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Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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

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

			Three Months Ended												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

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

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.

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

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

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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
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Name Accounting Standards Codification
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