Stratus Properties (STRS) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Cover Page Cover Page

Cover Page Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca Street, Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,076,830
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 20,741	$ 31,397
Restricted cash	787	1,035
Real estate held for sale	7,342	7,382
Real estate under development	273,417	260,642
Land available for development	39,735	47,451
Real estate held for investment, net	143,079	144,112
Lease right-of-use assets	10,932	11,174
Deferred tax assets	173	173
Other assets	13,311	14,400
Total assets	509,517	517,766
Liabilities:
Accounts payable	14,869	15,629
Accrued liabilities, including taxes	3,669	6,660
Debt	168,174	175,168
Lease liabilities	15,792	15,866
Deferred gain	2,488	2,721
Other liabilities	4,681	7,117
Total liabilities	209,673	223,161
Commitments and contingencies
Stockholders’ equity:
Common stock	97	96
Capital in excess of par value of common stock	199,674	197,735
Retained earnings	31,197	26,645
Common stock held in treasury	(33,395)	(32,997)
Total stockholders’ equity	197,573	191,479
Noncontrolling interests in subsidiaries	102,271	103,126
Total equity	299,844	294,605
Total liabilities and equity	$ 509,517	$ 517,766

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Real estate operations	$ 22,123	$ 2,493
Leasing operations	4,384	3,309
Total revenues	26,507	5,802
Cost of sales:
Cost of sales	16,956	5,748
Depreciation and amortization	1,401	928
Total cost of sales	18,357	6,676
General and administrative expenses	4,465	4,719
Total	22,822	11,395
Operating income (loss)	3,685	(5,593)
Loss on extinguishment of debt	(59)	0
Other income, net	173	485
Income (loss) before income taxes and equity in unconsolidated affiliate's (loss) income	3,799	(5,108)
Provision for income taxes	(102)	(1,162)
Equity in unconsolidated affiliate's (loss) income	0	(3)
Net income (loss) and total comprehensive income (loss)	3,697	(6,273)
Total comprehensive loss attributable to noncontrolling interests	855	472
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 4,552	$ (5,801)
Basic net (loss) income per share attributable to common stockholders (in usd per share)	$ 0.57	$ (0.73)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ 0.56	$ (0.73)
Basic weighted average number of shares outstanding, basic (in shares)	8,026	7,986
Diluted weighted average number of shares outstanding, basic (in shares)	8,151	7,986
Real estate operations
Revenues:
Real estate operations	$ 22,123	$ 2,493
Cost of sales:
Cost of sales	15,278	4,487
Leasing operations
Cost of sales:
Cost of sales	$ 1,678	$ 1,261

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flow from operating activities:
Net income (loss)	$ 3,697	$ (6,273)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,401	928
Cost of real estate sold	13,191	2,010
Loss on extinguishment of debt	59	0
Stock-based compensation	238	184
Debt issuance cost amortization	442	529
Equity in unconsolidated affiliate’s loss	0	3
Purchases and development of real estate properties	(8,957)	(9,027)
Decrease (increase) in other assets	948	(2,945)
Decrease in accounts payable, accrued liabilities and other	(4,472)	(3,813)
Net cash provided by (used in) operating activities	6,547	(18,404)
Cash flow from investing activities:
Capital expenditures	(8,141)	(10,006)
Payments on master lease obligations	(251)	(248)
Other	0	22
Net cash used in investing activities	(8,392)	(10,232)
Cash flow from financing activities:
Borrowings from project loans	9,330	11,618
Payments on project and term loans	(17,586)	(6,551)
Payment of dividends	(356)	(184)
Finance lease principal payments	(4)	(4)
Stock-based awards net payments	(376)	(216)
Noncontrolling interest contributions	0	40,000
Purchases of treasury stock	0	(894)
Financing costs	(67)	(1,058)
Net cash (used in) provided by financing activities	(9,059)	42,711
Net (decrease) increase in cash, cash equivalents and restricted cash	(10,904)	14,075
Cash, cash equivalents and restricted cash at beginning of year	32,432	45,709
Cash, cash equivalents and restricted cash at end of period	$ 21,528	$ 59,784

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Parent [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]
Balance (in shares) at Dec. 31, 2022			9,439
Balance at Dec. 31, 2022	$ 272,073	$ 207,248	$ 94	$ 195,773	$ 41,452		$ 64,825
Treasury balance (in shares) at Dec. 31, 2022						1,448
Treasury balance at Dec. 31, 2022						$ (30,071)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			40
Stock Issued During Period, Value, Issued for Services	6	6		6
Stock-based compensation	529	529		529
Tender of shares for stock-based awards (in shares)						11
Tender of shares for stock-based awards	(216)	(216)				$ (216)
Stock Repurchased During Period, Shares						44
Stock Repurchased During Period, Value	(894)	(894)				$ (894)
Total comprehensive income (loss)	(6,273)	(5,801)			(5,801)		(472)
Contributions from noncontrolling interests	40,000						40,000
Balance (in shares) at Mar. 31, 2023			9,479
Balance at Mar. 31, 2023	305,225	200,872	$ 94	196,308	35,651		104,353
Treasury balance (in shares) at Mar. 31, 2023						1,503
Treasury balance at Mar. 31, 2023						$ (31,181)
Balance (in shares) at Dec. 31, 2023			9,586
Balance at Dec. 31, 2023	294,605	191,479	$ 96	197,735	26,645		103,126
Treasury balance (in shares) at Dec. 31, 2023						1,583
Treasury balance at Dec. 31, 2023						$ (32,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			78
Vested stock-based awards			$ (1)	(1)
Stock Issued During Period, Value, Issued for Services	6	6		6
Stock-based compensation	442	442		442
Grant of restricted stock units (RSUs) under the Profit Participation Incentive Plan (PPIP)	1,492	1,492		1,492
Tender of shares for stock-based awards (in shares)						16
Tender of shares for stock-based awards	(376)	(376)				$ (376)
Stock Repurchased During Period, Value	(22)	(22)				$ (22)
Total comprehensive income (loss)	3,697	4,552			4,552		(855)
Balance (in shares) at Mar. 31, 2024			9,664
Balance at Mar. 31, 2024	$ 299,844	$ 197,573	$ 97	$ 199,674	$ 31,197		$ 102,271
Treasury balance (in shares) at Mar. 31, 2024						1,599
Treasury balance at Mar. 31, 2024						$ (33,395)

General

General	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2023 (Stratus 2023 Form 10-K) filed with the U.S. Securities and Exchange Commission on March 28, 2024. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. The results of operations for any interim period are not necessarily indicative of the results of operations for any other future interim period or for a full fiscal year. Related Party Transactions. In April 2022, Stratus hired the son of Stratus' President and Chief Executive Officer as an employee at an annual salary of $100 thousand. 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 Profit Participation Incentive Plan (PPIP) and the Long-Term Incentive Plan (LTIP). In first-quarter 2023, he received $22 thousand as an annual incentive award for 2022, and his annual salary was increased to $120 thousand. In first-quarter 2024, he received $22 thousand as an annual incentive award for 2023, and his annual salary was increased to $124 thousand. As of March 31, 2024, the employee had two outstanding awards under the PPIP. The liability associated with these awards at March 31, 2024 was nominal in amount relative to the consolidated financial statements. Refer to Note 7 for discussion of the PPIP and LTIP. For additional information regarding Stratus' related parties, including LCHM Holdings, LLC and JBM Trust, refer to Notes 1 and 2 in the Stratus 2023 Form 10-K.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Stratus’ basic net income (loss) per share of common stock was calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share follows (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Net income (loss) and total comprehensive income (loss) 3,697 (6,273) Total comprehensive loss attributable to noncontrolling interests 855 472 Net income (loss) and total comprehensive income (loss) attributable to common stockholders $ 4,552 $ (5,801) Basic weighted-average shares of common stock outstanding 8,026 7,986 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a 125 — Diluted weighted-average shares of common stock outstanding 8,151 7,986 Basic net income (loss) per share attributable to common stockholders $ 0.57 $ (0.73) Diluted net income (loss) per share attributable to common stockholders $ 0.56 $ (0.73) a.

Limited Partnerships

Limited Partnerships	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Limited Partnerships	LIMITED PARTNERSHIPS Stratus has entered into strategic partnerships for certain development projects. Stratus, through its subsidiaries, is a partner in the following limited partnerships: The Saint George Apartments, L.P. (10.0 percent indirect equity interest), Stratus Block 150, L.P. (31.0 percent indirect equity interest), The Saint June, L.P. (34.13 percent indirect equity interest), Holden Hills, L.P. (50.0 percent indirect equity interest) and Stratus Kingwood Place, L.P. (60.0 percent indirect equity interest). For additional information regarding Stratus' partnerships, refer to Note 2 in the Stratus 2023 Form 10-K. 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 are subordinate to The Annie B land loan and must be repaid before distributions may be made to the partners. Until February 2024, the interest rate on the loans was the one-month Bloomberg Short Term Bank Yield Index (BSBY) Rate plus 5.00 percent. In February 2024, the interest rate on the loans was changed to the 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. In April 2024, Stratus made an additional operating loan of $85 thousand to The Saint June, L.P., and the Class B Limited Partner made an additional operating loan of $165 thousand to The Saint June, L.P. The loans bear interest at the 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 9.00 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 11.00 percent cumulative return; — — — — — — 68.00 32.00 Until the Class B limited partner has received a 12.00 percent cumulative return; 20.00 80.00 44.13 55.87 55.00 45.00 — — Until the Class B limited partner has received an 18.00 percent cumulative return; 30.00 70.00 — — — — — — Thereafter 50.00 50.00 54.13 45.87 65.00 35.00 76.00 24.00 Accounting for Limited Partnerships. Stratus has performed evaluations and concluded that The Saint George Apartments, L.P., Stratus Block 150, L.P., The Saint June, L.P., Stratus Kingwood Place, L.P. and Holden Hills, L.P. are variable interest entities (VIEs) and that Stratus is the primary beneficiary of each VIE. Accordingly, the partnerships’ results are consolidated in Stratus’ financial statements. Stratus will continue to re-evaluate which entity is the primary beneficiary of these partnerships in accordance with applicable accounting guidance. The cash and cash equivalents held at these limited partnerships are subject to restrictions on distribution to the parent company pursuant to the individual partnership loan agreements. Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships, net of intercompany balances (including the operating loans made by Stratus), which are eliminated (in thousands): March 31, December 31, Assets: a Cash and cash equivalents $ 2,835 $ 5,531 Restricted cash 427 193 Real estate under development 151,824 140,347 Land available for development 1,912 1,911 Real estate held for investment 83,316 87,005 Lease right-of-use assets 353 420 Other assets 3,050 3,122 Total assets 243,717 238,529 Liabilities: b Accounts payable 11,251 12,751 Accrued liabilities, including taxes 1,485 1,793 Debt 107,812 100,205 Lease liabilities 355 421 Other liabilities 409 391 Total liabilities 121,312 115,561 Net assets $ 122,405 $ 122,968 a. Substantially all of the assets are available to settle only obligations of the partnerships. b. The Kingwood Place construction loan has a 25.0 percent repayment guaranty and The Saint George construction loan has a completion guaranty and a 25.0 percent repayment guaranty. The guaranty of The Saint June construction loan converted to a 50.0 percent repayment guaranty upon completion of the project in fourth-quarter 2023. All of the rest of the debt is subject to a full repayment guaranty. Certain of the guaranties terminate if the project meets specified financial and other conditions. The creditors for the remaining liabilities do not have recourse to the general credit of Stratus. See Note 6 of the Stratus 2023 Form 10-K for additional information.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	ASSET SALES The Oaks at Lakeway. Stratus has remaining lease obligations pursuant to Pad Site Master Leases entered into in connection with the sale of The Oaks at Lakeway, as described in Note 9 of the Stratus 2023 Form 10-K under the heading “Deferred Gain on Sale of The Oaks at Lakeway.” A related contract liability is presented as a deferred gain in the consolidated balance sheets in the amount of $2.5 million at March 31, 2024 and $2.7 million at December 31, 2023. 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. Amarra Villas. In first-quarter 2024, Stratus sold two of the Amarra Villas homes for a total of $7.6 million. In first-quarter 2023, Stratus sold one of the Amarra Villas homes for $2.5 million. Magnolia Place.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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	3 Months Ended
	Mar. 31, 2024
Capitalization, Long-Term Debt and Equity [Abstract]
Debt	DEBT AND EQUITY Debt The components of Stratus’ debt follow (in thousands): March 31, December 31, Comerica Bank revolving credit facility $ — $ — Jones Crossing loan 22,351 22,340 The Annie B land loan 12,532 13,983 Construction loans: The Saint George 31,553 24,657 The Saint June 28,594 27,668 Kingwood Place 28,150 28,160 Lantana Place 22,887 22,961 Amarra Villas revolving credit facility 9,888 15,682 Holden Hills 6,983 5,736 West Killeen Market 5,236 5,250 Magnolia Place — 8,731 Total debt a $ 168,174 $ 175,168 a. Includes net reductions for unamortized debt issuance costs of $1.9 million at March 31, 2024, and $2.2 million at December 31, 2023. Comerica Bank revolving credit facility. As of March 31, 2024, the maximum amount that could be borrowed under the Comerica Bank revolving credit facility was $52.9 million, resulting in availability of $39.6 million, net of letters of credit. Letters of credit, totaling $13.3 million, have been issued under the revolving credit facility, $11.0 million of which secure Stratus’ obligation to build certain roads and utilities facilities benefiting Holden Hills and Section N and $2.3 million of which secure Stratus’ obligation to construct and pay for certain utility infrastructure in Lakeway, Texas. Jones Crossing loan. The Jones Crossing loan requires the Jones Crossing project to meet a debt service coverage ratio (DSCR) test of 1.15 to 1.00 measured quarterly, and starting June 30, 2023, on a rolling 12 month basis. If the DSCR falls below 1.15 to 1.00, a “Cash Sweep Period” (as defined in the Jones Crossing loan) results, which limits Stratus’ ability to receive cash from its Jones Crossing subsidiary. The 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 the threshold 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 and a Cash Sweep Period did not occur. The Annie B land loan. In February 2024, The Annie B land loan was modified to extend the maturity to September 1, 2025, and change the interest rate to the Term SOFR Rate plus 3.00 percent. Under the Annie B land loan, the 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. Amarra Villas revolving credit facility. In first-quarter 2024, Stratus made principal payments totaling $7.2 million on the credit facility upon the closing of the sales of two of the Amarra Villas homes. In first-quarter 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. Magnolia Place construction loan. In February 2024, this loan was repaid in full in connection with the sale of approximately 47 acres of undeveloped land. For additional information regarding Stratus’ debt, refer to Note 6 in the Stratus 2023 Form 10-K. Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $4.0 million in first-quarter 2024 and $2.4 million in first-quarter 2023. All of Stratus’ interest costs during first-quarter 2024 and first-quarter 2023 were capitalized. Capitalized interest is primarily related to development activities at Barton Creek (primarily Holden Hills, Section N and The Saint June), The Saint George and The Annie B for both periods presented. Equity The Comerica Bank revolving credit facility, Amarra Villas revolving credit facility, The Annie B land loan, The Saint George construction loan, Kingwood Place construction loan and Holden Hills construction loan require Comerica Bank’s prior written consent for any common stock repurchases in excess of $1.0 million or any dividend payments. Dividends. On September 1, 2022, with written consent from Comerica Bank, Stratus’ Board of Directors (Board) declared a special cash dividend of $4.67 per share (totaling $40.0 million) on Stratus’ common stock, which was paid on September 29, 2022 to stockholders of record as of September 19, 2022. Accrued liabilities included $0.3 million as of March 31, 2024, and $0.6 million as of December 31, 2023, representing dividends accrued for unvested RSUs in accordance with the terms of the awards. The accrued dividends are paid to the holders of the RSUs as the RSUs vest. Share Repurchase Programs. In 2022, with 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. As required by the Inflation Reduction Act of 2022 (IR Act), Stratus recorded $22 thousand in excise tax in first-quarter 2024 for the 2023 share repurchases. The excise tax liability is included in accrued liabilities in the consolidated balance sheet. 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 March 31, 2024, Stratus had not purchased any shares under the new program.

Profit Participation Incentive

Profit Participation Incentive Plan	3 Months Ended
	Mar. 31, 2024
Profit Participation Plan [Abstract]
Profit Participation Incentive Plan	PROFIT PARTICIPATION INCENTIVE PLAN AND LONG-TERM INCENTIVE PLAN In July 2018, the Compensation Committee (the Committee) adopted the PPIP. In February 2023, the Committee approved the LTIP, which amends and restates the PPIP, and is effective for participation interests awarded under development projects on or after its effective date. Outstanding participation interests granted under the PPIP will continue to be governed by the terms of the prior PPIP. The PPIP and LTIP provide participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the PPIP and LTIP. Estimates related to the awards may change over time as a result of differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Refer to Notes 1 and 8 of the Stratus 2023 Form 10-K for further discussion. 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 first-quarter 2024. Under the terms of the PPIP and LTIP, the number of RSUs granted in connection with settlement of approved projects is determined by reference to the 12-month trailing average stock price for the year the project reaches a payment event, whereas the grant date fair value of the RSUs for accounting purposes is based on the grant date closing price. A summary of PPIP and LTIP costs follows (in thousands): Three Months Ended March 31, 2024 2023 Charged to general and administrative expense $ 83 $ 148 Capitalized to project development costs 111 110 Total PPIP and LTIP costs $ 194 $ 258 At March 31, 2024, the PPIP included Amarra Villas, Jones Crossing, Magnolia Place Phase I and The Saint June, and the LTIP included The Saint George. The accrued liability for the PPIP and LTIP totaled $1.8 million at March 31, 2024, and $3.1 million at December 31, 2023 (included in other liabilities).

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes are further described in Notes 1 and 7 in the Stratus 2023 Form 10-K. Stratus has a full valuation allowance against its U.S. Federal net deferred tax assets as of both March 31, 2024 and December 31, 2023. Stratus has recorded a deferred tax asset totaling $173 thousand at both March 31, 2024 and December 31, 2023 related to state income taxes. In evaluating the recoverability of the remaining deferred tax assets, management considered available positive and negative evidence, giving greater weight to the uncertainty regarding projected future financial results. Upon a change in facts and circumstances, management may conclude that sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance in the future, which would favorably impact Stratus’ results of operations. Stratus’ future results of operations may be negatively impacted by an inability to realize a tax benefit for future tax losses or for items that will generate additional deferred tax assets that are not more likely than not to be realized. The difference between Stratus’ consolidated effective income tax rate of 3 percent for the first three months of 2024 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to state income taxes, noncontrolling interests in subsidiaries, the presence of a valuation allowance against its U.S. Federal net deferred tax assets as of March 31, 2024, and the executive compensation limitation. The difference between Stratus’ consolidated effective income tax rate of (23) percent for the first three months of 2023 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to state income taxes, noncontrolling interests in subsidiaries, the presence of a valuation allowance against certain U.S. Federal deferred tax assets as of March 31, 2023, and the executive compensation limitation.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS Stratus has two operating segments: Real Estate Operations and Leasing 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 (potential development of 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): Three Months Ended March 31, 2024 2023 Real Estate Operations: Developed property sales $ 7,623 $ 2,493 Undeveloped property sales 14,500 — 22,123 2,493 Leasing Operations: Rental revenue 4,384 3,309 4,384 3,309 Total revenues from contracts with customers $ 26,507 $ 5,802 Financial Information by Business Segment. Summarized financial information by segment for the three months ended March 31, 2024, 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 $ 22,123 $ 4,384 $ — $ 26,507 Cost of sales, excluding depreciation (15,278) (1,678) — (16,956) Depreciation and amortization (44) (1,373) 16 (1,401) General and administrative expenses — — (4,465) (4,465) Operating income (loss) $ 6,801 $ 1,333 $ (4,449) $ 3,685 Capital expenditures and purchases and development of real estate properties $ 8,957 $ 8,141 $ — $ 17,098 Total assets at March 31, 2024 c 329,062 160,759 19,696 509,517 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, cash equivalents and restricted cash of $19.4 million. Summarized financial information by segment for the three months ended March 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 $ 2,493 $ 3,309 $ — $ 5,802 Cost of sales, excluding depreciation and amortization (4,487) (1,261) — (5,748) Depreciation and amortization (27) (906) 5 (928) General and administrative expenses — — (4,719) (4,719) Operating (loss) income $ (2,021) $ 1,142 $ (4,714) $ (5,593) Capital expenditures and purchases and development of real estate properties $ 9,027 $ 10,006 $ — $ 19,033 Total assets at March 31, 2023 c 307,571 109,748 62,400 479,719 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, cash equivalents and restricted cash of $57.0 million.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after March 31, 2024, 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	3 Months Ended
	Mar. 31, 2024
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

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2023 (Stratus 2023 Form 10-K) filed with the U.S. Securities and Exchange Commission on March 28, 2024. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. The results of operations for any interim period are not necessarily indicative of the results of operations for any other future interim period or for a full fiscal year.
Related Party Transactions	Related Party Transactions. In April 2022, Stratus hired the son of Stratus' President and Chief Executive Officer as an employee at an annual salary of $100 thousand. 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 Profit Participation Incentive Plan (PPIP) and the Long-Term Incentive Plan (LTIP). In first-quarter 2023, he received $22 thousand as an annual incentive award for 2022, and his annual salary was increased to $120 thousand. In first-quarter 2024, he received $22 thousand as an annual incentive award for 2023, and his annual salary was increased to $124 thousand. As of March 31, 2024, the employee had two outstanding awards under the PPIP. The liability associated with these awards at March 31, 2024 was nominal in amount relative to the consolidated financial statements. Refer to Note 7 for discussion of the PPIP and LTIP. For additional information regarding Stratus' related parties, including LCHM Holdings, LLC and JBM Trust, refer to Notes 1 and 2 in the Stratus 2023 Form 10-K.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share follows (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Net income (loss) and total comprehensive income (loss) 3,697 (6,273) Total comprehensive loss attributable to noncontrolling interests 855 472 Net income (loss) and total comprehensive income (loss) attributable to common stockholders $ 4,552 $ (5,801) Basic weighted-average shares of common stock outstanding 8,026 7,986 Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a 125 — Diluted weighted-average shares of common stock outstanding 8,151 7,986 Basic net income (loss) per share attributable to common stockholders $ 0.57 $ (0.73) Diluted net income (loss) per share attributable to common stockholders $ 0.56 $ (0.73) a.

Limited Partnerships (Tables)

Limited Partnerships (Tables)	3 Months Ended
	Mar. 31, 2024
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 9.00 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 11.00 percent cumulative return; — — — — — — 68.00 32.00 Until the Class B limited partner has received a 12.00 percent cumulative return; 20.00 80.00 44.13 55.87 55.00 45.00 — — Until the Class B limited partner has received an 18.00 percent cumulative return; 30.00 70.00 — — — — — — Thereafter 50.00 50.00 54.13 45.87 65.00 35.00 76.00 24.00
Schedule of Assets and Liabilities of the VIE Partnerships	Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships, net of intercompany balances (including the operating loans made by Stratus), which are eliminated (in thousands): March 31, December 31, Assets: a Cash and cash equivalents $ 2,835 $ 5,531 Restricted cash 427 193 Real estate under development 151,824 140,347 Land available for development 1,912 1,911 Real estate held for investment 83,316 87,005 Lease right-of-use assets 353 420 Other assets 3,050 3,122 Total assets 243,717 238,529 Liabilities: b Accounts payable 11,251 12,751 Accrued liabilities, including taxes 1,485 1,793 Debt 107,812 100,205 Lease liabilities 355 421 Other liabilities 409 391 Total liabilities 121,312 115,561 Net assets $ 122,405 $ 122,968 a. Substantially all of the assets are available to settle only obligations of the partnerships. b. The Kingwood Place construction loan has a 25.0 percent repayment guaranty and The Saint George construction loan has a completion guaranty and a 25.0 percent repayment guaranty. The guaranty of The Saint June construction loan converted to a 50.0 percent repayment guaranty upon completion of the project in fourth-quarter 2023. All of the rest of the debt is subject to a full repayment guaranty. Certain of the guaranties terminate if the project meets specified financial and other conditions. The creditors for the remaining liabilities do not have recourse to the general credit of Stratus. See Note 6 of the Stratus 2023 Form 10-K for additional information.

Debt Summary of Debt (Tables)

Debt Summary of Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Table [Abstract]
Schedule of debt	The components of Stratus’ debt follow (in thousands): March 31, December 31, Comerica Bank revolving credit facility $ — $ — Jones Crossing loan 22,351 22,340 The Annie B land loan 12,532 13,983 Construction loans: The Saint George 31,553 24,657 The Saint June 28,594 27,668 Kingwood Place 28,150 28,160 Lantana Place 22,887 22,961 Amarra Villas revolving credit facility 9,888 15,682 Holden Hills 6,983 5,736 West Killeen Market 5,236 5,250 Magnolia Place — 8,731 Total debt a $ 168,174 $ 175,168 a.

Compensation Related Costs, Gen

Compensation Related Costs, General (Tables)	3 Months Ended
	Mar. 31, 2024
Compensation Related Costs [Abstract]
Share-based Payment Arrangement, Cost by Plan	A summary of PPIP and LTIP costs follows (in thousands): Three Months Ended March 31, 2024 2023 Charged to general and administrative expense $ 83 $ 148 Capitalized to project development costs 111 110 Total PPIP and LTIP costs $ 194 $ 258

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	Stratus’ revenues from contracts with customers follow (in thousands): Three Months Ended March 31, 2024 2023 Real Estate Operations: Developed property sales $ 7,623 $ 2,493 Undeveloped property sales 14,500 — 22,123 2,493 Leasing Operations: Rental revenue 4,384 3,309 4,384 3,309 Total revenues from contracts with customers $ 26,507 $ 5,802
Schedule of Segment Reporting Information by Segment [Table Text Block]	Summarized financial information by segment for the three months ended March 31, 2024, 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 $ 22,123 $ 4,384 $ — $ 26,507 Cost of sales, excluding depreciation (15,278) (1,678) — (16,956) Depreciation and amortization (44) (1,373) 16 (1,401) General and administrative expenses — — (4,465) (4,465) Operating income (loss) $ 6,801 $ 1,333 $ (4,449) $ 3,685 Capital expenditures and purchases and development of real estate properties $ 8,957 $ 8,141 $ — $ 17,098 Total assets at March 31, 2024 c 329,062 160,759 19,696 509,517 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, cash equivalents and restricted cash of $19.4 million. Summarized financial information by segment for the three months ended March 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 $ 2,493 $ 3,309 $ — $ 5,802 Cost of sales, excluding depreciation and amortization (4,487) (1,261) — (5,748) Depreciation and amortization (27) (906) 5 (928) General and administrative expenses — — (4,719) (4,719) Operating (loss) income $ (2,021) $ 1,142 $ (4,714) $ (5,593) Capital expenditures and purchases and development of real estate properties $ 9,027 $ 10,006 $ — $ 19,033 Total assets at March 31, 2023 c 307,571 109,748 62,400 479,719 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, cash equivalents and restricted cash of $57.0 million.

General (Details)

General (Details) - Immediate Family Member of Management or Principal Owner - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Product Information [Line Items]
Selling, General and Administrative Expense		$ 124	$ 120
Annual Incentive Award
Product Information [Line Items]
Selling, General and Administrative Expense		$ 22	$ 22
Annual Incentive Award | Subsequent event
Product Information [Line Items]
Selling, General and Administrative Expense	$ 100

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income (loss) and total comprehensive income (loss)	$ 3,697	$ (6,273)
Total comprehensive loss attributable to noncontrolling interests	855	472
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 4,552	$ (5,801)
Basic weighted average number of shares outstanding, basic (in shares)	8,026	7,986
Add shares issuable upon exercise or vesting of dilutive restricted stock units (RSUs) (in shares)	125	0
Diluted weighted average number of shares outstanding, basic (in shares)	8,151	7,986
Basic net (loss) income per share attributable to common stockholders (in usd per share)	$ 0.57	$ (0.73)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ 0.56	$ (0.73)
Weighted-average shares excluded from computation of earnings per share (in shares)	21	295

Limited Partnerships (Schedule

Limited Partnerships (Schedule of Potential Returns) (Details)	Mar. 31, 2024
Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	10%
Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	34.13%
Holden Hills | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	60%
9% Cumulative Return | Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	10%
9% Cumulative Return | Saint George L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	90%
9% Cumulative Return | Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	34.13%
9% Cumulative Return | Saint June, L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	65.87%
9% Cumulative Return | Holden Hills | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
9% Cumulative Return | Holden Hills | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
9% Cumulative Return | Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	60%
9% Cumulative Return | Stratus Kingwood, L.P. [Member] | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	40%
11% Cumulative Return | Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	68%
11% Cumulative Return | Stratus Kingwood, L.P. [Member] | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	32%
12% Cumulative Return | Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	20%
12% Cumulative Return | Saint George L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	80%
12% Cumulative Return | Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	44.13%
12% Cumulative Return | Saint June, L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	55.87%
12% Cumulative Return | Holden Hills | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	55%
12% Cumulative Return | Holden Hills | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	45%
18% Cumulative Return | Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	30%
18% Cumulative Return | Saint George L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	70%
Thereafter Cumulative Return | Saint George L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
Thereafter Cumulative Return | Saint George L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50%
Thereafter Cumulative Return | Saint June, L.P. | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	54.13%
Thereafter Cumulative Return | Saint June, L.P. | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	45.87%
Thereafter Cumulative Return | Holden Hills | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	65%
Thereafter Cumulative Return | Holden Hills | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	35%
Thereafter Cumulative Return | Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	76%
Thereafter Cumulative Return | Stratus Kingwood, L.P. [Member] | Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	24%

Limited Partnerships (Schedul_2

Limited Partnerships (Schedule of Assets and Liabilities of the VIE Partnerships (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Limited Partnerships [Line Items]
Cash and cash equivalents	$ 20,741	$ 31,397
Restricted cash	787	1,035
Real estate under development	273,417	260,642
Land available for development	39,735	47,451
Real estate held for investment, net	143,079	144,112
Lease right-of-use assets	10,932	11,174
Other assets	13,311	14,400
Total assets	509,517	517,766	$ 479,719
Accounts payable	14,869	15,629
Accrued liabilities, including taxes	3,669	6,660
Debt	168,174	175,168
Lease liabilities	15,792	15,866
Other liabilities	4,681	7,117
Total liabilities	209,673	223,161
Saint George partnership, Stratus Kingwood, L.P., The Saint June L.P, Stratus Block 150, L.P, and Holden Hills, L.P.
Limited Partnerships [Line Items]
Cash and cash equivalents	2,835	5,531
Restricted cash	427	193
Real estate under development	151,824	140,347
Land available for development	1,912	1,911
Real estate held for investment, net	83,316	87,005
Lease right-of-use assets	353	420
Other assets	3,050	3,122
Total assets	243,717	238,529
Accounts payable	11,251	12,751
Accrued liabilities, including taxes	1,485	1,793
Debt	107,812	100,205
Lease liabilities	355	421
Other liabilities	409	391
Total liabilities	121,312	115,561
Net assets	$ 122,405	$ 122,968

Limited Partnerships (Details)

Limited Partnerships (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Jun. 30, 2023	Apr. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Apr. 30, 2024	Feb. 29, 2024	Jan. 31, 2024	Oct. 01, 2023	Aug. 31, 2023
Limited Partnerships [Line Items]
Intercompany Loan, Amount						$ 2,400
Saint George L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage			10%
Stratus Block 150, L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage			31%
Intercompany Loans, Description		In 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.
Intercompany Loan, Amount		$ 1,500							$ 800
Stratus Block 150, L.P. | Stratus Properties Inc | Bloomberg short-term bank yield index
Limited Partnerships [Line Items]
Basis spread on variable rate				5%
Stratus Block 150, L.P. | Stratus Properties Inc | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Limited Partnerships [Line Items]
Basis spread on variable rate			500%
Saint June, L.P.
Limited Partnerships [Line Items]
Intercompany Loans, Description			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. In April 2024, Stratus made an additional operating loan of $85 thousand to The Saint June, L.P., and the Class B Limited Partner made an additional operating loan of $165 thousand to The Saint June, L.P.
Saint June, L.P. | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage			34.13%
Intercompany Loans, Description	In June 2023, Stratus made an operating loan of $750 thousand to The Saint June, L.P. to support the partnership’s ability to pay its construction loan interest, which has risen above the amount originally budgeted due to rising interest rates.
Intercompany Loan, Amount	$ 750						$ 339	$ 250
Saint June, L.P. | Stratus Properties Inc | Subsequent event
Limited Partnerships [Line Items]
Intercompany Loan, Amount					$ 85
Saint June, L.P. | Stratus Properties Inc | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Limited Partnerships [Line Items]
Basis spread on variable rate			5%
Saint June, L.P. | Unrelated Equity Investor
Limited Partnerships [Line Items]
Intercompany Loan, Amount							$ 339	$ 250
Saint June, L.P. | Unrelated Equity Investor | Subsequent event
Limited Partnerships [Line Items]
Intercompany Loan, Amount					$ 165
Holden Hills | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage			50%
Stratus Kingwood, L.P. [Member] | Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage			60%

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain		$ 2,488		$ 2,721
Debt		168,174		175,168
Magnolia Place
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt		0		8,731
Magnolia Place | Construction Loan Payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt	$ 8,800
Disposal by sale | The Oaks at Lakeway
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain		2,500		$ 2,700
Disposal by sale | Amarra Villas_
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale		$ 7,600	$ 2,500
Disposal Group, Held-for-sale, Not Discontinued Operations | Magnolia Place
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

Debt (Details)

Debt (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

16 Months Ended

May 11, 2023 USD ($)

Sep. 01, 2022 USD ($) $ / shares

Feb. 28, 2025 USD ($)

Feb. 29, 2024 USD ($)

Mar. 31, 2023 USD ($)

Feb. 28, 2023 USD ($)

Mar. 31, 2024 USD ($)

Mar. 31, 2023 USD ($)

Nov. 08, 2023 USD ($) $ / shares shares

Dec. 31, 2023 USD ($)

Nov. 09, 2023 USD ($)

Jul. 01, 2023 USD ($)

May 01, 2023 USD ($)

Debt Instrument [Line Items]

Debt

$ 168,174

$ 175,168

Unamortized debt issuance costs

1,900

2,200

Interest costs incurred

4,000

$ 2,400

Dividends declared per share of common stock | $ / shares

$ 4.67

Dividends, Common Stock, Cash

$ 40,000

Dividends Payable

300

600

Stock Repurchase Program, Authorized Amount

$ 10,000

$ 5,000

Stock Repurchased During Period, Shares | shares

389,378

Stock Repurchased During Period, Value

22

$ 894

$ 10,000

Treasury Stock Acquired, Average Cost Per Share | $ / shares

$ 25.68

Taxes Payable

22

Comerica Bank revolving credit facility

Debt Instrument [Line Items]

Debt

0

0

Comerica Bank revolving credit facility | Letter of Credit

Debt Instrument [Line Items]

Letters of credit committed

13,300

Comerica Bank revolving credit facility | Letter of Credit | Revolving Credit Facility | Lakeway

Debt Instrument [Line Items]

New letter of credit

$ 2,300

Comerica Bank revolving credit facility | Revolving Credit Facility

Debt Instrument [Line Items]

Credit facility, available borrowing capacity

39,600

Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount

1,000

Line of Credit Facility, Maximum Borrowing Capacity

52,900

Jones Crossing loan

Debt Instrument [Line Items]

Debt

$ 22,351

22,340

Debt Instrument, Covenant, Debt Service Coverage Ratio

1.15

Repayments of Debt

$ 1,700

$ 231

$ 13

The Annie B land loan

Debt Instrument [Line Items]

Debt

12,532

13,983

Repayments of Debt

$ 1,400

The Annie B land loan | Forecast

Debt Instrument [Line Items]

Repayments of Debt

$ 630

The Annie B land loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate

Debt Instrument [Line Items]

Basis spread on variable rate

3%

The Annie B land loan | One-Month SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

0.10%

Debt Instrument, Interest Rate Floor

(0.50%)

Saint George construction loan

Debt Instrument [Line Items]

Debt

31,553

24,657

Kingwood Place

Debt Instrument [Line Items]

Debt

28,150

28,160

The Saint June

Debt Instrument [Line Items]

Debt

28,594

27,668

Lantana Place

Debt Instrument [Line Items]

Debt

22,887

22,961

Amarra Villas revolving credit facility

Debt Instrument [Line Items]

Debt

9,888

15,682

Amarra Villas revolving credit facility | Line of credit

Debt Instrument [Line Items]

Repayments of Debt

$ 7,200

$ 2,200

Holden Hills

Debt Instrument [Line Items]

Debt

6,983

5,736

West Killeen Market

Debt Instrument [Line Items]

Debt

5,236

5,250

Magnolia Place

Debt Instrument [Line Items]

Debt

$ 0

$ 8,731

Comerica Credit Facility, Holden Hills and Section N Obligation | Letter of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Letters of credit committed

$ 11,000

Profit Participation Incentiv_2

Profit Participation Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities	$ 4,681		$ 7,117
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities	1,800		$ 3,100
Share-based Payment Arrangement, Expense	194	$ 258
Deferred Profit Sharing | Charged (credited) to general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	83	148
Deferred Profit Sharing | Project Development Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	111	$ 110
Deferred Profit Sharing | Kingwood Place_
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities	$ 1,600

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	3%	(23.00%)
Deferred Tax Assets, State Taxes	$ 173		$ 173
Taxes Payable	$ 22

Business Segments Revenues from

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from External Customer [Line Items]
Real estate revenue	$ 22,123	$ 2,493
Leasing operations	4,384	3,309
Revenues	26,507	5,802
Real estate operations
Revenue from External Customer [Line Items]
Real estate revenue	22,123	2,493
Real Estate Operations | Developed Property
Revenue from External Customer [Line Items]
Real estate revenue	7,623	2,493
Real Estate Operations | Undeveloped Property
Revenue from External Customer [Line Items]
Real estate revenue	14,500	0
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations	$ 4,384	$ 3,309

Business Segments Segment Infor

Business Segments Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	2
Revenues:
Real estate operations	$ 22,123	$ 2,493
Leasing operations	4,384	3,309
Unaffiliated customers	26,507	5,802
Cost of sales, excluding depreciation and amortization	(16,956)	(5,748)
Depreciation and amortization	(1,401)	(928)
General and administrative expenses	(4,465)	(4,719)
Operating income (loss)	3,685	(5,593)
Capital expenditures and purchases and development of real estate properties	17,098	19,033
Total assets	509,517	479,719	$ 517,766
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	21,528	59,784	$ 32,432	$ 45,709
Leasing Operations
Revenues:
Leasing operations	4,384	3,309
Corporate, Eliminations and Other
Revenues:
Real estate operations	0	0
Cost of sales, excluding depreciation and amortization	0	0
Depreciation and amortization	16	5
General and administrative expenses	(4,465)	(4,719)
Operating income (loss)	(4,449)	(4,714)
Capital expenditures and purchases and development of real estate properties	0	0
Total assets	19,696	62,400
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	19,400	57,000
Operating Segments | Real Estate Operations
Revenues:
Real estate operations	22,123	2,493
Cost of sales, excluding depreciation and amortization	(15,278)	(4,487)
Depreciation and amortization	(44)	(27)
General and administrative expenses	0	0
Operating income (loss)	6,801	(2,021)
Capital expenditures and purchases and development of real estate properties	8,957	9,027
Total assets	329,062	307,571
Operating Segments | Leasing Operations
Revenues:
Leasing operations	4,384	3,309
Cost of sales, excluding depreciation and amortization	(1,678)	(1,261)
Depreciation and amortization	(1,373)	(906)
General and administrative expenses	0	0
Operating income (loss)	1,333	1,142
Capital expenditures and purchases and development of real estate properties	8,141	10,006
Total assets	$ 160,759	$ 109,748