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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.

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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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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.

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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.

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