XML 55 R31.htm IDEA: XBRL DOCUMENT
v3.25.1

Business Segments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Revenue from External Customers by Products and Services | Revenues From Contracts with Customers. Stratus’ revenues from contracts with customers follow (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Real Estate Operations: |  |  |
Developed property sales | $ | 20,348 |  |  | $ | 2,493 |
Undeveloped property sales | 14,500 |  |  | — |
Commissions and other | 39 |  |  | 58 |
| 34,887 |  |  | 2,551 |
Leasing Operations: |  |  |
Rental revenue | 19,296 |  |  | 14,719 |
| 19,296 |  |  | 14,719 |
Total revenues from contracts with customers | $ | 54,183 |  |  | $ | 17,270 |
Schedule of financial information by business segment | Financial Information by Reportable Segment. Summarized financial information by reportable segment for the year ended December 31, 2024, follows (in thousands):
| Real Estate Operations a |  | Leasing Operations |  | Total
Revenue from unaffiliated customers | $ | 34,887 |  |  | $ | 19,296 |  |  | $ | 54,183 |
Segment expenses: |  |  |  |  |
Cost of real estate sold | (23,894) |  |  |  |  | (23,894) |
Property taxes and insurance | (1,145) |  |  | (3,066) |  |  | (4,211) |
Lease expense | (1,140) |  |  |  |  | (1,140) |
Professional fees | (2,134) |  |  |  |  | (2,134) |
Maintenance and repairs |  |  | (2,024) |  |  | (2,024) |
Allocated overhead costs | (977) |  |  |  |  | (977) |
Property management fees and payroll |  |  | (918) |  |  | (918) |
Utilities |  |  | (478) |  |  | (478) |
Other segment items b | (689) |  |  | (984) |  |  | (1,673) |
Depreciation and amortization | (181) |  |  | (5,382) |  |  | (5,563) |
Gain on sale of assets c | — |  |  | 1,626 |  |  | 1,626 |
Segment profit | 4,727 |  |  | 8,070 |  |  | 12,797 |
General and administrative expenses |  |  |  |  | (14,952) |
Operating income (loss) |  |  |  |  | (2,155) |
Loss on extinguishment of debt |  |  |  |  | (69) |
Other income |  |  |  |  | 758 |
Net loss before income taxes and equity in unconsolidated affiliate’s income |  |  |  |  | $ | (1,466) |
Capital expenditures and purchases and development of real estate properties | $ | 29,525 |  |  | $ | 29,136 |  |  | $ | 58,661 |
a.Includes sales commissions and other revenues together with related expenses. b.For Real Estate Operations, primarily includes advertising, property owner association fees, maintenance and utilities. For Leasing Operations, primarily includes amortization of leasing costs, property owner association fees, professional fees and office and computer equipment. c.Represents a pre-tax gain on the sale of Magnolia Place – Retail in third-quarter 2024 of $1.6 million. Summarized financial information by reportable segment for the year ended December 31, 2023, follows (in thousands):
| Real Estate Operations a |  | Leasing Operations |  | Total
Revenue from unaffiliated customers | $ | 2,551 |  |  | $ | 14,719 |  |  | $ | 17,270 |
Segment expenses |  |  |  |  |
Cost of real estate sold | (2,159) |  |  |  |  | (2,159) |
Property taxes and insurance | (1,267) |  |  | (1,769) |  |  | (3,036) |
Lease expense | (1,140) |  |  |  |  | (1,140) |
Professional fees | (1,967) |  |  |  |  | (1,967) |
Maintenance and repairs |  |  | (1,507) |  |  | (1,507) |
Allocated overhead costs | (1,731) |  |  |  |  | (1,731) |
Property management fees and payroll |  |  | (650) |  |  | (650) |
Utilities |  |  | (463) |  |  | (463) |
Other segment items b | (1,352) |  |  | (787) |  |  | (2,139) |
Depreciation and amortization | (154) |  |  | (4,103) |  |  | (4,257) |
Segment (loss) profit | (7,219) |  |  | 5,440 |  |  | (1,779) |
General and administrative expenses |  |  |  |  | (15,167) |
Operating (loss) income |  |  |  |  | (16,946) |
Other income |  |  |  |  | 1,912 |
Net loss before income taxes and equity in unconsolidated affiliate’s income |  |  |  |  | (15,034) |
Capital expenditures and purchases and development of real estate properties | $ | 44,451 |  |  | $ | 45,962 |  |  | $ | 90,413 |
a.Includes sales commissions and other revenues together with related expenses. b.For Real Estate Operations, primarily includes advertising, property owner association fees, maintenance and utilities. For Leasing Operations, primarily includes amortization of leasing costs, property owner association fees, professional fees and office and computer equipment.
Reconciliation of Assets from Segment to Consolidated | Total assets by segment were as follows (in thousands):
| December 31,
| 2024 |  | 2023
Real Estate Operations | $ | 359,296 |  |  | $ | 324,659 |
Leasing Operations | 154,370 |  |  | 162,322 |
Corporate and other a | 18,940 |  |  | 30,785 |
Total assets | $ | 532,606 |  |  | $ | 517,766 |
a.Corporate and other includes cash and cash equivalents and restricted cash of $18.9 million and $29.9 million at December 31, 2024 and 2023, respectively. The remaining cash and cash equivalents and restricted cash is reflected in the operating segments’ assets.

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 -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 + Details
Name: | us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration