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Business Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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

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

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2022						2021						2022						2021
Real Estate Operations:
Developed property sales			$	—					$	—					$	2,382					$	4,615
Undeveloped property sales			6,887						750						12,331						3,250
Commissions and other			—						142						118						351
			6,887						892						14,831						8,216
Leasing Operations:
Rental revenue			3,090						5,376						9,370						15,057
			3,090						5,376						9,370						15,057
Total revenues from contracts with customers			$	9,977					$	6,268					$	24,201					$	23,273

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

Summarized financial information by segment for the three months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):

			Real Estate Operations a						Leasing Operations						Corporate, Eliminations and Other b						Total
Revenues:
Unaffiliated customers			$	6,887					$	3,090					$	—					$	9,977
Cost of sales, excluding depreciation			6,232						1,350						(4)						7,578
Depreciation			24						887						(4)						907
General and administrative expenses			—						—						3,602						3,602
Impairment of real estate c			720						—						—						720
Operating (loss) income			$	(89)					$	853					$	(3,594)					$	(2,830)
Capital expenditures and purchases and development of real estate properties			$	6,203					$	11,314					$	—					$	17,517
Total assets at September 30, 2022			274,397						111,938						76,502						462,837

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

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

c.Includes a $650 thousand impairment charge for one of the Amarra Villas homes that is under contract to sell for $2.4 million and a $70 thousand impairment charge for the multi-family tract of land at Kingwood Place that sold for $5.5 million in October 2022.

Summarized financial information by segment for the three months ended September 30, 2021, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):

			Real Estate Operations a						Leasing Operations						Corporate, Eliminations and Other b						Total
Revenues:
Unaffiliated customers			$	892					$	5,376					$	—					$	6,268
Cost of sales, excluding depreciation			2,134						2,238						(25)						4,347
Depreciation			37						1,449						(14)						1,472
General and administrative expenses c			—						—						5,252						5,252
Impairment of real estate d			625						—						—						625
Operating (loss) income			$	(1,904)					$	1,689					$	(5,213)					$	(5,428)
Capital expenditures and purchases and development of real estate properties			$	25,962					$	4,120					$	210					$	30,292
Total assets at September 30, 2021 e			211,423						180,057						167,620						559,100

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 $2.8 million in employee incentive compensation costs associated with the PPIP resulting primarily from an increased valuation for The Santal.

d.Includes a $625 thousand impairment charge for the multi-family tract of land at Kingwood Place.

e.Leasing operations includes $67.3 million of assets held for sale related to the December 2021 sale of The Santal. Corporate, eliminations and other includes $147.8 million of assets held for sale associated with discontinued operations at Block 21.

Summarized financial information by segment for the nine months ended September 30, 2022, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):

			Real Estate Operations a						Leasing Operations						Corporate, Eliminations and Other b						Total
Revenues:
Unaffiliated customers			$	14,831					$	9,370					$	—					$	24,201
Intersegment			6						—						(6)						—
Cost of sales, excluding depreciation			13,030						3,204						(4)						16,230
Depreciation			73						2,604						(13)						2,664
General and administrative expenses			—						—						10,213						10,213
Gain on sale of assets c			—						(4,812)						—						(4,812)
Impairment of real estate d			720						—						—						720
Operating income (loss)			$	1,014					$	8,374					$	(10,202)					$	(814)
Capital expenditures and purchases and development of real estate properties			$	18,294					$	38,676					$	213					$	57,183

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

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

c.Represents a pre-tax gain recognized on the reversal of accruals for costs to lease and construct buildings under a master lease arrangement that Stratus entered into in connection with its sale of The Oaks at Lakeway in 2017.

d.Includes a $650 thousand impairment charge for one of the Amarra Villas homes that is under contract to sell for $2.4 million and a $70 thousand impairment charge for the multi-family tract of land at Kingwood Place that sold for $5.5 million in October 2022.

Summarized financial information by segment for the nine months ended September 30, 2021, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):

			Real Estate Operations a						Leasing Operations						Corporate, Eliminations and Other b						Total
Revenues:
Unaffiliated customers			$	8,216					$	15,057					$	—					$	23,273
Intersegment			9						—						(9)						—
Cost of sales, excluding depreciation			8,026						6,482						(25)						14,483
Depreciation			149						4,525						(50)						4,624
General and administrative expenses c			—						—						15,797						15,797
Gain on sale of assets d			—						(22,931)						—						(22,931)
Impairment of real estate e			625						—						—						625
Operating (loss) income			$	(575)					$	26,981					$	(15,731)					$	10,675
Capital expenditures and purchases and development of real estate properties			$	30,841					$	6,233					$	475					$	37,549

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 $3.8 million incurred for consulting, legal and public relation costs for Stratus' successful proxy contest and the real estate investment trust exploration process as well as $3.5 million in employee incentive compensation costs associated with the PPIP resulting primarily from an increased valuation for The Santal.

d.Represents the pre-tax gain on the January 2021 sale of The Saint Mary.

e.Includes a $625 thousand impairment charge for the multi-family tract of land at Kingwood Place.

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
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