	Real Estate. Real estate held for investment is stated at cost, less accumulated depreciation. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for use or sale. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs including property taxes are capitalized for properties currently under development. Stratus capitalizes improvements that increase the value of properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from properties held for investment. Impairment tests for properties held for investment and properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the operation of the property and its eventual disposition. If projected undiscounted cash flow is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists.
Depreciation	Depreciation. Real estate held for investment is depreciated on a straight-line basis over the properties’ estimated lives of 30 to 40 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms.
Accrued Property Taxes	Accrued Property Taxes.
Revenue Recognition	Revenue Recognition. Revenue or gains on sales of real estate are recognized when control of the asset has been transferred to the buyer if collection of substantially all of the consideration to which Stratus will be entitled is probable and Stratus has satisfied all other performance obligations under the contract. Consideration is allocated among multiple performance obligations or distinct nonfinancial assets to be transferred to the buyer based on relative fair value. Consideration is reasonably determined and deemed likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay.
Cost of Sales	Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold, properties held for sale, and land available for development, such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2023 2022 Project expenses and allocation of overhead costs (see below) $ 6,718 $ 6,611 Leasing operations 5,177 4,439 Depreciation and amortization 4,257 3,586 Cost of developed property sales 2,159 5,601 Cost of undeveloped property sales — 11,524 Other, net 738 25 Total cost of sales $ 19,049 $ 31,786
Allocation of Overhead Costs	Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. costs of construction and development activities are capitalized to real estate under development, and costs of project management, sales and marketing activities are charged to expense as cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as rent, office supplies, insurance, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer.
Advertising Costs	Advertising Costs. Advertising costs are charged to expense as incurred and are included as a component of cost of sales. Advertising costs totaled $0.2 million in 2023 and $0.5 million in 2022.
Income Taxes	Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income or loss in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. Refer to Note 7 for further discussion.
Earnings Per Share	Earnings Per Share. Stratus’ basic net (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: Years Ended December 31, 2023 2022 Net loss from continuing operations $ (16,493) $ (7,077) Net income from discontinued operations — 96,820 Net (loss) income $ (16,493) $ 89,743 Net loss attributable to noncontrolling interests 1,686 683 Net (loss) income attributable to common stockholders $ (14,807) $ 90,426 Weighted-average shares of common stock outstanding, basic and diluted a 7,996 8,228 Net (loss) income per share attributable to common stockholders, basic and diluted: Continuing operations $ (1.85) $ (0.78) Discontinued operations — 11.77 Net (loss) income per share attributable to common stockholders, basic and diluted $ (1.85) $ 10.99 a.
Stock-based Compensation	Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of RSUs is based on Stratus’ stock price on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. Based on Stratus’ history, turnover among RSU recipents is rare. Therefore, Stratus does not currently apply a forfeiture rate when estimating stock-based compensation costs for RSUs. The awards are amortized on a straight-line basis over the estimated service period. Stratus may grant RSUs that settle in cash or stock to employees and nonemployees under the PPIP and LTIP. The value of these awards in excess of the liability amount, if any, as of the date of the capital transaction or valuation event is amortized on a straight-line basis over the estimated service period. Refer to Note 8 for further discussion.
Related Party Transactions	Related Party Transactions. Refer to Notes 2 and 4 for discussion of LCHM Holdings, LLC (LCHM), its manager, and JBM Trust, which are related parties as a result of LCHM’s representation on Stratus’ Board of Directors (the Board). LCHM and JBM Trust have invested in certain of Stratus’ limited partnerships. Through the first quarter of 2022, Stratus had an arrangement with Whitefish Partners, LLC (Whitefish Partners), formerly known as Austin Retail Partners, LLC, for services provided by a consultant of Whitefish Partners who is
New Accounting Standards	Recently Issued Accounting Standards. In August 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU), No. 2023-05, “Business Combinations – Joint Venture Formations.” This ASU addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The pronouncement requires a joint venture to initially measure contributions at fair value upon formation, which is more relevant than the carrying amounts of the contributed net assets and would reduce equity method basis differences. The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Stratus does not expect the pronouncement to have a material effect on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting – Improvements to Reportable Segments Disclosures”, which enhances disclosures of significant segment expenses regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods and permits more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for fiscal years beginning after December 15, 2023 and early adoption of the amendment is permitted. Stratus expects adoption of the pronouncement will lead to additional segment disclosure in its consolidated financial statements for 2024. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures”. This ASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on an annual basis. The ASU also requires disclosure of information on amount of income taxes paid disaggregated by federal, state and foreign taxes. This ASU is effective for annual periods beginning after December 15, 2024. Stratus does not expect the pronouncement to have a material effect on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Cost of Sales	A summary of Stratus’ cost of sales follows (in thousands): Years Ended December 31, 2023 2022 Project expenses and allocation of overhead costs (see below) $ 6,718 $ 6,611 Leasing operations 5,177 4,439 Depreciation and amortization 4,257 3,586 Cost of developed property sales 2,159 5,601 Cost of undeveloped property sales — 11,524 Other, net 738 25 Total cost of sales $ 19,049 $ 31,786
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: Years Ended December 31, 2023 2022 Net loss from continuing operations $ (16,493) $ (7,077) Net income from discontinued operations — 96,820 Net (loss) income $ (16,493) $ 89,743 Net loss attributable to noncontrolling interests 1,686 683 Net (loss) income attributable to common stockholders $ (14,807) $ 90,426 Weighted-average shares of common stock outstanding, basic and diluted a 7,996 8,228 Net (loss) income per share attributable to common stockholders, basic and diluted: Continuing operations $ (1.85) $ (0.78) Discontinued operations — 11.77 Net (loss) income per share attributable to common stockholders, basic and diluted $ (1.85) $ 10.99 a.

Limited Partnerships (Tables)

Limited Partnerships (Tables)	12 Months Ended
	Dec. 31, 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 (in thousands). All intercompany balances are eliminated. December 31, 2023 a 2022 Assets: b Cash and cash equivalents $ 5,531 $ 7,744 Restricted cash 193 — Real estate under development 140,347 107,968 Land available for development 1,911 3,927 Real estate held for investment, net c 87,005 31,415 Lease right-of-use assets 420 106 Other assets 3,122 4,397 Total assets 238,529 155,557 Liabilities: d Accounts payable 12,751 10,473 Accrued liabilities, including taxes 1,793 1,296 Debt 100,205 55,305 Lease liabilities 421 107 Other liabilities 391 371 Total liabilities 115,561 67,552 Net assets $ 122,968 $ 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.

Real Estate, net (Tables)

Real Estate, net (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate, net [Abstract]
Schedule of Real Estate Properties [Table Text Block]	Stratus’ consolidated balance sheets include the following net real estate assets (in thousands): December 31, 2023 2022 Real estate held for sale: Developed lots and completed homes $ 7,382 $ 1,773 Real estate under development: Acreage, multi-family units, commercial square footage and homes 260,642 239,278 Land available for development: Undeveloped acreage and vacant office building for future renovation 47,451 39,855 Real estate held for investment: The Saint June 50,827 — Kingwood Place 37,166 34,239 Lantana Place 31,001 30,284 Jones Crossing 25,008 25,032 West Killeen Market 10,063 10,192 Magnolia Place 6,740 5,761 Furniture, fixtures and equipment 727 491 Total 161,532 105,999 Accumulated depreciation (17,420) (13,622) Total real estate held for investment, net 144,112 92,377 Total real estate, net $ 459,587 $ 373,283

Asset Sales (Tables)

Asset Sales (Tables)	12 Months Ended
	Dec. 31, 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): Five Months Ended May 31, 2022 Revenues: a Hotel $ 12,653 Entertainment 10,004 Leasing operations and other 932 Total revenue 23,589 Cost of sales: Hotel 8,869 Entertainment 7,472 Leasing operations and other 710 Depreciation b — Total cost of sales 17,051 General and administrative expenses 337 Gain on sale of assets (119,695) Operating income 125,896 Interest expense, net (3,236) Provision for income taxes (25,840) Net income from discontinued operations $ 96,820 a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $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 (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Stratus’ debt follows (in thousands): December 31, 2023 2022 a Comerica Bank revolving credit facility, b average interest rate of 4.97% in 2022 $ — $ — Jones Crossing loan, average interest rate of 7.27% in 2023 and 3.85% in 2022 22,340 24,143 The Annie B land loan, average interest rate of 7.96% in 2023 and 4.67% in 2022 13,983 13,969 New Caney land loan, c average interest rate of 4.06% in 2022 — 4,047 Construction loans: Kingwood Place construction loan, average interest rate of 7.74% in 2023 and 4.06% in 2022 28,160 27,507 The Saint June construction loan, d average interest rate of 7.87% in 2023 and 5.89% in 2022 27,668 13,829 The Saint George construction loan, e average interest rate of 7.68% in 2023 24,657 — Lantana Place construction loan, average interest rate of 7.47% in 2023 and 4.18% in 2022 22,961 21,782 Amarra Villas revolving credit facility, average interest rate of 8.11% in 2023 and 5.10% in 2022 15,682 5,366 Magnolia Place construction loan, f average interest rate of 8.38% in 2023 and 5.12% in 2022 8,731 6,816 Holden Hills construction loan, g average interest rate of 8.38% in 2023 5,736 — West Killeen Market construction loan, average interest rate of 7.75% in 2023 and 4.45% in 2022 5,250 5,306 Total debt h $ 175,168 $ 122,765 a. At March 31, 2022, Stratus had an outstanding balance of $38 thousand for the loan under the Paycheck Protection Program (PPP loan). The PPP loan bore interest at 1.00 percent. The PPP loan matured and the remaining balance was repaid on April 15, 2022. b. Stratus did not have an outstanding balance during 2023 or at December 31, 2022. At December 31, 2023, the interest rate for the revolving credit facility was 9.42 percent. c. In March 2023, Stratus repaid this loan. d. There was no outstanding balance during first-quarter 2022. e. There was no outstanding balance during 2022 or during first-quarter 2023. f. In February 2024, Stratus repaid this loan. g. There was no outstanding balance during 2022 or during first-quarter and second-quarter 2023. h. Includes net reductions for unamortized debt issuance costs of $2.2 million at December 31, 2023, and $1.1 million at December 31, 2022.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of benefit from (provision for) income taxes	Stratus’ provision for income taxes consists of the following (in thousands): Years Ended December 31, 2023 2022 Current $ 1,659 $ (981) Deferred (135) 1,370 Provision for income taxes $ 1,524 $ 389
Schedule of components of deferred income taxes	The components of deferred income taxes follow (in thousands): December 31, 2023 2022 Deferred tax assets and liabilities: Real estate, commercial leasing assets and facilities $ 8,548 $ 4,707 Employee benefit accruals 923 1,005 Other assets 4,012 3,745 Net operating loss credit carryforwards 2 3 Other liabilities (3,553) (3,237) Valuation allowance (9,759) (6,185) Deferred tax assets, net $ 173 $ 38
Schedule of reconciliation of U.S. federal statutory tax rate	Reconciliations of the U.S. federal statutory tax rate to Stratus’ effective income tax rate follow (dollars in thousands): Years Ended December 31, 2023 2022 Amount Percent Amount Percent Income tax benefit computed at the federal statutory income tax rate $ (3,144) 21 % $ (1,405) 21 % Adjustments attributable to: Increase (decrease) in valuation allowance 3,574 (24) (255) 4 Noncontrolling interests 355 (2) 141 (2) Executive compensation limitation 197 (1) 664 (10) State taxes (45) — 177 (3) Net, other 587 (4) 1,067 (16) Provision for income taxes $ 1,524 (10) % $ 389 (6) %
Summary of changes in unrecognized tax benefits	A summary of the changes in unrecognized tax benefits follows (in thousands): Year Ended December 31, 2022 Balance at January 1 $ 221 (Reductions) additions for tax positions related to prior years (221) Balance at December 31 $ —

Equity Transactions, Stock-Ba_2

Equity Transactions, Stock-Based Compensation and Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Summary of outstanding unvested RSUs	A summary of outstanding unvested RSUs as of December 31, 2023, and activity during the year ended December 31, 2023, follow (dollars in thousands): Number of Aggregate Balance at January 1 282,269 Granted 24,816 Vested (145,248) Balance at December 31 161,837 $ 4,671
Schedule of vesting of RSUs and exercises of stock options	The following table includes amounts related to vesting of RSUs (in thousands, except shares of Stratus common stock tendered): Years Ended December 31, 2023 2022 Stratus shares tendered to pay the minimum required taxes a 39,424 11,277 Amounts Stratus paid for employee taxes $ 789 $ 452 a. Under terms of the related plans and agreements, upon vesting of RSUs, employees may tender shares of Stratus common stock to Stratus to pay the minimum required taxes.
Share-based Payment Arrangement, Cost by Plan	A summary of PPIP and LTIP costs follows (in thousands): Years Ended December 31, 2023 2022 (Credited) charged to general and administrative expense $ (41) $ 524 Capitalized to project development costs 201 2 Total PPIP and LTIP costs $ 160 $ 526

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Supplemental balance sheet information related to leases	Supplemental balance sheet information related to leases is as follows (in thousands): December 31, Classification on the Consolidated Balance Sheet 2023 2022 Assets Operating right-of-use assets Lease right-of-use assets $ 11,174 $ 10,631 Finance right-of-use assets Other assets 62 79 Liabilities Operating lease liability Lease liabilities $ 15,866 $ 14,848 Finance lease liability Other liabilities 65 80
Lessee, Operating Lease, Liability, Maturity	The future minimum payments for operating leases recorded on the consolidated balance sheet at December 31, 2023 follow (in thousands): Years ending December 31, 2024 $ 1,406 2025 1,374 2026 689 2027 706 2028 744 Thereafter 107,105 Total payments 112,024 Present value adjustment (96,158) Present value of net minimum lease payments $ 15,866

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	Stratus’ revenues from contracts with customers follow (in thousands): Year Ended December 31, 2023 2022 Real Estate Operations: Developed property sales $ 2,493 $ 5,982 Undeveloped property sales — 18,620 Commissions and other 58 142 2,551 24,744 Leasing Operations: Rental revenue 14,719 12,754 14,719 12,754 Total revenues from contracts with customers $ 17,270 $ 37,498
Schedule of financial information by business segment	Financial Information by Business Segment. Summarized financial information by segment for the year ended December 31, 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 $ 14,719 $ — $ 17,270 Cost of sales, excluding depreciation and amortization (9,615) (5,177) — (14,792) Depreciation and amortization (154) (4,132) 29 (4,257) General and administrative expenses — — (15,167) (15,167) Operating (loss) income $ (7,218) $ 5,410 $ (15,138) $ (16,946) Capital expenditures and purchases and development of real estate properties $ 44,451 $ 45,962 $ — $ 90,413 Total assets at December 31, 2023 c 324,659 162,322 30,785 517,766 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 $29.9 million. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets. Summarized financial information by segment for the year ended December 31, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands): Real Estate Operations a Leasing Operations Corporate, Eliminations and Other b Total Revenues: Unaffiliated customers $ 24,744 $ 12,754 $ — $ 37,498 Intersegment 6 — (6) — Cost of sales, excluding depreciation (23,766) (4,439) 5 (28,200) Depreciation and amortization (100) (3,506) 20 (3,586) General and administrative expenses — — (17,567) (17,567) Impairment of real estate c (720) — — (720) Gain on sales of assets d — 4,812 — 4,812 Operating income (loss) $ 164 $ 9,621 $ (17,548) $ (7,763) Capital expenditures and purchases and development of real estate properties $ 24,454 $ 54,600 $ 213 $ 79,267 Total assets at December 31, 2022 e 288,270 109,964 46,906 445,140 a. Includes sales commissions and other revenues together with related expenses. b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c. Includes $650 thousand for one of the Amarra Villas homes that was sold for $2.5 million in March 2023 and $70 thousand for the multi-family tract of land at Kingwood Place sold for $5.5 million in October 2022. d. Represents a pre-tax gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that we entered into in connection with the sale of The Oaks at Lakeway in 2017. Refer to Note 9. e. Corporate, eliminations and other includes $43.4 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.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Cost of Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Significant Accounting Policies [Line Items]
Project expenses and allocation of overhead costs (see below)	$ 6,718	$ 6,611
Depreciation and amortization	4,257	3,586
Cost of developed property sales	2,159	5,601
Cost of undeveloped property sales	0	11,524
Other, net	738	25
Total cost of sales	19,049	31,786
Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Leasing operations	$ 5,177	$ 4,439

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Significant Accounting Policies [Line Items]
Net (loss) income from continuing operations	$ (16,493)	$ (7,077)
Net income from discontinued operations	0	96,820
Net (loss) income	(16,493)	89,743
Net Income (Loss) Attributable to Noncontrolling Interest	1,686	683
Net Income (Loss) Available to Common Stockholders, Basic	$ (14,807)	$ 90,426
Weighted-average shares of common stock outstanding, Basic	7,996	8,228
Continuing operations, basic (in dollars per basic share)	$ (1.85)	$ (0.78)
Discontinued operations, basic (in dollars per basic share)	0	11.77
Earnings per share (in dollars per basic share)	$ (1.85)	$ 10.99
Restricted Stock Units (RSUs) [Member]
Schedule of Significant Accounting Policies [Line Items]
Potential anti-dilutive securities	217	295

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Schedule of Significant Accounting Policies [Line Items]
Cash, FDIC Insured Amount				$ 23,200
Restricted cash				1,035	$ 8,043
Accrued Property Taxes				4,200	3,800
Advertising Expense				200	500
Immediate family member [Member]
Schedule of Significant Accounting Policies [Line Items]
Selling, General and Administrative Expense	$ 100			$ 120
Immediate family member [Member] | Subsequent Event
Schedule of Significant Accounting Policies [Line Items]
Selling, General and Administrative Expense		$ 124
Immediate family member [Member] | Annual Incentive Award
Schedule of Significant Accounting Policies [Line Items]
Selling, General and Administrative Expense			$ 22
Immediate family member [Member] | Annual Incentive Award | Subsequent Event
Schedule of Significant Accounting Policies [Line Items]
Selling, General and Administrative Expense		$ 22
Whitefish Partners, LLC | Immediate family member [Member]
Schedule of Significant Accounting Policies [Line Items]
Selling, General and Administrative Expense					190
Whitefish Partners, LLC | Immediate family member [Member] | Annual Incentive Award
Schedule of Significant Accounting Policies [Line Items]
Selling, General and Administrative Expense					20
Whitefish Partners, LLC | Immediate family member [Member] | Deferred Profit Sharing [Member]
Schedule of Significant Accounting Policies [Line Items]
Selling, General and Administrative Expense					$ 135
Minimum [Member] | Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation				30 years
Minimum [Member] | Furniture, fixtures and equipment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation				3 years
Maximum [Member] | Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation				40 years
Maximum [Member] | Furniture, fixtures and equipment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation				15 years

Limited Partnerships (Schedule

Limited Partnerships (Schedule of Potential Return) (Details)	Dec. 31, 2023
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%
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. | 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. | 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. | 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. | 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. | 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. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	24%

Limited Partnerships (Schedul_2

Limited Partnerships (Schedule of Assets and Liabilities of the VIE Partnerships) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 31,397	$ 37,666
Restricted cash	1,035	8,043
Real estate under development	260,642	239,278
Land available for development	47,451	39,855
Real estate held for investment, net	144,112	92,377
Lease right-of-use assets	11,174	10,631
Other assets	14,400	15,479
Total assets	517,766	445,140
Accounts payable	15,629	15,244
Debt	175,168	122,765
Lease liabilities	15,866	14,848
Other liabilities	7,117	9,642
Total liabilities	223,161	173,067
Saint George partnership, Stratus Kingwood, L.P., The Saint June L.P, Stratus Block 150, L.P, and Holden Hills L.P.
Related Party Transaction [Line Items]
Cash and cash equivalents	5,531
Restricted cash	193
Real estate under development	140,347
Land available for development	1,911
Real estate held for investment, net	87,005
Lease right-of-use assets	420
Other assets	3,122
Total assets	238,529
Accounts payable	12,751
Accrued liabilities, including taxes	1,793
Debt	100,205
Lease liabilities	421
Other liabilities	391
Total liabilities	115,561
Saint George partnership, Stratus Kingwood, L.P., The Saint June L.P, and Stratus Block 150, L.P
Related Party Transaction [Line Items]
Cash and cash equivalents		7,744
Restricted cash		0
Real estate under development		107,968
Land available for development		3,927
Real estate held for investment, net		31,415
Lease right-of-use assets		106
Other assets		4,397
Total assets		155,557
Accounts payable		10,473
Accrued liabilities, including taxes		1,296
Debt		55,305
Lease liabilities		107
Other liabilities		371
Total liabilities		67,552
Net assets	$ 122,968	$ 88,005

Limited Partnerships - Holden H

Limited Partnerships - Holden Hills (Details) - Holden Hills - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 25, 2024	Dec. 31, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Initial Project and Closing Cost		$ 5,800
Property Management Fee, Percent Fee		4%
Management Fee Expense		$ 150
Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Proceeds from Partnership Contribution		70,000
Payments of Distributions to Affiliates		$ 30,000
Equity Method Investment, Ownership Percentage		50%
Municipal improvements		$ 14,700
Percentage of Costs Reimbursed		60%
Municipal improvements remaining		$ 8,000
Stratus Properties Inc | Maximum [Member] | Scenario, Forecast [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 10,000
Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Proceeds from Partnership Contribution		$ 40,000
Equity Method Investment, Ownership Percentage		50%
Unrelated Equity Investor | Maximum [Member] | Scenario, Forecast [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 10,000

Related Party Transactions Sain

Related Party Transactions Saint George (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2021 unit
Related Party Transaction [Line Items]
Payments for Capital Improvements			$ 45,962	$ 54,813
Unrelated Equity Investor | Saint George L.P.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		90%
Saint George L.P.
Related Party Transaction [Line Items]
Number of Lots/Units in Real Estate Property | unit					316
Proceeds from Partnership Contribution	$ 15,000
Management Fee Expense		$ 300
Management Fee Percent			4%
Proceeds from Contributions from Parent	1,700
Saint George L.P. | Stratus Properties Inc
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent	3,700
Saint George L.P. | Stratus Properties Inc | Cash and Cash Equivalents
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent	2,200
Saint George L.P. | Unrelated Equity Investor
Related Party Transaction [Line Items]
Proceeds from Partnership Contribution	$ 33,400
Saint George L.P. | Land Available for Development [Member]
Related Party Transaction [Line Items]
Payments for Capital Improvements		18,500
Saint George L.P. | Unrelated Equity Investor
Related Party Transaction [Line Items]
Proceeds from Partnership Contribution		$ 18,300
Saint George L.P. | Stratus Properties Inc
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		10%

Related Party Transactions Stra

Related Party Transactions Stratus Block 150 (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2023
Stratus Block 150, L.P. | JBM Trust
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.90%
Annie B | Comerica Bank
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 14,000
Annie B
Related Party Transaction [Line Items]
Proceeds from Contributions from Affiliates	$ 3,900
Management Fee Percent	4%
Annie B | Stratus Block 150, L.P. | Stratus Properties Inc
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	31%
Annie B | Stratus Block 150, L.P. | Class B Limited Partnership Interests
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 11,700
Stratus Block 150, L.P. | Stratus Properties Inc
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent		$ 1,400

Related Party Transactions The

Related Party Transactions The Saint June L.P. (Details) - Saint June, L.P. $ in Thousands		12 Months Ended
	Jul. 01, 2021 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2021	Jun. 30, 2021 unit
Related Party Transaction [Line Items]
Management Fee Expense		$ 210
Management Fee Percent		4%
Unrelated Equity Investor
Related Party Transaction [Line Items]
Proceeds from Partnership Contribution	$ 16,300
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			65.87%
Stratus Properties Inc
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			34.13%
Stratus Properties Inc | Cash and Cash Equivalents
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent	$ 1,100
Apartment Building [Member]
Related Party Transaction [Line Items]
Number of Lots/Units in Real Estate Property | unit				182

Related Party Transactions King

Related Party Transactions Kingwood Place, L.P. (Details) $ in Thousands				12 Months Ended
	Oct. 31, 2019 USD ($)	Dec. 06, 2018 USD ($)	Aug. 03, 2018 USD ($) a	Dec. 31, 2023 USD ($)	Jan. 31, 2020 USD ($)
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land			$ 13,500
Stratus Kingwood, L.P.
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	33.33%
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 5,800
Stratus Properties Inc | Kingwood Place [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners				60%
LCHM Holdings, L.L.C. [Member] | Stratus Kingwood, L.P.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			8.80%
Stratus Kingwood, L.P.
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement		$ 15,000	$ 10,700
Area of Land | a			54
Stratus Kingwood, L.P. | Land Available for Development [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land			$ 7,000
Stratus Kingwood, L.P. | Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount		$ 32,900	$ 6,800		$ 35,400
Stratus Kingwood, L.P. | Kingwood Place [Member] | Asset Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction				$ 283
Stratus Kingwood, L.P. | Kingwood Place [Member] | Development And Construction Management Fee [Member]
Related Party Transaction [Line Items]
Property Management Fee, Percent Fee				4%
JBM Trust | Stratus Kingwood, L.P.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			8.80%

Limited Partnerships - Operatin

Limited Partnerships - Operating Loans to Partnerships (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2024	Dec. 31, 2023	Jan. 01, 2024	Oct. 01, 2023	Aug. 31, 2023	Jun. 30, 2023	Apr. 30, 2023
Stratus Block 150, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Intercompany Loan, Amount					$ 800		$ 1,500
Stratus Block 150, L.P. | Stratus Properties Inc | Bloomberg short-term bank yield index
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Basis Spread on Variable Rate		5%
Stratus Block 150, L.P. | Stratus Properties Inc | Subsequent Event
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Intercompany Loan, Amount	$ 2,400
Stratus Block 150, L.P. | Stratus Properties Inc | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Basis Spread on Variable Rate	5%
Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Intercompany Loan, Amount				$ 250		$ 750
Saint June, L.P. | Stratus Properties Inc | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Basis Spread on Variable Rate		5%
Saint June, L.P. | Stratus Properties Inc | Subsequent Event
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Intercompany Loan, Amount			$ 339
Saint June, L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Intercompany Loan, Amount				$ 250
Saint June, L.P. | Unrelated Equity Investor | Subsequent Event
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Intercompany Loan, Amount			$ 339

Real Estate, net Summary of Rea

Real Estate, net Summary of Real Estate Holdings (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 20, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) ft² unit hotel_room	Dec. 31, 2022 USD ($) unit	Dec. 31, 2021 USD ($)	Jun. 30, 2021 unit
Real Estate Properties [Line Items]
Real estate held for sale			$ 7,382	$ 1,773
Real estate under development:			260,642	239,278
Land Available for Development			47,451	39,855
Real estate held for investment, gross			161,532	105,999
Accumulated depreciation			(17,420)	(13,622)
Total real estate held for invesment, net			144,112	92,377
Total real estate, net			459,587	373,283
Impairment of real estate			0	720
Interest Costs Capitalized			(12,500)	(6,600)
Saint June, L.P.
Real Estate Properties [Line Items]
Real estate held for investment, gross			50,827	0
Kingwood Place [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			37,166	34,239
Lantana Place [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			31,001	30,284
Jones Crossing [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			25,008	25,032
West Killeen Market [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			10,063	10,192
Magnolia Place
Real Estate Properties [Line Items]
Real estate held for investment, gross			$ 6,740	5,761
HEB Grocery Store
Real Estate Properties [Line Items]
Net Rentable Area | ft²			90,000
Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Property Held-for-sale				3,600
Amarra Drive Villas [Member] | Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Property Held-for-sale		$ 2,500
Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit			2
Real Estate Held for Sale [Member] | Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | hotel_room			2
Retail Site [Member] | Kingwood Place [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²			151,877
Retail Site [Member] | Jones Crossing [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²			154,092
Retail Site [Member] | West Killeen Market [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²			44,493
Retail Site [Member] | Magnolia Place
Real Estate Properties [Line Items]
Net Rentable Area | ft²			18,582
Retail Site [Member] | Lantana Place, First Phase [Member]
Real Estate Properties [Line Items]
Net Rentable Area | ft²			99,377
Furniture and Fixtures [Member]
Real Estate Properties [Line Items]
Real estate held for investment, gross			$ 727	491
Real estate under development | Magnolia Place | MUD bond [Member]
Real Estate Properties [Line Items]
Proceeds from MUD reimbursement			$ 12,000
Real estate under development | Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Impairment of real estate				$ 650
Land available for development | Kingwood Place [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit				275
Impairment of real estate				$ 70	$ 625
Land available for development | Kingwood Place [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 5,500
Apartment Building [Member] | Saint June, L.P.
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property | unit						182

Asset Sales - Income Statement

Asset Sales - Income Statement (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	May 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations		$ 0	$ 96,820
Block 21 [Member] | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Rental Income	$ 932
Revenue	23,589
Costs of sales	17,051
Depreciation	0
Disposal Group, Including Discontinued Operation, General and Administrative Expense	337
Disposal Group, Including Discontinued Operation, Other Income	(119,695)
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	125,896
Disposal Group, Including Discontinued Operation, Interest Expense	(3,236)
Discontinued Operation, Tax Effect of Discontinued Operation	(25,840)
Net income from discontinued operations	96,820
Block 21 [Member] | Discontinued Operations, Disposed of by Sale | Hotel Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from contract with customer	12,653
Costs of sales	8,869
Block 21 [Member] | Discontinued Operations, Disposed of by Sale | Entertainment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from contract with customer	10,004
Costs of sales	7,472
Block 21 [Member] | Discontinued Operations, Disposed of by Sale | Leasing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs of sales	710
Block 21 [Member] | Discontinued Operations, Disposed of by Sale | Intersegment Eliminations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 510

Asset Sales - Narrative (Detail

Asset Sales - Narrative (Details)			1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 20, 2022 USD ($) hotel_room	May 31, 2022 USD ($)	Feb. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) unit	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital Expenditure, Discontinued Operations							$ 200,000
Impairment of real estate						$ 0	720,000
Debt						175,168,000	122,765,000
Magnolia Place Construction Loan | Construction Loan Payable [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt						$ 8,731,000	6,816,000
Subsequent Event | Magnolia Place Construction Loan | Construction Loan Payable [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt			$ 8,800,000
Amarra Drive Villas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale							$ 3,600,000
Multifamily [Member] | Kingwood Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | hotel_room	275
Land available for development | Kingwood Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Lots/Units in Real Estate Property | unit							275
Impairment of real estate							$ 70,000	$ 625,000
Real estate under development | Amarra Drive Villas [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate							$ 650,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Land available for development | Kingwood Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 5,500,000
Real Estate Held for Sale [Member] | Amarra Drive Villas [Member]
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
Real Estate Held for Sale [Member] | Amarra Drive Villas [Member] | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale					$ 4,000,000
Real Estate Held for Sale [Member] | Magnolia Place | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale			$ 14,500,000
Block 21 [Member] | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration		$ 260,000,000
Loans Assumed		136,200,000
Escrow Deposits Related to Property Sales		6,900,000
Gain (Loss) on Sale of Properties		$ 119,700,000
Number of Hotel Rooms		251
Number Of Theater Seats		2,750

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Debt	$ 175,168	$ 122,765
Unamortized Debt Issuance Expense	$ 2,200	$ 1,100
Comerica credit facility [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	9.42%	4.97%
Long-term Line of Credit	$ 0	$ 0
New Caney Land Loan [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage		4.06%
Debt	$ 0	$ 4,047
Kingwood Place Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	7.74%	4.06%
Debt	$ 28,160	$ 27,507
Lantana Place Construction Loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	7.47%	4.18%
Debt	$ 22,961	$ 21,782
West Killeen Market construction loan [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	7.75%	4.45%
Debt	$ 5,250	$ 5,306
Amarra Villas Credit Facility [Member] | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	8.11%	5.10%
Long-term Line of Credit	$ 15,682	$ 5,366
Annie B
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	7.96%	4.67%
Debt	$ 13,983	$ 13,969
Magnolia Place Construction Loan | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	8.38%	5.12%
Debt	$ 8,731	$ 6,816
Jones Crossing Loan
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	7.27%	3.85%
Debt	$ 22,340	$ 24,143
Saint June Construction Loan | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	7.87%	5.89%
Debt	$ 27,668	$ 13,829
Saint George Apartments Loan | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	7.68%
Debt	$ 24,657	0
Holden Hills Construction Loan | Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage	8.38%
Debt	$ 5,736	$ 0
PPP Loan
Debt Instrument [Line Items]
Debt			$ 38

Debt - Comerica (Details)

Debt - Comerica (Details) - USD ($)		1 Months Ended
	Mar. 27, 2023	Jul. 31, 2023	Mar. 25, 2024	Dec. 31, 2023	Jul. 01, 2023	May 01, 2023	Dec. 31, 2022
Letter of Credit [Member] | Comerica credit facility [Member] | Revolving Line of Credit Tranche [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 13,300,000	$ 11,500,000
Letter of Credit [Member] | Comerica credit facility [Member] | Revolving Line of Credit Tranche [Member] | Lakeway
Debt Instrument [Line Items]
New letter of credit					$ 2,300,000
Municipal improvements		$ 2,300,000
Letter of Credit [Member] | Comerica credit facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 13,300,000
Letter of Credit [Member] | Comerica Credit Facility, Holden Hills and Section N Obligation | Revolving Line of Credit Tranche [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount						$ 11,000,000
Revolving Line of Credit Tranche [Member] | Comerica credit facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity				40,500,000
Debt Instrument, Interest Rate Floor	0.50%
Basis Spread on Variable Rate	4%
Debt Instrument, Covenant, Net Asset Value				125,000,000
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount				$ 1,000,000
Revolving Line of Credit Tranche [Member] | Comerica credit facility [Member] | Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity			$ 39,600,000
Line of Credit Facility, Maximum Borrowing Capacity			$ 52,900,000

Debt - Jones Crossing (Details)

Debt - Jones Crossing (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	May 11, 2023	Feb. 28, 2023	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Debt					$ 175,168	$ 122,765
Jones Crossing Loan
Debt Instrument [Line Items]
Debt					$ 22,340	$ 24,143
Jones Crossing Loan | Minimum [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio			115%
Jones Crossing Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis Spread on Variable Rate					2.25%
Debt Instrument, Variable Rate, Floor					0.15%
Jones Crossing Loan | Regions Bank
Debt Instrument [Line Items]
Debt							$ 24,500
Jones Crossing Construction Loan
Debt Instrument [Line Items]
Repayments of Debt	$ 1,700	$ 231
Debt Instrument, Covenant, Liquid Asset Requirement					$ 2,000
Jones Crossing Construction Loan | Subsequent Event
Debt Instrument [Line Items]
Repayments of Debt				$ 13

Debt - The Annie B (Details)

Debt - The Annie B (Details) - Annie B - USD ($) $ in Thousands	1 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Sep. 30, 2021
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor		0.50%
Debt Instrument, Covenant, Net Asset Value			$ 125,000
Debt Covenant, Common Stock Repurchase Amount, Maximum			$ 1,000
Debt Instrument, Interest Reserve		$ 600
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Repayments of Debt	$ 630
Subsequent Event
Debt Instrument [Line Items]
Repayments of Debt	$ 1,400
Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio			50%
Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Basis Spread on Variable Rate		3%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent Event
Debt Instrument [Line Items]
Basis Spread on Variable Rate	3%
One-Month SOFR | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor	0.50%
Basis Spread on Variable Rate	0.10%
Comerica Bank
Debt Instrument [Line Items]
Debt Instrument, Term			18 months
Long-term Debt, Gross			$ 14,000

Debt - New Caney (Details)

Debt - New Caney (Details)	Mar. 08, 2019 USD ($)
New Caney Land Loan [Member] | Land Loan Payable [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 5,000,000

Debt - Kingwood (Details)

Debt - Kingwood (Details)			1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 06, 2018 USD ($)	Aug. 03, 2018 USD ($) a	Dec. 31, 2023 USD ($)	Jan. 31, 2020 USD ($)	Jun. 30, 2024	Dec. 31, 2023 USD ($)
Stratus Kingwood, L.P.
Debt Instrument [Line Items]
Area of Land | a		54
Proceeds from Issuance of Private Placement	$ 15,000,000	$ 10,700,000
Kingwood Place Construction Loan [Member] | Minimum [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio					110%
Kingwood Place Construction Loan [Member] | One-Month SOFR
Debt Instrument [Line Items]
Basis Spread on Variable Rate			0.11%
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member] | Stratus Kingwood, L.P.
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 32,900,000	$ 6,800,000		$ 35,400,000
Debt Instrument, Increase (Decrease), Net				$ 2,500,000
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount			$ 1,000,000			$ 1,000,000
Repayments of Debt			20,133
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member] | Stratus Kingwood, L.P. | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Net Asset Value			$ 125,000,000			$ 125,000,000
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member] | Stratus Kingwood, L.P. | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent			50%			50%
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member] | Stratus Kingwood, L.P. | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor			0.50%
Basis Spread on Variable Rate						2.75%
Kingwood Place Construction Loan [Member] | Notes Payable to Banks [Member] | Stratus Kingwood, L.P. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis Spread on Variable Rate			2.75%

Debt - Lantana Place (Details)

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

Debt - Saint June (Details)

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

Debt - Magnolia (Details)

Debt - Magnolia (Details) $ in Millions	Aug. 01, 2021 USD ($)
Magnolia Place Construction Loan | Veritex Community Bank
Debt Instrument [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount	$ 14.8

Debt - Killeen (Details)

Debt - Killeen (Details) - West Killeen Market construction loan [Member] - Construction Loan Payable [Member] - USD ($)			12 Months Ended
	Jun. 30, 2022	Mar. 31, 2020	Dec. 31, 2023	Aug. 05, 2016
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 9,900,000
Debt Instrument, Covenant, Debt Service Ratio			150%
Debt Instrument, Covenant, Net Asset Value			$ 125,000,000
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt Service Coverage Ratio		135%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis Spread on Variable Rate	2.75%
Debt Instrument, Interest Rate Floor	3%
Southside Bank
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 6,000,000

Debt - Amarra Villas (Details)

Debt - Amarra Villas (Details) - Amarra Villas Credit Facility [Member] - USD ($)	1 Months Ended
	Feb. 29, 2024	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2023	Mar. 31, 2019
Subsequent Event
Debt Instrument [Line Items]
Repayments of Debt	$ 3,800,000
Credit facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 18,000,000		$ 15,000,000
Line of Credit Facility, Remaining Borrowing Capacity				$ 2,300,000
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount			1,000,000
Repayments of Debt		$ 2,200,000
Credit facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Net Asset Value			$ 125,000,000
Credit facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Debt-To-Gross Asset Value, Percent			50%
Credit facility [Member] | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor			0%
Basis Spread on Variable Rate			3%

Debt - Saint George (Details)

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

Debt - Holden Hills (Details)

Debt - Holden Hills (Details) - Holden Hills Construction Loan $ in Thousands	1 Months Ended
	Feb. 28, 2023 USD ($)
Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 26,100
Construction Loan Payable [Member]
Debt Instrument [Line Items]
Construction Cost, Percent	23%
Debt Instrument, Covenant, Loan to Value Ratio	0.28
Debt Instrument, Covenant, Net Asset Value	$ 125,000
Construction Loan Payable [Member] | Bloomberg short-term bank yield index
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Floor	0.50%
Basis Spread on Variable Rate	3%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 11.4	$ 4.9

Debt - Maturities (Details)

Debt - Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 95,000
2025	5,500
2026	54,900
2027	22,000
2028	$ 0

Income Taxes - Provision for (b

Income Taxes - Provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current	$ 1,659	$ (981)
Deferred	(135)	1,370
Provision for income taxes	$ 1,524	$ 389

Income Taxes - Deferred income

Income Taxes - Deferred income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Components of Deferred Tax Assets and Liabilities [Abstract]
Real estate, commercial leasing assets and facilities	$ 8,548	$ 4,707
Employee benefit accruals	923	1,005
Other assets	4,012	3,745
Net operating loss credit carryforwards	2	3
Other liabilities	(3,553)	(3,237)
Valuation allowance	(9,759)	(6,185)
Deferred tax assets, net	$ 173	$ 38

Income Taxes - Income taxes (Re

Income Taxes - Income taxes (Reconciliation of U.S. federal statutory rate to effective tax rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax benefit computed at the federal statutory income tax rate	$ (3,144)	$ (1,405)
Increase (decrease) in valuation allowance	3,574	(255)
Noncontrolling interests	355	141
Executive compensation limitation	197	664
State taxes	(45)	177
Net, other	587	1,067
Provision for income taxes	$ 1,524	$ 389
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax benefit computed at the federal statutory income tax rate	21%	21%
Increase (decrease) in valuation allowance	(24.00%)	4%
Noncontrolling interests	(2.00%)	(2.00%)
Executive compensation limitation	(1.00%)	(10.00%)
State taxes	0%	(3.00%)
Net, other	(4.00%)	(16.00%)
Effective income tax rate reconciliation, percent	(10.00%)	(6.00%)
Income taxes paid	$ 1,500	$ 37,700

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax positions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 221
(Reductions) additions for tax positions related to prior years	(221)
Balance at December 31	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance	$ (9,759)	$ (6,185)
Coronavirus, Aid, Relief, And Economic Securities (CARES) Act, Tax Refund, Received	$ 40	$ 5,100

Equity Transactions, Stock-Ba_3

Equity Transactions, Stock-Based Compensation and Employee Benefits - Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended		14 Months Ended
	Sep. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2023	Nov. 30, 2023
Stock repurchase program, authorized	$ 10,000				$ 5,000
Stock repurchased during period (in shares)				389,378
Stock Repurchased During Period, Value		$ 2,137	$ 7,866	$ 10,000
Treasury Stock Acquired, Average Cost Per Share				$ 25.68
Dividends declared per share of common stock	$ 4.67	$ 0	$ 4.67
Dividends, Common Stock, Cash	$ 40,000
Dividends Payable		$ 600
Stock Repurchase Program, Amount Repurchased			$ 10,000
Revolving Line of Credit Tranche [Member] | Comerica credit facility [Member]
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount		$ 1,000

Equity Transactions, Stock-Ba_4

Equity Transactions, Stock-Based Compensation and Employee Benefits - Stock Award Plans & Compensation Costs (Details) - USD ($) $ in Thousands		12 Months Ended
	May 12, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Rollforward [Line Items]
Compensation costs		$ 1,941	$ 1,723
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Rollforward [Line Items]
Compensation costs		$ 1,900	$ 1,700
2022 Stock Incentive Plan
Share-based Compensation Rollforward [Line Items]
Number of shares authorized (in shares)	500,000
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee	250,000
Shares available for grant (in shares)		291,177
2022 Stock Incentive Plan | Director
Share-based Compensation Rollforward [Line Items]
Maximum compensation	$ 300
Annual limit for grate date value of equity-based awards granted each year	$ 200

Equity Transactions, Stock-Ba_5

Equity Transactions, Stock-Based Compensation and Employee Benefits - RSUs (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2021
Share-based Compensation Rollforward [Line Items]
Accrued Liability, Balance Transferred		$ 5,300
Schedule of vesting of RSUs and exercises of stock options
Stratus shares tendered to pay the exercise price and/or the minimum required taxes (in shares)			39,424	11,277
Amounts Stratus paid for employee taxes			$ 789	$ 452
Lantana Place [Member] | Deferred Profit Sharing [Member]
Share-based Compensation Rollforward [Line Items]
Profit Participation Incentive Plan Pool, Amortizable Balance					$ 3,900
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Rollforward [Line Items]
Granted (in RSUs)			24,816
Grant date fair value			$ 600	8,300
Intrinsic value of vested share based awards			3,000	$ 2,000
Unrecognized compensation costs			$ 1,600
Unrecognized compensation costs, weighted-average period of recognition			1 year 1 month 6 days
Summary of outstanding unvested RSUs
Beginning balance (in RSUs)			282,269
Granted (in RSUs)			24,816
Vested (in RSUs)			(145,248)
Ending balance (in RSUs)			161,837	282,269
RSUs outsanding intrinsic value			$ 4,671
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Rollforward [Line Items]
Award vesting period			1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Rollforward [Line Items]
Award vesting period			4 years
Restricted Stock Units (RSUs) [Member] | Lantana Place [Member]
Share-based Compensation Rollforward [Line Items]
Granted (in RSUs)	173,726
Summary of outstanding unvested RSUs
Granted (in RSUs)	173,726

Equity Transactions, Stock-Ba_6

Equity Transactions, Stock-Based Compensation and Employee Benefits - Employee Benefits (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018	Jun. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Aug. 02, 2018 development_project
Other Employee Benefits [Line Items]
Employer matching contribution of participants contribution, percent			100%
Employer matching contribution, percent of participant's annual salary			5%
Employer 401(k) plan contributions			$ 700	$ 600
Accrued Liability, Balance Transferred		$ 5,300
Other liabilities			$ 7,117	9,642
Grant Date Fair Value, Value Greater than Accrued Liability				2,100
Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Profit percentage of project designated to pool					25%
Preferred return percent			10%		10%
Number of development projects | development_project									7
Other liabilities			$ 3,100	3,000		$ 7,400
Summary of PPIP costs
Deferred Compensation Arrangement with Individual, Compensation Expense			160	526
Deferred Profit Sharing [Member] | General and Administrative Expense
Summary of PPIP costs
Deferred Compensation Arrangement with Individual, Compensation Expense			(41)	524
Deferred Profit Sharing [Member] | Project Development Costs
Summary of PPIP costs
Deferred Compensation Arrangement with Individual, Compensation Expense			201	2
Deferred Profit Sharing [Member] | Lantana Place [Member]
Other Employee Benefits [Line Items]
Profit Participation Incentive Plan Pool, Amortizable Balance								$ 3,900
Other liabilities		3,700
Deferred Compensation Arrangement with Individual, Distribution Paid	$ 200
Deferred Profit Sharing [Member] | The Santal
Other Employee Benefits [Line Items]
Profit Participation Incentive Plan Pool, Amortizable Balance							$ 6,700
Other liabilities		$ 1,600
Deferred Compensation Arrangement with Individual, Distribution Paid	$ 5,000
Deferred Profit Sharing [Member] | Kingwood Place_
Other Employee Benefits [Line Items]
Other liabilities			$ 1,600
Deferred Profit Sharing [Member] | The Saint Mary, L.P. [Member]
Other Employee Benefits [Line Items]
Other liabilities				$ 2,100
Restricted Stock Units (RSUs) [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Vesting period of RSUs for capital transactions not occurred prior to third anniversary					3 years
Restricted Stock Units (RSUs) [Member] | Deferred Profit Sharing [Member] | Executive Officer [Member]
Other Employee Benefits [Line Items]
Annual cash payout threshold ratio in excess of base salary					4
Vesting period of RSUs issued due to payouts in excess					1 year
Corporate [Member]
Other Employee Benefits [Line Items]
Employer safe harbor contribution, percent			3%
Minimum [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Estimated Capitalization Rate			4.25%
Deferred Compensation Arrangement with Individual, Requisite Service Period			1 year 4 months 24 days
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent			1.25%
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Other Employee Benefits [Line Items]
Award vesting period			1 year
Maximum [Member] | Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Estimated Capitalization Rate			6.50%
Deferred Compensation Arrangement with Individual, Requisite Service Period			2 years 9 months 18 days
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent			7.83%
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Other Employee Benefits [Line Items]
Award vesting period			4 years

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018	May 01, 2023
Long-term Purchase Commitment [Line Items]
Noncancellable construction contract commitments		$ 41,000,000
Minimum annual rental income under long-term operating leases:
Year one		10,700,000
Year two		10,800,000
Year three		10,900,000
Year four		10,700,000
Year five		10,200,000
After year five		84,500,000
Operating lease, cost		$ 2,100,000	$ 1,500,000
Lessee, Finance Lease, Remaining Lease Term		4 years
Lessee, Finance Lease, Discount Rate		6.40%
Deferred Profit Sharing [Member]
Long-term Purchase Commitment [Line Items]
Preferred return percent		10%		10%
Stratus Block 150, L.P., The Saint June, L.P. and The Saint George Apartments, L.P. Construction Loans | Scenario, Forecast [Member]
Minimum annual rental income under long-term operating leases:
Long-term Debt, Gross	$ 3,800,000
Stratus Block 150, L.P., The Saint June, L.P. and The Saint George Apartments, L.P. Construction Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Scenario, Forecast [Member]
Minimum annual rental income under long-term operating leases:
Basis Spread on Variable Rate	5%
Letter of Credit [Member] | Comerica credit facility [Member] | Letter of Credit [Member]
Minimum annual rental income under long-term operating leases:
Line of Credit Facility, Maximum Borrowing Capacity		$ (13,300,000)
Letter of Credit [Member] | Comerica credit facility [Member] | Revolving Line of Credit Tranche [Member]
Minimum annual rental income under long-term operating leases:
Line of Credit Facility, Maximum Borrowing Capacity			$ (11,500,000)		$ (13,300,000)
Letter of Credit [Member] | Comerica Credit Facility, Holden Hills and Section N Obligation | Revolving Line of Credit Tranche [Member]
Minimum annual rental income under long-term operating leases:
Letters of Credit Outstanding, Amount					$ 11,000,000
HEB Store [Member]
Long-term Purchase Commitment [Line Items]
Payments of Participation Interest		10%
Stratus Properties Inc | Holden Hills
Minimum annual rental income under long-term operating leases:
Municipal improvements remaining		$ 8,000,000
Percentage of Costs Reimbursed		60%

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 2,100	$ 1,500
Operating lease, payments	$ 1,600	$ 757
Weighted average discount rate, percent	6.20%	6%
Weighted average remaining lease term	84 years	90 years
Present value of net minimum lease payments	$ 15,866	$ 14,848
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance Lease, Liability	$ 65	$ 80
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 62	$ 79
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Lease right-of-use assets	$ 11,174	$ 10,631
College Station, Texas [Member] | Land Available for Development [Member]
Lessee, Lease, Description [Line Items]
Term of contract	99 years
Land under development or available for development (in acres) | a	72

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Payments for Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 1,406
2025	1,374
2026	689
2027	706
2028	744
Thereafter	107,105
Total payments	112,024
Present value adjustment	(96,158)
Present value of net minimum lease payments	$ 15,866	$ 14,848

Commitments and Contingencies_4

Commitments and Contingencies - Circle C Settlement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Aug. 01, 2002
Commitments and Contingencies Disclosure [Abstract]
Development Fee Credits, Amount Per Settlement Agreement		$ 15
Development Fee Credits, Amount Eligible For Sale Per Year	$ 1.5
Development Fee Credits, Cumulative Amount Permanently Used	12.4
Development Fee Credits, Cumulative Amount Sold To Third Parties	5.1
Development Fee Credits, Outstanding Credit Bank Capacity	0.9
Development Fee Credits, Available Credit Bank Capacity	$ 1.8

Commitment and Contingencies -

Commitment and Contingencies - The Oaks at Lakeway (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain		$ 2,721,000	$ 3,519,000
The Oaks at Lakeway [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 114,000,000
Contractual obligation				$ 73,000
Deferred revenue, revenue recognized	$ 4,800,000
Deferred gain		2,700,000	$ 3,500,000
Payments for Cancellation of Operating Lease		560,000
Lessee, Operating Lease, Monthly Rent Payment		$ 2,500
Lakeway Master Lease Retail [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract				5 years
Lakeway Master Lease Unleased 3 Pad Sites [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract				10 years
Lakeway Master Lease Unleased 1 Pad Site [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract				15 years
Lakeway Master Lease Hotel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of contract				99 years

Business Segments - Revenues fr

Business Segments - Revenues from External Customers for Products and Services (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenue from External Customer [Line Items]
Number of operating segments | segment	2
Real estate operations	$ 2,551	$ 24,744
Lease income	14,719	12,754
Total revenues	17,270	37,498
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	32,432	45,709		$ 70,139
Real Estate Operations | Commissions and other
Revenue from External Customer [Line Items]
Real estate operations	58	142
Real Estate Operations | Real Estate, Undeveloped [Member]
Revenue from External Customer [Line Items]
Real estate operations	0	18,620
Real Estate Operations | Developed property sales
Revenue from External Customer [Line Items]
Real estate operations	2,493	5,982
Leasing Operations
Revenue from External Customer [Line Items]
Lease income	14,719	$ 12,754
Corporate, Eliminations and Other[Member]
Revenue from External Customer [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 29,900		$ 43,400

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 20, 2022	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Unaffiliated customers			$ 17,270	$ 37,498
Cost of sales, excluding depreciation			(14,792)	(28,200)
Depreciation and amortization			(4,257)	(3,586)
General and administrative expenses			(15,167)	(17,567)
Impairment of real estate			0	(720)
Gain on sales of assets			0	4,812
Operating income (loss)			(16,946)	(7,763)
Capital expenditures			90,413	79,267
Total assets			517,766	445,140
Amarra Drive Villas [Member]
Revenues:
Proceeds from Sale of Property Held-for-sale				3,600
Amarra Drive Villas [Member] | Real estate under development
Revenues:
Impairment of real estate				(650)
Amarra Drive Villas [Member] | Real Estate Held for Sale [Member]
Revenues:
Proceeds from Sale of Property Held-for-sale		$ 2,500
Kingwood Place [Member] | Land available for development
Revenues:
Impairment of real estate				(70)	$ (625)
Kingwood Place [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Land available for development
Revenues:
Proceeds from Sale of Property Held-for-sale	$ 5,500
Corporate, Eliminations and Other[Member]
Revenues:
Unaffiliated customers				0
Operating Segments [Member] | Real Estate Operations
Revenues:
Unaffiliated customers			2,551	24,744
Cost of sales, excluding depreciation			(9,615)	(23,766)
Depreciation and amortization			(154)	(100)
General and administrative expenses			0	0
Impairment of real estate				(720)
Gain on sales of assets				0
Operating income (loss)			(7,218)	164
Capital expenditures			44,451	24,454
Total assets			324,659	288,270
Operating Segments [Member] | Leasing Operations
Revenues:
Unaffiliated customers			14,719	12,754
Cost of sales, excluding depreciation			(5,177)	(4,439)
Depreciation and amortization			(4,132)	(3,506)
General and administrative expenses			0	0
Impairment of real estate				0
Gain on sales of assets				4,812
Operating income (loss)			5,410	9,621
Capital expenditures			45,962	54,600
Total assets			162,322	109,964
Intersegment Eliminations [Member]
Revenues:
Unaffiliated customers				0
Intersegment Eliminations [Member] | Real Estate Operations
Revenues:
Unaffiliated customers				6
Intersegment Eliminations [Member] | Leasing Operations
Revenues:
Unaffiliated customers				0
Intersegment Eliminations [Member] | Corporate, Eliminations and Other[Member]
Revenues:
Unaffiliated customers			0	(6)
Cost of sales, excluding depreciation			0	5
Depreciation and amortization			29	20
General and administrative expenses			(15,167)	(17,567)
Impairment of real estate				0
Gain on sales of assets				0
Operating income (loss)			(15,138)	(17,548)
Capital expenditures			0	213
Total assets			$ 30,785	$ 46,906