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Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Dec. 31, 2018	Feb. 28, 2019	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Stratus Properties Inc.
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		8,164,370
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 150,600,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 19,004	$ 14,611
Restricted cash	19,915	24,779
Real estate held for sale	16,396	22,612
Real estate under development	136,678	118,484
Land available for development	24,054	14,804
Real estate held for investment, net	253,074	188,390
Deferred tax assets	11,834	11,461
Other assets	15,538	10,852
Total assets	496,493	405,993
LIABILITIES AND EQUITY
Accounts payable	20,602	22,809
Accrued liabilities, including taxes	11,914	13,429
Deferred Gain on Sale of Property	9,270	11,320
Other liabilities	12,525	9,575
Total liabilities	349,842	278,603
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01 per share, 150,000 shares authorized, 9,250 and 9,203 shares issued, respectively and 8,134 and 8,098 shares outstanding, respectively	93	93
Capital in excess of par value of common stock	186,256	185,395
Accumulated deficit	(41,103)	(37,121)
Common stock held in treasury, 1,117 shares and 1,105 shares, at cost, respectively	(21,260)	(21,057)
Total stockholders’ equity	123,986	127,310
Noncontrolling interests in subsidiaries	22,665	80
Total equity	146,651	127,390
Total liabilities and equity	496,493	405,993
Debt, Long-term and Short-term, Combined Amount	$ 295,531	$ 221,470

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position (Parentheticals) [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	150,000	150,000
Common Stock, Shares, Issued	9,288	9,250
Common Stock, Shares, Outstanding	8,164	8,134
Treasury Stock, Shares	1,124	1,117

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Leasing operations	$ 10,389	$ 7,981
Total revenues	87,600	80,340
Cost of sales:
Leasing operations	5,056	4,797
Cost, Depreciation	8,571	7,853
Total cost of sales	74,153	68,627
General and administrative expenses	11,274	11,401
Profit participation in sale of The Oaks at Lakeway	0	2,538
Gain on sale of assets	0	(25,463)
Total	85,427	57,103
Operating income	2,173	23,237
Interest expense, net	(7,856)	(6,742)
Loss on early extinguishment of debt	0	(532)
Gain on interest rate derivative instruments	187	293
Other Nonoperating Income (Expense)	55	1,581
(Loss) income before income taxes and equity in unconsolidated affiliates’ income (loss)	(5,441)	17,837
Equity in unconsolidated affiliates’ income (loss)	1,150	(49)
Benefit from (provision for) income taxes	305	(13,904)
Net (loss) income and total comprehensive (loss) income	(3,986)	3,884
Total comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	4	(5)
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (3,982)	$ 3,879
Earnings Per Share, Basic	$ (0.49)	$ 0.48
Earnings Per Share, Diluted	$ (0.49)	$ 0.47
Weighted-average shares of common stock outstanding, Basic	8,153	8,122
Weighted-average shares of common stock outstanding, Diluted	8,153	8,171
Dividends declared per share of common stock	$ 0.00	$ 1.00
Entertainment
Revenues:
Revenue from Contract with Customer, Including Assessed Tax	$ 22,506	$ 22,998
Cost of sales:
Cost of Goods and Services Sold	17,089	17,121
Hotel Operations
Revenues:
Revenue from Contract with Customer, Including Assessed Tax	37,905	38,360
Cost of sales:
Cost of Goods and Services Sold	28,160	28,478
Real Estate [Member]
Revenues:
Revenue from Contract with Customer, Including Assessed Tax	16,800	11,001
Cost of sales:
Cost of Goods and Services Sold	$ 15,277	$ 10,378

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flow from operating activities:
Net income (loss)	$ (3,986)	$ 3,884
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	8,571	7,853
Cost of real estate sold	10,283	5,774
Gain on sale of assets	0	(25,463)
U.S. tax reform charge	215	7,580
Gain on interest rate derivative contracts	(187)	(293)
Loss on early extinguishment of debt	0	532
Debt issuance cost amortization and stock-based compensation	1,859	1,573
Equity in unconsolidated affiliates’ (income) loss	(1,150)	49
Return on investment in unconsolidated affiliate	1,251	0
Increase (decrease) in deposits	507	(1,322)
Deferred income taxes, excluding U.S. tax reform charge	(588)	(1,675)
Purchases and development of real estate properties	(43,660)	(14,395)
Municipal utility districts reimbursements	0	13,799
(Increase) decrease in other assets	(4,038)	4,750
(Decrease) increase in accounts payable, accrued liabilities and other	(966)	10,126
Net cash (used in) provided by operating activities	(31,889)	12,772
Cash flow from investing activities:
Capital expenditures	(61,932)	(34,079)
Proceeds from sales of assets	0	117,261
Payments on master lease obligations	(2,112)	(2,196)
Return of investment in (investment in) unconsolidated affiliates	26	(37)
Net cash (used in) provided by investing activities	(64,018)	80,949
Cash flow from financing activities:
Borrowings from credit facility	34,436	47,200
Payments on credit facility	(9,981)	(67,981)
Borrowings from project loans	56,999	15,793
Payments on project and term loans	(6,693)	(64,761)
Cash dividend paid	(32)	(8,133)
Stock-based awards net payments	(131)	(235)
Noncontrolling interests’ contributions	22,589	0
Financing costs	(1,751)	(1,703)
Net cash provided by (used in) financing activities	95,436	(79,820)
Net (decrease) increase in cash, cash equivalents and restricted cash	(471)	13,901
Cash, cash equivalents and restricted cash at beginning of year	39,390	25,489
Real estate, commercial leasing assets and facilities	9,838	10,179
Cash, cash equivalents and restricted cash at end of year	$ 38,919	$ 39,390

Consoldiated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Common Stock Held in Treasury	Total Stratus Stockholders' Equity [Member]	Noncontrolling Interest in Subsidiaries [Member]
Balance (in shares) at Dec. 31, 2016		9,203			1,105
Balance at Dec. 31, 2016	$ 131,026	$ 92	$ 192,762	$ (41,143)	$ (20,760)	$ 130,951	$ 75
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends	(8,221)		(8,221)			(8,221)
Exercised and issued stock-based awards (in shares)		47			0
Exercised and issued stock-based awards	63	$ 1	62	0	$ 0	63	0
Stock-based compensation	792	$ 0	792	0	$ 0	792	0
Tender of shares for stock-based awards (in shares)		0			12
Tender of shares for stock-based awards	(297)	$ 0	0	0	$ (297)	(297)	0
Total comprehensive income (loss)	3,884	$ 0	0	3,879	$ 0	3,879	5
Balance (in shares) at Dec. 31, 2017		9,250			1,117
Balance at Dec. 31, 2017	127,390	$ 93	185,395	(37,121)	$ (21,057)	127,310	80
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption	143			143		143
Exercised and issued stock-based awards (in shares)		38
Exercised and issued stock-based awards	72	$ 0	72	0	0	72	0
Stock-based compensation	789	$ 0	789	0	$ 0	789	0
Tender of shares for stock-based awards (in shares)		0			7
Tender of shares for stock-based awards	(203)	$ 0	0	0	$ (203)	(203)	0
Noncontrolling interests distributions	22,589	0	0	0	0	0	22,589
Total comprehensive income (loss)	(3,986)	$ 0	0	(3,982)	$ 0	(3,982)	(4)
Balance (in shares) at Dec. 31, 2018		9,288			1,124
Balance at Dec. 31, 2018	$ 146,651	$ 93	$ 186,256	$ (41,103)	$ (21,260)	$ 123,986	$ 22,665

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management, operation and sale of commercial, and multi-family and single-family residential real estate properties, real estate leasing, and the operation of hotel and entertainment businesses primarily located in the Austin, Texas area, and other select markets in Texas. The real estate development and marketing operations of Stratus are conducted primarily through its wholly owned subsidiaries. Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is deemed the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.

Concentration of Risks. Stratus primarily conducts its operations in Austin, Texas. Consequently, any significant economic downturn in the Austin market could potentially have an effect on Stratus’ business, results of operations and financial condition.

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 taxes and related valuation allowances; income taxes; allocation of certain indirect costs; profit pools under the Profit Participation Plan; 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.

Real Estate and Leasing Assets. 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. Real estate held for investment, which includes the hotel and entertainment venues at the W Austin Hotel & Residences and Stratus’ Leasing Operations assets, is stated at cost, less accumulated depreciation. 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, sale or lease. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized for properties currently under active development. Stratus capitalizes improvements that increase the value of Leasing Operations 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.

Stratus recorded no impairment charges for the two years ended December 31, 2018. 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. Properties associated with Leasing Operations are depreciated on a straight-line basis over their estimated lives of 30 to 40 years. The hotel and entertainment venue properties are depreciated on a straight-line basis over their estimated lives of 35 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 $7.2 million at December 31, 2018, and $7.4 million at December 31, 2017.

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. The buyer’s commitment to pay is supported by the level of its initial investment, Stratus’ assessment of the buyer’s credit standing and Stratus’ assessment of whether the buyer’s stake in the property is sufficient to motivate the buyer to honor its obligation to pay.

Stratus’ revenues from hotel operations are primarily derived from room reservations and food and beverage sales. Revenue is recognized when rooms are occupied and services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue.

Stratus’ revenues from entertainment operations are primarily derived from ticket sales, revenue from private events, sponsorships, personal seat license sales and suite sales, and sales of concessions and merchandise. Revenues from ticket sales are recognized after the corresponding performance occurs. Revenues from sponsorships and other revenue not related to a single event are classified as deferred revenue and generally amortized over the operating season or term of the contract. Revenues from concessions and merchandise sales are recognized at the time of sale.

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.

A summary of Stratus’ revenues follows (in thousands):



	Years Ended December 31,
	2018		2017
Hotel	$	37,905	$	38,360
Entertainment	22,506		22,998
Developed property sales	16,509		10,286
Leasing Operations	10,389		7,981
Undeveloped property sales	—		544
Commissions and other	291		171
Total revenues	$	87,600	$	80,340

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,
	2018			2017
Hotel	$	28,160		$	28,478
Entertainment	17,089			17,121
Depreciation	8,571			7,853
Leasing Operations	5,056			4,797
Project expenses and allocation of overhead costs (see below)	5,103			4,343
Cost of developed property sales	10,664			5,776
Other, net	(515		)	(93		)
Cost of undeveloped property sales	25			352
Total cost of sales	$	74,153		$	68,627

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 office supplies, 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.

Municipal Utility District Reimbursements. Stratus capitalizes infrastructure costs and receives Barton Creek municipal utility district (MUD) reimbursements for certain infrastructure costs incurred in the Barton Creek area. MUD reimbursements received for infrastructure projects are recorded as a reduction of the related asset’s carrying amount or cost of sales if the property has been sold. Stratus has long-term agreements with seven independent MUDs in Barton Creek to build the MUDs’ utility systems and to be eligible for future reimbursements for the related costs.

In November 2017, the city of Magnolia and the state of Texas approved the creation of a MUD which will provide an opportunity for Stratus to recoup approximately $26 million over the life of the project for future road and utility infrastructure costs incurred in connection with its development of the Magnolia project, an H-E-B, L.P. (HEB)-anchored retail project.

The amount and timing of MUD reimbursements depends upon the respective MUD having a sufficient tax base within its district to issue bonds and obtain the necessary state approval for the sale of the bonds. Because the timing of the issuance and approval of the bonds is subject to considerable uncertainty, coupled with the fact that interest rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements are not known until approximately one month before the MUD reimbursements are received. To the extent the reimbursements are less than the costs capitalized, Stratus records a loss when such determination is made. MUD reimbursements represent the actual amounts received.

Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $0.9 million in 2018 and $1.0 million in 2017.

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. See Note 6 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 for the years ended December 31 follow (in thousands, except per share amounts) follows:



	2018			2017
Net (loss) income	$	(3,986	)	$	3,884
Net loss (income) attributable to noncontrolling interests in subsidiaries	4			(5		)
Net (loss) income attributable to Stratus common stockholders	$	(3,982	)	$	3,879

Basic weighted-average shares of common stock outstanding	8,153			8,122

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)^a	—			49

Diluted weighted-average shares of common stock outstanding	8,153			8,171

Basic net (loss) income per share attributable to common stockholders	$	(0.49	)	$	0.48

Diluted net (loss) income per share attributable to common stockholders	$	(0.49	)	$	0.47


a.	Excludes approximately 96 thousand shares of common stock for 2018 and 26 thousand shares of common stock for 2017 associated with RSU’s and outstanding stock options that were anti-dilutive.

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 stock options is determined using the Black-Scholes-Merton option valuation model. The fair value of RSUs and performance based 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. See Note 7 for further discussion.

Stratus grants awards that settle in either cash or RSUs to employees and nonemployees under a profit participation plan. As required for liability-based awards under Accounting Standards Codification 718, at the date of grant, Stratus estimates the fair value of each award and adjusts the fair value in each subsequent reporting period. The awards are amortized on a straight-line basis over the estimated service period. See Note 7 for further discussion.

New Accounting Standards. Following is a discussion of new accounting standards.

Revenue Recognition. In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) related to revenue recognition. Stratus adopted this ASU January 1, 2018, under the modified retrospective approach applied to contracts that remain in force at the adoption date. The adoption of this standard did not result in any financial statement impacts. See Revenue Recognition policy in this note for Stratus’ policy.

Financial Instruments. In January 2016, FASB issued an ASU that amends the current guidance on the classification and measurement of financial instruments. This ASU makes limited changes to prior guidance and amends certain disclosure requirements. Stratus adopted this ASU effective January 1, 2018, and adoption did not have a material impact on its financial statements.

Leases. In February 2016, FASB issued an ASU that will require lessees to recognize most leases on the balance sheet. Stratus adopted this ASU effective January 1, 2019, and elected the practical expedient allowing it to apply the provisions of the updated lease guidance at the January 1, 2019, effective date, without adjusting the comparative periods presented. Stratus also elected an accounting policy to not recognize a lease asset and liability for leases with a term of 12 months or less and a purchase option that is not expected to be exercised. Stratus completed an assessment of its lease portfolio and designed processes and controls to account for its leases in accordance with the new standard. Upon the adoption of this ASU, Stratus will record right-of-use assets of approximately $12 million and corresponding lease liabilities in its consolidated balance sheet. Stratus will begin making the required lease disclosures under the ASU beginning with its March 31, 2019, quarterly report on Form 10-Q.

Statement of Cash Flows. In November 2016, FASB issued an ASU that changes the classification and presentation of restricted cash and restricted cash equivalents on the statement of cash flows. The ASU requires that a statement of cash flows include the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Stratus adopted this ASU effective January 1, 2018, and adjusted its consolidated statement of cash flows for the year ended December 31, 2017, to include restricted cash (Stratus has no restricted cash equivalents) with cash and cash equivalents.

The impact of adopting this ASU for the year ended December 31, 2017, follows (in millions):



	Previously Reported		Impact of Adoption		Current Presentation
Net increase in cash, cash equivalents and restricted cash	$	1,014	$	12,887	$	13,901
Cash, cash equivalents and restricted cash at beginning of year	13,597		11,892		25,489
Cash, cash equivalents and restricted cash at end of year	$	14,611	$	24,779	$	39,390

Share-Based Payment Transactions. In March 2016, the FASB issued an ASU that simplifies various aspects of the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, an accounting policy election for forfeitures and the classification on the statement of cash flows. Stratus adopted this ASU effective January 1, 2017, on a modified retrospective basis and recorded a cumulative effect adjustment of $143 thousand to its 2017 opening accumulated deficit balance.

Related Party Transactions (Notes)

12 Months Ended

Dec. 31, 2018

NOTE 2. RELATED PARTY TRANSACTIONS

The Saint Mary, L.P.

On June 19, 2018, The Saint Mary, L.P., a Texas limited partnership and a subsidiary of Stratus, completed a series of financing transactions to develop The Saint Mary, a 240-unit luxury, garden-style apartment project in the Circle C community in Austin, Texas. The financing transactions included (1) a $26 million construction loan with Texas Capital Bank, National Association (see Note 5 for further discussion) and (2) an $8.0 million private placement. The Saint Mary, L.P. issued, in a private placement exempt from registration under federal and state securities laws, Class B limited partnership interests to a limited number of investors (the Saint Mary Class B limited partners), for $8.0 million (the Saint Mary Offering) resulting in the Saint Mary Class B limited partners owning an aggregate 49.1 percent equity interest in The Saint Mary, L.P.

In accordance with the terms of the Saint Mary Offering, Circle C Land, L.P., a Texas limited partnership and a subsidiary of Stratus and the sole Class A limited partner of The Saint Mary, L.P. (Circle C) purchased Class B limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. for $1.0 million. Upon completion of the Saint Mary Offering, Stratus holds, in aggregate, a 57 percent indirect equity interest in The Saint Mary, L.P. Additionally, among the participants in the Saint Mary Offering, LCHM Holdings, LLC (LCHM), a related party as a result of its greater than 5 percent beneficial ownership of Stratus’ common stock, purchased Saint Mary Class B limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. for $1.0 million.

In connection with the Saint Mary Offering, The Saint Mary GP, L.L.C., a Texas limited liability company (the Saint Mary General Partner) and a subsidiary of Stratus, Circle C, and the Saint Mary Class B limited partners entered into an Amended and Restated Limited Partnership Agreement (the Saint Mary Partnership Agreement) effective as of June 18, 2018. The Saint Mary Partnership Agreement includes the following key provisions:


•	The Saint Mary, L.P. will be managed by the Saint Mary General Partner, and The Saint Mary, L.P. will pay the Saint Mary General Partner, or another affiliate of Stratus, an asset management fee of $210 thousand per year beginning one year after construction of The Saint Mary begins.


•	The Saint Mary, L.P. will pay the Saint Mary General Partner, or another affiliate of Stratus, a development management fee of approximately $1.4 million for the overall coordination and management of the development and construction of The Saint Mary.


•	Circle C contributed an approximate 14.35 acre tract of land upon which The Saint Mary will be developed and constructed and $0.7 million of cash.


•	The partners are entitled to preferred returns, which change after certain returns are achieved as specified in the Saint Mary Partnership Agreement.

Stratus has performed evaluations and concluded that The Saint Mary, L.P. is a variable interest entity and that Stratus is the primary beneficiary. Stratus will continue to evaluate which entity is the primary beneficiary of The Saint Mary, L.P. in accordance with applicable accounting guidance. As of December 31, 2018, Stratus’ consolidated balance sheet included the following assets and liabilities of The Saint Mary, L.P. (in thousands):



Assets:
Cash and cash equivalents	$	32
Restricted cash	2,284
Real estate held under development	11,095
Other assets	742
Total assets	$	14,153
Liabilities:
Accounts payable	$	2,459
Accrued liabilities, including taxes	21
Total liabilities	2,480
Net assets	$	11,673

Stratus Kingwood Place, L.P.

On August 3, 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 $6.75 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, a new HEB-anchored mixed-use development project (Kingwood Place). The development plan for Kingwood Place includes a 103,000-square-foot HEB store, 41,000 square feet of retail space, 6 retail pads, and an 11-acre parcel planned for approximately 300 multi-family units. The Kingwood, L.P. issued, in a private placement exempt from registration under federal and state securities laws, Class B limited partnership interests to a limited number of investors (the Kingwood Class B limited partners), for $11 million (the Kingwood Offering), representing approximately 70 percent of the projected partnership equity. Among the participants in the Kingwood Offering, LCHM purchased Kingwood Class B limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. for $1.0 million.

In connection with the Kingwood Offering, Stratus Northpark, L.L.C., a Texas limited liability company, a subsidiary of Stratus and the general partner of the Kingwood, L.P. (the Kingwood General Partner), Stratus Properties Operating Co., L.P., a Delaware limited partnership, also a subsidiary of Stratus (the Class A limited partner), and the Kingwood Class B limited partners entered into an Amended and Restated Limited Partnership Agreement (the Kingwood Partnership Agreement) effective as of August 3, 2018. The Kingwood Partnership Agreement includes the following key provisions:


•	The Kingwood, L.P. will be managed by the Kingwood General Partner, and the Kingwood, L.P. will pay the Kingwood General Partner, or another affiliate of Stratus, an asset management fee of $283 thousand per year beginning one year after construction of Kingwood Place begins.


•	The Kingwood, L.P. will pay the Kingwood General Partner, or another affiliate of Stratus, a development management fee equal to four percent of the construction costs for Kingwood Place for the overall coordination and management of the development and construction of Kingwood Place.


•	The partners are entitled to preferred returns, which change after certain returns are achieved as specified in the Kingwood Partnership Agreement.

On December 6, 2018, the Kingwood, L.P., entered into a construction loan agreement with Comerica Bank, which supersedes and replaces the land acquisition loan agreement discussed above and provides for a loan totaling approximately $32.9 million to finance nearly 70 percent of the costs associated with construction of Kingwood Place (see Note 5 for further discussion). The remaining 30 percent of the project’s cost (totaling approximately $15 million) is being funded by borrower equity, contributed by Stratus and private equity investors.

Stratus has performed evaluations and concluded that the Kingwood, L.P. is a variable interest entity and that Stratus is the primary beneficiary. Stratus will continue to evaluate which entity is the primary beneficiary of the Kingwood, L.P. in accordance with applicable accounting guidance. As of December 31, 2018, Stratus’ consolidated balance sheet included the following assets and liabilities of the Kingwood, L.P. (in thousands):



Assets:
Cash and cash equivalents	$	1,907
Real estate held under development	16,833
Other assets	50
Total assets	$	18,790
Liabilities:
Accounts payable	$	992
Accrued liabilities, including taxes	12
Debt	6,125
Total liabilities	7,129
Net assets	$	11,661

Other Transactions

There are no transactions between Stratus and the immediate family of its related parties except for an arrangement between Stratus and Austin Retail Partners for services to be provided by the son of Stratus' Chief Executive Officer. Under the terms of the agreement dated September 1, 2018, Stratus pays Austin Retail Partners $100 thousand per year, discretionary annual bonuses, and reimbursement of costs for healthcare premiums and a real estate license for this individual’s services. Payments to Austin Retail Partners for his services and expense reimbursements during 2018 totaled approximately $35 thousand.

Real Estate, net

12 Months Ended

Dec. 31, 2018

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,
	2018			2017
Real estate held for sale:
Developed lots, townhomes and condominium units	$	16,396		$	22,612

Real estate under development:
Acreage, multi-family units, commercial square footage and townhomes	136,678			118,484

Land available for development:
Undeveloped acreage	24,054			14,804

Real estate held for investment:
Barton Creek Village	4,937			5,075
Santal Phase I	38,012			38,023
Santal Phase II	31,663			—
West Killeen Market	9,742			8,818
Lantana Place	25,648			—
Jones Crossing	13,098			—
Circle C	629			—
W Austin Hotel & Residences
Hotel	112,263			111,808
Entertainment venue	42,862			42,687
Office and retail	19,523			19,515
Furniture, fixtures and equipment	1,300			1,290
Total	299,677			227,216
Accumulated depreciation	(46,603		)	(38,826		)
Total real estate held for investment, net	253,074			188,390
Total real estate, net	$	430,202		$	344,290

Real estate held for sale. Developed lots, Amarra Villas townhomes and condominium units include individual tracts of land that have been developed and permitted for residential use, developed lots with homes already built on them or condominium units at the W Austin Hotel & Residences. As of December 31, 2018, Stratus owned 38 developed lots, 2 townhomes in Amarra Villas and 1 condominium unit at the W Austin Hotel & Residences.

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.

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, 2018, included land permitted for residential and commercial development.

Real estate held for investment. Following is a discussion of real estate held for investment as of December 31, 2018.

Barton Creek Village, a 22,366-square-foot retail building, was 54 percent leased, and leasing activities for the vacant space are ongoing. The Santal Phase I multi-family project, a garden-style apartment complex consisting of 236 units, was 95 percent leased and stabilized, and the Santal Phase II multi-family project, a 212-unit garden style, multi-family project, was 33 percent leased. The West Killeen Market project includes 44,493 square feet of commercial space and 3 pad sites adjacent to a 90,000 square-foot HEB grocery store. Leases for 68 percent of the space at West Killeen Market have been executed, all tenants are currently open for business and leasing activities for the vacant space are ongoing. The first 99,379-square-foot retail phase of the Lantana Place project has signed leases for 71 percent of the retail space, and tenant improvement work is progressing. The first phase of the retail component of Jones Crossing, an HEB-anchored, mixed-use development in College Station, Texas, had signed leases for 87 percent of the retail space, including the HEB lease.

The W Austin Hotel & Residences includes a 251-room hotel, 38,316 square feet of leasable office space, including 9,000 square feet occupied by Stratus’ corporate office, and 18,327 square feet of retail space, including the 3TEN ACL Live venue, which has a capacity of approximately 350 people. Both the office and retail space were substantially fully occupied. The W Austin Hotel & Residences also includes entertainment space, occupied by ACL Live, an entertainment venue and production studio with a maximum capacity of 3,000 people.

Capitalized interest. Stratus recorded capitalized interest of $8.2 million in 2018 and $5.9 million in 2017.

Fair Value Measurements

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).

The carrying value for certain Stratus financial instruments (i.e., cash and cash equivalents, restricted cash, accounts payable and accrued liabilities) approximates fair value because of their short-term nature and generally negligible credit losses.

A summary of the carrying amount and fair value of Stratus’ other financial instruments follows (in thousands):



	December 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Interest rate swap agreement	$	53	$	53	$	—	$	—
Liabilities:
Debt	$	295,531	$	299,615	$	221,470	$	224,632
Interest rate swap agreement	—		—		134		134

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. 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.

Interest Rate Swap Agreement. The instrument rate swap does not qualify for hedge accounting and changes in its fair value are recorded in the consolidated statements of comprehensive (loss) income. Stratus evaluated the counterparty credit risk associated with the interest rate swap agreement, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate swap agreement is classified within Level 2 of the fair value hierarchy. The interest rate swap agreement with Comerica Bank was entered into in 2013, is effective through December 31, 2020, and has a fixed interest rate of 2.3 percent compared to the variable rate based on the one-month London Interbank Offered Rate (LIBOR). As of December 31, 2018, the agreement had a notional amount of $15.8 million which amortizes to $14.8 million by the end of the agreement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

DEBT

Stratus’ debt follows (in thousands):



	December 31,
	2018		2017
Goldman Sachs loan,
average interest rate of 5.58% in 2018 and 2017	$	143,250	$	145,195
Comerica Bank credit facility,
average interest rate of 6.02% in 2018 and 5.96% in 2017	50,221		25,765
Santal Phase I construction loan,
average interest rate of 4.70% in 2018 and 3.74% in 2017	32,622		31,864
Santal Phase II construction loan,
average interest rate of 5.18% in 2018	19,867		—
Lantana Place construction loan,
average interest rate of 4.85% in 2018	18,416		—
Jones Crossing construction loan
average interest rate of 5.29% in 2018 and 4.56% in 2017	11,784		4,646
West Killeen Market construction loan,
average interest rate of 4.76% in 2018 and 3.89% in 2017	6,636		5,378
Kingwood Place construction loan
average interest rate of 4.88% in 2018	6,125		—
Amarra Villas credit facility,
average interest rate of 4.92% in 2018 and 4.12% in 2017	3,326		5,247
Barton Creek Village term loan,
average interest rate of 4.19% in 2018 and 2017	3,284		3,375
Total debt^a	$	295,531	$	221,470

a. Includes net reductions for unamortized debt issuance costs of $2.8 million at December 31, 2018, and $2.1 million at December 31, 2017.

Goldman Sachs loan. In 2016, Stratus completed the refinancing of the W Austin Hotel & Residences. Goldman Sachs Mortgage Company provided a $150.0 million, ten-year, non-recourse term loan (the Goldman Sachs loan) with a fixed interest rate of 5.58 percent per annum and payable monthly based on a 30-year amortization. Stratus used the proceeds from the Goldman Sachs loan to fully repay its existing obligations under Stratus’ term loan with Bank of America, N.A. and the $20.0 million Comerica Bank term loan included as part of the Comerica Bank credit facility.

The obligations of Stratus Block 21, LLC (Block 21), a wholly-owned subsidiary of Stratus and borrower under the Goldman Sachs loan, are secured by all assets owned from time to time by Block 21. Additionally, certain obligations of Block 21 under the Goldman Sachs loan are guaranteed by Stratus, including environmental indemnification and other customary carve-out obligations. In connection with any acceleration of the Goldman Sachs loan, Block 21 must pay a yield maintenance premium in the amount of at least three percent of the amount of indebtedness prepaid. Prepayment of the Goldman Sachs loan is not permitted except for certain prepayments resulting from casualty or condemnation and in whole within 90 days of the maturity date.

Lakeway construction loan. In 2014, a Stratus subsidiary entered into a $62.9 million construction loan agreement with PlainsCapital Bank (the Lakeway construction loan) to fund the construction, development and leasing of The Oaks at Lakeway in Lakeway, Texas. In February 2017, Stratus repaid the Lakeway construction loan with proceeds from the sale of The Oaks at Lakeway (see Note 10). In connection with prepayment of the Lakeway construction loan, Stratus recorded a loss on early extinguishment of debt totaling $0.5 million in 2017.

Comerica Bank credit facility. On June 29, 2018, Stratus entered into a loan agreement with Comerica Bank to modify, increase and extend Stratus’ Comerica Bank credit facility, which was scheduled to mature on November 30, 2018. The new loan agreement provides for (1) an increase in the revolving credit facility from $45.0 million to $60.0 million, (2) a $7.5 million sublimit for letters of credit issuance and (3) an extension of the maturity date from November 30, 2018, to June 29, 2020. Advances under the credit facility bear interest at the annual LIBOR plus 4.0 percent. The Comerica Bank credit facility is secured by substantially all of Stratus’ assets, except for properties that are encumbered by separate debt financing. The loan agreement contains financial covenants usual and customary for loan agreements of this nature, including a requirement that Stratus maintains a net asset value, as defined in the agreement, of $125 million and an aggregate promissory note debt-to-gross asset value of less than 50 percent. As of December 31, 2018, Stratus had $7.6 million available under its $60.0 million Comerica Bank revolving line of credit, with $2.2 million of letters of credit committed against the credit facility.

Santal construction loans. In 2015, a Stratus subsidiary entered into a $34.1 million construction loan with Comerica Bank (Santal Phase I construction loan) to fund the development and construction of Santal Phase I, a 236-unit, garden-style, multi-family development in Section N of Barton Creek, which was completed in August 2016. On September 11, 2017, the same Stratus subsidiary entered into an amended and restated construction loan agreement with Comerica Bank to increase the original commitment to $59.2 million, which includes $32.8 million for the Santal Phase I construction loan and $26.4 million to finance the construction of Santal Phase II, a 212-unit garden style, multi-family, development located adjacent to Santal Phase I (Santal Phase II construction loan). Both the Santal Phase I and the Santal Phase II construction loans have a maturity date of September 11, 2020. As of December 31, 2018, $32.8 million was drawn on the Santal Phase I construction loan and $20.1 million was drawn on the Santal Phase II construction loan. The interest rates applicable to the construction loans are LIBOR plus 2.5 percent for Santal Phase I and LIBOR plus 3.0 percent for Santal Phase II. Payments of interest only on each loan are due monthly. Outstanding amounts are secured by Santal Phase I and Phase II and all subsequent improvements, including all leases and rents associated with the developments as well as related permits and other entitlements. The loan agreements and related documents contain affirmative and negative covenants usual and customary for loan agreements of this nature. Stratus may extend the maturity of each loan for up to two additional 12-month periods subject to satisfaction of certain conditions, including a debt service coverage ratio of at least 1.10 to 1.00 on the date immediately preceding the commencement of the first extension period and 1.20 to 1.00 on the date immediately preceding the commencement of the second extension period. The Santal Phase I and Phase II construction loans contain a covenant requirement that Stratus maintain a minimum total stockholders’ equity balance of $110.0 million.

Lantana Place construction loan. On April 28, 2017, a Stratus 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, a 320,000-square-foot, mixed-use development project in southwest Austin, Texas. Construction of the 99,379-square-foot first phase of Lantana Place was completed during third-quarter 2018 and leasing for the retail space is ongoing. As of December 31, 2018, $18.7 million was drawn on the Lantana Place construction loan. Interest is variable at one-month LIBOR plus 2.75 percent, subject to a minimum interest rate of 3.0 percent. Payments of interest only are due monthly, through November 1, 2020. The principal balance outstanding after November 1, 2020, will be payable in equal monthly installments of principal and interest based on a 30-year amortization. Outstanding amounts must be repaid in full on or before April 28, 2023, and can be prepaid without penalty. Outstanding amounts are secured by the Lantana Place project and all subsequent improvements, including all leases and rents associated with the development. The loan agreement contains affirmative and negative covenants usual and customary for loan agreements of this nature, including but not limited to, a requirement that Stratus maintains a net asset value, as defined in the agreement, of $125 million and a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 beginning on December 31, 2019. Stratus will guarantee outstanding amounts under the loan until the development is able to maintain a debt service ratio of 1.50 to 1.00 for a period of six consecutive months.

Jones Crossing construction loan. On September 1, 2017, a Stratus subsidiary entered into a $36.8 million construction loan with Southside Bank (the Jones Crossing construction loan) to finance construction of Phases 1 and 2, the retail component, of Stratus’ Jones Crossing project, an HEB-anchored, mixed use development in College Station, Texas. Construction of the first phase of the retail component of Jones Crossing was completed during third-quarter 2018. The HEB store opened in September 2018, as scheduled. As of December 31, 2018, $12.1 million was drawn on the Jones Crossing construction loan. Interest is variable at one-month LIBOR plus 3.75 percent, subject to a minimum interest rate of 4.0 percent. Payments of interest only are due monthly through March 1, 2021. The principal balance of the loan outstanding after March 1, 2021, will be payable in equal monthly installments of principal and interest based on a 30-year amortization. Outstanding amounts must be repaid in full on or before September 1, 2023. The loan is secured by the Jones Crossing project and all subsequent improvements, including all leases and rents associated with the development as well as related permits and other entitlements. The loan agreement contains affirmative and negative covenants usual and customary for loan agreements of this nature, including, but not limited to, a requirement that Stratus maintains a net asset value, as defined in the agreement, of $125 million and a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 beginning on March 31, 2020. Outstanding amounts under the loan are guaranteed by Stratus until Phases 1 and 2 of the Jones Crossing development are completed and the development is able to maintain a debt service ratio of 1.50 to 1.00 as of the end of each fiscal quarter.

West Killeen Market construction loan. In 2016, a Stratus subsidiary entered into a $9.9 million construction loan agreement with Southside Bank (the West Killeen Market loan) for the construction of the West Killeen Market project. Interest on the loan is variable at one-month LIBOR plus 2.75 percent, with a minimum interest rate of 3.0 percent. Payments of interest only are being made monthly during the initial 42 months of the 72-month term, followed by 30 months of monthly principal and interest payments based on a 30-year amortization. Borrowings on the West Killeen Market loan are secured by assets at Stratus’ West Killeen Market retail project in Killeen, Texas, and are guaranteed by Stratus until construction is completed and certain customary debt service coverage ratios are met. The loan agreement contains customary financial covenants including a requirement that Stratus maintain a minimum total stockholders’ equity balance of $110.0 million and a debt service coverage ratio of at least 1.35 to 1.00.

Kingwood Place construction loan. On December 6, 2018, the Kingwood, L.P., entered into a construction loan agreement with Comerica Bank (the Kingwood Place construction loan), which superseded and replaced a land acquisition loan agreement obtained from Comerica Bank on August 6, 2018, and provides for a loan in the amount of approximately $32.9 million to finance nearly 70 percent of the costs associated with construction of Kingwood Place. The total loan of $32.9 million includes the original commitment of $6.75 million used to purchase a 54-acre tract of land located in Kingwood, Texas, and an additional $26.1 million for the future development of Kingwood Place. The remaining 30 percent of the project’s cost (totaling approximately $15 million) is being funded by borrower equity, contributed by Stratus and private equity investors. The development plan for Kingwood Place includes a 103,000-square-foot HEB store, 41,000 square feet of retail space, 6 retail pads, and an 11-acre parcel planned for approximately 300 multi-family units. The loan has a maturity date of December 6, 2022, with the possibility of two 12-month extensions if certain debt service coverage ratios are met. The loan bears interest at LIBOR plus 2.5 percent. Borrowings on the Kingwood Place construction loan are secured by the Kingwood project, and are guaranteed by Stratus. The loan agreement contains the same financial covenants in place on Stratus’ Comerica Bank Credit Facility, including a requirement that Stratus maintains a net asset value of $125 million and an aggregate promissory note debt-to-gross asset value of less than 50 percent.

Amarra Villas credit facility. In 2016, a Stratus subsidiary entered into the Amarra Villas credit facility. The Amarra Villas credit facility matures on July 12, 2019, and is secured by assets at Stratus’ Villas at Amarra Drive townhome project. Interest on the loan is variable at LIBOR plus 3.0 percent. The Amarra Villas credit facility is guaranteed by Stratus and contains financial covenants including a requirement that Stratus maintain a minimum total stockholders’ equity balance of $110.0 million. Principal paydowns occur as townhomes are sold, and additional amounts are borrowed as additional townhomes are constructed.

Barton Creek Village term loan. In 2014, a Stratus subsidiary entered into a $6.0 million term loan agreement with PlainsCapital Bank (the Barton Creek Village term loan), that matures on June 27, 2024. The interest rate is fixed at 4.19 percent and payments of principal and interest are due monthly. The Barton Creek Village term loan is secured by assets at Stratus’ Barton Creek Village project. In February 2017, in connection with the sale of a portion of the property, Stratus prepaid $2.1 million of this loan. The Barton Creek Village term loan includes a requirement that the subsidiary maintain a minimum debt service coverage ratio, as defined in the agreement, of 1.35 to 1.00. As of December 31, 2018, the subsidiary's minimum debt service coverage ratio calculated in accordance with the Barton Creek Village term loan agreement was 1.29 to 1.00, and it was not in compliance with this requirement. PlainsCapital Bank waived the subsidiary's obligation to comply with the minimum debt service coverage ratio from December 31, 2018, through September 30, 2019.

The Saint Mary construction loan. On June 19, 2018, Stratus entered into a $26.0 million construction loan with Texas Capital Bank (The Saint Mary construction loan) to finance the initial phase of The Saint Mary. Stratus will fully guarantee The Saint Mary construction loan. The repayment guarantee will be reduced to 50 percent upon issuance of a certificate of occupancy for The Saint Mary and will be eliminated when the project debt service coverage ratio equals or exceeds 1.25 to 1.00. Interest is variable at the one-month LIBOR plus 3.0 percent. Payments of interest only will be due monthly, and outstanding principal is payable at maturity of June 19, 2021. Outstanding amounts will be secured by The Saint Mary and all subsequent improvements. The loan agreement contains affirmative and negative covenants usual and customary for loan agreements of this nature. Stratus may extend the maturity of this loan for up to two additional 12-month periods if certain conditions are met, including debt service coverage ratio thresholds. As of December 31, 2018, no amounts were drawn on The Saint Mary construction loan.

Maturities. The following table summarizes Stratus’ debt maturities based on the principal amounts outstanding as of December 31, 2018 (in thousands):



	2019		2020		2021		2022		2023		Thereafter		Total
Goldman Sachs loan	$	2,207	$	2,313	$	2,470	$	2,613	$	2,765	$	131,871	$	144,239
Comerica Bank credit facility	—		50,221		—		—		—		—		50,221
Santal Phase I construction loan^a	—		32,790		—		—		—		—		32,790
Santal Phase II construction loan^a	—		20,119		—		—		—		—		20,119
Lantana Place construction loan	—		22		258		272		18,110		—		18,662
Jones Crossing construction loan	—		—		110		157		11,863		—		12,130
West Killeen Market construction loan	—		78		97		6,591		—		—		6,766
Kingwood Place construction loan^a	—		—		—		6,750		—		—		6,750
Amarra Villas credit facility	3,358		—		—		—		—		—		3,358
Barton Creek Village term loan	103		106		112		117		121		2,766		3,325
Total	$	5,668	$	105,649	$	3,047	$	16,500	$	32,859	$	134,637	$	298,360


a.	Stratus has the option to extend the maturity date for two additional 12-month periods, subject to certain debt service coverage conditions.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Stratus’ benefit from (provision for) income taxes consists of the following (in thousands):



	Years Ended December 31,
	2018			2017
Current	$	(68	)	$	(7,998	)
Deferred	373			(5,906		)
Benefit from (provision for) income taxes	$	305		$	(13,904	)

The components of deferred income taxes follow (in thousands):



	December 31,
	2018			2017
Deferred tax assets and liabilities:
Real estate, commercial leasing assets and facilities	$	9,838		$	10,179
Employee benefit accruals	373			464
Accrued liabilities	58			53
Deferred income	21			81
Charitable contribution carryforward	78			—
Other assets	800			711
Net operating loss credit carryforwards	1,181			5
Other liabilities	(515		)	(32		)
Deferred tax assets, net	$	11,834		$	11,461

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. The realization of the deferred tax assets recorded as of December 31, 2018, and December 31, 2017, is primarily dependent upon Stratus’ ability to generate future taxable income.

A reconciliation of the U.S. federal statutory tax rate to Stratus’ effective income tax rate for the years ended December 31 follows (dollars in thousands):



	Years Ended December 31,
	2018					2017
	Amount			Percent		Amount			Percent
Income tax benefit (expense) computed at the
federal statutory income tax rate	$	901		21	%	$	(6,220	)	(35	)%
Adjustments attributable to:
Change in statutory rate	19			—		(7,580		)	(42	)
Executive compensation limitation	(444		)	(10	)	—			—
State taxes and other, net	(171		)	(4	)	(104		)	(1	)
Benefit from (provision for) income taxes	$	305		7	%	$	(13,904	)	(78	)%

Stratus paid federal income taxes and state margin taxes totaling $2.0 million in 2018 and $6.9 million in 2017. Stratus received income tax refunds of $0.3 million in 2018 and $2.3 million in 2017.

Uncertain Tax Positions. During the two years ended December 31, 2018, Stratus recorded unrecognized tax benefits related to state margin tax filing positions and federal examinations. A summary of the changes in unrecognized tax benefits follows (in thousands):



	Years Ended December 31,
	2018			2017
Balance at January 1	$	507		$	773
Additions for tax positions related to prior years	178			—
Subtractions for tax positions related to prior years	(371		)	(266		)
Balance at December 31	$	314		$	507

As of December 31, 2018, Stratus had $0.3 million of unrecognized tax benefits that if recognized would affect its annual effective tax rate. During 2019, approximately $0.3 million of unrecognized tax benefits could be recognized as a result of the expiration of statutes of limitations and completion of federal and state 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 (loss) income. As of December 31, 2018, less than $0.1 million of 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 2014, and state margin tax examinations for the years prior to 2013. Currently, Stratus is under examination by the Internal Revenue Service for tax years 2015 to 2017 and under examination by the Texas Comptroller for tax years 2014 to 2017.

Tax Reform. The Tax Cuts and Jobs Act (the Act) enacted on December 22, 2017, included significant changes to the then-existing U.S. Internal Revenue Code of 1986, as amended (the Code). The Act reduced the corporate income tax rate to 21 percent, eliminated the corporate alternative minimum tax, allowed for immediate expensing of capital investments, and limited the deduction of interest expense and executive compensation.

Reduction in Corporate Income Tax Rate. The Act reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent. While applicable for years after December 31, 2017, existing income tax accounting guidance requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Stratus recognized this change in the federal statutory rate and recorded a tax benefit of approximately $19 thousand in fourth-quarter 2018 and a tax provision of $7.6 million in fourth-quarter 2017, to reflect the impact on its deferred tax assets.

Executive Compensation Limitation. For tax years beginning after December 31, 2017, tax deductible compensation of covered employees is limited to $1.0 million. In addition, the definition of covered employees is revised to include the principal executive officer, the principal financial officer, and the three other highest paid officers. If an individual is a covered employee for a tax year beginning after December 31, 2016, the individual remains a covered employee for all future years. Under a transition rule, the changes do not apply to any remuneration under specified contracts in effect on November 2, 2017. During fourth-quarter 2018, Stratus recognized a $0.2 million tax charge related to the executive compensation limitation associated with the Act.

Equity Transactions, Stock-Based Compensation and Employee Benefits

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Equity Transactions, Stock-Based Compensation and Employee Benefits

EQUITY TRANSACTIONS, STOCK-BASED COMPENSATION AND EMPLOYEE BENEFITS

Equity

Dividends. Stratus’ Comerica Bank credit facility requires the bank’s prior written consent to pay a dividend on Stratus’ common stock. On March 15, 2017, the Board of Directors (the Board), after receiving written consent from Comerica Bank, declared a special cash dividend of $1.00 per share ($8.1 million), which was paid on April 18, 2017, to stockholders of record on March 31, 2017. The special cash dividend was declared after the Board’s consideration of the results of the sale of The Oaks at Lakeway. Comerica Bank’s consent to the payment of this special dividend is not indicative of the bank’s willingness to consent to the payment of future dividends. The declaration of future dividends is at the discretion of the Board, subject to the restrictions under Stratus’ Comerica Bank credit facility, and will depend on Stratus’ financial results, cash requirements, projected compliance with covenants in its debt agreements, outlook and other factors deemed relevant by the Board.

Share Purchase Program. In November 2013, Stratus’ Board approved an increase in the open market share purchase program from 0.7 million shares to 1.7 million shares of Stratus common stock. The purchases may occur over time depending on many factors, including the market price of Stratus common stock; Stratus’ operating results, cash flow and financial position; and general economic and market conditions. There were no purchases under this program during 2018 or 2017. As of December 31, 2018, 991,695 shares remained available under this program.

Stock-based Compensation

Stock Award Plans. Stratus currently has four stock-based compensation plans, all of which have awards available for grant. In 2017, Stratus’ stockholders approved the 2017 Stock Incentive Plan, which provides for the issuance of stock-based compensation awards, including stock options and RSUs, relating to 180,000 shares of Stratus common stock. Stratus’ 2013 and 2010 Stock Incentive Plans provide for the issuance of stock-based compensation awards, including stock options and RSUs, relating to 180,000 shares and 140,000 shares, respectively, of Stratus common stock. The 2017, 2013 and 2010 plans permit awards to Stratus employees, non-employee directors and consultants. Stratus’ 1996 Stock Option plan for Non-Employee Directors provides for the issuance of stock options only to Stratus' non-employee directors. Stratus common stock issued upon option exercises or RSU vestings represents newly issued shares of common stock. Awards with respect to 180,000 shares under the 2017 Stock Incentive Plan, 2,200 shares under the 2013 Stock Incentive Plan, 4,375 shares under the 2010 Stock Incentive Plan and 2,500 shares under the 1996 Stock Option Plan for Non-Employee Directors were available for new grants as of December 31, 2018.

Stock-Based Compensation Costs. Compensation costs charged against earnings for RSUs, the only awards granted over the last several years, totaled $0.8 million for each of 2018 and 2017. Stock-based compensation costs are capitalized when appropriate. 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 certain officers of Stratus at no cost to the directors and officers. The RSUs are converted into shares of Stratus common stock ratably and generally vest in one-quarter increments over the four years following the grant date. For officers, the awards will fully vest upon retirement, death and disability, and upon a qualifying termination of employment in connection with a change of control. For directors, the awards will fully vest upon a change of control and there will be a partial acceleration of vesting because of retirement, death and disability.

During 2016, Stratus’ executive officers were granted performance-based RSUs with a three-year performance period. The final number of shares to be issued to the executive officers will be determined based on achievement of certain performance targets. The total grant date target shares related to the performance-based RSU grants was 21,000, of which the executive officers can earn from 0 percent to 100 percent.

A summary of outstanding unvested RSUs, including performance-based RSUs, as of December 31, 2018, and activity during the year ended December 31, 2018, is presented below:



	Number of RSUs		Aggregate Intrinsic Value ($000)
Balance at January 1	99,200
Granted	23,600
Vested	(56,050	)
Balance at December 31	66,750		$	990

The total fair value of RSUs granted was $0.7 million for each of 2018 and 2017. The total intrinsic value of RSUs vested was $1.1 million during 2018 and $0.6 million during 2017. As of December 31, 2018, Stratus had $1.3 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over a weighted-average period of 1.3 years.

Stock Options. Stock options granted under the plans generally expire 10 years after the date of grant and vest in 25 percent annual increments beginning one year from the date of grant. Stratus has not granted stock options since 2011. A summary of stock options outstanding as of December 31, 2018, and changes during the year ended December 31, 2018, follows:



	Number of Options		Weighted Average Option Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($000)
Balance at January 1	12,500		$	16.64
Exercised	(2,500	)	29.03
Expired	(2,500	)	29.03
Balance at December 31	7,500		8.37		1.7	$	117
Vested and exercisable at December 31	7,500		8.37		1.7	$	117

The intrinsic value of options exercised totaled $3 thousand during 2018 and $142 thousand during 2017.

The following table includes amounts related to vesting of RSUs and exercises of stock options (in thousands, except shares of Stratus common stock tendered):



	Years Ended December 31,
	2018		2017
Stratus shares tendered to pay the exercise
price and/or the minimum required taxes^a	6,682		11,888
Cash received from stock option exercises	$	73	$	63
Amounts Stratus paid for employee taxes	$	204	$	297


a.	Under terms of the related plans and agreements, upon vesting of RSUs and exercise of stock options, employees may tender shares of Stratus common stock to Stratus to pay the exercise price and/or the minimum required taxes.

Employee Benefits

Stratus maintains 401(k) defined contribution plans subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The 401(k) plans provide 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) plans also provide for discretionary contributions. Stratus’ contributions to the 401(k) plans totaled $0.6 million in 2018 and $0.5 million in 2017.

Profit Participation Plan. On July 11, 2018, the Stratus Compensation Committee of the Board (the Committee) unanimously adopted the Stratus Profit Participation Incentive Plan (the Plan), which provides participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the Plan. Under the Plan, 25 percent of the profit for each approved project following a capital transaction (each as defined in the Plan) will be set aside in a pool. The Committee will allocate participation interests in each pool to certain officers, employees and consultants determined to be instrumental in the success of the project. The profit is equal to the net proceeds to Stratus from a capital transaction after Stratus has received a return of its costs and expenses, any capital contributions and a preferred return of 10 percent per year on the approved project. Provided the applicable service conditions are met, each participant is eligible to earn a bonus equal to his or her allocated participation interest in the applicable profit pool. Bonuses under the Plan are payable in cash prior to March 15th of the year following the capital transaction, unless the participant is an executive officer, in which case annual cash payouts under the Plan are limited to no more than four times the executive officer’s base salary, and any amounts due under the Plan in excess of that amount will be converted to an equivalent number of stock-settled restricted stock units with a one-year vesting period.

If a capital transaction has not occurred prior to the third anniversary of the date an approved project is substantially complete (a valuation event), the Committee will obtain a third-party appraisal of the approved project as of the valuation event. Based on the appraised value, the Committee will determine if any profit would have been generated after applying the hurdles described above, and if so, the amount of any bonus that would have been attributable to each participant. Any such amount will convert into an equivalent number of stock-settled restricted stock units that will vest in annual installments over a three-year period, provided that the participant satisfies the applicable service conditions.

On August 2, 2018, the Committee designated seven existing development projects as approved projects under the Plan, and allocated participation interests in profit pools of each approved project to certain officers, employees and consultants. Stratus determined that the fair value of the awards at December 31, 2018, was approximately $8 million of which approximately $3 million will be capitalized to the related projects and the balance will be charged to expense on a straight-line basis over the estimated service period.

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 Level 3 fair value assumptions used at December 31, 2018, were projected cash flows, estimated capitalization rates ranging from 5.0 percent to 7.1 percent, projected service periods for each project ranging from 2.2 years to 4.6 years, and estimated transaction costs of approximately 1.4 percent to 4.0 percent.

For the period August 2, 2018, to December 31, 2018, Stratus accrued $0.3 million to project cost and $0.5 million in general and administrative expense related to the Plan. Estimates related to the Plan 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. As of December 31, 2018, no amounts had been paid to participants under the Plan.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	COMMITMENTS AND CONTINGENCIES Construction Contracts. Stratus had commitments under noncancelable construction contracts totaling $36.9 million at December 31, 2018. These commitments primarily included contracts for construction of The Saint Mary, Kingwood Place and Santal Phase II projects. Letters of Credit. As of December 31, 2018, Stratus had letters of credit committed totaling $2.2 million under its credit facility with Comerica Bank (see Note 5). Jones Crossing Ground Lease. In September 2017, a Stratus subsidiary entered into a 99-year ground lease for approximately 72 acres of land in College Station, Texas. Stratus began construction of the Jones Crossing Project in September 2017. The annual contractual payments under this noncancelable long-term operating lease total less than $0.1 million for 2021, $0.4 million for 2022, $0.5 million for 2023 and $110.5 million thereafter. Rental Income. As of December 31, 2018, Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases which extend through 2039, totaled $5.7 million in 2019, $5.8 million in 2020, $5.8 million in 2021, $5.6 million in 2022, $5.4 million in 2023 and $46.6 million thereafter. Other Operating Leases. As of December 31, 2018, Stratus’ minimum annual contractual payments under its noncancelable long-term operating leases excluding the Jones Crossing ground lease discussed above, totaled $0.2 million for 2019, $0.2 million for 2020 and less than $0.1 million for both 2021 and 2022. Total expense under Stratus’ operating leases totaled $0.2 million for 2018 and $0.1 million for 2017. HEB Profit Participation. HEB has profit participation rights in the Jones Crossing, Kingwood, Lakeway and New Caney projects. HEB 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. New Caney Partnership. In October 2018, Stratus, in partnership with HEB, purchased a tract of land for approximately $9.5 million in New Caney, Texas, for the future development of an HEB-anchored, mixed-use project. Stratus committed to acquiring HEB's interest in the partnership upon finalization of the lease for the HEB grocery store. In March 2019, the lease was executed and Stratus acquired HEB’s interests for approximately $5 million, which was funded with loan proceeds from Texas Capital Bank. Circle C Settlement. In 2002, the city of Austin (the City) 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 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, 2018, Stratus had permanently used $12.7 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 defer recognition of any gain associated with the use of the fees until the affected properties are sold. Stratus also had $0.5 million in credit bank capacity in use as temporary fiscal deposits as of December 31, 2018. Available credit bank capacity was $2.7 million at December 31, 2018. 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 will 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

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Business segment information

BUSINESS SEGMENTS

Stratus currently has four operating segments: Real Estate Operations, Leasing Operations, Hotel and Entertainment.

The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed for sale, under development and available for development), which include its properties in Austin, Texas (the Barton Creek community, including a portion of Santal Phase II still under development; the Circle C community, including The Saint Mary; the Lantana community, including a portion of Lantana Place still under development; and one condominium unit at the W Austin Hotel & Residences); in Lakeway, Texas, located in the greater Austin area (Lakeway); in College Station, Texas (a portion of Jones Crossing still under development); and in Magnolia, Texas (Magnolia), Kingwood, Texas (Kingwood Place) and New Caney, Texas, located in the greater Houston area.

The Leasing Operations segment includes the office and retail space at the W Austin Hotel & Residences, Barton Creek Village, Santal Phase I, West Killeen Market in Killeen, Texas, and completed portions of the Santal Phase II, Lantana Place and Jones Crossing projects.

The Hotel segment includes the W Austin Hotel located at the W Austin Hotel & Residences in downtown Austin, Texas.

The Entertainment segment includes ACL Live, a live music and entertainment venue, and 3TEN ACL Live, both located at the W Austin Hotel & Residences. In addition to hosting concerts and private events, ACL Live is the home of Austin City Limits, the longest running music series in American television history.

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 for the years ended December 31, follow (in thousands):



	Year Ended December 31,
	2018		2017
Real Estate Operations:
Developed property sales	$	16,509	$	10,286
Undeveloped property sales	—		544
Commissions and other	291		171
	16,800		11,001
Leasing Operations:
Rental revenue	10,389		7,981
	10,389		7,981
Hotel:
Rooms, food and beverage	35,357		35,910
Other	2,548		2,450
	37,905		38,360
Entertainment:
Event revenue	19,844		20,358
Other	2,662		2,640
	22,506		22,998

Total Revenues from Contracts with Unaffiliated Customers	$	87,600	$	80,340

Financial Information by Business Segment. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).



	Real Estate Operations^a			Leasing Operations		Hotel		Entertainment		Eliminations and Other^b			Total
Year Ended December 31, 2018:
Revenues:
Unaffiliated customers	$	16,800		$	10,389	$	37,905	$	22,506	$	—		$	87,600
Intersegment	31			930		317		185		(1,463		)	—
Cost of sales, excluding depreciation	15,276		^c	5,088		28,312		17,702		(796		)	65,582
Depreciation	250			3,334		3,562		1,563		(138		)	8,571
General and administrative expenses	—			—		—		—		11,274			11,274
Operating income (loss)	$	1,305		$	2,897	$	6,348	$	3,426	$	(11,803	)	$	2,173
Capital expenditures and purchases and development of real estate properties	$	43,660		$	60,759	$	775	$	398	$	—		$	105,592
Total assets at December 31, 2018	177,617			175,889		100,248		35,899		6,840			496,493



Year Ended December 31, 2017:
Revenues:
Unaffiliated customers	$	11,001	$	7,981			$	38,360	$	22,998		$	—		$	80,340
Intersegment	143		875				321		234			(1,573		)	—
Cost of sales, excluding depreciation	10,377		4,829				28,584		17,719			(735		)	60,774
Depreciation	232		2,693				3,544		1,523			(139		)	7,853
General and administrative expenses	—		—				—		—			11,401			11,401
Profit participation	—		2,538				—		—			—			2,538
Loss (gain) on sales of assets	13		(25,421		)	^d	—		(55		)	—			(25,463		)
Operating income (loss)	$	522	$	24,217			$	6,553	$	4,045		$	(12,100	)	$	23,237
Capital expenditures and purchases and development of real estate properties	$	14,395	$	33,290			$	506	$	283		$	—		$	48,474
Total assets at December 31, 2017	189,832		71,851				102,491		35,446			6,373			405,993


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 $0.4 million of reductions to cost of sales associated with collection of prior-years’ assessments of properties in Barton Creek.


d.	Includes $24.3 million associated with recognition of the majority of the gain on the sale of The Oaks at Lakeway (see Note 10).

Asset Sales (Notes)	12 Months Ended
Asset Sales (Notes)	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	The Oaks at Lakeway. On February 15, 2017, Stratus sold The Oaks at Lakeway to FHF I Oaks at Lakeway, LLC for $114.0 million in cash. Net cash proceeds were $50.8 million after repayment of the Lakeway construction loan (see Note 5). Stratus used a portion of these net cash proceeds to pay indebtedness outstanding under the Comerica Bank credit facility. The parties entered into three master lease agreements at closing: (1) one covering unleased in-line retail space, with a 5-year term, (2) one covering four unleased pad sites, three of which have 10-year terms, and one of which has a 15-year term, and (3) one covering the hotel pad with a 99-year term. As specified conditions are met, primarily consisting of the tenant executing a lease, commencing payment of rent and taking occupancy, leases will be assigned to the purchaser and the corresponding property will be removed from the master lease, reducing Stratus’ master lease payment obligations. Stratus’ master lease payment obligation, which currently approximates $150 thousand per month, is expected to decline over time until leasing is complete and all leases are assigned to the purchaser. Stratus agreed to guarantee the obligations of its selling subsidiary under the sales agreement, up to a liability cap of two percent of the purchase price. This cap does not apply to Stratus’ obligation to satisfy the selling subsidiary’s indemnity obligations for its broker commissions or similar compensation or Stratus’ liability in guaranteeing the selling subsidiary’s obligations under the master leases. To secure its obligations under the master leases, Stratus has provided a $1.5 million irrevocable letter of credit with a three-year term. At the date of sale, Stratus allocated the purchase price for The Oaks at Lakeway between two performance obligations based on the relative fair values of each. The first performance obligation, to deliver the completed and leased portion of the property, was performed on the date of sale. The second performance obligation was to complete construction of the remaining buildings and leasing of the vacant space. The obligations under master leases were considered variable consideration and are recorded as reductions to the contract liability. The hotel pad was leased to a hotel operator under a ground lease at the date of sale; however, the hotel tenant had not commenced rent payments or construction of the hotel at that time. At the date of the sale, primarily because of the uncertainty related to the hotel tenant’s performance under its ground lease, the probability-weighted estimate of the obligations under the master leases reduced the sale consideration such that no gain was recognized on the sale. Once the hotel tenant began paying rent in May 2017 and obtained construction financing and commenced construction of the hotel in August 2017, the probability-weighted estimate of Stratus’ obligations under the master leases was significantly reduced, and a gain of $24.3 million related to the first performance obligation was recognized in third-quarter 2017. A contract liability of $9.3 million is presented as a deferred gain in the consolidated balance sheets at December 31, 2018, compared with $11.3 million at December 31, 2017. The reduction in the deferred gain balance primarily reflects master lease payments. The contract liability, as reduced by future master lease payments, will be recognized as additional gain as Stratus fulfills the remaining performance obligation. Upon the sale of The Oaks at Lakeway, HEB earned a profit participation of $2.5 million (of which $2.2 million was paid at closing), which is presented separately in the consolidated statements of comprehensive (loss) income. FFF Presents LLC. In October 2017, Stratus sold intangible assets of FFF Presents, LLC, primarily the rights to host the Fun Fun Fun Festival. The purchaser paid a base purchase price of $0.3 million. The purchaser will also pay Stratus a contingent purchase price based on a portion of festival profit between 2018 and 2022 and a deferred purchase price based on a multiple of a portion of average festival profit in 2021 and 2022. Stratus recognized a gain on the sale of $0.2 million. Barton Creek Village. On February 28, 2017, Stratus completed the sale of its 3,085-square-foot bank building and an adjacent undeveloped 4.1 acre tract of land in Barton Creek Village, for $3.1 million and recorded a gain on the sale of $1.1 million. In connection with the sale, a $2.1 million paydown was made on the Barton Creek Village term loan.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS In January 2019, Circle C Land, L.P., a wholly owned subsidiary of Stratus, completed the sale of a CVS store ground lease for a subdivided retail pad located in the Circle C community for $3.2 million. Stratus used proceeds from the sale to repay $2.5 million of its Comerica Bank credit facility. In February 2019, a MUD bond issue closed and Stratus received $4.6 million in March 2019. Stratus evaluated events after December 31, 2018, 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.

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Business and Principles of Consolidation

Concentration of Risk

Use of 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.

Real Estate and Leasing Assets

Depreciation, Depletion, and Amortization

Accrued Property Taxes

Revenue Recognition

A summary of Stratus’ revenues follows (in thousands):



	Years Ended December 31,
	2018		2017
Hotel	$	37,905	$	38,360
Entertainment	22,506		22,998
Developed property sales	16,509		10,286
Leasing Operations	10,389		7,981
Undeveloped property sales	—		544
Commissions and other	291		171
Total revenues	$	87,600	$	80,340

Cost of Sales



	Years Ended December 31,
	2018			2017
Hotel	$	28,160		$	28,478
Entertainment	17,089			17,121
Depreciation	8,571			7,853
Leasing Operations	5,056			4,797
Project expenses and allocation of overhead costs (see below)	5,103			4,343
Cost of developed property sales	10,664			5,776
Other, net	(515		)	(93		)
Cost of undeveloped property sales	25			352
Total cost of sales	$	74,153		$	68,627

Allocation of Overhead Costs

Municipal Utility District Reimbursements

Advertising Costs

Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $0.9 million in 2018 and $1.0 million in 2017.

Income Tax

Earnings Per Share



	2018			2017
Net (loss) income	$	(3,986	)	$	3,884
Net loss (income) attributable to noncontrolling interests in subsidiaries	4			(5		)
Net (loss) income attributable to Stratus common stockholders	$	(3,982	)	$	3,879

Basic weighted-average shares of common stock outstanding	8,153			8,122

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)^a	—			49

Diluted weighted-average shares of common stock outstanding	8,153			8,171

Basic net (loss) income per share attributable to common stockholders	$	(0.49	)	$	0.48

Diluted net (loss) income per share attributable to common stockholders	$	(0.49	)	$	0.47


a.	Excludes approximately 96 thousand shares of common stock for 2018 and 26 thousand shares of common stock for 2017 associated with RSU’s and outstanding stock options that were anti-dilutive.

Stock-based Compensation

New Accounting Standards

New Accounting Standards. Following is a discussion of new accounting standards.

The impact of adopting this ASU for the year ended December 31, 2017, follows (in millions):



	Previously Reported		Impact of Adoption		Current Presentation
Net increase in cash, cash equivalents and restricted cash	$	1,014	$	12,887	$	13,901
Cash, cash equivalents and restricted cash at beginning of year	13,597		11,892		25,489
Cash, cash equivalents and restricted cash at end of year	$	14,611	$	24,779	$	39,390

Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

The impact of adopting this ASU for the year ended December 31, 2017, follows (in millions):



	Previously Reported		Impact of Adoption		Current Presentation
Net increase in cash, cash equivalents and restricted cash	$	1,014	$	12,887	$	13,901
Cash, cash equivalents and restricted cash at beginning of year	13,597		11,892		25,489
Cash, cash equivalents and restricted cash at end of year	$	14,611	$	24,779	$	39,390

Cost of Sales

A summary of Stratus’ cost of sales follows (in thousands):



	Years Ended December 31,
	2018			2017
Hotel	$	28,160		$	28,478
Entertainment	17,089			17,121
Depreciation	8,571			7,853
Leasing Operations	5,056			4,797
Project expenses and allocation of overhead costs (see below)	5,103			4,343
Cost of developed property sales	10,664			5,776
Other, net	(515		)	(93		)
Cost of undeveloped property sales	25			352
Total cost of sales	$	74,153		$	68,627

Revenue from External Customers by Products and Services

A summary of Stratus’ revenues follows (in thousands):



	Years Ended December 31,
	2018		2017
Hotel	$	37,905	$	38,360
Entertainment	22,506		22,998
Developed property sales	16,509		10,286
Leasing Operations	10,389		7,981
Undeveloped property sales	—		544
Commissions and other	291		171
Total revenues	$	87,600	$	80,340

Stratus’ revenues from contracts with customers for the years ended December 31, follow (in thousands):



	Year Ended December 31,
	2018		2017
Real Estate Operations:
Developed property sales	$	16,509	$	10,286
Undeveloped property sales	—		544
Commissions and other	291		171
	16,800		11,001
Leasing Operations:
Rental revenue	10,389		7,981
	10,389		7,981
Hotel:
Rooms, food and beverage	35,357		35,910
Other	2,548		2,450
	37,905		38,360
Entertainment:
Event revenue	19,844		20,358
Other	2,662		2,640
	22,506		22,998

Total Revenues from Contracts with Unaffiliated Customers	$	87,600	$	80,340

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 for the years ended December 31 follow (in thousands, except per share amounts) follows:



	2018			2017
Net (loss) income	$	(3,986	)	$	3,884
Net loss (income) attributable to noncontrolling interests in subsidiaries	4			(5		)
Net (loss) income attributable to Stratus common stockholders	$	(3,982	)	$	3,879

Basic weighted-average shares of common stock outstanding	8,153			8,122

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)^a	—			49

Diluted weighted-average shares of common stock outstanding	8,153			8,171

Basic net (loss) income per share attributable to common stockholders	$	(0.49	)	$	0.48

Diluted net (loss) income per share attributable to common stockholders	$	(0.49	)	$	0.47


a.	Excludes approximately 96 thousand shares of common stock for 2018 and 26 thousand shares of common stock for 2017 associated with RSU’s and outstanding stock options that were anti-dilutive.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block]

As of December 31, 2018, Stratus’ consolidated balance sheet included the following assets and liabilities of The Saint Mary, L.P. (in thousands):



Assets:
Cash and cash equivalents	$	32
Restricted cash	2,284
Real estate held under development	11,095
Other assets	742
Total assets	$	14,153
Liabilities:
Accounts payable	$	2,459
Accrued liabilities, including taxes	21
Total liabilities	2,480
Net assets	$	11,673

Real Estate, net (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018			2017
Real estate held for sale:
Developed lots, townhomes and condominium units	$	16,396		$	22,612

Real estate under development:
Acreage, multi-family units, commercial square footage and townhomes	136,678			118,484

Land available for development:
Undeveloped acreage	24,054			14,804

Real estate held for investment:
Barton Creek Village	4,937			5,075
Santal Phase I	38,012			38,023
Santal Phase II	31,663			—
West Killeen Market	9,742			8,818
Lantana Place	25,648			—
Jones Crossing	13,098			—
Circle C	629			—
W Austin Hotel & Residences
Hotel	112,263			111,808
Entertainment venue	42,862			42,687
Office and retail	19,523			19,515
Furniture, fixtures and equipment	1,300			1,290
Total	299,677			227,216
Accumulated depreciation	(46,603		)	(38,826		)
Total real estate held for investment, net	253,074			188,390
Total real estate, net	$	430,202		$	344,290

Fair Value Measurements Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

A summary of the carrying amount and fair value of Stratus’ other financial instruments follows (in thousands):



	December 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Interest rate swap agreement	$	53	$	53	$	—	$	—
Liabilities:
Debt	$	295,531	$	299,615	$	221,470	$	224,632
Interest rate swap agreement	—		—		134		134

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Stratus’ debt follows (in thousands):



	December 31,
	2018		2017
Goldman Sachs loan,
average interest rate of 5.58% in 2018 and 2017	$	143,250	$	145,195
Comerica Bank credit facility,
average interest rate of 6.02% in 2018 and 5.96% in 2017	50,221		25,765
Santal Phase I construction loan,
average interest rate of 4.70% in 2018 and 3.74% in 2017	32,622		31,864
Santal Phase II construction loan,
average interest rate of 5.18% in 2018	19,867		—
Lantana Place construction loan,
average interest rate of 4.85% in 2018	18,416		—
Jones Crossing construction loan
average interest rate of 5.29% in 2018 and 4.56% in 2017	11,784		4,646
West Killeen Market construction loan,
average interest rate of 4.76% in 2018 and 3.89% in 2017	6,636		5,378
Kingwood Place construction loan
average interest rate of 4.88% in 2018	6,125		—
Amarra Villas credit facility,
average interest rate of 4.92% in 2018 and 4.12% in 2017	3,326		5,247
Barton Creek Village term loan,
average interest rate of 4.19% in 2018 and 2017	3,284		3,375
Total debt^a	$	295,531	$	221,470

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table summarizes Stratus’ debt maturities based on the principal amounts outstanding as of December 31, 2018 (in thousands):



	2019		2020		2021		2022		2023		Thereafter		Total
Goldman Sachs loan	$	2,207	$	2,313	$	2,470	$	2,613	$	2,765	$	131,871	$	144,239
Comerica Bank credit facility	—		50,221		—		—		—		—		50,221
Santal Phase I construction loan^a	—		32,790		—		—		—		—		32,790
Santal Phase II construction loan^a	—		20,119		—		—		—		—		20,119
Lantana Place construction loan	—		22		258		272		18,110		—		18,662
Jones Crossing construction loan	—		—		110		157		11,863		—		12,130
West Killeen Market construction loan	—		78		97		6,591		—		—		6,766
Kingwood Place construction loan^a	—		—		—		6,750		—		—		6,750
Amarra Villas credit facility	3,358		—		—		—		—		—		3,358
Barton Creek Village term loan	103		106		112		117		121		2,766		3,325
Total	$	5,668	$	105,649	$	3,047	$	16,500	$	32,859	$	134,637	$	298,360


a.	Stratus has the option to extend the maturity date for two additional 12-month periods, subject to certain debt service coverage conditions.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of benefit from (provision for) income taxes

Stratus’ benefit from (provision for) income taxes consists of the following (in thousands):



	Years Ended December 31,
	2018			2017
Current	$	(68	)	$	(7,998	)
Deferred	373			(5,906		)
Benefit from (provision for) income taxes	$	305		$	(13,904	)

Schedule of components of deferred income taxes

The components of deferred income taxes follow (in thousands):



	December 31,
	2018			2017
Deferred tax assets and liabilities:
Real estate, commercial leasing assets and facilities	$	9,838		$	10,179
Employee benefit accruals	373			464
Accrued liabilities	58			53
Deferred income	21			81
Charitable contribution carryforward	78			—
Other assets	800			711
Net operating loss credit carryforwards	1,181			5
Other liabilities	(515		)	(32		)
Deferred tax assets, net	$	11,834		$	11,461

Schedule of reconciliation of U.S. federal statutory tax rate

A reconciliation of the U.S. federal statutory tax rate to Stratus’ effective income tax rate for the years ended December 31 follows (dollars in thousands):



	Years Ended December 31,
	2018					2017
	Amount			Percent		Amount			Percent
Income tax benefit (expense) computed at the
federal statutory income tax rate	$	901		21	%	$	(6,220	)	(35	)%
Adjustments attributable to:
Change in statutory rate	19			—		(7,580		)	(42	)
Executive compensation limitation	(444		)	(10	)	—			—
State taxes and other, net	(171		)	(4	)	(104		)	(1	)
Benefit from (provision for) income taxes	$	305		7	%	$	(13,904	)	(78	)%

Summary of changes in unrecognized tax benefits

A summary of the changes in unrecognized tax benefits follows (in thousands):



	Years Ended December 31,
	2018			2017
Balance at January 1	$	507		$	773
Additions for tax positions related to prior years	178			—
Subtractions for tax positions related to prior years	(371		)	(266		)
Balance at December 31	$	314		$	507

Equity Transactions, Stock-Based Compensation and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Summary of outstanding unvested RSUs

A summary of outstanding unvested RSUs, including performance-based RSUs, as of December 31, 2018, and activity during the year ended December 31, 2018, is presented below:



	Number of RSUs		Aggregate Intrinsic Value ($000)
Balance at January 1	99,200
Granted	23,600
Vested	(56,050	)
Balance at December 31	66,750		$	990

Summary of stock options outstanding

A summary of stock options outstanding as of December 31, 2018, and changes during the year ended December 31, 2018, follows:



	Number of Options		Weighted Average Option Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($000)
Balance at January 1	12,500		$	16.64
Exercised	(2,500	)	29.03
Expired	(2,500	)	29.03
Balance at December 31	7,500		8.37		1.7	$	117
Vested and exercisable at December 31	7,500		8.37		1.7	$	117

Schedule of vesting of RSUs and exercises of stock options

The following table includes amounts related to vesting of RSUs and exercises of stock options (in thousands, except shares of Stratus common stock tendered):



	Years Ended December 31,
	2018		2017
Stratus shares tendered to pay the exercise
price and/or the minimum required taxes^a	6,682		11,888
Cash received from stock option exercises	$	73	$	63
Amounts Stratus paid for employee taxes	$	204	$	297


a.	Under terms of the related plans and agreements, upon vesting of RSUs and exercise of stock options, employees may tender shares of Stratus common stock to Stratus to pay the exercise price and/or the minimum required taxes.

Business Segments (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of financial information by business segment



	Real Estate Operations^a			Leasing Operations		Hotel		Entertainment		Eliminations and Other^b			Total
Year Ended December 31, 2018:
Revenues:
Unaffiliated customers	$	16,800		$	10,389	$	37,905	$	22,506	$	—		$	87,600
Intersegment	31			930		317		185		(1,463		)	—
Cost of sales, excluding depreciation	15,276		^c	5,088		28,312		17,702		(796		)	65,582
Depreciation	250			3,334		3,562		1,563		(138		)	8,571
General and administrative expenses	—			—		—		—		11,274			11,274
Operating income (loss)	$	1,305		$	2,897	$	6,348	$	3,426	$	(11,803	)	$	2,173
Capital expenditures and purchases and development of real estate properties	$	43,660		$	60,759	$	775	$	398	$	—		$	105,592
Total assets at December 31, 2018	177,617			175,889		100,248		35,899		6,840			496,493



Year Ended December 31, 2017:
Revenues:
Unaffiliated customers	$	11,001	$	7,981			$	38,360	$	22,998		$	—		$	80,340
Intersegment	143		875				321		234			(1,573		)	—
Cost of sales, excluding depreciation	10,377		4,829				28,584		17,719			(735		)	60,774
Depreciation	232		2,693				3,544		1,523			(139		)	7,853
General and administrative expenses	—		—				—		—			11,401			11,401
Profit participation	—		2,538				—		—			—			2,538
Loss (gain) on sales of assets	13		(25,421		)	^d	—		(55		)	—			(25,463		)
Operating income (loss)	$	522	$	24,217			$	6,553	$	4,045		$	(12,100	)	$	23,237
Capital expenditures and purchases and development of real estate properties	$	14,395	$	33,290			$	506	$	283		$	—		$	48,474
Total assets at December 31, 2017	189,832		71,851				102,491		35,446			6,373			405,993


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 $0.4 million of reductions to cost of sales associated with collection of prior-years’ assessments of properties in Barton Creek.


d.	Includes $24.3 million associated with recognition of the majority of the gain on the sale of The Oaks at Lakeway (see Note 10).

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2019	Dec. 31, 2016
Schedule of Significant Accounting Policies [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 143,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$ (471,000)	13,901,000
Impairment of Real Estate	0	0
Advertising Expense	900,000	1,000,000
Accrued Property Taxes	$ 7,200,000	$ 7,400,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	96,000	26,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 38,919,000	$ 39,390,000		$ 25,489,000
Hotel and Entertainment Venue
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation	35 years
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
Employee Stock Option [Member]
Schedule of Significant Accounting Policies [Line Items]
Shares issuable upon exercise or vesting of dilutive stock options and RSUs	0	49,000
Previously Reported [Member]
Schedule of Significant Accounting Policies [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		$ 1,014,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		14,611,000		13,597,000
Accounting Standards Update 2016-18 [Member] \| Restatement Adjustment [Member]
Schedule of Significant Accounting Policies [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		12,887,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		24,779,000		$ 11,892,000
Accumulated Deficit
Schedule of Significant Accounting Policies [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 143,000
Scenario, Forecast [Member]
Schedule of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset			$ 12,000,000
Operating Lease, Liability			$ 13,000,000

Summary of Significant Accounting Policies Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Developed Property Sales	$ 16,509	$ 10,286
Leasing operations	10,389	7,981
Undeveloped Property Sales	0	544
Commissions and Other	291	171
Total revenues	$ 87,600	$ 80,340

Summary of Significant Accounting Policies Cost of Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cost, Depreciation	$ 8,571	$ 7,853
Leasing operations	5,056	4,797
Cost of Sales, Project Expenses and Allocation of Overhead Costs	5,103	4,343
Cost of Developed Property Sales	10,664	5,776
Other Cost and Expense, Operating	(515)	(93)
Cost of Undeveloped Property Sales	25	352
Total cost of sales	$ 74,153	$ 68,627

Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Net income (loss)	$ (3,986)	$ 3,884
Total comprehensive loss (income) attributable to noncontrolling interests in subsidiaries	4	(5)
Net income (loss) attributable to common stockholders	$ (3,982)	$ 3,879
Weighted-average shares of common stock outstanding, Basic	8,153,000	8,122,000
Weighted-average shares of common stock outstanding, Diluted	8,153,000	8,171,000
Earnings Per Share, Basic	$ (0.49)	$ 0.48
Earnings Per Share, Diluted	$ (0.49)	$ 0.47
Potential anti-dilutive securities	96,000	26,000

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

Related Party Transactions The Saint Mary, L.P. (Details) $ in Thousands	Jun. 19, 2018 USD ($) a unit	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 19,004	$ 14,611
Restricted cash		19,915	24,779
Real estate under development		136,678	118,484
Other assets		15,538	10,852
Assets		496,493	405,993
Accounts payable		20,602	22,809
Accrued liabilities, including taxes		11,914	13,429
Liabilities		349,842	$ 278,603
Circle C Land, L.P [Member] \| The Saint Mary [Member] \| Assets Contribution [Member]
Related Party Transaction [Line Items]
Area of Real Estate Property \| a	14.35
Contributions in Aid of Construction	$ 700
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		32
Proceeds from Issuance of Private Placement	$ 8,000
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	49.10%
Restricted cash		2,284
Real estate under development		11,095
Other assets		742
Assets		14,153
Accounts payable		2,459
Accrued liabilities, including taxes		21
Liabilities		2,480
Net Assets		$ 11,673
Apartment Building [Member] \| The Saint Mary [Member] \| Asset Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 210
Apartment Building [Member] \| The Saint Mary [Member] \| Development And Construction Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 1,400
Apartment Building [Member] \| The Saint Mary, L.P. [Member] \| The Saint Mary [Member]
Related Party Transaction [Line Items]
Number of Lots/Units in Real Estate Property \| unit	240
Construction Loan Payable [Member] \| The Saint Mary Construction Loan [Member] \| The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 26,000
Stratus Properties Inc [Member] \| LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	57.00%
The Saint Mary, L.P. [Member] \| Circle C Land, L.P [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	6.10%
Noncontrolling Interest in Limited Partnerships	$ 1,000
The Saint Mary, L.P. [Member] \| LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	6.10%
Noncontrolling Interest in Limited Partnerships	$ 1,000

Related Party Transactions Kingwood Place, L.P. (Details) $ in Thousands			12 Months Ended
	Dec. 06, 2018 USD ($)	Aug. 03, 2018 USD ($) ft² a	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents			$ 19,004	$ 14,611
Real estate under development			136,678	118,484
Other assets			15,538	10,852
Assets			496,493	405,993
Accounts payable			20,602	22,809
Accrued liabilities, including taxes			11,914	13,429
Debt, Long-term and Short-term, Combined Amount			295,531	221,470
Liabilities			$ 349,842	$ 278,603
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land		$ 13,500
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest			70.00%
LCHM Holdings, L.L.C. [Member] \| Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest		8.80%
Noncontrolling Interest in Limited Partnerships		$ 1,000
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 15,000	$ 10,700	$ 11,000
Area of Land \| a		54
Cash and cash equivalents			1,907
Real estate under development			16,833
Other assets			50
Assets			18,790
Accounts payable			992
Accrued liabilities, including taxes			12
Debt, Long-term and Short-term, Combined Amount			6,125
Liabilities			7,129
Net Assets			$ 11,661
Stratus Kingwood, L.P. [Member] \| Land Available for Development [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land		$ 7,000
Stratus Kingwood, L.P. [Member] \| Kingwood Place Loan [Member] \| Notes Payable to Banks [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount		$ 6,750
Stratus Kingwood, L.P. [Member] \| Kingwood Place Construction Loan [Member] \| Notes Payable to Banks [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount	$ 32,900
Stratus Kingwood, L.P. [Member] \| Kingwood Place [Member]
Related Party Transaction [Line Items]
Planned Number of Retail Pads		6
Stratus Kingwood, L.P. [Member] \| Kingwood Place [Member] \| Asset Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 283
Stratus Kingwood, L.P. [Member] \| Kingwood Place [Member] \| Development And Construction Management Fee [Member]
Related Party Transaction [Line Items]
Property Management Fee, Percent Fee		4.00%
Stratus Kingwood, L.P. [Member] \| HEB Store [Member] \| Kingwood Place [Member]
Related Party Transaction [Line Items]
Net Rentable Area \| ft²		103,000
Stratus Kingwood, L.P. [Member] \| Retail Site [Member] \| Kingwood Place [Member]
Related Party Transaction [Line Items]
Net Rentable Area \| ft²		41,000
Stratus Kingwood, L.P. [Member] \| Multifamily [Member] \| Kingwood Place [Member]
Related Party Transaction [Line Items]
Planned Number of Retail Pads		6
Area of Land \| a		11
Number of Lots/Units in Real Estate Property		300

Related Party Transactions (Details) - Austin Retail Partners [Member] - Immediate family member [Member] - USD ($) $ in Thousands		12 Months Ended
	Sep. 01, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Payment per year	$ 100
Related party expense reimbursements		$ 35

Real Estate, net Summary of Real Estate Holdings (Details)	12 Months Ended
	Dec. 31, 2018 USD ($) ft² unit	Dec. 31, 2017 USD ($)
Real Estate Properties [Line Items]
Real estate held for sale	$ 16,396,000	$ 22,612,000
Development in Process	136,678,000	118,484,000
Land Available for Development	24,054,000	14,804,000
Real Estate Held for Investment, Gross	299,677,000	227,216,000
Real estate held for investment, Depreciation	46,603,000	38,826,000
Real estate held for investment, net	253,074,000	188,390,000
Real Estate Investment Property, Net	430,202,000	344,290,000
Interest Costs Capitalized	8,200,000	5,900,000
Barton Creek Village [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	4,937,000	5,075,000
Santal Phase I [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	38,012,000	38,023,000
Santal Phase II [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	31,663,000	0
West Killeen Market [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	9,742,000	8,818,000
Lantana Place [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 25,648,000	0
Net Rentable Area \| ft²	320,000
Jones Crossing [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 13,098,000	0
Circle C [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	629,000	0
Office and Retail [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	19,523,000	19,515,000
Entertainment \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	42,862,000	42,687,000
Hotel Operations \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 112,263,000	111,808,000
Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property	38
Real Estate Held for Sale [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property	1
Real Estate Held for Sale [Member] \| Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property	2
Retail Site [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²	18,327
Retail Site [Member] \| Barton Creek Village [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²	22,366
Percentage Leased	54.00%
Retail Site [Member] \| West Killeen Market [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²	44,493
Percentage Leased	68.00%
Retail Site [Member] \| Lantana Place [Member]
Real Estate Properties [Line Items]
Percentage Leased	71.00%
Retail Site [Member] \| Jones Crossing [Member]
Real Estate Properties [Line Items]
Percentage Leased	87.00%
Office Building [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²	38,316
Apartment Building [Member] \| Santal Phase I [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property \| unit	236
Percentage Leased	95.00%
Apartment Building [Member] \| Santal Phase II [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property \| unit	212
Percentage Leased	33.00%
Furniture and Fixtures [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross	$ 1,300,000	$ 1,290,000
Hotel Operations \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Number of Hotel Rooms	251
Entertainment \| Retail Site [Member] \| 3TEN ACL Live [Member]
Real Estate Properties [Line Items]
Entertainment Venue, Maximum Capacity	350
Entertainment \| ACL Live entertainment venue [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Entertainment Venue, Maximum Capacity	3,000

Fair Value Measurements Fair Value Measurement (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2017
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Derivative Assets, at Fair Value		$ 53	$ 0
Liabilities:
Debt		295,531	221,470
Estimate of Fair Value, Fair Value Disclosure [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Derivative Assets, at Fair Value		53	0
Liabilities:
Debt		$ 299,615	224,632
Interest Rate Swap [Member]
Liabilities:
Derivative, Fixed Interest Rate		2.30%
Derivative, Notional Amount		$ 15,800
Interest Rate Swap [Member] \| Carrying (Reported) Amount, Fair Value Disclosure [Member]
Liabilities:
Interest rate swap agreement		0	134
Interest Rate Swap [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member] \| Fair Value, Inputs, Level 2 [Member]
Liabilities:
Interest rate swap agreement		$ 0	$ 134
Scenario, Forecast [Member] \| Interest Rate Swap [Member]
Liabilities:
Derivative, Notional Amount	$ 14,800

Debt (Details)											12 Months Ended
Debt (Details)	Dec. 06, 2018 USD ($)	Aug. 03, 2018 USD ($) a	Jun. 29, 2018 USD ($)	Jun. 19, 2018 USD ($)	Sep. 11, 2017 USD ($)	Sep. 01, 2017 USD ($)	Apr. 28, 2017 USD ($)	Feb. 28, 2017 USD ($)	Aug. 05, 2016 USD ($)	Jul. 12, 2016 USD ($)	Dec. 31, 2018 USD ($) ft²	Dec. 31, 2017 USD ($)	Jun. 28, 2018 USD ($)	Jan. 05, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 08, 2015 USD ($)	Dec. 31, 2014	Sep. 29, 2014 USD ($)	Jun. 27, 2014 USD ($)
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 295,531,000	$ 221,470,000
Unamortized Debt Issuance Expense											2,800,000	2,100,000
Long-term Debt, Including Current Maturities, Principal Amount											298,360,000
Loss on early extinguishment of debt											0	(532,000)
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											5,668,000
Long-term Debt, Maturities, Repayments of Principal in Year Two											105,649,000
Long-term Debt, Maturities, Repayments of Principal in Year Five											32,859,000
Long-term Debt, Maturities, Repayments of Principal after Year Five											134,637,000
Long-term Debt, Maturities, Repayments of Principal in Year Three											3,047,000
Long-term Debt, Maturities, Repayments of Principal in Year Four											$ 16,500,000
Lantana Place [Member]
Debt Instrument [Line Items]
Net Rentable Area \| ft²											320,000
Lantana Place, First Phase [Member]
Debt Instrument [Line Items]
Net Rentable Area \| ft²											99,379
Goldman Sachs Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											$ 2,207,000
Goldman Sachs Loan [Member] \| Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 143,250,000	$ 145,195,000
Debt, Weighted Average Interest Rate											5.58%	5.58%
Debt Instrument, Face Amount														$ 150,000,000
Interest Rate, Stated Percentage														5.58%
Long-term Debt, Including Current Maturities, Principal Amount											$ 144,239,000
Long-term Debt, Maturities, Repayments of Principal in Year Two											2,313,000
Long-term Debt, Maturities, Repayments of Principal in Year Five											2,765,000
Long-term Debt, Maturities, Repayments of Principal after Year Five											131,871,000
Long-term Debt, Maturities, Repayments of Principal in Year Three											2,470,000
Long-term Debt, Maturities, Repayments of Principal in Year Four											2,613,000
Lakeway Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount																		$ 62,900,000
Comerica credit facility [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											0
Comerica credit facility [Member] \| Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount															$ 20,000,000
Comerica credit facility [Member] \| Credit facility [Member]
Debt Instrument [Line Items]
Long-term Debt, Including Current Maturities, Principal Amount											50,221,000
Long-term Debt, Maturities, Repayments of Principal in Year Two											50,221,000
Long-term Debt, Maturities, Repayments of Principal in Year Five											0
Long-term Debt, Maturities, Repayments of Principal after Year Five											0
Long-term Debt, Maturities, Repayments of Principal in Year Three											0
Long-term Debt, Maturities, Repayments of Principal in Year Four											0
Santal Phase I Construction Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											0
Santal Phase I Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 32,622,000	$ 31,864,000
Debt, Weighted Average Interest Rate											4.70%	3.74%
Debt Instrument, Face Amount																$ 34,100,000
Long-term Debt, Including Current Maturities, Principal Amount											$ 32,800,000
Long-term Debt					$ 32,790,000
Long-term Debt, Maturities, Repayments of Principal in Year Two											32,790,000
Long-term Debt, Maturities, Repayments of Principal in Year Five											0
Long-term Debt, Maturities, Repayments of Principal after Year Five											0
Long-term Debt, Maturities, Repayments of Principal in Year Three											0
Long-term Debt, Maturities, Repayments of Principal in Year Four											0
Barton Creek Village Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											103,000
Barton Creek Village Term Loan [Member] \| Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 3,284,000	$ 3,375,000
Debt, Weighted Average Interest Rate											4.19%	4.19%
Interest Rate, Stated Percentage																	4.19%
Long-term Debt, Including Current Maturities, Principal Amount											$ 3,325,000
Debt Instrument, Covenant Description								The Barton Creek Village term loan includes a requirement that the subsidiary maintain a minimum debt service coverage ratio, as defined in the agreement, of 1.35 to 1.00.
Debt Instrument, Covenant Compliance								As of December 31, 2018, the subsidiary's minimum debt service coverage ratio calculated in accordance with the Barton Creek Village term loan agreement was 1.29 to 1.00, and it was not in compliance with this requirement. PlainsCapital Bank waived the subsidiary's obligation to comply with the minimum debt service coverage ratio from December 31, 2018, through September 30, 2019.
Long-term Debt																			$ 6,000,000
Payments for Loans								$ 2,100,000
Long-term Debt, Maturities, Repayments of Principal in Year Two											106,000
Long-term Debt, Maturities, Repayments of Principal in Year Five											121,000
Long-term Debt, Maturities, Repayments of Principal after Year Five											2,766,000
Long-term Debt, Maturities, Repayments of Principal in Year Three											112,000
Long-term Debt, Maturities, Repayments of Principal in Year Four											117,000
Amarra Villas Credit Facility [Domain]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											3,358,000
Amarra Villas Credit Facility [Domain] \| Credit facility [Member]
Debt Instrument [Line Items]
Long-term Debt, Including Current Maturities, Principal Amount											3,358,000
Long-term Debt, Maturities, Repayments of Principal in Year Two											0
Long-term Debt, Maturities, Repayments of Principal in Year Five											0
Long-term Debt, Maturities, Repayments of Principal after Year Five											0
Long-term Debt, Maturities, Repayments of Principal in Year Three											0
Long-term Debt, Maturities, Repayments of Principal in Year Four											0
West Killeen Market construction loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											0
West Killeen Market construction loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 6,636,000	$ 5,378,000
Debt, Weighted Average Interest Rate											4.76%	3.89%
Debt Instrument, Face Amount									$ 9,900,000
Long-term Debt, Including Current Maturities, Principal Amount											$ 6,766,000
Debt Instrument, Covenant Description									The loan agreement contains customary financial covenants including a requirement that Stratus maintain a minimum total stockholders’ equity balance of $110.0 million and a debt service coverage ratio of at least 1.35 to 1.00.
Interest payments initial term									42 months
Debt Instrument, Term									72 months
Principal and interest term									30 months
Long-term Debt, Maturities, Repayments of Principal in Year Two											78,000
Long-term Debt, Maturities, Repayments of Principal in Year Five											0
Long-term Debt, Maturities, Repayments of Principal after Year Five											0
Long-term Debt, Maturities, Repayments of Principal in Year Three											97,000
Long-term Debt, Maturities, Repayments of Principal in Year Four											6,591,000
Kingwood Place Construction Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											0
Kingwood Place Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 6,125,000	$ 0
Debt, Weighted Average Interest Rate											4.88%
Long-term Debt, Including Current Maturities, Principal Amount											$ 6,750,000
Debt Instrument, Covenant Description									The loan agreement contains the same financial covenants in place on Stratus’ Comerica Bank Credit Facility, including a requirement that Stratus maintains a net asset value of $125 million and an aggregate promissory note debt-to-gross asset value of less than 50 percent.
Debt Maturity Extension, Term	12 months
Number of Debt Maturity Extensions	2
Long-term Debt, Maturities, Repayments of Principal in Year Two											0
Long-term Debt, Maturities, Repayments of Principal in Year Five											0
Long-term Debt, Maturities, Repayments of Principal after Year Five											0
Long-term Debt, Maturities, Repayments of Principal in Year Three											0
Long-term Debt, Maturities, Repayments of Principal in Year Four											6,750,000
Jones Crossing Construction Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											0
Jones Crossing Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 11,784,000	$ 4,646,000
Debt, Weighted Average Interest Rate											5.29%	4.56%
Debt Instrument, Face Amount						$ 36,800,000
Long-term Debt, Including Current Maturities, Principal Amount											$ 12,100,000
Debt Instrument, Covenant Description						The loan agreement contains affirmative and negative covenants usual and customary for loan agreements of this nature, including, but not limited to, a requirement that Stratus maintains a net asset value, as defined in the agreement, of $125 million and a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 beginning on March 31, 2020. Outstanding amounts under the loan are guaranteed by Stratus until Phases 1 and 2 of the Jones Crossing development are completed and the development is able to maintain a debt service ratio of 1.50 to 1.00 as of the end of each fiscal quarter.
Long-term Debt, Maturities, Repayments of Principal in Year Two											0
Long-term Debt, Maturities, Repayments of Principal in Year Five											11,863,000
Long-term Debt, Maturities, Repayments of Principal after Year Five											0
Long-term Debt, Maturities, Repayments of Principal in Year Three											110,000
Long-term Debt, Maturities, Repayments of Principal in Year Four											157,000
Santal Phase II Construction Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											0
Santal Phase II Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 19,867,000	$ 0
Debt, Weighted Average Interest Rate											5.18%
Long-term Debt, Including Current Maturities, Principal Amount											$ 20,100,000
Long-term Debt					26,400,000
Long-term Debt, Maturities, Repayments of Principal in Year Two											20,119,000
Long-term Debt, Maturities, Repayments of Principal in Year Five											0
Long-term Debt, Maturities, Repayments of Principal after Year Five											0
Long-term Debt, Maturities, Repayments of Principal in Year Three											0
Long-term Debt, Maturities, Repayments of Principal in Year Four											0
Santal Phase I and Santal Phase II Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 59,200,000
Debt Maturity Extension, Term					12 months
Number of Debt Maturity Extensions					2
Lantana Place Construction Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months											0
Lantana Place Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 18,416,000	0
Debt, Weighted Average Interest Rate											4.85%
Debt Instrument, Face Amount							$ 26,300,000
Long-term Debt, Including Current Maturities, Principal Amount											$ 18,700,000
Long-term Debt, Maturities, Repayments of Principal in Year Two											22,000
Long-term Debt, Maturities, Repayments of Principal in Year Five											18,110,000
Long-term Debt, Maturities, Repayments of Principal after Year Five											0
Long-term Debt, Maturities, Repayments of Principal in Year Three											258,000
Long-term Debt, Maturities, Repayments of Principal in Year Four											272,000
The Saint Mary Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate				3.00%
Debt Instrument, Covenant Description				The repayment guarantee will be reduced to 50 percent upon issuance of a certificate of occupancy for The Saint Mary and will be eliminated when the project debt service coverage ratio equals or exceeds 1.25 to 1.00.
Debt Maturity Extension, Term				12 months
Number of Debt Maturity Extensions				2
Long-term Debt and Capital Lease Obligations, Including Current Maturities											0
London Interbank Offered Rate (LIBOR) [Member] \| Comerica credit facility [Member] \| Credit facility [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate			4.00%
London Interbank Offered Rate (LIBOR) [Member] \| Santal Phase I Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate					2.50%
London Interbank Offered Rate (LIBOR) [Member] \| Amarra Villas Credit Facility [Domain] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate										3.00%
London Interbank Offered Rate (LIBOR) [Member] \| West Killeen Market construction loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate									2.80%
London Interbank Offered Rate (LIBOR) [Member] \| Kingwood Place Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate									2.50%
London Interbank Offered Rate (LIBOR) [Member] \| Jones Crossing Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate						3.75%
London Interbank Offered Rate (LIBOR) [Member] \| Santal Phase II Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate					3.00%
London Interbank Offered Rate (LIBOR) [Member] \| Lantana Place Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate							2.80%
Revolving Line of Credit Tranche [Member] \| Comerica credit facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description			The loan agreement contains financial covenants usual and customary for loan agreements of this nature, including a requirement that Stratus maintains a net asset value, as defined in the agreement, of $125 million and an aggregate promissory note debt-to-gross asset value of less than 50 percent.
Line of Credit Facility, Remaining Borrowing Capacity											7,600,000
Line of Credit Facility, Maximum Borrowing Capacity			$ 60,000,000										$ 45,000,000
Credit facility [Member] \| Comerica credit facility [Member] \| Credit facility [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 50,221,000	$ 25,765,000
Debt, Weighted Average Interest Rate											6.02%	5.96%
Credit facility [Member] \| Amarra Villas Credit Facility [Domain]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											$ 3,326,000	$ 5,247,000
Debt, Weighted Average Interest Rate											4.92%	4.12%
Credit facility [Member] \| Amarra Villas Credit Facility [Domain] \| Credit facility [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent, Qualified for Net Capital										$ 110,000,000
Letters of Credit Tranche [Member] \| Comerica credit facility [Member] \| Letters of Credit Tranche [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 7,500,000
Letters of Credit Outstanding, Amount											$ 2,200,000
Minimum [Member] \| West Killeen Market construction loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage									3.00%
Minimum [Member] \| Santal Phase I and Santal Phase II Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description					debt service coverage ratio of at least 1.10 to 1.00 on the date immediately preceding the commencement of the first extension period and 1.20 to 1.00 on the date immediately preceding the commencement of the second extension period. The Santal Phase I and Phase II construction loans contain a covenant requirement that Stratus maintain a minimum total stockholders’ equity balance of $110.0 million.
Minimum [Member] \| Lantana Place Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage							3.00%
Debt Instrument, Covenant Description							The loan agreement contains affirmative and negative covenants usual and customary for loan agreements of this nature, including but not limited to, a requirement that Stratus maintains a net asset value, as defined in the agreement, of $125 million and a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 beginning on December 31, 2019. Stratus will guarantee outstanding amounts under the loan until the development is able to maintain a debt service ratio of 1.50 to 1.00 for a period of six consecutive months.
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Jones Crossing Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage						4.00%
Stratus Kingwood, L.P. [Member]
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount											6,125,000
Area of Land \| a		54
Proceeds from Issuance of Private Placement	$ 15,000,000	$ 10,700,000									$ 11,000,000
Stratus Kingwood, L.P. [Member] \| Kingwood Place [Member]
Debt Instrument [Line Items]
Planned Number of Retail Pads		6
Stratus Kingwood, L.P. [Member] \| Kingwood Place Construction Loan [Member] \| Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	32,900,000
Long-term Debt	$ 26,100,000
The Saint Mary, L.P. [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Private Placement				$ 8,000,000
The Saint Mary, L.P. [Member] \| The Saint Mary Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 26,000,000

Income Taxes - Provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current	$ (68)	$ (7,998)
Deferred	373	(5,906)
Benefit from (provision for) income taxes	$ 305	$ (13,904)

Income Taxes - Deferred income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Components of Deferred Tax Assets and Liabilities [Abstract]
Real estate, commercial leasing assets and facilities	$ 9,838	$ 10,179
Employee benefit accruals	373	464
Accrued liabilities	58	53
Deferred income	21	81
Charitable contribution carryforward	78	0
Other assets	800	711
Net operating loss credit carryforwards	1,181	5
Other liabilities	515	32
Deferred tax assets, net	$ 11,834	$ 11,461

Income Taxes - Income taxes (Reconciliation of U.S. federal statutory rate to effective tax rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
federal statutory income tax rate	$ 901	$ (6,220)
Change in statutory rate	19	(7,580)
Executive compensation limitation	(444)	0
State taxes and other, net	(171)	(104)
Benefit from (provision for) income taxes	$ 305	$ (13,904)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
federal statutory income tax rate	21.00%	35.00%
Change in statutory rate	0.00%	42.00%
Executive compensation limitation	10.00%	0.00%
State taxes and other, net	(4.00%)	1.00%
Effective income tax rate reconciliation, percent	7.00%	78.00%
Income taxes paid	$ 2,000	$ 6,900
Proceeds from income tax refunds	$ 300	$ 2,300

Income Taxes - Uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, interest costs accrued	$ 14
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	507	$ 773
Additions for tax positions related to prior years	178	0
Subtractions for tax positions related to prior years	(371)	(266)
Balance at December 31	$ 314	$ 507

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 314	$ 314	$ 507		$ 773
Schedule of Income Taxes [Line Items]
Unrecognized tax benefits that would would impact effective tax rate	300	300
Unrecognized tax benefits, interest costs accrued	14	14
Tax Cuts and Jobs Act, change in statutory rate, benefit		$ 19	$ (7,580)
Tax Cuts and Jobs Act, income tax expense (benefit), executive compensation limitation	$ 200
Scenario, Forecast [Member]
Schedule of Income Taxes [Line Items]
Unrecognized tax benefits that would would impact effective tax rate				$ 300

Equity Transactions, Stock-Based Compensation and Employee Benefits - Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	10 Months Ended	12 Months Ended
	Mar. 15, 2017	Nov. 30, 2013	Oct. 31, 2013	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Dividends declared per share of common stock (in dollars per share)	$ 1.00			$ 0.00	$ 1.00
Cash dividend paid				$ (32)	$ (8,133)
Stock Repurchase Program authorized amount (in shares)		1,700,000	700,000
Stock repurchased during period (in shares)				0	0
Stock Repurchase Program, remaining number of shares authorized to be repurchased (in shares)				991,695

Equity Transactions, Stock-Based Compensation and Employee Benefits - Stock Award Plans and Stock-Based Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Cost [Line Items]
Award vesting period	4 years
Compensation costs	$ 0.8
Performance Shares and Restricted Stock Units [Member]
Share-based Compensation Cost [Line Items]
Grant date fair value	$ 0.7	$ 0.7
2013 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
Number of shares authorized (in shares)	180,000
Shares available for grant (in shares)	2,200
2010 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
Number of shares authorized (in shares)	140,000
Shares available for grant (in shares)	4,375
2017 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
Number of shares authorized (in shares)	180,000
1996 Stock Option Plan [Member]
Share-based Compensation Cost [Line Items]
Shares available for grant (in shares)	2,500

Equity Transactions, Stock-Based Compensation and Employee Benefits - RSUs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unrecognized compensation costs, weighted-average period of recognition	1 year
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Rollforward [Line Items]
Share-based Compensation	$ 800
Award vesting period	4 years
Performance-based RSUs [Member]
Share-based Compensation Rollforward [Line Items]
Granted (in RSUs)		21,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in RSUs)		21,000
Performance-based RSUs [Member] \| Minimum [Member]
Share-based Compensation Rollforward [Line Items]
Performance share unit payout percentage		0.00%
Performance-based RSUs [Member] \| Maximum [Member]
Share-based Compensation Rollforward [Line Items]
Performance share unit payout percentage		100.00%
Performance Shares and Restricted Stock Units [Member]
Share-based Compensation Rollforward [Line Items]
Granted (in RSUs)	23,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in RSUs)	99,200
Granted (in RSUs)	23,600
Vested (in RSUs)	(56,050)
Ending balance (in RSUs)	66,750	99,200
RSUs outsanding intrinsic value	$ 990
Grant date fair value	700	$ 700
Intrinsic value of vested share based awards	1,100	600
Unrecognized compensation costs	$ 1,300
Unrecognized compensation costs, weighted-average period of recognition	1 year 4 months
Restricted Stock Units (RSUs) [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Rollforward [Line Items]
Share-based Compensation		$ 800

Equity Transactions, Stock-Based Compensation and Employee Benefits - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, weighted-average period of recognition	1 year
Number of Options
Beginning balance (in options)	12,500
Exercised (in options)	(2,500)
Expirations (in options)	(2,500)
Ending balance (in options)	7,500	12,500
Weighted Average Option Price
Beginning balance (in options per share)	$ 16.64
Exercised (in options per share)	29.03
Expired (in options per share)	29.03
Ending balance (in options per share)	$ 8.37	$ 16.64
Additional Disclosures
Options outstanding, weighted average remaining contractual term	1 year 8 months
Options outstanding, aggregate intrinsic value	$ 117
Options vested and exercisable, number of options (in options)	7,500
Options vested and exercisable, weighted average option price (in dollars per option)	$ 8.37
Options vested and exercisable, weighted average remaining contractual term	1 year 8 months
Options vested and exercisable, aggregate intrinsic value	$ 117
Intrinsic value of options exercised	$ 3	$ 142
Vesting of RSUs and Exercises of Stock Options
Stratus shares tendered to pay the exercise price and/or the minimum required taxes (in shares)	6,682	11,888
Cash received from stock option exercises	$ 73	$ 63
Amounts Stratus paid for employee taxes	$ 204	$ 297
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options	10 years

Equity Transactions, Stock-Based Compensation and Employee Benefits - Employee Benefits (Details)			5 Months Ended	12 Months Ended
	Dec. 31, 2018	Jul. 11, 2018	Dec. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Aug. 02, 2018 development_project
Other Employee Benefits [Line Items]
Employer matching contribution of participants contribution, percent				100.00%
Employer matching contribution, percent of participant's annual salary				5.00%
Employer 401(k) plan contributions				$ 600,000	$ 500,000
Cost of sales, excluding depreciation				65,582,000	60,774,000
General and administrative expenses				$ 11,274,000	$ 11,401,000
Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Profit percentage of project designated to pool		25.00%
Preferred return percent		10.00%		10.00%
Number of development projects \| development_project						7
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued				$ 8,000,000
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued, Amount Capitalized				3,000,000
Cost of sales, excluding depreciation			$ 300,000
General and administrative expenses			$ 500,000
Deferred Compensation Arrangement with Individual, Distribution Paid				$ 0
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				3.00%
Minimum [Member] \| Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Estimated Capitalization Rate	5.00%		5.00%	5.00%
Deferred Compensation Arrangement with Individual, Requisite Service Period	2 years 2 months 12 days
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent	1.40%		1.40%	1.40%
Maximum [Member] \| Deferred Profit Sharing [Member]
Other Employee Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Estimated Capitalization Rate	7.10%		7.10%	7.10%
Deferred Compensation Arrangement with Individual, Requisite Service Period	4 years 7 months 6 days
Deferred Compensation Arrangement with Individual, Estimated Transaction Cost, Percent	4.00%		4.00%	4.00%

Commitments and Contingencies (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Mar. 08, 2019	Jul. 11, 2018	Oct. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Aug. 01, 2002
Long-term Purchase Commitment [Line Items]
Noncancellable construction contract commitments				$ 36,900
Noncancelable long-term leases expiration date				Dec. 31, 2039
Operating Lease, Expense				$ 200	$ 100
Minimum annual rental income under long-term operating leases: [Abstract]
2019				5,700
2020				5,800
2021				5,800
2022				5,600
2023				5,400
Thereafter				46,600
Jones Crossing Ground Lease [Abstract]
2021				63
2022				8
Minimum annual contractual payments under long-term operating leases: [Abstract]
2019				200
2020				200
Development Fee Credits, Amount Per Settlement Agreement						$ 15,000
Development Fee Credits, Amount Eligible For Sale Per Year				1,500
Development Fee Credits, Cumulative Amount Permanently Used				12,700
Development Fee Credits, Cumulative Amount Sold To Third Parties				5,100
Development Fee Credits, Outstanding Credit Bank Capacity				500
Development Fee Credits, Available Credit Bank Capacity				$ 2,700
Deferred Profit Sharing [Member]
Long-term Purchase Commitment [Line Items]
Preferred return percent		10.00%		10.00%
Jones Crossing [Domain]
Jones Crossing Ground Lease [Abstract]
2021				$ 35
2022				400
2023				500
Jones Crossing [Member]
Jones Crossing Ground Lease [Abstract]
Thereafter				110,500
New Caney [Member]
Long-term Purchase Commitment [Line Items]
Payments to Acquire Land			$ 9,500
Letter of Credit [Member] \| Comerica credit facility [Member] \| Letter of Credit [Member]
Long-term Purchase Commitment [Line Items]
Letters of credit committed				$ 2,200
HEB Store [Member]
Long-term Purchase Commitment [Line Items]
Payments of Participation Interest				10.00%
H-E-B, L.P. [Member] \| Subsequent Event \| New Caney [Member]
Long-term Purchase Commitment [Line Items]
Increase (Decrease) in Partners' Capital	$ (5,000)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Business Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Operating Leases, Income Statement, Lease Revenue		$ 10,389	$ 7,981
Revenues:
Unaffiliated customers		87,600	80,340
Cost of sales, excluding depreciation		65,582	60,774
General and administrative expenses		11,274	11,401
Cost, Depreciation		8,571	7,853
Profit participation in sale of The Oaks at Lakeway		0	2,538
Gain (loss) on sales of assets		0	(25,463)
Operating income (loss)		2,173	23,237
Capital expenditures		105,592	48,474
Total assets		496,493	405,993
Leasing Operations
Segment Reporting Information [Line Items]
Operating Leases, Income Statement, Lease Revenue		10,389	7,981
Eliminations and Other [Member]
Revenues:
Unaffiliated customers		0	0
Cost of sales, excluding depreciation		(796)	(735)
General and administrative expenses		11,274	11,401
Cost, Depreciation		(138)	(139)
Operating income (loss)		(11,803)	(12,100)
Capital expenditures		0	0
Total assets		6,840	6,373
Operating Segments [Member] \| Real Estate Operations [Member]
Revenues:
Unaffiliated customers		16,800	11,001
Cost of sales, excluding depreciation		15,276	10,377
General and administrative expenses		0	0
Cost, Depreciation		250	232
Gain (loss) on sales of assets			13
Operating income (loss)		1,305	522
Capital expenditures		43,660	14,395
Total assets		177,617	189,832
Operating Segments [Member] \| Hotel Segment [Member]
Revenues:
Unaffiliated customers		37,905	38,360
Cost of sales, excluding depreciation		28,312	28,584
General and administrative expenses		0	0
Cost, Depreciation		3,562	3,544
Operating income (loss)		6,348	6,553
Capital expenditures		775	506
Total assets		100,248	102,491
Operating Segments [Member] \| Leasing Operations
Revenues:
Unaffiliated customers		10,389	7,981
Cost of sales, excluding depreciation		5,088	4,829
General and administrative expenses		0	0
Cost, Depreciation		3,334	2,693
Profit participation in sale of The Oaks at Lakeway			2,538
Gain (loss) on sales of assets			(25,421)
Operating income (loss)		2,897	24,217
Capital expenditures		60,759	33,290
Total assets		175,889	71,851
Operating Segments [Member] \| Entertainment Segment [Member]
Revenues:
Unaffiliated customers		22,506	22,998
Cost of sales, excluding depreciation		17,702	17,719
General and administrative expenses		0	0
Cost, Depreciation		1,563	1,523
Gain (loss) on sales of assets			(55)
Operating income (loss)		3,426	4,045
Capital expenditures		398	283
Total assets		35,899	35,446
Intersegment Eliminations [Member]
Revenues:
Unaffiliated customers		0	0
Intersegment Eliminations [Member] \| Real Estate Operations [Member]
Revenues:
Unaffiliated customers		31	143
Intersegment Eliminations [Member] \| Hotel Segment [Member]
Revenues:
Unaffiliated customers		317	321
Intersegment Eliminations [Member] \| Leasing Operations
Revenues:
Unaffiliated customers		930	875
Intersegment Eliminations [Member] \| Entertainment Segment [Member]
Revenues:
Unaffiliated customers		185	234
Intersegment Eliminations [Member] \| Eliminations and Other [Member]
Revenues:
Unaffiliated customers		(1,463)	(1,573)
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| The Oaks at Lakeway [Member]
Segment Reporting Information [Line Items]
Deferred Revenue, Revenue Recognized	$ 24,300
Developed property sales \| Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		16,509	10,286
Real Estate, Undeveloped [Member] \| Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		0	544
Real Estate, Commissions And Other [Member] \| Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		291	171
Real Estate [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		16,800	11,001
Real Estate [Member] \| Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		16,800	11,001
Occupancy, Food And Beverage [Member] \| Hotel Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		35,357	35,910
Hotel, Other [Member] \| Hotel Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		2,548	2,450
Hotel Operations
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		37,905	38,360
Hotel Operations \| Hotel Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		37,905	38,360
Entertainment, Venue [Member] \| Entertainment Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		19,844	20,358
Entertainment, Other [Member] \| Entertainment Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		2,662	2,640
Entertainment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		22,506	22,998
Entertainment \| Entertainment Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		22,506	$ 22,998
Barton Creek [Member]
Segment Reporting Information [Line Items]
Recovery of Direct Costs		$ 400

Asset Sales Asset Sales (The Oaks at Lakeway) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Feb. 15, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred Gain on Sale of Property			$ 9,270	$ 11,320
Profit participation in sale of The Oaks at Lakeway			0	$ 2,538
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
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments	$ 50,800
Contractual Obligation			$ 150
Guarantor Obligations, Liquidation Proceeds, Percentage	2.00%
Letters of Credit Outstanding, Amount	$ 1,500
Deferred Revenue, Revenue Recognized		$ 24,300
Other nonrecurring expense paid at closing	$ 2,200
Lakeway Master Lease Retail [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract	5 years
Lakeway Master Lease Unleased 3 Pad Sites [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract	10 years
Lakeway Master Lease Unleased 1 Pad Site [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract	15 years
Lakeway Master Lease Hotel [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract	99 years

Asset Sales Asset Sales (Barton Creek) (Details) $ in Thousands		12 Months Ended
	Feb. 28, 2017 USD ($) ft² a	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of assets		$ 0	$ 25,463
Barton Creek [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Rentable Area \| ft²	3,085
Area of Land \| a	4.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| Barton Creek [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	$ 3,100
Gain (loss) on sales of assets	1,100
Repayments of Debt	$ 2,100

Asset Sales Asset Dispositions (FFF) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of assets		$ 0	$ 25,463
FFF Presents, LLC [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 Intangible Assets	$ 300
Gain (loss) on sales of assets	$ 200

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Repayments of Lines of Credit			$ 9,981	$ 67,981
Subsequent Event \| MUD bond [Member]
Subsequent Event [Line Items]
Proceeds from issuance of bond	$ 4,600
Subsequent Event \| Credit facility [Member] \| Comerica credit facility [Member]
Subsequent Event [Line Items]
Repayments of Lines of Credit		$ 2,500
Subsequent Event \| CVS Store Ground Lease [Member] \| Disposed of by sale [Member]
Subsequent Event [Line Items]
Sale, consideration		$ 3,200