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Business Segments | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS As a result of the sale of Block 21, Stratus has two operating segments: Real Estate Operations and Leasing Operations. Block 21, which encompassed Stratus’ Hotel and Entertainment segments, along with some leasing operations, is presented as discontinued operations. The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed for sale, under development and available for development), which consists of its properties in Austin, Texas (including the Barton Creek Community, which includes Section N, Holden Hills, Amarra multi-family and commercial land, Amarra Villas, The Saint June, Amarra Drive lots and other vacant land; the Circle C community; the Lantana community, which includes a portion of Lantana Place planned for a multi-family phase now known as The Saint Julia; The Saint George; and the land for The Annie B); in Lakeway, Texas, located in the greater Austin area (Lakeway); in College Station, Texas (land for future phases of retail and multi-family development and retail pad sites at Jones Crossing); and in Magnolia, Texas (land for a future phase of retail development and for future multi-family use and retail pad sites at Magnolia Place), Kingwood, Texas (a retail pad site) and New Caney, Texas (New Caney), each located in the greater Houston area. The Leasing Operations segment is comprised of Stratus’ real estate assets held for investment that are leased or available for lease and includes retail space at West Killeen Market, Lantana Place, Kingwood Place and the completed portions of Jones Crossing and Magnolia Place and retail pad sites subject to ground leases at Lantana Place, Kingwood Place and Jones Crossing. Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus’ operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity. Revenues from Contracts with Customers. Stratus' revenues from contracts with customers follow (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Real Estate Operations: |  |  |  |  |  |  |
Developed property sales | $ | — |  |  | $ | 2,382 |  |  | $ | 2,493 |  |  | $ | 2,382 |
Undeveloped property sales | — |  |  | 5,444 |  |  | — |  |  | 5,444 |
Commissions and other | 58 |  |  | 99 |  |  | 58 |  |  | 118 |
| 58 |  |  | 7,925 |  |  | 2,551 |  |  | 7,944 |
Leasing Operations: |  |  |  |  |  |  |
Rental revenue | 3,472 |  |  | 3,200 |  |  | 6,781 |  |  | 6,280 |
| 3,472 |  |  | 3,200 |  |  | 6,781 |  |  | 6,280 |
Total revenues from contracts with customers | $ | 3,530 |  |  | $ | 11,125 |  |  | $ | 9,332 |  |  | $ | 14,224 |
Financial Information by Business Segment. Summarized financial information by segment for the three months ended June 30, 2023, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):
| Real Estate Operations a |  | Leasing Operations |  | Corporate, Eliminations and Other b |  | Total
Revenues: |  |  |  |  |  |  |
Unaffiliated customers | $ | 58 |  |  | $ | 3,472 |  |  | $ | — |  |  | $ | 3,530 |
Cost of sales, excluding depreciation | (2,697) |  |  | (1,144) |  |  | — |  |  | (3,841) |
Depreciation and amortization | (50) |  |  | (924) |  |  | 4 |  |  | (970) |
General and administrative expenses | — |  |  | — |  |  | (4,071) |  |  | (4,071) |
Operating (loss) income | $ | (2,689) |  |  | $ | 1,404 |  |  | $ | (4,067) |  |  | $ | (5,352) |
Capital expenditures and purchases and development of real estate properties | $ | 12,057 |  |  | $ | 13,471 |  |  | $ | — |  |  | $ | 25,528 |
Total assets at June 30, 2023 c | 328,033 |  |  | 111,252 |  |  | 46,470 |  |  | 485,755 |
a.Includes sales commissions and other revenues together with related expenses. b.Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c.Corporate, eliminations and other includes cash and cash equivalents and restricted cash of $43.2 million. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets. Summarized financial information by segment for the three months ended June 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 | $ | 7,925 |  |  | $ | 3,200 |  |  | $ | — |  |  | $ | 11,125 |
Intersegment | 2 |  |  | — |  |  | (2) |  |  | — |
Cost of sales, excluding depreciation | (5,432) |  |  | (870) |  |  | — |  |  | (6,302) |
Depreciation and amortization | (24) |  |  | (865) |  |  | 5 |  |  | (884) |
General and administrative expenses | — |  |  | — |  |  | (3,444) |  |  | (3,444) |
Operating income (loss) | $ | 2,471 |  |  | $ | 1,465 |  |  | $ | (3,441) |  |  | $ | 495 |
Capital expenditures and purchases and development of real estate properties | $ | 7,227 |  |  | $ | 12,820 |  |  | $ | 31 |  |  | $ | 20,078 |
Total assets at June 30, 2022 c | 265,929 |  |  | 106,020 |  |  | 112,711 |  |  | 484,660 |
a.Includes sales commissions and other revenues together with related expenses. b.Includes consolidated general and administrative expenses and eliminations of intersegment amounts. c.Corporate, eliminations and other includes $102.3 million of cash and cash equivalents and restricted cash, primarily received from the May 2022 sale of Block 21. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets. Summarized financial information by segment for the six months ended June 30, 2023, based on Stratus’ internal financial reporting system utilized by its chief operating decision maker, follows (in thousands):
| Real Estate Operations a |  | Leasing Operations |  | Corporate, Eliminations and Other b |  | Total
Revenues: |  |  |  |  |  |  |
Unaffiliated customers | $ | 2,551 |  |  | $ | 6,781 |  |  | $ | — |  |  | $ | 9,332 |
Cost of sales, excluding depreciation | (7,184) |  |  | (2,405) |  |  | — |  |  | (9,589) |
Depreciation and amortization | (77) |  |  | (1,830) |  |  | 9 |  |  | (1,898) |
General and administrative expenses | — |  |  | — |  |  | (8,790) |  |  | (8,790) |
Operating (loss) income | $ | (4,710) |  |  | $ | 2,546 |  |  | $ | (8,781) |  |  | $ | (10,945) |
Capital expenditures and purchases and development of real estate properties | $ | 21,084 |  |  | $ | 23,477 |  |  | $ | — |  |  | $ | 44,561 |
a.Includes sales commissions and other revenues together with related expenses. b.Includes consolidated general and administrative expenses and eliminations of intersegment amounts. Summarized financial information by segment for the six months ended June 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 | $ | 7,944 |  |  | $ | 6,280 |  |  | $ | — |  |  | $ | 14,224 |
Intersegment | 6 |  |  | — |  |  | (6) |  |  | — |
Cost of sales, excluding depreciation | (6,798) |  |  | (1,854) |  |  | — |  |  | (8,652) |
Depreciation and amortization | (49) |  |  | (1,717) |  |  | 9 |  |  | (1,757) |
General and administrative expenses | — |  |  | — |  |  | (6,611) |  |  | (6,611) |
Gain on sale of assets c | — |  |  | 4,812 |  |  | — |  |  | 4,812 |
Operating income (loss) | $ | 1,103 |  |  | $ | 7,521 |  |  | $ | (6,608) |  |  | $ | 2,016 |
Capital expenditures and purchases and development of real estate properties | $ | 12,091 |  |  | $ | 27,362 |  |  | $ | 213 |  |  | $ | 39,666 |
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. Refer to Note 4 under the heading “The Oaks at Lakeway” for further discussion.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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