Business Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

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

Stratus' revenues from contracts with customers follow (in thousands):

	Three Months Ended March 31,
	2020		2019
Real Estate Operations:
Developed property sales	$	12,308	$	2,834
Commissions and other	28		114
	12,336		2,948
Leasing Operations:
Rental revenue	5,732		3,629
	5,732		3,629
Hotel:
Rooms, food and beverage	5,075		7,737
Other	836		588
	5,911		8,325
Entertainment:
Event revenue	3,558		4,224
Other	597		572
	4,155		4,796
Total Revenues from Contracts with Customers	$	28,134	$	19,698

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

The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).

	Real Estate Operationsa		Leasing Operations		Hotel			Entertainment			Corporate, Eliminations and Otherb		Total
Three Months Ended March 31, 2020:
Revenues:
Unaffiliated customers	$	12,336	$	5,732	$	5,911		$	4,155		$	—	$	28,134
Intersegment	4		227		48			15			(294)		—
Cost of sales, excluding depreciation	10,182		3,088		5,908			3,226			(70)		22,334
Depreciation	59		2,047		1,105		c	483		c	(61)		3,633
General and administrative expenses	—		—		—			—			2,815		2,815
Operating income (loss)	$	2,099	$	824	$	(1,054)		$	461		$	(2,978)	$	(648)
Capital expenditures and purchases and development of real estate properties	$	6,222	$	2,283	$	27		$	18		$	—	$	8,550
Total assets at March 31, 2020	160,691		235,734		96,484			42,639			23,390		558,938

	Real Estate Operationsa			Leasing Operations			Hotel		Entertainment		Corporate, Eliminations and Otherb		Total
Three Months Ended March 31, 2019:
Revenues:
Unaffiliated customers	$	2,948		$	3,629		$	8,325	$	4,796	$	—	$	19,698
Intersegment	5			230			47		29		(311)		—
Cost of sales, excluding depreciation	46		d	2,144			6,698		3,607		(156)		12,339
Depreciation	61			1,407			900		394		(132)		2,630
General and administrative expenses	—			—			—		—		3,199		3,199
Gain on sales of assets	—			(2,113)		e	—		—		—		(2,113)
Operating income (loss)	$	2,846		$	2,421		$	774	$	824	$	(3,222)	$	3,643
Capital expenditures and purchases and development of real estate properties	$	3,298		$	29,220		$	98	$	125	$	—	$	32,741
Municipal utility district (MUD) reimbursements classified as a reduction of real estate under developmentd	920			—			—		—		—		920
Total assets at March 31, 2019	198,447			164,811			98,503		43,846		23,176		528,783

a.Includes sales commissions and other revenues together with related expenses.

b.Includes consolidated general and administrative expenses and eliminations of intersegment amounts.

c.Includes a $202 thousand adjustment in the Hotel segment and an $89 thousand adjustment in the Entertainment segment for the period in December 2019 when the hotel and entertainment venues were held for sale and, therefore, not depreciated.

d.In the first quarter of 2019, Stratus received $4.6 million of proceeds related to MUD reimbursements of infrastructure costs incurred for development of Barton Creek. Of the total amount, Stratus recorded $0.9 million as a reduction of real estate under development on the consolidated balance sheets, and $3.4 million as a reduction in real estate cost of sales and $0.3 million in other income, net in the consolidated statements of comprehensive (loss) income. Refer to Note 1 of the Stratus 2019 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements.

e.Relates to the first-quarter 2019 sale of a retail pad subject to a ground lease located in the Circle C community. Refer to Note 4.