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Cover Page Cover Page - shares	6 Months Ended
Cover Page Cover Page - shares	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca Street, Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,210,139
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 16,138	$ 19,173
Restricted cash	18,734	19,418
Real estate held for sale	6,960	14,872
Real estate under development	94,351	95,026
Land available for development	56,574	45,539
Real estate held for investment, net	324,341	329,103
Lease right-of-use assets	11,067	11,378
Deferred tax assets	9,580	12,311
Other assets	13,960	14,548
Total assets	551,705	561,368
Liabilities:
Accounts payable	10,346	16,053
Accrued liabilities, including taxes	8,861	11,580
Debt	363,849	365,749
Lease liabilities	12,894	12,636
Deferred gain	7,030	7,654
Other liabilities	12,738	13,614
Total liabilities	415,718	427,286
Commitments and contingencies
Stockholders’ equity:
Common stock	93	93
Capital in excess of par value of common stock	186,422	186,082
Accumulated deficit	(40,503)	(43,567)
Common stock held in treasury	(21,600)	(21,509)
Total stockholders’ equity	124,412	121,099
Noncontrolling interests in subsidiaries	11,575	12,983
Total equity	135,987	134,082
Total liabilities and equity	$ 551,705	$ 561,368

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Leasing operations - Post Lease ASU Adoption	$ 5,718	$ 4,413	$ 11,450	$ 8,042
Total revenues	8,931	23,724	37,065	43,422
Cost of sales:
Cost of sales	8,965	17,514	31,299	29,853
Depreciation	3,377	2,703	7,010	5,333
Total cost of sales	12,342	20,217	38,309	35,186
General and administrative expenses	3,103	2,919	5,918	6,118
Income from forfeited earnest money	(15,000)	0	(15,000)	0
Gain on sale of assets	0	161	0	(1,952)
Total	445	23,297	29,227	39,352
Operating income	8,486	427	7,838	4,070
Interest expense, net	(3,666)	(2,911)	(7,581)	(5,483)
Gain (loss) on interest rate derivative instruments	42	(123)	(79)	(182)
Loss on early extinguishment of debt	0	0	0	(16)
Other income, net	89	12	108	311
Income (loss) before income taxes and equity in unconsolidated affiliates' loss	4,951	(2,595)	286	(1,300)
Equity in unconsolidated affiliates' loss	0	(13)	0	(13)
Income Tax Expense (Benefit)	(1,148)	218	1,370	(215)
(Loss) income from continuing operations	3,803	(2,390)	1,656	(1,528)
Total comprehensive loss attributable to noncontrolling interests in subsidiaries	331	1	1,408	1
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 4,134	$ (2,389)	$ 3,064	$ (1,527)
Earnings Per Share, Basic and Diluted	$ 0.50	$ (0.29)	$ 0.37	$ (0.19)
Weighted average number of shares outstanding, basic (in shares)	8,210	8,177	8,205	8,172
Weighted Average Number of Shares Outstanding, Diluted	8,228	8,177	8,230	8,172
Real estate
Revenues:
Revenue from contracts with customers	$ 1,893	$ 4,129	$ 14,229	$ 7,077
Cost of sales:
Cost of sales	1,921	3,795	12,176	3,841
Leasing Operations [Member]
Cost of sales:
Cost of sales	4,070	2,447	7,152	4,586
Hotel [Member]
Revenues:
Revenue from contracts with customers	1,030	8,962	6,941	17,287
Cost of sales:
Cost of sales	1,766	6,831	7,665	13,506
Entertainment [Member]
Revenues:
Revenue from contracts with customers	290	6,220	4,445	11,016
Cost of sales:
Cost of sales	$ 1,208	$ 4,441	$ 4,306	$ 7,920

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ 1,656	$ (1,528)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	7,010	5,333
Cost of real estate sold	8,732	4,324
Gain on sale of assets	0	(1,952)
Loss on interest rate derivative instruments	79	182
Loss on early extinguishment of debt	0	(16)
Amortization of debt issuance costs and stock-based compensation	1,095	546
Equity in unconsolidated affiliates' loss	0	(13)
Increase in deposits	46	185
Deferred income taxes	2,731	(38)
Purchases and development of real estate properties	(8,655)	(5,756)
Municipal utility district reimbursements applied to real estate under development	0	920
Decrease (increase) in other assets	1,215	(1,636)
Decrease in accounts payable, accrued liabilities and other	(8,464)	(2,187)
Net cash provided by (used in) operating activities	5,445	(1,578)
Cash flow from investing activities:
Capital expenditures	(4,397)	(44,990)
Proceeds from sale of assets	0	3,170
Payments on master lease obligations	(691)	(766)
Purchase of noncontrolling interest in consolidated subsidiary	0	(4,589)
Other, net	0	(4)
Net cash used in investing activities	(5,088)	(47,179)
Cash flow from financing activities:
Borrowings from credit facility	12,800	14,086
Payments on credit facility	(21,304)	(15,648)
Borrowings from project loans	11,926	51,006
Payments on project and term loans	(6,976)	(5,619)
Cash dividend paid for stock-based awards	(8)	(17)
Stock-based awards net payments	(91)	(100)
Financing costs	(423)	(231)
Net cash (used in) provided by financing activities	(4,076)	43,477
Net decrease in cash, cash equivalents and restricted cash	(3,719)	(5,280)
Cash, cash equivalents and restricted cash at beginning of year	38,591	38,919
Cash, cash equivalents and restricted cash at end of period	$ 34,872	$ 33,639

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stratus Stockholders' Equity [Member]	Accumulated Deficit [Member]	Noncontrolling Interests in Subsidiaries [Member]	Common Stock [Member]	Capital in Excess of Par Value [Member]	Common Stock Held in Treasury [Member]
Balance at Dec. 31, 2018	$ 146,651	$ 123,986	$ (41,103)	$ 22,665	$ 93	$ 186,256	$ (21,260)
Balance (in shares) at Dec. 31, 2018					9,288		1,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0				0
Exercised and issued stock-based awards (in shares)					17
Stock-based compensation	78	78				78
Tender of shares for stock-based awards	(100)	(100)					$ (100)
Tender of shares for stock-based awards (in shares)							4
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(1,527)	(1,527)	(1)
Total comprehensive income (loss)	(1,528)
Balance at Jun. 30, 2019	140,512	122,437	(42,630)	18,075	$ 93	186,334	$ (21,360)
Balance (in shares) at Jun. 30, 2019					9,305		1,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	(4,589)			(4,589)
Balance at Mar. 31, 2019	142,992	124,916	(40,241)	18,076	$ 93	186,424	$ (21,360)
Balance (in shares) at Mar. 31, 2019					9,305		1,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	(90)	(90)				(90)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		(2,389)	(2,389)	(1)
Total comprehensive income (loss)	(2,390)
Balance at Jun. 30, 2019	140,512	122,437	(42,630)	18,075	$ 93	186,334	$ (21,360)
Balance (in shares) at Jun. 30, 2019					9,305		1,128
Balance at Dec. 31, 2019	134,082	121,099	(43,567)	12,983	$ 93	186,082	$ (21,509)
Balance (in shares) at Dec. 31, 2019					9,330		1,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	0	0				0
Exercised and issued stock-based awards (in shares)					17
Stock-based compensation	340	340				340
Tender of shares for stock-based awards	(91)	(91)					$ (91)
Tender of shares for stock-based awards (in shares)							4
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		3,064	3,064
Total comprehensive income (loss)	1,656
Balance at Jun. 30, 2020	135,987	124,412	(40,503)	11,575	$ 93	186,422	$ (21,600)
Balance (in shares) at Jun. 30, 2020					9,347		1,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest				(1,408)
Balance at Mar. 31, 2020	132,006	120,100	(44,637)	11,906	$ 93	186,244	$ (21,600)
Balance (in shares) at Mar. 31, 2020					9,347		1,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	178	178				178
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		4,134	4,134
Total comprehensive income (loss)	3,803
Balance at Jun. 30, 2020	$ 135,987	$ 124,412	$ (40,503)	11,575	$ 93	$ 186,422	$ (21,600)
Balance (in shares) at Jun. 30, 2020					9,347		1,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest				$ (331)

General

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

GENERAL

The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2019 (Stratus 2019 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments.

Operating results for the second quarter of 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In particular, the impact of the COVID-19 pandemic intensified late in the first quarter of 2020 and has continued during and subsequent to the second quarter of 2020. As a result, this interim period, as well as future interim periods in 2020, will not be comparable to past performance or indicative of future performance.

The preparation of Stratus’ consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including those related to the potential impacts arising from the COVID-19 pandemic and related government actions, that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ materially from those estimates. As the impact of the COVID-19 pandemic continues to evolve, and the extent of its impact cannot be determined with certainty, estimates and assumptions about future events and their effects require increased judgement. Stratus’ assessment of the future magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors, could result in material changes to the estimates used in and material impacts to Stratus’ consolidated financial statements in future reporting periods.

Terminated Block 21 Sale. Block 21 is Stratus’ wholly owned mixed-use real estate development and entertainment business in downtown Austin, Texas that contains the 251-room W Austin Hotel and is home to Austin City Limits Live at the Moody Theater, a 2,750-seat entertainment venue that serves as the location for the filming of Austin City Limits, the longest running music series in American television history. Block 21 also includes Class A office space, retail space and the 3TEN ACL Live entertainment venue and business.

On December 9, 2019, Stratus entered into definitive agreements to sell Block 21 to Ryman Hospitality Properties, Inc. (Ryman) for $275 million. Ryman deposited $15.0 million in earnest money to secure its performance under the agreements governing the sales. As the proposed sale represented a strategic shift for Stratus, the assets and liabilities of Block 21 were classified as held for sale - discontinued operations in the consolidated balance sheet of Stratus' 2019 Form 10-K. On May 21, 2020, Ryman delivered a termination letter, which was agreed to and accepted by Stratus, terminating the agreements to sell Block 21 and authorizing the release of Ryman's $15.0 million in earnest money to Stratus. During the second quarter of 2020, Stratus recorded the $15.0 million as operating income, used $13.8 million of the $15.0 million earnest money to pay down its Comerica Bank revolving credit facility and used the remaining $1.2 million for Block 21 debt service and required monthly reserves. As a result of the termination of the agreements to sell Block 21, Stratus has concluded that such assets and liabilities no longer qualified as held for sale. The carrying amounts as of December 31, 2019, of Block 21’s major classes of assets and liabilities, which were previously classified as held for sale - discontinued operations in the consolidated balance sheet of Stratus' 2019 Form 10-K follow (in thousands):


Assets:
Cash and cash equivalents	$	10,408
Restricted cash	13,574
Real estate held for investment	131,286
Other assets	3,480
Total assets	$	158,748
Liabilities:
Accounts payable and accrued liabilities, including taxes	$	7,005
Debt	141,184
Other liabilities	7,036
Total liabilities	$	155,225

COVID-19 Impact. Since January 2020, the COVID-19 pandemic has caused substantial disruption in international and U.S. economies and markets. The pandemic has resulted in government restrictions of various degrees and effective at various times, including stay-at-home orders, bans on travel, limitations on the size of gatherings, limitations on the operations of businesses deemed non-essential, closures of work facilities, schools, public buildings and businesses, cancellation of events (including entertainment events, conferences and meetings), quarantines and social distancing measures. Beginning in mid-June 2020, there have been reports of increasing numbers of new COVID-19 cases throughout the United States, and in particular, Texas, resulting in some governments extending or re-imposing restrictions. The pandemic and responses to it have also caused a steep increase in unemployment in the U.S. As a result, the pandemic has had a significant adverse impact on Stratus' business and operations. As mentioned above, Stratus' previously disclosed transaction to sell Block 21 was terminated by Ryman as a result of the capital markets and economic environment caused by the COVID-19 pandemic. Additionally, Stratus is continuing to defer progress on development projects pending improvements in health and market conditions, but Stratus continues to advance its land planning, engineering and permitting activities. Because the pandemic is unprecedented in recent history, and its severity, duration and future economic consequences are difficult to predict, Stratus cannot predict its future impact on the company with any certainty.

Stratus’ revenue, operating income and cash flow in its hotel and entertainment segments were adversely impacted in the first quarter of 2020, were more adversely impacted in the second quarter of 2020 and are expected to continue to be adversely impacted beyond second-quarter 2020. For example, while the hotel has remained open throughout the pandemic, average occupancy in the second quarter of 2020 was 12 percent. Stratus' entertainment venue, ACL Live, remains closed. All second-quarter 2020 scheduled events at ACL Live were either rescheduled or cancelled as a result of the COVID-19 pandemic. Additionally, Stratus' smaller capacity venue, 3TEN ACL Live, hosted only 15 events in second-quarter 2020.

As a result of the COVID-19 pandemic, many of Stratus’ retail leasing tenants, other than grocery and liquor stores, closed or were operating at significantly reduced capacity beginning late in the first quarter of 2020 and continuing during and subsequent to the second quarter of 2020. Beginning in April 2020, Stratus agreed, generally, to 90-day base rent deferrals with a majority of these tenants. The deferred rents are scheduled to be collected over a 12-month or 24-month period starting in January 2021. These rent deferrals resulted in a reduction of scheduled base rent collections of 23 percent during the second quarter of 2020. As of June 30, 2020, most of Stratus’ retail tenants had reopened. At its multi-family properties, Stratus has granted rent deferral accommodations on a case-by-case basis, which during the second quarter of 2020 resulted in a reduction of scheduled rent collections of less than one percent of contractual rents, with no material decline in occupancy. In the aggregate, Stratus’ second-quarter retail and multi-family rent collections were 10 percent less than scheduled rents.

Stratus assessed its rents receivable for potential credit losses as of June 30, 2020, and recorded a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. The following is an update to Stratus' revenue recognition accounting policy included in Note 1 of its 2019 Form 10-K. 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. If upon, or subsequent to, lease commencement, the assessed collectability of lease payments is not probable, recognized lease income is limited to collected lease payments. In addition, any previously recognized rents receivable and deferred lease costs associated with that lease are charged to cost of sales in the period that assessed collectability is considered not probable.

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law on March 27, 2020. The CARES Act provides retroactive tax provisions and other stimulus measures to affected companies including the ability to carry back net operating losses, raising the limitation on the deductibility of interest expense, technical corrections to accelerate tax depreciation for qualified improvement property, and delaying the payment of employer payroll taxes. On April 22, 2020, Stratus received a $4.0 million loan under the Paycheck Protection Program (PPP loan) of the CARES Act. The PPP loan bears interest at one percent and matures April 15, 2022, except for the portion that may be forgiven. The proceeds from the loan must be used to retain workers and maintain payroll or make mortgage interest payments, lease payments and utility payments. Refer to Note 8 for further discussion of income tax benefits.

Dispositions

DISPOSITIONS Circle C. In January 2019, Stratus sold a retail pad subject to a ground lease located in the Circle C community for $3.2 million. Stratus used a portion of the proceeds from the sale to repay $2.5 million of its Comerica Bank credit facility borrowings and, after adjustments recorded in second-quarter 2019, recorded a gain on this sale totaling $2.0 million for the first six months of 2019.

Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Stratus’ basic net income (loss) per share of common stock was calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share (in thousands, except per share amounts) follows:



	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2020			2019			2020			2019


Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$	4,134		$	(2,389)		$	3,064		$	(1,527)

Basic weighted-average shares of common stock outstanding	8,210			8,177			8,205			8,172

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	18		^a	—		^b	25		^a	—		^b


Diluted weighted-average shares of common stock outstanding	8,228			8,177			8,230			8,172

Basic and diluted net income (loss) per share attributable to common stockholders	$	0.50		$	(0.29)		$	0.37		$	(0.19)

a.Excludes 59 thousand shares for second-quarter 2020 and 37 thousand shares for the first six months of 2020 of common stock associated with RSUs that were anti-dilutive.

b.Excludes 94 thousand shares for second-quarter 2019 and 95 thousand shares for the first six months of 2019 of common stock associated with RSUs and stock options that were anti-dilutive as a result of the net loss.

Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions

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 $26.0 million construction loan with Texas Capital Bank, National Association and (2) an $8.0 million private placement. As one of the participants in the private placement offering, LCHM Holdings, LLC (LCHM), a related party as a result of its greater than 5 percent beneficial ownership of Stratus’ common stock, purchased limited partnership interests representing a 6.1 percent equity interest in The Saint Mary, L.P. Refer to Note 2 of the Stratus 2019 Form 10-K for further discussion.

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 H-E-B, L.P.-anchored, mixed-use development project (Kingwood Place). As one of the participants in the private placement offering, LCHM purchased Class B limited partnership interests initially representing an 8.8 percent equity interest in the Kingwood, L.P. Refer to Note 2 of the Stratus 2019 Form 10-K for further discussion.

Stratus has performed evaluations and concluded that The Saint Mary, L.P. and the Kingwood, L.P. are variable interest entities and that Stratus is the primary beneficiary. Stratus will continue to evaluate which entity is the primary beneficiary of The Saint Mary, L.P. and the Kingwood, L.P. in accordance with applicable accounting guidance. The Saint Mary, L.P. and the Kingwood, L.P.’s results are consolidated in Stratus’ financial statements.

Stratus’ consolidated balance sheets include the following combined assets and liabilities of The Saint Mary, L.P. and the Kingwood, L.P. (in thousands):


	June 30, 2020		December 31, 2019
Assets:
Cash and cash equivalents	$	2,525	$	1,110

Real estate under development	10,741		3,703
Land available for development	4,210		9,273
Real estate held for investment	63,901		64,637
Other assets	1,954		1,807
Total assets	$	83,331	$	80,530
Liabilities:
Accounts payable and accrued liabilities	$	5,586	$	8,680

Debt	53,310		45,848
Total liabilities	$	58,896	$	54,528
Net assets	$	24,435	$	26,002

Other Transactions. Stratus has an arrangement with Austin Retail Partners for services provided by a consultant of Austin Retail Partners who is the son of Stratus' President and Chief Executive Officer. Payments to Austin Retail Partners for the consultant's general consulting services related to the entitlement and development of properties and expense reimbursements totaled approximately $26 thousand in second-quarter 2020, $29 thousand in second-quarter 2019, $65 thousand for the first six months of 2020 and $56 thousand for the first six months of 2019. Refer to Note 2 of the Stratus 2019 Form 10-K for further discussion.

Dispositions	6 Months Ended
Dispositions	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS Circle C. In January 2019, Stratus sold a retail pad subject to a ground lease located in the Circle C community for $3.2 million. Stratus used a portion of the proceeds from the sale to repay $2.5 million of its Comerica Bank credit facility borrowings and, after adjustments recorded in second-quarter 2019, recorded a gain on this sale totaling $2.0 million for the first six months of 2019.

Fair Value Measurements

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

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


	June 30, 2020						December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Interest rate cap agreement	$	—	$	—	$	3	$	3

Liabilities:
Debt	363,849		367,813		365,749		370,558
Interest rate swap agreement	190		190		114		114

Interest Rate Cap and Swap Agreements. In September 2019, a Stratus subsidiary paid $24 thousand to enter into an interest rate cap agreement, which caps the maximum London Interbank Offered Rate (LIBOR) at 3.0 percent, on a total notional amount of $75.0 million (the principal amount of The Santal loan). The interest rate cap agreement provides that the Stratus subsidiary will collect the difference between 3.0 percent and one-month LIBOR if one-month LIBOR is greater than 3.0 percent (refer to Note 6 in the Stratus 2019 Form 10-K for further discussion of The Santal loan). The interest rate cap agreement terminates on October 5, 2021.

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 LIBOR. As

of June 30, 2020, the agreement had a notional amount of $15.0 million, which will amortize to $14.8 million by the end of the agreement, and as of December 31, 2019, the agreement had a notional amount of $15.3 million.

The interest rate cap and swap agreements do not qualify for hedge accounting so changes in the agreements' fair values are recorded in the consolidated statements of comprehensive income (loss). Stratus uses an interest rate pricing model that relies on market observable inputs such as LIBOR to measure the fair value of both agreements. Stratus also evaluated the counterparty credit risk associated with both agreements, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate cap and swap agreements are classified within Level 2 of the fair value hierarchy.

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.

- 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

6 Months Ended

Jun. 30, 2020

Capitalization, Long-term Debt and Equity [Abstract]

Debt

DEBT

The components of Stratus' debt are as follows (in thousands):


	June 30, 2020		December 31, 2019
Block 21 loan	$	140,115	$	141,184


The Santal loan	74,158		73,972
Comerica Bank credit facility	33,977		42,482
New Caney land loan	4,929		4,908

PPP loan	3,988		—
Construction loans:
Kingwood Place	28,067		23,991
The Saint Mary	25,243		21,857
Lantana Place	24,085		23,268
Jones Crossing	22,095		21,354
West Killeen Market	7,187		7,213
Amarra Villas credit facility	5		5,520
Total debt^a	$	363,849	$	365,749

a.Includes net reductions for unamortized debt issuance costs of $2.8 million at June 30, 2020, and $3.5 million at December 31, 2019.

As of June 30, 2020, Stratus had $25.9 million available under its $60.0 million Comerica Bank credit facility, with $150 thousand of letters of credit committed against the credit facility. Effective April 14, 2020, Stratus and Comerica Bank agreed to modify the Comerica Bank credit facility to (i) extend the maturity date of the credit facility from June 29, 2020, to September 27, 2020, and (ii) revise the definition of LIBOR to provide for an increase in the LIBOR floor from zero percent to one percent. On June 12, 2020, Stratus entered into a further amendment to its credit facility agreement with Comerica Bank to extend the maturity date of the facility to September 27, 2022.

During second-quarter 2020, Stratus entered into amendments to the Lantana Place and West Killeen Market construction loans in which Stratus was granted waivers of the debt service coverage ratio covenants for the quarters needed such that it believes that it will be able to remain in compliance if rent payments do not further deteriorate materially as currently anticipated.

In January 2020, the Kingwood Place construction loan was modified to increase the loan amount by $2.5 million to a total of $35.4 million. The increase was used to fund the construction of a retail building on an existing Kingwood Place retail pad.

For a description of Stratus' other debt, refer to Note 6 in the Stratus 2019 Form 10-K.

Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $4.9 million in second-quarter 2020, $5.1 million in second-quarter 2019, $10.1 million for the first six months of 2020 and $9.7 million for the first six months of 2019. Stratus' capitalized interest totaled $1.2 million in second-quarter 2020, $2.1 million in second-quarter 2019, $2.5 million for the first six months of 2020 and $4.2 million for the first six months of 2019, primarily related to development activities at Barton Creek. The 2019 periods also included capitalized interest related to development activities at Kingwood Place and The Saint Mary.

Profit Participation Incentive Plan	6 Months Ended
Profit Participation Incentive Plan	Jun. 30, 2020
Profit Participation Plan [Abstract]
Profit Participation Incentive Plan	PROFIT PARTICIPATION INCENTIVE PLAN In July 2018, the Stratus Compensation Committee of the Board of Directors (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. Estimates related to the awards may change over time as a result of differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Refer to Note 8 of the Stratus 2019 Form 10-K for further discussion. During second-quarter 2020, Stratus recorded a $0.4 million increase to the accrued liability for the Plan of which $0.2 million increased project development costs and $0.2 million increased general and administrative expenses. During second-quarter 2019, Stratus accrued $0.2 million to project development costs and $0.2 million in general and administrative expenses related to the Plan. During the first six months of 2020, Stratus accrued $0.2 million to project development costs and $0.2 million in general and administrative expense related to the Plan. During the first six months of 2019, Stratus accrued $0.4 million to project development costs and $0.5 million in general and administrative expense related to the Plan. The accrued liability for the Plan totaled $2.9 million at June 30, 2020, and $2.5 million at December 31, 2019 (included in other liabilities). As of June 30, 2020, no amounts had been paid to participants under the Plan.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes is further described in Notes 1 and 7 in the Stratus 2019 Form 10-K. Stratus had deferred tax assets (net of deferred tax liabilities) totaling $9.6 million at June 30, 2020, and $12.3 million at December 31, 2019. 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 difference between Stratus' consolidated effective income tax rate for the first six months of 2020 and the U.S. Federal statutory income tax rate of 21 percent, was primarily attributable to the CARES Act, which, among other impacts, allows Stratus to carry back losses to 2017 when the U.S. corporate tax rate was 35 percent, resulting in a discrete tax benefit of $1.4 million, and the Texas state margin tax. The difference between Stratus' consolidated effective income tax rate for the first six months of 2019 and the U.S. Federal statutory income tax rate of 21 percent, was primarily attributable to the Texas state margin tax and the Tax Cuts and Jobs Act's executive compensation deductibility limitation.

Business Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Business Segments

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 consists of its properties in Austin, Texas (including the Barton Creek community; the Circle C community; the Lantana community, including a portion of Lantana Place planned for a future commercial phase; 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 and vacant pad sites); in Killeen, Texas (vacant pad sites at West Killeen Market); and in Magnolia, Texas (Magnolia), Kingwood, Texas (a portion of Kingwood Place, land for future multi-family development and vacant pad sites) and New Caney, Texas (New Caney), located in the greater Houston area.

The Leasing Operations segment is comprised of Stratus’ real estate assets, both residential and commercial, that are leased or available for lease and includes The Santal, West Killeen Market, The Saint Mary, office and retail space at the W Austin Hotel & Residences and completed portions of Lantana Place, Jones Crossing and Kingwood Place.

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 follow (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Real Estate Operations:
Developed property sales	$	1,832	$	4,048	$	14,140	$	6,882

Commissions and other	61		81		89		195
	1,893		4,129		14,229		7,077
Leasing Operations:
Rental revenue	5,718		4,413		11,450		8,042
	5,718		4,413		11,450		8,042
Hotel:
Rooms, food and beverage	932		8,445		6,007		16,182
Other	98		517		934		1,105
	1,030		8,962		6,941		17,287
Entertainment:
Event revenue	293		5,598		3,851		9,822
Other	(3)		622		594		1,194
	290		6,220		4,445		11,016

Total revenues from contracts with customers	$	8,931	$	23,724	$	37,065	$	43,422

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		Corporate, Eliminations and Other^b			Total
Three Months Ended June 30, 2020:
Revenues:
Unaffiliated customers	$	1,893	$	5,718		$	1,030		$	290	$	—		$	8,931
Intersegment	4		216			16			(1)		(235)			—
Cost of sales, excluding depreciation	1,886		4,074		^c	1,767		^d	1,305		(67)			8,965
Depreciation	57		2,034			931			404		(49)			3,377

General and administrative expenses	—		—			—			—		3,103			3,103

Income from forfeited earnest money	—		—			—			—		(15,000)		^e	(15,000)

Operating (loss) income	$	(46)	$	(174)		$	(1,652)		$	(1,420)	$	11,778		$	8,486

Capital expenditures and purchases and development of real estate properties	$	2,433	$	1,682		$	283		$	104	$	—		$	4,502

Total assets at June 30, 2020	163,900		233,268			94,359			36,784		23,394			551,705


	Real Estate Operations^a		Leasing Operations			Hotel		Entertainment		Corporate, Eliminations and Other^b		Total
Three Months Ended June 30, 2019:
Revenues:
Unaffiliated customers	$	4,129	$	4,413		$	8,962	$	6,220	$	—	$	23,724
Intersegment	4		229			80		45		(358)		—
Cost of sales, excluding depreciation	3,795		2,451			6,868		4,585		(185)		17,514
Depreciation	64		1,388			899		396		(44)		2,703
General and administrative expenses	—		—			—		—		2,919		2,919
Loss on sale of assets	—		161		^f	—		—		—		161
Operating income (loss)	$	274	$	642		$	1,275	$	1,284	$	(3,048)	$	427
Capital expenditures and purchases and development of real estate properties	$	2,458	$	15,391		$	156	$	—	$	—	$	18,005

Total assets at June 30, 2019	205,265		174,258			97,464		45,396		20,348		542,731




Six Months Ended June 30, 2020:
Revenues:
Unaffiliated customers	$	14,229	$	11,450		$	6,941		$	4,445		$	—		$	37,065
Intersegment	8		443			64			14			(529)			—
Cost of sales, excluding depreciation	12,068		7,162		^c	7,675		^d	4,531			(137)			31,299
Depreciation	116		4,081			2,036		^g	887		^g	(110)			7,010

General and administrative expenses	—		—			—			—			5,918			5,918

Income from forfeited earnest money	—		—			—			—			(15,000)		^e	(15,000)
Operating income (loss)	$	2,053	$	650		$	(2,706)		$	(959)		$	8,800		$	7,838
Capital expenditures and purchases and development of real estate properties	$	8,655	$	3,965		$	310		$	122		$	—		$	13,052




Six Months Ended June 30, 2019:
Revenues:
Unaffiliated customers	$	7,077		$	8,042		$	17,287	$	11,016	$	—	$	43,422
Intersegment	9			459			127		74		(669)		—
Cost of sales, excluding depreciation	3,841		^h	4,595			13,566		8,192		(341)		29,853
Depreciation	125			2,795			1,799		790		(176)		5,333

General and administrative expenses	—			—			—		—		6,118		6,118
Gain on sale of assets	—			(1,952)		^f	—		—		—		(1,952)
Operating income (loss)	$	3,120		$	3,063		$	2,049	$	2,108	$	(6,270)	$	4,070
Capital expenditures and purchases and development of real estate properties	$	5,756		$	44,611		$	254	$	125	$	—	$	50,746
Municipal utility district (MUD) reimbursements applied to real estate under development^h	920			—			—		—		—		920

a.Includes sales commissions and other revenues together with related expenses.

b.Includes consolidated general and administrative expenses and eliminations of intersegment amounts.

c.Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. Refer to Note 1.

d.Includes a $0.8 million credit related to a business interruption insurance claim filed as a result of water and smoke damage in the W Austin hotel in January 2018.

e.Represents income from earnest money received as a result of Ryman's termination of the agreements to sell Block 21.

f.Relates to the first-quarter 2019 sale of a retail pad subject to a ground lease located in the Circle C community, including adjustments recorded in second-quarter 2019. Refer to Note 4.

g.Includes a $202 thousand adjustment in the Hotel segment and an $89 thousand adjustment in the Entertainment segment for the period in December 2019 when the hotel and entertainment venues were held for sale and, therefore, not depreciated.

h.In the first quarter of 2019, Stratus received $4.6 million of proceeds related to MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $0.9 million as a reduction of real estate

under development on the consolidated balance sheets, and $3.4 million as a reduction in real estate cost of sales and $0.3 million in other income, net in the consolidated statements of comprehensive income (loss). Refer to Note 1 of the Stratus 2019 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after June 30, 2020, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements.

General (Policies)	6 Months Ended
General (Policies)	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The unaudited consolidated financial statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2019 (Stratus 2019 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments.
Use of Estimates	The preparation of Stratus’ consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including those related to the potential impacts arising from the COVID-19 pandemic and related government actions, that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ materially from those estimates. As the impact of the COVID-19 pandemic continues to evolve, and the extent of its impact cannot be determined with certainty, estimates and assumptions about future events and their effects require increased judgement. Stratus’ assessment of the future magnitude and duration of the COVID-19 pandemic and related economic disruption, as well as other factors, could result in material changes to the estimates used in and material impacts to Stratus’ consolidated financial statements in future reporting periods.

General (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Disposal Groups, Including Discontinued Operations

The carrying amounts as of December 31, 2019, of Block 21’s major classes of assets and liabilities, which were previously classified as held for sale - discontinued operations in the consolidated balance sheet of Stratus' 2019 Form 10-K follow (in thousands):


Assets:
Cash and cash equivalents	$	10,408
Restricted cash	13,574
Real estate held for investment	131,286
Other assets	3,480
Total assets	$	158,748
Liabilities:
Accounts payable and accrued liabilities, including taxes	$	7,005
Debt	141,184
Other liabilities	7,036
Total liabilities	$	155,225

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating diluted net income (loss) per share (in thousands, except per share amounts) follows:



	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2020			2019			2020			2019


Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$	4,134		$	(2,389)		$	3,064		$	(1,527)

Basic weighted-average shares of common stock outstanding	8,210			8,177			8,205			8,172

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	18		^a	—		^b	25		^a	—		^b


Diluted weighted-average shares of common stock outstanding	8,228			8,177			8,230			8,172

Basic and diluted net income (loss) per share attributable to common stockholders	$	0.50		$	(0.29)		$	0.37		$	(0.19)

a.Excludes 59 thousand shares for second-quarter 2020 and 37 thousand shares for the first six months of 2020 of common stock associated with RSUs that were anti-dilutive.

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Assets and Liabilities of The Saint Mary, L.P. and Kingwood, L.P.

Stratus will continue to evaluate which entity is the primary beneficiary of The Saint Mary, L.P. and the Kingwood, L.P. in accordance with applicable accounting guidance. The Saint Mary, L.P. and the Kingwood, L.P.’s results are consolidated in Stratus’ financial statements.

Stratus’ consolidated balance sheets include the following combined assets and liabilities of The Saint Mary, L.P. and the Kingwood, L.P. (in thousands):


	June 30, 2020		December 31, 2019
Assets:
Cash and cash equivalents	$	2,525	$	1,110

Real estate under development	10,741		3,703
Land available for development	4,210		9,273
Real estate held for investment	63,901		64,637
Other assets	1,954		1,807
Total assets	$	83,331	$	80,530
Liabilities:
Accounts payable and accrued liabilities	$	5,586	$	8,680

Debt	53,310		45,848
Total liabilities	$	58,896	$	54,528
Net assets	$	24,435	$	26,002

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Summary of the carrying amount and fair value of other financial instruments

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


	June 30, 2020						December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Interest rate cap agreement	$	—	$	—	$	3	$	3

Liabilities:
Debt	363,849		367,813		365,749		370,558
Interest rate swap agreement	190		190		114		114

Debt Summary of Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Table [Abstract]

Schedule of debt

The components of Stratus' debt are as follows (in thousands):


	June 30, 2020		December 31, 2019
Block 21 loan	$	140,115	$	141,184


The Santal loan	74,158		73,972
Comerica Bank credit facility	33,977		42,482
New Caney land loan	4,929		4,908

PPP loan	3,988		—
Construction loans:
Kingwood Place	28,067		23,991
The Saint Mary	25,243		21,857
Lantana Place	24,085		23,268
Jones Crossing	22,095		21,354
West Killeen Market	7,187		7,213
Amarra Villas credit facility	5		5,520
Total debt^a	$	363,849	$	365,749

a.Includes net reductions for unamortized debt issuance costs of $2.8 million at June 30, 2020, and $3.5 million at December 31, 2019.

Business Segments (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services [Table Text Block]

Stratus' revenues from contracts with customers follow (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Real Estate Operations:
Developed property sales	$	1,832	$	4,048	$	14,140	$	6,882

Commissions and other	61		81		89		195
	1,893		4,129		14,229		7,077
Leasing Operations:
Rental revenue	5,718		4,413		11,450		8,042
	5,718		4,413		11,450		8,042
Hotel:
Rooms, food and beverage	932		8,445		6,007		16,182
Other	98		517		934		1,105
	1,030		8,962		6,941		17,287
Entertainment:
Event revenue	293		5,598		3,851		9,822
Other	(3)		622		594		1,194
	290		6,220		4,445		11,016

Total revenues from contracts with customers	$	8,931	$	23,724	$	37,065	$	43,422

Schedule of Segment Reporting Information by Segment [Table Text Block]

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		Corporate, Eliminations and Other^b			Total
Three Months Ended June 30, 2020:
Revenues:
Unaffiliated customers	$	1,893	$	5,718		$	1,030		$	290	$	—		$	8,931
Intersegment	4		216			16			(1)		(235)			—
Cost of sales, excluding depreciation	1,886		4,074		^c	1,767		^d	1,305		(67)			8,965
Depreciation	57		2,034			931			404		(49)			3,377

General and administrative expenses	—		—			—			—		3,103			3,103

Income from forfeited earnest money	—		—			—			—		(15,000)		^e	(15,000)

Operating (loss) income	$	(46)	$	(174)		$	(1,652)		$	(1,420)	$	11,778		$	8,486

Capital expenditures and purchases and development of real estate properties	$	2,433	$	1,682		$	283		$	104	$	—		$	4,502

Total assets at June 30, 2020	163,900		233,268			94,359			36,784		23,394			551,705


	Real Estate Operations^a		Leasing Operations			Hotel		Entertainment		Corporate, Eliminations and Other^b		Total
Three Months Ended June 30, 2019:
Revenues:
Unaffiliated customers	$	4,129	$	4,413		$	8,962	$	6,220	$	—	$	23,724
Intersegment	4		229			80		45		(358)		—
Cost of sales, excluding depreciation	3,795		2,451			6,868		4,585		(185)		17,514
Depreciation	64		1,388			899		396		(44)		2,703
General and administrative expenses	—		—			—		—		2,919		2,919
Loss on sale of assets	—		161		^f	—		—		—		161
Operating income (loss)	$	274	$	642		$	1,275	$	1,284	$	(3,048)	$	427
Capital expenditures and purchases and development of real estate properties	$	2,458	$	15,391		$	156	$	—	$	—	$	18,005

Total assets at June 30, 2019	205,265		174,258			97,464		45,396		20,348		542,731




Six Months Ended June 30, 2020:
Revenues:
Unaffiliated customers	$	14,229	$	11,450		$	6,941		$	4,445		$	—		$	37,065
Intersegment	8		443			64			14			(529)			—
Cost of sales, excluding depreciation	12,068		7,162		^c	7,675		^d	4,531			(137)			31,299
Depreciation	116		4,081			2,036		^g	887		^g	(110)			7,010

General and administrative expenses	—		—			—			—			5,918			5,918

Income from forfeited earnest money	—		—			—			—			(15,000)		^e	(15,000)
Operating income (loss)	$	2,053	$	650		$	(2,706)		$	(959)		$	8,800		$	7,838
Capital expenditures and purchases and development of real estate properties	$	8,655	$	3,965		$	310		$	122		$	—		$	13,052




Six Months Ended June 30, 2019:
Revenues:
Unaffiliated customers	$	7,077		$	8,042		$	17,287	$	11,016	$	—	$	43,422
Intersegment	9			459			127		74		(669)		—
Cost of sales, excluding depreciation	3,841		^h	4,595			13,566		8,192		(341)		29,853
Depreciation	125			2,795			1,799		790		(176)		5,333

General and administrative expenses	—			—			—		—		6,118		6,118
Gain on sale of assets	—			(1,952)		^f	—		—		—		(1,952)
Operating income (loss)	$	3,120		$	3,063		$	2,049	$	2,108	$	(6,270)	$	4,070
Capital expenditures and purchases and development of real estate properties	$	5,756		$	44,611		$	254	$	125	$	—	$	50,746
Municipal utility district (MUD) reimbursements applied to real estate under development^h	920			—			—		—		—		920

a.Includes sales commissions and other revenues together with related expenses.

b.Includes consolidated general and administrative expenses and eliminations of intersegment amounts.

c.Includes a $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. Refer to Note 1.

d.Includes a $0.8 million credit related to a business interruption insurance claim filed as a result of water and smoke damage in the W Austin hotel in January 2018.

e.Represents income from earnest money received as a result of Ryman's termination of the agreements to sell Block 21.

f.Relates to the first-quarter 2019 sale of a retail pad subject to a ground lease located in the Circle C community, including adjustments recorded in second-quarter 2019. Refer to Note 4.

General (Details) $ in Thousands			1 Months Ended		3 Months Ended				6 Months Ended
General (Details) $ in Thousands	May 21, 2020 USD ($)	Dec. 09, 2019 USD ($) hotel_room theater_seat	Jun. 30, 2020	Apr. 30, 2020	Jun. 30, 2020 USD ($) event	Jun. 22, 2020	Jun. 21, 2020	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Apr. 22, 2020 USD ($)
Subsequent Event [Line Items]
Repayments of lines of credit									$ 21,304	$ 15,648
Other income, net					$ 89			$ 12	108	$ 311
Average hotel occupancy percentage							12.00%
Number of Events Hosted \| event					15
Base rent deferral period				90 days
Decrease in scheduled base rent collections, percentage						23.00%
Deferrals, percentage of contractual rents			100.00%
Percentage of deferred scheduled rent						10.00%
CARES Act, proceeds from loans payable											$ 4,000
CARES Act, interest rate											1.00%
Provision for other credit losses									$ 1,400
Minimum [Member]
Subsequent Event [Line Items]
Deferred rent amortization period				12 months
Maximum [Member]
Subsequent Event [Line Items]
Deferred rent amortization period				24 months
Block 21
Subsequent Event [Line Items]
Proceeds from release of escrow deposit	$ 15,000
Repayments of lines of credit	13,800
Other income, net					$ 15,000
Block 21 \| Block 21 loan
Subsequent Event [Line Items]
Repayments of Debt	$ 1,200
Discontinued Operations, Held-for-sale \| Block 21
Subsequent Event [Line Items]
Number of hotel rooms \| hotel_room		251
Number Of theater seats \| theater_seat		2,750
Sale, consideration		$ 275,000
Escrow deposits related to property sales		$ 15,000

General - Carrying Amounts (Details) - Block 21 - Discontinued Operations, Held-for-sale $ in Thousands	Dec. 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 10,408
Restricted cash	13,574
Real estate held for investment	131,286
Other assets	3,480
Total assets	158,748
Accounts payable and accrued liabilities, including taxes	7,005
Debt	141,184
Other liabilities	7,036
Total liabilities	$ 155,225

Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) and total comprehensive income (loss) attributable to common stockholders	$ 4,134	$ (2,389)	$ 3,064	$ (1,527)
Weighted average number of shares outstanding, basic (in shares)	8,210	8,177	8,205	8,172
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) (in shares)	18	0	25	0
Weighted average number of shares outstanding, diluted (in shares)	8,228	8,177	8,230	8,172
Weighted-average shares excluded from computation of earnings per share (in shares)	59	94	37	95

Related Party Transactions Saint Mary, L.P. (Details) $ in Thousands	Jun. 19, 2018 USD ($) unit	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 16,138	$ 19,173
Restricted cash		18,734	19,418
Real estate under development		94,351	95,026
Land available for development		56,574	45,539
Other assets		13,960	14,548
Total assets		551,705	561,368	$ 542,731
Debt		363,849	365,749
Total liabilities		415,718	427,286
The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 8,000
Related Party, Common Stock Ownership Percentage	5.00%
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		2,525	1,110
Real estate under development		10,741	3,703
Land available for development		4,210	9,273
Real estate held for investment, net		63,901	64,637
Other assets		1,954	1,807
Total assets		83,331	80,530
Accounts payable and accrued liabilities		5,586	8,680
Debt		53,310	45,848
Total liabilities		58,896	54,528
Net Assets		24,435	26,002
The Saint Mary construction loan
Related Party Transaction [Line Items]
Debt		$ 25,243	$ 21,857
The Saint Mary construction loan \| Construction Loan Payable [Member] \| The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 26,000
Apartment Building [Member] \| The Saint Mary [Member] \| The Saint Mary, L.P. [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property \| unit	240
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%

Related Party Transactions Stratus Kingwood, L.P. (Details) $ in Thousands	Aug. 03, 2018 USD ($) a	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)
Related Party Transaction [Line Items]
Cash and cash equivalents		$ 16,138	$ 19,173
Restricted cash		18,734	19,418
Real estate under development		94,351	95,026
Land available for development		56,574	45,539
Other assets		13,960	14,548
Total assets		551,705	561,368	$ 542,731
Debt		363,849	365,749
Total liabilities		415,718	427,286
The Saint Mary, L.P. and Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Cash and cash equivalents		2,525	1,110
Real estate under development		10,741	3,703
Land available for development		4,210	9,273
Real estate held for investment, net		63,901	64,637
Other assets		1,954	1,807
Total assets		83,331	80,530
Accounts payable and accrued liabilities		5,586	8,680
Debt		53,310	45,848
Total liabilities		58,896	54,528
Net Assets		$ 24,435	$ 26,002
Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 10,700
Area of Land \| a	54
Kingwood Place [Member]
Related Party Transaction [Line Items]
Payments to Acquire Land	$ 13,500
Land [Member] \| Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	$ 7,000
Stratus Kingwood, L.P. [Member] \| LCHM Holdings, L.L.C. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	8.80%
Kingwood Place Loan [Member] \| Notes Payable to Banks [Member] \| Stratus Kingwood, L.P. [Member]
Related Party Transaction [Line Items]
Long-term Debt, Gross	$ 6,750

Related Party Transactions Other Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Immediate Family Member of Management or Principal Owner [Member] \| Austin Retail Partners [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 26	$ 29	$ 65	$ 56

Dispositions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Jan. 17, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments on credit facility				$ 21,304	$ 15,648
Gain on sale of assets		$ 0	$ (161)	$ 0	1,952
Circle C ground lease \| Disposal by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale, consideration	$ 3,200
Gain on sale of assets					$ (2,000)
Revolving Credit Facility \| Comerica Credit Facility \| Line of credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments on credit facility	$ 2,500

Fair Value Measurements - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 363,849	$ 365,749
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	367,813	370,558
Interest Rate Cap \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	0	3
Interest Rate Cap \| Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate, assets	0	3
Interest Rate Swap \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreement	190	114
Interest Rate Swap \| Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreement	$ 190	$ 114

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount			$ 15,000	$ 15,300
Derivative, fixed interest rate			2.30%
Interest Rate Swap \| Forecast
Derivative [Line Items]
Derivative, notional amount		$ 14,800
Interest Rate Cap
Derivative [Line Items]
Payments for derivative instrument	$ 24
Derivative, notional amount			$ 75,000
Interest Rate Cap \| LIBOR maximum
Derivative [Line Items]
Derivative, basis spread on variable rate			3.00%

Debt (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
Debt (Details) - USD ($)	Jan. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Debt		$ 363,849,000		$ 363,849,000		$ 365,749,000
Unamortized debt issuance costs		2,800,000		2,800,000		3,500,000
Interest costs incurred		4,900,000	$ 5,100,000	10,100,000	$ 9,700,000
Interest costs capitalized		1,200,000	$ 2,100,000	2,500,000	$ 4,200,000
Block 21 loan
Debt Instrument [Line Items]
Debt		140,115,000		140,115,000		141,184,000
The Santal loan
Debt Instrument [Line Items]
Debt		74,158,000		74,158,000		73,972,000
Comerica Bank credit facility
Debt Instrument [Line Items]
Debt		33,977,000		33,977,000		42,482,000
Comerica Bank credit facility \| Line of credit
Debt Instrument [Line Items]
Letters of credit committed		150,000		150,000
Comerica Bank credit facility \| Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, available borrowing capacity		25,900,000		25,900,000
Credit facility, maximum borrowing capacity		60,000,000.0		60,000,000.0
Amarra Villas credit facility
Debt Instrument [Line Items]
Debt		5,000		5,000		5,520,000
New Caney land loan
Debt Instrument [Line Items]
Debt		4,929,000		4,929,000		4,908,000
Lantana Place
Debt Instrument [Line Items]
Debt		24,085,000		24,085,000		23,268,000
Jones Crossing
Debt Instrument [Line Items]
Debt		22,095,000		22,095,000		21,354,000
The Saint Mary Construction Loan [Member]
Debt Instrument [Line Items]
Debt		25,243,000		25,243,000		21,857,000
Kingwood Place
Debt Instrument [Line Items]
Debt		28,067,000		28,067,000		23,991,000
Kingwood Place \| Notes Payable to Banks [Member] \| Stratus Kingwood, L.P. [Member]
Debt Instrument [Line Items]
Debt Instrument, Increase (Decrease), Net	$ 2,500,000
Debt principal	$ 35,400,000
West Killeen Market
Debt Instrument [Line Items]
Debt		7,187,000		7,187,000		7,213,000
PPP loan
Debt Instrument [Line Items]
Debt		$ 3,988,000		$ 3,988,000		$ 0

Profit Participation Incentive Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
Profit Participation Incentive Plan (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for Capital Improvements			$ 4,397,000	$ 44,990,000
General and administrative expenses	$ 3,103,000	$ 2,919,000	5,918,000	6,118,000
Other liabilities	12,738,000		12,738,000		$ 13,614,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in accrued liabilities	(400,000)
Payments for Capital Improvements	200,000	200,000	200,000	400,000
General and administrative expenses	200,000	$ 200,000	200,000	$ 500,000
Other liabilities	$ 2,900,000		2,900,000		$ 2,500,000
Deferred compensation arrangement with individual, distribution paid			$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Contingency [Line Items]
Deferred tax assets	$ 9,600			$ 9,600		$ 12,300
Federal Statutory Income Tax Rate			35.00%	21.00%	21.00%
Income Tax Expense (Benefit)	$ (1,148)	$ 218		$ 1,370	$ (215)
Internal Revenue Service (IRS) [Member]
Income Tax Contingency [Line Items]
Income Tax Expense (Benefit)				$ 1,400

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue from External Customer [Line Items]
Leasing operations - Post Lease ASU Adoption	$ 5,718	$ 4,413	$ 11,450	$ 8,042
Total revenues	8,931	23,724	37,065	43,422
Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,893	4,129	14,229	7,077
Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,030	8,962	6,941	17,287
Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	290	6,220	4,445	11,016
Real Estate Operations \| Real estate
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,893	4,129	14,229	7,077
Real Estate Operations \| Developed property sales
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,832	4,048	14,140	6,882
Real Estate Operations \| Commissions and other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	61	81	89	195
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations - Post Lease ASU Adoption	5,718		11,450
Operating Leases, Income Statement, Lease Revenue		4,413		8,042
Hotel \| Hotel [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	1,030	8,962	6,941	17,287
Hotel \| Rooms, food and beverage
Revenue from External Customer [Line Items]
Revenue from contracts with customers	932	8,445	6,007	16,182
Hotel \| Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	98	517	934	1,105
Entertainment \| Entertainment [Member]
Revenue from External Customer [Line Items]
Revenue from contracts with customers	290	6,220	4,445	11,016
Entertainment \| Event revenue
Revenue from External Customer [Line Items]
Revenue from contracts with customers	293	5,598	3,851	9,822
Entertainment \| Other
Revenue from External Customer [Line Items]
Revenue from contracts with customers	$ (3)	$ 622	$ 594	$ 1,194

Business Segments Segment Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments					4
Leasing operations - Post Lease ASU Adoption			$ 5,718	$ 4,413	$ 11,450	$ 8,042
Revenues:
Unaffiliated customers			8,931	23,724	37,065	43,422
Cost of sales			8,965	17,514	31,299	29,853
Depreciation			3,377	2,703	7,010	5,333
General and administrative expenses			3,103	2,919	5,918	6,118
Income from forfeited earnest money			(15,000)	0	(15,000)	0
Gain on sale of assets			0	161	0	(1,952)
Operating income			8,486	427	7,838	4,070
Payments to Acquire and Develop Real Estate			2,433	2,458		5,756
Payments for Capital Improvements					4,397	44,990
Municipal utility district reimbursements applied to real estate under development				900	0	920
Total assets	$ 551,705	$ 561,368	551,705	542,731	551,705	542,731
Depreciation					7,010	5,333
Proceeds From Business Interruption Insurance	800
Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations - Post Lease ASU Adoption			5,718		11,450
Revenues:
Operating Leases, Income Statement, Lease Revenue				4,413		8,042
Hotel
Revenues:
Depreciation		202
Entertainment
Revenues:
Depreciation		$ 89
Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Revenue from contracts with customers			0	0	0	0
Revenues:
Cost of sales			(67)	(185)	(137)	(341)
Depreciation			(49)	(44)	(110)	(176)
General and administrative expenses			3,103	2,919	5,918	6,118
Income from forfeited earnest money			(15,000)		(15,000)
Gain on sale of assets				0		0
Operating income			11,778	(3,048)	8,800	(6,270)
Payments for Capital Improvements			0	0	0	0
Municipal utility district reimbursements applied to real estate under development						0
Total assets	23,394		23,394	20,348	23,394	20,348
Real estate
Segment Reporting Information [Line Items]
Revenue from contracts with customers			1,893	4,129	14,229	7,077
Revenues:
Cost of sales			1,921	3,795	12,176	3,841
Real estate \| Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers			1,893	4,129	14,229	7,077
Municipal bonds
Revenues:
Proceeds from MUD reimbursement					4,600
Municipal bonds \| Other income, net
Revenues:
Proceeds from MUD reimbursement					300
Municipal bonds \| Real estate
Revenues:
Proceeds from MUD reimbursement					3,400
Operating Segments
Revenues:
Payments for Capital Improvements			4,502	18,005	13,052	50,746
Municipal utility district reimbursements applied to real estate under development						920
Operating Segments \| Real Estate Operations
Segment Reporting Information [Line Items]
Revenue from contracts with customers			1,893	4,129	14,229	7,077
Revenues:
Cost of sales			1,886	3,795	12,068	3,841
Depreciation			57	64	116	125
General and administrative expenses			0	0	0	0
Income from forfeited earnest money			0		0
Gain on sale of assets				0		0
Operating income			(46)	274	2,053	3,120
Payments to Acquire and Develop Real Estate					8,655
Total assets	163,900		163,900	205,265	163,900	205,265
Operating Segments \| Leasing Operations
Segment Reporting Information [Line Items]
Leasing operations - Post Lease ASU Adoption			5,718		11,450
Revenues:
Cost of sales			4,074	2,451	7,162	4,595
Depreciation			2,034	1,388	4,081	2,795
General and administrative expenses			0	0	0	0
Income from forfeited earnest money			0		0
Gain on sale of assets				161		(1,952)
Operating income			(174)	642	650	3,063
Payments for Capital Improvements			1,682	15,391	3,965	44,611
Municipal utility district reimbursements applied to real estate under development						0
Total assets	233,268		233,268	174,258	233,268	174,258
Operating Leases, Income Statement, Lease Revenue				4,413		8,042
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Revenue from contracts with customers			1,030	8,962	6,941	17,287
Revenues:
Cost of sales			1,767	6,868	7,675	13,566
Depreciation			931	899	2,036	1,799
General and administrative expenses			0	0	0	0
Income from forfeited earnest money			0		0
Gain on sale of assets				0		0
Operating income			(1,652)	1,275	(2,706)	2,049
Payments for Capital Improvements			283	156	310	254
Municipal utility district reimbursements applied to real estate under development						0
Total assets	94,359		94,359	97,464	94,359	97,464
Operating Segments \| Entertainment
Segment Reporting Information [Line Items]
Revenue from contracts with customers			290	6,220	4,445	11,016
Revenues:
Cost of sales			1,305	4,585	4,531	8,192
Depreciation			404	396	887	790
General and administrative expenses			0	0	0	0
Income from forfeited earnest money			0		0
Gain on sale of assets				0		0
Operating income			(1,420)	1,284	(959)	2,108
Payments for Capital Improvements			104	0	122	125
Municipal utility district reimbursements applied to real estate under development						0
Total assets	$ 36,784		36,784	45,396	36,784	45,396
Eliminations and Other
Revenues:
Intersegment			0	0	0	0
Eliminations and Other \| Real Estate Operations
Revenues:
Intersegment			4	4	8	9
Eliminations and Other \| Leasing Operations
Revenues:
Intersegment			216	229	443	459
Eliminations and Other \| Hotel
Revenues:
Intersegment			16	80	64	127
Eliminations and Other \| Entertainment
Revenues:
Intersegment			(1)	45	14	74
Eliminations and Other \| Eliminations and Other [Member]
Revenues:
Intersegment			$ (235)	$ (358)	$ (529)	$ (669)

Subsequent Events Subsequent Event (Details) $ in Thousands	1 Months Ended
Subsequent Events Subsequent Event (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Subsequent Event [Line Items]
Proceeds From Business Interruption Insurance	$ 800