UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM 10-K | ||
(Mark One) | ||
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the fiscal year ended December 31, 2015 | ||
OR | ||
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the transition period from | to | |
Commission File Number: 000-19989 |
Delaware | 72-1211572 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
212 Lavaca St., Suite 300 | |
Austin, Texas | 78701 |
(Address of principal executive offices) | (Zip Code) |
(512) 478-5788 | |
(Registrant's telephone number, including area code) |
Title of each class | Name of each exchange on which registered | |
Common Stock, par value $0.01 per share | The NASDAQ Stock Market | |
Preferred Stock Purchase Rights | The NASDAQ Stock Market |
STRATUS PROPERTIES INC. | |
TABLE OF CONTENTS | |
Page | |
Acreage | ||||||||||||||||||||||||||
Under Development | Undeveloped | |||||||||||||||||||||||||
Developed Lots/Units | Multi- family | Commercial | Total | Single Family | Multi- family | Commercial | Total | Total Acreage | ||||||||||||||||||
Austin: | ||||||||||||||||||||||||||
Barton Creek | 68 | 18 | — | 18 | 512 | 308 | 398 | 1,218 | 1,236 | |||||||||||||||||
Circle C | 31 | — | — | — | — | 36 | 216 | 252 | 252 | |||||||||||||||||
Lantana | — | — | — | — | — | — | 56 | 56 | 56 | |||||||||||||||||
W Austin Residences | 2 | — | — | — | — | — | — | — | — | |||||||||||||||||
The Oaks at Lakeway | — | — | 87 | 87 | — | — | — | — | 87 | |||||||||||||||||
Magnolia | — | — | — | — | — | — | 124 | 124 | 124 | |||||||||||||||||
West Killeen Market | — | — | — | — | — | — | 9 | 9 | 9 | |||||||||||||||||
San Antonio: | ||||||||||||||||||||||||||
Camino Real | — | — | — | — | — | — | 2 | 2 | 2 | |||||||||||||||||
Total | 101 | 18 | 87 | 105 | 512 | 344 | 805 | 1,661 | 1,766 |
Single Family | Multi-family | Commercial | ||||||
(lots) | (units) | (gross square feet) | ||||||
Barton Creek | 156 | 2,050 | 1,604,081 | |||||
Lantana | — | — | 485,000 | |||||
Circle C | — | 296 | 692,857 | |||||
Magnolia | — | — | 351,000 | |||||
West Kileen Market | — | — | 44,000 | |||||
Flores Street | — | 6 | — | |||||
Total | 156 | 2,352 | 3,176,938 |
• | Increase our vulnerability to adverse changes in economic and industry conditions; |
• | Require us to dedicate a substantial portion of our cash flow from operations and proceeds from asset sales to pay or provide for our indebtedness, thus reducing the availability of cash flows to fund working capital, capital expenditures, acquisitions, investments and other general corporate purposes; |
• | Limit our flexibility to plan for, or react to, changes in our business and the market in which we operate; |
• | Place us at a competitive disadvantage to our competitors that have less debt; and |
• | Limit our ability to borrow money to fund our working capital, capital expenditures, debt service requirements and other financing needs. |
• | Responding to the proxy contest is costly and time-consuming, is a significant distraction for our board of directors, management and employees, and diverts the attention of our board of directors and senior management from the pursuit of our business strategy, which could adversely affect our results of operations and financial condition; |
• | Perceived uncertainties as to our future direction, our ability to execute on our strategy, or changes to the composition of our board of directors or senior management team, including our chief executive officer, may lead to the perception of a change in the direction of our business, instability or lack of continuity which may be exploited by our competitors, and may result in the loss of potential business opportunities and make it more difficult to attract and retain qualified personnel and business partners; |
• | The expenses for legal and advisory fees and administrative and associated costs incurred in connection with responding to proxy contests and any related litigation may be substantial; and |
• | We may choose to initiate, or may become subject to, litigation as a result of the proxy contest or matters arising from the proxy contest, which would serve as a further distraction to our board of directors, management and employees and would require us to incur significant additional costs. |
• | Changes in desirability of geographic regions and geographic concentration of our operations and customers; |
• | Decreases in the demand for hotel rooms and related lodging services, including a reduction in business travel as a result of alternatives to in-person meetings (including virtual meetings hosted online or over private teleconferencing networks) or due to general economic conditions; |
• | Decreased corporate or governmental travel-related budgets and spending, as well as cancellations, deferrals or renegotiations of group business such as industry conventions; |
• | Negative public perception of corporate travel-related activities; |
• | The effect of internet intermediaries and other new industry entrants on pricing and our increasing reliance on technology; |
• | The costs and administrative burdens associated with complying with applicable laws and regulations in the U.S., including health, safety and environmental laws, rules and regulations and other governmental and regulatory action; |
• | Changes in operating costs including, but not limited to, energy, water, labor costs (including the effect of labor shortages and unionization), food costs, workers’ compensation and health-care related costs, insurance and unanticipated costs such as acts of nature and their consequences; and |
• | Cyclical over-building in the hotel industry. |
• | An increased level of competition for advertising dollars, which may lead to lower sponsorships as we attempt to retain advertisers or which may cause us to lose advertisers to our competitors offering better programs that we are unable or unwilling to match; |
• | Unfavorable fluctuations in operating costs, which we may be unwilling or unable to pass through to our customers via ticket prices; |
• | Competitors’ offerings that may include more favorable terms than we do in order to obtain events for the venues they operate; |
• | Technological changes and innovations that we are unable to adopt or are late in adopting that offer more attractive entertainment alternatives than we or other live entertainment providers currently offer, which may lead to a reduction in attendance at live events, a loss of ticket sales or lower ticket fees; |
• | Other entertainment options available to our audiences that we do not offer; |
• | General economic conditions which could cause our consumers to reduce discretionary spending; |
• | Unfavorable changes in labor conditions which may require us to spend more to retain and attract key employees; |
• | Interruptions in our ticketing systems and infrastructures and data loss or other breaches of our network security; and |
• | Changes in consumer preferences. |
• | Local conditions, such as oversupply of office space, a decline in the demand for office space or increased competition from other available office buildings; |
• | The inability or unwillingness of tenants to pay their current rent or rent increases; and |
• | Declines in market rental rates. |
Name | Age | Position or Office | ||
William H. Armstrong III | 51 | Chairman of the Board, President and Chief Executive Officer | ||
Erin D. Pickens | 54 | Senior Vice President and Chief Financial Officer |
December 31, | |||||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||
Stratus Properties Inc. | $ | 100 | $ | 86 | $ | 94 | $ | 188 | $ | 152 | $ | 224 | |||||||||||
S&P 500 Stock Index | 100 | 102 | 118 | 157 | 178 | 181 | |||||||||||||||||
Dow Jones U.S. Real Estate Index | 100 | 106 | 126 | 128 | 163 | 167 | |||||||||||||||||
Custom Peer Group | 100 | 77 | 114 | 149 | 149 | 131 |
2015 | 2014 | ||||||||||||||
High | Low | High | Low | ||||||||||||
First Quarter | $ | 13.95 | $ | 11.01 | $ | 17.93 | $ | 16.35 | |||||||
Second Quarter | 15.11 | 12.56 | 17.55 | 15.53 | |||||||||||
Third Quarter | 16.50 | 13.60 | 16.50 | 13.75 | |||||||||||
Fourth Quarter | 20.98 | 14.91 | 14.74 | 13.25 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programsa | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programsa | |||||||||
October 1 to 31, 2015 | — | $ | — | — | 991,695 | ||||||||
November 1 to 30, 2015 | — | — | — | 991,695 | |||||||||
December 1 to 31, 2015 | — | — | — | 991,695 | |||||||||
Total | — | $ | — | — | 991,695 |
a. | In November 2013, the board of directors approved an increase in our open-market share purchase program, initially authorized in 2001, for up to 1.7 million shares of our common stock. The program does not have an expiration date. |
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(In Thousands, Except Per Share Amounts) | ||||||||||||||||||||
Years Ended December 31: | ||||||||||||||||||||
Revenues | $ | 80,871 | $ | 94,111 | $ | 127,710 | $ | 115,737 | $ | 137,036 | ||||||||||
Operating income | 25,732 | a,b | 10,364 | c,d | 14,151 | b,d | 2,781 | 1,681 | ||||||||||||
Equity in unconsolidated affiliates' (loss)income | (1,299 | ) | 1,112 | (76 | ) | (29 | ) | (337 | ) | |||||||||||
Income (loss) from continuing operations, net of taxes | 14,377 | a,b | 18,157 | c,d,e | 5,894 | b,d | (9,118 | ) | (5,424 | ) | ||||||||||
Income from discontinued operations, net of taxes | 3,218 | f | — | — | 4,805 | f | 191 | f | ||||||||||||
Net income (loss) | 17,595 | a,b | 18,157 | c,d,e | 5,894 | b,d | (4,313 | ) | (5,233 | ) | ||||||||||
Net income (loss) attributable to common stock | 12,177 | a,b | 13,403 | c,d,e | 2,585 | b,d | (1,586 | ) | (10,388 | ) | ||||||||||
Basic net income (loss) per share: | ||||||||||||||||||||
Continuing operations | $ | 1.11 | $ | 1.67 | $ | 0.32 | $ | (0.80 | ) | $ | (1.41 | ) | ||||||||
Discontinued operations | 0.40 | — | — | 0.60 | 0.02 | |||||||||||||||
Basic net income (loss) per share | $ | 1.51 | $ | 1.67 | $ | 0.32 | $ | (0.20 | ) | $ | (1.39 | ) | ||||||||
Diluted net income (loss) per share: | ||||||||||||||||||||
Continuing operations | $ | 1.11 | a,b | $ | 1.66 | c,d,e | $ | 0.32 | b,d | $ | (0.80 | ) | $ | (1.41 | ) | |||||
Discontinued operations | 0.40 | f | — | — | 0.60 | f | 0.02 | f | ||||||||||||
Diluted net income (loss) per share | $ | 1.51 | a,b | $ | 1.66 | c,d,e | $ | 0.32 | b,d | $ | (0.20 | ) | $ | (1.39 | ) | |||||
Average shares outstanding: | ||||||||||||||||||||
Basic | 8,058 | 8,037 | 8,077 | 7,966 | 7,482 | |||||||||||||||
Diluted | 8,091 | 8,078 | 8,111 | 7,966 | 7,482 | |||||||||||||||
At December 31: | ||||||||||||||||||||
Real estate held for sale | $ | 25,944 | $ | 12,245 | $ | 18,133 | $ | 60,244 | $ | 74,003 | ||||||||||
Real estate held for investment, net | 186,626 | 178,065 | 182,530 | 189,331 | 185,221 | |||||||||||||||
Real estate under development | 139,171 | 123,921 | 76,891 | 31,596 | 54,956 | |||||||||||||||
Land available for development | 23,397 | 21,368 | 21,404 | 49,569 | 60,936 | |||||||||||||||
Total assets | 432,627 | 402,687 | 346,943 | 379,128 | 421,605 | |||||||||||||||
Debt | 263,114 | 196,477 | 151,332 | 137,035 | 158,451 | |||||||||||||||
Stockholders' equity | 136,599 | 136,443 | 123,621 | 121,687 | 118,189 | |||||||||||||||
Noncontrolling interests in subsidiaries | 75 | 38,643 | 45,695 | 87,208 | 99,493 |
a. | Includes a total gain of $20.7 million ($10.8 million to net income attributable to common stock or $1.34 per share) associated with the sales of Parkside Village and 5700 Slaughter (see Note 12 for further discussion). |
b. | Includes a pre-tax gain of $0.6 million ($0.08 per share) in 2015 associated with the sale of a tract of undeveloped land and $2.1 million ($0.26 per share) in 2013 associated with undeveloped land sales. |
c. | Includes a gain of $1.5 million ($0.19 per share) associated with a litigation settlement. Also includes lease termination charges of $0.3 million ($0.04 per share) recorded by the commercial leasing segment. |
d. | Includes income of $0.6 million ($0.07 per share) in 2014 and $1.8 million ($0.22 per share) in 2013, related to insurance settlements and $0.4 million ($0.05 per share) in 2014 and $1.1 million ($0.13 per share) in 2013, for the recovery of building repair costs. |
e. | Includes a credit to provision for income taxes of $12.1 million, $1.50 per share, for the reversal of valuation allowances on deferred tax assets. |
f. | Includes the results of 7500 Rialto Boulevard, which was sold in February 2012, including a gain on the sale of $5.1 million ($0.65 per share) in 2012 and a deferred gain of $5.0 million ($3.2 million attributable to common stock or $0.40 per share) in 2015. |
Acreage | ||||||||||||||||||||||||||
Under Development | Undeveloped | |||||||||||||||||||||||||
Developed Lots/Units | Multi-Family | Commercial | Total | Single Family | Multi- family | Commercial | Total | Total Acreage | ||||||||||||||||||
Austin: | ||||||||||||||||||||||||||
Barton Creek | 68 | 18 | — | 18 | 512 | 308 | 398 | 1,218 | 1,236 | |||||||||||||||||
Circle C | 31 | — | — | — | — | 36 | 216 | 252 | 252 | |||||||||||||||||
Lantana | — | — | — | — | — | — | 56 | 56 | 56 | |||||||||||||||||
W Austin Residences | 2 | — | — | — | — | — | — | — | — | |||||||||||||||||
The Oaks at Lakeway | — | — | 87 | 87 | — | — | — | — | 87 | |||||||||||||||||
Magnolia | — | — | — | — | — | — | 124 | 124 | 124 | |||||||||||||||||
West Killeen Market | — | — | — | — | — | — | 9 | 9 | 9 | |||||||||||||||||
San Antonio: | ||||||||||||||||||||||||||
Camino Real | — | — | — | — | — | — | 2 | 2 | 2 | |||||||||||||||||
Total | 101 | 18 | 87 | 105 | 512 | 344 | 805 | 1,661 | 1,766 |
Vacancy Rates | |||||||
Building Type | 2015 | 2014 | |||||
Office Buildings (Class A) | 10 | % | a | 10 | % | a | |
Multi-Family Buildings | 4 | % | b | 5 | % | b | |
Retail Buildings | 5 | % | b | 5 | % | b |
a. | CB Richard Ellis: Austin MarketView |
b. | Marcus & Millichap Research Services, CoStar Group, Inc. |
Residential Lots/Units | |||||||||||
Developed | Under Development | Potential Developmenta | Total | ||||||||
Barton Creek: | |||||||||||
Amarra Drive: | |||||||||||
Phase II lots | 14 | — | — | 14 | |||||||
Phase III lots | 54 | — | — | 54 | |||||||
Amarra Villas | — | — | 190 | 190 | |||||||
Section N: | |||||||||||
Santal multi-family | — | 236 | — | 236 | |||||||
Other Section N | — | — | 1,624 | 1,624 | |||||||
Other Barton Creek sections | — | — | 156 | 156 | |||||||
Circle C: | |||||||||||
Meridian | 31 | — | — | 31 | |||||||
Tract 101 multi-family | — | — | 240 | 240 | |||||||
Tract 102 multi-family | — | — | 56 | 56 | |||||||
Flores Street | — | — | 6 | 6 | |||||||
W Austin Hotel & Residences: | |||||||||||
Condominium units | 2 | — | — | 2 | |||||||
Total Residential Lots/Units | 101 | 236 | 2,272 | 2,609 |
a. | Our development of the properties identified under the heading “Potential Development” is dependent upon the approval of our development plans and permits by governmental agencies, including the City. Those governmental agencies may not approve one or more development plans and permit applications related to such properties or may require us to modify our development plans. Accordingly, our development strategy with respect to those properties may change in the future. While we may be proceeding with approved infrastructure projects on some of these properties, they are not considered to be “under development” for disclosure in this table unless other development activities necessary to fully realize the properties’ intended final use are in progress or scheduled to commence in the near term. |
Commercial Property | |||||||||||
Developed | Under Development | Potential Development a | Total | ||||||||
Barton Creek: | |||||||||||
Treaty Oak Bank | 3,085 | — | — | 3,085 | |||||||
Barton Creek Village Phase I | 22,366 | — | — | 22,366 | |||||||
Barton Creek Village Phase II | — | — | 16,000 | 16,000 | |||||||
Entry corner | — | — | 5,000 | 5,000 | |||||||
Amarra retail/office | — | — | 83,081 | 83,081 | |||||||
Section N | — | — | 1,500,000 | 1,500,000 | |||||||
Circle C: | |||||||||||
Tract 110 | — | — | 614,500 | 614,500 | |||||||
Tract 114 | — | — | 78,357 | 78,357 | |||||||
Lantana: | |||||||||||
Tract GR1 | — | — | 325,000 | 325,000 | |||||||
Tract G07 | — | — | 160,000 | 160,000 | |||||||
W Austin Hotel & Residences: | |||||||||||
Office | 38,316 | — | — | 38,316 | |||||||
Retail | 18,327 | — | — | 18,327 | |||||||
The Oaks at Lakeway | 179,087 | 52,349 | — | 231,436 | |||||||
Magnolia | — | — | 351,000 | 351,000 | |||||||
West Killeen Market | — | — | 44,000 | 44,000 | |||||||
Total Square Feet | 261,181 | 52,349 | 3,176,938 | 3,490,468 |
a. | Our development of the properties identified under the heading “Potential Development” is dependent upon the approval of our development plans and permits by governmental agencies, including the City. Those governmental agencies may not approve one or more development plans and permit applications related to such properties or may require us to modify our development plans. Accordingly, our development strategy with respect to those properties may change in the future. While we may be proceeding with approved infrastructure projects on some of these properties, they are not considered to be “under development” for disclosure in this table unless other development activities necessary to fully realize the properties’ intended final use are in progress or scheduled to commence in the near term. |
Closing Date | Lots Closed | Sale Price | Gross Profit | ||||||||
April 2012 | 74 | $ | 3.8 | $ | 0.4 | ||||||
May 2013 | 59 | 3.4 | 0.7 | ||||||||
March 2014 | 59 | 3.5 | 0.8 | ||||||||
November 2014 | 111 | 6.8 | 1.8 | ||||||||
303 | $ | 17.5 | $ | 3.7 |
2015 | 2014 | 2013 | |||||||||
Operating income (loss): | |||||||||||
Hotel | $ | 4,352 | $ | 5,854 | $ | 3,706 | |||||
Entertainment | 2,829 | 2,937 | 1,119 | ||||||||
Real estate operations | (2,278 | ) | 1,186 | 9,000 | |||||||
Commercial leasing | 20,731 | a | 238 | 277 | |||||||
Eliminations and other | 98 | 149 | 49 | ||||||||
Operating income | $ | 25,732 | $ | 10,364 | $ | 14,151 | |||||
Interest expense, net | $ | (4,065 | ) | $ | (3,751 | ) | $ | (7,093 | ) | ||
Income from discontinued operations, net of taxes | $ | 3,218 | $ | — | $ | — | |||||
Net income | $ | 17,595 | $ | 18,157 | $ | 5,894 | |||||
Net income attributable to noncontrolling interests in subsidiaries | $ | (5,418 | ) | $ | (4,754 | ) | $ | (3,309 | ) | ||
Net income attributable to common stock | $ | 12,177 | $ | 13,403 | $ | 2,585 |
a. | Includes a gain of $20.7 million on the sales of our Parkside Village and 5700 Slaughter commercial developments. |
2015 | 2014 | 2013 | |||||||||
Hotel revenue | $ | 41,651 | $ | 42,860 | $ | 39,544 | |||||
Hotel cost of sales, excluding depreciation | 30,789 | 30,753 | 29,483 | ||||||||
Depreciation | 5,797 | 5,851 | 6,033 | ||||||||
General and administrative expenses | 713 | 402 | 322 | ||||||||
Operating income | $ | 4,352 | $ | 5,854 | $ | 3,706 |
2015 | 2014 | 2013 | |||||||||
Entertainment revenue | $ | 19,800 | $ | 19,108 | $ | 15,559 | |||||
Entertainment cost of sales, excluding depreciation | 15,426 | 14,763 | 13,076 | ||||||||
Depreciation | 1,288 | 1,260 | 1,239 | ||||||||
General and administrative expenses | 257 | 148 | 125 | ||||||||
Operating income | $ | 2,829 | $ | 2,937 | $ | 1,119 |
2015 | 2014 | 2013 | |||||||||
Events: | |||||||||||
Events hosted | 210 | 207 | 186 | ||||||||
Estimated attendance | 245,000 | 231,200 | 217,100 | ||||||||
Ancillary net revenue per attendee | $ | 44.89 | $ | 41.91 | $ | 35.31 | |||||
Ticketing: | |||||||||||
Number of tickets sold | 168,506 | 166,603 | 148,400 | ||||||||
Gross value of tickets sold (in thousands) | $ | 11,191 | $ | 10,270 | $ | 9,397 |
2015 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||
Developed property sales | $ | 12,320 | $ | 25,674 | $ | 63,676 | |||||
Undeveloped property sales | 1,175 | — | 3,266 | ||||||||
Commissions and other | 848 | 507 | 719 | ||||||||
Total revenues | 14,343 | 26,181 | 67,661 | ||||||||
Cost of sales, including depreciation | 10,672 | 20,972 | 54,422 | ||||||||
Litigation and insurance settlements | — | (2,082 | ) | (1,785 | ) | ||||||
General and administrative expenses | 5,949 | 6,105 | 6,024 | ||||||||
Operating (loss) income | $ | (2,278 | ) | $ | 1,186 | $ | 9,000 |
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Lots/Units | Revenues | Average Cost per Lot/Unit | Lots/Units | Revenues | Average Cost per Lot/Unit | Lots/Units | Revenues | Average Cost per Lot/Unit | ||||||||||||||||||||||||
Barton Creek | ||||||||||||||||||||||||||||||||
Calera: | ||||||||||||||||||||||||||||||||
Verano Drive | — | $ | — | $ | — | 9 | $ | 3,523 | $ | 181 | 39 | $ | 12,143 | $ | 163 | |||||||||||||||||
Calera Drive | — | — | — | — | — | — | 6 | 1,371 | 142 | |||||||||||||||||||||||
Amarra Drive: | ||||||||||||||||||||||||||||||||
Phase I lots | — | — | — | — | — | — | 2 | 650 | 279 | |||||||||||||||||||||||
Phase II lots | — | — | — | 16 | 8,216 | 194 | 3 | 1,525 | 217 | |||||||||||||||||||||||
Phase III lots | 10 | 6,955 | 334 | — | — | — | — | — | — | |||||||||||||||||||||||
Mirador Estate | — | — | — | — | — | — | 1 | 405 | 264 | |||||||||||||||||||||||
Circle C | ||||||||||||||||||||||||||||||||
Meridian | 19 | 5,365 | 160 | 7 | 2,007 | 160 | — | — | — | |||||||||||||||||||||||
W Austin Hotel & Residences: | ||||||||||||||||||||||||||||||||
Condominium units | — | — | — | 7 | 11,928 | 1,517 | 32 | 47,582 | 1,251 | |||||||||||||||||||||||
Total Residential | 29 | $ | 12,320 | 39 | $ | 25,674 | 83 | $ | 63,676 |
2015a | 2014 | 2013 | |||||||||
Rental revenue | $ | 6,179 | $ | 7,128 | $ | 5,923 | |||||
Rental cost of sales, excluding depreciation | 2,838 | 3,236 | b | 2,755 | |||||||
Depreciation | 1,556 | 1,785 | 1,687 | ||||||||
General and administrative expenses | 1,783 | 1,869 | 1,204 | ||||||||
Gain on sales of assets | (20,729 | ) | — | — | |||||||
Operating income | $ | 20,731 | $ | 238 | $ | 277 |
a. | Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015 (see Note 12). |
b. | Includes $0.3 million of lease termination charges. |
• | $129.5 million outstanding under the BoA loan related to the W Austin Hotel & Residences. |
• | $53.1 million outstanding under the $72.5 million Comerica credit facility, which is comprised of a $45.0 million revolving loan, $11.9 million of which was available at December 31, 2015; a $7.5 million letters of credit tranche, with $2.3 million of letters of credit committed and $5.2 million available at December 31, 2015; and a $20.0 million construction loan, none of which was available at December 31, 2015. The Comerica credit facility is secured by substantially all of our assets except for properties that are encumbered by separate loan financing. |
• | $46.7 million outstanding under the construction loan agreement to fund the construction, development and leasing of The Oaks at Lakeway in Lakeway, Texas (the Lakeway Construction loan). |
• | $16.2 million outstanding under the construction loan agreement to fund the development and construction of the first phase of a multi-family development in Section N of Barton Creek (the Santal Construction loan). |
• | $8.0 million outstanding under one unsecured term loan with DRAIF, formerly American Strategic Income Portfolio or ASIP. |
• | $5.8 million outstanding under the term loan agreement with PlainsCapital Bank secured by assets at Barton Creek Village (the Barton Creek Village term loan). |
• | $3.8 million outstanding under the term loan agreement with Holliday Fenoglio Fowler, L.P., the proceeds of which were used to purchase approximately 142 acres of land in Magnolia, Texas (the Magnolia loan). |
Total | 2016 | 2017 - 2018 | 2019 - 2020 | Thereafter | ||||||||||||||||
Debt maturitiesa | $ | 263,114 | $ | 28,838 | $ | 60,461 | b | $ | 168,823 | b | $ | 4,992 | ||||||||
Scheduled interest payment obligationsc | 37,531 | 17,201 | 12,094 | 7,407 | 829 | |||||||||||||||
Construction contracts | 14,123 | 14,123 | — | — | — | |||||||||||||||
Operating lease obligations | 282 | 123 | 138 | 21 | — | |||||||||||||||
Total | $ | 315,050 | $ | 60,285 | $ | 72,693 | $ | 176,251 | $ | 5,821 |
a. | Debt maturities represent scheduled maturities based on outstanding debt balances at December 31, 2015. |
b. | In January 2016, the proceeds from the $150.0 million term loan from Goldman Sachs were used to fully repay our existing obligations under the BoA loan, which was scheduled to mature in 2020, and the $20.0 million Comerica term loan which was scheduled to mature $15.0 million in 2017 and $5.0 million in 2020. Refer to Note 13 for information regarding revised maturities associated with refinancing transactions subsequent to December 31, 2015. |
c. | Scheduled interest payments were calculated using stated coupon rates for fixed-rate debt and interest rates applicable at December 31, 2015, for variable-rate debt. |
• | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the Company’s assets; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Company's financial statements. |
/s/ William H. Armstrong III | /s/ Erin D. Pickens |
William H. Armstrong III | Erin D. Pickens |
Chairman of the Board, President | Senior Vice President |
and Chief Executive Officer | and Chief Financial Officer |
December 31, | |||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 17,036 | $ | 29,645 | |||
Restricted cash | 8,731 | 7,615 | |||||
Real estate held for sale | 25,944 | 12,245 | |||||
Real estate under development | 139,171 | 123,921 | |||||
Land available for development | 23,397 | 21,368 | |||||
Real estate held for investment, net | 186,626 | 178,065 | |||||
Deferred tax assets | 15,329 | 11,759 | |||||
Other assets | 16,393 | 18,069 | |||||
Total assets | $ | 432,627 | $ | 402,687 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Accounts payable | $ | 14,182 | $ | 8,076 | |||
Accrued liabilities | 10,356 | 9,670 | |||||
Debt | 263,114 | 196,477 | |||||
Other liabilities and deferred gain | 8,301 | 13,378 | |||||
Total liabilities | 295,953 | 227,601 | |||||
Commitments and contingencies (Notes 7,10 and 12) | |||||||
Equity: | |||||||
Stratus stockholders’ equity: | |||||||
Common stock, par value of $0.01 per share, 150,000 shares authorized, | |||||||
9,160 and 9,116 shares issued, respectively and | |||||||
8,067 and 8,035 shares outstanding, respectively | 91 | 91 | |||||
Capital in excess of par value of common stock | 192,122 | 204,269 | |||||
Accumulated deficit | (35,144 | ) | (47,321 | ) | |||
Accumulated other comprehensive loss | — | (279 | ) | ||||
Common stock held in treasury, 1,093 shares and 1,081 shares | |||||||
at cost, respectively | (20,470 | ) | (20,317 | ) | |||
Total stockholders’ equity | 136,599 | 136,443 | |||||
Noncontrolling interests in subsidiaries | 75 | 38,643 | |||||
Total equity | 136,674 | 175,086 | |||||
Total liabilities and equity | $ | 432,627 | $ | 402,687 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||
Hotel | $ | 41,346 | $ | 42,354 | $ | 39,234 | |||||
Entertainment | 19,607 | 19,048 | 15,481 | ||||||||
Real estate operations | 14,277 | 26,084 | 67,589 | ||||||||
Commercial leasing | 5,641 | 6,625 | 5,406 | ||||||||
Total revenues | 80,871 | 94,111 | 127,710 | ||||||||
Cost of sales: | |||||||||||
Hotel | 30,702 | 30,746 | 29,483 | ||||||||
Entertainment | 15,169 | 14,431 | 12,922 | ||||||||
Real estate operations | 10,425 | 20,650 | 54,129 | ||||||||
Commercial leasing | 2,772 | 3,138 | 2,670 | ||||||||
Depreciation | 8,743 | 8,977 | 9,053 | ||||||||
Total cost of sales | 67,811 | 77,942 | 108,257 | ||||||||
General and administrative expenses | 8,057 | 7,887 | 7,087 | ||||||||
Gain on sales of assets | (20,729 | ) | — | — | |||||||
Litigation and insurance settlements | — | (2,082 | ) | (1,785 | ) | ||||||
Total costs and expenses | 55,139 | 83,747 | 113,559 | ||||||||
Operating income | 25,732 | 10,364 | 14,151 | ||||||||
Interest expense, net | (4,065 | ) | (3,751 | ) | (7,093 | ) | |||||
Loss on interest rate derivative instruments | (724 | ) | (272 | ) | (136 | ) | |||||
Loss on early extinguishment of debt | — | (19 | ) | (1,379 | ) | ||||||
Other income, net | 309 | 29 | 1,356 | ||||||||
Income before income taxes and equity in unconsolidated affiliates' (loss) income | 21,252 | 6,351 | 6,899 | ||||||||
Equity in unconsolidated affiliates' (loss) income | (1,299 | ) | 1,112 | (76 | ) | ||||||
(Provision for) benefit from income taxes | (5,576 | ) | 10,694 | (929 | ) | ||||||
Income from continuing operations | 14,377 | 18,157 | 5,894 | ||||||||
Income from discontinued operations, net of taxes | 3,218 | — | — | ||||||||
Net income | 17,595 | 18,157 | 5,894 | ||||||||
Net income attributable to noncontrolling interests in subsidiaries | (5,418 | ) | (4,754 | ) | (3,309 | ) | |||||
Net income attributable to common stockholders | $ | 12,177 | $ | 13,403 | $ | 2,585 | |||||
Basic net income per share attributable to common stockholders: | |||||||||||
Continuing operations | $ | 1.11 | $ | 1.67 | $ | 0.32 | |||||
Discontinued operations | 0.40 | — | — | ||||||||
Basic net income per share attributable to common stockholders | $ | 1.51 | $ | 1.67 | $ | 0.32 | |||||
Diluted net income per share attributable to common stockholders: | |||||||||||
Continuing operations | $ | 1.11 | $ | 1.66 | $ | 0.32 | |||||
Discontinued operations | 0.40 | — | — | ||||||||
Diluted net income per share attributable to common stockholders | $ | 1.51 | $ | 1.66 | $ | 0.32 | |||||
Weighted-average shares of common stock outstanding: | |||||||||||
Basic | 8,058 | 8,037 | 8,077 | ||||||||
Diluted | 8,091 | 8,078 | 8,111 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 17,595 | $ | 18,157 | $ | 5,894 | |||||
Other comprehensive income (loss), net of taxes: | |||||||||||
Income (loss) on interest rate swap agreement | 458 | (427 | ) | (32 | ) | ||||||
Other comprehensive income (loss) | 458 | (427 | ) | (32 | ) | ||||||
Total comprehensive income | 18,053 | 17,730 | 5,862 | ||||||||
Total comprehensive income attributable to noncontrolling interests | (5,597 | ) | (4,584 | ) | (3,299 | ) | |||||
Total comprehensive income attributable to common stock | $ | 12,456 | $ | 13,146 | $ | 2,563 | |||||
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Cash flow from operating activities: | ||||||||||||
Net income | $ | 17,595 | $ | 18,157 | $ | 5,894 | ||||||
Adjustments to reconcile net income to net cash (used in) provided by | ||||||||||||
operating activities: | ||||||||||||
Depreciation | 8,743 | 8,977 | 9,053 | |||||||||
Cost of real estate sold | 6,465 | 15,725 | 42,944 | |||||||||
Deferred gain on sale of 7500 Rialto, net of tax | (3,218 | ) | — | — | ||||||||
Gain on sales of assets | (20,729 | ) | — | — | ||||||||
Loss on interest rate derivative contracts | 724 | 272 | 136 | |||||||||
Loss on early extinguishment of debt | — | 19 | 1,379 | |||||||||
Stock-based compensation | 528 | 480 | 338 | |||||||||
Equity in unconsolidated affiliates' loss (income) | 1,299 | (1,112 | ) | 76 | ||||||||
Return on investment in unconsolidated affiliate | — | 675 | — | |||||||||
Deposits | 450 | (425 | ) | — | ||||||||
Deferred income taxes | 2,118 | (11,358 | ) | 30 | ||||||||
Purchases and development of real estate properties | (26,237 | ) | (54,928 | ) | (16,595 | ) | ||||||
Recovery of land previously sold | — | — | (485 | ) | ||||||||
Municipal utility districts reimbursements | 5,307 | — | 208 | |||||||||
(Increase) decrease in other assets | (2,075 | ) | (2,433 | ) | 11,100 | |||||||
Increase in accounts payable, accrued liabilities and other | 7,240 | 4,389 | 1,863 | |||||||||
Net cash (used in) provided by operating activities | (1,790 | ) | (21,562 | ) | 55,941 | |||||||
Cash flow from investing activities: | ||||||||||||
Capital expenditures | (55,178 | ) | (6,804 | ) | (2,386 | ) | ||||||
Net proceeds from sales of assets | 43,266 | — | — | |||||||||
Investment in unconsolidated affiliates | (678 | ) | 4,069 | (1,100 | ) | |||||||
Net cash used in investing activities | (12,590 | ) | (2,735 | ) | (3,486 | ) | ||||||
Cash flow from financing activities: | ||||||||||||
Borrowings from credit facility | 42,326 | 36,000 | 18,000 | |||||||||
Payments on credit facility | (32,263 | ) | (12,915 | ) | (44,612 | ) | ||||||
Borrowings from project loans | 99,670 | 34,588 | 109,042 | |||||||||
Payments on project and term loans | (43,096 | ) | (12,528 | ) | (68,806 | ) | ||||||
Purchase of noncontrolling interest | (61,991 | ) | — | — | ||||||||
Stock-based awards net proceeds (payments), including excess tax benefit | 1,634 | (125 | ) | (9 | ) | |||||||
Noncontrolling interests distributions | (4,244 | ) | (11,637 | ) | (54,721 | ) | ||||||
Repurchases of treasury stock | — | (679 | ) | (957 | ) | |||||||
Financing costs | (265 | ) | (69 | ) | (1,869 | ) | ||||||
Net cash provided by (used in) financing activities | 1,771 | 32,635 | (43,932 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | (12,609 | ) | 8,338 | 8,523 | ||||||||
Cash and cash equivalents at beginning of year | 29,645 | 21,307 | 12,784 | |||||||||
Cash and cash equivalents at end of year | $ | 17,036 | $ | 29,645 | $ | 21,307 |
Stratus Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||
Common Stock | Common Stock Held in Treasury | ||||||||||||||||||||||||||||||||||||
Number of Shares | At Par Value | Capital in Excess of Par Value | Accum- ulated Deficit | Accum- ulated Other Compre-hensive Loss | Number of Shares | At Cost | Total Stratus Stockholders’ Equity | Noncontrolling Interests in Subsidiaries | Total Equity | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | 9,037 | $ | 90 | $ | 203,298 | $ | (63,309 | ) | $ | — | 940 | $ | (18,392 | ) | $ | 121,687 | $ | 87,208 | $ | 208,895 | |||||||||||||||||
Common stock repurchases | — | — | — | — | — | 82 | (957 | ) | (957 | ) | — | (957 | ) | ||||||||||||||||||||||||
Exercised and issued stock-based awards | 39 | 1 | 88 | — | — | — | — | 89 | — | 89 | |||||||||||||||||||||||||||
Stock-based compensation | — | — | 338 | — | — | — | — | 338 | — | 338 | |||||||||||||||||||||||||||
Tender of shares for stock-based awards | — | — | — | — | — | 8 | (99 | ) | (99 | ) | — | (99 | ) | ||||||||||||||||||||||||
Noncontrolling interests distributions | — | — | — | — | — | — | — | — | (44,812 | ) | (44,812 | ) | |||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | 2,585 | (22 | ) | — | — | 2,563 | 3,299 | 5,862 | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 9,076 | 91 | 203,724 | (60,724 | ) | (22 | ) | 1,030 | (19,448 | ) | 123,621 | 45,695 | 169,316 | ||||||||||||||||||||||||
Common stock repurchases | — | — | — | — | — | 40 | (679 | ) | (679 | ) | — | (679 | ) | ||||||||||||||||||||||||
Exercised and issued stock-based awards | 40 | — | 65 | — | — | — | — | 65 | — | 65 | |||||||||||||||||||||||||||
Stock-based compensation | — | — | 480 | — | — | — | — | 480 | — | 480 | |||||||||||||||||||||||||||
Tender of shares for stock-based awards | — | — | — | — | — | 11 | (190 | ) | (190 | ) | — | (190 | ) | ||||||||||||||||||||||||
Noncontrolling interests distributions | — | — | — | — | — | — | — | — | (11,636 | ) | (11,636 | ) | |||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | 13,403 | (257 | ) | — | — | 13,146 | 4,584 | 17,730 | ||||||||||||||||||||||||||
Balance at December 31, 2014 | 9,116 | 91 | 204,269 | (47,321 | ) | (279 | ) | 1,081 | (20,317 | ) | 136,443 | 38,643 | 175,086 | ||||||||||||||||||||||||
Exercised and issued stock-based awards | 44 | — | 32 | — | — | — | — | 32 | — | 32 | |||||||||||||||||||||||||||
Stock-based compensation | — | — | 528 | — | — | — | — | 528 | — | 528 | |||||||||||||||||||||||||||
Tax benefit for stock-based awards | — | — | 1,746 | — | — | — | — | 1,746 | — | 1,746 | |||||||||||||||||||||||||||
Tender of shares for stock-based awards | — | — | — | — | — | 12 | (153 | ) | (153 | ) | — | (153 | ) | ||||||||||||||||||||||||
Noncontrolling interests distributions | — | — | — | — | — | — | — | — | (4,244 | ) | (4,244 | ) | |||||||||||||||||||||||||
Purchase of noncontrolling interest in consolidated subsidiary, net of taxes | — | — | (14,453 | ) | — | — | — | — | (14,453 | ) | (39,921 | ) | (54,374 | ) | |||||||||||||||||||||||
Total comprehensive income | — | — | — | 12,177 | 279 | — | — | 12,456 | 5,597 | 18,053 | |||||||||||||||||||||||||||
Balance at December 31, 2015 | 9,160 | $ | 91 | $ | 192,122 | $ | (35,144 | ) | $ | — | 1,093 | $ | (20,470 | ) | $ | 136,599 | $ | 75 | $ | 136,674 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Hotel | $ | 41,346 | $ | 42,354 | $ | 39,234 | |||||
Entertainment | 19,607 | 19,048 | 15,481 | ||||||||
Developed property sales | 12,320 | 25,674 | 63,676 | ||||||||
Undeveloped property sales | 1,175 | — | 3,266 | ||||||||
Commercial leasing | 5,641 | 6,625 | 5,406 | ||||||||
Commissions and other | 782 | 410 | 647 | ||||||||
Total revenues | $ | 80,871 | $ | 94,111 | $ | 127,710 |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Hotel | $ | 30,702 | $ | 30,746 | $ | 29,483 | ||||||
Entertainment | 15,169 | 14,431 | 12,922 | |||||||||
Cost of developed property sales | 6,386 | 16,466 | 48,732 | |||||||||
Cost of undeveloped property sales | 564 | 43 | 1,122 | |||||||||
Commercial leasing | 2,772 | 3,138 | 2,670 | |||||||||
Project expenses and allocation of overhead costs (see below) | 3,546 | 3,543 | 5,423 | |||||||||
Depreciation | 8,743 | 8,977 | 9,053 | |||||||||
Other, net | (71 | ) | 598 | a | (1,148 | ) | a | |||||
Total cost of sales | $ | 67,811 | $ | 77,942 | $ | 108,257 |
a. | Includes a credit of $0.4 million in 2014 and $1.1 million in 2013 related to the recovery of building repair costs associated with damage caused by the June 2011 balcony glass breakage incidents at the W Austin Hotel & Residences. |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net income | $ | 17,595 | $ | 18,157 | $ | 5,894 | ||||||
Net income attributable to noncontrolling interests | (5,418 | ) | (4,754 | ) | (3,309 | ) | ||||||
Net income attributable to common stock | $ | 12,177 | $ | 13,403 | $ | 2,585 | ||||||
Weighted-average shares of common stock outstanding | 8,058 | 8,037 | 8,077 | |||||||||
Add shares issuable upon exercise or vesting of: | ||||||||||||
Dilutive stock options | 6 | 11 | 7 | a | ||||||||
Restricted stock units (RSUs) | 27 | b | 30 | b | 27 | |||||||
Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share | 8,091 | 8,078 | 8,111 | |||||||||
Diluted net income per share attributable to common stock | $ | 1.51 | $ | 1.66 | $ | 0.32 |
a. | Excludes 1,000 shares of Stratus common stock associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock that were anti-dilutive based on the treasury stock for the year ended December 31, 2013. |
b. | Excludes shares of common stock totaling approximately 26,000 shares of common stock for 2015 and 36,000 for 2014 associated with anti-dilutive RSU's. |
December 31, | ||||||||
2015 | 2014 | |||||||
Real estate held for sale: | ||||||||
Developed lots and condominium units | $ | 25,944 | $ | 12,245 | ||||
Real estate under development: | ||||||||
Acreage, commercial square footage and lots | 139,171 | 123,921 | ||||||
Land available for development: | ||||||||
Undeveloped acreage | 23,397 | 21,368 | ||||||
Real estate held for investment: | ||||||||
W Austin Hotel & Residences | ||||||||
Hotel | 111,426 | 123,474 | ||||||
Entertainment venue | 41,391 | 41,344 | ||||||
Office and retail | 17,627 | 16,647 | ||||||
Barton Creek Village | 6,120 | 6,120 | ||||||
The Oaks at Lakeway | 36,010 | — | ||||||
Parkside Villagea | — | 18,680 | ||||||
5700 Slaughtera | — | 5,741 | ||||||
Furniture, fixtures and equipment | 1,523 | 1,443 | ||||||
Total | 214,097 | 213,449 | ||||||
Accumulated depreciation | (27,471 | ) | (35,384 | ) | ||||
Total real estate held for investment, net | 186,626 | 178,065 | ||||||
Total real estate, net | $ | 375,138 | $ | 335,599 |
a. | On July 2, 2015, Stratus completed the sales of Parkside Village and 5700 Slaughter. See Note 12 for further discussion. |
December 31, 2015 | December 31, 2014 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Interest rate cap agreement | $ | 1 | $ | 1 | $ | 79 | $ | 79 | |||||||
Liabilities: | |||||||||||||||
Interest rate swap agreement | 646 | 646 | 596 | 596 | |||||||||||
Debt | 263,114 | 263,303 | 196,477 | 196,856 |
Closing Date | Lots Closed | Sale Price | Gross Profit | ||||||||
April 2012 | 74 | $ | 3.8 | $ | 0.4 | ||||||
May 2013 | 59 | 3.4 | 0.7 | ||||||||
March 2014 | 59 | 3.5 | 0.8 | ||||||||
November 2014 | 111 | 6.8 | 1.8 | ||||||||
303 | $ | 17.5 | $ | 3.7 |
2015 | 2014 | 2013 | |||||||||
Years Ended December 31: | |||||||||||
Revenues | $ | 10,408 | $ | 19,451 | $ | 8,334 | |||||
Gross profit | 459 | 3,716 | 716 | ||||||||
Net (loss) income | (1,343 | ) | 2,357 | 115 | |||||||
At December 31: | |||||||||||
Total assets | $ | 1,325 | $ | 1,546 | $ | 9,610 | |||||
Total liabilities | 998 | 558 | 1,587 | ||||||||
Total equity | 327 | 988 | 8,023 |
December 31, | |||||||
2015 | 2014 | ||||||
BoA loan, | |||||||
average interest rate of 2.65% in 2015 and 2.66% in 2014 | $ | 129,521 | $ | 98,267 | |||
Comerica credit facility, | |||||||
average interest rate of 6.00% in 2015 and 2014 | 53,149 | 23,085 | |||||
Lakeway Construction loan, | |||||||
average interest rate of 2.94% in 2015 and 2.91% in 2014 | 46,691 | 16,588 | |||||
Santal Construction loan, | |||||||
average interest rate of 2.69% in 2015 | 16,212 | — | |||||
Diversified Real Asset Income Fund (DRAIF) term loans, | |||||||
average interest rate of 7.25% in 2015 and 2014 | 8,000 | 23,000 | |||||
Barton Creek Village term loan, | |||||||
average interest rate of 4.19% in 2015 and 2014 | 5,791 | 5,932 | |||||
Magnolia term loan | |||||||
average interest rate of 7.00% in 2015 and 2014 | 3,750 | 3,750 | |||||
Parkside Village loan, | |||||||
average interest rate of 2.66% in 2014 | — | 18,923 | |||||
United/Slaughter term loan, | |||||||
average interest rate of 4.50% in 2014 | — | 6,932 | |||||
Total debt | $ | 263,114 | $ | 196,477 |
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | |||||||||||||||||||||
BoA loana | $ | 1,942 | $ | 2,042 | $ | 2,146 | $ | 2,256 | $ | 121,135 | $ | — | $ | 129,521 | |||||||||||||
Comerica credit facilitya | 15,000 | 38,149 | — | — | — | — | 53,149 | ||||||||||||||||||||
Lakeway Construction loan | — | 315 | 1,284 | 45,092 | — | — | 46,691 | ||||||||||||||||||||
Santal Construction loan | — | — | 16,212 | — | — | — | 16,212 | ||||||||||||||||||||
DRAIF term loan | 8,000 | — | — | — | — | — | 8,000 | ||||||||||||||||||||
Barton Creek Village term loan | 146 | 153 | 160 | 167 | 173 | 4,992 | 5,791 | ||||||||||||||||||||
Magnolia term loan | 3,750 | — | — | — | — | — | 3,750 | ||||||||||||||||||||
Total | $ | 28,838 | $ | 40,659 | $ | 19,802 | $ | 47,515 | $ | 121,308 | $ | 4,992 | $ | 263,114 |
a. | In January 2016, the proceeds from the $150.0 million term loan from Goldman Sachs were used to fully repay our existing obligations under the BoA loan, which was scheduled to mature in 2020, and the $20.0 million Comerica term loan which was scheduled to mature $15.0 million in 2016 and $5.0 million in 2017. Refer to Note 13 for information regarding revised maturities associated with refinancing transactions subsequent to December 31, 2015. |
December 31, | |||||||
2015 | 2014 | ||||||
Deferred tax assets and liabilities: | |||||||
Real estate, commercial leasing assets and facilities | $ | 12,930 | $ | 6,069 | |||
Alternative minimum tax credits (no expiration) | — | 908 | |||||
Employee benefit accruals | 549 | 550 | |||||
Accrued liabilities | 73 | 164 | |||||
Deferred income | 1,349 | 3,137 | |||||
Charitable contribution carryforward | — | 519 | |||||
Other assets | 544 | 494 | |||||
Net operating loss credit carryforwards | 14 | 39 | |||||
Other liabilities | (130 | ) | (121 | ) | |||
Deferred tax assets, net | $ | 15,329 | $ | 11,759 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Current | $ | (3,458 | ) | $ | (664 | ) | $ | (899 | ) | ||
Deferred | (2,118 | ) | 11,358 | (30 | ) | ||||||
(Provision for) benefit from income taxes | $ | (5,576 | ) | $ | 10,694 | $ | (929 | ) |
2015 | 2014 | 2013 | |||||||||
Balance at January 1 | $ | 1,160 | $ | 854 | $ | 562 | |||||
Additions for tax positions related to the current year | — | 221 | 274 | ||||||||
(Subtractions) additions for tax positions related to prior years | (55 | ) | 85 | 18 | |||||||
Balance at December 31 | $ | 1,105 | $ | 1,160 | $ | 854 |
Years Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
Income tax expense computed at the | |||||||||||||||||||||
federal statutory income tax rate | $ | (6,983 | ) | (35 | )% | $ | (2,612 | ) | (35 | )% | $ | (2,388 | ) | (35 | )% | ||||||
Adjustments attributable to: | |||||||||||||||||||||
Change in valuation allowance | — | — | 12,096 | 162 | 1,395 | 20 | |||||||||||||||
Noncontrolling interests | 1,896 | 9 | 1,664 | 22 | 1,158 | 17 | |||||||||||||||
State taxes and other, net | (489 | ) | (2 | ) | (454 | ) | (6 | ) | (1,094 | ) | (16 | ) | |||||||||
(Provision for) benefit from income taxes | $ | (5,576 | ) | (28 | ) | $ | 10,694 | 143 | $ | (929 | ) | (14 | ) |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Stock options awarded to directors | $ | — | $ | 6 | $ | 14 | |||||
Restricted stock units awarded to employees and directors | 528 | 474 | 324 | ||||||||
Impact on net income before income taxes | $ | 528 | $ | 480 | $ | 338 |
Number of Options | Weighted Average Option Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value ($000) | |||||||||
Balance at January 1 | 43,125 | $ | 20.65 | |||||||||
Expired | (13,125 | ) | 24.63 | |||||||||
Balance at December 31 | 30,000 | 18.91 | 3.17 | $ | 181 | |||||||
Vested and exercisable at December 31 | 30,000 | 18.91 | 3.17 | $ | 181 |
Number of Restricted Stock Units | Aggregate Intrinsic Value ($000) | |||||
Balance at January 1 | 113,500 | |||||
Granted | 43,000 | |||||
Vested | (41,875 | ) | ||||
Forfeited | (4,500 | ) | ||||
Balance at December 31 | 110,125 | $ | 2,153 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Stratus shares tendered to pay the exercise | |||||||||||
price and/or the minimum required taxesa | 11,562 | 10,917 | 8,132 | ||||||||
Cash received from stock option exercises | $ | — | $ | 65 | $ | 91 | |||||
Amounts Stratus paid for employee taxes | $ | 153 | $ | 125 | $ | 9 |
a. | Under terms of the related plans and agreements, upon exercise of stock options and vesting of restricted stock units, employees may tender shares of Stratus common stock to Stratus to pay the exercise price and/or the minimum required taxes. |
Hotel | Entertainment | Real Estate Operationsa | Commercial Leasingb | Eliminations and Otherc | Total | ||||||||||||||||||
Year Ended December 31, 2015: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Unaffiliated customers | $ | 41,346 | $ | 19,607 | $ | 14,277 | $ | 5,641 | $ | — | $ | 80,871 | |||||||||||
Intersegment | 305 | 193 | 66 | 538 | (1,102 | ) | — | ||||||||||||||||
Cost of sales, excluding depreciation | 30,789 | 15,426 | 10,426 | 2,838 | (411 | ) | 59,068 | ||||||||||||||||
Depreciation | 5,797 | 1,288 | 246 | 1,556 | (144 | ) | 8,743 | ||||||||||||||||
General and administrative expenses | 713 | 257 | 5,949 | 1,783 | (645 | ) | 8,057 | ||||||||||||||||
Gain on sales of assets | — | — | — | (20,729 | ) | — | (20,729 | ) | |||||||||||||||
Operating income (loss) | $ | 4,352 | $ | 2,829 | $ | (2,278 | ) | $ | 20,731 | $ | 98 | $ | 25,732 | ||||||||||
Income from discontinued operationsd | $ | — | $ | — | $ | — | $ | 3,218 | $ | — | $ | 3,218 | |||||||||||
Capital expenditurese | $ | 1,023 | $ | 128 | $ | 26,237 | $ | 54,027 | $ | — | $ | 81,415 | |||||||||||
Total assets at December 31, 2015 | $ | 109,562 | $ | 42,125 | $ | 207,394 | $ | 62,234 | $ | 11,312 | $ | 432,627 |
Hotel | Entertainment | Real Estate Operationsa | Commercial Leasingb | Eliminations and Otherc | Total | ||||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Unaffiliated customers | $ | 42,354 | $ | 19,048 | $ | 26,084 | $ | 6,625 | $ | — | $ | 94,111 | |||||||||||
Intersegment | 506 | 60 | 97 | 503 | (1,166 | ) | — | ||||||||||||||||
Cost of sales, excluding depreciation | 30,753 | 14,763 | 20,743 | 3,236 | (530 | ) | 68,965 | ||||||||||||||||
Depreciation | 5,851 | 1,260 | 229 | 1,785 | (148 | ) | 8,977 | ||||||||||||||||
Litigation settlement | — | — | (2,082 | ) | — | — | (2,082 | ) | |||||||||||||||
General and administrative expenses | 402 | 148 | 6,105 | 1,869 | (637 | ) | 7,887 | ||||||||||||||||
Operating income | $ | 5,854 | $ | 2,937 | $ | 1,186 | $ | 238 | $ | 149 | $ | 10,364 | |||||||||||
Capital expenditurese | $ | 704 | $ | 123 | $ | 54,928 | $ | 5,977 | $ | — | $ | 61,732 | |||||||||||
Total assets at December 31, 2014 | $ | 111,671 | $ | 50,486 | $ | 183,856 | $ | 50,510 | $ | 6,164 | $ | 402,687 |
Year Ended December 31, 2013: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Unaffiliated customers | $ | 39,234 | $ | 15,481 | $ | 67,589 | $ | 5,406 | $ | — | $ | 127,710 | |||||||||||
Intersegment | 310 | 78 | 72 | 517 | (977 | ) | — | ||||||||||||||||
Cost of sales, excluding depreciation | 29,483 | 13,076 | 54,180 | 2,755 | (290 | ) | 99,204 | ||||||||||||||||
Depreciation | 6,033 | 1,239 | 242 | 1,687 | (148 | ) | 9,053 | ||||||||||||||||
Insurance Settlement | — | — | (1,785 | ) | — | — | (1,785 | ) | |||||||||||||||
General and administrative expenses | 322 | 125 | 6,024 | 1,204 | (588 | ) | 7,087 | ||||||||||||||||
Operating income | $ | 3,706 | $ | 1,119 | $ | 9,000 | $ | 277 | $ | 49 | $ | 14,151 | |||||||||||
Capital expenditurese | $ | 759 | $ | 280 | $ | 16,595 | $ | 1,347 | $ | — | $ | 18,981 | |||||||||||
Total assets at December 31, 2013 | $ | 115,510 | $ | 47,802 | $ | 140,890 | $ | 48,617 | $ | (5,876 | ) | $ | 346,943 |
a. | Includes sales commissions and other revenues together with related expenses. |
b. | Includes the results of the Parkside Village and 5700 Slaughter commercial properties through July 2, 2015 (see Note 12). |
c. | Includes eliminations of intersegment amounts. |
d. | Represents a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto that was recognized in first-quarter 2015 (see Note 12). |
e. | Also includes purchases and development of residential real estate held for sale. |
January 1, 2015, to July 2, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||
Net (loss) income before income taxes | $ | (46 | ) | $ | 441 | $ | 373 | |||||
Net (loss) income attributable to common stock | (47 | ) | 305 | 235 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||
2015 | ||||||||||||||||||||
Revenues | $ | 20,225 | $ | 19,986 | $ | 19,677 | $ | 20,983 | $ | 80,871 | ||||||||||
Operating income | 1,609 | 542 | 20,976 | a | 2,605 | b | 25,732 | a,b | ||||||||||||
Income from discontinued operations, | ||||||||||||||||||||
net of taxes | 3,218 | c | — | — | — | 3,218 | c | |||||||||||||
Net income (loss) | 3,784 | (240 | ) | 13,741 | a | 310 | b | 17,595 | a,b | |||||||||||
Net income attributable to noncontrolling | ||||||||||||||||||||
interests | 1,042 | 879 | 3,493 | a | 4 | 5,418 | a | |||||||||||||
Net income (loss) attributable to | ||||||||||||||||||||
common stockholders | 2,742 | c | (1,119 | ) | 10,248 | a | 306 | b | 12,177 | a,b,c | ||||||||||
Basic and diluted net income (loss) per share share | ||||||||||||||||||||
attributable to common stockholders | 0.34 | c | (0.14 | ) | 1.27 | a | 0.04 | b | 1.51 | a,b,c | ||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 23,299 | $ | 22,521 | $ | 21,630 | $ | 26,661 | $ | 94,111 | ||||||||||
Operating income | 3,348 | d,e | 2,842 | e | 2,086 | e,f | 2,088 | 10,364 | d,e,f | |||||||||||
Net income | 2,892 | d,e | 1,264 | e | 778 | e,f | 13,223 | g | 18,157 | d,e,f,g | ||||||||||
Net income attributable to noncontrolling | ||||||||||||||||||||
interests | 1,795 | d,e | 1,045 | e | 181 | 1,733 | 4,754 | d,e | ||||||||||||
Net income attributable to common stock | ||||||||||||||||||||
stockholders | 1,097 | d,e | 219 | e | 597 | e,f | 11,490 | g | 13,403 | d,e,f,g | ||||||||||
Basic net income per share attributable | ||||||||||||||||||||
to common stockholders | 0.14 | d,e | 0.03 | e | 0.07 | e,f | 1.43 | g | 1.67 | d,e,f,g | ||||||||||
Diluted net income per share | ||||||||||||||||||||
attributable to common stockholders | 0.14 | d,e | 0.03 | e | 0.07 | e,f | 1.42 | g | 1.66 | d,e,f,g |
a. | Includes a total gain of $20.7 million ($10.8 million to net income attributable to common stock or $1.34 per share) in third-quarter and for the year 2015 associated with the sales of Parkside Village and 5700 Slaughter (see Note 12). |
b. | Includes a pre-tax gain of $0.6 million ($0.08 per share) in fourth-quarter and for the year 2015 associated with the sale of a tract of undeveloped land. |
c. | Includes recognition of a deferred gain of $5.0 million ($3.2 million attributable to common stock or $0.40 per share) in first-quarter and for the year 2015 associated with the sale of 7500 Rialto Boulevard in February 2012 (see Note 12). |
d. | Includes income of $0.5 million ($0.07 per share) in first-quarter 2014, $0.1 million (less than $0.01 per share) in second-quarter 2014 and $0.6 million ($0.07 per share) for the year 2014 related to an insurance settlement. |
e. | Includes income (expense) of $0.1 million ($0.01 per share) in first-quarter 2014, $0.4 million ($0.05 per share) in second-quarter 2014, $(0.1) million (less than $(0.01) per share) in third-quarter 2014 and $0.4 million ($0.05 per share) for the year 2014 related to the recovery of building costs associated with damage caused by the June 2011 balcony glass breakage incidents at the W Austin Hotel & Residences. |
f. | Includes a gain of $1.5 million ($0.19 per share) in third-quarter and for the year 2014 associated with a litigation settlement. Also includes lease termination charges of $0.3 million ($0.04 per share) recorded for the commercial leasing segment. |
g. | Includes a credit to provision for income taxes of $12.1 million ($1.50 per share) in the fourth quarter and for the year 2014 for the reversal of valuation allowances on deferred tax assets. |
• | Provide our board of directors with explicit authority to cancel, postpone or reschedule a stockholder meeting upon prior notice. |
• | Enhance the powers of the chairman of the stockholder meeting (including the authority to adjourn or recess a stockholder meeting). |
• | Establish the Court of Chancery of the State of Delaware as the exclusive forum for certain actions and proceedings. |
• | Provide an explicit confidentiality obligation for directors. |
Number of Securities To be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) | ||||||||
Equity compensation plans | ||||||||||
approved by security holders | 140,125 | a | $ | 18.91 | 104,875 | b | ||||
Equity compensation plans not | ||||||||||
approved by security holders | N/A | N/A | N/A | |||||||
Total | 140,125 | a | $ | 18.91 | 104,875 | b |
(a)(1). | Financial Statements. |
(a)(2). | Financial Statement Schedules. |
(a)(3). | Exhibits. |
/s/ William H. Armstrong III | Chairman of the Board, President | |
William H. Armstrong III | and Chief Executive Officer (Principal Executive Officer) | |
* | Senior Vice President | |
Erin D. Pickens | and Chief Financial Officer (Principal Financial Officer) | |
* | Vice President and Controller | |
C. Donald Whitmire, Jr. | (Principal Accounting Officer) | |
* | Director | |
James E. Joseph | ||
* | Director | |
James C. Leslie | ||
* | Director | |
Michael D. Madden | ||
* | Director | |
Charles W. Porter | ||
Director | ||
John G. Wenker |
Page | |
Schedule III-Real Estate, Commercial Leasing Assets | |
and Facilities and Accumulated Depreciation | F-2 |
Initial Cost | Cost Capitalized | Gross Amounts at December 31, 2015 | Number of Lots/Units and Acres | ||||||||||||||||||||||||||||||||
Bldg. and | Subsequent to | Bldg. and | Lots/ Units | Acres | Accumulated | Year | |||||||||||||||||||||||||||||
Land | Improvements | Acquisitions | Land | Improvements | Total | Depreciation | Acquired | ||||||||||||||||||||||||||||
Real Estate Held for Salea | |||||||||||||||||||||||||||||||||||
Barton Creek, Austin, TX | $ | 9,406 | $ | — | $ | 9,690 | $ | 19,096 | $ | — | $ | 19,096 | 68 | — | $ | — | 1988 | ||||||||||||||||||
Circle C, Austin, TX | 515 | — | 4,090 | 4,605 | — | 4,605 | 31 | — | — | 1992 | |||||||||||||||||||||||||
W Austin Hotel & Residences, Austin, TX | — | 2,243 | — | — | 2,243 | 2,243 | 2 | — | — | 2014 | |||||||||||||||||||||||||
Real Estate Under Developmentb,c | |||||||||||||||||||||||||||||||||||
Barton Creek, Austin, TX | 4,591 | — | 90,172 | 94,763 | — | 94,763 | — | 659 | — | 1988 | |||||||||||||||||||||||||
Lakeway, TX | 22,552 | — | 6,286 | 28,838 | — | 28,838 | — | 87 | — | 2013 | |||||||||||||||||||||||||
Circle C, Austin, TX | 753 | — | 2,043 | 2,796 | — | 2,796 | — | 200 | — | 1992 | |||||||||||||||||||||||||
Magnolia, TX | 3,237 | — | 973 | 4,210 | — | 4,210 | — | 124 | — | 2014 | |||||||||||||||||||||||||
Lantana, Austin, TX | 255 | — | 5,113 | 5,368 | — | 5,368 | — | 36 | — | 1994 | |||||||||||||||||||||||||
West Killeen Market, Killeen, TX | 2,583 | — | 613 | 3,196 | — | 3,196 | — | 9 | — | 2015 | |||||||||||||||||||||||||
Land Available for Developmentc,d | |||||||||||||||||||||||||||||||||||
Camino Real, San Antonio, TX | 16 | — | (16 | ) | — | — | — | — | 2 | — | 1990 | ||||||||||||||||||||||||
Barton Creek, Austin, TX | 7,924 | — | 8,828 | 16,752 | — | 16,752 | — | 577 | — | 1988 | |||||||||||||||||||||||||
Circle C, Austin, TX | 2,704 | — | 2,488 | 5,192 | — | 5,192 | — | 52 | — | 1992 | |||||||||||||||||||||||||
Flores Street, Austin, TX | 1,000 | — | 42 | 1,042 | — | 1,042 | — | — | — | 2015 | |||||||||||||||||||||||||
Lantana, Austin, TX | 157 | — | 254 | 411 | — | 411 | — | 20 | — | 1994 | |||||||||||||||||||||||||
Real Estate Held for Investmentb,c | |||||||||||||||||||||||||||||||||||
W Austin Hotel & Residences, Austin, TXe | 8,075 | 162,561 | — | 8,075 | 162,561 | 170,636 | — | — | 25,141 | 2006 | |||||||||||||||||||||||||
Barton Creek Village, Austin, TXf | 55 | 6,065 | — | 55 | 6,065 | 6,120 | — | — | 1,511 | 2007 | |||||||||||||||||||||||||
Lakeway, TXg | 9,040 | 26,970 | — | 9,040 | 26,970 | 36,010 | — | — | 145 | 2013 | |||||||||||||||||||||||||
Corporate offices, Austin,TX | — | 1,331 | — | — | 1,331 | 1,331 | — | — | 674 | N/A | |||||||||||||||||||||||||
Total | $ | 72,863 | $ | 199,170 | $ | 130,576 | $ | 203,439 | $ | 199,170 | $ | 402,609 | 101 | 1,766 | $ | 27,471 |
a. | Includes individual tracts of land that have been developed and permitted for residential use, developed lots with homes already built on it, or condominium units at our W Austin Hotel & Residences. |
b. | Includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. |
c. | See Note 7 included in Part II, Item 8. of this Annual Report on Form 10-K for a description of assets securing debt. |
d. | Includes undeveloped real estate that can be sold “as is” (i.e., infrastructure or development work may have begun but is not currently in progress on such property). |
e. | Consists of a 251-room hotel, entertainment venue, and office and retail space at the W Austin Hotel & Residences. |
f. | Consists of a 22,366-square-foot retail complex representing the first phase of Barton Creek Village and a 3,085-square-foot bank building. |
g. | Consists of a HEB anchored retail project planned for 231,436 square feet of commercial space. |
2015 | 2014 | 2013 | |||||||||
Balance, beginning of year | $ | 370,983 | $ | 325,967 | $ | 349,120 | |||||
Improvements and other | 38,091 | 60,741 | 19,791 | ||||||||
Cost of real estate sold | (6,465 | ) | (15,725 | ) | (42,944 | ) | |||||
Balance, end of year | $ | 402,609 | $ | 370,983 | $ | 325,967 |
2015 | 2014 | 2013 | |||||||||
Balance, beginning of year | $ | 35,384 | $ | 27,009 | $ | 18,380 | |||||
Retirement and sales of assets | (16,656 | ) | (602 | ) | (424 | ) | |||||
Depreciation expense | 8,743 | 8,977 | 9,053 | ||||||||
Balance, end of year | $ | 27,471 | $ | 35,384 | $ | 27,009 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-K | Form | File No. | Date Filed | |||||
3.1 | Composite Certificate of Incorporation of Stratus Properties Inc. | 8-A/A | 000-19989 | 8/26/2010 | ||||||
Amended and Restated By-Laws of Stratus Properties Inc., as amended effective March 9, 2016. | X | |||||||||
4.1 | Second Amended and Restated Rights Agreement dated as of March 9, 2016 between Stratus Properties Inc. and Computershare Inc., as Rights Agent. | 8-K | 000-19989 | 3/10/2016 | ||||||
4.2 | Investor Rights Agreement by and between Stratus Properties Inc. and Moffett Holdings, LLC dated as of March 15, 2012. | 8-K | 000-19989 | 3/20/2012 | ||||||
4.3 | Assignment and Assumption Agreement by and among Moffett Holdings, LLC, LCHM Holdings, LLC and Stratus Properties Inc., dated as of March 3, 2014. | 13D | 000-19989 | 3/5/2014 | ||||||
10.1 | Amended and Restated Loan Agreement by and between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc., Overlook at Amarra, L.L.C. and Comerica Bank dated as of August 21, 2015. | 8-K | 000-19989 | 8/26/2015 | ||||||
10.2 | Amended and Restated Revolving Promissory Note by and between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc., Overlook at Amarra, L.L.C. and Comerica Bank dated as of August 21, 2015 ($45.0 million revolving line of credit). | 8-K | 000-19989 | 8/26/2015 | ||||||
10.3 | Amended and Restated Promissory Note by and between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc., Overlook at Amarra, L.L.C. and Comerica Bank dated as of August 21, 2015 ($7.5 million letters of credit). | 8-K | 000-19989 | 8/26/2015 | ||||||
10.4 | Installment Note by and between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc., Overlook at Amarra, L.L.C. and Comerica Bank dated as of August 21, 2015 ($20.0 million term loan). | 8-K | 000-19989 | 8/26/2015 | ||||||
10.5 | Term Loan Agreement by and among CJUF II Stratus Block 21 LLC, Bank of America, N.A., and the lenders party thereto from time to time, dated September 30, 2013. | 8-K | 000-19989 | 10/3/2013 | ||||||
10.6 | Agreement Regarding Sale and Purchase by and between CJUF II Block 21 Member, LLC, Canyon-Johnson Urban Fund II, L.P., Stratus Block 21 Investments, L.P., Stratus Block 21 Holdings, Inc., and Stratus Properties Inc., effective as of September 28, 2015. | 8-K | 000-19989 | 10/1/2015 | ||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-K | Form | File No. | Date Filed | |||||
10.7 | First Amendment to Loan Documents by and among CJUF II Stratus Block 21 LLC, as borrower, Stratus Properties Inc., as guarantor, and Bank of America, N.A., as administrative agent on behalf of the lenders from time to time party thereto, effective as of September 28, 2015. | 8-K | 000-19989 | 10/1/2015 | ||||||
10.8 | Amended and Restated Promissory Note by and among CJUF II Stratus Block 21 LLC, Stratus Properties Inc., and Bank of America, N.A., dated September 28, 2015. | 8-K | 000-19989 | 10/1/2015 | ||||||
Loan Agreement, dated January 5, 2016, between Stratus Block 21, LLC, as borrower, and Goldman Sachs Mortgage Company, as lender, as amended through January 27, 2016. | X | |||||||||
Promissory Note A-1, dated February 1, 2016, between Stratus Block 21, LLC and Goldman Sachs Mortgage Company. | X | |||||||||
Promissory Note A-2, dated February 1, 2016, between Stratus Block 21, LLC and Goldman Sachs Mortgage Company. | X | |||||||||
10.12 | Loan Modification Agreement by and between Stratus Properties Inc. and American Strategic Income Portfolio Inc.-II effective as of April 1, 2013 ($8.0 million loan). | 10-Q | 000-19989 | 5/15/2013 | ||||||
10.13 | Loan Modification Agreement by and between Stratus Properties Inc. and American Strategic Income Portfolio Inc.-II effective as of September 1, 2012 ($8.0 million loan). | 8-K | 000-19989 | 9/12/2012 | ||||||
10.14 | Loan Agreement between Stratus Properties Inc. and Holliday Fenoglio Fowler, L.P. dated as of December 12, 2006, subsequently assigned to American Strategic Income Portfolio Inc.-II ($8.0 million loan). | 10-K | 000-19989 | 3/16/2007 | ||||||
10.15 | Development Agreement effective as of August 15, 2002, between Circle C Land Corp. and City of Austin. | 10-Q | 000-19989 | 11/14/2002 | ||||||
10.16 | First Amendment dated June 21, 2004, Second Amendment dated November 9, 2004, and Third Amendment dated March 2, 2005, to Development Agreement effective as of August 15, 2002, between Circle C Land Corp. and City of Austin. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.17 | Construction Loan Agreement among Stratus Lakeway Center L.L.C., as Borrower and PlainsCapital Bank, as Administrative Agent and the Other Financial Institutions party thereto as Lenders dated as of September 29, 2014. | 8-K | 000-19989 | 10/3/2014 | ||||||
10.18 | First Amendment to Construction Loan Agreement among Stratus Lakeway Center L.L.C., as Borrower, PlainsCapital Bank, as Administrative Agent and the Other Financial Institutions party thereto as Existing Lender and New Lender dated as of November 7, 2014. | 10-Q | 000-19989 | 11/13/2014 | ||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-K | Form | File No. | Date Filed | |||||
10.19 | Second Amendment to Construction Loan Agreement among Stratus Lakeway Center L.L.C., as Borrower, PlainsCapital Bank, as Administrative Agent and the Other Financial Institutions party thereto as Lenders dated as of February 5, 2015. | 10-Q | 000-19989 | 8/10/2015 | ||||||
10.20 | Third Amendment to Construction Loan Agreement among Stratus Lakeway Center L.L.C., as Borrower, PlainsCapital Bank, as Administrative Agent and the Other Financial Institutions party thereto as Lenders dated as of May 22, 2015. | 10-Q | 000-19989 | 8/10/2015 | ||||||
10.21 | Fourth Amendment to Construction Loan Agreement among Stratus Lakeway Center L.L.C., as Borrower, PlainsCapital Bank, as Administrative Agent and the Other Financial Institutions party thereto as Lenders dated as of June 3, 2015. | 10-Q | 000-19989 | 8/10/2015 | ||||||
10.22 | Fifth Amendment to Construction Loan Agreement among Stratus Lakeway Center L.L.C., as Borrower, PlainsCapital Bank, as Administrative Agent and the Other Financial Institutions party thereto, as Lenders dated as of October 29, 2015. | 10-Q | 000-19989 | 11/9/2015 | ||||||
10.23 | Promissory Note dated September 29, 2014 executed by and among Stratus Lakeway Center L.L.C. and PlainsCapital Bank. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.24 | Promissory Note dated September 29, 2014 executed by and among Stratus Lakeway Center L.L.C. and Southside Bank. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.25 | Construction Loan Agreement by and between Barton Creek Tecoma I, L.L.C. and Comerica Bank effective as of January 8, 2015. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.26 | Promissory Note by and between Barton Creek Tecoma I, L.L.C. and Comerica Bank dated as of January 8, 2015. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.27* | Stratus Properties Inc. 2013 Stock Incentive Plan, as amended and restated. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.28* | Stratus Properties Inc. 2010 Stock Incentive Plan, as amended and restated. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.29* | Form of Notice of Grant of Nonqualified Stock Options under the Stratus Properties Inc. stock incentive plans (adopted January 2011). | 10-K | 000-19989 | 3/31/2011 | ||||||
10.30* | Form of Notice of Grant of Restricted Stock Units under the Stratus Properties Inc. stock incentive plans (adopted January 2011). | 10-K | 000-19989 | 3/31/2011 | ||||||
10.31* | Form of Notice of Grant of Restricted Stock Units under the 2010 Stock Incentive Plan for Non-Employee Director Grants (adopted August 2012). | 10-K | 000-19989 | 3/29/2013 | ||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-K | Form | File No. | Date Filed | |||||
10.32* | Form of Notice of Grant of Restricted Stock Units under the Stratus Properties Inc. Stock Incentive Plan for Non-Employee Director Grants (adopted August 2014). | 10-K | 000-19989 | 3/16/2015 | ||||||
10.33* | Form of Notice of Grant of Restricted Stock Units under the Stratus Properties Inc. 2013 Stock Incentive Plan (adopted August 2015). | 10-Q | 000-19989 | 11/9/2015 | ||||||
10.34* | Stratus Properties Inc. Performance Incentive Awards Program, as amended, effective December 30, 2008. | 10-Q | 000-19989 | 5/5/2009 | ||||||
10.35* | Stratus Properties Inc. 1996 Stock Option Plan for Non-Employee Directors, as amended and restated. | 10-Q | 000-19989 | 5/10/2007 | ||||||
10.36* | Stratus Properties Inc. Director Compensation. | 10-K | 000-19989 | 3/31/2014 | ||||||
10.37* | Change of Control Agreement between Stratus Properties Inc. and William H. Armstrong III, effective as of April 1, 2013. | 8-K | 000-19989 | 4/5/2013 | ||||||
10.38* | Change of Control Agreement between Stratus Properties Inc. and Erin D. Pickens, effective as of April 1, 2013. | 8-K | 000-19989 | 4/5/2013 | ||||||
List of subsidiaries. | X | |||||||||
Consent of BKM Sowan Horan, LLP. | X | |||||||||
Certified resolution of the Board of Directors of Stratus Properties Inc. authorizing this report to be signed on behalf of any officer or director pursuant to a Power of Attorney. | X | |||||||||
Powers of Attorney pursuant to which this report has been signed on behalf of certain officers and directors of Stratus Properties Inc. | X | |||||||||
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a). | X | |||||||||
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a). | X | |||||||||
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350. | X | |||||||||
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350. | X | |||||||||
101.INS | XBRL Instance Document. | X | ||||||||
101.SCH | XBRL Taxonomy Extension Schema. | X | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | X | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | X | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | X | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | X |
ARTICLE I GENERAL TERMS | 35 | |||
1.10 | The Loan | 35 | ||
1.20 | Interest and Principal | 36 | ||
1.30 | Method and Place of Payment | 38 | ||
1.40 | Taxes; Regulatory Change | 38 | ||
1.50 | Release | 39 | ||
ARTICLE II DEFEASANCE; ASSUMPTION; PARTIAL RELEASE | 40 | |||
2.10 | Defeasance | 40 | ||
2.20 | Assumption | 42 | ||
2.30 | Transfers of Equity Interests in Borrower | 44 | ||
2.40 | Partial Release Event | 45 | ||
ARTICLE III ACCOUNTS | 48 | |||
3.10 | Cash Management Account | 48 | ||
3.20 | Distributions from Cash Management Account | 52 | ||
3.30 | Loss Proceeds Account | 53 | ||
3.40 | Basic Carrying Costs Escrow Account | 53 | ||
3.50 | TI/LC Reserve Account | 54 | ||
3.60 | ACL Music Venue Reserve Account | 55 | ||
3.70 | Capital Expenditure (Commercial Property) Reserve Account | 57 | ||
3.80 | FF&E Expenditure Reserve Account | 58 | ||
3.90 | Capital Expenditure (ACL Music Venue Property) Reserve Account | 59 | ||
3.10 | Showcase Venue Reserve Account | 60 | ||
3.11 | Reserved | 60 | ||
3.12 | Excess Cash Flow Reserve Account | 61 | ||
3.13 | Account Collateral | 61 | ||
3.14 | Bankruptcy | 62 | ||
ARTICLE IV REPRESENTATIONS | 62 | |||
4.10 | Organization | 62 | ||
4.20 | Authorization | 62 | ||
4.30 | No Conflicts | 63 | ||
4.40 | Consents | 63 | ||
4.50 | Enforceable Obligations | 63 | ||
4.60 | No Default | 63 | ||
4.70 | Payment of Taxes | 63 | ||
4.80 | Compliance with Law | 63 | ||
4.90 | ERISA | 64 | ||
4.10 | Investment Company Act | 64 | ||
4.11 | No Bankruptcy Filing | 64 | ||
4.12 | Other Debt | 64 | ||
4.13 | Litigation | 64 |
4.14 | Leases; Material Agreements | 65 | ||
4.15 | Full and Accurate Disclosure | 66 | ||
4.16 | Financial Condition | 66 | ||
4.17 | Single-Purpose Requirements | 67 | ||
4.18 | Use of Loan Proceeds | 67 | ||
4.19 | Not Foreign Person | 67 | ||
4.20 | Labor Matters | 68 | ||
4.21 | Title | 68 | ||
4.22 | No Encroachments | 68 | ||
4.23 | Physical Condition | 68 | ||
4.24 | Fraudulent Conveyance | 69 | ||
4.25 | Management | 69 | ||
4.26 | Condemnation | 69 | ||
4.27 | Utilities and Public Access | 69 | ||
4.28 | Environmental Matters | 69 | ||
4.29 | Assessments | 70 | ||
4.30 | No Joint Assessment | 70 | ||
4.31 | Separate Lots | 70 | ||
4.32 | Permits; Certificate of Occupancy | 70 | ||
4.33 | Flood Zone | 70 | ||
4.34 | Security Deposits | 71 | ||
4.35 | No PIP | 71 | ||
4.36 | Insurance | 71 | ||
4.37 | No Dealings | 71 | ||
4.38 | Estoppel Certificates | 71 | ||
4.39 | Federal Trade Embargos | 71 | ||
4.40 | Intellectual Property/Websites | 71 | ||
4.41 | Condominium | 71 | ||
4.42 | Survival | 73 | ||
ARTICLE V AFFIRMATIVE COVENANTS | 74 | |||
5.10 | Existence; Licenses | 74 | ||
5.20 | Maintenance of Property | 74 | ||
5.30 | Compliance with Legal Requirements | 75 | ||
5.40 | Impositions and Other Claims | 75 | ||
5.50 | Access to Property | 75 | ||
5.60 | Cooperate in Legal Proceedings | 76 | ||
5.70 | Leases | 76 | ||
5.80 | Plan Assets, etc | 78 | ||
5.90 | Further Assurances | 78 | ||
5.10 | Management of Collateral | 78 | ||
5.11 | Notice of Material Event | 80 | ||
5.12 | Annual Financial Statements | 80 | ||
5.13 | Quarterly Financial Statements | 81 |
5.14 | Monthly Financial Statements; Non-Delivery of Financial Statements | 82 | ||
5.15 | Insurance | 83 | ||
5.16 | Casualty and Condemnation | 87 | ||
5.17 | Annual Budget | 90 | ||
5.18 | Venture Capital Operating Companies; Nonbinding Consultation | 91 | ||
5.19 | Compliance with Encumbrances and Material Agreements | 91 | ||
5.20 | Prohibited Persons | 91 | ||
5.21 | Condominium | 92 | ||
5.22 | Hotel Operating Agreement; Advance Deposits | 92 | ||
5.23 | Approved Capital Improvements | 93 | ||
5.24 | Approved Music Venue Lease | 95 | ||
ARTICLE VI NEGATIVE COVENANTS | 96 | |||
6.10 | Liens on the Collateral | 96 | ||
6.20 | Ownership | 96 | ||
6.30 | Transfer; Prohibited Change of Control | 97 | ||
6.40 | Debt | 97 | ||
6.50 | Dissolution; Merger or Consolidation | 97 | ||
6.60 | Change in Business | 97 | ||
6.70 | Debt Cancellation | 97 | ||
6.80 | Affiliate Transactions | 97 | ||
6.90 | Misapplication of Funds | 97 | ||
6.10 | Jurisdiction of Formation; Name | 97 | ||
6.11 | Modifications and Waivers | 98 | ||
6.12 | ERISA | 99 | ||
6.13 | Alterations and Expansions | 99 | ||
6.14 | Advances and Investments | 99 | ||
6.15 | Single-Purpose Entity | 99 | ||
6.16 | Zoning and Uses | 100 | ||
6.17 | Waste | 100 | ||
ARTICLE VII DEFAULTS | 100 | |||
7.1 | Event of Default | 100 | ||
7.2 | Remedies | 103 | ||
7.3 | Application of Payments after an Event of Default | 105 | ||
ARTICLE VIII CONDITIONS PRECEDENT | 105 | |||
8.1 | Conditions Precedent to Closing | 105 | ||
ARTICLE IX MISCELLANEOUS | 108 | |||
9.1 | Successors | 108 | ||
9.2 | GOVERNING LAW | 108 | ||
9.3 | Modification, Waiver in Writing | 109 | ||
9.4 | Notices | 109 | ||
9.5 | TRIAL BY JURY | 110 |
9.6 | Headings | 110 | ||
9.7 | Assignment and Participation | 110 | ||
9.8 | Severability | 111 | ||
9.9 | Preferences; Waiver of Marshalling of Assets | 111 | ||
9.1 | Remedies of Borrower | 112 | ||
9.11 | Offsets, Counterclaims and Defenses | 112 | ||
9.12 | No Joint Venture | 112 | ||
9.13 | Conflict; Construction of Documents | 113 | ||
9.14 | Brokers and Financial Advisors | 113 | ||
9.15 | Counterparts | 113 | ||
9.16 | Estoppel Certificates | 113 | ||
9.17 | General Indemnity; Payment of Expenses | 114 | ||
9.18 | No Third-Party Beneficiaries | 116 | ||
9.19 | Recourse | 116 | ||
9.20 | Right of Set-Off | 119 | ||
9.21 | Exculpation of Lender | 119 | ||
9.22 | Servicer | 120 | ||
9.23 | No Fiduciary Duty | 120 | ||
9.24 | Borrower Information | 121 | ||
9.25 | PATRIOT Act Records | 122 | ||
9.26 | Prior Agreements | 122 | ||
9.27 | Publicity | 122 | ||
9.28 | Delay Not a Waiver | 122 | ||
9.29 | Schedules and Exhibits Incorporated | 123 | ||
9.3 | Borrower Right of Contest | 123 | ||
9.31 | SPECIFIC NOTICE REGARDING INDEMNITIES | 123 |
If to Lender: | Goldman Sachs Mortgage Company 200 West Street New York, New York 10282 Attention: Rene Theriault and J. Theodore Borter |
with copies to: | Goldman Sachs Mortgage Company 6011 Connection Drive, Suite 550 Irving, Texas 75039 Attention: General Counsel |
and | Winstead PC 201 North Tryon Street Suite 2000 Charlotte, North Carolina 28202 Attention: Brian S. Short, Esq. |
If to Borrower: | Stratus Block 21, L.L.C. 212 Lavaca Street Suite 300 Austin, Texas 78701 Attention: Beau Armstrong |
with a copy to: | Armbrust & Brown PLLC 100 Congress Avenue Suite 1300 Austin, Texas 78701 Attention: Kenneth Jones, Esq. |
LENDER: | |||
GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership By: /s/ Will Waters Name: Will Waters Title: Authorized Representative | |||
BORROWER: | |||
STRATUS BLOCK 21, L.L.C., a Delaware limited liability company By: STRATUS BLOCK 21 MANAGER, L.L.C., a Texas limited liability company, its Manager By: /s/ Erin D. Pickens Name: Erin D. Pickens Title: Senior Vice President |
BLOCK 21 SERVICE COMPANY LLC, a Texas limited liability company By: /s/ Erin D. Pickens Name: Erin D. Pickens Title: Senior Vice President |
Re: | Lease dated _______________, 20___ between __________________________, as Landlord, and ______________________________, as Tenant, concerning premises known as ______________________________ (the "Building"). |
Very truly yours, |
1 | Hotel Property | $93,000,000 |
2 | ACL Music Venue Property | $37,000,000 |
3 | Commercial Property | $20,000,000 |
$ | 110,000,000.00 | Austin, Texas | ||||
February 1, 2016 |
MAKER: | |
STRATUS BLOCK 21, L.L.C., a Delaware limited liability company By:STRATUS BLOCK 21 MANAGER, L.L.C., a Texas limited liability company, its Manager By: /s/ Erin D. Pickens Name:Erin D. Pickens Title:Senior Vice President |
$ | 40,000,000.00 | Austin, Texas | |||
February 1, 2016 |
MAKER: | |
STRATUS BLOCK 21, L.L.C., a Delaware limited liability company By:STRATUS BLOCK 21 MANAGER, L.L.C., a Texas limited liability company, its Manager By: /s/ Erin D. Pickens Name:Erin D. Pickens Title:Senior Vice President |
Name Under Which | ||
Entity | Organized | It Does Business |
Stratus Properties Operating Co., L.P. | Delaware | Same |
Stratus Block 21 LLC | Delaware | Same |
Stratus Block 21 Investments, L.P. | Texas | Same |
/s/ William H. Armstrong III |
/s/ James E. Joseph |
/s/ James C. Leslie |
/s/ Michael D. Madden |
/s/ Charles W. Porter |
/s/ C. Donald Whitmire, Jr. |
/s/ Erin D. Pickens |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
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Document and Entity Information Document - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 29, 2016 |
Jun. 30, 2015 |
|
Document Information [Line Items] | |||
Entity Registrant Name | Stratus Properties Inc. | ||
Entity Central Index Key | 0000885508 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 8,067,356 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 68,600,000 |
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position (Parentheticals) [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000 | 150,000 |
Common Stock, Shares, Issued | 9,160 | 9,116 |
Common Stock, Shares, Outstanding | 8,067 | 8,035 |
Treasury Stock, Shares | 1,093 | 1,081 |
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||||||||||||
Revenues: | |||||||||||||||||||||
Hotel | $ 41,346 | $ 42,354 | $ 39,234 | ||||||||||||||||||
Entertainment | 19,607 | 19,048 | 15,481 | ||||||||||||||||||
Real estate operations | 14,277 | 26,084 | 67,589 | ||||||||||||||||||
Commercial leasing | 5,641 | 6,625 | 5,406 | ||||||||||||||||||
Total revenues | 80,871 | 94,111 | 127,710 | ||||||||||||||||||
Cost of sales: | |||||||||||||||||||||
Hotel | 30,702 | 30,746 | 29,483 | ||||||||||||||||||
Entertainment | 15,169 | 14,431 | 12,922 | ||||||||||||||||||
Real estate operations | 10,425 | 20,650 | 54,129 | ||||||||||||||||||
Commercial leasing | 2,772 | 3,138 | 2,670 | ||||||||||||||||||
Depreciation | 8,743 | 8,977 | 9,053 | ||||||||||||||||||
Total cost of sales | 67,811 | 77,942 | 108,257 | ||||||||||||||||||
General and administrative expenses | 8,057 | 7,887 | 7,087 | ||||||||||||||||||
Gain on sales of assets | (20,729) | 0 | 0 | ||||||||||||||||||
Litigation and insurance settlements | 0 | (2,082) | (1,785) | ||||||||||||||||||
Total costs and expenses | 55,139 | 83,747 | 113,559 | ||||||||||||||||||
Operating income | 25,732 | [1],[2] | 10,364 | [3],[4],[5] | 14,151 | ||||||||||||||||
Interest expense, net | (4,065) | (3,751) | (7,093) | ||||||||||||||||||
Loss on interest rate derivative instruments | (724) | (272) | (136) | ||||||||||||||||||
Loss on early extinguishment of debt | 0 | (19) | (1,379) | ||||||||||||||||||
Other income, net | 309 | 29 | 1,356 | ||||||||||||||||||
Income before income taxes and equity in unconsolidated affiliates' (loss) income | 21,252 | 6,351 | 6,899 | ||||||||||||||||||
Equity in unconsolidated affiliates' (loss) income | (1,299) | 1,112 | (76) | ||||||||||||||||||
(Provision for) benefit from income taxes | (5,576) | 10,694 | (929) | ||||||||||||||||||
Income from continuing operations | 14,377 | 18,157 | 5,894 | ||||||||||||||||||
Income from discontinued operations, net of taxes | 3,218 | [6],[7] | 0 | 0 | |||||||||||||||||
Net income | 17,595 | [1],[2] | 18,157 | [3],[4],[5],[8] | 5,894 | ||||||||||||||||
Net income attributable to noncontrolling interests in subsidiaries | (5,418) | [2] | (4,754) | [4],[5] | (3,309) | ||||||||||||||||
Net income attributable to common stockholders | $ 12,177 | [1],[2],[6] | $ 13,403 | [3],[4],[5],[8] | $ 2,585 | ||||||||||||||||
Basic net income per share attributable to common stockholders: | |||||||||||||||||||||
Continuing operations | $ 1.11 | $ 1.67 | $ 0.32 | ||||||||||||||||||
Discontinued operations | 0.40 | 0.00 | 0.00 | ||||||||||||||||||
Basic net income per share attributable to common stockholders | 1.51 | 1.67 | [3],[4],[5],[8] | 0.32 | |||||||||||||||||
Diluted net income per share attributable to common stockholders: | |||||||||||||||||||||
Continuing operations | 1.11 | 1.66 | 0.32 | ||||||||||||||||||
Discontinued operations | 0.40 | 0.00 | 0.00 | ||||||||||||||||||
Diluted net income per share attributable to common stockholders | $ 1.51 | $ 1.66 | [3],[4],[5],[8] | $ 0.32 | |||||||||||||||||
Weighted-average shares of common stock outstanding: | |||||||||||||||||||||
Basic | 8,058 | 8,037 | 8,077 | ||||||||||||||||||
Diluted | 8,091 | 8,078 | 8,111 | ||||||||||||||||||
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Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Net income | $ 17,595 | [1],[2] | $ 18,157 | [3],[4],[5],[6] | $ 5,894 | ||||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||
Income (loss) on interest rate swap agreement | 458 | (427) | (32) | ||||||||||||||
Other comprehensive income (loss) | 458 | (427) | (32) | ||||||||||||||
Total comprehensive income | 18,053 | 17,730 | 5,862 | ||||||||||||||
Total comprehensive income attributable to noncontrolling interests | (5,597) | (4,584) | (3,299) | ||||||||||||||
Total comprehensive income attributable to common stock | $ 12,456 | $ 13,146 | $ 2,563 | ||||||||||||||
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Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Cash flow from operating activities: | |||||||||||||||||
Net income | $ 17,595 | [1],[2] | $ 18,157 | [3],[4],[5],[6] | $ 5,894 | ||||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||||||
Depreciation | 8,743 | 8,977 | 9,053 | ||||||||||||||
Cost of real estate sold | 6,465 | 15,725 | 42,944 | ||||||||||||||
Deferred gain on sale of 7500 Rialto, net of tax | (3,218) | 0 | 0 | ||||||||||||||
Gain on sales of assets | (20,729) | 0 | 0 | ||||||||||||||
Loss on interest rate derivative contracts | 724 | 272 | 136 | ||||||||||||||
Loss on early extinguishment of debt | 0 | 19 | 1,379 | ||||||||||||||
Stock-based compensation | 528 | 480 | 338 | ||||||||||||||
Equity in unconsolidated affiliates' loss (income) | 1,299 | (1,112) | 76 | ||||||||||||||
Return on investment in unconsolidated affiliate | 0 | 675 | 0 | ||||||||||||||
Deposits | 450 | (425) | 0 | ||||||||||||||
Deferred income taxes | 2,118 | (11,358) | 30 | ||||||||||||||
Purchases and development of real estate properties | (26,237) | (54,928) | (16,595) | ||||||||||||||
Recovery of land previously sold | 0 | 0 | (485) | ||||||||||||||
Municipal utility districts reimbursements | 5,307 | 0 | 208 | ||||||||||||||
(Increase) decrease in other assets | (2,075) | (2,433) | 11,100 | ||||||||||||||
Increase in accounts payable, accrued liabilities and other | 7,240 | 4,389 | 1,863 | ||||||||||||||
Net cash (used in) provided by operating activities | (1,790) | (21,562) | 55,941 | ||||||||||||||
Cash flow from investing activities: | |||||||||||||||||
Capital expenditures | (55,178) | (6,804) | (2,386) | ||||||||||||||
Net proceeds from sales of assets | 43,266 | 0 | 0 | ||||||||||||||
Investment in unconsolidated affiliates | (678) | 4,069 | (1,100) | ||||||||||||||
Net cash used in investing activities | (12,590) | (2,735) | (3,486) | ||||||||||||||
Cash flow from financing activities: | |||||||||||||||||
Borrowings from credit facility | 42,326 | 36,000 | 18,000 | ||||||||||||||
Payments on credit facility | (32,263) | (12,915) | (44,612) | ||||||||||||||
Borrowings from project loans | 99,670 | 34,588 | 109,042 | ||||||||||||||
Payments on project and term loans | (43,096) | (12,528) | (68,806) | ||||||||||||||
Purchase of noncontrolling interest | (61,991) | 0 | 0 | ||||||||||||||
Stock-based awards net proceeds (payments), including excess tax benefit | 1,634 | (125) | (9) | ||||||||||||||
Noncontrolling interests distributions | (4,244) | (11,637) | (54,721) | ||||||||||||||
Repurchases of treasury stock | 0 | (679) | (957) | ||||||||||||||
Financing costs | (265) | (69) | (1,869) | ||||||||||||||
Net cash provided by (used in) financing activities | 1,771 | 32,635 | (43,932) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (12,609) | 8,338 | 8,523 | ||||||||||||||
Cash and cash equivalents at beginning of year | 29,645 | 21,307 | 12,784 | ||||||||||||||
Cash and cash equivalents at end of year | $ 17,036 | $ 29,645 | $ 21,307 | ||||||||||||||
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Summary of Significant Accounting Policies |
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Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management, operation and sale of commercial, hotel, entertainment, and multi- and single-family residential real estate properties, primarily located in the Austin area, but including projects in certain other select markets in Texas. The real estate development and marketing operations of Stratus are conducted through its wholly owned subsidiaries and through unconsolidated joint ventures (see Note 6). Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is deemed the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. Concentration of Risks. Stratus primarily conducts its operations in Austin, Texas. Consequently, any significant economic downturn in the Austin market could potentially have an effect on Stratus’ business, results of operations and financial condition. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant estimates include the (1) estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments, (2) valuation allowances for deferred tax assets, (3) allocation of certain indirect costs and (4) useful lives for depreciation. Actual results could differ from those estimates. Real Estate and Commercial Leasing Assets. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Real estate held for investment, which includes the hotel and entertainment venue at the W Austin Hotel & Residences and Stratus' commercial leasing assets, is stated at cost, less accumulated depreciation. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for sale or lease. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized on properties currently under active development. Stratus capitalizes improvements that increase the value of commercial leasing properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from rental properties. Impairment tests for properties to be held and used, including properties under development, involve the use of estimated future net undiscounted cash flows expected to be generated from the use of the property and its eventual disposition. If projected undiscounted cash flow from properties to be held and used is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Measurement of the impairment loss is based on the fair value of the asset. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Stratus recorded no impairment charges for the three-year period ended December 31, 2015. Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists. Depreciation. Commercial leasing properties are depreciated on a straight-line basis over their estimated life of between 30 and 40 years. The hotel and entertainment venue properties are depreciated on a straight-line basis over their estimated life of 35 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a three to five-year period. Tenant improvements are depreciated over the related lease terms. Investments in Unconsolidated Affiliates. Stratus has interests in three unconsolidated affiliates, which it accounts for under the equity method (see Note 6). Other Assets. Other assets primarily consist of deferred financing and leasing costs, prepaid insurance, tenant and other accounts receivable, and notes and interest receivable. Deferred financing costs are amortized using the straight-line method over the term of the related debt, which approximates the effective interest method, to interest expense. Deferred leasing costs are amortized to cost of sales using the straight-line method over the related lease terms. Accrued Property Taxes. Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $6.2 million at December 31, 2015, and $5.0 million at December 31, 2014. Revenue Recognition. Revenues from property sales are recognized when the risks and rewards of ownership are transferred to the buyer, when the consideration received can be reasonably determined and when Stratus has completed its obligations to perform certain supplementary development activities, if any exist, at the time of the sale. Consideration is reasonably determined and considered likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay. The buyer’s commitment to pay is supported by the level of its initial investment, Stratus’ assessment of the buyer’s credit standing and Stratus’ assessment of whether the buyer’s stake in the property is sufficient to motivate the buyer to honor its obligation to pay. Stratus' revenues from hotel operations are primarily derived from room reservations and food and beverage sales. Revenue is recognized when rooms are occupied and services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Stratus' revenues from entertainment operations are primarily derived from ticket sales, revenue from private events, sponsorships, personal seat license sales and suite sales, and sales of concessions and merchandise. Revenues from ticket sales are recognized after the corresponding performance occurs. Revenues from sponsorships and other revenue not related to a single event are classified as deferred revenue and generally amortized over the operating season or term of the contract. Revenues from concessions and merchandise sales are recognized at the time of sale. Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and development fees when earned, as properties are sold or when the services are performed. A summary of Stratus’ revenues follows (in thousands):
Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands):
Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. construction and development for capital assets and sales and marketing for cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as office supplies, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer. Municipal Utility District Reimbursements. Stratus receives Barton Creek municipal utility district (MUD) reimbursements for certain infrastructure costs incurred in the Barton Creek area. Prior to 1996, Stratus capitalized infrastructure costs to its properties as those costs were incurred. Subsequently, those costs were charged to cost of sales as properties were sold. In 1996, following the 1995 creation of MUDs, Stratus began capitalizing the infrastructure costs to a separate MUD property category. MUD reimbursements received for infrastructure costs incurred prior to 1996 are reflected as a reduction of cost of sales, while other MUD reimbursements represent a reimbursement of the cost of MUD properties and are recorded as a reduction of the related asset’s carrying amount or cost of sales if the property has been sold. Stratus has long-term agreements with seven independent MUDs in Barton Creek to build the MUDs’ utility systems and to be eligible for future reimbursements for the related costs. The amount and timing of MUD reimbursements depends upon the respective MUD having a sufficient tax base within its district to issue bonds and obtain the necessary state approval for the sale of the bonds. Because the timing of the issuance and approval of the bonds is subject to considerable uncertainty, coupled with the fact that interest rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements are not known until approximately one month before the MUD reimbursements are received. To the extent the reimbursements are less than the costs capitalized, Stratus records a loss when such determination is made. MUD reimbursements represent the actual amounts received. Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $0.9 million in 2015, $0.8 million in 2014 and $0.9 million in 2013. Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by current enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. See Note 8 for further discussion. Earnings Per Share. Stratus’ basic net income per share of common stock was calculated by dividing the net income attributable to common stock by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in thousands, except per share amounts) follows:
Outstanding stock options with exercise prices greater than the average market price for Stratus' common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded stock options totaled approximately 15 thousand for 2015, 42 thousand for 2014 and 64 thousand for 2013. Stock-Based Compensation. Compensation costs for share-based payments to employees, including stock options, are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes option valuation model. In addition, for restricted stock units, compensation costs are recognized based on the fair value on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. See Note 9 for further discussion. New Accounting Standards. In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) that provides a single comprehensive revenue recognition model, which will replace most existing revenue recognition guidance, and also requires expanded disclosures. The core principle of the model is that revenue is recognized when control of goods or services has been transferred to customers at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2017 (following FASB’s August 2015 ASU of a one-year deferral of the effective date), and interim reporting periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016, and interim reporting periods within that reporting period. This ASU may be applied either retrospectively to each period presented or prospectively as a cumulative-effect adjustment as of the date of adoption. Stratus is currently evaluating the impact of the new guidance on its financial reporting and disclosures, but at this time does not expect the adoption of this ASU to have a material impact on its financial statements. In April 2015, FASB issued an ASU to simplify the presentation of debt issuance costs. This ASU requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, this ASU is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Retrospective application of the ASU is required upon adoption and the impact of adopting this ASU on the Consolidated Balance Sheets would be a decrease in other assets and debt of $3.1 million at December 31, 2015, and $2.6 million at December 31, 2014. Stratus adopted this ASU on January 1, 2016. |
Joint Venture with Canyon-Johnson Urban Fund II, L.P. |
12 Months Ended |
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Dec. 31, 2015 | |
Joint Venture With Canyon-Johnson Urban Fund II, L.P. [Abstract] | |
Joint Venture [Text Block] | Joint Venture with Canyon-Johnson Urban Fund II, L.P. On September 28, 2015, Stratus completed the purchase of Canyon-Johnson Urban Fund II, L.P.'s (Canyon-Johnson) approximate 58 percent interest in the CJUF II Stratus Block 21, LLC joint venture (the Block 21 Joint Venture), which owns a 36-story mixed-use development in downtown Austin, Texas, anchored by a W Austin Hotel & Residences (the W Austin Hotel & Residences), for approximately $62 million. Stratus’ purchase of Canyon-Johnson’s interest was based on a total project gross price of approximately $210 million, before considering approximately $22.8 million of cash and cash equivalents held by the Block 21 Joint Venture and acquired by Stratus in its purchase of Canyon-Johnson’s interest. The Block 21 Joint Venture, which was previously a VIE consolidated by Stratus, is now a wholly owned consolidated subsidiary of Stratus. The change in ownership was reflected in stockholder's equity on the Consolidated Balance Sheet, primarily as a reduction in noncontrolling interests in subsidiaries and capital in excess of par value, and an increase in deferred tax assets. Stratus funded its acquisition of Canyon-Johnson’s interest in the Block 21 Joint Venture with (1) $32.3 million from its non-recourse term loan with Bank of America, (2) a $20.0 million term loan under Stratus’ credit facility with Comerica Bank and (3) $9.7 million in cash. See Note 13 for discussion of refinancing transactions subsequent to December 31, 2015. Prior to Stratus' purchase of Canyon-Johnson's interest on September 28, 2015, cumulative capital contributions totaled $71.9 million for Stratus and $94.0 million for Canyon-Johnson, and the inception-to-date distributions totaled $53.4 million to Stratus and $62.6 million to Canyon-Johnson. Prior to the purchase transaction, the Block 21 Joint Venture's cumulative profits were allocated based on a hypothetical liquidation of the Block 21 Joint Venture’s net assets as of each balance sheet date. As of September 28, 2015, the allocation was 42 percent for Stratus and 58 percent for Canyon-Johnson. On October 3, 2012, the Block 21 Joint Venture and Pedernales Entertainment LLC (Pedernales) formed Stageside Productions (Stageside) to promote, market and commercialize the production, sale, distribution and general oversight of audio and video recordings of events or performances occurring at Austin City Limits Live at the Moody Theater (ACL Live). The Block 21 Joint Venture's initial capital contributions to Stageside totaled $0.3 million, and Stratus' wholly owned Block 21 subsidiary will contribute additional capital as necessary to fund the working capital needs of Stageside. In conjunction with the purchase of Canyon-Johnson's interest in the Block 21 Joint Venture, Stratus acquired Canyon-Johnson's interest in Stageside effective September 28, 2015. Stratus has a 100 percent capital funding interest and a 40 percent residual and voting interest in Stageside. Stratus performed an evaluation and concluded Stageside is a VIE and that Stratus is the primary beneficiary. Accordingly, the results of Stageside are consolidated in Stratus' financial statements. |
Joint Venture with LCHM Holdings, LLC |
12 Months Ended |
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Dec. 31, 2015 | |
Joint Venture with LCHM Holdings, LLC [Abstract] | |
Joint Venture 2 [Text Block] | Joint Venture with LCHM Holdings, LLC In 2011, Stratus entered into a joint venture (the Parkside Village Joint Venture) with Moffett Holdings, LLC (Moffett Holdings) for the development of Parkside Village, a retail project in the Circle C community in southwest Austin, Texas. On March 3, 2014, Moffett Holdings redeemed and purchased the membership interest in Moffett Holdings held by LCHM Holdings, LLC (LCHM Holdings). Stratus’ capital contributions to the Parkside Village Joint Venture totaled $3.1 million, which consisted of a 23.03 acre tract of land located in Austin, Texas, the related property and development agreements for the land and other project costs incurred by Stratus before February 28, 2011. Moffett Holdings made cash capital contributions to the Parkside Village Joint Venture totaling $3.8 million, the rights of which were subsequently assigned to LCHM Holdings, to fund the development of the project. On July 2, 2015, Stratus completed the sale of Parkside Village (see Note 12 for further discussion). Stratus used proceeds from this transaction to fully repay the Parkside Village construction loan with Comerica Bank (see Note 7 for further discussion) and received $12.1 million in net cash proceeds. Stratus recognized a pre-tax gain on the sale of Parkside Village of $13.5 million. Prior to the sale of Parkside Village on July 2, 2015, cumulative distributions of $13.4 million were made to Stratus ($9.4 million in 2015, $0.5 million in 2014 and $3.5 million in 2013) and $8.0 million to LCHM Holdings ($3.2 million in 2015, $0.7 million in 2014 and $4.1 million in 2013). |
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Real Estate Disclosure [Text Block] | Real Estate, net Stratus' consolidated balance sheets include the following net real estate assets (in thousands):
Real estate held for sale. Developed lots and condominium units include an individual tract of land that has been developed and permitted for residential use, a developed lot with a home already built on it, or condominium units at the W Austin Hotel & Residences. As of December 31, 2015, Stratus owned 99 developed lots and two completed condominium units at the W Austin Hotel & Residences. Real estate under development. Acreage under development includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. Acreage under development at December 31, 2015, totaled 105 acres. Land available for development. Undeveloped acreage includes real estate that can be sold “as is” (i.e., infrastructure or development work may have begun but is not currently in progress on such property). Stratus’ undeveloped acreage as of December 31, 2015, included approximately 1,661 acres of land primarily in Austin, Texas, permitted for residential and commercial development. Real estate held for investment. The W Austin Hotel & Residences includes a 251-room hotel, 38,316 square feet of office space and 18,327 square feet of retail space. As of December 31, 2015, occupancy was 100 percent for the office space and 74 percent for the retail space. The W Austin Hotel & Residences also includes ACL Live, an entertainment venue and production studio with a maximum capacity of 3,000 people. Barton Creek Village includes a 22,366-square-foot retail complex, which was 100 percent leased at December 31, 2015, and a 3,085-square-foot bank building, which is leased through January 2023. The Oaks at Lakeway includes 231,436 square feet of commercial space, of which 179,087 square feet were completed and 78 percent leased, 38,649 square feet were under development and 13,700 square feet were planned at December 31, 2015. Capitalized interest. Stratus recorded capitalized interest of $5.477 million in 2015, $4.1 million in 2014 and $3.6 million in 2013. |
Fair Value Measurements |
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Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | Fair Value Measurements Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value for certain Stratus financial instruments (i.e., cash and cash equivalents, restricted cash, accounts payable and accrued liabilities) approximates fair value because of their short-term nature and generally negligible credit losses. A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands):
Interest Rate Cap Agreement. On September 30, 2013, the Block 21 Joint Venture paid $0.5 million to enter into an interest rate cap agreement, which capped the one-month London Interbank Offered Rate (LIBOR), the variable rate on the Bank of America loan agreement relating to the W Austin Hotel & Residences (the BoA loan), at 1 percent until October 5, 2014, 1.5 percent from October 6, 2014, to October 4, 2015, and caps the one-month LIBOR at 2 percent from October 5, 2015, to September 29, 2016. Stratus uses an interest rate pricing model that relies on market observable inputs such as LIBOR to measure the fair value of the interest rate cap agreement. Stratus also evaluated the counterparty credit risk associated with the interest rate cap agreement, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate cap agreement is classified within Level 2 of the fair value hierarchy. See Note 7 for further discussion of the BoA loan and Note 13 for discussion of refinancing transactions subsequent to December 31, 2015. Interest Rate Swap Agreement. On December 13, 2013, the Parkside Village Joint Venture entered into an interest rate swap agreement with Comerica Bank that Stratus had designated as a cash flow hedge with changes in fair value of the instrument recorded in other comprehensive income (loss). The instrument effectively converted the variable rate portion of Parkside Village's loan from Comerica Bank (the Parkside Village loan) from one-month LIBOR to a fixed rate of 2.3 percent. On July 2, 2015, Stratus completed the sale of the Parkside Village property (see Note 12). In connection with the sale, Stratus fully repaid the amount outstanding under the Parkside Village loan. Stratus assumed the interest rate swap agreement and as a result, the instrument no longer qualifies for hedge accounting. Accordingly, the accumulated other comprehensive loss balance of $0.6 million on July 2, 2015, was reclassified to the Consolidated Statement of Income as a loss on interest rate derivative instruments, and future changes in the fair value of the instrument will be recorded in the Consolidated Statement of Income (including a loss of $0.1 million in 2015). Stratus also evaluated the counterparty credit risk associated with the interest rate swap agreement, which is considered a Level 3 input, but did not consider such risk to be significant. Therefore, the interest rate swap agreement is classified within Level 2 of the fair value hierarchy. Debt. Stratus' debt is recorded at cost and is not actively traded. Fair value is estimated based on discounted future expected cash flows at estimated current market interest rates. Accordingly, Stratus' debt is classified within Level 2 of the fair value hierarchy. The fair value of debt does not represent the amounts that will ultimately be paid upon the maturities of the loans. |
Investment in Unconsolidated Affiliates |
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Equity Method Investments Disclosure [Text Block] | Investment in Unconsolidated Affiliates Crestview Station. In 2005, Stratus formed a joint venture with Trammell Crow Central Texas Development, Inc. to acquire an approximate 74-acre tract of land at the intersection of Airport Boulevard and Lamar Boulevard in Austin, Texas, for $7.7 million. The property, known as Crestview Station (the Crestview Station Joint Venture), is a single-family, multi-family, retail and office development located on the site of a commuter rail line. The Crestview Station Joint Venture sold substantially all of its multi-family and commercial properties in 2007 and one commercial site in 2008. The Crestview Station Joint Venture sold the remaining residential land to DR Horton, as follows (in millions, except lots closed):
At December 31, 2015, the Crestview Station Joint Venture has sold all of its properties except for one commercial site. Stratus accounts for its 50 percent interest in the Crestview Station Joint Venture under the equity method. Stump Fluff. In April 2013, Stratus formed a joint venture, Stump Fluff LLC (Stump Fluff), with Transmission Entertainment, LLC (Transmission) to own, operate, manage and sell live music and entertainment promotion, booking, production, merchandising, venue services and other related products and services. As of December 31, 2015, Stratus' capital contributions to Stump Fluff totaled $1.5 million. Stratus will contribute additional capital to Stump Fluff as necessary to fund its working capital needs. Transmission contributed its existing assets to Stump Fluff. In addition, Stump Fluff assumed specified liabilities of Transmission totaling $0.2 million. Transmission is not required to make any future capital contributions to Stump Fluff. Stratus and Transmission each have a 50 percent voting interest in Stump Fluff. After Stratus is repaid its original capital contributions and a preferred return (10 percent annually) on those contributions, Stratus will receive 33 percent of any distributions from Stump Fluff. Guapo Enterprises. In May 2013, Stratus and Austin Pachanga Partners, LLC (Pachanga Partners) formed a joint venture, Guapo Enterprises LLC (Guapo) to own, operate, manage and sell the products and services of the Pachanga music festival business. As of December 31, 2015, Stratus' capital contributions to Guapo totaled $0.3 million. Stratus will contribute additional capital to Guapo as necessary to fund its working capital needs. Pachanga Partners contributed its existing assets to Guapo and is not required to make any future capital contributions. Stratus and Pachanga Partners each have a 50 percent voting interest in Guapo. After Stratus is repaid its original capital contributions and a preferred return (10 percent annually) on those contributions, Stratus will receive 33 percent of any distributions from Guapo. Stratus has concluded that both Stump Fluff and Guapo are VIEs and that no partner in either joint venture is the primary beneficiary because decision-making regarding the activities that most significantly impact the VIEs' economic performance is shared equally between the partners. Stratus accounts for its investments in Stump Fluff and Guapo using the equity method. Stratus’ equity in unconsolidated affiliates' (loss) income totaled $(1.3) million in 2015, $1.1 million in 2014 and less than $(0.1) million in 2013. Summarized unaudited financial information for Stratus' unconsolidated affiliates follows (in thousands):
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Debt |
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Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | Debt Stratus' debt follows (in thousands):
BoA loan. In connection with its acquisition of Canyon-Johnson's interest in the Block 21 Joint Venture, on September 28, 2015, Stratus amended its term loan with Bank of America, N.A. (the BoA loan). Pursuant to the BoA loan amendment, (1) the $100.0 million non-recourse term loan previously made available to the Block 21 Joint Venture on September 30, 2013, was increased to $130.0 million, (2) the interest rate was reduced to the LIBOR daily floating rate plus 2.35 percent and (3) the maturity date was extended from September 29, 2016, to September 28, 2020. In addition, Canyon-Johnson was released as a guarantor. Accordingly, certain obligations of Stratus' wholly owned Block 21 subsidiary, including environmental indemnification and other customary carve-out obligations, are guaranteed by Stratus. Stratus' obligations under the BoA loan are secured by certain property and assets related to the W Austin Hotel & Residences, excluding the remaining unsold condominium units. The BoA loan contains customary financial covenants and other restrictions. Refer to Note 13 for information regarding refinancing transactions subsequent to December 31, 2015. Comerica credit facility. On August 21, 2015, Stratus amended its $48.0 million credit facility with Comerica (the Comerica credit facility) that was scheduled to mature on August 31, 2015. The amendment increases the borrowing capacity under the Comerica credit facility to $72.5 million, comprised of a $45.0 million revolving line of credit, a $7.5 million tranche for letters of credit and a $20.0 million term loan. The interest rate applicable to amounts borrowed under the Comerica credit facility is LIBOR plus 4.0 percent, with a minimum interest rate of 6.0 percent. The Comerica credit facility matures on August 31, 2017, and is secured by substantially all of Stratus' assets except for properties that are encumbered by separate loan financing. The Comerica credit facility contains customary financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million. As of December 31, 2015, Stratus had $33.1 million outstanding under the revolving line of credit and $20.0 million outstanding under the term loan. Refer to Note 13 for information regarding refinancing transactions subsequent to December 31, 2015. Lakeway Construction loan. On September 29, 2014, a Stratus subsidiary entered into a $62.9 million construction loan agreement with PlainsCapital Bank (the Lakeway Construction loan) to fund the construction, development and leasing of The Oaks at Lakeway in Lakeway, Texas. On November 7, 2014, the Stratus subsidiary and PlainsCapital Bank entered into an amendment to the loan agreement to effect the syndication of a portion of the aggregate principal amount of the Lakeway Construction loan with Southside Bank. Pursuant to the amendment, PlainsCapital Bank has committed $37.9 million and Southside Bank has committed $25.0 million under the Lakeway Construction loan. The Lakeway Construction loan contains a debt service coverage ratio covenant. The variable interest rate is one-month LIBOR plus 2.75 percent. The Lakeway Construction loan is guaranteed by Stratus subject to the guarantee decreasing as certain milestones set forth in the loan agreement are met. The loan is secured by the related assets, which had a net book value of $64.7 million at December 31, 2015. The Lakeway Construction loan matures on September 29, 2019. Santal Construction loan. On January 8, 2015, a Stratus subsidiary entered into a $34.1 million construction loan agreement with Comerica Bank (the Santal Construction loan) to fund the development and construction of the first phase of a multi-family development in Section N of Barton Creek, which is referred to as the Santal Barton Creek multi-family project. The Santal Construction loan matures on January 8, 2018, and Stratus has the option to extend the maturity date for two additional twelve-month periods, subject to certain debt service coverage conditions. The Santal Construction loan is fully guaranteed by Stratus until certain operational milestones (as defined in the loan agreement) are met. The interest rate on the Santal Construction loan is a LIBOR-based rate (as defined in the loan agreement) plus 2.5 percent. The Santal Construction loan is secured by assets at Stratus' Santal multi-family project, which had an aggregate net book value of $29.1 million at December 31, 2015. DRAIF term loan. Stratus has an unsecured term loan with DRAIF (the DRAIF term loan). The DRAIF term loan has a fixed interest rate of 7.25 percent, and a maturity date of December 31, 2016. The DRAIF term loan contains a debt service coverage ratio covenant and an alternative covenant that requires Stratus to maintain total stockholders' equity of no less than $110.0 million. Barton Creek Village term loan. On June 27, 2014, Stratus entered into a $6.0 million term loan agreement with PlainsCapital Bank (the Barton Creek Village term loan), that matures on June 27, 2024. The interest rate is fixed at 4.19 percent and payments of principal and interest are due monthly. The Barton Creek Village term loan is secured by assets at Stratus' Barton Creek Village project, which had an aggregate net book value of $4.6 million at December 31, 2015. Magnolia term loan. On September 15, 2014, Stratus entered into a $3.8 million term loan agreement with Holliday Fenoglio Fowler, L.P. (the Magnolia loan). The proceeds of the Magnolia loan were used to purchase approximately 142 acres of land located in Magnolia, Texas (approximately 18 acres of which were subsequently sold to HEB Grocery Stores). The interest rate is fixed at 7 percent and the Magnolia loan matures on October 1, 2016. Stratus has the option to extend the maturity date on the Magnolia loan to October 1, 2017, upon prior written notice to the lender no later than July 1, 2016. The Magnolia loan is secured by assets at Stratus' Magnolia project, which had a net book value of $4.2 million at December 31, 2015. Parkside Village loan. On May 17, 2011, the Parkside Village Joint Venture entered into a construction loan agreement and promissory note with Comerica Bank to finance the development of Parkside Village. On July 2, 2015, Stratus completed the sale of Parkside Village. Stratus used proceeds from this transaction to fully repay the Parkside Village loan. United/Slaughter term loan. On July 18, 2014, Stratus entered into a $7.0 million term loan agreement with United Heritage Credit Union secured by assets at 5700 Slaughter (the United/Slaughter term loan). On July 2, 2015, Stratus completed the sale of the 5700 Slaughter commercial property. Stratus used proceeds from this transaction to fully repay the United/Slaughter term loan. Maturities. The following table summarizes Stratus' debt maturities as of December 31, 2015 (in thousands):
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Income Taxes |
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes The components of deferred income taxes follow (in thousands):
Stratus recorded a deferred tax asset of $7.6 million for additional tax basis resulting from the purchase of Canyon-Johnson’s interest in the Block 21 Joint Venture. During fourth-quarter 2014, Stratus evaluated the recoverability of its deferred tax assets, considering available positive and negative evidence, including recent earnings history and forecasts of future taxable income. As a result, Stratus concluded that there was sufficient positive evidence that its $11.8 million of deferred tax assets (net of deferred tax liabilities) will be realized. Accordingly, Stratus reversed the valuation allowance on its deferred tax assets during 2014 and had no valuation allowance as of December 31, 2015 and 2014. Stratus’ future results of operations may be negatively impacted by an inability to realize a tax benefit for future tax losses or for items that will generate additional deferred tax assets. The realization of the deferred tax assets recorded as of December 31, 2015, is primarily dependent upon Stratus' ability to generate future taxable income. Stratus’ income tax provision consists of the following (in thousands):
Excess tax benefits related to option exercises and vesting of restricted stock units cannot be recognized until realization through a reduction of current taxes payable. During 2015, Stratus realized tax benefits of $1.7 million related to U.S. net operating loss carryforwards associated with excess tax benefits on stock option exercises and restricted stock units vested. At December 31, 2015, Stratus had no remaining operating loss carryforwards. During the three-year period ended December 31, 2015, Stratus recorded unrecognized tax benefits related to state income tax filing positions. A summary of the changes in unrecognized tax benefits follows (in thousands):
As of December 31, 2015, there was $1.1 million of unrecognized tax benefits that if recognized would affect Stratus' annual effective tax rate. During 2016, approximately $0.3 million of unrecognized tax benefits could be recognized due to the expiration of statutes of limitations. Stratus records liabilities offsetting the tax provision benefits of uncertain tax positions to the extent it estimates that a tax position is more likely than not to not be sustained upon examination by the taxing authorities. Stratus has elected to classify any interest and penalties related to income taxes within income tax expense in its Consolidated Statements of Income. As of December 31, 2015, less than $0.1 million of interest costs have been accrued. Stratus files both U.S. federal and state income tax returns. With limited exceptions, Stratus is no longer subject to U.S. federal income tax examinations by tax authorities for the years prior to 2009, and state income tax examinations for the years prior to 2011. A reconciliation of the U.S. federal statutory tax rate to Stratus' effective income tax rate for the years ended December 31 follows (dollars in thousands):
Stratus paid federal and state income taxes totaling $2.0 million in 2015, and $0.5 million in 2014 and 2013. Stratus received income tax refunds of less than $0.1 million in each of 2015 and 2014. Stratus did not receive any income tax refunds in 2013. |
Stock-Based Compensation, Equity Transactions and Employee Benefits |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | Stock-Based Compensation, Equity Transactions and Employee Benefits Stock-Based Compensation Plans. Stratus currently has three stock-based compensation plans, all of which have awards available for grant. In May 2013, Stratus' stockholders approved the 2013 Stock Incentive Plan, which provides for the issuance of stock-based compensation awards, including stock options and restricted stock units, relating to 180,000 shares of Stratus common stock that are issuable to Stratus employees and non-employee directors. Stratus’ 2010 Stock Incentive Plan provides for the issuance of stock-based compensation awards, including stock options and restricted stock units, relating to 140,000 shares of Stratus common stock that are issuable to Stratus employees and non-employee directors. Stratus’ 1996 Stock Option Plan for Non-Employee Directors provides for the issuance of stock options only. Stratus common stock issued upon option exercises or restricted stock unit vestings represent newly issued shares of common stock. Awards with respect to 98,000 shares under the 2013 Stock Incentive Plan, 4,375 shares under the 2010 Stock Incentive Plan and 2,500 shares under the 1996 Stock Option Plan for Non-Employee Directors were available for new grants as of December 31, 2015. Stock-Based Compensation Costs. Compensation costs charged against earnings for stock-based awards are shown below (in thousands). Stock-based compensation costs are capitalized when appropriate. Stratus’ estimated forfeiture rate used in estimating stock-based compensation costs was 2.8 percent for stock options and zero percent for restricted stock units for the years presented below.
Options. Stock options granted under the plans generally expire 10 years after the date of grant and vest in 25 percent annual increments beginning one year from the date of grant. The plans and award agreements provide that participants will receive the following year’s vesting after retirement and provide for accelerated vesting if there is a change of control (as defined in the plans). Stratus has not granted stock options since 2011. A summary of stock options outstanding as of December 31, 2015, and changes during the year ended December 31, 2015, follow:
There were no stock option exercises during 2015. The total intrinsic value of options exercised was less than $0.1 million during each of 2014 and 2013. No stock options vested during 2015, 2,500 stock options vested during 2014 and 3,750 stock options vested during 2013, with weighted-average grant-date fair values of $6.63 per option in 2014 and $5.91 per option in 2013. Restricted Stock Units. Restricted stock units granted under the plans provide for the issuance of common stock to the non-employee directors and certain officers of Stratus at no cost to the directors and officers. The restricted stock units are converted into shares of Stratus common stock ratably and generally vest in one-quarter increments over the four years following the grant date. For officers, the awards will fully vest upon retirement, death and disability, and upon a change of control. For directors, the awards will fully vest upon a change of control and there will be a partial acceleration of vesting due to retirement, death and disability. A summary of outstanding unvested restricted stock units as of December 31, 2015, and activity during the year ended December 31, 2015, is presented below:
The total grant date fair value of restricted stock units granted during 2015 was $0.6 million. The total intrinsic value of restricted stock units vesting during 2015 was $0.6 million. As of December 31, 2015, Stratus had $1.1 million of total unrecognized compensation cost related to unvested restricted stock units expected to be recognized over a weighted-average period of 1.7 years. The following table includes amounts related to exercises of stock options and vesting of restricted stock units (in thousands, except shares of Stratus common stock tendered):
Share Purchase Program. In November 2013, Stratus' board of directors approved an increase in the open market share purchase program from 0.7 million shares to 1.7 million shares of Stratus common stock. The purchases may occur over time depending on many factors, including the market price of Stratus common stock; Stratus’ operating results, cash flow and financial position; and general economic and market conditions. There were no purchases under this program during 2015. Purchases included 39,960 shares for $0.7 million (an average of $17.00 per share) during 2014 and 81,990 shares for $1.0 million (an average of $11.68 per share) during 2013, all of which Stratus purchased in private transactions. As of December 31, 2015, 991,695 shares remain available under this program. Employee Benefits. Stratus maintains 401(k) defined contribution plans subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The 401(k) plans provide for an employer matching contribution equal to 100 percent of the participant’s contribution, subject to a limit of 5 percent of the participant’s annual salary. Stratus’ policy is to make an additional safe harbor contribution equal to 3 percent of each participant’s total compensation for corporate employees and 4 percent for ACL Live employees. The 401(k) plans also provide for discretionary contributions. Stratus’ contributions to the 401(k) plans totaled $0.4 million in each of 2015, 2014 and 2013. |
Commitments and Contingencies |
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Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Construction Contracts. Stratus had commitments under noncancelable construction contracts totaling $14.1 million at December 31, 2015. These commitments primarily included contracts for construction of improvements for the Santal Barton Creek multi-family project. Letters of Credit. As of December 31, 2015, Stratus had letters of credit committed totaling $2.3 million under its credit facility with Comerica (see Note 7). Rental Income. As of December 31, 2015, Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases which extend through 2035, totaled $4.5 million in 2016, $4.9 million in 2017, $4.7 million in 2018, $4.2 million in 2019, $4.1 million in 2020 and $33.6 million thereafter. Operating Lease. As of December 31, 2015, Stratus’ minimum annual contractual payments under its noncancelable long-term operating leases totaled $0.1 million for 2016 and 2017, and less than $0.1 million in 2018 and 2019. Total expense under Stratus’ operating leases totaled $0.1 million in each of 2015, 2014 and 2013. Circle C Settlement. On August 1, 2002, the City of Austin (the City) granted final approval of a development agreement (the Circle C settlement) and permanent zoning for Stratus’ real estate located within the Circle C community in southwest Austin. The Circle C settlement firmly established all essential municipal development regulations applicable to Stratus’ Circle C properties until 2032. The City also provided Stratus $15.0 million of development fee credits, which are in the form of credit bank capacity, in connection with its future development of its Circle C and other Austin-area properties for waivers of fees and reimbursement for certain infrastructure costs. In addition, Stratus can elect to sell up to $1.5 million of the incentives per year to other developers for their use in paying City fees related to their projects as long as the projects are within the desired development zone, as defined within the Circle C settlement. To the extent Stratus sells the incentives to other developers, Stratus recognizes the income from the sale when title is transferred and compensation is received. As of December 31, 2015, Stratus had permanently used $11.7 million of its City-based development fee credits, including cumulative amounts sold to third parties totaling $5.1 million. Fee credits used for the development of Stratus’ properties effectively reduce the basis of the related properties and defer recognition of any gain associated with the use of the fees until the affected properties are sold. Stratus also had $1.4 million in credit bank capacity in use as temporary fiscal deposits as of December 31, 2015. Available credit bank capacity was $1.9 million at December 31, 2015. Environmental Regulations. Stratus has made, and will continue to make, expenditures for protection of the environment. Increasing emphasis on environmental matters can be expected to result in additional costs, which will be charged against Stratus’ operations in future periods. Present and future environmental laws and regulations applicable to Stratus’ operations may require substantial capital expenditures that could adversely affect the development of its real estate interests or may affect its operations in other ways that cannot be accurately predicted at this time. Litigation. Stratus may from time to time be involved in various legal proceedings of a character normally incident to the ordinary course of its business. Stratus believes that potential liability from any of these pending or threatened proceedings will not have a material adverse effect on Stratus’ financial condition or results of operations. |
Business Segments |
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Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Business Segments Stratus has four operating segments: Hotel, Entertainment, Real Estate Operations and Commercial Leasing. The Hotel segment includes the W Austin Hotel located at the W Austin Hotel & Residences. The Entertainment segment includes ACL Live, a live music and entertainment venue and production studio at the W Austin Hotel & Residences. In addition to hosting concerts and private events, this venue is the home of Austin City Limits, a television program showcasing popular music legends. The Entertainment segment also includes revenues and costs associated with events hosted at other venues, and the results of the Stageside Productions joint venture with Pedernales Entertainment LLC (see Note 2). The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed, under development and available for development), which consists of its properties in Austin, Texas (the Barton Creek community, the Circle C community, Lantana and the condominium units at the W Austin Hotel & Residences); in Lakeway, Texas (The Oaks at Lakeway) located in the greater Austin area; in Magnolia, Texas, located in the greater Houston area (Magnolia); and in Killeen, Texas (The West Killeen Market). The Commercial Leasing segment includes the office and retail space at the W Austin Hotel & Residences, a retail building and a bank building in Barton Creek Village and a retail building at The Oaks at Lakeway. On July 2, 2015, Stratus completed the sales of the Parkside Village and 5700 Slaughter properties, which were included in the Commercial Leasing segment. See Note 12 for further discussion. Stratus uses operating income or loss to measure the performance of each segment. Stratus allocates parent company general and administrative expenses that do not directly relate to a particular operating segment between the Real Estate Operations and Commercial Leasing segments based on projected annual revenues for each segment. General and administrative expenses related to the W Austin Hotel & Residences are allocated to the Real Estate Operations, Hotel, Entertainment and Commercial Leasing segments based on projected annual revenues for the W Austin Hotel & Residences. The following segment information reflects management determinations that may not be indicative of what actual financial performance of each segment would be if it were an independent entity. Segment data presented below was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).
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Asset Sales and Discontinued Operations (Notes) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Asset Sales and Discontinued Operations Parkside Village and 5700 Slaughter. On June 30, 2015, Stratus' balance sheet had approximately $24.3 million of assets and $26.0 million of liabilities associated with the Parkside Village and 5700 Slaughter commercial properties. On July 2, 2015, Stratus completed the sales of its Austin-area Parkside Village and 5700 Slaughter commercial properties, both located in the Circle C community, to Whitestone REIT. The Parkside Village retail project, which was owned in a joint venture with LCHM Holdings, LLC, consisted of 90,184 leasable square feet and was sold for $32.5 million. The 5700 Slaughter retail project, which was wholly owned by Stratus, consisted of 25,698 leasable square feet and was sold for $12.5 million. Stratus used proceeds from these transactions to repay the total $26.0 million outstanding under the Parkside Village loan and the United/Slaughter term loan, with the remainder being held in escrow while Stratus assessed potential tax free like-kind exchange transactions. In September 2015, Stratus used $2.6 million of the escrow funds to purchase an undeveloped tract of land for the West Killeen Market project and withdrew $12.1 million to fund distributions to Stratus and LCHM Holdings of $9.4 million and $3.2 million respectively. After debt repayments and closing costs, cash proceeds from these transactions approximated $17 million, and Stratus recorded a pre-tax gain in 2015 of $20.7 million, of which the noncontrolling interest share was $3.9 million. Stratus has determined that the sales of the Parkside Village and 5700 Slaughter commercial properties do not meet the criteria for classification as discontinued operations. Net (loss) income before income taxes and net (loss) income attributable to common stock associated with Parkside Village and 5700 Slaughter follow (in thousands):
7500 Rialto. In 2012, Stratus sold 7500 Rialto, an office building in Lantana. In connection with the sale, Stratus recognized a gain of $5.1 million and deferred a gain of $5.0 million because of a guaranty provided to the lender in connection with the buyer's assumption of the loan related to 7500 Rialto. The guaranty was released in January 2015, and Stratus recognized the deferred gain totaling $5.0 million ($3.2 million to net income attributable to common stock) in 2015. |
Subsequent Events |
12 Months Ended |
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Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | On January 5, 2016, Stratus completed the refinancing of the W Austin Hotel & Residences. Goldman Sachs Mortgage Company provided a $150.0 million, ten-year, non-recourse term loan (the Goldman Sachs loan) with a fixed interest rate of 5.58 percent annually and payable monthly based on a 30-year amortization. Stratus used the proceeds from the Goldman Sachs loan to fully repay its existing obligations under the BoA loan and the $20.0 million Comerica term loan. As a result of this refinancing transaction, revised debt maturities as of January 31, 2016, total $13.7 million in 2016, $35.7 million in 2017, $19.9 million in 2018, $47.6 million in 2019, $2.7 million in 2020 and $144.0 million thereafter. Stratus evaluated events after December 31, 2015, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements. |
Quarterly Financial Information (Unaudited) (Notes) |
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Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Financial Information (Unaudited)
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Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation |
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Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | STRATUS PROPERTIES INC. REAL ESTATE, COMMERCIAL LEASING ASSETS AND FACILITIES AND ACCUMULATED DEPRECIATION December 31, 2015 (In Thousands, except Number of Lots and Acres) SCHEDULE III
STRATUS PROPERTIES INC. Notes to Schedule III (1) Reconciliation of Real Estate, Commercial Leasing Assets and Facilities: The changes in real estate, commercial leasing assets and facilities for the years ended December 31, are as follows (in thousands):
The aggregate net book value for federal income tax purposes as of December 31, 2015 was $402.6 million. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, are as follows (in thousands):
Depreciation of buildings and improvements is calculated over estimated lives of 30 to 40 years. |
Summary of Significant Accounting Policies (Policies) |
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Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Business and Principles of Consolidation. Stratus Properties Inc. (Stratus), a Delaware corporation, is engaged primarily in the acquisition, entitlement, development, management, operation and sale of commercial, hotel, entertainment, and multi- and single-family residential real estate properties, primarily located in the Austin area, but including projects in certain other select markets in Texas. The real estate development and marketing operations of Stratus are conducted through its wholly owned subsidiaries and through unconsolidated joint ventures (see Note 6). Stratus consolidates its wholly owned subsidiaries, subsidiaries in which Stratus has a controlling interest and variable interest entities (VIEs) in which Stratus is deemed the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation. |
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Concentration Risk Disclosure [Text Block] | Concentration of Risks. Stratus primarily conducts its operations in Austin, Texas. Consequently, any significant economic downturn in the Austin market could potentially have an effect on Stratus’ business, results of operations and financial condition. |
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant estimates include the (1) estimates of future cash flow from development and sale of real estate properties used in the assessment of impairments, (2) valuation allowances for deferred tax assets, (3) allocation of certain indirect costs and (4) useful lives for depreciation. Actual results could differ from those estimates. |
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Real Estate, Policy [Policy Text Block] | Real Estate and Commercial Leasing Assets. Real estate held for sale is stated at the lower of cost or fair value less costs to sell. The cost of real estate held for sale includes acquisition, development, construction and carrying costs, and other related costs incurred through the development stage. Real estate under development and land available for development are stated at cost. Real estate held for investment, which includes the hotel and entertainment venue at the W Austin Hotel & Residences and Stratus' commercial leasing assets, is stated at cost, less accumulated depreciation. Stratus capitalizes interest on funds used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for sale or lease. Common costs are allocated based on the relative fair value of individual land parcels. Certain carrying costs are capitalized on properties currently under active development. Stratus capitalizes improvements that increase the value of commercial leasing properties and have useful lives greater than one year. Costs related to repairs and maintenance are charged to expense as incurred. Stratus performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that Stratus considers indicators of impairment include significant decreases in market values, adverse changes in regulatory requirements (including environmental laws), significant budget overruns for properties under development, and current period or projected operating cash flow losses from rental properties. Impairment tests for properties to be held and used, including properties under development, involve the use of estimated future net undiscounted cash flows expected to be generated from the use of the property and its eventual disposition. If projected undiscounted cash flow from properties to be held and used is less than the related carrying amount, then a reduction of the carrying amount of the long-lived asset to fair value is required. Measurement of the impairment loss is based on the fair value of the asset. Generally, Stratus determines fair value using valuation techniques such as discounted expected future cash flows. Impairment tests for properties held for sale involve management estimates of fair value based on estimated market values for similar properties in similar locations and management estimates of costs to sell. If estimated fair value less costs to sell is less than the related carrying amount, then a reduction of the carrying amount of the asset to fair value less costs to sell is required. Stratus recorded no impairment charges for the three-year period ended December 31, 2015. Should market conditions deteriorate in the future or other events occur that indicate the carrying amount of Stratus’ real estate assets may not be recoverable, Stratus will reevaluate the expected cash flows from each property to determine whether any impairment exists. |
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Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation. Commercial leasing properties are depreciated on a straight-line basis over their estimated life of between 30 and 40 years. The hotel and entertainment venue properties are depreciated on a straight-line basis over their estimated life of 35 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a three to five-year period. Tenant improvements are depreciated over the related lease terms. |
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Equity Method Investments, Policy [Policy Text Block] | Investments in Unconsolidated Affiliates. Stratus has interests in three unconsolidated affiliates, which it accounts for under the equity method (see Note 6) |
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Other Assets Disclosure [Text Block] | Other Assets. Other assets primarily consist of deferred financing and leasing costs, prepaid insurance, tenant and other accounts receivable, and notes and interest receivable. Deferred financing costs are amortized using the straight-line method over the term of the related debt, which approximates the effective interest method, to interest expense. Deferred leasing costs are amortized to cost of sales using the straight-line method over the related lease terms. |
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Accrued Property Taxes [Policy Text Block] | Accrued Property Taxes. Stratus estimates its property taxes based on prior year property tax payments and other current events that may impact the amount. Upon receipt of the property tax bill, Stratus adjusts its accrued property tax balance at year-end to the actual amount of taxes due for such year. Accrued property taxes included in accrued liabilities totaled $6.2 million at December 31, 2015, and $5.0 million at December 31, 2014 |
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Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition. Revenues from property sales are recognized when the risks and rewards of ownership are transferred to the buyer, when the consideration received can be reasonably determined and when Stratus has completed its obligations to perform certain supplementary development activities, if any exist, at the time of the sale. Consideration is reasonably determined and considered likely of collection when Stratus has signed sales agreements and has determined that the buyer has demonstrated a commitment to pay. The buyer’s commitment to pay is supported by the level of its initial investment, Stratus’ assessment of the buyer’s credit standing and Stratus’ assessment of whether the buyer’s stake in the property is sufficient to motivate the buyer to honor its obligation to pay. Stratus' revenues from hotel operations are primarily derived from room reservations and food and beverage sales. Revenue is recognized when rooms are occupied and services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Stratus' revenues from entertainment operations are primarily derived from ticket sales, revenue from private events, sponsorships, personal seat license sales and suite sales, and sales of concessions and merchandise. Revenues from ticket sales are recognized after the corresponding performance occurs. Revenues from sponsorships and other revenue not related to a single event are classified as deferred revenue and generally amortized over the operating season or term of the contract. Revenues from concessions and merchandise sales are recognized at the time of sale. Stratus recognizes its rental income on a straight-line basis based on the terms of its signed leases with tenants. Recoveries from tenants for taxes, insurance and other commercial property operating expenses are recognized as revenues in the period the related costs are incurred. Stratus recognizes sales commissions and management and development fees when earned, as properties are sold or when the services are performed. A summary of Stratus’ revenues follows (in thousands):
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Cost of Sales, Policy [Policy Text Block] | Cost of Sales. Cost of sales includes the cost of real estate sold as well as costs directly attributable to the properties sold such as marketing, maintenance and property taxes. Cost of sales also includes operating costs and depreciation for properties held for investment and municipal utility district reimbursements. A summary of Stratus’ cost of sales follows (in thousands):
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Allocation of Overhead Costs [Policy Text Block] | Allocation of Overhead Costs. Stratus allocates a portion of its overhead costs to both capitalized real estate costs and cost of sales based on the percentage of time certain employees worked in the related areas (i.e. construction and development for capital assets and sales and marketing for cost of sales). Stratus capitalizes only direct and certain indirect project costs associated with the acquisition, development and construction of a real estate project. Indirect costs include allocated costs associated with certain pooled resources (such as office supplies, telephone and postage) which are used to support Stratus’ development projects, as well as general and administrative functions. Allocations of pooled resources are based only on those employees directly responsible for development (i.e., project managers and subordinates). Stratus charges to expense indirect costs that do not clearly relate to a real estate project, such as all salaries and costs related to its Chief Executive Officer and Chief Financial Officer. |
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Municipal Utility District Reimbursements [Policy Text Block] | Municipal Utility District Reimbursements. Stratus receives Barton Creek municipal utility district (MUD) reimbursements for certain infrastructure costs incurred in the Barton Creek area. Prior to 1996, Stratus capitalized infrastructure costs to its properties as those costs were incurred. Subsequently, those costs were charged to cost of sales as properties were sold. In 1996, following the 1995 creation of MUDs, Stratus began capitalizing the infrastructure costs to a separate MUD property category. MUD reimbursements received for infrastructure costs incurred prior to 1996 are reflected as a reduction of cost of sales, while other MUD reimbursements represent a reimbursement of the cost of MUD properties and are recorded as a reduction of the related asset’s carrying amount or cost of sales if the property has been sold. Stratus has long-term agreements with seven independent MUDs in Barton Creek to build the MUDs’ utility systems and to be eligible for future reimbursements for the related costs. The amount and timing of MUD reimbursements depends upon the respective MUD having a sufficient tax base within its district to issue bonds and obtain the necessary state approval for the sale of the bonds. Because the timing of the issuance and approval of the bonds is subject to considerable uncertainty, coupled with the fact that interest rates on such bonds cannot be fixed until they are approved, the amounts associated with MUD reimbursements are not known until approximately one month before the MUD reimbursements are received. To the extent the reimbursements are less than the costs capitalized, Stratus records a loss when such determination is made. MUD reimbursements represent the actual amounts received. |
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Advertising Costs, Policy [Policy Text Block] | Advertising Costs. Advertising costs are expensed as incurred and are included as a component of cost of sales. Advertising costs totaled $0.9 million in 2015, $0.8 million in 2014 and $0.9 million in 2013. |
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Income Tax, Policy [Policy Text Block] | Income Taxes. Stratus accounts for deferred income taxes under an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by current enacted tax rates. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income in the period in which such changes are enacted. Stratus periodically evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts. Stratus establishes a valuation allowance to reduce its deferred tax assets and records a corresponding charge to earnings if it is determined, based on available evidence at the time, that it is more likely than not that any portion of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Stratus estimates future taxable income based on projections and ongoing tax strategies. This process involves significant management judgment about assumptions that are subject to change based on variances between projected and actual operating performance and changes in Stratus’ business environment or operating or financial plans. See Note 8 for further discussion. |
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Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share. Stratus’ basic net income per share of common stock was calculated by dividing the net income attributable to common stock by the weighted-average shares of common stock outstanding during the period. A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in thousands, except per share amounts) follows:
Outstanding stock options with exercise prices greater than the average market price for Stratus' common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded stock options totaled approximately 15 thousand for 2015, 42 thousand for 2014 and 64 thousand for 2013. |
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Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation. Compensation costs for share-based payments to employees, including stock options, are measured at fair value and charged to expense over the requisite service period for awards that are expected to vest. The fair value of stock options is determined using the Black-Scholes option valuation model. In addition, for restricted stock units, compensation costs are recognized based on the fair value on the date of grant. Stratus estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates through the final vesting date of the awards. See Note 9 for further discussion. |
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New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards. In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) that provides a single comprehensive revenue recognition model, which will replace most existing revenue recognition guidance, and also requires expanded disclosures. The core principle of the model is that revenue is recognized when control of goods or services has been transferred to customers at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2017 (following FASB’s August 2015 ASU of a one-year deferral of the effective date), and interim reporting periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016, and interim reporting periods within that reporting period. This ASU may be applied either retrospectively to each period presented or prospectively as a cumulative-effect adjustment as of the date of adoption. Stratus is currently evaluating the impact of the new guidance on its financial reporting and disclosures, but at this time does not expect the adoption of this ASU to have a material impact on its financial statements. In April 2015, FASB issued an ASU to simplify the presentation of debt issuance costs. This ASU requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, this ASU is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Retrospective application of the ASU is required upon adoption and the impact of adopting this ASU on the Consolidated Balance Sheets would be a decrease in other assets and debt of $3.1 million at December 31, 2015, and $2.6 million at December 31, 2014. Stratus adopted this ASU on January 1, 2016. |
Summary of Significant Accounting Policies (Tables) |
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Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | A summary of Stratus’ revenues follows (in thousands):
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Cost of Sales [Table Text Block] | A summary of Stratus’ cost of sales follows (in thousands):
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in thousands, except per share amounts) follows:
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Real Estate, net (Tables) |
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Real Estate, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | Stratus' consolidated balance sheets include the following net real estate assets (in thousands):
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Fair Value Measurements (Tables) |
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Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | A summary of the carrying amount and fair value of Stratus' other financial instruments follows (in thousands):
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Investment in Unconsolidated Affiliates (Tables) |
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Investment in Unconsolidated Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Sales [Table Text Block] | The Crestview Station Joint Venture sold the remaining residential land to DR Horton, as follows (in millions, except lots closed):
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Investments in and Advances to Affiliates [Table Text Block] | Summarized unaudited financial information for Stratus' unconsolidated affiliates follows (in thousands):
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Debt (Tables) |
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Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Stratus' debt follows (in thousands):
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Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes Stratus' debt maturities as of December 31, 2015 (in thousands):
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Income Taxes (Tables) |
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Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A summary of the changes in unrecognized tax benefits follows (in thousands):
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income taxes follow (in thousands):
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Stratus’ income tax provision consists of the following (in thousands):
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | econciliation of the U.S. federal statutory tax rate to Stratus' effective income tax rate for the years ended December 31 follows (dollars in thousands):
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Stock-Based Compensation, Equity Transactions and Employee Benefits (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] |
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock options outstanding as of December 31, 2015, and changes during the year ended December 31, 2015, follow:
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Amounts Related To Exercises of Stock Options and Vesting of Restricted Stock Units [Table Text Block] | The following table includes amounts related to exercises of stock options and vesting of restricted stock units (in thousands, except shares of Stratus common stock tendered):
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of outstanding unvested restricted stock units as of December 31, 2015, and activity during the year ended December 31, 2015, is presented below:
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Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment data presented below was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).
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Asset Sales and Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | Net (loss) income before income taxes and net (loss) income attributable to common stock associated with Parkside Village and 5700 Slaughter follow (in thousands):
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Quarterly Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] |
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Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Accrued Property Taxes | $ 6,200 | $ 5,000 | $ 6,200 | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Hotel | 41,346 | 42,354 | $ 39,234 | |||||||||||||||||||||||||||||||||||||||||
Entertainment | 19,607 | 19,048 | 15,481 | |||||||||||||||||||||||||||||||||||||||||
Developed property sales | 12,320 | 25,674 | 63,676 | |||||||||||||||||||||||||||||||||||||||||
Undeveloped property sales | 1,175 | 0 | 3,266 | |||||||||||||||||||||||||||||||||||||||||
Commercial leasing | 5,641 | 6,625 | 5,406 | |||||||||||||||||||||||||||||||||||||||||
Commissions and other | 782 | 410 | 647 | |||||||||||||||||||||||||||||||||||||||||
Total revenues | 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | 26,661 | $ 21,630 | $ 22,521 | $ 23,299 | 80,871 | 94,111 | 127,710 | |||||||||||||||||||||||||||||||||
Costs of Sales: | ||||||||||||||||||||||||||||||||||||||||||||
Hotel operating costs | 30,702 | 30,746 | 29,483 | |||||||||||||||||||||||||||||||||||||||||
Entertainment venue operating costs | 15,169 | 14,431 | 12,922 | |||||||||||||||||||||||||||||||||||||||||
Cost of developed property sales | 6,386 | 16,466 | 48,732 | |||||||||||||||||||||||||||||||||||||||||
Cost of undeveloped property sales | 564 | 43 | 1,122 | |||||||||||||||||||||||||||||||||||||||||
Commercial leasing operating costs | 2,772 | 3,138 | 2,670 | |||||||||||||||||||||||||||||||||||||||||
Project expenses and allocation of overhead costs | 3,546 | 3,543 | 5,423 | |||||||||||||||||||||||||||||||||||||||||
Depreciation | 8,743 | 8,977 | 9,053 | |||||||||||||||||||||||||||||||||||||||||
Other, net | (71) | 598 | [1] | (1,148) | [1] | |||||||||||||||||||||||||||||||||||||||
Total cost of sales | 67,811 | 77,942 | 108,257 | |||||||||||||||||||||||||||||||||||||||||
Building Repair Cost Reimbursement | (100) | 400 | 100 | 400 | 1,100 | |||||||||||||||||||||||||||||||||||||||
Advertising Expense | 900 | 800 | 900 | |||||||||||||||||||||||||||||||||||||||||
Net income | 310 | [2] | 13,741 | [3] | (240) | 3,784 | 13,223 | [4] | 778 | [5],[6] | 1,264 | [6] | 2,892 | [6],[7] | 17,595 | [2],[3] | 18,157 | [4],[5],[6],[7] | 5,894 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests in subsidiaries | (4) | (3,493) | [3] | (879) | (1,042) | (1,733) | (181) | (1,045) | [6] | (1,795) | [6],[7] | (5,418) | [3] | (4,754) | [6],[7] | (3,309) | ||||||||||||||||||||||||||||
Net income attributable to common stockholders | 306 | [2] | $ 10,248 | [3] | $ (1,119) | $ 2,742 | [8] | $ 11,490 | [4] | $ 597 | [5],[6] | $ 219 | [6] | $ 1,097 | [6],[7] | $ 12,177 | [2],[3],[8] | $ 13,403 | [4],[5],[6],[7] | $ 2,585 | ||||||||||||||||||||||||
Weighted-average shares of common stock outstanding | 8,058,000 | 8,037,000 | 8,077,000 | |||||||||||||||||||||||||||||||||||||||||
Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share | 8,091,000 | 8,078,000 | 8,111,000 | |||||||||||||||||||||||||||||||||||||||||
Diluted net income per share attributable to common stock | $ 1.42 | [4] | $ 0.07 | [5],[6] | $ 0.03 | [6] | $ 0.14 | [6],[7] | $ 1.51 | $ 1.66 | [4],[5],[6],[7] | $ 0.32 | ||||||||||||||||||||||||||||||||
Outstanding Stock Options With Exercise Prices Greater Than Average Market Price Of Common Stock | 15,000 | 42,000 | 64,000 | |||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | $ 3,100 | $ 2,600 | $ 3,100 | $ 2,600 | ||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Life Used for Depreciation | 30 years | |||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Life Used for Depreciation | 40 years | |||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Costs of Sales: | ||||||||||||||||||||||||||||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 6,000 | 11,000 | 7,000 | [9] | ||||||||||||||||||||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,000 | |||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Costs of Sales: | ||||||||||||||||||||||||||||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 27,000 | [10] | 30,000 | [10] | 27,000 | |||||||||||||||||||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,000 | 36,000 | ||||||||||||||||||||||||||||||||||||||||||
Commercial Leasing [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | [11] | $ 5,641 | $ 6,625 | $ 5,406 | ||||||||||||||||||||||||||||||||||||||||
Costs of Sales: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation | [11] | $ 1,556 | 1,785 | 1,687 | ||||||||||||||||||||||||||||||||||||||||
Commercial Leasing [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Life Used for Depreciation | 30 years | |||||||||||||||||||||||||||||||||||||||||||
Commercial Leasing [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Life Used for Depreciation | 40 years | |||||||||||||||||||||||||||||||||||||||||||
Entertainment [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Life Used for Depreciation | 35 years | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ 19,607 | 19,048 | 15,481 | |||||||||||||||||||||||||||||||||||||||||
Costs of Sales: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation | $ 1,288 | 1,260 | 1,239 | |||||||||||||||||||||||||||||||||||||||||
Hotel [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Life Used for Depreciation | 35 years | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ 41,346 | 42,354 | 39,234 | |||||||||||||||||||||||||||||||||||||||||
Costs of Sales: | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation | $ 5,797 | $ 5,851 | $ 6,033 | |||||||||||||||||||||||||||||||||||||||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Life Used for Depreciation | 3 years | |||||||||||||||||||||||||||||||||||||||||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Life Used for Depreciation | 5 years | |||||||||||||||||||||||||||||||||||||||||||
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Fair Value Measurements (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2015 |
Jul. 31, 2015 |
Sep. 30, 2013 |
May. 31, 2011 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Jul. 02, 2015 |
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Liabilities: | ||||||||
Loss on interest rate derivative instruments | $ (724) | $ (272) | $ (136) | |||||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||||||
Assets: | ||||||||
Interest rate cap agreement | 1 | 79 | ||||||
Liabilities: | ||||||||
Interest rate swap agreement | 646 | 596 | ||||||
Debt | 263,114 | 196,477 | ||||||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Assets: | ||||||||
Interest rate cap agreement | 1 | 79 | ||||||
Liabilities: | ||||||||
Interest rate swap agreement | 646 | 596 | ||||||
Debt | 263,303 | $ 196,856 | ||||||
Interest Rate Swap [Member] | ||||||||
Liabilities: | ||||||||
Derivative Liability | $ 600 | |||||||
Loss on interest rate derivative instruments | $ 100 | |||||||
Parkside Village Loan [Member] | ||||||||
Liabilities: | ||||||||
Debt Instrument, Issuance Date | May 17, 2011 | |||||||
Parkside Village Loan [Member] | Interest Rate Swap [Member] | ||||||||
Liabilities: | ||||||||
Debt Instrument, Issuance Date | Dec. 13, 2013 | |||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.30% | |||||||
Bank of America Loan [Member] | ||||||||
Liabilities: | ||||||||
Debt Instrument, Issuance Date | Sep. 28, 2015 | Sep. 30, 2013 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR daily floating | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | |||||||
Bank of America Loan [Member] | Interest Rate Cap [Member] | ||||||||
Liabilities: | ||||||||
Debt Instrument, Issuance Date | Sep. 30, 2013 | |||||||
Payment for Interest Rate Cap Agreement | $ 500 | |||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||
Bank of America Loan [Member] | Year 1 [Member] | Interest Rate Cap [Member] | ||||||||
Liabilities: | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Bank of America Loan [Member] | Year 2 [Member] | Interest Rate Cap [Member] | ||||||||
Liabilities: | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
Bank of America Loan [Member] | Year 3 [Member] | Interest Rate Cap [Member] | ||||||||
Liabilities: | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
Parkside Village [Member] | ||||||||
Liabilities: | ||||||||
Disposal Date | Jul. 02, 2015 |
Investment in Unconsolidated Affiliates (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
May. 31, 2013
USD ($)
|
Apr. 30, 2012
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2005
USD ($)
a
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2012
USD ($)
|
|
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||
Equity in unconsolidated affiliates' (loss) income | $ (1,299) | $ 1,112 | $ (76) | |||||||||||||||
Revenues | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | $ 26,661 | $ 21,630 | $ 22,521 | $ 23,299 | 80,871 | 94,111 | 127,710 | |||||||
Total assets | 432,627 | 402,687 | 432,627 | 402,687 | 346,943 | $ 402,687 | ||||||||||||
Total liabilities | 295,953 | 227,601 | 295,953 | 227,601 | 227,601 | |||||||||||||
Total equity | 136,674 | 175,086 | 136,674 | 175,086 | 169,316 | $ 175,086 | $ 208,895 | |||||||||||
Crestview Station [Member] | ||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||
Area of Real Estate Property | a | 74 | |||||||||||||||||
Payments to Acquire Real Estate | $ 7,700 | |||||||||||||||||
Number Of Lots per Sales Contract | 111 | 59 | 59 | 74 | 303 | |||||||||||||
Proceeds from Sale of Real Estate | $ 6,800 | $ 3,500 | $ 3,400 | $ 3,800 | $ 17,500 | |||||||||||||
Gross profit | $ 1,800 | $ 800 | $ 700 | $ 400 | 3,700 | |||||||||||||
Unconsolidated Affiliates [Member] | ||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||
Revenues | 10,408 | 19,451 | 8,334 | |||||||||||||||
Gross profit | 459 | 3,716 | 716 | |||||||||||||||
Net loss | (1,343) | 2,357 | 115 | |||||||||||||||
Total assets | 1,325 | 1,546 | 1,325 | 1,546 | 9,610 | 1,546 | ||||||||||||
Total liabilities | 998 | 558 | 998 | 558 | 1,587 | 558 | ||||||||||||
Total equity | $ 327 | $ 988 | $ 327 | $ 988 | $ 8,023 | $ 988 | ||||||||||||
Stratus Properties Inc [Member] | Crestview Station [Member] | ||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||
Stump Fluff [Member] | Stratus Properties Inc [Member] | ||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||
Capital contributions | $ 1,500 | |||||||||||||||||
Variable Interest Entity, Ownership Percentage | 50.00% | |||||||||||||||||
Preferred Return on Investment | 10.00% | |||||||||||||||||
Cumulative Earnings Allocation Percentage | 33.00% | 33.00% | ||||||||||||||||
Stump Fluff [Member] | Transmission Entertainment [Member] | ||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||
Liabilities Assumed | $ 200 | |||||||||||||||||
Variable Interest Entity, Ownership Percentage | 50.00% | |||||||||||||||||
Guapo Enterprises [Member] | Stratus Properties Inc [Member] | ||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||
Capital contributions | $ 300 | |||||||||||||||||
Variable Interest Entity, Ownership Percentage | 50.00% | |||||||||||||||||
Preferred Return on Investment | 10.00% | |||||||||||||||||
Cumulative Earnings Allocation Percentage | 33.00% | 33.00% | ||||||||||||||||
Guapo Enterprises [Member] | Pachanga Partners [Member] | ||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||||||
Variable Interest Entity, Ownership Percentage | 50.00% |
Debt (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2015 |
Aug. 31, 2015 |
Jul. 31, 2015 |
Jan. 31, 2015 |
Sep. 30, 2014 |
Jul. 31, 2014 |
Sep. 30, 2013
USD ($)
|
May. 31, 2011 |
Mar. 31, 2016 |
Jun. 30, 2014 |
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
a
|
Dec. 31, 2014
USD ($)
|
Jan. 31, 2016
USD ($)
|
Jan. 05, 2016
USD ($)
|
|||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | $ 263,114 | $ 196,477 | |||||||||||||||||
Net book value of real estate | 186,626 | 178,065 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 28,838 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 40,659 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 19,802 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 47,515 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 121,308 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,992 | ||||||||||||||||||
The Oaks at Lakeway [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Net book value of real estate | 64,700 | ||||||||||||||||||
Santal Multi-Family [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Net book value of real estate | 29,100 | ||||||||||||||||||
Barton Creek Village [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Net book value of real estate | 4,600 | ||||||||||||||||||
Magnolia [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Net book value of real estate | 4,200 | ||||||||||||||||||
Parkside Village and 5700 Slaughter [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Disposal Date | Jul. 02, 2015 | ||||||||||||||||||
Bank of America Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | $ 129,521 | [1] | $ 98,267 | ||||||||||||||||
Debt, Weighted Average Interest Rate | 2.65% | 2.66% | |||||||||||||||||
Debt Instrument, Issuance Date | Sep. 28, 2015 | Sep. 30, 2013 | |||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | $ 130,000 | |||||||||||||||||
Debt Instrument, Maturity Date | Sep. 29, 2016 | Sep. 28, 2020 | |||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR daily floating | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | [1] | $ 1,942 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | [1] | 2,042 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | [1] | 2,146 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | [1] | 2,256 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | [1] | 121,135 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | [1] | 0 | |||||||||||||||||
Comerica Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | $ 53,149 | [1] | $ 23,085 | ||||||||||||||||
Debt, Weighted Average Interest Rate | 6.00% | 6.00% | |||||||||||||||||
Debt Instrument, Issuance Date | Aug. 21, 2015 | ||||||||||||||||||
Debt Instrument, Maturity Date | Aug. 31, 2015 | Aug. 31, 2017 | |||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||||||||||||||
Minimum Stockholders Equity Required for Debt Compliance | $ 110,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 48,000 | $ 72,500 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 6.00% | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | [1] | $ 15,000 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | [1] | 38,149 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | [1] | 0 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | [1] | 0 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | [1] | 0 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | [1] | 0 | |||||||||||||||||
Comerica Credit Facility [Member] | Revolving Line of Credit Tranche [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | 33,100 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 45,000 | ||||||||||||||||||
Comerica Credit Facility [Member] | Letters of Credit Tranche [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 7,500 | ||||||||||||||||||
Comerica Credit Facility [Member] | Construction Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | 20,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 15,000 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 5,000 | ||||||||||||||||||
Lakeway Construction Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | $ 46,691 | $ 16,588 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 2.94% | 2.91% | |||||||||||||||||
Debt Instrument, Issuance Date | Sep. 29, 2014 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 62,900 | ||||||||||||||||||
Debt Instrument, Maturity Date | Sep. 29, 2019 | ||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||||||||
Debt Instrument, Effective Date of Loan Agreement Amendment | Nov. 07, 2014 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 315 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,284 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 45,092 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||||||||||
Lakeway Construction Loan [Member] | PlainsCapital Bank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Amount Committed by Third Party | 37,900 | ||||||||||||||||||
Lakeway Construction Loan [Member] | Southside Bank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Amount Committed by Third Party | 25,000 | ||||||||||||||||||
Santal Construction Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | $ 16,212 | $ 0 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 2.69% | ||||||||||||||||||
Debt Instrument, Issuance Date | Jan. 08, 2015 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 34,100 | ||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 08, 2018 | ||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR-based rate | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||||||
Number of Debt Maturity Extensions | 2 | ||||||||||||||||||
Debt Maturity Extension, Term | 12 months | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 16,212 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||||||||||
Diversified Real Asset Income Fund Term Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | $ 8,000 | $ 23,000 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 7.25% | 7.25% | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||||||||||||||
Minimum Stockholders Equity Required for Debt Compliance | $ 110,000 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 8,000 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||||||||||
Barton Creek Village Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | $ 5,791 | $ 5,932 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 4.19% | 4.19% | |||||||||||||||||
Debt Instrument, Issuance Date | Jun. 27, 2014 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 6,000 | ||||||||||||||||||
Debt Instrument, Maturity Date | Jun. 27, 2024 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.19% | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 146 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 153 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 160 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 167 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 173 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,992 | ||||||||||||||||||
Magnolia Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | $ 3,750 | $ 3,750 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 7.00% | 7.00% | |||||||||||||||||
Debt Instrument, Issuance Date | Sep. 15, 2014 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 3,800 | ||||||||||||||||||
Debt Instrument, Maturity Date | Oct. 01, 2016 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||||||||||||||||||
Area of Land | a | 142 | ||||||||||||||||||
Area of Land Sold | a | 18 | ||||||||||||||||||
Debt Instrument, Maturity Date Range, End | Oct. 01, 2017 | ||||||||||||||||||
Debt Instrument, Maturity Date, Extension Date, End | Jul. 01, 2016 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 3,750 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | ||||||||||||||||||
Parkside Village Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | 0 | $ 18,923 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 2.66% | ||||||||||||||||||
Debt Instrument, Issuance Date | May 17, 2011 | ||||||||||||||||||
United/Slaughter Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt | 0 | $ 6,932 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 4.50% | ||||||||||||||||||
Debt Instrument, Issuance Date | Jul. 18, 2014 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 7,000 | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 13,700 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 35,700 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 19,900 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 47,600 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2,700 | ||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 144,000 | ||||||||||||||||||
Subsequent Event [Member] | Goldman Sachs Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Issuance Date | Jan. 05, 2016 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% | ||||||||||||||||||
|
Income Taxes (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Deferred tax assets and liabilities: | ||||
Real estate, commercial leasing assets and facilities | $ 6,069,000 | $ 12,930,000 | $ 6,069,000 | |
Alternative minimum tax credits (no expiration) | 908,000 | 0 | 908,000 | |
Employee benefit accruals | 550,000 | 549,000 | 550,000 | |
Accrued liabilities | 164,000 | 73,000 | 164,000 | |
Deferred income | 3,137,000 | 1,349,000 | 3,137,000 | |
Charitable contribution carryforward | 519,000 | 0 | 519,000 | |
Other assets | 494,000 | 544,000 | 494,000 | |
Net operating loss credit carryforwards | 39,000 | 14,000 | 39,000 | |
Other liabilities | (121,000) | (130,000) | (121,000) | |
Deferred tax assets, net | 11,759,000 | 15,329,000 | 11,759,000 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 7,600,000 | |||
Current | (3,458,000) | (664,000) | $ (899,000) | |
Deferred | (2,118,000) | 11,358,000 | (30,000) | |
Benefit from (provision for) income taxes | (5,576,000) | 10,694,000 | (929,000) | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 1,700,000 | |||
Unrecognized Tax Benefits, Balance at January 1 | 1,160,000 | 854,000 | 562,000 | |
Unrecognized Tax Benefits, Additions for tax positions related to the current year | 0 | 221,000 | 274,000 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (55,000) | |||
Unrecognized Tax Benefits, Additions for tax positions related to prior years | 85,000 | 18,000 | ||
Unrecognized Tax Benefits, Balance at December 31 | 1,160,000 | 1,105,000 | 1,160,000 | 854,000 |
Increase in Unrecognized Tax Benefits is Reasonably Possible | 300,000 | |||
Income tax benefit computed at the federal statutory income tax rate | (6,983,000) | (2,612,000) | (2,388,000) | |
Change in valuation allowance | $ 12,100,000 | 0 | 12,096,000 | 1,395,000 |
Noncontrolling interests | 1,896,000 | 1,664,000 | 1,158,000 | |
State taxes and other, net | (489,000) | (454,000) | (1,094,000) | |
(Provision for) benefit from income taxes | $ (5,576,000) | $ 10,694,000 | $ (929,000) | |
Income tax benefit computed at the federal statutory income tax rate (percent) | (35.00%) | (35.00%) | (35.00%) | |
Change in valuation allowance (percent) | (0.00%) | 162.00% | 20.00% | |
Noncontrolling interests (percent) | 9.00% | 22.00% | 17.00% | |
State taxes and other, net (percent) | (2.00%) | (6.00%) | (16.00%) | |
Income tax provision (percent) | (28.00%) | 143.00% | (14.00%) | |
Income Taxes Paid | $ 2,000,000 | $ 500,000 | $ 500,000 | |
Proceeds from Income Tax Refunds | 0 | |||
Maximum [Member] | ||||
Deferred tax assets and liabilities: | ||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 100,000 | |||
Proceeds from Income Tax Refunds | $ 100,000 | $ 100,000 |
Stock-Based Compensation, Equity Transactions and Employee Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Cost [Line Items] | |||
Stock-based compensation | $ 528 | $ 480 | $ 338 |
Employee Stock Option [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Forfeiture Rate | 2.80% | ||
Stock-based compensation | $ 0 | 6 | 14 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Forfeiture Rate | 0.00% | ||
Stock-based compensation | $ 528 | $ 474 | $ 324 |
2013 Stock Incentive Plan [Member] [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 180,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 98,000 | ||
2010 Stock Incentive Plan [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 140,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,375 | ||
1996 Stock Option Plan [Member] | |||
Share-based Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,500 |
Stock-Based Compensation, Equity Transactions and Employee Benefits (Stock-based Compensation Rollforward) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Share-based Compensation Rollforward [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Restricted Stock Units Grant Date Fair Value | $ 600 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 600 | ||||
Employee Service Share Based Compensation Nonvested Restricted Stock Units Total Compensation Cost Not Yet Recognized | $ 1,100 | ||||
Compensation Cost Not Yet Recognized For Restricted Stock Units, Period For Recognition | 1 year 8 months | ||||
Shares Paid for Tax Withholding for Share Based Compensation | [1] | 11,562 | 10,917 | 8,132 | |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 0 | $ 65 | $ 91 | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 153 | $ 125 | $ 9 | ||
Employee Stock Option [Member] | |||||
Share-based Compensation Rollforward [Line Items] | |||||
Expiration period of options | 10 | ||||
Annual Vesting Percentage Of Options | 25.00% | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||||
Balance at January 1 | 43,125 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (13,125) | ||||
Balance at December 31 | 30,000 | 43,125 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 20.65 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 24.63 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 18.91 | $ 20.65 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 30,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 18.91 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 2 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 2 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 181 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 181 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 0 | ||||
Share Based Arrangements, Options Vested in Period | 0 | 2,500 | 3,750 | ||
Share Based Arrangements, Weighted-Average Grant Date Fair Value Of Options Vested | $ 6.63 | $ 5.91 | |||
Employee Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Rollforward [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 100 | $ 100 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Rollforward [Line Items] | |||||
Balance at January 1 | 113,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 43,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (41,875) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (4,500) | ||||
Balance at December 31 | 110,125 | 113,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 2,153 | ||||
|
Stock-Based Compensation, Equity Transactions and Employee Benefits (Share Purchase and Employee Benefits) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Nov. 30, 2013 |
Sep. 30, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Employee Benefits [Line Items] | |||||
Stock Repurchase Program Authorized amount (in shares) | 700,000 | ||||
Stock Repurchase Program, Authorized Shares | 1,700,000 | ||||
Stock Repurchased During Period, Shares | 0 | 39,960 | 81,990 | ||
Payments for Repurchase of Common Stock | $ 0 | $ (679) | $ (957) | ||
Treasury Stock Acquired, Average Cost Per Share | $ 17.00 | $ 11.68 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 991,695 | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 5.00% | ||||
Defined Contribution Plan, Cost Recognized | $ 400 | $ 400 | $ 400 | ||
Corporate [Member] | |||||
Other Employee Benefits [Line Items] | |||||
Defined Contribution Plan, Employer Safe Harbor Contribution, Percent | 3.00% | ||||
Entertainment [Member] | |||||
Other Employee Benefits [Line Items] | |||||
Defined Contribution Plan, Employer Safe Harbor Contribution, Percent | 4.00% |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Aug. 01, 2002 |
|
Long-term Purchase Commitment [Line Items] | ||||
Noncancellable construction contract commitments | $ 14.1 | |||
Letters of credit committed | 2.3 | |||
Noncancelable long-term leases expiration date | Dec. 31, 2035 | |||
Minimum annual rental income under long-term operating leases: [Abstract] | ||||
2016 | 4.5 | |||
2017 | 4.9 | |||
2018 | 4.7 | |||
2019 | 4.2 | |||
2020 | 4.1 | |||
Thereafter | 33.6 | |||
Minimum annual contractual payments under long-term operating leases: [Abstract] | ||||
2016 | 0.1 | |||
2017 | 0.1 | |||
Operating Leases, Rent Expense | 0.1 | $ 0.1 | $ 0.1 | |
Development Fee Credits, Amount Per Settlement Agreement | $ 15.0 | |||
Development Fee Credits, Amount Eligible For Sale Per Year | 1.5 | |||
Development Fee Credits, Cumulative Amount Permanently Used | 11.7 | |||
Development Fee Credits, Cumulative Amount Sold To Third Parties | 5.1 | |||
Development Fee Credits, Outstanding Credit Bank Capacity | 1.4 | |||
Development Fee Credits, Available Credit Bank Capacity | 1.9 | |||
Maximum [Member] | ||||
Minimum annual contractual payments under long-term operating leases: [Abstract] | ||||
2018 | 0.1 | |||
2019 | $ 0.1 |
Business Segments (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2015 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | $ 26,661 | $ 21,630 | $ 22,521 | $ 23,299 | $ 80,871 | $ 94,111 | $ 127,710 | ||||||||||||||||||||||||||||||||
Intersegment | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales, excluding depreciation | 59,068 | 68,965 | 99,204 | ||||||||||||||||||||||||||||||||||||||||
Depreciation | 8,743 | 8,977 | 9,053 | ||||||||||||||||||||||||||||||||||||||||
Litigation and insurance settlements | 0 | (2,082) | (1,785) | ||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 8,057 | 7,887 | 7,087 | ||||||||||||||||||||||||||||||||||||||||
Gain on sales of assets | (20,729) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 2,605 | [1] | 20,976 | [2] | 542 | 1,609 | 2,088 | $ 2,086 | [3],[4] | $ 2,842 | [4] | $ 3,348 | [4],[5] | 25,732 | [1],[2] | 10,364 | [3],[4],[5] | 14,151 | |||||||||||||||||||||||||
Income from discontinued operations, net of taxes | 0 | $ 0 | 0 | $ 3,218 | [6] | 3,218 | [6],[7] | 0 | 0 | ||||||||||||||||||||||||||||||||||
Capital expenditures | [8] | 81,415 | 61,732 | 18,981 | |||||||||||||||||||||||||||||||||||||||
Total assets | 432,627 | 402,687 | 432,627 | 402,687 | 346,943 | ||||||||||||||||||||||||||||||||||||||
Hotel [Member] | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | 41,346 | 42,354 | 39,234 | ||||||||||||||||||||||||||||||||||||||||
Intersegment | 305 | 506 | 310 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales, excluding depreciation | 30,789 | 30,753 | 29,483 | ||||||||||||||||||||||||||||||||||||||||
Depreciation | 5,797 | 5,851 | 6,033 | ||||||||||||||||||||||||||||||||||||||||
Litigation and insurance settlements | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 713 | 402 | 322 | ||||||||||||||||||||||||||||||||||||||||
Gain on sales of assets | 0 | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 4,352 | 5,854 | 3,706 | ||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of taxes | [7] | 0 | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | [8] | 1,023 | 704 | 759 | |||||||||||||||||||||||||||||||||||||||
Total assets | 109,562 | 111,671 | 109,562 | 111,671 | 115,510 | ||||||||||||||||||||||||||||||||||||||
Entertainment [Member] | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | 19,607 | 19,048 | 15,481 | ||||||||||||||||||||||||||||||||||||||||
Intersegment | 193 | 60 | 78 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales, excluding depreciation | 15,426 | 14,763 | 13,076 | ||||||||||||||||||||||||||||||||||||||||
Depreciation | 1,288 | 1,260 | 1,239 | ||||||||||||||||||||||||||||||||||||||||
Litigation and insurance settlements | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 257 | 148 | 125 | ||||||||||||||||||||||||||||||||||||||||
Gain on sales of assets | 0 | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 2,829 | 2,937 | 1,119 | ||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of taxes | [7] | 0 | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | [8] | 128 | 123 | 280 | |||||||||||||||||||||||||||||||||||||||
Total assets | 42,125 | 50,486 | 42,125 | 50,486 | 47,802 | ||||||||||||||||||||||||||||||||||||||
Real Estate Operations [Member] | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | [9] | 14,277 | 26,084 | 67,589 | |||||||||||||||||||||||||||||||||||||||
Intersegment | [9] | 66 | 97 | 72 | |||||||||||||||||||||||||||||||||||||||
Cost of sales, excluding depreciation | [9] | 10,426 | 20,743 | 54,180 | |||||||||||||||||||||||||||||||||||||||
Depreciation | [9] | 246 | 229 | 242 | |||||||||||||||||||||||||||||||||||||||
Litigation and insurance settlements | [9] | (2,082) | (1,785) | ||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | [9] | 5,949 | 6,105 | 6,024 | |||||||||||||||||||||||||||||||||||||||
Gain on sales of assets | [9] | 0 | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | [9] | (2,278) | 1,186 | 9,000 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of taxes | [7],[9] | 0 | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | [8],[9] | 26,237 | 54,928 | 16,595 | |||||||||||||||||||||||||||||||||||||||
Total assets | [9] | 207,394 | 183,856 | 207,394 | 183,856 | 140,890 | |||||||||||||||||||||||||||||||||||||
Commercial Leasing [Member] | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | [10] | 5,641 | 6,625 | 5,406 | |||||||||||||||||||||||||||||||||||||||
Intersegment | [10] | 538 | 503 | 517 | |||||||||||||||||||||||||||||||||||||||
Cost of sales, excluding depreciation | [10] | 2,838 | 3,236 | 2,755 | |||||||||||||||||||||||||||||||||||||||
Depreciation | [10] | 1,556 | 1,785 | 1,687 | |||||||||||||||||||||||||||||||||||||||
Litigation and insurance settlements | [10] | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | [10] | 1,783 | 1,869 | 1,204 | |||||||||||||||||||||||||||||||||||||||
Gain on sales of assets | [10] | (20,729) | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | [10] | 20,731 | 238 | 277 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of taxes | [7],[10] | 3,218 | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | [8],[10] | 54,027 | 5,977 | 1,347 | |||||||||||||||||||||||||||||||||||||||
Total assets | [10] | 62,234 | 50,510 | 62,234 | 50,510 | 48,617 | |||||||||||||||||||||||||||||||||||||
Eliminations and Other [Member] | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Unaffiliated customers | [11] | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Intersegment | [11] | (1,102) | (1,166) | (977) | |||||||||||||||||||||||||||||||||||||||
Cost of sales, excluding depreciation | [11] | (411) | (530) | (290) | |||||||||||||||||||||||||||||||||||||||
Depreciation | [11] | (144) | (148) | (148) | |||||||||||||||||||||||||||||||||||||||
Litigation and insurance settlements | [11] | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | [11] | (645) | (637) | (588) | |||||||||||||||||||||||||||||||||||||||
Gain on sales of assets | [11] | 0 | |||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | [11] | 98 | 149 | 49 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of taxes | [7],[11] | 0 | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | [8],[11] | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total assets | [11] | $ 11,312 | $ 6,164 | $ 11,312 | $ 6,164 | $ (5,876) | |||||||||||||||||||||||||||||||||||||
Parkside Village and 5700 Slaughter [Member] | |||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Disposal Date | Jul. 02, 2015 | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ 24,300 | ||||||||||||||||||||||||||||||||||||||||||
|
Asset Sales and Discontinued Operations (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
[2] |
Mar. 31, 2014
USD ($)
|
[2],[3] |
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
Jul. 02, 2015
ft²
|
||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Assets | $ 432,627 | $ 402,687 | $ 432,627 | $ 402,687 | $ 346,943 | |||||||||||||||||||||||||||||||||||
Liabilities | 295,953 | 227,601 | 295,953 | 227,601 | ||||||||||||||||||||||||||||||||||||
Payments to Acquire and Develop Real Estate | 26,237 | 54,928 | 16,595 | |||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Distributions to Noncontrolling Interest Holders | $ 12,100 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | 3,493 | [1] | $ 879 | $ 1,042 | 1,733 | $ 181 | $ 1,045 | $ 1,795 | 5,418 | [1] | 4,754 | [2],[3] | 3,309 | ||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 21,252 | 6,351 | 6,899 | |||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | 306 | [4] | 10,248 | [1] | (1,119) | 2,742 | [5] | $ 11,490 | [6] | $ 597 | [2],[7] | $ 219 | $ 1,097 | 12,177 | [1],[4],[5] | 13,403 | [2],[3],[6],[7] | 2,585 | ||||||||||||||||||||||
Income from discontinued operations, net of taxes | $ 0 | 0 | 0 | 3,218 | [5] | 3,218 | [5],[8] | 0 | 0 | |||||||||||||||||||||||||||||||
Parkside Village and 5700 Slaughter [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Assets | 24,300 | $ 24,300 | ||||||||||||||||||||||||||||||||||||||
Liabilities | 26,000 | 26,000 | ||||||||||||||||||||||||||||||||||||||
Disposal Date | Jul. 02, 2015 | |||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments | 17,000 | |||||||||||||||||||||||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 20,700 | 20,700 | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 3,900 | |||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (46) | 441 | 373 | |||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | (47) | $ 305 | $ 235 | |||||||||||||||||||||||||||||||||||||
7500 Rialto [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Guaranty of Debt Service | $ 5,000 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of taxes | 3,200 | 3,200 | ||||||||||||||||||||||||||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 5,000 | $ 5,000 | $ 5,100 | |||||||||||||||||||||||||||||||||||||
5700 Slaughter [Member] | Parkside Village and 5700 Slaughter [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Net Rentable Area | ft² | 25,698 | |||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 12,500 | |||||||||||||||||||||||||||||||||||||||
West Killeen Market [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Payments to Acquire and Develop Real Estate | 2,600 | |||||||||||||||||||||||||||||||||||||||
Parkside Village [Member] | Parkside Village and 5700 Slaughter [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Net Rentable Area | ft² | 90,184 | |||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 32,500 | |||||||||||||||||||||||||||||||||||||||
Parkside Village Loan [Member] | Parkside Village and 5700 Slaughter [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Long-term Debt | $ 26,000 | $ 26,000 | ||||||||||||||||||||||||||||||||||||||
LCHM Holdings, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Distributions to Noncontrolling Interest Holders | 3,200 | |||||||||||||||||||||||||||||||||||||||
Stratus Properties Inc [Member] | ||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Distributions to Noncontrolling Interest Holders | $ 9,400 | |||||||||||||||||||||||||||||||||||||||
|
Subsequent Events (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2015 |
Mar. 31, 2016 |
Jan. 31, 2016 |
Jan. 05, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
Subsequent Event [Line Items] | ||||||||||
Debt | $ 263,114 | $ 196,477 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 28,838 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 40,659 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 19,802 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 47,515 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 121,308 | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 4,992 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 13,700 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 35,700 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 19,900 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 47,600 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2,700 | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 144,000 | |||||||||
Goldman Sachs Loan [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt Instrument, Issuance Date | Jan. 05, 2016 | |||||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||||
Debt Instrument, Term | 10 years | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% | |||||||||
Comerica Credit Facility [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt Instrument, Issuance Date | Aug. 21, 2015 | |||||||||
Debt | 53,149 | [1] | $ 23,085 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | [1] | 15,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | [1] | 38,149 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | [1] | 0 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | [1] | 0 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | [1] | 0 | ||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | [1] | 0 | ||||||||
Construction Loan [Member] | Comerica Credit Facility [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt | 20,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 15,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 5,000 | |||||||||
|
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Jun. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Revenues | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | $ 26,661 | $ 21,630 | $ 22,521 | $ 23,299 | $ 80,871 | $ 94,111 | $ 127,710 | |||||||||||||||||||||||||||
Operating income | 2,605 | [1] | 20,976 | [2] | 542 | 1,609 | 2,088 | 2,086 | [3],[4] | 2,842 | [4] | 3,348 | [4],[5] | 25,732 | [1],[2] | 10,364 | [3],[4],[5] | 14,151 | ||||||||||||||||||||
Income from discontinued operations, net of taxes | 0 | 0 | 0 | 3,218 | [6] | 3,218 | [6],[7] | 0 | 0 | |||||||||||||||||||||||||||||
Net income | 310 | [1] | 13,741 | [2] | (240) | 3,784 | 13,223 | [8] | 778 | [3],[4] | 1,264 | [4] | 2,892 | [4],[5] | 17,595 | [1],[2] | 18,157 | [3],[4],[5],[8] | 5,894 | |||||||||||||||||||
Net income attributable to noncontrolling interests | 4 | 3,493 | [2] | 879 | 1,042 | 1,733 | 181 | 1,045 | [4] | 1,795 | [4],[5] | 5,418 | [2] | 4,754 | [4],[5] | 3,309 | ||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ 306 | [1] | $ 10,248 | [2] | $ (1,119) | $ 2,742 | [6] | $ 11,490 | [8] | $ 597 | [3],[4] | $ 219 | [4] | $ 1,097 | [4],[5] | $ 12,177 | [1],[2],[6] | $ 13,403 | [3],[4],[5],[8] | $ 2,585 | ||||||||||||||||||
Basic and diluted net income (loss) per share attributable to common stockholders | $ 0.04 | [1] | $ 1.27 | [2] | $ (0.14) | $ 0.34 | [6] | $ 1.51 | [1],[2],[6] | |||||||||||||||||||||||||||||
Basic net income per share attributable to common stockholders | $ 1.43 | [8] | $ 0.07 | [3],[4] | $ 0.03 | [4] | $ 0.14 | [4],[5] | 1.51 | $ 1.67 | [3],[4],[5],[8] | $ 0.32 | ||||||||||||||||||||||||||
Diluted net income per share attributable to common stockholders | $ 1.42 | [8] | $ 0.07 | [3],[4] | $ 0.03 | [4] | $ 0.14 | [4],[5] | $ 1.51 | $ 1.66 | [3],[4],[5],[8] | $ 0.32 | ||||||||||||||||||||||||||
Gain (Loss) on Undeveloped Property Sales | $ 600 | $ 600 | ||||||||||||||||||||||||||||||||||||
Gain (Loss) on Undeveloped Property Sales, Per Share | $ 0.08 | $ 0.08 | ||||||||||||||||||||||||||||||||||||
Insurance Recoveries | $ 100 | $ 500 | $ 600 | |||||||||||||||||||||||||||||||||||
Insurance Recoveries, Per Share | $ 0.07 | $ 0.07 | ||||||||||||||||||||||||||||||||||||
Building Repair Cost Reimbursement | $ (100) | $ 400 | $ 100 | $ 400 | $ 1,100 | |||||||||||||||||||||||||||||||||
Building Repair Cost Reimbursement, Per Share | $ 0.05 | $ 0.01 | $ 0.05 | |||||||||||||||||||||||||||||||||||
Litigation settlement | $ 1,500 | $ 1,500 | ||||||||||||||||||||||||||||||||||||
Litigation Settlement, Per Share | $ 0.19 | $ 0.19 | ||||||||||||||||||||||||||||||||||||
Gain (Loss) on Lease Termination | $ 300 | $ 300 | ||||||||||||||||||||||||||||||||||||
Gain (Loss) on Lease Termination, Per Share | $ 0.04 | $ 0.04 | ||||||||||||||||||||||||||||||||||||
Change in valuation allowance | $ 12,100 | $ 0 | $ 12,096 | 1,395 | ||||||||||||||||||||||||||||||||||
Change in Valuation Allowance, Per Share | $ 1.50 | $ 1.50 | ||||||||||||||||||||||||||||||||||||
Parkside Village and 5700 Slaughter [Member] | ||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 3,900 | |||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ (47) | $ 305 | $ 235 | |||||||||||||||||||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 20,700 | 20,700 | ||||||||||||||||||||||||||||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal, Net of Tax | $ 10,800 | $ 10,800 | ||||||||||||||||||||||||||||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal, Per Share | $ 1.34 | $ 1.34 | ||||||||||||||||||||||||||||||||||||
7500 Rialto [Member] | ||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of taxes | $ 3,200 | $ 3,200 | ||||||||||||||||||||||||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 5,000 | $ 5,000 | $ 5,100 | |||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $ 0.40 | $ 0.40 | ||||||||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Insurance Recoveries, Per Share | $ 0.01 | |||||||||||||||||||||||||||||||||||||
Building Repair Cost Reimbursement, Per Share | $ (0.01) | |||||||||||||||||||||||||||||||||||||
|
Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation (Details) |
12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
ft²
a
|
||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 72,863,000 | ||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 199,170,000 | ||||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 130,576,000 | ||||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 203,439,000 | ||||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 199,170,000 | ||||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | $ 370,983,000 | $ 325,967,000 | $ 349,120,000 | $ 402,609,000 | |||||||||||||||
Number of Lots/Units in Real Estate Property | 101 | ||||||||||||||||||
Land Under Development or Available For Development, Acres | a | 1,766 | ||||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 35,384,000 | 27,009,000 | 18,380,000 | $ 27,471,000 | |||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, Beginning of year | 370,983,000 | 325,967,000 | 349,120,000 | ||||||||||||||||
Real Estate, Improvements and other | 38,091,000 | 60,741,000 | 19,791,000 | ||||||||||||||||
Real Estate, Cost of real estate sold | (6,465,000) | (15,725,000) | (42,944,000) | ||||||||||||||||
Real Estate, Balance, End of year | 402,609,000 | 370,983,000 | 325,967,000 | ||||||||||||||||
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 402,600,000 | ||||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, Beginning of year | 35,384,000 | 27,009,000 | 18,380,000 | ||||||||||||||||
Real Estate Accumulated Depreciation, Retirement of assets | (16,656,000) | (602,000) | (424,000) | ||||||||||||||||
Real Estate Accumulated Depreciation, Depreciation expense | 8,743,000 | 8,977,000 | 9,053,000 | ||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | 27,471,000 | $ 35,384,000 | $ 27,009,000 | ||||||||||||||||
Lakeway [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Net Rentable Area | ft² | 231,436 | ||||||||||||||||||
Real Estate Held for Sale [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Number of Lots/Units in Real Estate Property | 99 | ||||||||||||||||||
Real Estate Held for Sale [Member] | Barton Creek [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [1] | $ 9,406,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [1] | 9,690,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [1] | 19,096,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [1] | 19,096,000 | $ 19,096,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [1] | 68 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [1] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [1] | Dec. 31, 1988 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [1] | $ 19,096,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [1] | 0 | |||||||||||||||||
Real Estate Held for Sale [Member] | Circle C [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [1] | 515,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [1] | 4,090,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [1] | 4,605,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [1] | 4,605,000 | $ 4,605,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [1] | 31 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [1] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [1] | Dec. 31, 1992 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [1] | $ 4,605,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [1] | 0 | |||||||||||||||||
Real Estate Held for Sale [Member] | W Austin Hotel & Residences [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [1] | 2,243,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [1] | 2,243,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [1] | 2,243,000 | $ 2,243,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [1] | 2 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [1] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [1] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [1] | Dec. 31, 2014 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [1] | $ 2,243,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [1] | 0 | |||||||||||||||||
Real Estate Under Development [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Land Under Development or Available For Development, Acres | a | 105 | ||||||||||||||||||
Real Estate Under Development [Member] | Barton Creek [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | $ 4,591,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3] | 90,172,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3] | 94,763,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3] | 94,763,000 | $ 94,763,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [3],[4] | 659 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3] | Dec. 31, 1988 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3] | $ 94,763,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3] | 0 | |||||||||||||||||
Real Estate Under Development [Member] | Lakeway [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | 22,552,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3] | 6,286,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3] | 28,838,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3] | 28,838,000 | $ 28,838,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3] | 87 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3] | Dec. 31, 2013 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3] | $ 28,838,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3] | 0 | |||||||||||||||||
Real Estate Under Development [Member] | Circle C [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | 753,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3] | 2,043,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3] | 2,796,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3] | 2,796,000 | $ 2,796,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3] | 200 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3] | Dec. 31, 1992 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3] | $ 2,796,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3] | 0 | |||||||||||||||||
Real Estate Under Development [Member] | Magnolia [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | 3,237,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3] | 973,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3] | 4,210,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3] | 4,210,000 | $ 4,210,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3] | 124 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3] | Dec. 31, 2014 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3] | $ 4,210,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3] | 0 | |||||||||||||||||
Real Estate Under Development [Member] | Lantana [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | 255,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3] | 5,113,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3] | 5,368,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3] | 5,368,000 | $ 5,368,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3] | 36 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3] | Dec. 31, 1994 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3] | $ 5,368,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3] | 0 | |||||||||||||||||
Real Estate Under Development [Member] | West Killeen Market [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | 2,583,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3] | 613,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3] | 3,196,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3] | 3,196,000 | $ 3,196,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3] | 9 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3] | Dec. 31, 2015 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3] | $ 3,196,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3] | 0 | |||||||||||||||||
Land Available for Development [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Land Under Development or Available For Development, Acres | a | 1,661 | ||||||||||||||||||
Land Available for Development [Member] | Camino Real [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [3],[4] | $ 16,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Impairments | [3],[4] | (16,000) | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [3],[4] | 0 | $ 0 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [3],[4] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [3],[4] | 2 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [3],[4] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [3],[4] | Dec. 31, 1990 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [3],[4] | $ 0 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [3],[4] | 0 | |||||||||||||||||
Land Available for Development [Member] | Barton Creek [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [3],[4] | 7,924,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [3],[4] | 8,828,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [3],[4] | 16,752,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [3],[4] | 16,752,000 | $ 16,752,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [3],[4] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [3],[4] | 577 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [3],[4] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [3],[4] | Dec. 31, 1988 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [3],[4] | $ 16,752,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [3],[4] | 0 | |||||||||||||||||
Land Available for Development [Member] | Circle C [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [3],[4] | 2,704,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [3],[4] | 2,488,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [3],[4] | 5,192,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [3],[4] | 5,192,000 | $ 5,192,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [3],[4] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3] | 52 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [3],[4] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [3],[4] | Dec. 31, 1992 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [3],[4] | $ 5,192,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [3],[4] | 0 | |||||||||||||||||
Land Available for Development [Member] | Flores Street [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [3],[4] | 1,000,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [3],[4] | 42,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [3],[4] | 1,042,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [3],[4] | 1,042,000 | $ 1,042,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [3],[4] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [3],[4] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [3],[4] | Dec. 31, 2015 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [3],[4] | $ 1,042,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [3],[4] | 0 | |||||||||||||||||
Land Available for Development [Member] | Lantana [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [3],[4] | 157,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [3],[4] | 254,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [3],[4] | 411,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [3],[4] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [3],[4] | 411,000 | $ 411,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [3],[4] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [3],[4] | 20 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [3],[4] | $ 0 | $ 0 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [3],[4] | Dec. 31, 1994 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [3],[4] | $ 411,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [3],[4] | 0 | |||||||||||||||||
Real Estate Held for Investment [Member] | Lakeway [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3],[5] | 9,040,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3],[5] | 26,970,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3],[5] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3],[5] | 9,040,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3],[5] | 26,970,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3],[5] | 36,010,000 | $ 36,010,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3],[5] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3],[5] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3],[5] | $ 145,000 | $ 145,000 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3],[5] | Dec. 31, 2013 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3],[5] | $ 36,010,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3],[5] | 145,000 | |||||||||||||||||
Real Estate Held for Investment [Member] | W Austin Hotel & Residences [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3],[6] | 8,075,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3],[6] | 162,561,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3],[6] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3],[6] | 8,075,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3],[6] | 162,561,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3],[6] | 170,636,000 | $ 170,636,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3],[6] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3],[6] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3],[6] | $ 25,141,000 | $ 25,141,000 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3],[6] | Dec. 31, 2006 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3],[6] | $ 170,636,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3],[6] | 25,141,000 | |||||||||||||||||
Real Estate Held for Investment [Member] | Barton Creek Village [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3],[7] | 55,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3],[7] | 6,065,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3],[7] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3],[7] | 55,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3],[7] | 6,065,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3],[7] | 6,120,000 | $ 6,120,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3],[7] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3],[7] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3],[7] | $ 1,511,000 | $ 1,511,000 | ||||||||||||||||
Real Estate and Accumulated Depreciation, Date Acquired | [2],[3],[7] | Dec. 31, 2007 | |||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3],[7] | $ 6,120,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3],[7] | 1,511,000 | |||||||||||||||||
Real Estate Held for Investment [Member] | Corporate [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [2],[3] | 1,331,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [2],[3] | 1,331,000 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | [2],[3] | 1,331,000 | $ 1,331,000 | ||||||||||||||||
Number of Lots/Units in Real Estate Property | [2],[3] | 0 | |||||||||||||||||
Land Under Development or Available For Development, Acres | a | [2],[3] | 0 | |||||||||||||||||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | [2],[3] | 674,000 | $ 674,000 | ||||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||||||
Real Estate, Balance, End of year | [2],[3] | 1,331,000 | |||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Real Estate Accumulated Depreciation, Balance, End of year | [2],[3] | $ 674,000 | |||||||||||||||||
Retail Space [Member] | W Austin Hotel & Residences [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Net Rentable Area | ft² | 18,327 | ||||||||||||||||||
Retail Space [Member] | Barton Creek Village [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Net Rentable Area | ft² | 22,366 | ||||||||||||||||||
Bank Building [Member] | Barton Creek Village [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Net Rentable Area | ft² | 3,085 | ||||||||||||||||||
Hotel [Member] | |||||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Life Used for Depreciation | 35 years | ||||||||||||||||||
Hotel [Member] | W Austin Hotel & Residences [Member] | |||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||||||||
Number of Hotel Rooms | 251 | ||||||||||||||||||
Minimum [Member] | |||||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Life Used for Depreciation | 30 years | ||||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||||||
Life Used for Depreciation | 40 years | ||||||||||||||||||
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