0000885508-24-000071 | 10-Q | XBRL Viewer

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Stratus evaluated events after September 30, 2024, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements.

Earnings Per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss and total comprehensive loss	$ (1,414)	$ (3,217)	$ (495)	$ (14,799)
Total comprehensive loss attributable to noncontrolling interests	1,050	373	2,958	853
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (364)	$ (2,844)	$ 2,463	$ (13,946)
Basic weighted average number of shares outstanding, basic (in shares)	8,080	8,003	8,059	7,993
Add shares issuable upon exercise or vesting of dilutive restricted stock units (RSUs) (in shares)	0	0	127	0
Diluted weighted average number of shares outstanding, basic (in shares)	8,080	8,003	8,186	7,993
Basic net (loss) income per share attributable to common stockholders (in usd per share)	$ (0.05)	$ (0.36)	$ 0.31	$ (1.74)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ (0.05)	$ (0.36)	$ 0.30	$ (1.74)
Weighted-average shares excluded from computation of earnings per share (in shares)	185	178	17	232

General	9 Months Ended
General	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2023 (Stratus 2023 Form 10-K) filed with the U.S. Securities and Exchange Commission on March 28, 2024. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. The results of operations for any interim period are not necessarily indicative of the results of operations for any other future interim period or for a full fiscal year. Related Party Transactions. In April 2022, Stratus hired the son of Stratus’ President and Chief Executive Officer as an employee at an annual salary of $100 thousand. As an employee, he received the same health and retirement benefits provided to all Stratus employees, annual incentive awards and two awards under the Profit Participation Incentive Plan (PPIP). In first-quarter 2023, he received $22 thousand as an annual incentive award for 2022, and his annual salary was increased to $120 thousand. In first-quarter 2024, he received $22 thousand as an annual incentive award for 2023, and his annual salary was increased to $124 thousand. In September 2024, the employee resigned from employment with Stratus, resulting in the forfeiture of his two outstanding awards under the PPIP. Refer to Note 7 for discussion of the PPIP. For additional information regarding Stratus’ related parties, including LCHM Holdings, LLC and JBM Trust, refer to Notes 1 and 2 in the Stratus 2023 Form 10-K.

Compensation Related Costs, General (Tables)

9 Months Ended

Sep. 30, 2024

Share-based Payment Arrangement, Cost by Plan

A summary of PPIP/LTIP costs follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Charged to general and administrative expense	$	9	$	(205)	$	168	$	84
Capitalized (credited) to project development costs	(71)		136		42		237
Total PPIP/LTIP costs	$	(62)	$	(69)	$	210	$	321

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Net loss and total comprehensive loss	$	(1,414)	$	(3,217)	$	(495)	$	(14,799)
Total comprehensive loss attributable to noncontrolling interests	1,050		373		2,958		853
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$	(364)	$	(2,844)	$	2,463	$	(13,946)

Basic weighted-average shares of common stock outstanding	8,080		8,003		8,059		7,993
Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a	—		—		127		—
Diluted weighted-average shares of common stock outstanding	8,080		8,003		8,186		7,993

Basic net (loss) income per share attributable to common stockholders	$	(0.05)	$	(0.36)	$	0.31	$	(1.74)

Diluted net (loss) income per share attributable to common stockholders	$	(0.05)	$	(0.36)	$	0.30	$	(1.74)

a.Excludes 185 thousand shares for third-quarter 2024, 178 thousand shares for third-quarter 2023 and 232 thousand shares for the first nine months of 2023 of common stock associated with RSUs that were anti-dilutive as a result of net losses. Excludes 17 thousand shares for the first nine months of 2024 of common stock associated with RSUs that were anti-dilutive.

Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Stratus has two operating segments: Real Estate Operations and Leasing Operations.

The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed for sale, under development and available for development), which consists of its properties in Austin, Texas (including the Barton Creek Community, which includes Section N, Holden Hills, Amarra multi-family and commercial land, Amarra Villas, Amarra Drive lots and other vacant land; the Circle C community; the Lantana community, which includes a portion of Lantana Place planned for a multi-family phase known as The Saint Julia; The Saint George; and the land for The Annie B); in Lakeway, Texas, located in the greater Austin area (Lakeway); in College Station, Texas (land for future phases of retail and multi-family development and retail pad sites at Jones Crossing); and in Magnolia, Texas (potential development of approximately 11 acres planned for future multi-family use), Kingwood, Texas (a retail pad site) and New Caney, Texas (New Caney), each located in the greater Houston area.

The Leasing Operations segment is comprised of Stratus’ real estate assets held for investment that are leased or available for lease and includes The Saint June, West Killeen Market, Kingwood Place, the retail portion of Lantana Place, the completed retail portion of Jones Crossing, retail pad sites subject to ground leases at Lantana Place, Kingwood Place and Jones Crossing, and, prior to its sale in third-quarter 2024, the retail portion of Magnolia Place.

Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus’ operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity.

Revenues from Contracts with Customers. Stratus’ revenues from contracts with customers follow (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Real Estate Operations:
Developed property sales	$	3,950	$	—	$	15,198	$	2,493
Undeveloped property sales	—		—		14,500		—
Commissions and other	21		—		25		58
	3,971		—		29,723		2,551
Leasing Operations:
Rental revenue	4,920		3,669		14,165		10,450
	4,920		3,669		14,165		10,450

Total revenues from contracts with customers	$	8,891	$	3,669	$	43,888	$	13,001

Financial Information by Business Segment. Summarized financial information by segment for the three months ended September 30, 2024, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):


	Real Estate Operations a		Leasing Operations		Corporate, Eliminations and Other b		Total
Revenues:
Unaffiliated customers	$	3,971	$	4,920	$	—	$	8,891
Cost of sales, excluding depreciation and amortization	(5,344)		(1,964)		—		(7,308)
Depreciation and amortization	(48)		(1,333)		16		(1,365)
Gain on sale of assets c	—		1,626		—		1,626
General and administrative expenses	—		—		(3,363)		(3,363)
Operating (loss) income	$	(1,421)	$	3,249	$	(3,347)	$	(1,519)
Capital expenditures and purchases and development of real estate properties	$	6,608	$	6,820	$	—	$	13,428
Total assets at September 30, 2024 d	349,701		154,257		19,222		523,180

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

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

c.Represents a pre-tax gain on the sale of Magnolia Place – Retail in third-quarter 2024 of $1.6 million.

d.Corporate, eliminations and other includes cash and cash equivalents and restricted cash of $18.7 million. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets.

Summarized financial information by segment for the three months ended September 30, 2023, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):


	Real Estate Operations a		Leasing Operations		Corporate, Eliminations and Other b		Total
Revenues:
Unaffiliated customers	$	—	$	3,669	$	—	$	3,669
Cost of sales, excluding depreciation and amortization	(1,467)		(1,381)		—		(2,848)
Depreciation and amortization	(38)		(934)		5		(967)
General and administrative expenses	—		—		(3,183)		(3,183)
Operating (loss) income	$	(1,505)	$	1,354	$	(3,178)	$	(3,329)
Capital expenditures and purchases and development of real estate properties	$	13,613	$	12,701	$	—	$	26,314
Total assets at September 30, 2023 c	302,927		164,565		34,529		502,021

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

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

c.Corporate, eliminations and other includes cash and cash equivalents and restricted cash of $34.3 million. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets.

Summarized financial information by segment for the first nine months ended September 30, 2024, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):


	Real Estate Operations a		Leasing Operations		Corporate, Eliminations and Other b		Total
Revenues:
Unaffiliated customers	$	29,723	$	14,165	$	—	$	43,888
Cost of sales, excluding depreciation and amortization	(25,046)		(5,384)		—		(30,430)
Depreciation and amortization	(136)		(4,080)		48		(4,168)
Gain on sale of assets c	—		1,626		—		1,626
General and administrative expenses	—		—		(11,670)		(11,670)
Operating income (loss)	$	4,541	$	6,327	$	(11,622)	$	(754)
Capital expenditures and purchases and development of real estate properties	$	22,925	$	22,962	$	—	$	45,887

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

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

c.Represents a pre-tax gain on the sale of Magnolia Place – Retail in third-quarter 2024 of $1.6 million.

Summarized financial information by segment for the first nine months ended September 30, 2023, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):


	Real Estate Operations a		Leasing Operations		Corporate, Eliminations and Other b		Total
Revenues:
Unaffiliated customers	$	2,551	$	10,450	$	—	$	13,001
Cost of sales, excluding depreciation and amortization	(8,651)		(3,786)		—		(12,437)
Depreciation and amortization	(115)		(2,764)		14		(2,865)
General and administrative expenses	—		—		(11,973)		(11,973)
Operating (loss) income	$	(6,215)	$	3,900	$	(11,959)	$	(14,274)
Capital expenditures and purchases and development of real estate properties	$	34,697	$	36,178	$	—	$	70,875

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

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Profit Participation Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities	$ 5,186		$ 5,186		$ 7,117
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities	1,800		1,800		3,100
Share-based Payment Arrangement, Expense	(62)	$ (69)	210	$ 321
Deferred Profit Sharing \| Charged to general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	9	(205)	168	84
Deferred Profit Sharing \| Project Development Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ (71)	$ 136	$ 42	$ 237
Deferred Profit Sharing \| Kingwood Place_
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other liabilities					$ 1,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Limited Partnerships (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
Limited Partnerships (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Aug. 31, 2024	Apr. 30, 2024	Feb. 29, 2024	Jan. 31, 2024	Oct. 01, 2023
Limited Partnerships [Line Items]
Intercompany Loan, Amount						$ 1,100		$ 2,400
Saint George L.P. \| Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage	10.00%			10.00%
Proceeds from Contributions from Parent	$ 400
Saint George L.P. \| Unrelated Equity Investor
Limited Partnerships [Line Items]
Proceeds from Partnership Contribution	$ 3,600
Stratus Block 150, L.P. \| Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage	31.00%			31.00%
Intercompany Loans, Description				In February 2024 and August 2024, Stratus made additional operating loans of $2.4 million and $1.1 million, respectively, to Stratus Block 150, L.P.	In 2023, Stratus made operating loans totaling $2.3 million to Stratus Block 150, L.P. to facilitate the partnership’s ability to pay ongoing costs of The Annie B project during the pre-construction period.
Intercompany Loan, Amount					$ 2,300
Stratus Block 150, L.P. \| Stratus Properties Inc \| Bloomberg short-term bank yield index
Limited Partnerships [Line Items]
Basis spread on variable rate			5.00%
Stratus Block 150, L.P. \| Stratus Properties Inc \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Limited Partnerships [Line Items]
Basis spread on variable rate				500.00%
Saint June, L.P.
Limited Partnerships [Line Items]
Intercompany Loans, Description				In October 2023 and January 2024, Stratus made additional operating loans of $250 thousand and $339 thousand, respectively, to The Saint June, L.P., and the Class B Limited Partner made operating loans of $250 thousand and $339 thousand, respectively, to The Saint June, L.P. In April 2024, Stratus made an additional operating loan of $85 thousand to The Saint June, L.P., and the Class B Limited Partner made an additional operating loan of $165 thousand to The Saint June, L.P.
Saint June, L.P. \| Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage	34.13%			34.13%
Intercompany Loans, Description		In June 2023, Stratus made an operating loan of $750 thousand to The Saint June, L.P. to support the partnership’s ability to pay its construction loan interest, which had risen above the amount originally budgeted due to interest rate increases over the past two years.
Intercompany Loan, Amount		$ 750					$ 85		$ 339	$ 250
Saint June, L.P. \| Stratus Properties Inc \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Limited Partnerships [Line Items]
Basis spread on variable rate				5.00%
Saint June, L.P. \| Unrelated Equity Investor
Limited Partnerships [Line Items]
Intercompany Loan, Amount							$ 165		$ 339	$ 250
Holden Hills \| Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage	50.00%			50.00%
Stratus Kingwood, L.P. [Member] \| Stratus Properties Inc
Limited Partnerships [Line Items]
Equity Method Investment, Ownership Percentage	60.00%			60.00%

Dispositions	9 Months Ended
Dispositions	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	ASSET SALES The Oaks at Lakeway. Stratus has remaining lease obligations pursuant to a Pad Sites Master Lease entered into in connection with the sale of The Oaks at Lakeway, as described in Note 9 of the Stratus 2023 Form 10-K under the heading “Deferred Gain on Sale of The Oaks at Lakeway.” A related contract liability is presented as a deferred gain in the consolidated balance sheets in the amount of $2.1 million at September 30, 2024 and $2.7 million at December 31, 2023. The reduction in the deferred gain balance primarily reflects Pad Sites Master Lease payments. The remaining deferred gain balance is expected to be reduced primarily by future Pad Sites Master Lease payments. Amarra Villas. In third-quarter 2024, Stratus sold one of the Amarra Villas homes for $4.0 million. In second-quarter 2024, Stratus sold one of the Amarra Villas homes for $3.6 million. In first-quarter 2024, Stratus sold two of the Amarra Villas homes for a total of $7.6 million. In first-quarter 2023, Stratus sold one of the Amarra Villas homes for $2.5 million. Magnolia Place. In third-quarter 2024, Stratus completed the sale of Magnolia Place – Retail for $8.9 million, generating a pre-tax net cash proceeds of approximately $8.6 million and a pre-tax gain of $1.6 million. In first-quarter 2024, Stratus completed the sale of approximately 47 acres of undeveloped land in Magnolia, Texas planned for a second phase of retail development, all remaining pad sites and up to 600 multi-family units, for $14.5 million. In connection with this sale, the Magnolia Place construction loan, which had a balance of $8.8 million, was repaid.

Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended					9 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain		$ 2,131					$ 2,131		$ 2,721
Debt		181,540					181,540		175,168
Proceeds from sale of assets, net of fees							8,586	$ 0
Gain (Loss) on Disposition of Other Assets		1,626			$ 0		1,626	$ 0
Magnolia Place
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt		0					0		8,731
Magnolia Place \| Construction Loan Payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt	$ 8,800
Disposal by sale \| The Oaks at Lakeway
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain		2,100					$ 2,100		$ 2,700
Disposal by sale \| Amarra Villas_
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale		4,000	$ 3,600	$ 7,600		$ 2,500
Disposal Group, Held-for-sale, Not Discontinued Operations \| Magnolia Place
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 14,500	8,900
Proceeds from sale of assets, net of fees		8,600
Gain (Loss) on Disposition of Other Assets		$ 1,600

Profit Participation Incentive Plan

9 Months Ended

Sep. 30, 2024

Profit Participation Plan [Abstract]

Profit Participation Incentive Plan

PROFIT PARTICIPATION INCENTIVE PLAN AND LONG-TERM INCENTIVE PLAN

In July 2018, the Compensation Committee (the Committee) adopted the PPIP. In February 2023, the Committee approved the Long-term Incentive Plan (LTIP), which amends and restates the PPIP, and is effective for participation interests awarded under development projects on or after its effective date. Outstanding participation interests granted under the PPIP will continue to be governed by the terms of the prior PPIP. The PPIP and LTIP provide participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the PPIP and LTIP. Estimates related to the awards may change over time as a result of differences between projected and actual development progress and costs, market conditions and the timing of capital transactions or valuation events. Refer to Notes 1 and 8 of the Stratus 2023 Form 10-K for further discussion.

In July 2023, Kingwood Place reached a valuation event under the PPIP and Stratus obtained an appraisal of the property to determine the payout under the PPIP. The accrued liability under the PPIP related to Kingwood Place was reduced to $1.6 million at December 31, 2023, and was settled in RSUs with a three-year vesting period awarded to eligible participants in the first quarter of 2024.

Under the terms of the PPIP and LTIP, the number of RSUs granted in connection with settlement of approved projects is determined by reference to the 12-month trailing average stock price for the year the project reaches a payment event, whereas the grant date fair value of the RSUs for accounting purposes is based on the grant date closing price.

A summary of PPIP/LTIP costs follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Charged to general and administrative expense	$	9	$	(205)	$	168	$	84
Capitalized (credited) to project development costs	(71)		136		42		237
Total PPIP/LTIP costs	$	(62)	$	(69)	$	210	$	321

At September 30, 2024, outstanding awards under the PPIP included Amarra Villas, Jones Crossing – Retail, Magnolia Place and The Saint June, and outstanding awards under the LTIP included The Saint George. The accrued liability for the PPIP and LTIP totaled $1.8 million at September 30, 2024, and $3.1 million at December 31, 2023 (included in other liabilities).

Income Taxes (Details) - USD ($) $ in Thousands	9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(70.00%)	(16.00%)
Deferred Tax Assets, State Taxes	$ 173			$ 173
Taxes Payable			$ 22

Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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

Revenues from Contracts with Customers. Stratus’ revenues from contracts with customers follow (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Real Estate Operations:
Developed property sales	$	3,950	$	—	$	15,198	$	2,493
Undeveloped property sales	—		—		14,500		—
Commissions and other	21		—		25		58
	3,971		—		29,723		2,551
Leasing Operations:
Rental revenue	4,920		3,669		14,165		10,450
	4,920		3,669		14,165		10,450

Total revenues from contracts with customers	$	8,891	$	3,669	$	43,888	$	13,001

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


	Real Estate Operations a		Leasing Operations		Corporate, Eliminations and Other b		Total
Revenues:
Unaffiliated customers	$	3,971	$	4,920	$	—	$	8,891
Cost of sales, excluding depreciation and amortization	(5,344)		(1,964)		—		(7,308)
Depreciation and amortization	(48)		(1,333)		16		(1,365)
Gain on sale of assets c	—		1,626		—		1,626
General and administrative expenses	—		—		(3,363)		(3,363)
Operating (loss) income	$	(1,421)	$	3,249	$	(3,347)	$	(1,519)
Capital expenditures and purchases and development of real estate properties	$	6,608	$	6,820	$	—	$	13,428
Total assets at September 30, 2024 d	349,701		154,257		19,222		523,180

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

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

c.Represents a pre-tax gain on the sale of Magnolia Place – Retail in third-quarter 2024 of $1.6 million.


	Real Estate Operations a		Leasing Operations		Corporate, Eliminations and Other b		Total
Revenues:
Unaffiliated customers	$	—	$	3,669	$	—	$	3,669
Cost of sales, excluding depreciation and amortization	(1,467)		(1,381)		—		(2,848)
Depreciation and amortization	(38)		(934)		5		(967)
General and administrative expenses	—		—		(3,183)		(3,183)
Operating (loss) income	$	(1,505)	$	1,354	$	(3,178)	$	(3,329)
Capital expenditures and purchases and development of real estate properties	$	13,613	$	12,701	$	—	$	26,314
Total assets at September 30, 2023 c	302,927		164,565		34,529		502,021

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

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


	Real Estate Operations a		Leasing Operations		Corporate, Eliminations and Other b		Total
Revenues:
Unaffiliated customers	$	29,723	$	14,165	$	—	$	43,888
Cost of sales, excluding depreciation and amortization	(25,046)		(5,384)		—		(30,430)
Depreciation and amortization	(136)		(4,080)		48		(4,168)
Gain on sale of assets c	—		1,626		—		1,626
General and administrative expenses	—		—		(11,670)		(11,670)
Operating income (loss)	$	4,541	$	6,327	$	(11,622)	$	(754)
Capital expenditures and purchases and development of real estate properties	$	22,925	$	22,962	$	—	$	45,887

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

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

c.Represents a pre-tax gain on the sale of Magnolia Place – Retail in third-quarter 2024 of $1.6 million.


	Real Estate Operations a		Leasing Operations		Corporate, Eliminations and Other b		Total
Revenues:
Unaffiliated customers	$	2,551	$	10,450	$	—	$	13,001
Cost of sales, excluding depreciation and amortization	(8,651)		(3,786)		—		(12,437)
Depreciation and amortization	(115)		(2,764)		14		(2,865)
General and administrative expenses	—		—		(11,973)		(11,973)
Operating (loss) income	$	(6,215)	$	3,900	$	(11,959)	$	(14,274)
Capital expenditures and purchases and development of real estate properties	$	34,697	$	36,178	$	—	$	70,875

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

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

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Real estate operations	$ 3,971	$ 0	$ 29,723	$ 2,551
Leasing operations	4,920	3,669	14,165	10,450
Total revenues	8,891	3,669	43,888	13,001
Cost of sales:
Cost of sales	7,308	2,848	30,430	12,437
Depreciation and amortization	1,365	967	4,168	2,865
Total cost of sales	8,673	3,815	34,598	15,302
Gain on sale of assets	(1,626)	0	(1,626)	0
General and administrative expenses	3,363	3,183	11,670	11,973
Total	10,410	6,998	44,642	27,275
Operating loss	(1,519)	(3,329)	(754)	(14,274)
Loss on extinguishment of debt	0	0	(59)	0
Other income, net	163	472	522	1,501
Loss before income taxes and equity in unconsolidated affiliate's loss	(1,356)	(2,857)	(291)	(12,773)
Provision for income taxes	(58)	(356)	(204)	(2,016)
Equity in unconsolidated affiliate's loss	0	(4)	0	(10)
Net loss and total comprehensive loss	(1,414)	(3,217)	(495)	(14,799)
Total comprehensive loss attributable to noncontrolling interests	1,050	373	2,958	853
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$ (364)	$ (2,844)	$ 2,463	$ (13,946)
Basic net (loss) income per share attributable to common stockholders (in usd per share)	$ (0.05)	$ (0.36)	$ 0.31	$ (1.74)
Diluted net (loss) income per share attributable to common stockholders (in usd per share)	$ (0.05)	$ (0.36)	$ 0.30	$ (1.74)
Basic weighted average number of shares outstanding, basic (in shares)	8,080	8,003	8,059	7,993
Diluted weighted average number of shares outstanding, basic (in shares)	8,080	8,003	8,186	7,993
Real estate operations
Revenues:
Real estate operations	$ 3,971	$ 0	$ 29,723	$ 2,551
Cost of sales:
Cost of sales	5,344	1,467	25,046	8,651
Leasing operations
Cost of sales:
Cost of sales	$ 1,964	$ 1,381	$ 5,384	$ 3,786

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities:
Net loss	$ (495)	$ (14,799)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,168	2,865
Cost of real estate sold	19,115	2,080
Loss on extinguishment of debt	59	0
Stock-based compensation	1,314	1,479
Debt issuance cost amortization	1,028	631
Gain on sale of assets	(1,626)	0
Equity in unconsolidated affiliate’s loss	0	10
Purchases and development of real estate properties	(22,925)	(34,697)
Write-off of capitalized project costs	721	0
Decrease in other assets	233	2,223
(Decrease) increase in accounts payable, accrued liabilities and other	(3,994)	908
Net cash used in operating activities	(2,402)	(39,300)
Cash flow from investing activities:
Capital expenditures	(22,962)	(36,178)
Proceeds from sale of assets, net of fees	8,586	0
Payments on master lease obligations	(649)	(730)
Other	0	5
Net cash used in investing activities	(15,025)	(36,903)
Cash flow from financing activities:
Borrowings from project loans	27,672	41,656
Payments on project and term loans	(25,058)	(8,472)
Payment of dividends	(356)	(678)
Finance lease principal payments	(12)	(11)
Stock-based awards net payments	(376)	(789)
Contributions from noncontrolling interests	3,600	40,000
Purchases of treasury stock	0	(2,064)
Financing costs	(139)	(2,758)
Net cash provided by financing activities	5,331	66,884
Net decrease in cash, cash equivalents and restricted cash	(12,096)	(9,319)
Cash, cash equivalents and restricted cash at beginning of year	32,432	45,709
Cash, cash equivalents and restricted cash at end of period	$ 20,336	$ 36,390

Business Segments Revenues from External Customers for Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Real estate revenue	$ 3,971	$ 0	$ 29,723	$ 2,551
Leasing operations	4,920	3,669	14,165	10,450
Revenues	8,891	3,669	43,888	13,001
Real estate operations
Revenue from External Customer [Line Items]
Real estate revenue	3,971	0	29,723	2,551
Real Estate Operations \| Developed Property
Revenue from External Customer [Line Items]
Real estate revenue	3,950	0	15,198	2,493
Real Estate Operations \| Undeveloped Property
Revenue from External Customer [Line Items]
Real estate revenue	0	0	14,500	0
Real Estate Operations \| Real Estate, Commissions And Other
Revenue from External Customer [Line Items]
Real estate revenue	21	0	25	58
Leasing Operations
Revenue from External Customer [Line Items]
Leasing operations	$ 4,920	$ 3,669	$ 14,165	$ 10,450

Cover Page Cover Page - shares	9 Months Ended
Cover Page Cover Page - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37716
Entity Registrant Name	Stratus Properties Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1211572
Entity Address, Address Line One	212 Lavaca Street, Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78701
City Area Code	512
Local Phone Number	478-5788
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	STRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,086,201
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Debt Summary of Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Table [Abstract]

Schedule of debt

The components of Stratus’ debt follow (in thousands):


	September 30, 2024		December 31, 2023
Comerica Bank revolving credit facility	$	—	$	—
Jones Crossing loan	22,402		22,340
The Annie B land loan	12,556		13,983
Construction loans:
The Saint George	42,555		24,657
The Saint June	30,525		27,668
Kingwood Place	28,894		28,160
Lantana Place	22,744		22,961
Holden Hills	12,000		5,736
West Killeen Market	5,210		5,250
Amarra Villas credit facility	4,654		15,682
Magnolia Place	—		8,731
Total debt a	$	181,540	$	175,168

a.Includes net reductions for unamortized debt issuance costs of $1.4 million at September 30, 2024, and $2.2 million at December 31, 2023.

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Details) - Immediate Family Member of Management or Principal Owner - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
Product Information [Line Items]
Selling, General and Administrative Expense		$ 124	$ 120
Annual Incentive Award
Product Information [Line Items]
Selling, General and Administrative Expense	$ 100	$ 22	$ 22

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Net loss and total comprehensive loss	$	(1,414)	$	(3,217)	$	(495)	$	(14,799)
Total comprehensive loss attributable to noncontrolling interests	1,050		373		2,958		853
Net (loss) income and total comprehensive (loss) income attributable to common stockholders	$	(364)	$	(2,844)	$	2,463	$	(13,946)

Basic weighted-average shares of common stock outstanding	8,080		8,003		8,059		7,993
Add shares issuable upon vesting of dilutive restricted stock units (RSUs) a	—		—		127		—
Diluted weighted-average shares of common stock outstanding	8,080		8,003		8,186		7,993

Basic net (loss) income per share attributable to common stockholders	$	(0.05)	$	(0.36)	$	0.31	$	(1.74)

Diluted net (loss) income per share attributable to common stockholders	$	(0.05)	$	(0.36)	$	0.30	$	(1.74)

Business Segments Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment			2
Revenues:
Real estate operations	$ 3,971	$ 0	$ 29,723	$ 2,551
Leasing operations	4,920	3,669	14,165	10,450
Unaffiliated customers	8,891	3,669	43,888	13,001
Cost of sales, excluding depreciation and amortization	(7,308)	(2,848)	(30,430)	(12,437)
Depreciation and amortization	(1,365)	(967)	(4,168)	(2,865)
General and administrative expenses	(3,363)	(3,183)	(11,670)	(11,973)
Operating income (loss)	(1,519)	(3,329)	(754)	(14,274)
Capital expenditures and purchases and development of real estate properties	13,428	26,314
Total assets	523,180	502,021	523,180	502,021	$ 517,766
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	20,336	36,390	20,336	36,390	$ 32,432	$ 45,709
Gain (Loss) on Disposition of Other Assets	1,626	0	1,626	0
Leasing Operations
Revenues:
Leasing operations	4,920	3,669	14,165	10,450
Corporate, Eliminations and Other
Revenues:
Real estate operations	0	0	0	0
Cost of sales, excluding depreciation and amortization	0	0	0	0
Depreciation and amortization	16	5	48	14
General and administrative expenses	(3,363)	(3,183)	(11,670)	(11,973)
Operating income (loss)	(3,347)	(3,178)	(11,622)	(11,959)
Capital expenditures and purchases and development of real estate properties	0	0	0	0
Total assets	19,222	34,529	19,222	34,529
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	18,700	34,300	18,700	34,300
Gain (Loss) on Disposition of Other Assets	0		0
Operating Segments
Revenues:
Capital expenditures and purchases and development of real estate properties			45,887	70,875
Operating Segments \| Real Estate Operations
Revenues:
Real estate operations	3,971	0	29,723	2,551
Cost of sales, excluding depreciation and amortization	(5,344)	(1,467)	(25,046)	(8,651)
Depreciation and amortization	(48)	(38)	(136)	(115)
General and administrative expenses	0	0	0	0
Operating income (loss)	(1,421)	(1,505)	4,541	(6,215)
Capital expenditures and purchases and development of real estate properties	6,608	13,613	22,925	34,697
Total assets	349,701	302,927	349,701	302,927
Gain (Loss) on Disposition of Other Assets	0		0
Operating Segments \| Leasing Operations
Revenues:
Leasing operations	4,920	3,669	14,165	10,450
Cost of sales, excluding depreciation and amortization	(1,964)	(1,381)	(5,384)	(3,786)
Depreciation and amortization	(1,333)	(934)	(4,080)	(2,764)
General and administrative expenses	0	0	0	0
Operating income (loss)	3,249	1,354	6,327	3,900
Capital expenditures and purchases and development of real estate properties	6,820	12,701	22,962	36,178
Total assets	154,257	$ 164,565	154,257	$ 164,565
Gain (Loss) on Disposition of Other Assets	$ 1,626		$ 1,626

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 19,638	$ 31,397
Restricted cash	698	1,035
Real estate held for sale	4,884	7,382
Real estate under development	261,212	260,642
Land available for development	74,912	47,451
Real estate held for investment, net	137,177	144,112
Lease right-of-use assets	10,368	11,174
Deferred tax assets	173	173
Other assets	14,118	14,400
Total assets	523,180	517,766
Liabilities:
Accounts payable	12,341	15,629
Accrued liabilities, including taxes	6,283	6,660
Debt	181,540	175,168
Lease liabilities	15,564	15,866
Deferred gain	2,131	2,721
Other liabilities	5,186	7,117
Total liabilities	223,045	223,161
Commitments and contingencies
Stockholders’ equity:
Common stock	97	96
Capital in excess of par value of common stock	200,557	197,735
Retained earnings	29,108	26,645
Common stock held in treasury	(33,395)	(32,997)
Total stockholders’ equity	196,367	191,479
Noncontrolling interests in subsidiaries	103,768	103,126
Total equity	300,135	294,605
Total liabilities and equity	$ 523,180	$ 517,766

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes are further described in Notes 1 and 7 in the Stratus 2023 Form 10-K. Stratus has a full valuation allowance against its U.S. Federal net deferred tax assets as of both September 30, 2024 and December 31, 2023. Stratus has recorded a deferred tax asset totaling $173 thousand at both September 30, 2024 and December 31, 2023 related to state income taxes. In evaluating the recoverability of the remaining deferred tax assets, management considered available positive and negative evidence, giving greater weight to the uncertainty regarding projected future financial results. Upon a change in facts and circumstances, management may conclude that sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance in the future, which would favorably impact Stratus’ results of operations. Stratus’ future results of operations may be negatively impacted by an inability to realize a tax benefit for future tax losses or for items that will generate additional deferred tax assets that are not more likely than not to be realized. The difference between Stratus’ consolidated effective income tax rate of (70) percent for the first nine months of 2024 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to state income taxes, noncontrolling interests in subsidiaries, the presence of a valuation allowance against its U.S. Federal net deferred tax assets as of September 30, 2024, and the executive compensation limitation. The difference between Stratus’ consolidated effective income tax rate of (16) percent for the first nine months of 2023 and the U.S. Federal statutory income tax rate of 21 percent was primarily attributable to state income taxes, noncontrolling interests in subsidiaries, the presence of a valuation allowance against its U.S. Federal net deferred tax assets as of September 30, 2023, and the executive compensation limitation. On August 16, 2022, the IR Act was enacted in the United States. Among other provisions, the IR Act imposes a new one percent excise tax on the fair market value of net corporate stock repurchases made by covered corporations, effective for tax years beginning after December 31, 2022. Stratus recorded $22 thousand in such excise taxes in first-quarter 2024 for share repurchases in 2023. Refer to Note 6 for discussion of Stratus’ share repurchase programs.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Limited Partnerships (Schedule of Assets and Liabilities of the VIE Partnerships (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Limited Partnerships [Line Items]
Cash and cash equivalents	$ 19,638	$ 31,397
Restricted cash	698	1,035
Real estate under development	261,212	260,642
Land available for development	74,912	47,451
Real estate held for investment, net	137,177	144,112
Lease right-of-use assets	10,368	11,174
Other assets	14,118	14,400
Total assets	523,180	517,766	$ 502,021
Accounts payable	12,341	15,629
Accrued liabilities, including taxes	6,283	6,660
Debt	181,540	175,168
Lease liabilities	15,564	15,866
Other liabilities	5,186	7,117
Total liabilities	223,045	223,161
Saint George partnership, Stratus Kingwood, L.P., The Saint June L.P, Stratus Block 150, L.P, and Holden Hills, L.P.
Limited Partnerships [Line Items]
Cash and cash equivalents	7,796	5,531
Restricted cash	413	193
Real estate under development	135,941	140,347
Land available for development	36,403	1,911
Real estate held for investment, net	82,108	87,005
Lease right-of-use assets	217	420
Other assets	3,206	3,122
Total assets	266,084	238,529
Accounts payable	9,280	12,751
Accrued liabilities, including taxes	2,965	1,793
Debt	126,529	100,205
Lease liabilities	219	421
Other liabilities	276	391
Total liabilities	139,269	115,561
Net assets	$ 126,815	$ 122,968

Limited Partnerships

9 Months Ended

Sep. 30, 2024

Limited Partnerships

LIMITED PARTNERSHIPS

Stratus has entered into strategic partnerships for certain development projects. Stratus, through its subsidiaries, is a partner in the following limited partnerships: The Saint George Apartments, L.P. (10.0 percent indirect equity interest), Stratus Block 150, L.P. (31.0 percent indirect equity interest), The Saint June, L.P. (34.13 percent indirect equity interest), Holden Hills, L.P. (50.0 percent indirect equity interest) and Stratus Kingwood Place, L.P. (60.0 percent indirect equity interest). For additional information regarding Stratus' partnerships, refer to Note 2 in the Stratus 2023 Form 10-K.

Operating Loans/Additional Capital Contributions to Partnerships. In 2023, Stratus made operating loans totaling $2.3 million to Stratus Block 150, L.P. to facilitate the partnership’s ability to pay ongoing costs of The Annie B project during the pre-construction period. In February 2024 and August 2024, Stratus made additional operating loans of $2.4 million and $1.1 million, respectively, to Stratus Block 150, L.P. The loans are subordinate to The Annie B land loan and must be repaid before distributions may be made to the partners. Until February 2024, the interest rate on the loans was the one-month Bloomberg Short Term Bank Yield Index (BSBY) Rate plus 5.00 percent. In February 2024, the interest rate on the loans was changed to the one-month Term Secured Overnight Financing Rate (SOFR) plus 5.00 percent.

In June 2023, Stratus made an operating loan of $750 thousand to The Saint June, L.P. to support the partnership’s ability to pay its construction loan interest, which had risen above the amount originally budgeted due to interest rate increases over the past two years. In October 2023 and January 2024, Stratus made additional operating loans of $250 thousand and $339 thousand, respectively, to The Saint June, L.P., and the Class B Limited Partner made operating loans of $250 thousand and $339 thousand, respectively, to The Saint June, L.P. In April 2024, Stratus made an additional operating loan of $85 thousand to The Saint June, L.P., and the Class B Limited Partner made an additional operating loan of $165 thousand to The Saint June, L.P. The loans bear interest at the one-month Term SOFR plus 5.00 percent, are subordinate to The Saint June construction loan and must be repaid before distributions may be made to the partners.

In September 2024, Stratus contributed additional capital of $400 thousand in cash to The Saint George Apartments, L.P., representing its 10 percent equity share, and the Class B Limited Partner contributed additional capital of $3.6 million in cash to The Saint George Apartments, L.P. to support the partnership’s ability to pay its construction loan interest, which has exceeded the amount budgeted due to interest rate increases over the past two years.

Potential Returns. The following table presents the distribution percentages for the limited partnerships in which Stratus’ potential returns may increase above its relative equity interest if certain hurdles are achieved.


	Distribution Percentages
	The Saint George Apartments, L.P.				The Saint June, L.P.				Holden Hills, L.P.				Stratus Kingwood Place, L.P.
	Stratus		Third-party Class B Limited Partner		Stratus		Third-party Class B Limited Partner		Stratus		Third-party Class B Limited Partner		Stratus		Third-party Class B Limited Partners
Until all partners have received a return of their capital contributions and a 9.00 percent cumulative return;	10.00	%	90.00	%	34.13	%	65.87	%	50.00	%	50.00	%	60.00	%	40.00	%
Until all partners have received an 11.00 percent cumulative return;	—		—		—		—		—		—		68.00		32.00
Until the Class B limited partner has received a 12.00 percent cumulative return;	20.00		80.00		44.13		55.87		55.00		45.00		—		—
Until the Class B limited partner has received an 18.00 percent cumulative return;	30.00		70.00		—		—		—		—		—		—
Thereafter	50.00		50.00		54.13		45.87		65.00		35.00		76.00		24.00

Accounting for Limited Partnerships. Stratus has performed evaluations and concluded that The Saint George Apartments, L.P., Stratus Block 150, L.P., The Saint June, L.P., Stratus Kingwood Place, L.P. and Holden Hills, L.P.

are variable interest entities (VIEs) and that Stratus is the primary beneficiary of each VIE. Accordingly, the partnerships’ results are consolidated in Stratus’ financial statements. Stratus will continue to re-evaluate which entity is the primary beneficiary of these partnerships in accordance with applicable accounting guidance.

The cash and cash equivalents held at these limited partnerships are subject to restrictions on distribution to Stratus pursuant to the individual partnership loan agreements.

Stratus’ consolidated balance sheets include the following assets and liabilities of the partnerships, net of intercompany balances (including the operating loans made by Stratus), which are eliminated (in thousands):


	September 30, 2024		December 31, 2023
Assets: a
Cash and cash equivalents	$	7,796	$	5,531
Restricted cash	413		193
Real estate under development	135,941		140,347
Land available for development	36,403		1,911
Real estate held for investment	82,108		87,005
Lease right-of-use assets	217		420
Other assets	3,206		3,122
Total assets	266,084		238,529
Liabilities: b
Accounts payable	9,280		12,751
Accrued liabilities, including taxes	2,965		1,793
Debt	126,529		100,205
Lease liabilities	219		421
Other liabilities	276		391
Total liabilities	139,269		115,561
Net assets	$	126,815	$	122,968

a.Substantially all of the assets are available to settle obligations of the partnerships only.

b.The Kingwood Place construction loan has a 25.0 percent repayment guaranty and The Saint George construction loan has a completion guaranty and a 25.0 percent repayment guaranty. The guaranty of The Saint June construction loan converted to a 50.0 percent repayment guaranty upon completion of the project in fourth-quarter 2023. All of the rest of the debt is subject to a full repayment guaranty. Certain of the guaranties terminate if the project meets specified financial and other conditions. The creditors for the remaining liabilities do not have recourse to the general credit of Stratus. See Note 6 of the Stratus 2023 Form 10-K for additional information.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Limited Partnerships (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Potential Returns of the VIE Partnerships


	Distribution Percentages
	The Saint George Apartments, L.P.				The Saint June, L.P.				Holden Hills, L.P.				Stratus Kingwood Place, L.P.
	Stratus		Third-party Class B Limited Partner		Stratus		Third-party Class B Limited Partner		Stratus		Third-party Class B Limited Partner		Stratus		Third-party Class B Limited Partners
Until all partners have received a return of their capital contributions and a 9.00 percent cumulative return;	10.00	%	90.00	%	34.13	%	65.87	%	50.00	%	50.00	%	60.00	%	40.00	%
Until all partners have received an 11.00 percent cumulative return;	—		—		—		—		—		—		68.00		32.00
Until the Class B limited partner has received a 12.00 percent cumulative return;	20.00		80.00		44.13		55.87		55.00		45.00		—		—
Until the Class B limited partner has received an 18.00 percent cumulative return;	30.00		70.00		—		—		—		—		—		—
Thereafter	50.00		50.00		54.13		45.87		65.00		35.00		76.00		24.00

Schedule of Assets and Liabilities of the VIE Partnerships


	September 30, 2024		December 31, 2023
Assets: a
Cash and cash equivalents	$	7,796	$	5,531
Restricted cash	413		193
Real estate under development	135,941		140,347
Land available for development	36,403		1,911
Real estate held for investment	82,108		87,005
Lease right-of-use assets	217		420
Other assets	3,206		3,122
Total assets	266,084		238,529
Liabilities: b
Accounts payable	9,280		12,751
Accrued liabilities, including taxes	2,965		1,793
Debt	126,529		100,205
Lease liabilities	219		421
Other liabilities	276		391
Total liabilities	139,269		115,561
Net assets	$	126,815	$	122,968

a.Substantially all of the assets are available to settle obligations of the partnerships only.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Debt (Details)			1 Months Ended							3 Months Ended								9 Months Ended		16 Months Ended
Debt (Details)	Jun. 19, 2024 USD ($)	May 11, 2023 USD ($)	Feb. 28, 2025 USD ($)	Nov. 30, 2024	Oct. 31, 2024 USD ($)	Feb. 29, 2024 USD ($)	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 31, 2023	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Nov. 08, 2023 USD ($) $ / shares shares	Nov. 09, 2023 USD ($)	Jul. 01, 2023 USD ($)	May 01, 2023 USD ($)	Sep. 01, 2022 USD ($)
Debt Instrument [Line Items]
Debt										$ 181,540,000			$ 175,168,000					$ 181,540,000
Unamortized debt issuance costs										1,400,000			2,200,000					1,400,000
Interest costs incurred										4,000,000.0				$ 3,400,000				11,900,000	$ 8,700,000
Common Stock, Dividends, Per Share, Declared \| $ / shares																	$ 4.67
Dividends, Common Stock, Cash																	$ 40,000,000
Dividends Payable										300,000			600,000					300,000
Stock Repurchase Program, Authorized Amount																					$ 5,000,000			$ 10,000,000
Stock Repurchased During Period, Shares \| shares																				389,378
Stock Repurchased During Period, Value												$ 22,000		$ 475,000	$ 695,000	$ 894,000				$ 10,000,000
Treasury Stock Acquired, Average Cost Per Share \| $ / shares																				$ 25.68
Taxes Payable												22,000
Comerica Bank revolving credit facility
Debt Instrument [Line Items]
Debt										0			0					0
Comerica Bank revolving credit facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate				400.00%
Comerica Bank revolving credit facility \| One-Month SOFR \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate				50.00%
Debt Instrument, Interest Rate Floor				0.00%
Comerica Bank revolving credit facility \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit committed										13,300,000								13,300,000
Comerica Bank revolving credit facility \| Letter of Credit \| Revolving Credit Facility \| Lakeway
Debt Instrument [Line Items]
Letters of credit committed																						$ 2,300,000
Comerica Bank revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity										52,900,000								52,900,000
Credit facility, available borrowing capacity										39,600,000								39,600,000
Debt Instrument, Debt Covenant, Consent for Common Stock Repurchases, Amount										1,000,000								1,000,000
Jones Crossing loan
Debt Instrument [Line Items]
Debt										22,402,000			22,340,000					$ 22,402,000
Debt Instrument, Covenant, Debt Service Coverage Ratio																		1.15
Repayments of Debt		$ 1,700,000						$ 231,000					13,000
The Annie B land loan
Debt Instrument [Line Items]
Debt										12,556,000			13,983,000					$ 12,556,000
Repayments of Debt						$ 1,400,000
The Annie B land loan \| Forecast
Debt Instrument [Line Items]
Repayments of Debt			$ 630,000
The Annie B land loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate						3.00%
The Annie B land loan \| One-Month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%					0.10%
Debt Instrument, Interest Rate Floor	(0.50%)					(0.50%)
Saint George construction loan
Debt Instrument [Line Items]
Debt										42,555,000			24,657,000					42,555,000
Saint George construction loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate				235.00%
Saint George construction loan \| One-Month SOFR \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate				60.00%
Debt Instrument, Interest Rate Floor				0.00%
The Saint June
Debt Instrument [Line Items]
Debt										30,525,000			27,668,000					30,525,000
The Saint June \| Subsequent event
Debt Instrument [Line Items]
Exit fee for prepayments					1.00%
Debt Instrument, Periodic Payment					$ 40,000
The Saint June \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate									2.85%
The Saint June \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate					2.35%
Debt Instrument, Interest Rate Floor					(3.50%)
The Saint June \| Line of credit \| Subsequent event
Debt Instrument [Line Items]
Debt Instrument, Increase (Decrease), Net					$ 2,000,000
Long-term Debt, Gross					$ 32,300,000
Kingwood Place
Debt Instrument [Line Items]
Debt										28,894,000			28,160,000					28,894,000
Lantana Place
Debt Instrument [Line Items]
Debt										22,744,000			22,961,000					22,744,000
Amarra Villas revolving credit facility
Debt Instrument [Line Items]
Debt										4,654,000			15,682,000					4,654,000
Amarra Villas revolving credit facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Debt Instrument, Interest Rate Floor	(5.00%)
Amarra Villas revolving credit facility \| Line of credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,500,000																$ 18,000,000
Repayments of Debt							$ 2,200,000			3,700,000	$ 3,500,000	$ 7,200,000
Holden Hills
Debt Instrument [Line Items]
Debt										12,000,000			5,736,000					12,000,000
Holden Hills \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate				300.00%
Holden Hills \| One-Month SOFR \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate				60.00%
Debt Instrument, Interest Rate Floor				(50.00%)
West Killeen Market
Debt Instrument [Line Items]
Debt										5,210,000			5,250,000					5,210,000
Magnolia Place
Debt Instrument [Line Items]
Debt										$ 0			$ 8,731,000					$ 0
Comerica Credit Facility, Holden Hills and Section N Obligation \| Letter of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit committed																							$ 11,000,000

Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Parent [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]
Balance (in shares) at Dec. 31, 2022			9,439
Balance at Dec. 31, 2022	$ 272,073	$ 207,248	$ 94	$ 195,773	$ 41,452		$ 64,825
Treasury balance (in shares) at Dec. 31, 2022						1,448
Treasury balance at Dec. 31, 2022						$ (30,071)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			40
Director fees paid in shares of common stock	6	6		6
Stock-based compensation	529	529		529
Tender of shares for stock-based awards (in shares)						11
Tender of shares for stock-based awards	(216)	(216)				$ (216)
Contributions from noncontrolling interests	40,000						40,000
Total comprehensive income (loss)	(6,273)	(5,801)			(5,801)		(472)
Stock Repurchased During Period, Shares						44
Stock Repurchased During Period, Value	(894)	(894)				$ (894)
Balance (in shares) at Mar. 31, 2023			9,479
Balance at Mar. 31, 2023	305,225	200,872	$ 94	196,308	35,651		104,353
Treasury balance (in shares) at Mar. 31, 2023						1,503
Treasury balance at Mar. 31, 2023						$ (31,181)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			93
Vested stock-based awards	(2)	(2)	$ (2)
Director fees paid in shares of common stock	6	6		6
Stock-based compensation	505	505		505
Tender of shares for stock-based awards (in shares)						28
Tender of shares for stock-based awards	(573)	(573)				$ (573)
Total comprehensive income (loss)	(5,309)	(5,301)			(5,301)		(8)
Stock Repurchased During Period, Shares						31
Stock Repurchased During Period, Value	(695)	(695)				$ (695)
Balance (in shares) at Jun. 30, 2023			9,572
Balance at Jun. 30, 2023	299,161	194,816	$ 96	196,819	30,350		104,345
Treasury balance (in shares) at Jun. 30, 2023						1,562
Treasury balance at Jun. 30, 2023						$ (32,449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			14
Director fees paid in shares of common stock	6	6		6
Stock-based compensation	468	468		468
Total comprehensive income (loss)	(3,217)	(2,844)			(2,844)		(373)
Stock Repurchased During Period, Shares						18
Stock Repurchased During Period, Value	(475)	(475)				$ (475)
Balance (in shares) at Sep. 30, 2023			9,586
Balance at Sep. 30, 2023	295,943	191,971	$ 96	197,293	27,506		103,972
Treasury balance (in shares) at Sep. 30, 2023						1,580
Treasury balance at Sep. 30, 2023						$ (32,924)
Balance (in shares) at Dec. 31, 2023			9,586
Balance at Dec. 31, 2023	294,605	191,479	$ 96	197,735	26,645		103,126
Treasury balance (in shares) at Dec. 31, 2023						1,583
Treasury balance at Dec. 31, 2023						$ (32,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			78
Vested stock-based awards			$ (1)	(1)
Director fees paid in shares of common stock	6	6		6
Stock-based compensation	442	442		442
Grant of restricted stock units (RSUs) under the Profit Participation Incentive Plan (PPIP)	1,492	1,492		1,492
Tender of shares for stock-based awards (in shares)						16
Tender of shares for stock-based awards	(376)	(376)				$ (376)
Total comprehensive income (loss)	3,697	4,552			4,552		(855)
Stock Repurchased During Period, Value	(22)	(22)				$ (22)
Balance (in shares) at Mar. 31, 2024			9,664
Balance at Mar. 31, 2024	299,844	197,573	$ 97	199,674	31,197		102,271
Treasury balance (in shares) at Mar. 31, 2024						1,599
Treasury balance at Mar. 31, 2024						$ (33,395)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			12
Director fees paid in shares of common stock	6	6		6
Stock-based compensation	434	434		434
Total comprehensive income (loss)	(2,778)	(1,725)			(1,725)		(1,053)
Balance (in shares) at Jun. 30, 2024			9,676
Balance at Jun. 30, 2024	297,506	196,288	$ 97	200,114	29,472		101,218
Treasury balance (in shares) at Jun. 30, 2024						1,599
Treasury balance at Jun. 30, 2024						$ (33,395)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)			9
Director fees paid in shares of common stock	6	6		6
Stock-based compensation	437	437		437
Contributions from noncontrolling interests	3,600						3,600
Total comprehensive income (loss)	(1,414)	(364)			(364)		(1,050)
Balance (in shares) at Sep. 30, 2024			9,685
Balance at Sep. 30, 2024	$ 300,135	$ 196,367	$ 97	$ 200,557	$ 29,108		$ 103,768
Treasury balance (in shares) at Sep. 30, 2024						1,599
Treasury balance at Sep. 30, 2024						$ (33,395)

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value for certain Stratus financial instruments (i.e., cash and cash equivalents, restricted cash, accounts payable and accrued liabilities) approximates fair value because of their short-term nature and generally negligible credit losses. The fair value of Stratus’ debt also approximates fair value, as the interest rates are variable and approximate prevailing market interest rates available for similar mortgage debt. Stratus’ debt is recorded at cost and is not actively traded. Fair value is estimated based on discounted future expected cash flows at estimated current market interest rates available for similar mortgage debt. Accordingly, Stratus’ debt is classified within Level 2 of the fair value hierarchy. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

- 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

General (Policies)	9 Months Ended
General (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K for the year ended December 31, 2023 (Stratus 2023 Form 10-K) filed with the U.S. Securities and Exchange Commission on March 28, 2024. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported and consist of normal recurring adjustments. The results of operations for any interim period are not necessarily indicative of the results of operations for any other future interim period or for a full fiscal year.
Related Party Transactions	Related Party Transactions. In April 2022, Stratus hired the son of Stratus’ President and Chief Executive Officer as an employee at an annual salary of $100 thousand. As an employee, he received the same health and retirement benefits provided to all Stratus employees, annual incentive awards and two awards under the Profit Participation Incentive Plan (PPIP). In first-quarter 2023, he received $22 thousand as an annual incentive award for 2022, and his annual salary was increased to $120 thousand. In first-quarter 2024, he received $22 thousand as an annual incentive award for 2023, and his annual salary was increased to $124 thousand. In September 2024, the employee resigned from employment with Stratus, resulting in the forfeiture of his two outstanding awards under the PPIP. Refer to Note 7 for discussion of the PPIP. For additional information regarding Stratus’ related parties, including LCHM Holdings, LLC and JBM Trust, refer to Notes 1 and 2 in the Stratus 2023 Form 10-K.

Debt

9 Months Ended

Sep. 30, 2024

Capitalization, Long-Term Debt and Equity [Abstract]

Debt

DEBT AND EQUITY

Debt

The components of Stratus’ debt follow (in thousands):


	September 30, 2024		December 31, 2023
Comerica Bank revolving credit facility	$	—	$	—
Jones Crossing loan	22,402		22,340
The Annie B land loan	12,556		13,983
Construction loans:
The Saint George	42,555		24,657
The Saint June	30,525		27,668
Kingwood Place	28,894		28,160
Lantana Place	22,744		22,961
Holden Hills	12,000		5,736
West Killeen Market	5,210		5,250
Amarra Villas credit facility	4,654		15,682
Magnolia Place	—		8,731
Total debt a	$	181,540	$	175,168

a.Includes net reductions for unamortized debt issuance costs of $1.4 million at September 30, 2024, and $2.2 million at December 31, 2023.

Comerica Bank revolving credit facility. As of September 30, 2024, the maximum amount that could be borrowed under the Comerica Bank revolving credit facility was $52.9 million, resulting in availability of $39.6 million, net of letters of credit. Letters of credit, totaling $13.3 million, have been issued under the revolving credit facility, $11.0 million of which secure Stratus’ obligation to build certain roads and utilities facilities benefiting Holden Hills and Section N and $2.3 million of which secure Stratus’ obligations, which are subject to certain conditions, to construct and pay for certain utility infrastructure in Lakeway, Texas, which is expected to be utilized by the planned multi-family project on Stratus’ remaining land in Lakeway.

Jones Crossing loan. The Jones Crossing loan requires the Jones Crossing project to meet a debt service coverage ratio (DSCR) test of 1.15 to 1.00 measured quarterly, and starting June 30, 2023, on a rolling 12-month basis. If the DSCR falls below 1.15 to 1.00, a “Cash Sweep Period” (as defined in the Jones Crossing loan) results, which limits Stratus’ ability to receive cash from its Jones Crossing subsidiary. The DSCR fell below 1.15 to 1.00 in each of fourth-quarter 2022 and first-quarter 2023, and the Jones Crossing subsidiary made principal payments of $231 thousand and $1.7 million in February 2023 and May 2023, respectively, to bring the DSCR back above the threshold and a Cash Sweep Period did not occur. As permitted under the Jones Crossing loan agreement, in

August 2023 the Jones Crossing subsidiary separated the ground lease for the multi-family parcel (the Multi-Family Phase) from the primary ground lease, and the Multi-Family Phase was released from the loan collateral. In October 2023, the Jones Crossing loan was modified effective August 1, 2023 to remove the Multi-Family Phase from certain defined terms and to revise the DSCR calculation to exclude the Multi-Family Phase from expenses on a retroactive basis beginning in second-quarter 2023. Accordingly, the DSCR met the threshold in second-quarter and third-quarter 2023. In fourth-quarter 2023, the DSCR was slightly below the threshold, and a $13 thousand principal payment was made in first-quarter 2024 to bring the DSCR back above the threshold and a Cash Sweep Period did not occur.

The Annie B land loan. In February 2024, The Annie B land loan was modified to extend the maturity to September 1, 2025, and change the interest rate to Term SOFR Rate plus 3.00 percent. Under The Annie B land loan, Term SOFR Rate is defined as one-month Term SOFR plus 0.10 percent and is subject to a floor of 0.50 percent. In connection with the modification, Stratus made a $1.4 million principal payment on the loan and is required to make another principal payment of $630 thousand in February 2025.

The Saint June construction loan. In October 2024, The Saint June construction loan was modified to (i) extend the maturity date of the loan to October 2, 2025; (ii) increase the aggregate commitment under the loan by $2.0 million to $32.3 million; (iii) decrease the interest rate applicable margin from 2.85 percent to 2.35 percent; and (iv) require payment of an exit fee for prepayments and repayments of the loan of 1.00 percent of the principal amount of such amounts repaid, subject to certain exceptions. Accordingly, the loan bears interest at the one-month Term SOFR plus 2.35 percent, subject to a 3.50 percent floor. The loan is payable in monthly installments of principal and interest of approximately $40,000, with the outstanding principal due at maturity. The Saint June, L.P. has an option to extend the maturity of the loan for an additional 12-month term if certain conditions are met.

Amarra Villas credit facility. In June 2024, the Amarra Villas credit facility was modified to, among other things, extend the maturity to June 19, 2026, change the interest rate to Term SOFR Rate plus 3.00 percent (subject to a floor of 5.00 percent) and lower the commitment amount from $18.0 million to $10.5 million. Under the Amarra Villas credit facility, Term SOFR Rate is defined as one-month Term SOFR plus 0.10 percent and is subject to a floor of 0.50 percent.

Principal paydowns occur as homes are sold, and amounts are borrowed as homes are constructed. Paydowns made in connection with a sale of an Amarra Villas home reduce the commitment amount by the amount of the payment, and such amounts may not be re-borrowed. In third-quarter 2024, Stratus made a $3.7 million principal payment on the credit facility upon the closing of a sale of one of the Amarra Villas homes. In second-quarter 2024, Stratus made a $3.5 million principal payment on the credit facility upon the closing of a sale of one of the Amarra Villas homes. In first-quarter 2024, Stratus made principal payments totaling $7.2 million on the credit facility upon the closing of the sales of two of the Amarra Villas homes. In first-quarter 2023, Stratus made a $2.2 million principal payment on the credit facility upon the closing of a sale of one of the Amarra Villas homes.

Magnolia Place construction loan. In February 2024, this loan was repaid in full in connection with the sale of approximately 47 acres of undeveloped land.

Change in benchmark interest rate on the Comerica Bank revolving credit facility and The Saint George and Holden Hills construction loans. In November 2024, in connection with the discontinuance of the BSBY benchmark rate, the benchmark interest rate on the Comerica Bank revolving credit facility and The Saint George and Holden Hills construction loans will be replaced. As adjusted, advances under the Comerica Bank revolving credit facility will bear interest at one-month Term SOFR plus 0.50 percent (with a floor of 0.00 percent), plus 4.00 percent. As adjusted, advances under The Saint George construction loan will bear interest at one-month Term SOFR plus 0.60 percent (with a floor of 0.00 percent) plus 2.35 percent. As adjusted, advances under the Holden Hills construction loan will bear interest at one-month Term SOFR plus 0.60 percent (with a floor of 0.50 percent), plus 3.00 percent.

For additional information regarding Stratus’ debt, refer to Note 6 in the Stratus 2023 Form 10-K.

Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $4.0 million in third-quarter 2024, $3.4 million in third-quarter 2023, $11.9 million for the first nine months of 2024 and $8.7 million for the first nine months of 2023. All of these interest costs were capitalized for all periods presented. Capitalized interest is primarily related to development activities at our Barton Creek properties (primarily Amarra Villas, Holden Hills and Section N) and The Saint George for the 2024 periods. Capitalized interest was primarily related to development

activities at our Barton Creek properties (primarily Holden Hills, Section N and The Saint June), The Saint George and The Annie B for the 2023 periods.

Equity

The Comerica Bank revolving credit facility, Amarra Villas credit facility, The Annie B land loan, The Saint George construction loan, Kingwood Place construction loan and Holden Hills construction loan require Comerica Bank’s prior written consent for any common stock repurchases in excess of $1.0 million or any dividend payments.

Dividends. On September 1, 2022, with written consent from Comerica Bank, Stratus’ Board of Directors (Board) declared a special cash dividend of $4.67 per share (totaling $40.0 million) on Stratus’ common stock, which was paid on September 29, 2022 to stockholders of record as of September 19, 2022. Accrued liabilities included $0.3 million as of September 30, 2024, and $0.6 million as of December 31, 2023, representing dividends accrued for unvested RSUs in accordance with the terms of the awards. The accrued dividends are paid to the holders of the RSUs as the RSUs vest.

Share Repurchase Programs. In 2022, with written consent from Comerica Bank, Stratus’ Board approved a share repurchase program, which authorized repurchases of up to $10.0 million of Stratus’ common stock. The repurchase program authorized Stratus, in management’s discretion, to repurchase shares from time to time, subject to market conditions and other factors. In October 2023, Stratus completed the share repurchase program. In total, Stratus acquired 389,378 shares of its common stock under the share repurchase program for a total cost of $10.0 million at an average price of $25.68 per share. As required by the Inflation Reduction Act of 2022 (IR Act), Stratus recorded $22 thousand in excise tax in first-quarter 2024 for the 2023 share repurchases. The excise tax liability is included in accrued liabilities in the consolidated balance sheet.

In November 2023, with written consent from Comerica Bank, Stratus’ Board approved a new share repurchase program, which authorizes repurchases of up to $5.0 million of Stratus’ common stock. The repurchase program authorizes Stratus, in management’s and the Capital Committee of the Board’s discretion, to repurchase shares from time to time, subject to market conditions and other factors. As of September 30, 2024, Stratus had not purchased any shares under the new program.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Limited Partnerships (Schedule of Potential Returns) (Details)	Sep. 30, 2024
Saint George L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	10.00%
Saint June, L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	34.13%
Holden Hills \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Stratus Kingwood, L.P. [Member] \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	60.00%
9% Cumulative Return \| Saint George L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	10.00%
9% Cumulative Return \| Saint George L.P. \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	90.00%
9% Cumulative Return \| Saint June, L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	34.13%
9% Cumulative Return \| Saint June, L.P. \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	65.87%
9% Cumulative Return \| Holden Hills \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
9% Cumulative Return \| Holden Hills \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
9% Cumulative Return \| Stratus Kingwood, L.P. [Member] \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	60.00%
9% Cumulative Return \| Stratus Kingwood, L.P. [Member] \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
11% Cumulative Return \| Stratus Kingwood, L.P. [Member] \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	68.00%
11% Cumulative Return \| Stratus Kingwood, L.P. [Member] \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	32.00%
12% Cumulative Return \| Saint George L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
12% Cumulative Return \| Saint George L.P. \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	80.00%
12% Cumulative Return \| Saint June, L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	44.13%
12% Cumulative Return \| Saint June, L.P. \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	55.87%
12% Cumulative Return \| Holden Hills \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	55.00%
12% Cumulative Return \| Holden Hills \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	45.00%
18% Cumulative Return \| Saint George L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	30.00%
18% Cumulative Return \| Saint George L.P. \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	70.00%
Thereafter Cumulative Return \| Saint George L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Thereafter Cumulative Return \| Saint George L.P. \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Thereafter Cumulative Return \| Saint June, L.P. \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	54.13%
Thereafter Cumulative Return \| Saint June, L.P. \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	45.87%
Thereafter Cumulative Return \| Holden Hills \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	65.00%
Thereafter Cumulative Return \| Holden Hills \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	35.00%
Thereafter Cumulative Return \| Stratus Kingwood, L.P. [Member] \| Stratus Properties Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	76.00%
Thereafter Cumulative Return \| Stratus Kingwood, L.P. [Member] \| Unrelated Equity Investor
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	24.00%