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Business Segments (Tables)

6 Months Ended

Jun. 30, 2020

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

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Real Estate Operations:
Developed property sales	$	1,832	$	4,048	$	14,140	$	6,882

Commissions and other	61		81		89		195
	1,893		4,129		14,229		7,077
Leasing Operations:
Rental revenue	5,718		4,413		11,450		8,042
	5,718		4,413		11,450		8,042
Hotel:
Rooms, food and beverage	932		8,445		6,007		16,182
Other	98		517		934		1,105
	1,030		8,962		6,941		17,287
Entertainment:
Event revenue	293		5,598		3,851		9,822
Other	(3)		622		594		1,194
	290		6,220		4,445		11,016

Total revenues from contracts with customers	$	8,931	$	23,724	$	37,065	$	43,422

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 Operations^a		Leasing Operations			Hotel			Entertainment		Corporate, Eliminations and Other^b			Total
Three Months Ended June 30, 2020:
Revenues:
Unaffiliated customers	$	1,893	$	5,718		$	1,030		$	290	$	—		$	8,931
Intersegment	4		216			16			(1)		(235)			—
Cost of sales, excluding depreciation	1,886		4,074		^c	1,767		^d	1,305		(67)			8,965
Depreciation	57		2,034			931			404		(49)			3,377

General and administrative expenses	—		—			—			—		3,103			3,103

Income from forfeited earnest money	—		—			—			—		(15,000)		^e	(15,000)

Operating (loss) income	$	(46)	$	(174)		$	(1,652)		$	(1,420)	$	11,778		$	8,486

Capital expenditures and purchases and development of real estate properties	$	2,433	$	1,682		$	283		$	104	$	—		$	4,502

Total assets at June 30, 2020	163,900		233,268			94,359			36,784		23,394			551,705


	Real Estate Operations^a		Leasing Operations			Hotel		Entertainment		Corporate, Eliminations and Other^b		Total
Three Months Ended June 30, 2019:
Revenues:
Unaffiliated customers	$	4,129	$	4,413		$	8,962	$	6,220	$	—	$	23,724
Intersegment	4		229			80		45		(358)		—
Cost of sales, excluding depreciation	3,795		2,451			6,868		4,585		(185)		17,514
Depreciation	64		1,388			899		396		(44)		2,703
General and administrative expenses	—		—			—		—		2,919		2,919
Loss on sale of assets	—		161		^f	—		—		—		161
Operating income (loss)	$	274	$	642		$	1,275	$	1,284	$	(3,048)	$	427
Capital expenditures and purchases and development of real estate properties	$	2,458	$	15,391		$	156	$	—	$	—	$	18,005

Total assets at June 30, 2019	205,265		174,258			97,464		45,396		20,348		542,731




Six Months Ended June 30, 2020:
Revenues:
Unaffiliated customers	$	14,229	$	11,450		$	6,941		$	4,445		$	—		$	37,065
Intersegment	8		443			64			14			(529)			—
Cost of sales, excluding depreciation	12,068		7,162		^c	7,675		^d	4,531			(137)			31,299
Depreciation	116		4,081			2,036		^g	887		^g	(110)			7,010

General and administrative expenses	—		—			—			—			5,918			5,918

Income from forfeited earnest money	—		—			—			—			(15,000)		^e	(15,000)
Operating income (loss)	$	2,053	$	650		$	(2,706)		$	(959)		$	8,800		$	7,838
Capital expenditures and purchases and development of real estate properties	$	8,655	$	3,965		$	310		$	122		$	—		$	13,052




Six Months Ended June 30, 2019:
Revenues:
Unaffiliated customers	$	7,077		$	8,042		$	17,287	$	11,016	$	—	$	43,422
Intersegment	9			459			127		74		(669)		—
Cost of sales, excluding depreciation	3,841		^h	4,595			13,566		8,192		(341)		29,853
Depreciation	125			2,795			1,799		790		(176)		5,333

General and administrative expenses	—			—			—		—		6,118		6,118
Gain on sale of assets	—			(1,952)		^f	—		—		—		(1,952)
Operating income (loss)	$	3,120		$	3,063		$	2,049	$	2,108	$	(6,270)	$	4,070
Capital expenditures and purchases and development of real estate properties	$	5,756		$	44,611		$	254	$	125	$	—	$	50,746
Municipal utility district (MUD) reimbursements applied to real estate under development^h	920			—			—		—		—		920

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 $1.4 million charge for estimated uncollectible rents receivable and unrealizable deferred costs. Refer to Note 1.

d.Includes a $0.8 million credit related to a business interruption insurance claim filed as a result of water and smoke damage in the W Austin hotel in January 2018.

e.Represents income from earnest money received as a result of Ryman's termination of the agreements to sell Block 21.

f.Relates to the first-quarter 2019 sale of a retail pad subject to a ground lease located in the Circle C community, including adjustments recorded in second-quarter 2019. Refer to Note 4.

g.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.

h.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 income (loss). Refer to Note 1 of the Stratus 2019 Form 10-K for further discussion of Stratus' accounting policy for MUD reimbursements.