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Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Dec. 31, 2017	Feb. 28, 2018	Jun. 30, 2017
Document Information [Line Items]
Entity Registrant Name	Stratus Properties Inc.
Entity Central Index Key	0000885508
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		8,133,502
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 149,251,952

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 14,611	$ 13,597
Restricted cash	24,779	11,892
Real estate held for sale	22,612	21,236
Real estate under development	118,484	111,373
Land available for development	14,804	19,153
Real estate held for investment, net	188,390	239,719
Deferred tax assets	11,461	17,223
Other assets	10,852	17,982
Total assets	405,993	452,175
LIABILITIES AND EQUITY
Accounts payable	22,809	6,734
Accrued liabilities, including taxes	13,429	13,240
Long-term Debt and Capital Lease Obligations, Including Current Maturities	221,470	291,102
Deferred Gain on Sale of Property	11,320	0
Other liabilities	9,575	10,073
Total liabilities	278,603	321,149
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01 per share, 150,000 shares authorized, 9,250 and 9,203 shares issued, respectively and 8,134 and 8,098 shares outstanding, respectively	93	92
Capital in excess of par value of common stock	185,395	192,762
Accumulated deficit	(37,121)	(41,143)
Common stock held in treasury, 1,117 shares and 1,105 shares, at cost, respectively	(21,057)	(20,760)
Total stockholders’ equity	127,310	130,951
Noncontrolling interests in subsidiaries	80	75
Total equity	127,390	131,026
Total liabilities and equity	$ 405,993	$ 452,175

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position (Parentheticals) [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	150,000	150,000
Common Stock, Shares, Issued	9,250	9,203
Common Stock, Shares, Outstanding	8,134	8,098
Treasury Stock, Shares	1,117	1,105

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Real estate operations	$ 11,001	$ 10,719	$ 14,277
Leasing operations	7,981	9,682	5,641
Hotel	38,360	40,418	41,346
Entertainment	22,998	19,522	19,607
Total revenues	80,340	80,341	80,871
Cost of sales:
Real estate operations	10,378	9,702	10,425
Leasing operations	4,797	4,903	2,772
Hotel	28,478	29,090	30,702
Entertainment	17,121	15,223	15,169
Depreciation	7,853	8,082	8,743
Total cost of sales	68,627	67,000	67,811
General and administrative expenses	11,401	12,164	8,057
Profit participation in sale of The Oaks at Lakeway	2,538	0	0
Gain on sales of assets	(25,463)	0	(20,729)
Total	57,103	79,164	55,139
Operating income	23,237	1,177	25,732
Interest expense, net	(6,742)	(9,408)	(4,065)
Gain (loss) on interest rate derivative instruments	293	218	(724)
Loss on early extinguishment of debt	(532)	(837)	0
Other income, net	1,581	21	309
Income (loss) before income taxes and equity in unconsolidated affiliates' (loss) income	17,837	(8,829)	21,252
Equity in unconsolidated affiliates' (loss) income	(49)	51	(1,299)
(Provision for) benefit from income taxes	(13,904)	2,779	(5,576)
Income (loss) from continuing operations	3,884	(5,999)	14,377
Income from discontinued operations, net of taxes	0	0	3,218
Net income (loss)	3,884	(5,999)	17,595
Net income attributable to noncontrolling interests in subsidiaries	(5)	0	(5,418)
Net income (loss) attributable to common stockholders	$ 3,879	$ (5,999)	$ 12,177
Basic net income (loss) per share attributable to common stockholders:
Continuing operations	$ 0.48	$ (0.74)	$ 1.11
Discontinued operations	0.00	0.00	0.40
Basic net income (loss) per share attributable to common stockholders	0.48	(0.74)	1.51
Diluted net income (loss) per share attributable to common stockholders:
Continuing operations	0.47	(0.74)	1.11
Discontinued operations	0.00	0.00	0.40
Diluted net income (loss) per share attributable to common stockholders	$ 0.47	$ (0.74)	$ 1.51
Weighted-average shares of common stock outstanding, Basic	8,122	8,089	8,058
Weighted-average shares of common stock outstanding, Diluted	8,171	8,089	8,091
Dividends declared per share of common stock	$ 1.00	$ 0.00	$ 0.00

Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,884	$ (5,999)	$ 17,595
Other comprehensive income, net of taxes:
Income on interest rate swap agreement	0	0	458
Other Comprehensive Income (Loss), Net of Tax	0	0	458
Total comprehensive income (loss)	3,884	(5,999)	18,053
Total comprehensive income attributable to noncontrolling interests	(5)	0	(5,597)
Total comprehensive income (loss) attributable to common stockholders	$ 3,879	$ (5,999)	$ 12,456

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flow from operating activities:
Net income (loss)	$ 3,884	$ (5,999)	$ 17,595
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	7,853	8,082	8,743
Cost of real estate sold	5,774	4,899	6,465
Gain on sales of assets	(25,463)	0	(20,729)
U.S. tax reform charge	7,580	0	0
(Gain) loss on interest rate derivative contracts	(293)	(218)	724
Loss on early extinguishment of debt	532	837	0
Debt issuance cost amortization and stock-based compensation	1,573	1,681	1,436
Equity in unconsolidated affiliates' loss (income)	49	(51)	1,299
(Decrease) increase in deposits	(1,322)	584	450
Deferred income taxes	(1,675)	(1,894)	2,118
Purchases and development of real estate properties	(14,395)	(14,575)	(26,237)
Municipal utility districts reimbursements	13,799	12,302	5,307
Decrease (increase) in other assets	2,231	(6,211)	(2,983)
Increase (decrease) in accounts payable, accrued liabilities and other	10,126	(3,157)	7,240
Net cash provided by (used in) operating activities	10,253	(3,720)	(1,790)
Cash flow from investing activities:
Capital expenditures	(34,079)	(28,215)	(55,178)
Net proceeds from sales of assets	117,261	0	43,266
Payments on master lease obligations	(2,196)	0	0
Site development escrow deposit and other, net	(10,405)	(32)	(678)
Net cash provided by (used in) investing activities	70,581	(28,247)	(12,590)
Cash flow from financing activities:
Borrowings from credit facility	47,200	32,969	42,326
Payments on credit facility	(67,981)	(19,573)	(32,263)
Borrowings from project loans	15,793	179,957	99,670
Payments on project and term loans	(64,761)	(163,120)	(43,096)
Purchase of noncontrolling interest	0	0	(61,991)
Cash dividend paid	(8,133)	0	0
Stock-based awards net (payments) proceeds	(235)	(368)	1,634
Noncontrolling interests distributions	0	0	(4,244)
Financing costs	(1,703)	(1,337)	(265)
Net cash (used in) provided by financing activities	(79,820)	28,528	1,771
Net increase (decrease) in cash and cash equivalents	1,014	(3,439)	(12,609)
Cash and cash equivalents at beginning of year	13,597	17,036	29,645
Cash and cash equivalents at end of year	14,611	13,597	17,036
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 0	$ 0	$ 3,218

Consoldiated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Loss [Member]	Common Stock Held in Treasury	Total Stratus Stockholders' Equity [Member]	Noncontrolling Interest in Subsidiaries [Member]
Balance (in shares) at Dec. 31, 2014		9,116				1,081
Balance at Dec. 31, 2014	$ 175,086	$ 91	$ 204,269	$ (47,321)	$ (279)	$ (20,317)	$ 136,443	$ 38,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		44				0
Exercised and issued stock-based awards	32	$ 0	32	0	0	$ 0	32	0
Stock-based compensation	528	$ 0	528	0	0	$ 0	528	0
Tax benefit (provision) for stock-based awards	1,746		1,746				1,746
Tender of shares for stock-based awards (in shares)		0				12
Tender of shares for stock-based awards	(153)	$ 0	0	0	0	$ (153)	(153)	0
Noncontrolling interests distributions	(4,244)	0	0	0	0	0	0	(4,244)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(54,374)		(14,453)				(14,453)	(39,921)
Total comprehensive income (loss)	18,053	$ 0	0	12,177	279	$ 0	12,456	5,597
Balance (in shares) at Dec. 31, 2015		9,160				1,093
Balance at Dec. 31, 2015	136,674	$ 91	192,122	(35,144)	0	$ (20,470)	136,599	75
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		43				0
Exercised and issued stock-based awards	0	$ 1	(1)	0	0	$ 0	0	0
Stock-based compensation	719	$ 0	719	0	0	$ 0	719	0
Tax benefit (provision) for stock-based awards	(78)		(78)				(78)	0
Tender of shares for stock-based awards (in shares)		0				12
Tender of shares for stock-based awards	(290)	$ 0	0	0	0	$ (290)	(290)	0
Total comprehensive income (loss)	(5,999)	$ 0	0	(5,999)	0	$ 0	(5,999)	0
Balance (in shares) at Dec. 31, 2016		9,203				1,105
Balance at Dec. 31, 2016	131,026	$ 92	192,762	(41,143)	0	$ (20,760)	130,951	75
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends	(8,221)	$ 0	(8,221)	0	0	0	(8,221)	0
Exercised and issued stock-based awards (in shares)		47
Exercised and issued stock-based awards	63	$ 1	62	0	0	0	63	0
Stock-based compensation	792	$ 0	792	0	0	$ 0	792	0
Tender of shares for stock-based awards (in shares)		0				12
Tender of shares for stock-based awards	(297)	$ 0	0	0	0	$ (297)	(297)	0
Total comprehensive income (loss)	3,884	$ 0	0	3,879	0	$ 0	3,879	5
Balance (in shares) at Dec. 31, 2017		9,250				1,117
Balance at Dec. 31, 2017	127,390	$ 93	185,395	(37,121)	0	$ (21,057)	127,310	80
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 143	$ 0	$ 0	$ 143	$ 0	$ 0	$ 143	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include the estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments; profit recognition related to the sales of real estate; deferred taxes and related valuation allowances; income taxes; allocation of certain indirect costs; and asset lives for depreciation. Actual results could differ from those estimates.

Cash and cash equivalents. Stratus considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Real Estate and Leasing Assets. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Real estate held for investment, which includes the hotel and entertainment venue at the W Austin Hotel & Residences and Stratus' Leasing Operations assets, is stated at cost, less accumulated depreciation. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for use, sale or lease. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized for properties currently under active development. Stratus capitalizes improvements that increase the value of Leasing Operations properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred.

Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from properties held for investment. Impairment tests for properties held for investment and properties under development, involve the use of estimated future net undiscounted cash flows expected to be generated from the operation of the property and its eventual disposition. If projected undiscounted cash flow is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required.

Stratus recorded no impairment charges for the three-year period ended December 31, 2017. Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists.

Depreciation. Properties associated with Leasing Operations are depreciated on a straight-line basis over their estimated lives of 30 to 40 years. The hotel and entertainment venue properties are depreciated on a straight-line basis over their estimated lives of 35 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms.

Accrued Property Taxes. Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $7.4 million at December 31, 2017, and $7.6 million at December 31, 2016.

Revenue Recognition. Revenues from property sales are recognized when the risks and rewards of ownership are transferred to the buyer, when the consideration received can be reasonably determined and when Stratus has completed its obligations to perform certain supplementary development activities, if any exist, at the time of the sale. Consideration is reasonably determined and considered likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay. The buyer’s commitment to pay is supported by the level of its initial investment, Stratus’ assessment of the buyer’s credit standing and Stratus’ assessment of whether the buyer’s stake in the property is sufficient to motivate the buyer to honor its obligation to pay.

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

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

Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and development fees when earned, as properties are sold or when the services are performed.

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



	Years Ended December 31,
	2017		2016		2015
Hotel	$	38,360	$	40,418	$	41,346
Entertainment	22,998		19,522		19,607
Developed property sales	10,286		10,223		12,320
Leasing Operations	7,981		9,682		5,641
Undeveloped property sales	544		73		1,175
Commissions and other	171		423		782
Total revenues	$	80,340	$	80,341	$	80,871

Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands):



	Years Ended December 31,
	2017		2016		2015
Hotel	$	28,478	$	29,090	$	30,702
Entertainment	17,121		15,223		15,169
Depreciation	7,853		8,082		8,743
Leasing Operations	4,797		4,903		2,772
Project expenses and allocation of overhead costs (see below)	4,343		4,473		3,546
Cost of developed property sales	3,890		5,156		6,386
Other, net	1,793		18		(71		)
Cost of undeveloped property sales	352		55		564
Total cost of sales	$	68,627	$	67,000	$	67,811

Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. costs of construction and development activities are capitalized to real estate under development, and costs of project management, sales and marketing activities are charged to expense as cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as office supplies, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer.

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

In November 2017, the city of Magnolia and the state of Texas approved the creation of a MUD which will provide an opportunity for Stratus to recoup approximately $26 million over the life of the project for future road and utility infrastructure costs incurred in connection with its development of the Magnolia project, an HEB Grocery Company, L.P. (HEB)-anchored retail project planned for 351,000 square feet of commercial space.

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

Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $1.0 million in 2017 and $0.9 million in both 2016 and 2015.

Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by currently enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income or loss in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. See Note 7 for further discussion.

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



	Years Ended December 31,
	2017				2016				2015
Income (loss) from continuing operations	$	3,884			$	(5,999	)		$	14,377
Income from discontinued operations, net of taxes	—				—				3,218
Net income (loss)	$	3,884			$	(5,999	)		$	17,595
Net income attributable to noncontrolling interests in subsidiaries	(5		)		—				(5,418		)
Net income (loss) attributable to Stratus common stockholders	$	3,879			$	(5,999	)		$	12,177

Basic weighted-average shares of common stock outstanding	8,122				8,089				8,058

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	49			^a	—			^b	33			^a

Diluted weighted-average shares of common stock outstanding	8,171				8,089				8,091

Basic net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.48			$	(0.74	)		$	1.11
Discontinued operations	—				—				0.40
Basic net income (loss) per share attributable to common stockholders	$	0.48			$	(0.74	)		$	1.51

Diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.47			$	(0.74	)		$	1.11
Discontinued operations	—				—				0.40
Diluted net income (loss) per share attributable to common stockholders	$	0.47			$	(0.74	)		$	1.51


a.	Excludes approximately 26 thousand shares of common stock for both 2017 and 2015 associated with anti-dilutive RSU's.


b.	Excludes approximately 125 thousand shares of common stock for 2016 associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock, and RSUs that were anti-dilutive.

Stock-Based Compensation. Compensation costs for share-based payments to employees are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes-Merton option valuation model. The fair value of RSUs and performance based RSUs is based on Stratus' stock price on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. See Note 8 for further discussion.

New Accounting Standards. In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that provides a single comprehensive revenue recognition model, which will replace most existing revenue recognition guidance, and also requires expanded disclosures. The core principle of the model is that revenue is recognized when control of goods or services has been transferred to customers at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within that reporting period. Stratus adopted this ASU January 1, 2018, and will apply the modified retrospective approach under which any cumulative effect adjustment would be recorded to retained earnings as of the adoption date. Stratus has substantially completed its review of the impact of this guidance and does not expect the application of this guidance to have a material impact on its financial statements or on its revenue recognition policies or processes. Stratus continues to review the impact of the new guidance on its financial reporting and disclosures.

In January 2016, FASB issued an ASU that amends the current guidance on the classification and measurement of financial instruments. This ASU makes limited changes to existing guidance and amends certain disclosure requirements. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2017. Stratus adopted this ASU effective January 1, 2018, and adoption did not have a material impact on its financial statements.

In February 2016, FASB issued an ASU that will require lessees to recognize most leases on the balance sheet. This ASU allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and do not have a purchase option that is expected to be exercised. For public entities, this ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. This ASU must be applied using the modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Stratus is currently evaluating the impact this guidance will have on its financial statements.

In March 2016, the FASB issued an ASU that simplifies various aspects of the accounting for share-based payment

transactions, including the income tax consequences, statutory tax withholding requirements, an accounting policy

election for forfeitures and the classification on the statement of cash flows. Stratus adopted this ASU effective January 1, 2017, on a modified retrospective basis and recorded a cumulative effect adjustment of $143 thousand to its 2017 opening accumulated deficit balance.

Joint Ventures with Canyon-Johnson Urban Fund II, L.P., and Pedernales Entertainment, LLC	12 Months Ended
	Dec. 31, 2017
Joint Venture With Canyon-Johnson Urban Fund II, L.P., and Pedernales Entertainment, LLC [Abstract]
Joint Venture with Canyon-Johnson Urban Fund II, L.P., and Pedernales Entertainment, LLC	JOINT VENTURES WITH CANYON-JOHNSON URBAN FUND II, L.P., AND PEDERNALES ENTERTAINMENT, LLC On September 28, 2015, Stratus completed the purchase of Canyon-Johnson Urban Fund II, L.P.'s (Canyon-Johnson) approximate 58 percent interest in the CJUF II Stratus Block 21, LLC joint venture (the Block 21 Joint Venture), which owns a 36-story mixed-use development in downtown Austin, Texas, anchored by the W Austin Hotel & Residences (the W Austin Hotel & Residences), for $62.0 million. Stratus’ purchase of Canyon-Johnson’s interest was based on a total project gross price of approximately $210 million, before considering approximately $22.8 million of cash and cash equivalents held by the Block 21 Joint Venture and acquired by Stratus in its purchase of Canyon-Johnson’s interest. The Block 21 Joint Venture, which was previously a VIE consolidated by Stratus, is now a wholly owned consolidated subsidiary of Stratus. The change in ownership was reflected in stockholder's equity on the Consolidated Balance Sheet, primarily as a reduction in noncontrolling interests in subsidiaries and capital in excess of par value, and an increase in deferred tax assets. Stratus funded its acquisition of Canyon-Johnson’s interest in the Block 21 Joint Venture with (1) $32.3 million from its non-recourse term loan with Bank of America, (2) a $20.0 million term loan under Stratus’ credit facility with Comerica Bank and (3) $9.7 million in cash. Prior to Stratus' purchase of Canyon-Johnson's interest on September 28, 2015, cumulative capital contributions totaled $71.9 million for Stratus and $94.0 million for Canyon-Johnson, and the inception-to-date distributions totaled $53.4 million to Stratus and $62.6 million to Canyon-Johnson. On October 3, 2012, the Block 21 Joint Venture and Pedernales Entertainment LLC (Pedernales) formed Stageside Productions (Stageside) to promote, market and commercialize the production, sale, distribution and general oversight of audio and video recordings of events or performances occurring at Austin City Limits Live at the Moody Theater (ACL Live). The Block 21 Joint Venture's initial capital contributions to Stageside totaled $0.3 million, and Stratus' wholly owned Block 21 subsidiary will contribute additional capital as necessary to fund the working capital needs of Stageside. In conjunction with the purchase of Canyon-Johnson's interest in the Block 21 Joint Venture, Stratus acquired Canyon-Johnson's interest in Stageside effective September 28, 2015. Stratus has a 100 percent capital funding interest and a 40 percent residual and voting interest in Stageside. Stratus performed an evaluation and concluded Stageside is a VIE and that Stratus is the primary beneficiary. Accordingly, the results of Stageside are consolidated in Stratus' financial statements.

Joint Venture with LCHM Holdings, LLC	12 Months Ended
Joint Venture with LCHM Holdings, LLC	Dec. 31, 2017
Joint Venture with LCHM Holdings, LLC [Abstract]
Joint Venture with LCHM Holdings, LLC	JOINT VENTURE WITH LCHM HOLDINGS, LLC Stratus had a joint venture (the Parkside Village Joint Venture) with LCHM Holdings, LLC (LCHM Holdings). Stratus’ capital contributions to the Parkside Village Joint Venture totaled $3.1 million, which consisted of a 23.03 acre tract of land located in Austin, Texas, the related property and development agreements for the land and other project costs incurred by Stratus before February 28, 2011. On July 2, 2015, Stratus completed the sale of Parkside Village and recognized a pre-tax gain of $13.5 million.

Real Estate, net

12 Months Ended

Dec. 31, 2017

Real Estate, net [Abstract]

Real Estate Disclosure [Text Block]

REAL ESTATE, NET

Stratus' consolidated balance sheets include the following net real estate assets (in thousands):



	December 31,
	2017			2016
Real estate held for sale:
Developed lots, townhomes and condominium units	$	22,612		$	21,236

Real estate under development:
Acreage, multi-family units, commercial square footage and townhomes	118,484			111,373

Land available for development:
Undeveloped acreage	14,804			19,153

Real estate held for investment:
Barton Creek Village	5,075			6,092
The Oaks at Lakeway	—			54,839
Santal Phase I	38,023			37,848
West Killeen Market	8,818			—
W Austin Hotel & Residences
Hotel	111,808			111,479
Entertainment venue	42,687			42,382
Office and retail	19,515			19,700
Furniture, fixtures and equipment	1,290			1,223
Total	227,216			273,563
Accumulated depreciation	(38,826		)	(33,844		)
Total real estate held for investment, net	188,390			239,719
Total real estate, net	$	344,290		$	391,481

Real estate held for sale. Developed lots, Amarra Villas townhomes and condominium units include individual tracts of land that have been developed and permitted for residential use, developed lots with homes already built on them or condominium units at the W Austin Hotel & Residences. As of December 31, 2017, Stratus owned 50 developed units, 2 condominium units at the W Austin Hotel & Residences and 4 townhomes in Amarra Villas.

Real estate under development. Acreage under development includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. Real estate under development also includes the second phase of the Santal multi-family project, Lantana Place, Jones Crossing in College Station, Texas, Amarra Villas townhomes under construction and planned, and homes under construction or planned on four lots in Amarra Drive Phase III.

Land available for development. Undeveloped acreage includes real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property). Stratus’ undeveloped acreage as of December 31, 2017, included land primarily in Austin, Texas, permitted for residential and commercial development.

Real estate held for investment. The first phase of Barton Creek Village includes a 22,366-square-foot retail complex, which was 100 percent leased at December 31, 2017. In February 2017, Stratus completed the sale of The Oaks at Lakeway for $114.0 million (see Note 11 for further discussion). The Santal Phase I multi-family project is a garden-style apartment complex consisting of 236 units. Construction was completed in August 2016, and approximately 95 percent of the 236 units were leased at December 31, 2017. The West Killeen Market project includes 44,000 square feet of commercial space and three pad sites adjacent to a 90,000 square-foot HEB grocery store. Construction began in August 2016 and was completed in June 2017, and the HEB store opened in April 2017. As of December 31, 2017, leases for approximately 60 percent of the space at West Killeen Market have been executed and leasing activities for the remaining space continues.

The W Austin Hotel & Residences includes a 251-room hotel, 38,316 square feet of leasable office space, including 9,000 square feet occupied by Stratus' corporate office, and 18,327 square feet of retail space, including the 3TEN ACL Live venue, which opened in March 2016 and has a capacity of approximately 350 people. As of December 31, 2017, both the office and retail space were substantially fully occupied. The W Austin Hotel & Residences also includes entertainment space, occupied by ACL Live, an entertainment venue and production studio with a maximum capacity of 3,000 people.

Capitalized interest. Stratus recorded capitalized interest of $5.9 million in 2017, $6.3 million in 2016 and $5.5 million in 2015.

Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

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

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

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



	December 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Debt	$	221,470	$	224,632	$	291,102	$	293,620
Interest rate swap agreement	134		134		427		427

Debt. Stratus' debt is recorded at cost and is not actively traded. Fair value is estimated based on discounted future expected cash flows at estimated current market interest rates. Accordingly, Stratus' debt is classified within Level 2 of the fair value hierarchy. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans.

Interest Rate Swap Agreement. On December 13, 2013, the Parkside Village Joint Venture entered into a 10-year interest rate swap agreement with Comerica Bank that Stratus had designated as a cash flow hedge with changes in fair value of the instrument recorded in other comprehensive income (loss). The instrument effectively converted the variable rate portion of the Parkside Village Joint Venture's loan from Comerica Bank (the Parkside Village loan) from the one-month London Inter-bank Offered Rate (LIBOR) to a fixed rate of 2.3 percent. In connection with the sale of the Parkside Village property on July 2, 2015, Stratus fully repaid the amount outstanding under the Parkside Village loan. Stratus assumed the interest rate swap agreement and, as a result, the instrument no longer qualifies for hedge accounting. Accordingly, the accumulated other comprehensive loss balance of $0.6 million on July 2, 2015, was reclassified to the Consolidated Statement of Operations as a loss on interest rate derivative instruments, and changes in the fair value of the instrument are being recorded in the Consolidated Statements of Operations. The Consolidated Statements of Operations include gains on interest rate derivative instruments of $0.3 million in 2017 and $0.2 million in 2016. Stratus also evaluated the counterparty credit risk associated with the interest rate swap agreement, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate swap agreement is classified within Level 2 of the fair value hierarchy.

- Definition

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

+ References + Details

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

DEBT

Stratus' debt follows (in thousands):



	December 31,
	2017		2016
Goldman Sachs loan,
average interest rate of 5.58% in 2017 and 2016	$	145,195	$	147,025
Lakeway Construction loan,
average interest rate of 3.24% in 2016	—		57,912
Comerica Bank credit facility,
average interest rate of 5.96% in 2017 and 6.00% in 2016	25,765		46,547
Santal Phase I construction loan,
average interest rate of 3.74% in 2017 and 2.98% in 2016	31,864		30,286
Barton Creek Village term loan,
average interest rate of 4.19% in 2017 and 2016	3,375		5,555
Amarra Villas credit facility,
average interest rate of 4.12% in 2017 and 3.54% in 2016	5,247		3,777
West Killeen Market construction loan,
average interest rate of 3.89% in 2017	5,378		—
Jones Crossing construction loan
average interest rate of 4.56% in 2017	4,646		—
Total debt^a	$	221,470	$	291,102

a. Includes net reductions for unamortized debt issuance costs of $2.1 million at December 31, 2017, and $2.2 million at December 31, 2016. Debt issuance costs are amortized using the straight-line method over the term of the related debt, which approximates the effective interest method, to interest expense.

Goldman Sachs loan. On January 5, 2016, Stratus completed the refinancing of the W Austin Hotel & Residences. Goldman Sachs Mortgage Company provided a $150.0 million, ten-year, non-recourse term loan (the Goldman Sachs loan) with a fixed interest rate of 5.58 percent per annum and payable monthly based on a 30-year amortization. Stratus used the proceeds from the Goldman Sachs loan to fully repay its existing obligations under Stratus' term loan with Bank of America, N.A. (the BoA loan) and the $20.0 million Comerica Bank term loan included as part of the Comerica Bank credit facility. In connection with prepayment of the BoA loan, Stratus recorded a loss on early extinguishment of debt totaling $0.8 million in 2016.

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

Lakeway Construction loan. On September 29, 2014, a Stratus subsidiary entered into a $62.9 million construction loan agreement with PlainsCapital Bank (the Lakeway Construction loan) to fund the construction, development and leasing of The Oaks at Lakeway in Lakeway, Texas. In February 2017, Stratus repaid the Lakeway Construction loan with proceeds from the sale of The Oaks at Lakeway (see Note 11).

Comerica Bank credit facility. Stratus' borrowing capacity under the Comerica credit facility is $52.5 million, comprised of a $45.0 million revolving line of credit and a $7.5 million tranche for letters of credit. Prior to November 7, 2017, the interest rate applicable to amounts borrowed under the Comerica credit facility was LIBOR plus 4.0 percent, with a minimum interest rate of 6.0 percent. As of November 2017, the interest rate applicable to amounts borrowed under each tranche is equal to an annual rate of LIBOR plus 4.0 percent, with no minimum. In August 2017, Stratus extended the maturity date of this credit facility from August 31, 2017, to November 30, 2017, and in November 2017, further extended the maturity date by one year to November 30, 2018. Stratus is continuing to negotiate a modification and a longer-term extension of the credit facility with Comerica Bank. The Comerica Bank credit facility is secured by substantially all of Stratus' assets except for properties that are encumbered by separate debt financing. The Comerica Bank credit facility contains customary financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million and a requirement that Stratus obtain Comerica's prior written consent for any common stock repurchases or dividend payments. Additionally, the Comerica Bank credit facility is cross-collateralized with Stratus' $59.2 million construction loan agreement with Comerica Bank (the Santal construction loans) to fund the development and construction of a multi-family development in Section N of Barton Creek, and with an $8.0 million stand-alone revolving credit facility with Comerica Bank (the Amarra Villas credit facility), the proceeds of which will be used for the construction of single family townhomes and related improvements at the Amarra Villas.

As of December 31, 2017, Stratus had $25.8 million outstanding under the $45.0 million revolving line of credit.

Santal Construction loans. On January 8, 2015, a Stratus subsidiary entered into a $34.1 million construction loan with Comerica Bank (Santal Phase I Loan) to fund the development and construction of Santal Phase I, a 236-unit, garden-style, multi-family development in Section N of Barton Creek, which was completed in August 2016. On September 11, 2017, the same Stratus subsidiary entered into an amended and restated construction loan agreement with Comerica Bank to increase the original commitment to $59.2 million, which includes $32.8 million for the Santal Phase I Loan and $26.4 million to finance the construction of Santal Phase II, a 212-unit garden style, multi-family, development located adjacent to Santal Phase I (Santal Phase II loan). Both the Santal Phase I and the Santal Phase II loans have a maturity date of September 11, 2020. As of December 31, 2017, a total of $31.9 million was drawn on the Santal Phase I loan and no amounts were drawn on the Santal Phase II loan. The interest rate applicable to the Santal Phase I loan is LIBOR plus 2.5 percent. The interest rate applicable to the Santal Phase II loan is LIBOR plus 3.0 percent. Payments of interest on each loan are due and payable monthly, through September 11, 2020. Outstanding amounts will be secured by Santal Phase I and Phase II and all subsequent improvements, including all leases and rents associated with the developments as well as related permits and other entitlements. The construction loan agreements and related documents contain affirmative and negative covenants usual and customary for loan agreements of this nature. Santal may extend the maturity of each loan for up to two additional 12-month periods subject to satisfaction of certain conditions, including a debt service coverage ratio of at least 1.10 to 1.00 on the date immediately preceding the commencement of the first extension period and 1.20 to 1.00 on the date immediately preceding the commencement of the second extension period. The Santal Phase I and Phase II loans contain customary financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million.

Barton Creek Village term loan. On June 27, 2014, Stratus entered into a $6.0 million term loan agreement with PlainsCapital Bank (the Barton Creek Village term loan), that matures on June 27, 2024. The interest rate is fixed at 4.19 percent and payments of principal and interest are due monthly. The Barton Creek Village term loan is secured by assets at Stratus' Barton Creek Village project, which had an aggregate net book value of $3.5 million at December 31, 2017. In February 2017, in connection with the sale of a portion of the property, Stratus prepaid $2.1 million of this loan.

Amarra Villas credit facility. On July 12, 2016, a Stratus subsidiary entered into the Amarra Villas credit facility. The Amarra Villas credit facility matures on July 12, 2019, and is secured by assets at Stratus’ 20-unit Villas at Amarra Drive townhome project (the Amarra Villas), which had a net book value of $10.9 million at December 31, 2017. Interest on the loan is variable at LIBOR plus 3.0 percent. The Amarra Villas credit facility is guaranteed by Stratus and contains financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million. Principal paydowns will be made as townhomes sell, and additional amounts will be borrowed as additional townhomes are constructed.

West Killeen Market Construction loan. On August 5, 2016, a Stratus subsidiary entered into a $9.9 million construction loan agreement with Southside Bank (the West Killeen Market loan) for the construction of the West Killeen Market project. Interest on the loan is variable at one-month LIBOR plus 2.75 percent, with a minimum interest rate of 3.0 percent. Payments of interest only will be made monthly during the initial 42 months of the 72-month term, followed by 30 months of monthly principal and interest payments based on a 30-year amortization. Borrowings on the West Killeen Market loan are secured by assets at Stratus’ West Killeen Market retail project in Killeen, Texas, which had a net book value of $10.7 million at December 31, 2017, and are guaranteed by Stratus until construction is completed and certain customary debt service coverage ratios are met. The West Killeen Market loan contains customary financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million.

Lantana Place Construction loan. On April 28, 2017, a Stratus subsidiary entered into a $26.3 million construction loan with Southside Bank (the Lantana Place loan) to finance the initial phase of Lantana Place, a 320,000-square-foot, mixed-use development project in southwest Austin, Texas. Construction of the first phase of Lantana Place began in June 2017. No amounts were drawn on the Lantana Place loan as of December 31, 2017. Interest is variable at one-month LIBOR plus 2.75 percent, subject to a minimum interest rate of 3.0 percent. Payments of interest only will be due and payable monthly, through November 1, 2020. The principal balance outstanding after November 1, 2020, will be payable in equal monthly installments of principal and interest based on a 30-year amortization. Outstanding amounts must be repaid in full on or before April 28, 2023, and can be prepaid without penalty. Outstanding amounts will be secured by the Lantana Place project and all subsequent improvements, including all leases and rents associated with the development. The agreement contains affirmative and negative covenants usual and customary for loan agreements of this nature, including but not limited to, a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 at all times beginning on December 31, 2019. Stratus will guarantee outstanding amounts under the loan until the development is able to maintain a debt service ratio of 1.50 to 1.00 for a period of six consecutive months.

Jones Crossing Construction loan. On September 1, 2017, a Stratus subsidiary entered into a $36.8 million construction loan with Southside Bank (the Jones Crossing loan) to finance construction of Phases 1 and 2, the retail component, of Stratus' Jones Crossing project, a new HEB-anchored, mixed use development in College Station, Texas. Construction of the initial two phases of the Jones Crossing project began in September 2017, and the HEB grocery store is expected to open in mid-2018. As of December 31, 2017, $5.1 million was drawn on the Jones Crossing loan. Interest is variable at one-month LIBOR plus 3.75 percent, subject to a minimum interest rate of 4.0 percent. Payments of interest are due and payable monthly through March 1, 2021. The principal balance of the loan outstanding after March 1, 2021, will be payable in equal monthly installments of principal and interest based on a 30-year amortization. Outstanding amounts must be repaid in full on or before September 1, 2023. The loan is secured by the Jones Crossing project and all subsequent improvements, including all leases and rents associated with the development as well as related permits and other entitlements. The loan agreement and related documents contain affirmative and negative covenants usual and customary for loan agreements of this nature, including, but not limited to, a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 at all times beginning on March 31, 2020. Outstanding amounts under the loan are guaranteed by Stratus until Phases 1 and 2 of the Jones Crossing development are completed and the development is able to maintain a debt service ratio of 1.50 to 1.00 as of the end of each fiscal quarter.

Maturities. The following table summarizes Stratus' debt maturities based on the principal amounts outstanding as of December 31, 2017 (in thousands):



	2018		2019		2020		2021		2022		Thereafter		Total
Goldman Sachs loan	$	2,086	$	2,207	$	2,313	$	2,470	$	2,613	$	134,636	$	146,325
Santal Phase I loan^a	—		—		32,133		—		—		—		32,133
Comerica Bank credit facility	25,765		—		—		—		—		—		25,765
Amarra Villas credit facility	—		5,342		—		—		—		—		5,342
West Killeen Market construction loan	—		—		—		—		5,544		—		5,544
Barton Creek Village term loan	100		105		109		114		119		2,877		3,424
Jones Crossing loan	—		—		—		—		—		5,066		5,066
Total	$	27,951	$	7,654	$	34,555	$	2,584	$	8,276	$	142,579	$	223,599


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

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

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



	Years Ended December 31,
	2017			2016		2015
Current	$	(7,998	)	$	806	$	(3,458	)
Deferred	(5,906		)	1,973		(2,118		)
(Provision for) benefit from income taxes	$	(13,904	)	$	2,779	$	(5,576	)

Excess tax benefits related to option exercises and vesting of RSUs are required to be recognized as an income tax benefit and expense on the Consolidated Statements of Operations. During 2017, Stratus realized tax benefits of $0.2 million related to excess tax benefits on stock option exercises and RSUs vested.

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



	December 31,
	2017			2016
Deferred tax assets and liabilities:
Real estate, commercial leasing assets and facilities	$	10,179		$	13,995
Alternative minimum tax credits (no expiration)	—			1,169
Employee benefit accruals	464			563
Accrued liabilities	53			80
Deferred income	81			5
Charitable contribution carryforward	—			185
Other assets	711			496
Net operating loss credit carryforwards	5			1,225
Other liabilities	(32		)	(495		)
Deferred tax assets, net	$	11,461		$	17,223

Stratus’ future results of operations may be negatively impacted by an inability to realize a tax benefit for future tax losses or for items that will generate additional deferred tax assets. The realization of the deferred tax assets recorded as of December 31, 2017, is primarily dependent upon Stratus' ability to generate future taxable income.

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



	Years Ended December 31,
	2017					2016					2015
	Amount			Percent		Amount			Percent		Amount			Percent
Income tax (expense) benefit computed at the
federal statutory income tax rate	$	(6,220	)	(35	)%	$	3,072		(35	)%	$	(6,983	)	(35	)%
Adjustments attributable to:
Noncontrolling interests	(2		)	—		—			—		1,896			9
Change in statutory rate	(7,580		)	(42	)	—			—		—			—
State taxes and other, net	(102		)	(1	)	(293		)	3		(489		)	(2	)
(Provision for) benefit from income taxes	$	(13,904	)	(78	)	$	2,779		(32	)	$	(5,576	)	(28	)

Stratus paid federal income taxes and state margin taxes totaling $6.9 million in 2017, $1.7 million in 2016 and $2.0 million in 2015. Stratus received income tax refunds of $2.3 million in 2017, and less than $0.1 million in each of 2016 and 2015.

Uncertain Tax Positions. During the three years ended December 31, 2017, Stratus recorded unrecognized tax benefits related to state margin tax filing positions. A summary of the changes in unrecognized tax benefits follows (in thousands):



	Years Ended December 31,
	2017			2016			2015
Balance at January 1	$	773		$	1,105		$	1,160
Subtractions for tax positions related to prior years	(266		)	(332		)	(55		)
Balance at December 31	$	507		$	773		$	1,105

As of December 31, 2017, Stratus had $0.5 million of unrecognized tax benefits that if recognized would affect its annual effective tax rate. During 2018, approximately $0.3 million of unrecognized tax benefits could be recognized as a result of the expiration of statutes of limitations.

Stratus records liabilities offsetting the tax provision benefits of uncertain tax positions to the extent it estimates that a tax position is more likely than not to not be sustained upon examination by the taxing authorities. Stratus has elected to classify any interest and penalties related to income taxes within income tax expense in its

Consolidated Statements of Operations. As of December 31, 2017, less than $0.1 million of interest costs have been accrued.

Stratus files both U.S. federal income tax and state margin tax returns. With limited exceptions, Stratus is no longer subject to U.S. federal income tax examinations by tax authorities for the years prior to 2014, and state margin tax examinations for the years prior to 2013.

Tax Reform. The Tax Cuts and Jobs Act (the Act) enacted on December 22, 2017, includes significant changes to the U.S. Internal Revenue Code of 1986, as amended (the Code). The Act reduces the corporate income tax rate to 21 percent, eliminates the corporate alternative minimum tax, allows for immediate expensing of capital investments, and limits deductions of interest expense and executive compensation. While the Act is generally applicable for years after December 31, 2017, existing U.S. GAAP requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted.

Due to the significant and complex changes to the Code from the the Act, the U.S. Securities and Exchange Commission (SEC) issued staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act,” (SAB 118). SAB 118 provides a measurement period for up to one year for adjustments to be made to account for the effects of the Act. Stratus reflected the income tax effects of those aspects of the Act for which the accounting is complete. To the extent Stratus' accounting for certain income tax effects of the Act is incomplete but Stratus is able to determine a reasonable estimate, Stratus has recorded a provisional estimate in the financial statements.

The primary impact of the Act on Stratus relates to the re-measurement of deferred tax assets and liabilities resulting from the change in the U.S. corporate tax rate from 35 percent to 21 percent. In fourth-quarter 2017, Stratus recognized the change in the federal statutory rate and recorded a tax provision of approximately $7.6 million to reflect the impact on its deferred tax assets.

Stock-Based Compensation, Equity Transactions and Employee Benefits

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Share-based Payments [Text Block]

EQUITY TRANSACTIONS, STOCK-BASED COMPENSATION AND EMPLOYEE BENEFITS

Equity

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

Share Purchase Program. In November 2013, Stratus' Board approved an increase in the open market share purchase program from 0.7 million shares to 1.7 million shares of Stratus common stock. The purchases may occur over time depending on many factors, including the market price of Stratus common stock; Stratus’ operating results, cash flow and financial position; and general economic and market conditions. There were no purchases under this program during 2017, 2016 or 2015. As of December 31, 2017, 991,695 shares remain available under this program.

Stock-based Compensation

Stock Award Plans. Stratus currently has four stock-based compensation plans, all of which have awards available for grant. In 2017, Stratus' stockholders approved the 2017 Stock Incentive Plan, which provides for the issuance of stock-based compensation awards, including stock options and RSUs, relating to 180,000 shares of Stratus common stock that are issuable to Stratus employees and non-employee directors. Stratus’ 2010 and 2013 Stock Incentive Plans provide for the issuance of stock-based compensation awards, including stock options and RSUs, relating to 140,000 shares and 180,000 shares, respectively, of Stratus common stock that are issuable to Stratus employees and non-employee directors. Stratus' 1996 Stock Option plan for Non-Employee Directors provides for the issuance of stock options only. Stratus common stock issued upon option exercises or RSU vestings represents newly issued shares of common stock. Awards with respect to 180,000 shares under the 2017 Stock Incentive Plan, 25,800 shares under the 2013 Stock Incentive Plan, 4,375 shares under the 2010 Stock Incentive Plan and 2,500 shares under the 1996 Stock Option Plan for Non-Employee Directors were available for new grants as of December 31, 2017.

Stock-Based Compensation Costs. Compensation costs charged against earnings for RSUs, the only awards granted over the last several years, totaled $791 thousand for 2017, $719 thousand for 2016 and $528 thousand for 2015. Stock-based compensation costs are capitalized when appropriate. Stratus does not currently apply a forfeiture rate when estimating stock-based compensation costs for RSUs.

RSUs. RSUs granted under the plans provide for the issuance of common stock to non-employee directors and certain officers of Stratus at no cost to the directors and officers. The RSUs are converted into shares of Stratus common stock ratably and generally vest in one-quarter increments over the four years following the grant date. For officers, the awards will fully vest upon retirement, death and disability, and upon a change of control. For directors, the awards will fully vest upon a change of control and there will be a partial acceleration of vesting due to retirement, death and disability.

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

A summary of outstanding unvested RSUs, including performance-based RSUs, as of December 31, 2017, and activity during the year ended December 31, 2017, is presented below:



	Number of RSUs		Aggregate Intrinsic Value ($000)
Balance at January 1	111,750
Granted	27,200
Vested	(39,750	)
Balance at December 31	99,200		$	2,004

The total fair value of RSUs granted was $0.7 million during 2017, $1.0 million during 2016 and $0.6 million during 2015. The total intrinsic value of RSUs vested was $0.6 million during 2017, $1.0 million during 2016 and $0.6 million during 2015. As of December 31, 2017, Stratus had $1.4 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over a weighted-average period of 1.2 years.

Stock Options. Stock options granted under the plans generally expire 10 years after the date of grant and vest in 25 percent annual increments beginning one year from the date of grant. The plans and award agreements provide that participants will receive the following year’s vesting after retirement and provide for accelerated vesting if there is a change of control (as defined in the plans). Stratus has not granted stock options since 2011. A summary of stock options outstanding as of December 31, 2017, and changes during the year ended December 31, 2017, follows:



	Number of Options		Weighted Average Option Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($000)
Balance at January 1	25,000		$	17.40
Exercised	(7,500	)	8.37
Expired	(5,000	)	32.85
Balance at December 31	12,500		16.64		1.9	$	163
Vested and exercisable at December 31	12,500		16.64		1.9	$	163

The intrinsic value of options exercised during 2017 totaled $142 thousand. There were no stock option exercises during 2016 or 2015. In addition, no stock options vested during 2017, 2016 or 2015.

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



	Years Ended December 31,
	2017		2016		2015
Stratus shares tendered to pay the exercise
price and/or the minimum required taxes^a	11,888		12,591		11,562
Cash received from stock option exercises	$	63	$	—	$	—
Amounts Stratus paid for employee taxes	$	297	$	290	$	153


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

Employee Benefits

Stratus maintains 401(k) defined contribution plans subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The 401(k) plans provide for an employer matching contribution equal to 100 percent of the participant’s contribution, subject to a limit of 5 percent of the participant’s annual salary. Stratus’ policy is to make an additional safe harbor contribution equal to 3 percent of each participant’s total compensation. The 401(k) plans also provide for discretionary contributions. Stratus’ contributions to the 401(k) plans totaled $0.5 million in both 2017 and 2016, and $0.4 million in 2015.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	COMMITMENTS AND CONTINGENCIES Construction Contracts. Stratus had commitments under noncancelable construction contracts totaling $47.5 million at December 31, 2017. These commitments primarily included contracts for construction of Santal Phase II, Jones Crossing and Lantana Place. Letters of Credit. As of December 31, 2017, Stratus had letters of credit committed totaling $4.1 million under its credit facility with Comerica Bank (see Note 6). Jones Crossing Ground Lease. In September 2017, a Stratus subsidiary entered into a 99-year ground lease for approximately 72 acres of land in College Station, Texas. Stratus began construction of the Jones Crossing Project in September 2017. The annual contractual payments under this noncancelable long-term operating lease total $0.2 million for each of 2018 and 2019, $0.3 million for 2020, $0.4 million for each of 2021 and 2022, and $111.0 million thereafter. Rental Income. As of December 31, 2017, Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases which extend through 2027, totaled $2.3 million in 2018, $1.7 million in 2019, $1.7 million in 2020, $1.7 million in 2021, $1.4 million in 2022, and $2.4 million thereafter. Other Operating Leases. As of December 31, 2017, Stratus’ minimum annual contractual payments under its noncancelable long-term operating leases excluding the Jones Crossing ground lease discussed above, totaled $0.2 million for both 2018 and 2019 and $0.1 million for 2020 and less than $0.1 million for 2021. Total expense under Stratus’ operating leases totaled $0.1 million for each of 2017, 2016 and 2015. Circle C Settlement. On August 1, 2002, the city of Austin (the City) granted final approval of a development agreement (the Circle C settlement) and permanent zoning for Stratus’ real estate located within the Circle C community in southwest Austin. The Circle C settlement firmly established all essential municipal development regulations applicable to Stratus’ Circle C properties until 2032. The City also provided Stratus $15.0 million of development fee credits, which are in the form of credit bank capacity, in connection with its future development of its Circle C and other Austin-area properties for waivers of fees and reimbursement for certain infrastructure costs. In addition, Stratus can elect to sell up to $1.5 million of the incentives per year to other developers for their use in paying City fees related to their projects as long as the projects are within the desired development zone, as defined within the Circle C settlement. To the extent Stratus sells the incentives to other developers, Stratus recognizes the income from the sale when title is transferred and compensation is received. As of December 31, 2017, Stratus had permanently used $12.7 million of its City-based development fee credits, including cumulative amounts sold to third parties totaling $5.1 million. Fee credits used for the development of Stratus’ properties effectively reduce the basis of the related properties and defer recognition of any gain associated with the use of the fees until the affected properties are sold. Stratus also had $0.5 million in credit bank capacity in use as temporary fiscal deposits as of December 31, 2017. Available credit bank capacity was $2.6 million at December 31, 2017. Environmental Regulations. Stratus has made, and will continue to make, expenditures for protection of the environment. Increasing emphasis on environmental matters can be expected to result in additional costs, which will be charged against Stratus’ operations in future periods. Present and future environmental laws and regulations applicable to Stratus’ operations may require substantial capital expenditures that could adversely affect the development of its real estate interests or may affect its operations in other ways that cannot be accurately predicted at this time. Litigation. Stratus may from time to time be involved in various legal proceedings of a character normally incident to the ordinary course of its business. Stratus believes that potential liability from any of these pending or threatened proceedings will not have a material adverse effect on Stratus’ financial condition or results of operations.

Business Segments

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Business segment information

BUSINESS SEGMENTS

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

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

The Leasing Operations segment includes the office and retail space at the W Austin Hotel & Residences, a retail building in Barton Creek Village, Santal Phase I and the West Killeen Market in Killeen, Texas.

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

The Entertainment segment includes ACL Live, a live music and entertainment venue and production studio at the W Austin Hotel & Residences. In addition to hosting concerts and private events, this venue is the home of Austin City Limits, a television program showcasing popular music legends. The Entertainment segment also includes revenues and costs associated with events hosted at other venues, including 3TEN ACL Live, which opened in March 2016 on the site of the W Austin Hotel & Residences, and the results of the Stageside Productions joint venture with Pedernales Entertainment LLC (see Note 2).

Stratus uses operating income or loss to measure the performance of each segment. Stratus' 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. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).



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



	Real Estate Operations^a		Leasing Operations		Hotel		Entertainment		Eliminations and Other^b			Total
Year Ended December 31, 2016:
Revenues:
Unaffiliated customers	$	10,719	$	9,682	$	40,418	$	19,522	$	—		$	80,341
Intersegment	31		767		309		183		(1,290		)	—
Cost of sales, excluding depreciation	9,702		4,936		29,248		15,698		(666		)	58,918
Depreciation	224		3,144		3,421		1,461		(168		)	8,082
General and administrative expenses	—		—		—		—		12,164			12,164
Operating income (loss)	$	824	$	2,369	$	8,058	$	2,546	$	(12,620	)	$	1,177
Capital expenditures^d	$	14,575	$	26,782	$	1,216	$	217	$	—		$	42,790
Total assets at December 31, 2016	176,163		120,394		104,087		37,692		13,839			452,175



Year Ended December 31, 2015:^e
Revenues:
Unaffiliated customers	$	14,277	$	5,641			$	41,346	$	19,607	$	—		$	80,871
Intersegment	66		538				305		193		(1,102		)	—
Cost of sales, excluding depreciation	10,426		2,838				30,789		15,426		(411		)	59,068
Depreciation	246		1,556				5,797		1,288		(144		)	8,743
General and administrative expenses	—		—				—		—		8,057			8,057
Gain on sales of assets	—		(20,729		)	^f	—		—		—			(20,729		)
Operating income (loss)	$	3,671	$	22,514			$	5,065	$	3,086	$	(8,604	)	$	25,732
Income from discontinued operations^g	$	—	$	3,218			$	—	$	—	$	—		$	3,218
Capital expenditures^d	26,237		54,027				1,023		128		—			81,415
Total assets at December 31, 2015	205,735		61,371				109,562		42,125		11,312			430,105


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


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


c.	Includes $24.3 million associated with recognition of the majority of the gain on the sale of The Oaks at Lakeway (see Note 11).


d.	Also includes purchases and development of residential real estate held for sale.


e.	Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015 (see Note 11).


f.	Represents gain on sales of Parkside Village and 5700 Slaughter.


g.	Represents recognition of a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto (see Note 11).

Asset Sales and Discontinued Operations (Notes)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

The Oaks at Lakeway. On February 15, 2017, Stratus sold The Oaks at Lakeway to FHF I Oaks at Lakeway, LLC for $114.0 million in cash. Net cash proceeds were $50.8 million after repayment of the Lakeway Construction loan (see Note 6). Stratus used a portion of these net cash proceeds to pay indebtedness outstanding under the Comerica Bank credit facility. The parties entered into three master lease agreements at closing: (1) one covering unleased in-line retail space, with a 5-year term, (2) one covering four unleased pad sites, three of which have 10-year terms, and one of which has a 15-year term, and (3) one covering the hotel pad with a 99-year term. As specified conditions are met, primarily consisting of the tenant executing a lease, commencing payment of rent and taking occupancy, leases will be assigned to the purchaser and the corresponding property will be removed from the master lease, reducing Stratus' master lease payment obligations. Stratus' master lease payment obligation, which currently approximates $180 thousand per month, is expected to decline over time until leasing is complete and all leases are assigned to the purchaser.

Stratus agreed to guarantee the obligations of its selling subsidiary under the sales agreement, up to a liability cap of two percent of the purchase price. This cap does not apply to Stratus' obligation to satisfy the selling subsidiary's indemnity obligations for its broker commissions or similar compensation or Stratus' liability in guaranteeing the selling subsidiary's obligations under the master leases. To secure its obligations under the master leases, Stratus has provided a $1.5 million irrevocable letter of credit with a three-year term.

The gain on sale of $39.7 million was deferred as a result of Stratus’ continuing involvement under the master lease agreements with the purchaser. The hotel pad was leased to a hotel operator under a ground lease at the date of sale. However, the hotel tenant had not commenced rent payments under the ground lease or construction of its building. At the date of the sale, primarily because of the uncertainty related to the hotel tenant’s performance under its ground lease, Stratus' estimated maximum probable exposure to loss using a probability-weighted assessment of future lease payments based on the master lease agreements exceeded the gain on sale. The rent payments under the master lease agreements represent continuing support obligations and are recorded as a reduction of the deferred gain.

The rent payments related to the 99-year hotel pad master lease represent the greatest exposure to loss. In May 2017, the hotel tenant began paying rent and, in August 2017, obtained construction financing and commenced construction of its building. The achievement of these milestones significantly reduced Stratus' probability weighted estimated maximum exposure to loss and $24.3 million of the gain was recognized in third-quarter 2017 based on the performance of services method. The following table summarizes changes to the deferred gain balance during 2017 (in thousands):



Balance as of February 15, 2017	$	39,677
Master lease payments	(2,196		)
Revisions to costs to complete	(1,855		)
Gain recognized	(24,306		)
Balance as of December 31, 2017	$	11,320

The remaining deferred gain, as reduced by future master lease payments, will be recognized in future periods under the performance of services method, when Stratus’ continuing involvement ends or substantially all of the risks and rewards of ownership have transferred to the buyer and Stratus' remaining probability weighted estimated maximum exposure to loss under the master lease agreements is less than the deferred gain.

Upon the sale of The Oaks at Lakeway, HEB earned a profit participation of $2.5 million (of which $2.2 million was paid at closing), which is presented separately in the Consolidated Statements of Operations.

FFF Presents LLC. In October 2017, Stratus sold intangible assets of FFF Presents, LLC, primarily the rights to host the Fun Fun Fun Festival. The purchaser paid a base purchase price of $0.3 million. The purchaser will also pay Stratus a contingent purchase price based on a portion of festival profit between 2018 and 2022 and a deferred purchase price based on a multiple of a portion of average festival profit in 2021 and 2022. Stratus recognized a gain on the sale of $0.2 million.

Barton Creek Village. On February 28, 2017, Stratus completed the sale of its 3,085-square-foot bank building and an adjacent undeveloped 4.1 acre tract of land in Barton Creek Village, for $3.1 million and recorded a gain on the sale of $1.1 million. In connection with the sale, a $2.1 million paydown was made on the Barton Creek Village term loan and Stratus plans to use the gross sale proceeds on a deferred basis to acquire qualifying replacement property.

Parkside Village and 5700 Slaughter. On July 2, 2015, Stratus completed the sales of its Austin-area Parkside Village and 5700 Slaughter commercial properties, both located in the Circle C community, to Whitestone REIT. The Parkside Village retail project, which was owned in a joint venture with LCHM Holdings, LLC, consisted of 90,184 leasable square feet and was sold for $32.5 million. The 5700 Slaughter retail project, which was wholly owned by Stratus, consisted of 25,698 leasable square feet and was sold for $12.5 million. Stratus used proceeds from these transactions to repay the total $26.0 million outstanding under the Parkside Village loan and the United/Slaughter term loan, with the remainder being held in escrow while Stratus assessed potential tax free like-kind exchange transactions. In September 2015, Stratus used $2.6 million of the escrow funds to purchase an undeveloped tract of land for the West Killeen Market project and withdrew $12.1 million to fund distributions to Stratus and LCHM Holdings of $9.4 million and $3.2 million, respectively. After debt repayments and closing costs, cash proceeds from these transactions approximated $17 million, and Stratus recorded a pre-tax gain in 2015 of $20.7 million, of which the noncontrolling interest share was $3.9 million.

Stratus' net loss attributable to common stockholders associated with Parkside Village and 5700 Slaughter totaled $47 thousand for the period January 1, 2015, to July 2, 2015.

7500 Rialto. In 2012, Stratus sold 7500 Rialto, an office building in Lantana. In connection with the sale, Stratus recognized a gain of $5.1 million and deferred a gain of $5.0 million because of a guaranty provided to the lender in connection with the buyer's assumption of the loan related to 7500 Rialto. The guaranty was released in January 2015, and Stratus recognized the deferred gain of $5.0 million ($3.2 million to net income attributable to common stockholders) in 2015.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS Stratus evaluated events after December 31, 2017, 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.

Quarterly Financial Information (Unaudited) Quarterly Financial Information

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)



	First Quarter				Second Quarter			Third Quarter				Fourth Quarter				Year
	(In thousands, except per share amounts)
2017
Revenues	$	20,664			$	21,429		$	17,222			$	21,025			$	80,340
Operating (loss) income	(1,499		)	^a,b	295			23,640			^a	801				23,237			^a,b
Net (loss) income	(2,670		)	^c	(885		)	14,308				(6,869		)	^d	3,884			^c,d
Net (loss) income attributable to
common stockholders	(2,670		)	^a,b,c	(893		)	14,308			^a	(6,866		)	^d	3,879			^a,b,c,d
Basic net (loss) income per share share
attributable to common stockholders	(0.33		)	^a,b,c	(0.11		)	1.76			^a	(0.84		)	^d	0.48			^a,b,c,d
Diluted net (loss) income per share
attributable to common stockholders	(0.33		)	^a,b,c	(0.11		)	1.75			^a	(0.84		)	^d	0.47			^a,b,c,d

2016
Revenues	$	19,026			$	19,150		$	21,180			$	20,985			$	80,341
Operating income (loss)	473				(1,362		)	425				1,641				1,177
Net loss	(1,683		)	^c	(2,483		)	(1,659		)		(174		)		(5,999		)	^c
Net loss attributable to common
stockholders	(1,683		)	^c	(2,483		)	(1,659		)		(174		)		(5,999		)	^c
Basic and diluted net loss per share
attributable to common stockholders	(0.21		)	^c	(0.31		)	(0.20		)		(0.02		)		(0.74		)	^c

Includes gains on sales of assets of $1.1 million ($0.7 million to net loss attributable to common stockholders or $0.09 per share) in the first quarter, $24.3 million ($15.7 million to net income attributable to common stockholders or $1.92 per share) in the third quarter and $25.5 million ($16.4 million to net income attributable to common stockholders or $2.01 per share) for the year, primarily associated with the recognition of the majority of the of the gain on the sale of The Oaks at Lakeway and the sale of a bank building and an adjacent undeveloped 4.1 acre tract of land in Barton Creek (see Note 11).


b.	Includes a charge of $2.5 million ($1.6 million to net (loss) income attributable to common stockholders or $0.20 per share) in the first quarter and for the year for profit participation costs related to the sale of The Oaks at Lakeway.

Includes a loss on early extinguishment of debt totaling $0.5 million ($0.3 million to net (loss) income attributable to common stockholders or $0.04 per share) in the first quarter and for the year 2017, primarily related to prepayment of the Lakeway Construction loan with proceeds from the sale of The Oaks at Lakeway, and $0.8 million ($0.5 million to net loss attributable to common stockholders or $0.07 per share) in the first quarter and for the year 2016 related to prepayment of the BoA loan.


d.	Includes a tax charge of $7.6 million ($0.93 per share) in the fourth quarter and for the year to reduce the carrying amount of deferred tax assets to reflect lower federal corporate tax rates as a result of the Act.

Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]

STRATUS PROPERTIES INC.

REAL ESTATE, COMMERCIAL LEASING ASSETS AND FACILITIES AND ACCUMULATED DEPRECIATION

December 31, 2017

(In Thousands, except Number of Lots and Acres)

SCHEDULE III



	Initial Cost				Cost Capitalized			Gross Amounts at December 31, 2017						Number of Lots/Units and Acres
			Bldg. and		Subsequent to					Bldg. and				Lots/ Units	Acres	Accumulated		Year
	Land		Improvements		Acquisitions			Land		Improvements		Total		Lots/ Units	Acres	Depreciation		Acquired
Real Estate Held for Sale^a
Barton Creek, Austin, TX	$	7,532	$	—	$	12,837		$	20,369	$	—	$	20,369	290	—	$	—	1988
W Austin Residences, Austin, TX	—		2,243		—			—		2,243		2,243		2	—	—		2014
Real Estate Under Development^b,c
Barton Creek, Austin, TX	4,591		—		68,988			73,579		—		73,579		—	990	—		1988
Circle C, Austin, TX	753		—		3,723			4,476		—		4,476		—	52	—		1992
Magnolia, TX	3,237		—		2,428			5,665		—		5,665		—	124	—		2014
College Station Properties LLC	—		—		10,916			10,916		—		10,916		—	72	—		2017
Lakeway Residential, Austin, TX	5,172		—		148			5,320		—		5,320		—	35	—		2013
Lantana, Austin, TX	255		—		18,273			18,528		—		18,528		—	11	—		1994
Land Available for Development^c,d
Camino Real, San Antonio, TX	16		—		(16		)	—		—		—		—	2	—		1990
Barton Creek, Austin, TX	2,413		—		3,875			6,288		—		6,288		—	223	—		1988
West Killeen Market, Killeen, TX	1,331		—		627			1,958		—		1,958		—	—	—		N/A
Dessau Road - Austin, TX	213		—		11			224		—		224		—	7	—		N/A
Circle C, Austin, TX	2,593		—		2,237			4,830		—		4,830		—	200	—		1992
Flores Street, Austin, TX	1,000		—		94			1,094		—		1,094		—	—	—		2015
Lantana, Austin, TX	157		—		254			411		—		411		—	44	—		1994
Real Estate Held for Investment^b,c
W Austin Hotel & Residences, Austin, TX^e	8,075		165,972		—			8,075		165,972		174,047		—	—	34,180		2006
Barton Creek, Austin, TX^f	405		42,693		—			405		42,693		43,098		—	—	3,775		2007
West Killeen Market, Killeen, TX	1,174		7,644		—			1,174		7,644		8,818		—	—	120		2015
Corporate offices, Austin,TX	—		1,252		—			—		1,252		1,252		—	—	751		N/A
Total	$	38,917	$	219,804	$	124,395		$	163,312	$	219,804	$	383,116	292	1,760	$	38,826


a.	Includes individual tracts of land that have been developed and permitted for residential use, developed lots with homes already built on it, or condominium units at our W Austin Residences.


b.	Includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained.


c.	See Note 6 included in Part II, Item 8. of this Annual Report on Form 10-K for a description of assets securing debt.


d.	Includes undeveloped real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property).


e.	Consists of a 251-room hotel, entertainment venue, and office and retail space at the W Austin Hotel & Residences.


f.	Consists of a 22,366-square-foot retail complex representing the first phase of Barton Creek Village and the Santal multi-family project.

STRATUS PROPERTIES INC.

Notes to Schedule III

(1) Reconciliation of Real Estate, Commercial Leasing Assets and Facilities:

The changes in real estate, leasing assets and facilities for the years ended December 31, are as follows (in thousands):



	2017			2016			2015
Balance, beginning of year	$	425,325		$	402,609		$	370,983
Additions and improvements	34,698			29,324			79,168
Dispositions, retirements and other adjustments	(76,907		)	(6,608		)	(47,542		)
Balance, end of year	$	383,116		$	425,325		$	402,609

The aggregate net book value for federal income tax purposes as of December 31, 2017, was $373.4 million.

(2) Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, are as follows (in thousands):



	2017			2016			2015
Balance, beginning of year	$	33,844		$	27,471		$	35,384
Dispositions, retirements and other adjustments	(2,871		)	(1,709		)	(16,656		)
Depreciation expense	7,853			8,082			8,743
Balance, end of year	$	38,826		$	33,844		$	27,471

Depreciation of buildings and improvements is calculated over estimated lives of 30 to 40 years.

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

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Business and Principles of Consolidation

Concentration of Risk

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents. Stratus considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Real Estate and Leasing Assets

Depreciation, Depletion, and Amortization

Accrued Property Taxes

Revenue Recognition

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



	Years Ended December 31,
	2017		2016		2015
Hotel	$	38,360	$	40,418	$	41,346
Entertainment	22,998		19,522		19,607
Developed property sales	10,286		10,223		12,320
Leasing Operations	7,981		9,682		5,641
Undeveloped property sales	544		73		1,175
Commissions and other	171		423		782
Total revenues	$	80,340	$	80,341	$	80,871

Cost of Sales



	Years Ended December 31,
	2017		2016		2015
Hotel	$	28,478	$	29,090	$	30,702
Entertainment	17,121		15,223		15,169
Depreciation	7,853		8,082		8,743
Leasing Operations	4,797		4,903		2,772
Project expenses and allocation of overhead costs (see below)	4,343		4,473		3,546
Cost of developed property sales	3,890		5,156		6,386
Other, net	1,793		18		(71		)
Cost of undeveloped property sales	352		55		564
Total cost of sales	$	68,627	$	67,000	$	67,811

Allocation of Overhead Costs

Municipal Utility District Reimbursements

Advertising Costs

Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $1.0 million in 2017 and $0.9 million in both 2016 and 2015.

Income Tax

Earnings Per Share



	Years Ended December 31,
	2017				2016				2015
Income (loss) from continuing operations	$	3,884			$	(5,999	)		$	14,377
Income from discontinued operations, net of taxes	—				—				3,218
Net income (loss)	$	3,884			$	(5,999	)		$	17,595
Net income attributable to noncontrolling interests in subsidiaries	(5		)		—				(5,418		)
Net income (loss) attributable to Stratus common stockholders	$	3,879			$	(5,999	)		$	12,177

Basic weighted-average shares of common stock outstanding	8,122				8,089				8,058

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	49			^a	—			^b	33			^a

Diluted weighted-average shares of common stock outstanding	8,171				8,089				8,091

Basic net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.48			$	(0.74	)		$	1.11
Discontinued operations	—				—				0.40
Basic net income (loss) per share attributable to common stockholders	$	0.48			$	(0.74	)		$	1.51

Diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.47			$	(0.74	)		$	1.11
Discontinued operations	—				—				0.40
Diluted net income (loss) per share attributable to common stockholders	$	0.47			$	(0.74	)		$	1.51


a.	Excludes approximately 26 thousand shares of common stock for both 2017 and 2015 associated with anti-dilutive RSU's.


b.	Excludes approximately 125 thousand shares of common stock for 2016 associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock, and RSUs that were anti-dilutive.

Stock-based Compensation

New Accounting Standards

In March 2016, the FASB issued an ASU that simplifies various aspects of the accounting for share-based payment

transactions, including the income tax consequences, statutory tax withholding requirements, an accounting policy

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

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Cost of Sales

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



	Years Ended December 31,
	2017		2016		2015
Hotel	$	28,478	$	29,090	$	30,702
Entertainment	17,121		15,223		15,169
Depreciation	7,853		8,082		8,743
Leasing Operations	4,797		4,903		2,772
Project expenses and allocation of overhead costs (see below)	4,343		4,473		3,546
Cost of developed property sales	3,890		5,156		6,386
Other, net	1,793		18		(71		)
Cost of undeveloped property sales	352		55		564
Total cost of sales	$	68,627	$	67,000	$	67,811

Revenue from External Customers by Products and Services

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



	Years Ended December 31,
	2017		2016		2015
Hotel	$	38,360	$	40,418	$	41,346
Entertainment	22,998		19,522		19,607
Developed property sales	10,286		10,223		12,320
Leasing Operations	7,981		9,682		5,641
Undeveloped property sales	544		73		1,175
Commissions and other	171		423		782
Total revenues	$	80,340	$	80,341	$	80,871

Schedule of Earnings Per Share, Basic and Diluted

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



	Years Ended December 31,
	2017				2016				2015
Income (loss) from continuing operations	$	3,884			$	(5,999	)		$	14,377
Income from discontinued operations, net of taxes	—				—				3,218
Net income (loss)	$	3,884			$	(5,999	)		$	17,595
Net income attributable to noncontrolling interests in subsidiaries	(5		)		—				(5,418		)
Net income (loss) attributable to Stratus common stockholders	$	3,879			$	(5,999	)		$	12,177

Basic weighted-average shares of common stock outstanding	8,122				8,089				8,058

Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	49			^a	—			^b	33			^a

Diluted weighted-average shares of common stock outstanding	8,171				8,089				8,091

Basic net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.48			$	(0.74	)		$	1.11
Discontinued operations	—				—				0.40
Basic net income (loss) per share attributable to common stockholders	$	0.48			$	(0.74	)		$	1.51

Diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$	0.47			$	(0.74	)		$	1.11
Discontinued operations	—				—				0.40
Diluted net income (loss) per share attributable to common stockholders	$	0.47			$	(0.74	)		$	1.51


a.	Excludes approximately 26 thousand shares of common stock for both 2017 and 2015 associated with anti-dilutive RSU's.


b.	Excludes approximately 125 thousand shares of common stock for 2016 associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock, and RSUs that were anti-dilutive.

Real Estate, net (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate, net [Abstract]

Schedule of Real Estate Properties [Table Text Block]

Stratus' consolidated balance sheets include the following net real estate assets (in thousands):



	December 31,
	2017			2016
Real estate held for sale:
Developed lots, townhomes and condominium units	$	22,612		$	21,236

Real estate under development:
Acreage, multi-family units, commercial square footage and townhomes	118,484			111,373

Land available for development:
Undeveloped acreage	14,804			19,153

Real estate held for investment:
Barton Creek Village	5,075			6,092
The Oaks at Lakeway	—			54,839
Santal Phase I	38,023			37,848
West Killeen Market	8,818			—
W Austin Hotel & Residences
Hotel	111,808			111,479
Entertainment venue	42,687			42,382
Office and retail	19,515			19,700
Furniture, fixtures and equipment	1,290			1,223
Total	227,216			273,563
Accumulated depreciation	(38,826		)	(33,844		)
Total real estate held for investment, net	188,390			239,719
Total real estate, net	$	344,290		$	391,481

Fair Value Measurements Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

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

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



	December 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Debt	$	221,470	$	224,632	$	291,102	$	293,620
Interest rate swap agreement	134		134		427		427

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Stratus' debt follows (in thousands):



	December 31,
	2017		2016
Goldman Sachs loan,
average interest rate of 5.58% in 2017 and 2016	$	145,195	$	147,025
Lakeway Construction loan,
average interest rate of 3.24% in 2016	—		57,912
Comerica Bank credit facility,
average interest rate of 5.96% in 2017 and 6.00% in 2016	25,765		46,547
Santal Phase I construction loan,
average interest rate of 3.74% in 2017 and 2.98% in 2016	31,864		30,286
Barton Creek Village term loan,
average interest rate of 4.19% in 2017 and 2016	3,375		5,555
Amarra Villas credit facility,
average interest rate of 4.12% in 2017 and 3.54% in 2016	5,247		3,777
West Killeen Market construction loan,
average interest rate of 3.89% in 2017	5,378		—
Jones Crossing construction loan
average interest rate of 4.56% in 2017	4,646		—
Total debt^a	$	221,470	$	291,102

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

The following table summarizes Stratus' debt maturities based on the principal amounts outstanding as of December 31, 2017 (in thousands):



	2018		2019		2020		2021		2022		Thereafter		Total
Goldman Sachs loan	$	2,086	$	2,207	$	2,313	$	2,470	$	2,613	$	134,636	$	146,325
Santal Phase I loan^a	—		—		32,133		—		—		—		32,133
Comerica Bank credit facility	25,765		—		—		—		—		—		25,765
Amarra Villas credit facility	—		5,342		—		—		—		—		5,342
West Killeen Market construction loan	—		—		—		—		5,544		—		5,544
Barton Creek Village term loan	100		105		109		114		119		2,877		3,424
Jones Crossing loan	—		—		—		—		—		5,066		5,066
Total	$	27,951	$	7,654	$	34,555	$	2,584	$	8,276	$	142,579	$	223,599


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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

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



	Years Ended December 31,
	2017			2016		2015
Current	$	(7,998	)	$	806	$	(3,458	)
Deferred	(5,906		)	1,973		(2,118		)
(Provision for) benefit from income taxes	$	(13,904	)	$	2,779	$	(5,576	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

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



	December 31,
	2017			2016
Deferred tax assets and liabilities:
Real estate, commercial leasing assets and facilities	$	10,179		$	13,995
Alternative minimum tax credits (no expiration)	—			1,169
Employee benefit accruals	464			563
Accrued liabilities	53			80
Deferred income	81			5
Charitable contribution carryforward	—			185
Other assets	711			496
Net operating loss credit carryforwards	5			1,225
Other liabilities	(32		)	(495		)
Deferred tax assets, net	$	11,461		$	17,223

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

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



	Years Ended December 31,
	2017					2016					2015
	Amount			Percent		Amount			Percent		Amount			Percent
Income tax (expense) benefit computed at the
federal statutory income tax rate	$	(6,220	)	(35	)%	$	3,072		(35	)%	$	(6,983	)	(35	)%
Adjustments attributable to:
Noncontrolling interests	(2		)	—		—			—		1,896			9
Change in statutory rate	(7,580		)	(42	)	—			—		—			—
State taxes and other, net	(102		)	(1	)	(293		)	3		(489		)	(2	)
(Provision for) benefit from income taxes	$	(13,904	)	(78	)	$	2,779		(32	)	$	(5,576	)	(28	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

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



	Years Ended December 31,
	2017			2016			2015
Balance at January 1	$	773		$	1,105		$	1,160
Subtractions for tax positions related to prior years	(266		)	(332		)	(55		)
Balance at December 31	$	507		$	773		$	1,105

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

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock options outstanding as of December 31, 2017, and changes during the year ended December 31, 2017, follows:



	Number of Options		Weighted Average Option Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($000)
Balance at January 1	25,000		$	17.40
Exercised	(7,500	)	8.37
Expired	(5,000	)	32.85
Balance at December 31	12,500		16.64		1.9	$	163
Vested and exercisable at December 31	12,500		16.64		1.9	$	163

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



	Years Ended December 31,
	2017		2016		2015
Stratus shares tendered to pay the exercise
price and/or the minimum required taxes^a	11,888		12,591		11,562
Cash received from stock option exercises	$	63	$	—	$	—
Amounts Stratus paid for employee taxes	$	297	$	290	$	153


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

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

A summary of outstanding unvested RSUs, including performance-based RSUs, as of December 31, 2017, and activity during the year ended December 31, 2017, is presented below:



	Number of RSUs		Aggregate Intrinsic Value ($000)
Balance at January 1	111,750
Granted	27,200
Vested	(39,750	)
Balance at December 31	99,200		$	2,004

Business Segments (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Schedule of financial information by business segment



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



	Real Estate Operations^a		Leasing Operations		Hotel		Entertainment		Eliminations and Other^b			Total
Year Ended December 31, 2016:
Revenues:
Unaffiliated customers	$	10,719	$	9,682	$	40,418	$	19,522	$	—		$	80,341
Intersegment	31		767		309		183		(1,290		)	—
Cost of sales, excluding depreciation	9,702		4,936		29,248		15,698		(666		)	58,918
Depreciation	224		3,144		3,421		1,461		(168		)	8,082
General and administrative expenses	—		—		—		—		12,164			12,164
Operating income (loss)	$	824	$	2,369	$	8,058	$	2,546	$	(12,620	)	$	1,177
Capital expenditures^d	$	14,575	$	26,782	$	1,216	$	217	$	—		$	42,790
Total assets at December 31, 2016	176,163		120,394		104,087		37,692		13,839			452,175



Year Ended December 31, 2015:^e
Revenues:
Unaffiliated customers	$	14,277	$	5,641			$	41,346	$	19,607	$	—		$	80,871
Intersegment	66		538				305		193		(1,102		)	—
Cost of sales, excluding depreciation	10,426		2,838				30,789		15,426		(411		)	59,068
Depreciation	246		1,556				5,797		1,288		(144		)	8,743
General and administrative expenses	—		—				—		—		8,057			8,057
Gain on sales of assets	—		(20,729		)	^f	—		—		—			(20,729		)
Operating income (loss)	$	3,671	$	22,514			$	5,065	$	3,086	$	(8,604	)	$	25,732
Income from discontinued operations^g	$	—	$	3,218			$	—	$	—	$	—		$	3,218
Capital expenditures^d	26,237		54,027				1,023		128		—			81,415
Total assets at December 31, 2015	205,735		61,371				109,562		42,125		11,312			430,105


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


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


c.	Includes $24.3 million associated with recognition of the majority of the gain on the sale of The Oaks at Lakeway (see Note 11).


d.	Also includes purchases and development of residential real estate held for sale.


e.	Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015 (see Note 11).


f.	Represents gain on sales of Parkside Village and 5700 Slaughter.


g.	Represents recognition of a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto (see Note 11).

Asset Sales and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

The following table summarizes changes to the deferred gain balance during 2017 (in thousands):



Balance as of February 15, 2017	$	39,677
Master lease payments	(2,196		)
Revisions to costs to complete	(1,855		)
Gain recognized	(24,306		)
Balance as of December 31, 2017	$	11,320

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]



	First Quarter				Second Quarter			Third Quarter				Fourth Quarter				Year
	(In thousands, except per share amounts)
2017
Revenues	$	20,664			$	21,429		$	17,222			$	21,025			$	80,340
Operating (loss) income	(1,499		)	^a,b	295			23,640			^a	801				23,237			^a,b
Net (loss) income	(2,670		)	^c	(885		)	14,308				(6,869		)	^d	3,884			^c,d
Net (loss) income attributable to
common stockholders	(2,670		)	^a,b,c	(893		)	14,308			^a	(6,866		)	^d	3,879			^a,b,c,d
Basic net (loss) income per share share
attributable to common stockholders	(0.33		)	^a,b,c	(0.11		)	1.76			^a	(0.84		)	^d	0.48			^a,b,c,d
Diluted net (loss) income per share
attributable to common stockholders	(0.33		)	^a,b,c	(0.11		)	1.75			^a	(0.84		)	^d	0.47			^a,b,c,d

2016
Revenues	$	19,026			$	19,150		$	21,180			$	20,985			$	80,341
Operating income (loss)	473				(1,362		)	425				1,641				1,177
Net loss	(1,683		)	^c	(2,483		)	(1,659		)		(174		)		(5,999		)	^c
Net loss attributable to common
stockholders	(1,683		)	^c	(2,483		)	(1,659		)		(174		)		(5,999		)	^c
Basic and diluted net loss per share
attributable to common stockholders	(0.21		)	^c	(0.31		)	(0.20		)		(0.02		)		(0.74		)	^c


b.	Includes a charge of $2.5 million ($1.6 million to net (loss) income attributable to common stockholders or $0.20 per share) in the first quarter and for the year for profit participation costs related to the sale of The Oaks at Lakeway.


d.	Includes a tax charge of $7.6 million ($0.93 per share) in the fourth quarter and for the year to reduce the carrying amount of deferred tax assets to reflect lower federal corporate tax rates as a result of the Act.

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Significant Accounting Policies [Line Items]
Impairment of Real Estate	$ 0	$ 0	$ 0
Advertising Expense	1,000,000	900,000	900,000
Accrued Property Taxes		$ 7,400,000	$ 7,600,000
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 143,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	26,000	125,000	26,000
Entertainment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation			35 years
Hotel
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		35 years
Minimum [Member]
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation	30 years
Minimum [Member] \| Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		30 years
Minimum [Member] \| Furniture, fixtures and equipment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		3 years
Maximum [Member]
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation	40 years
Maximum [Member] \| Leasing Operations
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] \| Furniture, fixtures and equipment
Schedule of Significant Accounting Policies [Line Items]
Life Used for Depreciation		15 years
Employee Stock Option [Member]
Schedule of Significant Accounting Policies [Line Items]
Shares issuable upon exercise or vesting of dilutive stock options and RSUs	49,000	0	33,000

Summary of Significant Accounting Policies Revenues (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Hotel									$ 38,360	$ 40,418	$ 41,346
Entertainment									22,998	19,522	19,607
Developed Property Sales									10,286	10,223	12,320
Leasing operations									7,981	9,682	5,641
Undeveloped Property Sales									544	73	1,175
Commissions and Other									171	423	782
Total revenues	$ 21,025	$ 17,222	$ 21,429	$ 20,664	$ 20,985	$ 21,180	$ 19,150	$ 19,026	$ 80,340	$ 80,341	$ 80,871

Summary of Significant Accounting Policies Cost of Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Hotel	$ 28,478	$ 29,090	$ 30,702
Entertainment	17,121	15,223	15,169
Depreciation	7,853	8,082	8,743
Leasing operations	4,797	4,903	2,772
Cost of Sales, Project Expenses and Allocation of Overhead Costs	4,343	4,473	3,546
Cost of Developed Property Sales	3,890	5,156	6,386
Other Cost and Expense, Operating	1,793	18	(71)
Cost of Undeveloped Property Sales	352	55	564
Total cost of sales	$ 68,627	$ 67,000	$ 67,811

Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest									$ 3,884	$ (5,999)	$ 14,377
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest									0	0	3,218
Net income (loss)	$ (6,869)	$ 14,308	$ (885)	$ (2,670)	$ (174)	$ (1,659)	$ (2,483)	$ (1,683)	3,884	(5,999)	17,595
Net income attributable to noncontrolling interests in subsidiaries									(5)	0	(5,418)
Net income (loss) attributable to common stockholders	$ (6,866)	$ 14,308	$ (893)	$ (2,670)	$ (174)	$ (1,659)	$ (2,483)	$ (1,683)	$ 3,879	$ (5,999)	$ 12,177
Weighted-average shares of common stock outstanding, Basic									8,122,000	8,089,000	8,058,000
Weighted-average shares of common stock outstanding, Diluted									8,171,000	8,089,000	8,091,000
Diluted net (loss) income per share attributable to common stockholders	$ (0.84)	$ 1.75	$ (0.11)	$ (0.33)					$ 0.47	$ (0.74)	$ 1.51
Potential anti-dilutive securities									26,000	125,000	26,000
Income (Loss) from Continuing Operations, Per Basic Share									$ 0.48	$ (0.74)	$ 1.11
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share									0.00	0.00	0.40
Earnings Per Share, Basic	$ (0.84)	$ 1.76	$ (0.11)	$ (0.33)					0.48	(0.74)	1.51
Income (Loss) from Continuing Operations, Per Diluted Share									0.47	(0.74)	1.11
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share									$ 0.00	$ 0.00	$ 0.40

Joint Ventures with Canyon-Johnson Urban Fund II, L.P., and Pedernales Entertainment, LLC (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 28, 2015	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2014	Oct. 03, 2012
Noncontrolling Interest [Line Items]
Cash and cash equivalents		$ 14,611	$ 17,036	$ 13,597	$ 29,645
Stageside Productions LLC [Member]
Noncontrolling Interest [Line Items]
Partners' Capital						$ 300
Variable Interest Entity, Capital Funding Percentage		100.00%
Variable Interest Entity, Ownership Percentage		40.00%
Notes Payable to Banks [Member] \| Comerica Credit Facility [Member]
Noncontrolling Interest [Line Items]
Borrowings from project loans			20,000
Block 21 Joint Venture [Member]
Noncontrolling Interest [Line Items]
Payments to Acquire Interest in Joint Venture	$ 62,000
Purchase Price	210,000
Cash and cash equivalents	22,800
Cash	$ 9,700
Block 21 Joint Venture [Member] \| Canyon Johnson Urban Fund II, L.P. [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	58.00%
Limited Partners' Contributed Capital			94,000
Distribution Made to Limited Partner, Cash Distributions Paid			62,600
Block 21 Joint Venture [Member] \| Stratus Properties Inc [Member]
Noncontrolling Interest [Line Items]
Limited Partners' Contributed Capital			71,900
Distribution Made to Limited Partner, Cash Distributions Paid			$ 53,400
Block 21 Joint Venture [Member] \| Notes Payable to Banks [Member] \| Bank of America Loan [Member]
Noncontrolling Interest [Line Items]
Borrowings from project loans	$ 32,300
Block 21 Joint Venture [Member] \| Notes Payable to Banks [Member] \| Comerica Credit Facility [Member]
Noncontrolling Interest [Line Items]
Debt Instrument, Face Amount	$ 20,000

Joint Venture with LCHM Holdings, LLC (Details) $ in Thousands		12 Months Ended
	Jul. 02, 2015 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2011 USD ($) a
Noncontrolling Interest [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal		$ 25,463	$ 0	$ 20,729
Parkside Village [Member]
Noncontrolling Interest [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 13,500
Parkside Village [Member]
Noncontrolling Interest [Line Items]
Land Contributed to Joint Venture \| a					23.03
Parkside Village [Member] \| Stratus Properties Inc [Member]
Noncontrolling Interest [Line Items]
Partners' Capital					$ 3,100

Real Estate, net Summary of Real Estate Holdings (Details)		12 Months Ended
	Feb. 15, 2017 USD ($)	Dec. 31, 2017 USD ($) ft²	Dec. 31, 2016 USD ($) ft²	Dec. 31, 2015 USD ($)
Real Estate Properties [Line Items]
Real estate held for sale		$ 22,612,000	$ 21,236,000
Number of Lots/Units in Real Estate Property		292
Interest Costs Capitalized		$ 5,900,000	6,300,000	$ 5,500,000
Development in Process		118,484,000	111,373,000
Land Available for Development		14,804,000	19,153,000
Real Estate Held for Investment, Gross		227,216,000	273,563,000
Real Estate Investment Property, Accumulated Depreciation		38,826,000	33,844,000
Real estate held for investment, net		188,390,000	239,719,000
Real Estate Investment Property, Net		344,290,000	391,481,000
Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Real estate held for investment, net		10,900,000
Barton Creek Village [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross		5,075,000	6,092,000
Real estate held for investment, net			3,500,000
Santal Phase I [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross		38,023,000	37,848,000
West Killeen Market [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross		8,818,000	0
Real estate held for investment, net			10,700,000
The Oaks at Lakeway [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross		0	54,839,000
Office and Retail [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross		19,515,000	19,700,000
Entertainment \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross		42,687,000	42,382,000
Hotel \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross		$ 111,808,000	$ 111,479,000
Real Estate Held for Sale [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property		50
Real Estate Held for Sale [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property		2
Real Estate Held for Sale [Member] \| Amarra Drive Villas [Member]
Real Estate Properties [Line Items]
Number of Lots/Units in Real Estate Property		4
Retail Site [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²			18,327
Retail Site [Member] \| Barton Creek Village [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²		22,366
Occupancy Percentage		100.00%
Retail Site [Member] \| Santal Phase I [Member]
Real Estate Properties [Line Items]
Occupancy Percentage		95.00%
Retail Site [Member] \| West Killeen Market [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²		44,000
Occupancy Percentage		60.00%
Office Building [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²			38,316
Apartment Building [Member] \| Santal Phase I [Member]
Real Estate Properties [Line Items]
Net Rentable Area \| ft²		236
Furniture and Fixtures [Member]
Real Estate Properties [Line Items]
Real Estate Held for Investment, Gross		$ 1,290,000	$ 1,223,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| The Oaks at Lakeway [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 114,000,000
Hotel \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Number of Hotel Rooms		251	251
Entertainment \| Retail Site [Member] \| 3TEN ACL Live [Member]
Real Estate Properties [Line Items]
Entertainment Venue, Maximum Capacity		350
Entertainment \| ACL Live entertainment venue [Member] \| W Austin Hotel & Residences [Member]
Real Estate Properties [Line Items]
Entertainment Venue, Maximum Capacity		3,000

Fair Value Measurements Fair Value Measurement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013	Jul. 02, 2015
Liabilities:
Gain (loss) on interest rate derivative instruments	$ 293	$ 218	$ (724)
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Liabilities:
Debt	221,470	291,102
Estimate of Fair Value, Fair Value Disclosure [Member] \| Fair Value, Inputs, Level 2 [Member]
Liabilities:
Debt	224,632	293,620
Interest Rate Swap [Member]
Liabilities:
Derivative Liability					$ 600
Interest Rate Swap [Member] \| Carrying (Reported) Amount, Fair Value Disclosure [Member]
Liabilities:
Interest rate swap agreement	134	427
Interest Rate Swap [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member] \| Fair Value, Inputs, Level 2 [Member]
Liabilities:
Interest rate swap agreement	$ 134	$ 427
Parkside Village Loan [Member] \| Interest Rate Swap [Member]
Liabilities:
Basis Spread on Variable Rate				2.30%

Debt (Details)							2 Months Ended	3 Months Ended		10 Months Ended	12 Months Ended
Debt (Details)	Sep. 11, 2017 USD ($)	Sep. 01, 2017 USD ($)	Apr. 28, 2017 USD ($)	Feb. 28, 2017 USD ($)	Aug. 05, 2016 USD ($)	Jul. 12, 2016 USD ($)	Dec. 31, 2017 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Nov. 06, 2017	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Nov. 07, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 ft²	Jan. 08, 2017 USD ($)	Jan. 05, 2016 USD ($)	Sep. 29, 2014 USD ($)	Jun. 27, 2014 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months							$ 27,951,000				$ 27,951,000
Long-term Debt, Maturities, Repayments of Principal in Year Two							7,654,000				7,654,000
Long-term Debt, Maturities, Repayments of Principal in Year Five							8,276,000				8,276,000
Long-term Debt, Maturities, Repayments of Principal after Year Five							142,579,000				142,579,000
Long-term Debt, Maturities, Repayments of Principal in Year Three							34,555,000				34,555,000
Long-term Debt, Maturities, Repayments of Principal in Year Four							2,584,000				2,584,000
Debt and Capital Lease Obligations							223,599,000				223,599,000
Long-term Debt and Capital Lease Obligations, Including Current Maturities							221,470,000				221,470,000	$ 291,102,000
Unamortized Debt Issuance Expense							2,100,000				2,100,000	2,200,000
Loss on early extinguishment of debt								$ 500,000	$ 800,000		(532,000)	(837,000)	$ 0
Net book value of real estate							188,390,000				188,390,000	239,719,000
Barton Creek Village [Member]
Debt Instrument [Line Items]
Net book value of real estate												3,500,000
Amarra Drive Villas [Member]
Debt Instrument [Line Items]
Net book value of real estate							10,900,000				10,900,000
West Killeen Market [Member]
Debt Instrument [Line Items]
Net book value of real estate												10,700,000
Lantana Place [Member]
Debt Instrument [Line Items]
Net Rentable Area \| ft²																320,000
Goldman Sachs Loan [Member] \| Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months							2,086,000				2,086,000
Long-term Debt, Maturities, Repayments of Principal in Year Two							2,207,000				2,207,000
Long-term Debt, Maturities, Repayments of Principal in Year Five							2,613,000				2,613,000
Long-term Debt, Maturities, Repayments of Principal after Year Five							134,636,000				134,636,000
Long-term Debt, Maturities, Repayments of Principal in Year Three							2,313,000				2,313,000
Long-term Debt, Maturities, Repayments of Principal in Year Four							2,470,000				2,470,000
Debt and Capital Lease Obligations							146,325,000				146,325,000
Long-term Debt							$ 145,195,000				$ 145,195,000	$ 147,025,000						$ 150,000,000
Debt, Weighted Average Interest Rate							5.58%				5.58%	5.58%
Interest Rate, Stated Percentage																		5.58%
Lakeway Construction Loan [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate							0.00%				0.00%	3.24%
Lakeway Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Debt							$ 0				$ 0	$ 57,912,000							$ 62,900,000
Comerica Credit Facility [Member] \| Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term Debt													$ 20,000,000
Santal Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 59,200,000						31,864,000				31,864,000	$ 30,286,000
Line of Credit Facility, Covenant Terms	The construction loan agreements and related documents contain affirmative and negative covenants usual and customary for loan agreements of this nature. Santal may extend the maturity of each loan for up to two additional 12-month periods subject to satisfaction of certain conditions, including a debt service coverage ratio of at least 1.10 to 1.00 on the date immediately preceding the commencement of the first extension period and 1.20 to 1.00 on the date immediately preceding the commencement of the second extension period.
Santal Phase I Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Two							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Five							0				0
Long-term Debt, Maturities, Repayments of Principal after Year Five							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Three							32,133,000				32,133,000
Long-term Debt, Maturities, Repayments of Principal in Year Four							0				0
Debt and Capital Lease Obligations							$ 32,133,000				$ 32,133,000
Long-term Debt	$ 32,800,000																$ 34,100,000
Debt, Weighted Average Interest Rate							3.74%				3.74%	2.98%
Barton Creek Village Term Loan [Member] \| Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months							$ 100,000				$ 100,000
Long-term Debt, Maturities, Repayments of Principal in Year Two							105,000				105,000
Long-term Debt, Maturities, Repayments of Principal in Year Five							119,000				119,000
Long-term Debt, Maturities, Repayments of Principal after Year Five							2,877,000				2,877,000
Long-term Debt, Maturities, Repayments of Principal in Year Three							109,000				109,000
Long-term Debt, Maturities, Repayments of Principal in Year Four							114,000				114,000
Debt and Capital Lease Obligations							3,424,000				3,424,000
Long-term Debt							$ 3,375,000				$ 3,375,000	$ 5,555,000								$ 6,000,000
Debt, Weighted Average Interest Rate							4.19%				4.19%	4.19%
Interest Rate, Stated Percentage												4.19%
Payments for Loans				$ 2,100,000
West Killeen Market construction loan [Member]
Debt Instrument [Line Items]
Long-term Debt							$ 5,378,000				$ 5,378,000	$ 0
West Killeen Market construction loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Debt					$ 9,900,000
Debt, Weighted Average Interest Rate							3.89%				3.89%	0.00%
Interest payments initial term					42 months
Debt Instrument, Term					72 months
Principal and interest term					30 months
Jones Crossing Construction Loan [Member] \| Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months							$ 0				$ 0
Long-term Debt, Maturities, Repayments of Principal in Year Two							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Five							0				0
Long-term Debt, Maturities, Repayments of Principal after Year Five							5,066,000				5,066,000
Long-term Debt, Maturities, Repayments of Principal in Year Three							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Four							0				0
Debt and Capital Lease Obligations							5,066,000				5,066,000
Jones Crossing Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 36,800,000					$ 4,646,000				$ 4,646,000	$ 0
Debt, Weighted Average Interest Rate							4.56%				4.56%	0.00%
Line of Credit Facility, Covenant Terms		The loan agreement and related documents contain affirmative and negative covenants usual and customary for loan agreements of this nature, including, but not limited to, a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 at all times beginning on March 31, 2020. Outstanding amounts under the loan are guaranteed by Stratus until Phases 1 and 2 of the Jones Crossing development are completed and the development is able to maintain a debt service ratio of 1.50 to 1.00 as of the end of each fiscal quarter.
Lantana Place Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Debt			$ 26,300,000
Long-term Debt and Capital Lease Obligations, Including Current Maturities							$ 0				$ 0
Santal Phase II Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 26,400,000
Long-term Debt and Capital Lease Obligations, Including Current Maturities															$ 0
London Interbank Offered Rate (LIBOR) [Member] \| Comerica Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate							4.00%			4.00%
London Interbank Offered Rate (LIBOR) [Member] \| Santal Phase I Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate	2.50%
London Interbank Offered Rate (LIBOR) [Member] \| Amarra Villas Credit Facility [Domain] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate						3.00%
London Interbank Offered Rate (LIBOR) [Member] \| West Killeen Market construction loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate												2.80%
London Interbank Offered Rate (LIBOR) [Member] \| Jones Crossing Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		3.75%
London Interbank Offered Rate (LIBOR) [Member] \| Lantana Place Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate			2.80%
London Interbank Offered Rate (LIBOR) [Member] \| Santal Phase II Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate	3.00%
Line of Credit [Member] \| Comerica Credit Facility [Member] \| Revolving Line of Credit Tranche [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations							$ 25,800,000				25,800,000
Line of Credit Facility, Maximum Borrowing Capacity							45,000,000				45,000,000
Line of Credit [Member] \| Comerica Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months							25,765,000				25,765,000
Long-term Debt, Maturities, Repayments of Principal in Year Two							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Five							0				0
Long-term Debt, Maturities, Repayments of Principal after Year Five							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Three							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Four							0				0
Debt and Capital Lease Obligations							25,765,000				25,765,000
Long-term Line of Credit							$ 25,765,000				$ 25,765,000	$ 46,547,000
Debt, Weighted Average Interest Rate							5.96%				5.96%	6.00%
Line of Credit Facility, Maximum Borrowing Capacity							$ 52,500,000				$ 52,500,000
Line of Credit [Member] \| Amarra Villas Credit Facility [Domain] \| Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Two							5,342,000				5,342,000
Long-term Debt, Maturities, Repayments of Principal in Year Five							0				0
Long-term Debt, Maturities, Repayments of Principal after Year Five							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Three							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Four							0				0
Debt and Capital Lease Obligations							5,342,000				5,342,000
Long-term Line of Credit						$ 8,000,000	$ 5,247,000				$ 5,247,000	$ 3,777,000
Debt, Weighted Average Interest Rate							4.12%				4.12%	3.54%
Stockholders' Equity Attributable to Parent, Qualified for Net Capital						$ 110,000,000
Line of Credit [Member] \| West Killeen Market construction loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months							$ 0				$ 0
Long-term Debt, Maturities, Repayments of Principal in Year Two							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Five							5,544,000				5,544,000
Long-term Debt, Maturities, Repayments of Principal after Year Five							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Three							0				0
Long-term Debt, Maturities, Repayments of Principal in Year Four							0				0
Debt and Capital Lease Obligations							5,544,000				5,544,000
Line of Credit [Member] \| West Killeen Market construction loan [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent, Qualified for Net Capital					$ 110,000,000
Letters of Credit Tranche [Member] \| Comerica Credit Facility [Member] \| Letters of Credit Tranche [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 7,500,000				$ 7,500,000
Minimum [Member] \| Comerica Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage										6.00%				0.00%
Minimum [Member] \| Santal Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent, Qualified for Net Capital	$ 110,000,000
Minimum [Member] \| West Killeen Market construction loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage					3.00%
Minimum [Member] \| Lantana Place Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage			3.00%
Line of Credit Facility, Covenant Terms			The agreement contains affirmative and negative covenants usual and customary for loan agreements of this nature, including but not limited to, a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 at all times beginning on December 31, 2019. Stratus will guarantee outstanding amounts under the loan until the development is able to maintain a debt service ratio of 1.50 to 1.00 for a period of six consecutive months.
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Jones Crossing Construction Loan [Member] \| Construction Loan Payable [Member]
Debt Instrument [Line Items]
Interest Rate, Stated Percentage		4.00%
Minimum [Member] \| Line of Credit [Member] \| Comerica Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent, Qualified for Net Capital														$ 110,000,000

Income Taxes (Provision for (benefit from) income taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Current Income Tax Expense (Benefit)	$ (7,998)	$ 806	$ (3,458)
Deferred Income Tax Expense (Benefit)	(5,906)	1,973	(2,118)
(Provision for) benefit from income taxes	(13,904)	$ 2,779	$ (5,576)
Employee service share-based compensation, tax benefit from vesting of RSUs and exercise of stock options	$ 200

Income Taxes Deferred income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Property, Plant and Equipment	$ 10,179	$ 13,995
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax	0	1,169
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	464	563
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	53	80
Deferred Tax Assets, Deferred Income	81	5
Deferred Tax Assets, Charitable Contribution Carryforwards	0	185
Deferred Tax Assets, Other	711	496
Deferred Tax Assets, Operating Loss Carryforwards	5	1,225
Deferred Tax Liabilities, Other	32	495
Deferred tax assets	$ 11,461	$ 17,223

Income Taxes Income taxes (Reconciliation of U.S. federal statutory rate to effective tax rate) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ (6,220,000)	$ 3,072,000	$ (6,983,000)
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount	(2,000)	0	1,896,000
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount	(7,580,000)	(0.00)	(0.00)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	(102,000)	(293,000)	(489,000)
(Provision for) benefit from income taxes	$ (13,904,000)	$ 2,779,000	$ (5,576,000)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	(35.00%)	(35.00%)	(35.00%)
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent	(0.00%)	(0.00%)	9.00%
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Percentage	(42.00%)	(0.00%)	(0.00%)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	(1.00%)	3.00%	(2.00%)
Effective Income Tax Rate Reconciliation, Percent	(78.00%)	(32.00%)	(28.00%)
Income Taxes Paid	$ 6,900,000	$ 1,700,000	$ 2,000,000
Proceeds from Income Tax Refunds	$ 2,300,000
Maximum [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Proceeds from Income Tax Refunds		$ 100,000	$ 100,000

Income Taxes Uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2014
Schedule of Income Taxes [Line Items]
Unrecognized Tax Benefits	$ 507	$ 773	$ 1,105		$ 1,160
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	(266)	$ (332)	$ (55)
Scenario, Forecast [Member]
Schedule of Income Taxes [Line Items]
Increase in Unrecognized Tax Benefits is Reasonably Possible				$ 300
Maximum [Member]
Schedule of Income Taxes [Line Items]
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 100

Income Taxes Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit)	$ 7,580	$ 7,580	$ 0	$ 0

Stock-Based Compensation, Equity Transactions and Employee Benefits Stock-Based Compensation, Equity Transactions and Employee Benefits (Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	10 Months Ended	12 Months Ended
	Mar. 15, 2017	Nov. 30, 2013	Oct. 31, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Dividends declared per share of common stock	$ 1.00			$ 1.00	$ 0.00	$ 0.00
Payments of Dividends				$ 8,133	$ 0	$ 0
Stock Repurchase Program Authorized amount (in shares)		1,700,000	700,000
Stock Repurchased During Period, Shares				0	0	0
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased				991,695

Stock-Based Compensation, Equity Transactions and Employee Benefits Stock-Based Compensation, Equity Transactions and Employee Benefits (Stock-based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Cost [Line Items]
Debt issuance cost amortization and stock-based compensation	$ 791	$ 719	$ 528
2013 Stock Incentive Plan [Member] [Member]
Share-based Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	180,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	25,800
2010 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	140,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	4,375
2017 Stock Incentive Plan [Member]
Share-based Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	180,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	180,000
1996 Stock Option Plan [Member]
Share-based Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,500
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years

Stock-Based Compensation, Equity Transactions and Employee Benefits Stock-Based Compensation, Equity Transactions and Employee Benefits (RSUs) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted Stock Units Grant Date Fair Value	$ 700	$ 1,000	$ 600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value	600	$ 1,000
Employee Service Share Based Compensation Nonvested Restricted Stock Units Total Compensation Cost Not Yet Recognized	$ 1,400
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 2 months
Expirations (number of RSUs)	5,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 32.85
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	12,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 163
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share Based Compensation Arrangement By Share based Payment Award Performance Share Unit Payout Percentage		100.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share Based Compensation Arrangement By Share based Payment Award Performance Share Unit Payout Percentage		0.00%
Performance Shares and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1 (number of RSUs)	111,750
Granted in period (number of RSUs)	27,200
Vested in period (number of RSUs)	(39,750)
Balance at December 31 (in number of RSUs)	99,200	111,750
RSUs Outsanding Intrinsic Value	$ 2,004
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted in period (number of RSUs)		21,000
Employee Stock Option [Member]
Share-based Compensation Rollforward [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 142	$ 0	$ 0
Expiration period of options	10 years
Share Based Arrangements, Options Vested in Period	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year

Stock-Based Compensation, Equity Transactions and Employee Benefits Stock-Based Compansation, Equity Transactions and Employee Benefits (Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	12,500	25,000
Exercised (number of options)	(7,500)
Expirations (number of options)	(5,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 16.64	$ 17.40
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	8.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	32.85
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 16.64
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 11 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 163
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	12,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	1 year 11 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 163
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 2 months
Shares Paid for Tax Withholding for Share Based Compensation	11,888	12,591	11,562
Proceeds from Stock Options Exercised	$ 63	$ 0	$ 0
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	$ 297	290	153
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options	10 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value	$ 142	$ 0	$ 0
Share Based Arrangements, Options Vested in Period	0	0	0

Stock-Based Compensation, Equity Transactions and Employee Benefits Stock-Based Compensation, Equity Transactions and Employee Benefits (Share Purchase and Employee Benefits) (Details) - USD ($) $ in Thousands	1 Months Ended	10 Months Ended	12 Months Ended
	Nov. 30, 2013	Oct. 31, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Employee Benefits [Line Items]
Stock Repurchase Program Authorized amount (in shares)	1,700,000	700,000
Stock Repurchased During Period, Shares			0	0	0
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased			991,695
Defined Contribution Plan, Employer Matching Contribution, Percent			5.00%
Defined Contribution Plan, Cost			$ 500	$ 500	$ 400
Employee Stock Option [Member]
Other Employee Benefits [Line Items]
Share Based Arrangements, Options Vested in Period			0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value			$ 142	$ 0	$ 0
Corporate [Member]
Other Employee Benefits [Line Items]
Defined Contribution Plan, Employer Safe Harbor Contribution, Percent			3.00%

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 01, 2002
Long-term Purchase Commitment [Line Items]
Noncancellable construction contract commitments	$ 47.5
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 0.2
Noncancelable long-term leases expiration date	Dec. 31, 2027
Operating Lease, Expense	$ 0.1
Operating Leases, Rent Expense		$ 0.1	$ 0.1
Minimum annual rental income under long-term operating leases: [Abstract]
2018	2.3
2019	1.7
2020	1.7
2021	1.7
2022	1.4
Thereafter	2.4
Minimum annual contractual payments under long-term operating leases: [Abstract]
2019	0.2
2020	0.1
Development Fee Credits, Amount Per Settlement Agreement				$ 15.0
Development Fee Credits, Amount Eligible For Sale Per Year	1.5
Development Fee Credits, Cumulative Amount Permanently Used	12.7
Development Fee Credits, Cumulative Amount Sold To Third Parties	5.1
Development Fee Credits, Outstanding Credit Bank Capacity	0.5
Development Fee Credits, Available Credit Bank Capacity	2.6
Jones Crossing [Domain]
Long-term Purchase Commitment [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	0.2
Minimum annual contractual payments under long-term operating leases: [Abstract]
2019	0.2
2020	0.3
2021	0.4
2022	0.4
Thereafter	111.0
Letter of Credit [Member] \| Comerica Credit Facility [Member] \| Letter of Credit [Member]
Long-term Purchase Commitment [Line Items]
Letters of credit committed	$ 4.1

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended								11 Months Ended	12 Months Ended
Business Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Unaffiliated customers	$ 21,025	$ 17,222	$ 21,429	$ 20,664	$ 20,985	$ 21,180	$ 19,150	$ 19,026		$ 80,340	$ 80,341	$ 80,871
Cost of sales, excluding depreciation										60,774	58,918	59,068
Depreciation										7,853	8,082	8,743
General and administrative expenses										11,401	12,164	8,057
Profit participation in sale of The Oaks at Lakeway										2,538	0	0
Gain (loss) on sales of assets		24,300		1,100						(25,463)	0	(20,729)
Operating income (loss)	801	$ 23,640	$ 295	(1,499)	1,641	$ 425	$ (1,362)	$ 473		23,237	1,177	25,732
Income from discontinued operations, net of taxes										0	0	3,218
Capital expenditures										48,474	42,790	81,415
Total assets	405,993				452,175				$ 405,993	405,993	452,175	430,105
Eliminations and Other [Member]
Revenues:
Unaffiliated customers										0	0	0
Cost of sales, excluding depreciation										(735)	(666)	(411)
Depreciation										(139)	(168)	(144)
General and administrative expenses										11,401	12,164	8,057
Profit participation in sale of The Oaks at Lakeway										0
Gain (loss) on sales of assets										0		0
Operating income (loss)										(12,100)	(12,620)	(8,604)
Income from discontinued operations, net of taxes												0
Capital expenditures										0	0	0
Total assets	6,373				13,839				6,373	6,373	13,839	11,312
Operating Segments [Member] \| Real Estate Operations [Member]
Revenues:
Unaffiliated customers										11,001	10,719	14,277
Cost of sales, excluding depreciation										10,377	9,702	10,426
Depreciation										232	224	246
General and administrative expenses										0	0	0
Profit participation in sale of The Oaks at Lakeway										0
Gain (loss) on sales of assets										13		0
Operating income (loss)										522	824	3,671
Income from discontinued operations, net of taxes												0
Capital expenditures										14,395	14,575	26,237
Total assets	189,832				176,163				189,832	189,832	176,163	205,735
Operating Segments [Member] \| Leasing Operations
Revenues:
Unaffiliated customers										7,981	9,682	5,641
Cost of sales, excluding depreciation										4,829	4,936	2,838
Depreciation										2,693	3,144	1,556
General and administrative expenses										0	0	0
Profit participation in sale of The Oaks at Lakeway										2,538
Gain (loss) on sales of assets										(25,421)		(20,729)
Operating income (loss)										24,217	2,369	22,514
Income from discontinued operations, net of taxes												3,218
Capital expenditures										33,290	26,782	54,027
Total assets	71,851				120,394				71,851	71,851	120,394	61,371
Operating Segments [Member] \| Hotel
Revenues:
Unaffiliated customers										38,360	40,418	41,346
Cost of sales, excluding depreciation										28,584	29,248	30,789
Depreciation										3,544	3,421	5,797
General and administrative expenses										0	0	0
Profit participation in sale of The Oaks at Lakeway										0
Gain (loss) on sales of assets										0		0
Operating income (loss)										6,553	8,058	5,065
Income from discontinued operations, net of taxes												0
Capital expenditures										506	1,216	1,023
Total assets	102,491				104,087				102,491	102,491	104,087	109,562
Operating Segments [Member] \| Entertainment
Revenues:
Unaffiliated customers										22,998	19,522	19,607
Cost of sales, excluding depreciation										17,719	15,698	15,426
Depreciation										1,523	1,461	1,288
General and administrative expenses										0	0	0
Profit participation in sale of The Oaks at Lakeway										0
Gain (loss) on sales of assets										(55)		0
Operating income (loss)										4,045	2,546	3,086
Income from discontinued operations, net of taxes												0
Capital expenditures										283	217	128
Total assets	$ 35,446				$ 37,692				35,446	35,446	37,692	42,125
Intersegment Eliminations [Member]
Revenues:
Unaffiliated customers										0	0	0
Intersegment Eliminations [Member] \| Real Estate Operations [Member]
Revenues:
Unaffiliated customers										143	31	66
Intersegment Eliminations [Member] \| Leasing Operations
Revenues:
Unaffiliated customers										875	767	538
Intersegment Eliminations [Member] \| Hotel
Revenues:
Unaffiliated customers										321	309	305
Intersegment Eliminations [Member] \| Entertainment
Revenues:
Unaffiliated customers										234	183	193
Intersegment Eliminations [Member] \| Eliminations and Other [Member]
Revenues:
Unaffiliated customers										$ (1,573)	$ (1,290)	$ (1,102)
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| The Oaks at Lakeway [Member]
Segment Reporting Information [Line Items]
Deferred Revenue, Revenue Recognized									$ 24,306
Revenues:
Profit participation in sale of The Oaks at Lakeway				$ 2,500

Asset Sales and Discontinued Operations Asset Sales and Discontinued Operations (Barton Creek and FFF) (Details) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2017 USD ($) ft² a	Oct. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of assets			$ (24,300)	$ (1,100)	$ 25,463	$ 0	$ 20,729
Barton Creek [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Rentable Area \| ft²	3,085
Area of Land \| a	4.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| Barton Creek [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 3,100
Gain (loss) on sales of assets	1,100
Repayments of Debt	$ 2,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| FFF Presents, LLC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Intangible Assets		$ 300
Gain (loss) on sales of assets		$ 200

Asset Sales and Discontinued Operations Asset Sales and Discontinued Operations (The Oaks at Lakeway) (Details) - USD ($) $ in Thousands		3 Months Ended	11 Months Ended	12 Months Ended
	Feb. 15, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Profit participation in sale of The Oaks at Lakeway				$ 2,538	$ 0	$ 0
Payments on master lease obligations				2,196	$ 0	$ 0
The Oaks at Lakeway [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 114,000
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments	$ 50,800
Contractual Obligation			$ 180	180
Guarantor Obligations, Liquidation Proceeds, Percentage	2.00%
Letters of Credit Outstanding, Amount	$ 1,500
Disposal Group, Deferred Gain on Disposal	39,677
Profit participation in sale of The Oaks at Lakeway		$ 2,500
Deferred Revenue, Revenue Recognized			24,306
Payments on master lease obligations			2,196
Changes in previously estimated costs to complete project			1,855
Deferred Revenue			$ 11,320	$ 11,320
Other nonrecurring expense paid at closing	$ 2,200
Lakeway Master Lease Retail [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract	5 years
Lakeway Master Lease Unleased 3 Pad Sites [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract	10 years
Lakeway Master Lease Unleased 1 Pad Site [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract	15 years
Lakeway Master Lease Hotel [Domain]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lessee, Operating Lease, Term of Contract	99 years

Asset Sales and Discontinued Operations Asset Sales and Discontinued Operations (Parkside Village and 5700 Slaughter) (Details) $ in Thousands	1 Months Ended	3 Months Ended									6 Months Ended	12 Months Ended
	Jul. 31, 2015 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Sep. 30, 2015 USD ($)	Jul. 02, 2015 USD ($) ft²	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to Acquire and Develop Real Estate												$ 14,395	$ 14,575	$ 26,237
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders										$ 12,100
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal												25,463	0	20,729
Net Income (Loss) Attributable to Noncontrolling Interest												5	0	5,418
Net income (loss) attributable to common stockholders		$ (6,866)	$ 14,308	$ (893)	$ (2,670)	$ (174)	$ (1,659)	$ (2,483)	$ (1,683)			$ 3,879	$ (5,999)	12,177
Parkside Village and 5700 Slaughter [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments														17,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal														20,700
Net Income (Loss) Attributable to Noncontrolling Interest														$ 3,900
Net income (loss) attributable to common stockholders											$ (47)
Parkside Village [Member] \| Parkside Village and 5700 Slaughter [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Rentable Area \| ft²											90,184
Proceeds from Sale of Real Estate Held-for-investment	$ 32,500
5700 Slaughter [Member] \| Parkside Village and 5700 Slaughter [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Rentable Area \| ft²											25,698
Proceeds from Sale of Real Estate Held-for-investment	$ 12,500
West Killeen Market [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to Acquire and Develop Real Estate										2,600
Parkside Village Loan [Member] \| Parkside Village and 5700 Slaughter [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Debt										26,000
Stratus Properties Inc [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders										9,400
LCHM Holdings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders										$ 3,200

Asset Sales and Discontinued Operations Asset Sales and Discontinued Operations (7500 Rialto) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 0	$ 0	$ 3,218
7500 Rialto [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax			5,000	$ 5,100
Guaranty of Debt Service				$ 5,000
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest			$ 3,200

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information [Line Items]
Revenues	$ 21,025	$ 17,222	$ 21,429	$ 20,664	$ 20,985	$ 21,180	$ 19,150	$ 19,026	$ 80,340	$ 80,341	$ 80,871
Operating (loss) income	801	23,640	295	(1,499)	1,641	425	(1,362)	473	23,237	1,177	25,732
Net (loss) income	(6,869)	14,308	(885)	(2,670)	(174)	(1,659)	(2,483)	(1,683)	3,884	(5,999)	17,595
Net (loss) income attributable to common stockholders	$ (6,866)	$ 14,308	$ (893)	$ (2,670)	$ (174)	$ (1,659)	$ (2,483)	$ (1,683)	$ 3,879	$ (5,999)	$ 12,177
Earnings Per Share, Basic	$ (0.84)	$ 1.76	$ (0.11)	$ (0.33)					$ 0.48	$ (0.74)	$ 1.51
Earnings Per Share, Diluted	$ (0.84)	$ 1.75	$ (0.11)	$ (0.33)					$ 0.47	$ (0.74)	$ 1.51
Earnings Per Share, Basic and Diluted					$ (0.02)	$ (0.20)	$ (0.31)	$ (0.21)
Gain (loss) on sales of assets		$ (24,300)		$ (1,100)					$ 25,463	$ 0	$ 20,729
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes		$ 15,700		$ 700					$ 16,400
Gain (loss) on disposal of assets, net of tax, per share		$ 1.92		$ 0.09					$ 2.01
Profit participation in sale of The Oaks at Lakeway									$ 2,538	0	0
Loss on early extinguishment of debt				$ 500				$ 800	(532)	(837)	0
Loss on Extinguishment of Debt, Net of Tax				$ 300				$ 500	$ 300	$ 500
Loss on Extinguishment of Debt, Per Share, Net of Tax				$ 0.04				$ 0.07	$ 0.04	$ 0.07
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit)	$ 7,580								$ 7,580	$ 0	$ 0
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit), Per Basic and Diluted Share	$ 0.93
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| The Oaks at Lakeway [Member]
Quarterly Financial Information [Line Items]
Profit participation in sale of The Oaks at Lakeway				$ 2,500
Profit participation in sale of The Oaks at Lakeway, Net of Tax				$ 1,600					$ 1,600
Profit participation in sale of The Oaks at Lakeway, Per Share, Net of Tax				$ 0.20					$ 0.20