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, 2016 | ||
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 |
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 | 297 | 38 | — | 38 | 512 | 289 | 398 | 1,199 | 1,237 | |||||||||||||||||
Circle C | 12 | — | — | — | — | 36 | 216 | 252 | 252 | |||||||||||||||||
Lantana | — | — | — | — | — | — | 56 | 56 | 56 | |||||||||||||||||
W Austin Residences | 2 | — | — | — | — | — | — | — | — | |||||||||||||||||
The Oaks at Lakewaya | — | — | 52 | 52 | 35 | — | — | 35 | 87 | |||||||||||||||||
Magnolia | — | — | — | — | — | — | 124 | 124 | 124 | |||||||||||||||||
West Killeen Market | — | — | 9 | 9 | — | — | — | — | 9 | |||||||||||||||||
San Antonio: | ||||||||||||||||||||||||||
Camino Real | — | — | — | — | — | — | 2 | 2 | 2 | |||||||||||||||||
Total | 311 | 38 | 61 | 99 | 547 | 325 | 796 | 1,668 | 1,767 |
Single Family | Multi-family | Commercial | ||||||
(lots) | (units) | (gross square feet) | ||||||
Barton Creek | 156 | 1,814 | 1,604,081 | |||||
Lantana | — | — | 485,000 | |||||
Circle C | — | 296 | 692,857 | |||||
Magnolia | — | — | 351,000 | |||||
West Killeen Market | — | — | 44,000 | |||||
The Oaks at Lakeway | — | — | 19,003 | |||||
Flores Street | — | 6 | — | |||||
Total | 156 | 2,116 | 3,195,941 |
• | 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. |
• | 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 related to 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 | 52 | Chairman of the Board, President and Chief Executive Officer | ||
Erin D. Pickens | 55 | Senior Vice President and Chief Financial Officer |
December 31, | |||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||||
Stratus Properties Inc. | $ | 100 | $ | 109 | $ | 219 | $ | 177 | $ | 261 | $ | 419 | |||||||||||
S&P 500 Stock Index | 100 | 116 | 154 | 175 | 177 | 198 | |||||||||||||||||
Dow Jones U.S. Real Estate Index | 100 | 119 | 121 | 154 | 157 | 169 | |||||||||||||||||
Custom Peer Group | 100 | 148 | 194 | 193 | 170 | 185 |
2016 | 2015 | ||||||||||||||
High | Low | High | Low | ||||||||||||
First Quarter | $ | 25.05 | $ | 18.45 | $ | 13.95 | $ | 11.01 | |||||||
Second Quarter | 24.24 | 15.75 | 15.11 | 12.56 | |||||||||||
Third Quarter | 25.50 | 17.11 | 16.50 | 13.60 | |||||||||||
Fourth Quarter | 36.06 | 23.17 | 20.98 | 14.91 |
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, 2016 | — | $ | — | — | 991,695 | ||||||||
November 1 to 30, 2016 | — | — | — | 991,695 | |||||||||
December 1 to 31, 2016 | — | — | — | 991,695 | |||||||||
Total | — | $ | — | — | 991,695 |
a. | In November 2013, the Board 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. |
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(In Thousands, Except Per Share Amounts) | ||||||||||||||||||||
Years Ended December 31: | ||||||||||||||||||||
Revenues | $ | 80,341 | $ | 80,871 | $ | 94,111 | $ | 127,710 | $ | 115,737 | ||||||||||
Operating income | 1,177 | 25,732 | a,b | 10,364 | c,d | 14,151 | b,d | 2,781 | ||||||||||||
Equity in unconsolidated affiliates' income (loss) | 51 | (1,299 | ) | 1,112 | (76 | ) | (29 | ) | ||||||||||||
(Loss) income from continuing operations, net of taxes | (5,999 | ) | e | 14,377 | a,b | 18,157 | c,d,f | 5,894 | b,d | (9,118 | ) | |||||||||
Income from discontinued operations, net of taxes | — | 3,218 | g | — | — | 4,805 | g | |||||||||||||
Net (loss) income | (5,999 | ) | e | 17,595 | a,b | 18,157 | c,d,f | 5,894 | b,d | (4,313 | ) | |||||||||
Net (loss) income attributable to common stockholders | (5,999 | ) | e | 12,177 | a,b | 13,403 | c,d,f | 2,585 | b,d | (1,586 | ) | |||||||||
Basic net (loss) income per share: | ||||||||||||||||||||
Continuing operations | $ | (0.74 | ) | $ | 1.11 | $ | 1.67 | $ | 0.32 | $ | (0.80 | ) | ||||||||
Discontinued operations | — | 0.40 | — | — | 0.60 | |||||||||||||||
Basic net (loss) income per share | $ | (0.74 | ) | $ | 1.51 | $ | 1.67 | $ | 0.32 | $ | (0.20 | ) | ||||||||
Diluted net (loss) income per share: | ||||||||||||||||||||
Continuing operations | $ | (0.74 | ) | $ | 1.11 | a,b | $ | 1.66 | c,d,f | $ | 0.32 | b,d | $ | (0.80 | ) | |||||
Discontinued operations | — | 0.40 | g | — | — | 0.60 | g | |||||||||||||
Diluted net (loss) income per share | $ | (0.74 | ) | $ | 1.51 | a,b | $ | 1.66 | c,d,f | $ | 0.32 | b,d | $ | (0.20 | ) | |||||
Average shares outstanding: | ||||||||||||||||||||
Basic | 8,089 | 8,058 | 8,037 | 8,077 | 7,966 | |||||||||||||||
Diluted | 8,089 | 8,091 | 8,078 | 8,111 | 7,966 | |||||||||||||||
At December 31: | ||||||||||||||||||||
Real estate held for sale | $ | 21,236 | $ | 25,944 | $ | 12,245 | $ | 18,133 | $ | 60,244 | ||||||||||
Real estate held for investment, net | 239,719 | 186,626 | 178,065 | 182,530 | 189,331 | |||||||||||||||
Real estate under development | 111,373 | 139,171 | 123,921 | 76,891 | 31,596 | |||||||||||||||
Land available for development | 19,153 | 23,397 | 21,368 | 21,404 | 49,569 | |||||||||||||||
Total assets | 452,175 | 430,105 | 400,117 | 344,498 | 377,697 | |||||||||||||||
Debt | 291,102 | 260,592 | 193,907 | 148,887 | 135,604 | |||||||||||||||
Stockholders' equity | 130,951 | 136,599 | 136,443 | 123,621 | 121,687 | |||||||||||||||
Noncontrolling interests in subsidiaries | 75 | 75 | 38,643 | 45,695 | 87,208 |
a. | Includes a gain of $20.7 million ($10.8 million to net income attributable to common stockholders or $1.34 per share) associated with the sales of Parkside Village and 5700 Slaughter. |
b. | Includes a gain of $0.6 million ($0.4 million to net income attributable to common stockholders or $0.05 per share) in 2015 associated with the sale of a tract of undeveloped land and $2.1 million ($2.1 million to net income attributable to common stockholders or $0.26 per share) in 2013 associated with undeveloped land sales. |
c. | Includes a gain of $1.5 million ($1.0 million to net income attributable to common stockholders or $0.12 per share) associated with a litigation settlement. Also includes lease termination charges of $0.3 million ($0.2 million to net income attributable to common stockholders or $0.02 per share) recorded by the commercial leasing segment. |
d. | Includes income of $0.6 million ($0.4 million to net income attributable to common stockholders or $0.05 per share) in 2014 and $1.8 million ($1.8 million to net income attributable to common stockholders or $0.22 per share) in 2013 related to insurance settlements, and $0.4 million ($0.3 million to net income attributable to common stockholders or $0.03 per share) in 2014 and $1.1 million ($1.1 million to net income attributable to common stockholders or $0.13 per share) in 2013, for the recovery of building repair costs. |
e. | Includes a loss on early extinguishment of debt totaling $0.8 million ($0.5 million to net loss attributable to common stockholders or $0.06 per share) associated with prepayment of the Bank of America loan (see Note 7). |
f. | 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. |
g. | Includes the results of 7500 Rialto Boulevard, which was sold in February 2012, including a gain on the sale of $5.1 million ($5.1 million to net income attributable to common stockholders or $0.65 per share) in 2012 and recognition of a previously deferred gain of $5.0 million ($3.2 million to net income attributable to common stockholders 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 | 297 | 38 | — | 38 | 512 | 289 | 398 | 1,199 | 1,237 | |||||||||||||||||
Circle C | 12 | — | — | — | — | 36 | 216 | 252 | 252 | |||||||||||||||||
Lantana | — | — | — | — | — | — | 56 | 56 | 56 | |||||||||||||||||
W Austin Residences | 2 | — | — | — | — | — | — | — | — | |||||||||||||||||
The Oaks at Lakewaya | — | — | 52 | 52 | 35 | — | — | 35 | 87 | |||||||||||||||||
Magnolia | — | — | — | — | — | — | 124 | 124 | 124 | |||||||||||||||||
West Killeen Market | — | — | 9 | 9 | — | — | — | — | 9 | |||||||||||||||||
San Antonio: | ||||||||||||||||||||||||||
Camino Real | — | — | — | — | — | — | 2 | 2 | 2 | |||||||||||||||||
Total | 311 | 38 | 61 | 99 | 547 | 325 | 796 | 1,668 | 1,767 |
Vacancy Rates | |||||||
Building Type | 2016 | 2015 | |||||
Office Buildings (Class A) | 9 | % | a | 10 | % | a | |
Multi-Family Buildings | 4 | % | b | 4 | % | b | |
Retail Buildings | 4 | % | 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 | 13 | — | — | 13 | |||||||
Phase III lots | 48 | — | — | 48 | |||||||
Amarra Villas | — | 20 | 170 | 190 | |||||||
Section N: | |||||||||||
Santal multi-family Phase I | 236 | — | — | 236 | |||||||
Santal multi-family Phase II | — | — | 212 | 212 | |||||||
Other Section N | — | — | 1,412 | 1,412 | |||||||
Other Barton Creek sections | — | — | 156 | 156 | |||||||
Circle C: | |||||||||||
Meridian | 12 | — | — | 12 | |||||||
The St. Mary | — | — | 240 | 240 | |||||||
Tract 102 multi-family | — | — | 56 | 56 | |||||||
Flores Street | — | — | 6 | 6 | |||||||
W Austin Residences: | |||||||||||
Condominium units | 2 | — | — | 2 | |||||||
Total Residential Lots/Units | 311 | 20 | 2,252 | 2,583 |
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 | 217,736 | 19,003 | — | 236,739 | |||||||
Magnolia | — | — | 351,000 | 351,000 | |||||||
West Killeen Market | — | 44,000 | — | 44,000 | |||||||
Total Square Feet | 299,830 | 63,003 | 3,132,938 | 3,495,771 |
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. |
2016 | 2015 | 2014 | |||||||||
Operating income (loss): | |||||||||||
Hotel | $ | 8,058 | $ | 5,065 | $ | 6,256 | |||||
Entertainment | 2,546 | 3,086 | 3,085 | ||||||||
Real estate operations | 824 | 3,671 | 7,291 | ||||||||
Commercial leasing | 2,369 | 22,514 | a | 2,107 | |||||||
Corporate, eliminations and other | (12,620 | ) | (8,604 | ) | (8,375 | ) | |||||
Operating income | $ | 1,177 | $ | 25,732 | $ | 10,364 | |||||
Interest expense, net | $ | (9,408 | ) | $ | (4,065 | ) | $ | (3,751 | ) | ||
Income from discontinued operations, net of taxes | $ | — | $ | 3,218 | $ | — | |||||
Net (loss) income | $ | (5,999 | ) | $ | 17,595 | $ | 18,157 | ||||
Net income attributable to noncontrolling interests in subsidiariesb | $ | — | $ | (5,418 | ) | $ | (4,754 | ) | |||
Net (loss) income attributable to common stockholders | $ | (5,999 | ) | $ | 12,177 | $ | 13,403 |
a. | Includes a gain of $20.7 million on the sales of our Parkside Village and 5700 Slaughter commercial developments. |
b. | Primarily relates to Canyon-Johnson's share in the Block 21 Joint Venture, which we acquired in 2015. |
2016 | 2015 | 2014 | |||||||||
Hotel revenue | $ | 40,727 | $ | 41,651 | $ | 42,860 | |||||
Hotel cost of sales, excluding depreciation | 29,248 | 30,789 | 30,753 | ||||||||
Depreciation | 3,421 | 5,797 | 5,851 | ||||||||
Operating income | $ | 8,058 | $ | 5,065 | $ | 6,256 |
2016 | 2015 | 2014 | |||||||||
Entertainment revenue | $ | 19,705 | $ | 19,800 | $ | 19,108 | |||||
Entertainment cost of sales, excluding depreciation | 15,698 | 15,426 | 14,763 | ||||||||
Depreciation | 1,461 | 1,288 | 1,260 | ||||||||
Operating income | $ | 2,546 | $ | 3,086 | $ | 3,085 |
2016 | 2015 | 2014 | |||||||||
Events: | |||||||||||
Events hosted | 223 | 210 | 207 | ||||||||
Estimated attendance | 237,000 | 245,000 | 231,200 | ||||||||
Ancillary net revenue per attendee | $ | 46.21 | $ | 44.89 | $ | 41.91 | |||||
Ticketing: | |||||||||||
Number of tickets sold | 175,023 | 168,506 | 166,603 | ||||||||
Gross value of tickets sold (in thousands) | $ | 9,679 | $ | 11,191 | $ | 10,270 |
2016 | 2015 | 2014 | |||||||||
Revenues: | |||||||||||
Developed property sales | $ | 10,223 | $ | 12,320 | $ | 25,674 | |||||
Undeveloped property sales | 73 | 1,175 | — | ||||||||
Commissions and other | 454 | 848 | 507 | ||||||||
Total revenues | 10,750 | 14,343 | 26,181 | ||||||||
Cost of sales, including depreciation | 9,926 | 10,672 | 20,972 | ||||||||
Litigation and insurance settlements | — | — | (2,082 | ) | |||||||
Operating income | $ | 824 | $ | 3,671 | $ | 7,291 |
2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||
Amarra Drive: | ||||||||||||||||||||||||||||||||
Phase II lots | 1 | 550 | 190 | — | — | — | 16 | 8,216 | 194 | |||||||||||||||||||||||
Phase III lots | 6 | 4,408 | 338 | 10 | 6,955 | 334 | — | — | — | |||||||||||||||||||||||
Circle C | ||||||||||||||||||||||||||||||||
Meridian | 19 | 5,265 | 156 | 19 | 5,365 | 160 | 7 | 2,007 | 160 | |||||||||||||||||||||||
W Austin Residences: | ||||||||||||||||||||||||||||||||
Condominium units | — | — | — | — | — | — | 7 | 11,928 | 1,517 | |||||||||||||||||||||||
Total Residential | 26 | $ | 10,223 | 29 | $ | 12,320 | 39 | $ | 25,674 |
2016 | 2015a | 2014 | ||||||||||
Rental revenue | $ | 10,449 | $ | 6,179 | $ | 7,128 | ||||||
Rental cost of sales, excluding depreciation | 4,936 | 2,838 | 3,236 | b | ||||||||
Depreciation | 3,144 | 1,556 | 1,785 | |||||||||
Gain on sales of assets | — | (20,729 | ) | — | ||||||||
Operating income | $ | 2,369 | $ | 22,514 | $ | 2,107 |
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. |
• | $148.3 million outstanding under the non-recourse Goldman Sachs loan for the refinance of the W Austin Hotel & Residences in January 2016. |
• | $58.5 million outstanding under the construction loan to fund the construction, development and leasing of The Oaks at Lakeway in Lakeway, Texas (the Lakeway Construction loan). This loan was repaid in February 2017 with proceeds from the sale of The Oaks at Lakeway. |
• | $46.5 million outstanding under the $52.5 million Comerica credit facility, which is comprised of a $45.0 million revolving line of credit, with no availability at December 31, 2016; and a $7.5 million letters of credit |
• | $30.5 million outstanding under the construction loan to fund the development and construction of the first phase of the Santal multi-family development in Section N of Barton Creek (the Santal Construction loan). |
• | $5.6 million outstanding under the term loan with PlainsCapital Bank secured by assets at Barton Creek Village (the Barton Creek Village term loan). A $2.1 million paydown was made on this loan in February 2017, in connection with the sale of the bank building and the Barton Creek Village Phase II land, a 4.1 acre tract of land adjacent to Barton Creek Village (see Note 13). |
• | $3.9 million outstanding under the stand-alone revolving credit facility with Comerica Bank to fund the construction and development of the Amarra Villas (the Amarra Villas credit facility). |
2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | |||||||||||||||||||||
Goldman Sachs loan | $ | 2,095 | $ | 2,215 | $ | 2,342 | $ | 2,477 | $ | 2,618 | $ | 136,550 | $ | 148,297 | |||||||||||||
Lakeway construction loan | 374 | 1,526 | 56,569 | — | — | — | 58,469 | ||||||||||||||||||||
Comerica credit facility | 46,547 | — | — | — | — | — | 46,547 | ||||||||||||||||||||
Santal construction loan | — | 30,455 | — | — | — | — | 30,455 | ||||||||||||||||||||
Barton Creek Village term loan | 153 | 160 | 167 | 173 | 182 | 4,810 | 5,645 | ||||||||||||||||||||
Amarra Villas credit facility | — | — | 3,935 | — | — | — | 3,935 | ||||||||||||||||||||
Total debt maturities | $ | 49,169 | $ | 34,356 | $ | 63,013 | $ | 2,650 | $ | 2,800 | $ | 141,360 | $ | 293,348 | |||||||||||||
Lakeway construction loan | (374 | ) | (1,526 | ) | (56,569 | ) | — | — | — | (58,469 | ) | ||||||||||||||||
Comerica credit facility | (46,547 | ) | — | — | — | — | — | (46,547 | ) | ||||||||||||||||||
Pro forma debt maturities | $ | 2,248 | $ | 32,830 | $ | 6,444 | $ | 2,650 | $ | 2,800 | $ | 141,360 | $ | 188,332 |
Total | 2017 | 2018-2019 | 2020-2021 | Thereafter | ||||||||||||||||
Scheduled interest payment obligationsa | $ | 17,058 | $ | 5,690 | $ | 5,290 | $ | 2,128 | $ | 3,950 | ||||||||||
Construction contracts | 7,087 | 7,087 | — | — | — | |||||||||||||||
Operating lease obligations | 237 | 126 | 111 | — | — | |||||||||||||||
Total | $ | 24,382 | $ | 12,903 | $ | 5,401 | $ | 2,128 | $ | 3,950 | ||||||||||
Interest obligations under Lakeway construction loan | (4,584 | ) | (1,719 | ) | (2,865 | ) | — | — | ||||||||||||
Interest obligations under Comerica credit facility | (1,862 | ) | (1,862 | ) | — | — | — | |||||||||||||
Pro forma contractual obligations | $ | 17,936 | $ | 9,322 | $ | 2,536 | $ | 2,128 | $ | 3,950 |
a. | Scheduled interest payments were calculated using stated coupon rates for fixed-rate debt and interest rates applicable at December 31, 2016, 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, | |||||||
2016 | 2015 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 13,597 | $ | 17,036 | |||
Restricted cash | 11,892 | 8,731 | |||||
Real estate held for sale | 21,236 | 25,944 | |||||
Real estate under development | 111,373 | 139,171 | |||||
Land available for development | 19,153 | 23,397 | |||||
Real estate held for investment, net | 239,719 | 186,626 | |||||
Deferred tax assets | 17,223 | 15,329 | |||||
Other assets | 17,982 | 13,871 | |||||
Total assets | $ | 452,175 | $ | 430,105 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Accounts payable | $ | 6,734 | $ | 14,182 | |||
Accrued liabilities, including taxes | 13,240 | 10,356 | |||||
Debt | 291,102 | 260,592 | |||||
Other liabilities | 10,073 | 8,301 | |||||
Total liabilities | 321,149 | 293,431 | |||||
Commitments and contingencies (Notes 7,10 and 12) | |||||||
Equity: | |||||||
Stockholders’ equity: | |||||||
Common stock, par value of $0.01 per share, 150,000 shares authorized, | |||||||
9,203 and 9,160 shares issued, respectively and | |||||||
8,098 and 8,067 shares outstanding, respectively | 92 | 91 | |||||
Capital in excess of par value of common stock | 192,762 | 192,122 | |||||
Accumulated deficit | (41,143 | ) | (35,144 | ) | |||
Common stock held in treasury, 1,105 shares and 1,093 shares | |||||||
at cost, respectively | (20,760 | ) | (20,470 | ) | |||
Total stockholders’ equity | 130,951 | 136,599 | |||||
Noncontrolling interests in subsidiaries | 75 | 75 | |||||
Total equity | 131,026 | 136,674 | |||||
Total liabilities and equity | $ | 452,175 | $ | 430,105 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenues: | |||||||||||
Hotel | $ | 40,418 | $ | 41,346 | $ | 42,354 | |||||
Entertainment | 19,522 | 19,607 | 19,048 | ||||||||
Real estate operations | 10,719 | 14,277 | 26,084 | ||||||||
Commercial leasing | 9,682 | 5,641 | 6,625 | ||||||||
Total revenues | 80,341 | 80,871 | 94,111 | ||||||||
Cost of sales: | |||||||||||
Hotel | 29,090 | 30,702 | 30,746 | ||||||||
Entertainment | 15,223 | 15,169 | 14,431 | ||||||||
Real estate operations | 9,702 | 10,425 | 20,650 | ||||||||
Commercial leasing | 4,903 | 2,772 | 3,138 | ||||||||
Depreciation | 8,082 | 8,743 | 8,977 | ||||||||
Total cost of sales | 67,000 | 67,811 | 77,942 | ||||||||
General and administrative expenses | 12,164 | 8,057 | 7,887 | ||||||||
Gain on sales of assets | — | (20,729 | ) | — | |||||||
Litigation and insurance settlements | — | — | (2,082 | ) | |||||||
Total | 79,164 | 55,139 | 83,747 | ||||||||
Operating income | 1,177 | 25,732 | 10,364 | ||||||||
Interest expense, net | (9,408 | ) | (4,065 | ) | (3,751 | ) | |||||
Gain (loss) on interest rate derivative instruments | 218 | (724 | ) | (272 | ) | ||||||
Loss on early extinguishment of debt | (837 | ) | — | (19 | ) | ||||||
Other income, net | 21 | 309 | 29 | ||||||||
(Loss) income before income taxes and equity in unconsolidated affiliates' income (loss) | (8,829 | ) | 21,252 | 6,351 | |||||||
Equity in unconsolidated affiliates' income (loss) | 51 | (1,299 | ) | 1,112 | |||||||
Benefit from (provision for) income taxes | 2,779 | (5,576 | ) | 10,694 | |||||||
(Loss) income from continuing operations | (5,999 | ) | 14,377 | 18,157 | |||||||
Income from discontinued operations, net of taxes | — | 3,218 | — | ||||||||
Net (loss) income | (5,999 | ) | 17,595 | 18,157 | |||||||
Net income attributable to noncontrolling interests in subsidiaries | — | (5,418 | ) | (4,754 | ) | ||||||
Net (loss) income attributable to common stockholders | $ | (5,999 | ) | $ | 12,177 | $ | 13,403 | ||||
Basic net (loss) income per share attributable to common stockholders: | |||||||||||
Continuing operations | $ | (0.74 | ) | $ | 1.11 | $ | 1.67 | ||||
Discontinued operations | — | 0.40 | — | ||||||||
Basic net (loss) income per share attributable to common stockholders | $ | (0.74 | ) | $ | 1.51 | $ | 1.67 | ||||
Diluted net (loss) income per share attributable to common stockholders: | |||||||||||
Continuing operations | $ | (0.74 | ) | $ | 1.11 | $ | 1.66 | ||||
Discontinued operations | — | 0.40 | — | ||||||||
Diluted net (loss) income per share attributable to common stockholders | $ | (0.74 | ) | $ | 1.51 | $ | 1.66 | ||||
Weighted-average shares of common stock outstanding: | |||||||||||
Basic | 8,089 | 8,058 | 8,037 | ||||||||
Diluted | 8,089 | 8,091 | 8,078 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net (loss) income | $ | (5,999 | ) | $ | 17,595 | $ | 18,157 | ||||
Other comprehensive income (loss), net of taxes: | |||||||||||
Income (loss) on interest rate swap agreement | — | 458 | (427 | ) | |||||||
Other comprehensive income (loss) | — | 458 | (427 | ) | |||||||
Total comprehensive (loss) income | (5,999 | ) | 18,053 | 17,730 | |||||||
Total comprehensive income attributable to noncontrolling interests | — | (5,597 | ) | (4,584 | ) | ||||||
Total comprehensive (loss) income attributable to common stockholders | $ | (5,999 | ) | $ | 12,456 | $ | 13,146 | ||||
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Cash flow from operating activities: | ||||||||||||
Net (loss) income | $ | (5,999 | ) | $ | 17,595 | $ | 18,157 | |||||
Adjustments to reconcile net (loss) income to net cash used in | ||||||||||||
operating activities: | ||||||||||||
Depreciation | 8,082 | 8,743 | 8,977 | |||||||||
Cost of real estate sold | 4,899 | 6,465 | 15,725 | |||||||||
Gain on sale of 7500 Rialto, net of tax | — | (3,218 | ) | — | ||||||||
Gain on sales of assets | — | (20,729 | ) | — | ||||||||
(Gain) loss on interest rate derivative contracts | (218 | ) | 724 | 272 | ||||||||
Loss on early extinguishment of debt | 837 | — | 19 | |||||||||
Debt issuance cost amortization and stock-based compensation | 1,681 | 1,436 | 1,194 | |||||||||
Equity in unconsolidated affiliates' (income) loss | (51 | ) | 1,299 | (1,112 | ) | |||||||
Return on investment in unconsolidated affiliate | — | — | 675 | |||||||||
Deposits | 584 | 450 | (425 | ) | ||||||||
Deferred income taxes | (1,894 | ) | 2,118 | (11,358 | ) | |||||||
Purchases and development of real estate properties | (14,575 | ) | (26,237 | ) | (54,928 | ) | ||||||
Municipal utility districts reimbursements | 12,302 | 5,307 | — | |||||||||
Increase in other assets | (6,211 | ) | (2,983 | ) | (3,147 | ) | ||||||
(Decrease) increase in accounts payable, accrued liabilities and other | (3,157 | ) | 7,240 | 4,389 | ||||||||
Net cash used in operating activities | (3,720 | ) | (1,790 | ) | (21,562 | ) | ||||||
Cash flow from investing activities: | ||||||||||||
Capital expenditures | (28,215 | ) | (55,178 | ) | (6,804 | ) | ||||||
Net proceeds from sales of assets | — | 43,266 | — | |||||||||
(Investment in) return of investment in unconsolidated affiliates | (32 | ) | (678 | ) | 4,069 | |||||||
Net cash used in investing activities | (28,247 | ) | (12,590 | ) | (2,735 | ) | ||||||
Cash flow from financing activities: | ||||||||||||
Borrowings from credit facility | 32,969 | 42,326 | 36,000 | |||||||||
Payments on credit facility | (19,573 | ) | (32,263 | ) | (12,915 | ) | ||||||
Borrowings from project loans | 179,957 | 99,670 | 34,588 | |||||||||
Payments on project and term loans | (163,120 | ) | (43,096 | ) | (12,528 | ) | ||||||
Purchase of noncontrolling interest | — | (61,991 | ) | — | ||||||||
Stock-based awards net (payments) proceeds, including excess tax benefit | (368 | ) | 1,634 | (125 | ) | |||||||
Noncontrolling interests distributions | — | (4,244 | ) | (11,637 | ) | |||||||
Repurchases of treasury stock | — | — | (679 | ) | ||||||||
Financing costs | (1,337 | ) | (265 | ) | (69 | ) | ||||||
Net cash provided by financing activities | 28,528 | 1,771 | 32,635 | |||||||||
Net (decrease) increase in cash and cash equivalents | (3,439 | ) | (12,609 | ) | 8,338 | |||||||
Cash and cash equivalents at beginning of year | 17,036 | 29,645 | 21,307 | |||||||||
Cash and cash equivalents at end of year | $ | 13,597 | $ | 17,036 | $ | 29,645 |
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 Stockholders’ Equity | Noncontrolling Interests in Subsidiaries | Total Equity | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Exercised and issued stock-based awards | 43 | 1 | (1 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation | — | — | 719 | — | — | — | — | 719 | — | 719 | |||||||||||||||||||||||||||
Tax provision for stock-based awards | — | — | (78 | ) | — | — | — | — | (78 | ) | — | (78 | ) | ||||||||||||||||||||||||
Tender of shares for stock-based awards | — | — | — | — | — | 12 | (290 | ) | (290 | ) | — | (290 | ) | ||||||||||||||||||||||||
Total comprehensive loss | — | — | — | (5,999 | ) | — | — | — | (5,999 | ) | — | (5,999 | ) | ||||||||||||||||||||||||
Balance at December 31, 2016 | 9,203 | $ | 92 | $ | 192,762 | $ | (41,143 | ) | $ | — | 1,105 | $ | (20,760 | ) | $ | 130,951 | $ | 75 | $ | 131,026 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Hotel | $ | 40,418 | $ | 41,346 | $ | 42,354 | |||||
Entertainment | 19,522 | 19,607 | 19,048 | ||||||||
Developed property sales | 10,223 | 12,320 | 25,674 | ||||||||
Undeveloped property sales | 73 | 1,175 | — | ||||||||
Commercial leasing | 9,682 | 5,641 | 6,625 | ||||||||
Commissions and other | 423 | 782 | 410 | ||||||||
Total revenues | $ | 80,341 | $ | 80,871 | $ | 94,111 |
Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Hotel | $ | 29,090 | $ | 30,702 | $ | 30,746 | ||||||
Entertainment | 15,223 | 15,169 | 14,431 | |||||||||
Cost of developed property sales | 5,156 | 6,386 | 16,466 | |||||||||
Cost of undeveloped property sales | 55 | 564 | 43 | |||||||||
Commercial leasing | 4,903 | 2,772 | 3,138 | |||||||||
Project expenses and allocation of overhead costs (see below) | 4,473 | 3,546 | 3,543 | |||||||||
Depreciation | 8,082 | 8,743 | 8,977 | |||||||||
Other, net | 18 | (71 | ) | 598 | a | |||||||
Total cost of sales | $ | 67,000 | $ | 67,811 | $ | 77,942 |
a. | Includes a credit of $0.4 million in 2014 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, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Net (loss) income | $ | (5,999 | ) | $ | 17,595 | $ | 18,157 | |||||
Net income attributable to noncontrolling interests in subsidiaries | — | (5,418 | ) | (4,754 | ) | |||||||
Net (loss) income attributable to Stratus common stockholders | $ | (5,999 | ) | $ | 12,177 | $ | 13,403 | |||||
Basic weighted-average shares of common stock outstanding | 8,089 | 8,058 | 8,037 | |||||||||
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs) | — | a | 33 | b | 41 | b | ||||||
Diluted weighted-average shares of common stock outstanding | 8,089 | 8,091 | 8,078 | |||||||||
Diluted net (loss) income per share attributable to common stockholders | $ | (0.74 | ) | $ | 1.51 | $ | 1.66 |
a. | Excludes approximately 125 thousand shares of common stock associated with outstanding stock options with exercise prices less than the average market price of Stratus' common stock and RSUs that were anti-dilutive. |
b. | Excludes approximately 26 thousand shares of common stock for 2015 and 36 thousand for 2014 associated with anti-dilutive RSU's. |
December 31, | ||||||||
2016 | 2015 | |||||||
Real estate held for sale: | ||||||||
Developed lots and condominium units | $ | 21,236 | $ | 25,944 | ||||
Real estate under development: | ||||||||
Acreage, commercial square footage and lots | 111,373 | 139,171 | ||||||
Land available for development:a | ||||||||
Undeveloped acreage | 19,153 | 23,397 | ||||||
Real estate held for investment:a | ||||||||
W Austin Hotel & Residences | ||||||||
Hotel | 111,479 | 111,426 | ||||||
Entertainment venue | 42,382 | 41,391 | ||||||
Office and retail | 19,576 | 17,627 | ||||||
Barton Creek Village | 6,092 | 6,120 | ||||||
The Oaks at Lakeway | 54,839 | 36,010 | ||||||
Santal multi-family project | 37,848 | — | ||||||
Furniture, fixtures and equipment | 1,347 | 1,523 | ||||||
Total | 273,563 | 214,097 | ||||||
Accumulated depreciation | (33,844 | ) | (27,471 | ) | ||||
Total real estate held for investment, net | 239,719 | 186,626 | ||||||
Total real estate, net | $ | 391,481 | $ | 375,138 |
a. | In February 2017, Stratus completed the sales of The Oaks at Lakeway, a portion of Barton Creek Village and a 4.1 acre tract of land adjacent to Barton Creek Village (see Note 13). |
December 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Interest rate cap agreement | $ | — | $ | — | $ | 1 | $ | 1 | |||||||
Liabilities: | |||||||||||||||
Interest rate swap agreement | 427 | 427 | 646 | 646 | |||||||||||
Debt | 291,102 | 293,620 | 260,592 | 263,303 |
Year | Lots Closed | Sale Price | Gross Profit | ||||||||
2012 | 74 | $ | 3.8 | $ | 0.4 | ||||||
2013 | 59 | 3.4 | 0.7 | ||||||||
2014 | 170 | 10.3 | 2.6 | ||||||||
303 | $ | 17.5 | $ | 3.7 |
2016 | 2015 | 2014 | |||||||||
Years Ended December 31: | |||||||||||
Revenues | $ | 24 | $ | 10,408 | $ | 19,451 | |||||
Gross profit | 24 | 459 | 3,716 | ||||||||
Net (loss) income | (31 | ) | (1,343 | ) | 2,357 | ||||||
At December 31: | |||||||||||
Total assets | $ | 460 | $ | 1,325 | $ | 1,546 | |||||
Total liabilities | 48 | 998 | 558 | ||||||||
Total equity | 412 | 327 | 988 |
December 31, | ||||||||
2016 | 2015 | |||||||
Goldman Sachs loan, | ||||||||
average interest rate of 5.580% in 2016 | $ | 147,025 | $ | — | ||||
BoA loan, | ||||||||
average interest rate of 2.65% in 2015 | — | 128,230 | ||||||
Lakeway Construction loan, | ||||||||
average interest rate of 3.24% in 2016 and 2.94% in 2015 | 57,912 | 45,931 | ||||||
Comerica credit facility, | ||||||||
average interest rate of 6.00% in 2016 and 2015 | 46,547 | 53,149 | ||||||
Santal Construction loan, | ||||||||
average interest rate of 2.98% in 2016 and 2.69% in 2015 | 30,286 | 15,874 | ||||||
Diversified Real Asset Income Fund (DRAIF) term loan, | ||||||||
average interest rate of 7.25% in 2015 | — | 7,993 | ||||||
Barton Creek Village term loan, | ||||||||
average interest rate of 4.19% in 2016 and 2015 | 5,555 | 5,689 | ||||||
Amarra Villas credit facility, | ||||||||
average interest rate of 3.54% in 2016 | 3,777 | — | ||||||
Magnolia term loan, | ||||||||
average interest rate of 7.00% in 2015 | — | 3,726 | ||||||
Total debta | $ | 291,102 | $ | 260,592 |
2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | |||||||||||||||||||||
Goldman Sachs loan | $ | 2,095 | $ | 2,215 | $ | 2,342 | $ | 2,477 | $ | 2,618 | $ | 136,550 | $ | 148,297 | |||||||||||||
Lakeway Construction loana | 374 | 1,526 | 56,569 | — | — | — | 58,469 | ||||||||||||||||||||
Comerica credit facilitya | 46,547 | — | — | — | — | — | 46,547 | ||||||||||||||||||||
Santal Construction loan | — | 30,455 | — | — | — | — | 30,455 | ||||||||||||||||||||
Barton Creek Village term loan | 153 | 160 | 167 | 173 | 182 | 4,810 | 5,645 | ||||||||||||||||||||
Amarra Villas credit facility | — | — | 3,935 | — | — | — | 3,935 | ||||||||||||||||||||
Total | $ | 49,169 | $ | 34,356 | $ | 63,013 | $ | 2,650 | $ | 2,800 | $ | 141,360 | $ | 293,348 |
a. | Amounts outstanding were repaid in February 2017 after the sale of The Oaks at Lakeway (see Note 13). |
December 31, | |||||||
2016 | 2015 | ||||||
Deferred tax assets and liabilities: | |||||||
Real estate, commercial leasing assets and facilities | $ | 13,995 | $ | 12,930 | |||
Alternative minimum tax credits (no expiration) | 1,169 | — | |||||
Employee benefit accruals | 563 | 549 | |||||
Accrued liabilities | 80 | 73 | |||||
Deferred income | 5 | 1,349 | |||||
Charitable contribution carryforward | 185 | — | |||||
Other assets | 496 | 544 | |||||
Net operating loss credit carryforwards | 1,225 | 14 | |||||
Other liabilities | (495 | ) | (130 | ) | |||
Deferred tax assets, net | $ | 17,223 | $ | 15,329 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Current | $ | 806 | $ | (3,458 | ) | $ | (664 | ) | |||
Deferred | 1,973 | (2,118 | ) | 11,358 | |||||||
Benefit from (provision for) income taxes | $ | 2,779 | $ | (5,576 | ) | $ | 10,694 |
2016 | 2015 | 2014 | |||||||||
Balance at January 1 | $ | 1,105 | $ | 1,160 | $ | 854 | |||||
Additions for tax positions related to the current year | — | — | 221 | ||||||||
(Subtractions) additions for tax positions related to prior years | (332 | ) | (55 | ) | 85 | ||||||
Balance at December 31 | $ | 773 | $ | 1,105 | $ | 1,160 |
Years Ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
Income tax benefit (expense) computed at the | |||||||||||||||||||||
federal statutory income tax rate | $ | 3,072 | 35 | % | $ | (6,983 | ) | (35 | )% | $ | (2,612 | ) | (35 | )% | |||||||
Adjustments attributable to: | |||||||||||||||||||||
Change in valuation allowance | — | — | — | — | 12,096 | 162 | |||||||||||||||
Noncontrolling interests | — | — | 1,896 | 9 | 1,664 | 22 | |||||||||||||||
State taxes and other, net | (293 | ) | (3 | ) | (489 | ) | (2 | ) | (454 | ) | (6 | ) | |||||||||
Benefit from (provision for) income taxes | $ | 2,779 | 32 | $ | (5,576 | ) | (28 | ) | $ | 10,694 | 143 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
RSUs awarded to employees and directors | $ | 719 | $ | 528 | $ | 474 | |||||
Stock options awarded to directors | — | — | 6 | ||||||||
Impact on income (loss) before income taxes | $ | 719 | $ | 528 | $ | 480 |
Number of Options | Weighted Average Option Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value ($000) | |||||||||
Balance at January 1 | 30,000 | $ | 18.91 | |||||||||
Expired | (5,000 | ) | 26.44 | |||||||||
Balance at December 31 | 25,000 | 17.40 | 2.67 | $ | 384 | |||||||
Vested and exercisable at December 31 | 25,000 | 17.40 | 2.67 | $ | 384 |
Number of RSUs | Aggregate Intrinsic Value ($000) | |||||
Balance at January 1 | 110,125 | |||||
Granted | 45,000 | |||||
Vested | (43,375 | ) | ||||
Balance at December 31 | 111,750 | $ | 3,394 |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Stratus shares tendered to pay the exercise | |||||||||||
price and/or the minimum required taxesa | 12,591 | 11,562 | 10,917 | ||||||||
Cash received from stock option exercises | $ | — | $ | — | $ | 65 | |||||
Amounts Stratus paid for employee taxes | $ | 290 | $ | 153 | $ | 125 |
a. | Under terms of the related plans and agreements, upon exercise of stock options and vesting of RSUs, 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, 2016: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Unaffiliated customers | $ | 40,418 | $ | 19,522 | $ | 10,719 | $ | 9,682 | $ | — | $ | 80,341 | |||||||||||
Intersegment | 309 | 183 | 31 | 767 | (1,290 | ) | — | ||||||||||||||||
Cost of sales, excluding depreciation | 29,248 | 15,698 | 9,702 | 4,936 | (666 | ) | 58,918 | ||||||||||||||||
Depreciation | 3,421 | 1,461 | 224 | 3,144 | (168 | ) | 8,082 | ||||||||||||||||
General and administrative expenses | — | — | — | — | 12,164 | 12,164 | |||||||||||||||||
Operating income (loss) | $ | 8,058 | $ | 2,546 | $ | 824 | $ | 2,369 | $ | (12,620 | ) | $ | 1,177 | ||||||||||
Capital expendituresd | $ | 1,216 | $ | 217 | $ | 14,575 | $ | 26,782 | $ | — | $ | 42,790 | |||||||||||
Municipal utility district (MUD) reimbursements | — | — | 12,302 | — | — | 12,302 | |||||||||||||||||
Total assets at December 31, 2016 | 104,087 | 37,692 | 176,163 | 120,394 | 13,839 | 452,175 |
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 | — | — | — | — | 8,057 | 8,057 | |||||||||||||||||
Gain on sales of assetse | — | — | — | (20,729 | ) | — | (20,729 | ) | |||||||||||||||
Operating income (loss) | $ | 5,065 | $ | 3,086 | $ | 3,671 | $ | 22,514 | $ | (8,604 | ) | $ | 25,732 | ||||||||||
Income from discontinued operationsf | $ | — | $ | — | $ | — | $ | 3,218 | $ | — | $ | 3,218 | |||||||||||
Capital expendituresd | 1,023 | 128 | 26,237 | 54,027 | — | 81,415 | |||||||||||||||||
MUD reimbursements | — | — | 5,307 | — | — | 5,307 | |||||||||||||||||
Total assets at December 31, 2015 | 109,562 | 42,125 | 205,735 | 61,371 | 11,312 | 430,105 |
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 | — | — | — | — | 7,887 | 7,887 | |||||||||||||||||
Operating income (loss) | $ | 6,256 | $ | 3,085 | $ | 7,291 | $ | 2,107 | $ | (8,375 | ) | $ | 10,364 | ||||||||||
Capital expendituresd | $ | 704 | $ | 123 | $ | 54,928 | $ | 5,977 | $ | — | $ | 61,732 | |||||||||||
Total assets at December 31, 2014 | 111,671 | 50,486 | 181,895 | 49,901 | 6,164 | 400,117 |
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 consolidated general and administrative expenses and eliminations of intersegment amounts. |
d. | Also includes purchases and development of residential real estate held for sale. |
e. | Represents gain on sales of Parkside Village and 5700 Slaughter. |
f. | Represents a deferred gain, net of taxes, associated with the 2012 sale of 7500 Rialto that was recognized in 2015 (see Note 12). |
January 1, 2015, to July 2, 2015 | Year Ended December 31, 2014 | |||||||
Net (loss) income before income taxes | $ | (46 | ) | $ | 441 | |||
Net (loss) income attributable to common stockholders | (47 | ) | 305 |
Consolidated Statements of Operations | |||||||
Years Ended December 31, | |||||||
2016 | 2015 | ||||||
Revenue | $ | 5,658 | $ | 517 | |||
Operating income | 2,537 | 286 | |||||
Interest expense, net | (1,198 | ) | (30 | ) |
Consolidated Balance Sheets | |||||||
December 31, | |||||||
2016 | 2015 | ||||||
Real estate under development | $ | 13,569 | $ | 28,839 | |||
Land available for development | 5,405 | — | |||||
Real estate held for investment, net | 53,276 | 35,866 | |||||
Other assets | 4,360 | 1,782 | |||||
Accrued liabilities, including taxes | 3,116 | 549 | |||||
Debt | 57,912 | 45,931 | |||||
Other liabilities | 734 | 442 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
2016 | ||||||||||||||||||||
Revenues | $ | 19,026 | $ | 19,150 | $ | 21,180 | $ | 20,985 | $ | 80,341 | ||||||||||
Operating income (loss) | 473 | (1,362 | ) | 425 | 1,641 | 1,177 | ||||||||||||||
Net loss | (1,683 | ) | a | (2,483 | ) | (1,659 | ) | (174 | ) | (5,999 | ) | a | ||||||||
Net loss attributable to | ||||||||||||||||||||
common stockholders | (1,683 | ) | a | (2,483 | ) | (1,659 | ) | (174 | ) | (5,999 | ) | a | ||||||||
Basic and diluted net loss per share share | ||||||||||||||||||||
attributable to common stockholders | (0.21 | ) | a | (0.31 | ) | (0.20 | ) | (0.02 | ) | (0.74 | ) | a | ||||||||
2015 | ||||||||||||||||||||
Revenues | $ | 20,225 | $ | 19,986 | $ | 19,677 | $ | 20,983 | $ | 80,871 | ||||||||||
Operating income | 1,609 | 542 | 20,976 | b | 2,605 | c | 25,732 | b,c | ||||||||||||
Income from discontinued operations, | ||||||||||||||||||||
net of taxes | 3,218 | d | — | — | — | 3,218 | d | |||||||||||||
Net income (loss) | 3,784 | (240 | ) | 13,741 | b | 310 | c | 17,595 | b,c | |||||||||||
Net income attributable to noncontrolling | ||||||||||||||||||||
interests | 1,042 | 879 | 3,493 | 4 | 5,418 | |||||||||||||||
Net income (loss) attributable to common | ||||||||||||||||||||
stockholders | 2,742 | d | (1,119 | ) | 10,248 | b | 306 | c | 12,177 | b,c,d | ||||||||||
Basic and diluted net income (loss) per share | ||||||||||||||||||||
attributable to common stockholders | 0.34 | d | (0.14 | ) | 1.27 | b | 0.04 | c | 1.51 | b,c,d |
a. | Includes a loss on early extinguishment of debt totaling $0.8 million ($0.5 million to net loss attributable to common stockholders or $0.07 per share) in the first quarter and for the year 2016 associated with prepayment of the BoA loan. |
b. | Includes a gain of $20.7 million ($10.8 million to net income attributable to common stockholders or $1.34 per share) in the third quarter and for the year 2015 associated with the sales of Parkside Village and 5700 Slaughter (see Note 12). |
c. | Includes a gain of $0.6 million ($0.4 million to net income attributable to common stockholders or $0.05 per share) in the fourth quarter and for the year 2015 associated with the sale of a tract of undeveloped land. |
d. | Includes recognition of a deferred gain of $5.0 million ($3.2 million attributable to common stockholders or $0.40 per share) in the first quarter and for the year 2015 associated with the sale of 7500 Rialto Boulevard in February 2012 (see Note 12). |
(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) | |
/s/ Erin D. PIckens | 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 | |
Ella Gendel | ||
* | Director | |
James E. Joseph | ||
* | Director | |
James C. Leslie | ||
* | Director | |
Michael D. Madden | ||
* | Director | |
Charles W. Porter | ||
* | Director | |
John C. Schweitzer |
Page | |
Schedule III-Real Estate, Commercial Leasing Assets | |
and Facilities and Accumulated Depreciation | F-2 |
Initial Cost | Cost Capitalized | Gross Amounts at December 31, 2016 | 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 | $ | 8,394 | $ | — | $ | 8,776 | $ | 17,170 | $ | — | $ | 17,170 | 297 | — | $ | — | 1988 | ||||||||||||||||||
Circle C, Austin, TX | 199 | — | 1,624 | 1,823 | — | 1,823 | 12 | — | — | 1992 | |||||||||||||||||||||||||
W Austin Residences, Austin, TX | — | 2,243 | — | — | 2,243 | 2,243 | 2 | — | — | 2014 | |||||||||||||||||||||||||
Real Estate Under Developmentb,c | |||||||||||||||||||||||||||||||||||
Barton Creek, Austin, TX | 4,591 | — | 73,073 | 77,664 | — | 77,664 | — | 659 | — | 1988 | |||||||||||||||||||||||||
Lakeway, TX | 5,249 | — | 8,320 | 13,569 | — | 13,569 | — | 52 | — | 2013 | |||||||||||||||||||||||||
Circle C, Austin, TX | 753 | — | 2,925 | 3,678 | — | 3,678 | — | 200 | — | 1992 | |||||||||||||||||||||||||
Magnolia, TX | 3,237 | — | 1,513 | 4,750 | — | 4,750 | — | 124 | — | 2014 | |||||||||||||||||||||||||
Lantana, Austin, TX | 255 | — | 6,024 | 6,279 | — | 6,279 | — | 36 | — | 1994 | |||||||||||||||||||||||||
West Killeen Market, Killeen, TX | 2,583 | — | 2,850 | 5,433 | — | 5,433 | — | 9 | — | 2015 | |||||||||||||||||||||||||
Land Available for Developmentc,d | |||||||||||||||||||||||||||||||||||
Camino Real, San Antonio, TX | 16 | — | (16 | ) | — | — | — | — | 2 | — | 1990 | ||||||||||||||||||||||||
Barton Creek, Austin, TX | 2,507 | — | 4,552 | 7,059 | — | 7,059 | — | 577 | — | 1988 | |||||||||||||||||||||||||
Lakeway Residential, Austin, TX | 5,172 | — | 233 | 5,405 | — | 5,405 | — | 35 | — | 2013 | |||||||||||||||||||||||||
Circle C, Austin, TX | 2,704 | — | 2,497 | 5,201 | — | 5,201 | — | 52 | — | 1992 | |||||||||||||||||||||||||
Flores Street, Austin, TX | 1,000 | — | 77 | 1,077 | — | 1,077 | — | — | — | 2015 | |||||||||||||||||||||||||
Lantana, Austin, TX | 157 | — | 254 | 411 | — | 411 | — | 20 | — | 1994 | |||||||||||||||||||||||||
Real Estate Held for Investmentb,c | |||||||||||||||||||||||||||||||||||
W Austin Hotel & Residences, Austin, TXe | 8,075 | 165,542 | — | 8,075 | 165,542 | 173,617 | — | — | 29,131 | 2006 | |||||||||||||||||||||||||
Barton Creek Village, Austin, TXf | 414 | 43,524 | — | 414 | 43,524 | 43,938 | — | — | 2,505 | 2007 | |||||||||||||||||||||||||
Lakeway, TXg | 12,649 | 42,191 | — | 12,649 | 42,191 | 54,840 | — | — | 1,563 | 2013 | |||||||||||||||||||||||||
Corporate offices, Austin,TX | — | 1,168 | — | — | 1,168 | 1,168 | — | — | 645 | N/A | |||||||||||||||||||||||||
Total | $ | 57,955 | $ | 254,668 | $ | 112,702 | $ | 170,657 | $ | 254,668 | $ | 425,325 | 311 | 1,766 | $ | 33,844 |
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 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., planning, infrastructure or development work 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 and a 3,085-square-foot bank building representing the first phase of Barton Creek Village. |
g. | Consists of an HEB-anchored retail project planned for 236,739 square feet of commercial space. |
2016 | 2015 | 2014 | |||||||||
Balance, beginning of year | $ | 402,609 | $ | 370,983 | $ | 325,967 | |||||
Improvements and other | 29,324 | 54,747 | 61,343 | ||||||||
Retirement and sales of assets | (1,709 | ) | (16,656 | ) | (602 | ) | |||||
Cost of real estate sold | (4,899 | ) | (6,465 | ) | (15,725 | ) | |||||
Balance, end of year | $ | 425,325 | $ | 402,609 | $ | 370,983 |
2016 | 2015 | 2014 | |||||||||
Balance, beginning of year | $ | 27,471 | $ | 35,384 | $ | 27,009 | |||||
Retirement and sales of assets | (1,709 | ) | (16,656 | ) | (602 | ) | |||||
Depreciation expense | 8,082 | 8,743 | 8,977 | ||||||||
Balance, end of year | $ | 33,844 | $ | 27,471 | $ | 35,384 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-K | Form | File No. | Date Filed | |||||
2.1 | Agreement of Sale and Purchase, dated February 15, 2017, between Stratus Lakeway Center, LLC and FHF I Oaks at Lakeway, LLC. | 8-K | 001-37716 | 2/21/2017 | ||||||
3.1 | Composite Certificate of Incorporation of Stratus Properties Inc. | 8-A/A | 000-19989 | 8/26/2010 | ||||||
3.2 | Amended and Restated By-Laws of Stratus Properties Inc., as amended effective March 9, 2016. | 10-K | 000-19989 | 3/15/2016 | ||||||
4.1 | 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 | ||||||
4.2 | 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 | Modification and Extension Agreement by and between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc. and Comerica Bank dated as of November 12, 2014. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.6 | Second Modification and Extension Agreement by and between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc. and Comerica Bank dated as of February 11, 2015. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.7 | Third Modification and Extension Agreement by and between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc. and Comerica Bank dated as of May 19, 2015. | 8-K | 000-19989 | 5/22/2015 | ||||||
Fourth Modification Agreement 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. | X |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-K | Form | File No. | Date Filed | |||||
Fifth Modification Agreement between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc., The Villas at Amarra Drive, L.L.C., and Comerica Bank, dated as of December 30, 2015. | X | |||||||||
10.10 | Sixth Modification Agreement between Stratus Properties Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin 290 Properties, Inc., The Villas at Amarra Drive, L.L.C., and Comerica Bank, dated as of August 12, 2016. | 10-Q | 001-37716 | 11/9/2016 | ||||||
10.11 | 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 | ||||||
10.12 | 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 | ||||||
10.13 | 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 | ||||||
10.14 | 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 | ||||||
10.15 | 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. | 10-K | 000-19989 | 3/15/2016 | ||||||
10.16 | Promissory Note A-1, dated February 1, 2016, between Stratus Block 21, LLC and Goldman Sachs Mortgage Company. | 10-K | 000-19989 | 3/15/2016 | ||||||
10.17 | Promissory Note A-2, dated February 1, 2016, between Stratus Block 21, LLC and Goldman Sachs Mortgage Company. | 10-K | 000-19989 | 3/15/2016 | ||||||
10.18 | Development Agreement effective as of August 15, 2002, between Circle C Land Corp. and City of Austin. | 10-Q | 000-19989 | 11/14/2002 | ||||||
10.19 | 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 | ||||||
10.20 | Construction Loan Agreement by and between Barton Creek Tacoma I, L.L.C. and Comerica Bank effective as of January 8, 2015. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.21 | 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 | ||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-K | Form | File No. | Date Filed | |||||
10.22 | Board Representation and Standstill Agreement dated as of January 11, 2017 by and among Stratus Properties Inc., Oasis Management Company Ltd., Oasis Investments II Master Fund Ltd. and Oasis Capital Partners (Texas) Inc. | 8-K | 001-37716 | 1/11/2017 | ||||||
10.23* | Stratus Properties Inc. 2013 Stock Incentive Plan, as amended and restated. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.24* | Stratus Properties Inc. 2010 Stock Incentive Plan, as amended and restated. | 10-K | 000-19989 | 3/16/2015 | ||||||
10.25* | 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 | ||||||
10.26* | 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 | ||||||
10.27* | 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 | ||||||
10.28* | 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 | ||||||
10.29* | 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 | ||||||
10.30* | Form of Performance-Based Restricted Stock Unit Agreement under the Stratus Properties Inc. 2013 Stock Incentive Plan (adopted March 2016). | 10-Q | 001-37716 | 11/9/2016 | ||||||
10.31* | Form of Notice of Grant of Restricted Stock Units under the Stratus Properties Inc. 2013 Stock Incentive Plan (adopted March 2016). | 10-Q | 001-37716 | 11/9/2016 | ||||||
10.32* | Stratus Properties Inc. Performance Incentive Awards Program, as amended, effective December 30, 2008. | 10-Q | 000-19989 | 5/5/2009 | ||||||
10.33* | Stratus Properties Inc. 1996 Stock Option Plan for Non-Employee Directors, as amended and restated. | 10-Q | 000-19989 | 5/10/2007 | ||||||
10.34* | Stratus Properties Inc. Director Compensation. | 10-K | 000-19989 | 3/31/2014 | ||||||
10.35* | Severance and Change of Control Agreement between Stratus Properties Inc. and William H. Armstrong III, effective as of April 1, 2016. | 10-Q | 001-37716 | 5/10/2016 | ||||||
10.36* | Severance and Change of Control Agreement between Stratus Properties Inc. and Erin D. Pickens, effective as of April 1, 2016. | 10-Q | 001-37716 | 5/10/2016 | ||||||
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 | |||||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-K | Form | File No. | Date Filed | |||||
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 |
i. | The definition of Loan Agreement is hereby amended and restated and replaced with the following: |
ii. | The definition of Note is hereby amended and restated and replaced with the following: |
iii. | Section 12.17 is hereby amended and restated and replaced with the following: |
i. | The definition of Loan Agreement is hereby amended and restated and replaced with the following: |
ii. | The definition of Note is hereby amended and restated and replaced with the following: |
iii. | Section 12.17 is hereby amended and restated and replaced with the following: |
i. | The definition of Grantor is hereby amended and restated and replaced with the following: |
ii. | The definition of Loan Agreement is hereby amended and restated and replaced with the following: |
iii. | The definition of Note is hereby amended and restated and replaced with the following: |
iv. | Section 12.17 is hereby amended and restated and replaced with the following: |
i. | The definition of Loan Agreement is hereby amended and restated and replaced with the following: |
ii. | The definition of Note is hereby amended and restated and replaced with the following: |
iii. | Section 12.17 is hereby amended and restated and replaced with the following: |
BORROWER: STRATUS PROPERTIES INC., a Delaware corporation By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President | AUSTIN 290 PROPERTIES, INC., a Texas corporation By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President |
STRATUS PROPERTIES OPERATING CO., L.P., a Delaware limited partnership By: STRS L.L.C., a Delaware limited liability company, General Partner By Stratus Properties Inc., a Delaware corporation, Sole Member By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President | OVERLOOK AT AMARRA, L.L.C., a Texas limited liability company By: STRS L.L.C., a Delaware limited liability company, Manager By Stratus Properties Inc., a Delaware corporation, Sole Member By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President |
CIRCLE C LAND, L.P., a Texas limited partnership By: Circle C GP, L.L.C., a Delaware limited liability company, General Partner By Stratus Properties Inc., a Delaware corporation, Sole Member By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President |
BORROWER: STRATUS PROPERTIES INC., a Delaware corporation By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President | AUSTIN 290 PROPERTIES, INC., a Texas corporation By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President |
STRATUS PROPERTIES OPERATING CO., L.P., a Delaware limited partnership By: STRS L.L.C., a Delaware limited liability company, General Partner By Stratus Properties Inc., a Delaware corporation, Sole Member By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President | THE VILLAS AT AMARRA DRIVE, L.L.C., a Texas limited liability company By: STRS L.L.C., a Delaware limited liability company, Manager By Stratus Properties Inc., a Delaware corporation, Sole Member By:/s/ Erin D. Pickens Erin D. Pickens, Senior Vice President |
CIRCLE C LAND, L.P., a Texas limited partnership By: Circle C GP, L.L.C., a Delaware limited liability company, General Partner By Stratus Properties Inc., a Delaware corporation, Sole Member By:/s/ Erin D. Pickens Erin D. Pickens, 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 Member, LLC | Delaware | Same |
Stratus Investments, LLC | Delaware | Same |
Stratus Block 21 Investments, L.P. | Texas | Same |
Block 21 Service Company, LLC | Texas | Same |
Stratus Lakeway Center, LLC | Texas | Same |
Santal I, LLC | 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 |
/s/ Ella Gendel |
/s/ John C. Schweitzer |
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, 2016 |
Feb. 28, 2017 |
Jun. 30, 2016 |
|
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, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 8,098,140 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 89,300,000 |
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
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 Comprehensive Income Statement - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Net (loss) income | $ (5,999) | $ 17,595 | $ 18,157 |
Other comprehensive income (loss), net of taxes: | |||
Income (loss) on interest rate swap agreement | 0 | 458 | (427) |
Other comprehensive income (loss) | 0 | 458 | (427) |
Total comprehensive (loss) income | (5,999) | 18,053 | 17,730 |
Total comprehensive income attributable to noncontrolling interests | 0 | (5,597) | (4,584) |
Total comprehensive (loss) income attributable to common stockholders | $ (5,999) | $ 12,456 | $ 13,146 |
Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, Texas 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. Cash and cash equivalents. Stratus considers all highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents. 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, 2016. 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 lives of 30 to 40 years. The hotel and entertainment venue properties are depreciated on a straight-line basis over their estimated lives of 35 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms. Investments in Unconsolidated Affiliates. Stratus has interests in two unconsolidated affiliates, which it accounts for under the equity method (see Note 6). 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 $7.6 million at December 31, 2016, and $6.2 million at December 31, 2015. 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 both 2016 and 2015, and $0.8 million in 2014. 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 currently 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 (loss) income per share of common stock was calculated by dividing the net (loss) income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) 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 13 thousand for 2016, 15 thousand for 2015 and 42 thousand for 2014. 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 RSUs and performance based RSUs, 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 Standards 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, 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. Stratus will adopt this ASU January 1, 2018, and currently expects to apply the modified retrospective approach under which any cumulative effect adjustment would be recorded to retained earnings as of the adoption date. Stratus has not completed its final review of the impact of this guidance; however, based on the terms of its sales contracts, Stratus currently does not anticipate a material impact on its revenue recognition policies or processes. Stratus continues to review the impact of the new guidance on its financial reporting and disclosures. In August 2014, FASB issued an ASU that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide certain disclosures depending on the result of the evaluation. This ASU is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter. Stratus adopted this ASU for its year ended December 31, 2016. In January 2016, the FASB issued an ASU that amends the current guidance on the classification and measurement of financial instruments. This ASU makes limited changes to existing guidance and amends certain disclosure requirements. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2017. Early adoption is not permitted, except for the provision on recording fair value changes for financial liabilities under the fair value option. Stratus is currently evaluating the impact this ASU will have on its financial reporting and disclosures, but at this time does not expect the adoption of this ASU will have a material impact on its financial statements. In February 2016, the FASB issued an ASU that will require lessees to recognize most leases on the balance sheet. This ASU allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and that do not have a purchase option that is expected to be exercised. For public entities, this ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. This ASU must be applied using the modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Stratus is currently evaluating the impact this guidance will have on its financial statements. In March 2016, the FASB issued an ASU that simplifies various aspects of the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, an accounting policy election for forfeitures and the classification on the statement of cash flows. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. Each of the amendments in this ASU provides specific transition requirements. Stratus will adopt this ASU effective January 1, 2017, and adoption will not have a material impact on its financial statements. This ASU requires recognition of excess tax benefits and tax deficiencies in the income statement prospectively beginning in the first quarter of 2017, which could result in fluctuations in Stratus' quarterly effective tax rate depending on how many awards vest or are exercised in a quarter, as well as the volatility of Stratus' stock price. |
Joint Venture with Canyon-Johnson Urban Fund II, L.P. |
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Dec. 31, 2016 | |
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 $62.0 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. 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. 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 |
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Dec. 31, 2016 | |
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 and $8.0 million to LCHM Holdings. |
Real Estate, net |
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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, 2016, Stratus owned 73 developed lots and 2 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, 2016, totaled 99 acres. Land available for development. Undeveloped acreage includes real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property). Stratus’ undeveloped acreage as of December 31, 2016, included approximately 1,668 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 leasable office space, including 9,000 square feet occupied by Stratus' corporate office, and 18,327 square feet of retail space. As of December 31, 2016, both the office and retail space were substantially fully occupied. The W Austin Hotel & Residences also includes entertainment space, occupied by ACL Live, an entertainment venue and production studio with a maximum capacity of 3,000 people. The 3TEN ACL Live venue, which is located on the site of the W Austin Hotel & Residences, opened in March 2016 and has a capacity of approximately 350 people. Barton Creek Village includes a 22,366-square-foot retail complex, which was 100 percent leased at December 31, 2016, and a 3,085-square-foot bank building, which is leased through January 2023. The Oaks at Lakeway includes 236,739 square feet of commercial space, of which 217,736 square feet were completed and 92 percent leased at December 31, 2016. The Santal multi-family project is a garden-style apartment complex consisting of 236 units. Construction was completed in August 2016 and 154 units were leased at December 31, 2016. On July 2, 2015, Stratus completed the sales of Parkside Village and 5700 Slaughter. See Note 12 for further discussion. Capitalized interest. Stratus recorded capitalized interest of $6.3 million in 2016, $5.5 million in 2015 and $4.1 million in 2014. |
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) and the lowest priority to unobservable inputs (Level 3). 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 capped the one-month LIBOR at 2 percent from October 5, 2015, to September 29, 2016, at which time the interest rate cap agreement expired. Stratus used 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. Interest Rate Swap Agreement. On December 13, 2013, the Parkside Village Joint Venture entered into a 10-year 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 (loss) income. The instrument effectively converted the variable rate portion of the Parkside Village Joint Venture's loan from Comerica Bank (the Parkside Village loan) from the one-month LIBOR to a fixed rate of 2.3 percent. In connection with the sale of the Parkside Village property on July 2, 2015, 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 Operations as a loss on interest rate derivative instruments, and changes in the fair value of the instrument are being recorded in the Consolidated Statement of Operations (including a gain of $0.2 million in 2016). 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, 2016, 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. FFF Presents LLC (previously known as Stump Fluff LLC). 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. Transmission contributed its existing assets to Stump Fluff. In addition, Stump Fluff assumed specified liabilities of Transmission totaling $0.2 million and Transmission made no additional capital contributions to Stump Fluff. Stratus and Transmission each had a 50 percent voting interest in Stump Fluff. In May 2016, Stratus acquired Transmission's interest in Stump Fluff and renamed the entity FFF Presents LLC. Prior to May 2016, Stratus accounted for FFF Presents under the equity method. Stratus now consolidates FFF Presents because it is wholly owned. 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, 2016, 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 Guapo is a VIE and that no partner in the 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 Guapo using the equity method. Stratus’ equity in unconsolidated affiliates' income (loss) totaled $0.1 million in 2016, $(1.3) million in 2015 and $1.1 million in 2014. 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):
a. Includes net reductions for unamortized debt issuance costs of $2.2 million at December 31, 2016, and $2.5 million at December 31, 2015. Unamortized debt issuance costs are amortized using the straight-line method over the term of the related debt, which approximates the effective interest method, to interest expense. Goldman Sachs loan. 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 per annum 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 Stratus' term loan with Bank of America, N.A. (the BoA loan) and the $20.0 million Comerica term loan included as part of the Comerica credit facility. In connection with prepayment of the BoA loan, Stratus recorded a loss on early extinguishment of debt totaling $0.8 million. The obligations of Stratus Block 21, LLC (Block 21), a wholly-owned subsidiary of Stratus and borrower under the Goldman Sachs loan, are secured by all assets owned from time to time by Block 21. Additionally, certain obligations of Block 21 under the Goldman Sachs loan are guaranteed by Stratus, including environmental indemnification and other customary carve-out obligations. In connection with any acceleration of the Goldman Sachs loan, Block 21 must pay a yield maintenance premium in the amount of at least three percent of the amount of indebtedness prepaid. Prepayment of the Goldman Sachs loan is not permitted except (1) for certain prepayments resulting from casualty or condemnation and (2) in whole within 90 days of the maturity date. 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. 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 $72.2 million at December 31, 2016. The Lakeway Construction loan was repaid in February 2017 (see Note 13). Comerica credit facility. Stratus' borrowing capacity under the Comerica credit facility is $52.5 million, comprised of a $45.0 million revolving line of credit and a $7.5 million tranche for letters of credit. 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 debt 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 and a requirement that Stratus obtain Comerica's prior written consent for any common stock repurchases or dividend payments. On August 12, 2016, the Comerica credit facility was amended to allow Stratus and certain of its wholly owned subsidiaries to use the $7.5 million letters of credit tranche to fund Stratus’ working capital needs, including land acquisitions; however, without prior approval from Comerica, individual land acquisitions may not exceed $3.0 million. All amounts borrowed under the letters of credit tranche to fund working capital needs pursuant to the amendment must be repaid in full by March 31, 2017, at which point the amendment will terminate. As of December 31, 2016, Stratus had $45 million outstanding under the revolving line of credit and $1.5 million outstanding under the $7.5 million letters of credit tranche. Amounts outstanding under the Comerica credit facility were repaid in February 2017 after the sale of The Oaks at Lakeway (see Note 13). 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 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 $40.5 million at December 31, 2016. The Santal Construction loan contains customary financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $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 $4.4 million at December 31, 2016. In February 2017, in connection with the sale of a portion of the property, a $2.1 million paydown was made on this loan (see Note 13). Amarra Villas credit facility. On July 12, 2016, a Stratus subsidiary entered into an $8.0 million stand-alone revolving credit facility with Comerica Bank (the Amarra Villas credit facility). The proceeds of the Amarra Villas credit facility will be used for the construction of single family townhomes and related improvements at the Amarra Villas. The Amarra Villas credit facility matures on July 12, 2019, and is secured by assets at Stratus’ 20-unit Villas at Amarra Drive townhome project (the Amarra Villas), which had a net book value of $10.0 million at December 31, 2016. Interest on the loan is variable at LIBOR plus 3.0 percent. The Amarra Villas credit facility is guaranteed by Stratus and contains financial covenants including a requirement that Stratus maintain a minimum total stockholders' equity balance of $110.0 million. Principal paydowns will be made as townhomes sell, and additional amounts will be borrowed as additional townhomes are constructed. West Killeen Market loan. On August 5, 2016, a Stratus subsidiary entered into a $9.9 million construction loan agreement with Southside Bank (the West Killeen Market loan). The proceeds of the West Killeen Market loan will be used for the construction of the West Killeen Market project. Stratus will make an initial draw on the West Killeen Market loan after certain site improvements have been completed. Interest on the loan will be variable at one-month LIBOR plus 2.75 percent, with a minimum interest rate of 3.0 percent. Payments of interest only will be made monthly during the initial 42 months of the 72-month term, followed by 30 months of monthly principal and interest payments based on a 30-year amortization. Borrowings on the West Killeen Market loan will be secured by assets at Stratus’ West Killeen Market retail project in Killeen, Texas, which had a net book value of $5.4 million at December 31, 2016, and will be guaranteed by Stratus until construction is completed and certain customary debt service coverage ratios are met. Maturities. The following table summarizes Stratus' debt maturities based on the principal amounts outstanding as of December 31, 2016 (in thousands):
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Income Taxes |
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Income Tax Disclosure [Text Block] | Income Taxes The components of deferred income taxes follow (in thousands):
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, 2016, is primarily dependent upon Stratus' ability to generate future taxable income. Stratus’ benefit from (provision for) income taxes 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. Stratus' deferred tax asset related to the U.S. net operating loss carryforwards at December 31, 2016, did not include an additional $0.4 million of net operating losses in relation to excess tax benefits on stock option exercises and restricted stock units vested during 2016 because these benefits have not yet been realized. At December 31, 2016, excluding these losses, Stratus had net operating loss carryforwards of approximately $3.5 million that expire in 2036. During the three-year period ended December 31, 2016, Stratus recorded unrecognized tax benefits related to state margin tax filing positions. A summary of the changes in unrecognized tax benefits follows (in thousands):
As of December 31, 2016, there was $0.8 million of unrecognized tax benefits that if recognized would affect Stratus' annual effective tax rate. During 2017, 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 Operations. As of December 31, 2016, less than $0.1 million of interest costs have been accrued. Stratus files both U.S. federal income tax and state margin 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 2013, and state margin tax examinations for the years prior to 2012. 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 income taxes and state margin taxes totaling $1.7 million in 2016, $2.0 million in 2015 and $0.5 million in 2014. Stratus received income tax refunds of less than $0.1 million in each of 2016, 2015 and 2014. |
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 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 RSUs, 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 53,000 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, 2016. 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 RSUs 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, 2016, and changes during the year ended December 31, 2016, follows:
There were no stock option exercises during 2016 or 2015. The total intrinsic value of options exercised during 2014 was less than $0.1 million. No stock options vested during 2016 or 2015 and 2,500 stock options vested during 2014, with a weighted-average grant-date fair value of $6.63 per option. RSUs. RSUs granted under the plans provide for the issuance of common stock to non-employee directors and certain officers of Stratus at no cost to the directors and officers. The RSUs 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. During 2016, Stratus' executive officers were granted performance-based RSUs with a three-year performance period. The final number of shares to be issued to the executive officers will be determined based on achievement of certain performance targets. The total grant date target shares related to the performance-based RSU grants was 21,000, of which the executive officers can earn from 0 percent to 100 percent. A summary of outstanding unvested RSUs, including performance-based RSUs, as of December 31, 2016, and activity during the year ended December 31, 2016, is presented below:
The total fair value of RSUs granted was $1.0 million during 2016 and $0.6 million during 2015. The total intrinsic value of RSUs vested was $1.0 million during 2016 and $0.6 million during 2015. As of December 31, 2016, Stratus had $1.4 million of total unrecognized compensation cost related to unvested RSUs expected to be recognized over a weighted-average period of 1.3 years. The following table includes amounts related to exercises of stock options and vesting of RSUs (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 2016 or 2015. Purchases included 39,960 shares for $0.7 million (an average of $17.00 per share) during 2014, all of which Stratus purchased in private transactions. As of December 31, 2016, 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 $0.5 million for 2016 and $0.4 million in each of 2015 and 2014. |
Commitments and Contingencies |
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Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Construction Contracts. Stratus had commitments under noncancelable construction contracts totaling $7.1 million at December 31, 2016. These commitments primarily included contracts for construction of the West Killeen Market and the Amarra Villas. Letters of Credit. As of December 31, 2016, 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, 2016, Stratus’ minimum rental income, including scheduled rent increases under noncancelable long-term leases which extend through 2036, totaled $6.9 million in 2017, $6.7 million in 2018, $6.2 million in 2019, 2020 and 2021, and $44.5 million thereafter. Operating Leases. As of December 31, 2016, Stratus’ minimum annual contractual payments under its noncancelable long-term operating leases totaled $0.1 million for each of 2017 and 2018, and less than $0.1 million for each of 2019 and 2020. Total expense under Stratus’ operating leases totaled $0.1 million in each of 2016, 2015 and 2014. 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, 2016, 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, 2016. Available credit bank capacity was $1.9 million at December 31, 2016. 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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Segment Reporting [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, including 3TEN ACL Live, which opened in March 2016 on the site of the W Austin Hotel & Residences, 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, The Oaks at Lakeway and the Santal multi-family project. Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses primarily consist of employee salaries, wages and other costs, and beginning January 1, 2016, are managed on a consolidated basis and are not allocated to Stratus' operating segments. The segment disclosures for the 2015 and 2014 periods have been recast to be consistent with the presentation of general and administrative expenses in 2016. 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 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 stockholders 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 stockholders) in 2015. |
Subsequent Events |
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Subsequent Events [Text Block] | Subsequent Events On February 15, 2017, Stratus sold The Oaks at Lakeway to FHF I Oaks at Lakeway, LLC for $114.0 million in cash. Net cash proceeds were $50.8 million. Stratus used a portion of these net cash proceeds to pay indebtedness outstanding under the Comerica credit facility. The parties entered into three master lease agreements at closing: (1) one covering unleased in-line retail space, with a 5-year term, (2) one covering four unleased pad sites, three of which have 10-year terms, and one of which has a 15-year term, and (3) one covering the hotel pad with a 99-year term. Stratus projects that its master lease payment obligation will approximate $170,000 per month and will decline over time until leasing is complete and all leases are assigned to the purchaser, which is projected to occur by February 2019. Stratus agreed to guarantee the obligations of its selling subsidiary under the sales agreement, up to a liability cap of two percent of the purchase price. This cap does not apply to Stratus' obligation to satisfy the selling subsidiary's indemnity obligations for its broker commissions or similar compensation or Stratus' liability in guaranteeing the selling subsidiary's obligations under the master leases.To secure its obligations under the master leases, Stratus has provided a $1.5 million irrevocable letter of credit with a three-year term. As a result of Stratus’ continuing involvement under the master lease agreements with purchaser, the transaction does not qualify as a sale under U.S. generally accepted accounting principles. Accordingly, a deferred gain is recorded in other liabilities and will be reduced by payments made under the master lease agreements. All or a portion of the deferred gain may be recognized in future periods when Stratus’ continuing involvement ends or the maximum exposure under the master leases is less than the deferred gain. The consolidated financial statements include the following amounts associated with The Oaks at Lakeway (in thousands):
On February 28, 2017, Stratus completed the sale of its 3,085-square-foot bank building in Barton Creek Village and the Barton Creek Village Phase II land, a 4.1 acre undeveloped tract of land adjacent to Barton Creek Village, for $3.1 million. In connection with the sale, a $2.1 million paydown was made on the Barton Creek Village term loan and Stratus plans to use the gross sale proceeds on a tax deferred basis to acquire qualifying replacement property. Under Stratus' Comerica credit facility, Stratus is not permitted to pay a dividend on its common stock without the bank’s prior written consent. On March 15, 2017, Stratus announced that its Board of Directors (the Board), after receiving written consent from Comerica Bank, declared a special cash dividend of $1.00 per share payable on April 18, 2017, to stockholders of record on March 31, 2017. The special cash dividend was declared after the Board’s consideration of the results of the recent sale of The Oaks at Lakeway and in connection with the Board’s decision to conclude its previously announced formal review of strategic alternatives. Comerica’s consent to the payment of this special dividend is not indicative of the bank’s willingness to consent to the payment of future dividends. The declaration of future dividends is at the discretion of the Board, subject to the restrictions under Stratus' Comerica credit facility, and will depend on Stratus' financial results, cash requirements, projected compliance with covenants in its debt agreements, outlook and other factors deemed relevant by the Board. Stratus evaluated events after December 31, 2016, 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) Quarterly Financial Information |
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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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Dec. 31, 2016 |
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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. 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, 2016, was $431.5 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. |
STRATUS PROPERTIES INC. REAL ESTATE, COMMERCIAL LEASING ASSETS AND FACILITIES AND ACCUMULATED DEPRECIATION December 31, 2016 (In Thousands, except Number of Lots and Acres) SCHEDULE III
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Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Policy | 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, Texas 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 | 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 | 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 | 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, 2016. 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 | Depreciation. Commercial leasing properties are depreciated on a straight-line basis over their estimated lives of 30 to 40 years. The hotel and entertainment venue properties are depreciated on a straight-line basis over their estimated lives of 35 years. Furniture, fixtures and equipment are depreciated on a straight-line basis over a 3 to 15-year period. Tenant improvements are depreciated over the related lease terms. |
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Equity Method Investments, Policy | Investments in Unconsolidated Affiliates. Stratus has interests in two unconsolidated affiliates, which it accounts for under the equity method (see Note 6) |
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Accrued Property Taxes | 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 $7.6 million at December 31, 2016, and $6.2 million at December 31, 2015 |
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Revenue Recognition, Policy | 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 | 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 | 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 | 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 | 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 both 2016 and 2015, and $0.8 million in 2014. |
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Income Tax, Policy | 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 currently 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 | Earnings Per Share. Stratus’ basic net (loss) income per share of common stock was calculated by dividing the net (loss) income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) 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 13 thousand for 2016, 15 thousand for 2015 and 42 thousand for 2014. |
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Share-based Compensation, Option and Incentive Plans Policy | 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 RSUs and performance based RSUs, 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 | New Accounting Standards. In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards 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, 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. Stratus will adopt this ASU January 1, 2018, and currently expects to apply the modified retrospective approach under which any cumulative effect adjustment would be recorded to retained earnings as of the adoption date. Stratus has not completed its final review of the impact of this guidance; however, based on the terms of its sales contracts, Stratus currently does not anticipate a material impact on its revenue recognition policies or processes. Stratus continues to review the impact of the new guidance on its financial reporting and disclosures. In August 2014, FASB issued an ASU that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide certain disclosures depending on the result of the evaluation. This ASU is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter. Stratus adopted this ASU for its year ended December 31, 2016. In January 2016, the FASB issued an ASU that amends the current guidance on the classification and measurement of financial instruments. This ASU makes limited changes to existing guidance and amends certain disclosure requirements. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2017. Early adoption is not permitted, except for the provision on recording fair value changes for financial liabilities under the fair value option. Stratus is currently evaluating the impact this ASU will have on its financial reporting and disclosures, but at this time does not expect the adoption of this ASU will have a material impact on its financial statements. In February 2016, the FASB issued an ASU that will require lessees to recognize most leases on the balance sheet. This ASU allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and that do not have a purchase option that is expected to be exercised. For public entities, this ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. This ASU must be applied using the modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Stratus is currently evaluating the impact this guidance will have on its financial statements. In March 2016, the FASB issued an ASU that simplifies various aspects of the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, an accounting policy election for forfeitures and the classification on the statement of cash flows. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. Each of the amendments in this ASU provides specific transition requirements. Stratus will adopt this ASU effective January 1, 2017, and adoption will not have a material impact on its financial statements. This ASU requires recognition of excess tax benefits and tax deficiencies in the income statement prospectively beginning in the first quarter of 2017, which could result in fluctuations in Stratus' quarterly effective tax rate depending on how many awards vest or are exercised in a quarter, as well as the volatility of Stratus' stock price. |
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | A summary of Stratus’ cost of sales follows (in thousands):
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Revenue from External Customers by Products and Services | A summary of Stratus’ revenues follows (in thousands):
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Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating diluted net (loss) 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 based on the principal amounts outstanding as of December 31, 2016 (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’ benefit from (provision for) income taxes 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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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, 2016, and changes during the year ended December 31, 2016, follows:
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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 RSUs (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 RSUs, including performance-based RSUs, as of December 31, 2016, and activity during the year ended December 31, 2016, is presented below:
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Business Segments (Tables) |
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Segment Reporting [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 stockholders associated with Parkside Village and 5700 Slaughter follow (in thousands):
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Subsequent Events Consolidated financial statement information (Tables) |
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Statement of Financial Position and Statement of Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements [Table Text Block] | The consolidated financial statements include the following amounts associated with The Oaks at Lakeway (in thousands):
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Quarterly Financial Information (Unaudited) (Tables) |
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Schedule of Quarterly Financial Information [Table Text Block] |
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Summary of Significant Accounting Policies Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Accounting Policies [Abstract] | |||||||||||
Hotel | $ 40,418 | $ 41,346 | $ 42,354 | ||||||||
Entertainment | 19,522 | 19,607 | 19,048 | ||||||||
Developed Property Sales | 10,223 | 12,320 | 25,674 | ||||||||
Undeveloped Property Sales | 73 | 1,175 | 0 | ||||||||
Operating Leases, Income Statement, Lease Revenue | 9,682 | 5,641 | 6,625 | ||||||||
Commissions and Other | 423 | 782 | 410 | ||||||||
Total revenues | $ 20,985 | $ 21,180 | $ 19,150 | $ 19,026 | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | $ 80,341 | $ 80,871 | $ 94,111 |
Summary of Significant Accounting Policies Cost of Sales (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Accounting Policies [Abstract] | |||
Hotel | $ 29,090 | $ 30,702 | $ 30,746 |
Entertainment | 15,223 | 15,169 | 14,431 |
Cost of Developed Property Sales | 5,156 | 6,386 | 16,466 |
Cost of Undeveloped Property Sales | 55 | 564 | 43 |
Direct Costs of Leased and Rented Property or Equipment | 4,903 | 2,772 | 3,138 |
Cost of Sales, Project Expenses and Allocation of Overhead Costs | 4,473 | 3,546 | 3,543 |
Depreciation | 8,082 | 8,743 | 8,977 |
Other Cost and Expense, Operating | 18 | (71) | 598 |
Total cost of sales | $ 67,000 | $ 67,811 | $ 77,942 |
Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Accounting Policies [Abstract] | |||||||||||
Net (loss) income | $ (174) | $ (1,659) | $ (2,483) | $ (1,683) | $ 310 | $ 13,741 | $ (240) | $ 3,784 | $ (5,999) | $ 17,595 | $ 18,157 |
Net income attributable to noncontrolling interests in subsidiaries | (4) | (3,493) | (879) | (1,042) | 0 | (5,418) | (4,754) | ||||
Net (loss) income attributable to common stockholders | $ (174) | $ (1,659) | $ (2,483) | $ (1,683) | $ 306 | $ 10,248 | $ (1,119) | $ 2,742 | $ (5,999) | $ 12,177 | $ 13,403 |
Basic | 8,089,000 | 8,058,000 | 8,037,000 | ||||||||
Diluted | 8,089,000 | 8,091,000 | 8,078,000 | ||||||||
Diluted net (loss) income per share attributable to common stockholders | $ (0.74) | $ 1.51 | $ 1.66 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 125,000 | 26,000 | 36,000 | ||||||||
Outstanding Stock Options With Exercise Prices Greater Than Average Market Price Of Common Stock | 13,000 | 15,000 | 42,000 |
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 | ||
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Nov. 30, 2013 |
Sep. 30, 2013 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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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 | 0 | 39,960 | ||
Payments for Repurchase of Common Stock | $ 0 | $ 0 | $ (679) | ||
Treasury Stock Acquired, Average Cost Per Share | $ 17.00 | ||||
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 | $ 500 | $ 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% | ||||
Employee Stock Option [Member] | |||||
Other Employee Benefits [Line Items] | |||||
Share Based Arrangements, Options Vested in Period | 0 | 0 | 2,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 0 | $ 0 |
Commitments and Contingencies (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Aug. 01, 2002 |
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Long-term Purchase Commitment [Line Items] | ||||
Noncancellable construction contract commitments | $ 7,100,000 | |||
Noncancelable long-term leases expiration date | Dec. 31, 2036 | |||
Minimum annual rental income under long-term operating leases: [Abstract] | ||||
2017 | $ 6,900,000 | |||
2018 | 6,700,000 | |||
2019 | 6,200,000 | |||
2020 | 6,200,000 | |||
2021 | 6,200,000 | |||
Thereafter | 44,500,000 | |||
Operating Leases, Rent Expense | 100,000 | $ 100,000 | $ 100,000 | |
Minimum annual contractual payments under long-term operating leases: [Abstract] | ||||
2017 | 100,000 | |||
2018 | 100,000 | |||
2019 | 0 | |||
2020 | 0.000000000 | |||
Development Fee Credits, Amount Per Settlement Agreement | $ 15,000,000 | |||
Development Fee Credits, Amount Eligible For Sale Per Year | 1,500,000 | |||
Development Fee Credits, Cumulative Amount Permanently Used | 11,700,000 | |||
Development Fee Credits, Cumulative Amount Sold To Third Parties | 5,100,000 | |||
Development Fee Credits, Outstanding Credit Bank Capacity | 1,400,000 | |||
Development Fee Credits, Available Credit Bank Capacity | 1,900,000 | |||
Letter of Credit [Member] | Comerica Credit Facility [Member] | Letter of Credit [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Letters of credit committed | $ 2,300,000 |
Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Revenues: | |||||||||||
Unaffiliated customers | $ 20,985 | $ 21,180 | $ 19,150 | $ 19,026 | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | $ 80,341 | $ 80,871 | $ 94,111 |
Intersegment | 0 | 0 | 0 | ||||||||
Cost of sales, excluding depreciation | 58,918 | 59,068 | 68,965 | ||||||||
Depreciation | 8,082 | 8,743 | 8,977 | ||||||||
Litigation and insurance settlements | 0 | 0 | (2,082) | ||||||||
General and administrative expenses | 12,164 | 8,057 | 7,887 | ||||||||
Gain on sales of assets | 0 | (20,729) | 0 | ||||||||
Operating income (loss) | 1,641 | $ 425 | $ (1,362) | $ 473 | 2,605 | $ 20,976 | $ 542 | 1,609 | 1,177 | 25,732 | 10,364 |
Income from discontinued operations, net of taxes | $ 3,218 | 0 | 3,218 | 0 | |||||||
Capital expenditures | 42,790 | 81,415 | 61,732 | ||||||||
Municipal Utility District Reimbursement, Cash Flow | 12,302 | 5,307 | 0 | ||||||||
Total assets | 452,175 | 430,105 | 452,175 | 430,105 | 400,117 | ||||||
Eliminations and Other [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 0 | 0 | 0 | ||||||||
Intersegment | (1,290) | (1,102) | (1,166) | ||||||||
Cost of sales, excluding depreciation | (666) | (411) | (530) | ||||||||
Depreciation | (168) | (144) | (148) | ||||||||
Litigation and insurance settlements | 0 | ||||||||||
General and administrative expenses | 12,164 | 8,057 | 7,887 | ||||||||
Operating income (loss) | (12,620) | (8,604) | (8,375) | ||||||||
Income from discontinued operations, net of taxes | 0 | ||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Total assets | 13,839 | 11,312 | 13,839 | 11,312 | 6,164 | ||||||
Parkside Village and 5700 Slaughter [Member] | |||||||||||
Revenues: | |||||||||||
Gain on sales of assets | (20,729) | ||||||||||
Operating Segments [Member] | |||||||||||
Revenues: | |||||||||||
Litigation and insurance settlements | (2,082) | ||||||||||
Capital expenditures | 5,977 | ||||||||||
Operating Segments [Member] | Hotel [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 40,418 | 41,346 | 42,354 | ||||||||
Intersegment | 309 | 305 | 506 | ||||||||
Cost of sales, excluding depreciation | 29,248 | 30,789 | 30,753 | ||||||||
Depreciation | 3,421 | 5,797 | 5,851 | ||||||||
Litigation and insurance settlements | 0 | ||||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 8,058 | 5,065 | 6,256 | ||||||||
Income from discontinued operations, net of taxes | 0 | ||||||||||
Capital expenditures | 1,216 | 1,023 | 704 | ||||||||
Total assets | 104,087 | 109,562 | 104,087 | 109,562 | 111,671 | ||||||
Operating Segments [Member] | Entertainment [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 19,522 | 19,607 | 19,048 | ||||||||
Intersegment | 183 | 193 | 60 | ||||||||
Cost of sales, excluding depreciation | 15,698 | 15,426 | 14,763 | ||||||||
Depreciation | 1,461 | 1,288 | 1,260 | ||||||||
Litigation and insurance settlements | 0 | ||||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 2,546 | 3,086 | 3,085 | ||||||||
Income from discontinued operations, net of taxes | 0 | ||||||||||
Capital expenditures | 217 | 128 | 123 | ||||||||
Total assets | 37,692 | 42,125 | 37,692 | 42,125 | 50,486 | ||||||
Operating Segments [Member] | Real Estate Operations [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 10,719 | 14,277 | 26,084 | ||||||||
Intersegment | 31 | 66 | 97 | ||||||||
Cost of sales, excluding depreciation | 9,702 | 10,426 | 20,743 | ||||||||
Depreciation | 224 | 246 | 229 | ||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 824 | 3,671 | 7,291 | ||||||||
Income from discontinued operations, net of taxes | 0 | ||||||||||
Capital expenditures | 14,575 | 26,237 | 54,928 | ||||||||
Total assets | 176,163 | 205,735 | 176,163 | 205,735 | 181,895 | ||||||
Operating Segments [Member] | Commercial Leasing [Member] | |||||||||||
Revenues: | |||||||||||
Unaffiliated customers | 9,682 | 5,641 | 6,625 | ||||||||
Intersegment | 767 | 538 | 503 | ||||||||
Cost of sales, excluding depreciation | 4,936 | 2,838 | 3,236 | ||||||||
Depreciation | 3,144 | 1,556 | 1,785 | ||||||||
Litigation and insurance settlements | 0 | ||||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Gain on sales of assets | (20,729) | ||||||||||
Operating income (loss) | 2,369 | 22,514 | 2,107 | ||||||||
Income from discontinued operations, net of taxes | 3,218 | ||||||||||
Capital expenditures | 26,782 | 54,027 | |||||||||
Total assets | $ 120,394 | $ 61,371 | $ 120,394 | $ 61,371 | $ 49,901 |
Asset Sales and Discontinued Operations (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
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 | $ 452,175 | $ 430,105 | $ 452,175 | $ 430,105 | $ 400,117 | ||||||||||
Liabilities | 321,149 | 293,431 | 321,149 | 293,431 | |||||||||||
Payments to Acquire and Develop Real Estate | 14,575 | 26,237 | 54,928 | ||||||||||||
Noncontrolling Interest, Distributions to Noncontrolling Interest Holders | $ 12,100 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 4 | 3,493 | $ 879 | $ 1,042 | 0 | 5,418 | 4,754 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (8,829) | 21,252 | 6,351 | ||||||||||||
Net income (loss) attributable to common stockholders | $ (174) | $ (1,659) | $ (2,483) | $ (1,683) | $ 306 | 10,248 | (1,119) | 2,742 | (5,999) | 12,177 | 13,403 | ||||
Income from discontinued operations, net of taxes | 3,218 | $ 0 | 3,218 | 0 | |||||||||||
Parkside Village and 5700 Slaughter [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
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 | |||||||||||||
Net income (loss) attributable to common stockholders | (47) | $ 305 | |||||||||||||
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 | 3,218 | |||||||||||||
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) - Subsequent Event [Member] - USD ($) |
Feb. 28, 2017 |
Feb. 15, 2017 |
Dec. 31, 2017 |
---|---|---|---|
Notes Payable to Banks [Member] | Barton Creek Village Term Loan [Member] | |||
Subsequent Event [Line Items] | |||
Payments for Loans | $ 2,100,000 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Oaks at Lakeway [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from Sale of Real Estate Held-for-investment | $ 3,100,000 | $ 114,000,000 | |
Proceeds from Sale of Real Estate Held-for-investment, Net of Debt Repayments | $ 50,800,000 | ||
Contractual Obligation | $ 170,000 | ||
Guarantee obligations, Liability Cap, percentage | 2.00% | ||
Letters of Credit Outstanding, Amount | $ 1,500,000 |
Subsequent Events Statement of Operations - The Oaks Lakeway (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Subsequent Event [Line Items] | |||||||||||
Operating Leases, Income Statement, Lease Revenue | $ 9,682 | $ 5,641 | $ 6,625 | ||||||||
Operating income (loss) | $ 1,641 | $ 425 | $ (1,362) | $ 473 | $ 2,605 | $ 20,976 | $ 542 | $ 1,609 | 1,177 | 25,732 | 10,364 |
Interest Expense | (9,408) | (4,065) | $ (3,751) | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Oaks at Lakeway [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Operating Leases, Income Statement, Lease Revenue | 5,658 | 517 | |||||||||
Operating income (loss) | 2,537 | 286 | |||||||||
Interest Expense | $ (1,198) | $ (30) |
Subsequent Events Balance Sheet - The Oaks at Lakeway (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Subsequent Event [Line Items] | ||
Development in Process | $ 111,373 | $ 139,171 |
Land Available for Development | 19,153 | 23,397 |
Real estate held for investment, net | 239,719 | 186,626 |
Other Assets | 17,982 | 13,871 |
Accrued Liabilities | 13,240 | 10,356 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 291,102 | 260,592 |
Other Liabilities | 10,073 | 8,301 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | The Oaks at Lakeway [Member] | ||
Subsequent Event [Line Items] | ||
Development in Process | 13,569 | 28,839 |
Land Available for Development | 5,405 | 0 |
Real estate held for investment, net | 53,276 | 35,866 |
Other Assets | 4,360 | 1,782 |
Accrued Liabilities | 3,116 | 549 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 57,912 | 45,931 |
Other Liabilities | $ 734 | $ 442 |
Subsequent Events Dividends (Details) |
Mar. 15, 2017
$ / shares
|
---|---|
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $ 1.00 |
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2012 |
|
Quarterly Financial Information [Line Items] | |||||||||||||
Loss on early extinguishment of debt | $ 837 | $ 837 | $ 0 | $ 19 | |||||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | 500 | 500 | |||||||||||
Revenues | $ 20,985 | $ 21,180 | $ 19,150 | 19,026 | $ 20,983 | $ 19,677 | $ 19,986 | $ 20,225 | 80,341 | 80,871 | 94,111 | ||
Operating income (loss) | 1,641 | 425 | (1,362) | 473 | 2,605 | 20,976 | 542 | 1,609 | 1,177 | 25,732 | 10,364 | ||
Income from discontinued operations, net of taxes | 3,218 | 0 | 3,218 | 0 | |||||||||
Net (loss) income | (174) | (1,659) | (2,483) | (1,683) | 310 | 13,741 | (240) | 3,784 | (5,999) | 17,595 | 18,157 | ||
Net income attributable to noncontrolling interests | 4 | 3,493 | 879 | 1,042 | 0 | 5,418 | 4,754 | ||||||
Net income (loss) attributable to common stockholders | $ (174) | $ (1,659) | $ (2,483) | $ (1,683) | $ 306 | $ 10,248 | $ (1,119) | $ 2,742 | $ (5,999) | $ 12,177 | 13,403 | ||
Basic and diluted net income (loss) per share attributable to common stockholders | $ (0.02) | $ (0.20) | $ (0.31) | $ (0.21) | $ 0.04 | $ 1.27 | $ (0.14) | $ 0.34 | $ (0.74) | $ 1.51 | |||
Gain (Loss) on Undeveloped Property Sales | $ 600 | $ (600) | |||||||||||
Gain (Loss) on Undeveloped Property Sales, Per Share | $ 0.08 | ||||||||||||
Insurance Recoveries | $ 100 | $ 500 | |||||||||||
Insurance Recoveries, Per Share | $ 0.07 | ||||||||||||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax | $ 0.07 | $ 0.07 | |||||||||||
Gain (Loss) on Disposition of Assets | $ 0 | 20,729 | 0 | ||||||||||
Parkside Village and 5700 Slaughter [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 10,800 | ||||||||||||
Gain (loss) on disposal of assets, net of tax, per share | $ 1.34 | ||||||||||||
Net income attributable to noncontrolling interests | $ 3,900 | ||||||||||||
Net income (loss) attributable to common stockholders | $ (47) | $ 305 | |||||||||||
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 | ||||||||||||
Disposal Group, Not Discontinued Operations, Gain (Loss) on Disposal, Per Share | $ 1.34 | ||||||||||||
Gain (Loss) on Disposition of Assets | 20,729 | ||||||||||||
7500 Rialto [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Income from discontinued operations, net of taxes | $ 3,200 | 3,218 | |||||||||||
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 | ||||||||||||
Land [Member] | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 400 | ||||||||||||
Gain (Loss) on Undeveloped Property Sales, Per Share | $ 0.05 |
Schedule III - Real Estate, Commercial Leasing Assets and Facilities and Accumulated Depreciation (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2016
USD ($)
ft²
a
|
|
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 57,955,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 254,668,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 112,702,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 170,657,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 254,668,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | $ 402,609,000 | $ 370,983,000 | $ 325,967,000 | $ 425,325,000 |
Number of Lots/Units in Real Estate Property | 311 | |||
Land Under Development or Available For Development, Acres | a | 1,766 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 27,471,000 | 35,384,000 | 27,009,000 | $ 33,844,000 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, Beginning of year | 402,609,000 | 370,983,000 | 325,967,000 | |
Real Estate, Improvements and other | 29,324,000 | 54,747,000 | 61,343,000 | |
Cost of real estate sold | (4,899,000) | (6,465,000) | (15,725,000) | |
Real Estate, Balance, End of year | 425,325,000 | 402,609,000 | 370,983,000 | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 431,500,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, Beginning of year | 27,471,000 | 35,384,000 | 27,009,000 | |
Real Estate Accumulated Depreciation, Retirement of assets | (1,709,000) | (16,656,000) | (602,000) | |
Real Estate Accumulated Depreciation, Depreciation expense | 8,082,000 | 8,743,000 | 8,977,000 | |
Real Estate Accumulated Depreciation, Balance, End of year | 33,844,000 | $ 27,471,000 | $ 35,384,000 | |
The Oaks at Lakeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Net Rentable Area | ft² | 236,739 | |||
Real Estate Held for Sale [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Lots/Units in Real Estate Property | 73 | |||
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 | $ 8,394,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,776,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 17,170,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 17,170,000 | $ 17,170,000 | ||
Number of Lots/Units in Real Estate Property | 297 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1988 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 17,170,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 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 | 199,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,624,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,823,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,823,000 | $ 1,823,000 | ||
Number of Lots/Units in Real Estate Property | 12 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1992 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 1,823,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 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 | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,243,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,243,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,243,000 | $ 2,243,000 | ||
Number of Lots/Units in Real Estate Property | 2 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2014 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 2,243,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land Under Development or Available For Development, Acres | a | 99 | |||
Real Estate Under Development [Member] | Barton Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,591,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 73,073,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 77,664,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 77,664,000 | $ 77,664,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 659 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1988 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 77,664,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | The Oaks at Lakeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,249,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,320,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,569,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 13,569,000 | $ 13,569,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 52 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 13,569,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 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 | 753,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,925,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,678,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 3,678,000 | $ 3,678,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 200 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1992 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 3,678,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | Magnolia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,237,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,513,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,750,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,750,000 | $ 4,750,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 124 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2014 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 4,750,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Under Development [Member] | Lantana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 255,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 6,024,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,279,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 6,279,000 | $ 6,279,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 36 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1994 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 6,279,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 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 | 2,583,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,850,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,433,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,433,000 | $ 5,433,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 9 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2015 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 5,433,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land Under Development or Available For Development, Acres | a | 1,668 | |||
Land Available for Development [Member] | Camino Real [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 16,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Impairments | (16,000) | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 0 | $ 0 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 2 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1990 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 0 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 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 | 2,507,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 4,552,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,059,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 7,059,000 | $ 7,059,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 577 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1988 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 7,059,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | Lakeway Residential [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,172,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 233,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,405,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,405,000 | $ 5,405,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 35 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 5,405,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 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 | 2,704,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,497,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,201,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,201,000 | $ 5,201,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 52 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1992 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 5,201,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 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 | 1,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 77,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,077,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,077,000 | $ 1,077,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2015 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 1,077,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Land Available for Development [Member] | Lantana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 157,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 254,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 411,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 411,000 | $ 411,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 20 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 0 | $ 0 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 1994 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 411,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 0 | |||
Real Estate Held for Investment [Member] | The Oaks at Lakeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,649,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,191,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,649,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,191,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 54,840,000 | $ 54,840,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 1,563,000 | $ 1,563,000 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 54,840,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 1,563,000 | |||
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 | 8,075,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 165,542,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,075,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 165,542,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 173,617,000 | $ 173,617,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 29,131,000 | $ 29,131,000 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 173,617,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 29,131,000 | |||
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 | 414,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,524,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 414,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,524,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 43,938,000 | $ 43,938,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ 2,505,000 | $ 2,505,000 | ||
Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2007 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | $ 43,938,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | 2,505,000 | |||
Real Estate Held for Investment [Member] | Corporate [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,168,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,168,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,168,000 | $ 1,168,000 | ||
Number of Lots/Units in Real Estate Property | 0 | |||
Land Under Development or Available For Development, Acres | a | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 645,000 | $ 645,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Real Estate, Balance, End of year | 1,168,000 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Real Estate Accumulated Depreciation, Balance, End of year | $ 645,000 | |||
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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