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Business Segments (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Real Estate Operations:
Developed property sales	$	5,001	$	2,601	$	19,141	$	9,483

Commissions and other	24		15		113		210
	5,025		2,616		19,254		9,693
Leasing Operations:
Rental revenue	5,807		5,024		17,257		13,066

Hotel:
Rooms, food and beverage	1,504		8,097		7,511		24,279
Other	92		599		1,026		1,704
	1,596		8,696		8,537		25,983
Entertainment:
Event revenue	373		5,211		4,224		15,033
Other	—		708		594		1,902
	373		5,919		4,818		16,935

Total revenues from contracts with customers	$	12,801	$	22,255	$	49,866	$	65,677

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 September 30, 2020:
Revenues:
Unaffiliated customers	$	5,025	$	5,807	$	1,596	$	373	$	—	$	12,801
Intersegment	5		223		18		(6)		(240)		—
Cost of sales, excluding depreciation	3,585		2,793		3,317		1,242		(109)		10,828
Depreciation	57		2,051		891		392		(62)		3,329

General and administrative expenses	—		—		—		—		2,868		2,868



Operating income (loss)	$	1,388	$	1,186	$	(2,594)	$	(1,267)	$	(2,937)	$	(4,224)

Capital expenditures and purchases and development of real estate properties	$	2,952	$	716	$	213	$	2	$	—	$	3,883

Total assets at September 30, 2020	160,890		236,970		93,666		35,495		16,198		543,219



Three Months Ended September 30, 2019:
Revenues:
Unaffiliated customers	$	2,616	$	5,024		$	8,696	$	5,919	$	—	$	22,255
Intersegment	4		219			68		307		(598)		—
Cost of sales, excluding depreciation	2,352		2,495			6,931		4,770		(185)		16,363
Depreciation	57		1,529			903		393		(47)		2,835
General and administrative expenses	—		—			—		—		3,025		3,025
Gain on sale of assets	—		(37)		c	—		—		—		(37)
Operating income (loss)	$	211	$	1,256		$	930	$	1,063	$	(3,391)	$	69
Capital expenditures and purchases and development of real estate properties	$	3,110	$	5,871		$	294	$	12	$	—	$	9,287

Total assets at September 30, 2019	193,421		197,052			97,414		43,810		36,235		567,932




Nine Months Ended September 30, 2020:
Revenues:
Unaffiliated customers	$	19,254	$	17,257		$	8,537		$	4,818		$	—		$	49,866
Intersegment	13		666			82			8			(769)			—
Cost of sales, excluding depreciation	15,653		9,955		d	10,992		e	5,773			(246)			42,127
Depreciation	173		6,132			2,927		f	1,279		f	(172)			10,339

General and administrative expenses	—		—			—			—			8,786			8,786

Income from forfeited earnest money	—		—			—			—			(15,000)		g	(15,000)
Operating income (loss)	$	3,441	$	1,836		$	(5,300)		$	(2,226)		$	5,863		$	3,614
Capital expenditures and purchases and development of real estate properties	$	11,607	$	4,681		$	523		$	124		$	—		$	16,935


	Real Estate Operationsa			Leasing Operations			Hotel		Entertainment		Corporate, Eliminations and Otherb		Total
Nine Months Ended September 30, 2019:
Revenues:
Unaffiliated customers	$	9,693		$	13,066		$	25,983	$	16,935	$	—	$	65,677
Intersegment	13			678			195		381		(1,267)		—
Cost of sales, excluding depreciation	6,193		h	7,090			20,497		12,962		(526)		46,216
Depreciation	182			4,324			2,702		1,183		(223)		8,168

General and administrative expenses	—			—			—		—		9,143		9,143
Gain on sale of assets	—			(1,989)		c	—		—		—		(1,989)
Operating income (loss)	$	3,331		$	4,319		$	2,979	$	3,171	$	(9,661)	$	4,139
Capital expenditures and purchases and development of real estate properties	$	8,866		$	50,482		$	548	$	137	$	—	$	60,033
Municipal utility district (MUD) reimbursements applied to real estate under developmenth	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.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 the third-quarter of 2019. Refer to Note 4.

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

e.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.

f.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.

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

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