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Debt
 9 Months Ended
Sep. 30, 2020
Capitalization, Long-term Debt and Equity [Abstract]  
Debt DEBT
The components of Stratus' debt are as follows (in thousands):
 September 30, 2020December 31, 2019
Block 21 loan$139,578 $141,184 
The Santal loan74,252 73,972 
Comerica Bank credit facility35,307 42,482 
New Caney land loan4,939 4,908 
PPP loan3,987 — 
Construction loans:
Kingwood Place30,996 23,991 
The Saint Mary
25,281 21,857 
Lantana Place
24,099 23,268 
Jones Crossing
22,301 21,354 
West Killeen Market
7,159 7,213 
Amarra Villas credit facility702 5,520 
Total debta
$368,601 $365,749 
a.Includes net reductions for unamortized debt issuance costs of $2.5 million at September 30, 2020, and $3.5 million at December 31, 2019.

As of September 30, 2020, Stratus had $24.5 million available under its $60.0 million Comerica Bank credit facility, with a $150 thousand letter of credit committed against the credit facility. Effective April 14, 2020, Stratus and Comerica Bank agreed to modify the Comerica Bank credit facility to (i) extend the maturity date of the credit facility from June 29, 2020, to September 27, 2020, and (ii) revise the definition of LIBOR to provide for an increase in the LIBOR floor from zero percent to one percent. On June 12, 2020, Stratus entered into a further amendment to its credit facility agreement with Comerica Bank to extend the maturity date of the facility to September 27, 2022.

The Saint Mary construction loan matures June 19, 2021. Stratus expects to refinance the loan or sell The Saint Mary prior to the maturity date. The New Caney land loan matures March 8, 2021. Stratus expects to exercise its option to extend the loan for an additional 12 months, which requires a principal payment of approximately $500 thousand.

Effective November 2, 2020, the West Killeen Market construction loan was modified to replace the financial covenant that Stratus maintain a minimum total stockholders’ equity balance of $110.0 million with a financial covenant that Stratus maintain a minimum net asset value, as defined in the agreement, of $125 million.

During second-quarter 2020, Stratus entered into amendments to the Lantana Place and West Killeen Market construction loans in which Stratus was granted waivers of the debt service coverage ratio covenants for the quarters needed such that it believes that it will be able to remain in compliance if rent payments do not further deteriorate materially as currently anticipated.
In January 2020, the Kingwood Place construction loan was modified to increase the loan amount by $2.5 million to a total of $35.4 million. The increase was used to fund the construction of a retail building on an existing Kingwood Place retail pad.

For a description of Stratus' other debt, refer to Note 6 in the Stratus 2019 Form 10-K.

Interest Expense and Capitalization. Interest costs (before capitalized interest) totaled $4.7 million in third-quarter 2020, $5.2 million in third-quarter 2019, $14.8 million for the first nine months of 2020 and $14.9 million for the first nine months of 2019. Stratus' capitalized interest totaled $1.1 million in third-quarter 2020, $2.0 million in third-quarter 2019, $3.6 million for the first nine months of 2020 and $6.2 million for the first nine months of 2019, primarily related to development activities at Barton Creek. The 2019 periods also included capitalized interest related to development activities at Kingwood Place and The Saint Mary.