UNITED STATES | |||
SECURITIES AND EXCHANGE COMMISSION | |||
Washington, D.C. 20549 | |||
FORM 10-Q | |||
(Mark One) | |||
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | ||
SECURITIES EXCHANGE ACT OF 1934 | |||
For the quarterly period ended March 31, 2017 | |||
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: 001-37716 | |||
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) | |
Large accelerated filer ¨ | Accelerated filer þ | ||
Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ | ||
Emerging growth company ¨ |
STRATUS PROPERTIES INC. | |
TABLE OF CONTENTS | |
Page | |
March 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 27,083 | $ | 13,597 | |||
Restricted cash | 9,757 | 11,892 | |||||
Real estate held for sale | 20,442 | 21,236 | |||||
Real estate under development | 101,405 | 111,373 | |||||
Land available for development | 17,902 | 19,153 | |||||
Real estate held for investment, net | 184,159 | 239,719 | |||||
Deferred tax assets | 27,141 | 17,223 | |||||
Other assets | 14,079 | 17,982 | |||||
Total assets | $ | 401,968 | $ | 452,175 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Accounts payable | $ | 12,153 | $ | 6,734 | |||
Accrued dividend | 8,127 | — | |||||
Accrued liabilities, including taxes | 12,749 | 13,240 | |||||
Debt | 199,859 | 291,102 | |||||
Deferred gain | 39,324 | — | |||||
Other liabilities | 9,426 | 10,073 | |||||
Total liabilities | 281,638 | 321,149 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Stockholders’ equity: | |||||||
Common stock | 93 | 92 | |||||
Capital in excess of par value of common stock | 184,889 | 192,762 | |||||
Accumulated deficit | (43,670 | ) | (41,143 | ) | |||
Common stock held in treasury | (21,057 | ) | (20,760 | ) | |||
Total stockholders’ equity | 120,255 | 130,951 | |||||
Noncontrolling interests in subsidiaries | 75 | 75 | |||||
Total equity | 120,330 | 131,026 | |||||
Total liabilities and equity | $ | 401,968 | $ | 452,175 |
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
Revenues: | ||||||||
Real estate operations | $ | 2,164 | $ | 2,255 | ||||
Leasing operations | 2,281 | 2,053 | ||||||
Hotel | 10,314 | 10,575 | ||||||
Entertainment | 5,905 | 4,143 | ||||||
Total revenues | 20,664 | 19,026 | ||||||
Cost of sales: | ||||||||
Real estate operations | 1,976 | 2,209 | ||||||
Leasing operations | 1,685 | 862 | ||||||
Hotel | 7,165 | 7,681 | ||||||
Entertainment | 4,377 | 3,044 | ||||||
Depreciation | 2,141 | 1,682 | ||||||
Total cost of sales | 17,344 | 15,478 | ||||||
General and administrative expenses | 3,396 | 3,075 | ||||||
Profit participation in sale of The Oaks at Lakeway | 2,538 | — | ||||||
Gain on sales of assets | (1,115 | ) | — | |||||
Total | 22,163 | 18,553 | ||||||
Operating (loss) income | (1,499 | ) | 473 | |||||
Interest expense, net | (1,975 | ) | (1,969 | ) | ||||
Gain (loss) on interest rate derivative instruments | 86 | (374 | ) | |||||
Loss on early extinguishment of debt | (532 | ) | (837 | ) | ||||
Other income, net | 5 | 4 | ||||||
Loss before income taxes and equity in unconsolidated affiliates' (loss) income | (3,915 | ) | (2,703 | ) | ||||
Equity in unconsolidated affiliates' (loss) income | (17 | ) | 98 | |||||
Benefit from income taxes | 1,262 | 922 | ||||||
Net loss and total comprehensive loss attributable to common stockholders | $ | (2,670 | ) | $ | (1,683 | ) | ||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.33 | ) | $ | (0.21 | ) | ||
Basic and diluted weighted-average shares of common stock outstanding | 8,101 | 8,071 | ||||||
Dividends declared per share of common stock | $ | 1.00 | $ | — |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Cash flow from operating activities: | |||||||
Net loss | $ | (2,670 | ) | $ | (1,683 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 2,141 | 1,682 | |||||
Cost of real estate sold | 1,032 | 970 | |||||
Gain on sale of assets | (1,115 | ) | — | ||||
(Gain) loss on interest rate derivative contracts | (86 | ) | 374 | ||||
Loss on early extinguishment of debt | 532 | 837 | |||||
Debt issuance cost amortization and stock-based compensation | 442 | 365 | |||||
Equity in unconsolidated affiliates' loss (income) | 17 | (98 | ) | ||||
Deposits | (1,156 | ) | (114 | ) | |||
Deferred income taxes | (9,775 | ) | (22 | ) | |||
Purchases and development of real estate properties | (3,668 | ) | (3,125 | ) | |||
Municipal utility district reimbursement | 2,172 | — | |||||
Decrease (increase) in other assets | 2,434 | (710 | ) | ||||
Increase (decrease) in accounts payable, accrued liabilities and other | 812 | (3,182 | ) | ||||
Net cash used in operating activities | (8,888 | ) | (4,706 | ) | |||
Cash flow from investing activities: | |||||||
Capital expenditures | (2,301 | ) | (13,868 | ) | |||
Proceeds from sale of assets | 117,261 | — | |||||
Payments on master lease obligations | (322 | ) | — | ||||
Other, net | (100 | ) | (187 | ) | |||
Net cash provided by (used in) investing activities | 114,538 | (14,055 | ) | ||||
Cash flow from financing activities: | |||||||
Borrowings from credit facility | 15,200 | 5,500 | |||||
Payments on credit facility | (48,746 | ) | (1,931 | ) | |||
Borrowings from project loans | 3,698 | 160,424 | |||||
Payments on project and term loans | (62,080 | ) | (149,882 | ) | |||
Stock-based awards net payments | (236 | ) | (158 | ) | |||
Financing costs | — | (943 | ) | ||||
Net cash (used in) provided by financing activities | (92,164 | ) | 13,010 | ||||
Net increase (decrease) in cash and cash equivalents | 13,486 | (5,751 | ) | ||||
Cash and cash equivalents at beginning of year | 13,597 | 17,036 | |||||
Cash and cash equivalents at end of period | $ | 27,083 | $ | 11,285 |
Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
Common Stock Held in Treasury | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Accum-ulated Deficit | Noncontrolling Interests in Subsidiaries | |||||||||||||||||||||||||||||||
Number of Shares | At Par Value | Number of Shares | At Cost | Total Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 9,203 | $ | 92 | $ | 192,762 | $ | (41,143 | ) | 1,105 | $ | (20,760 | ) | $ | 130,951 | $ | 75 | $ | 131,026 | ||||||||||||||||
Adjustment for cumulative effect of change in accounting for stock-based compensation | — | — | — | 143 | — | — | 143 | — | 143 | |||||||||||||||||||||||||
Cash dividend declared | — | — | (8,127 | ) | — | — | — | (8,127 | ) | — | (8,127 | ) | ||||||||||||||||||||||
Exercised and issued stock-based awards | 40 | 1 | 62 | — | — | — | 63 | — | 63 | |||||||||||||||||||||||||
Stock-based compensation | — | — | 192 | — | — | — | 192 | — | 192 | |||||||||||||||||||||||||
Tender of shares for stock-based awards | — | — | — | — | 12 | (297 | ) | (297 | ) | — | (297 | ) | ||||||||||||||||||||||
Total comprehensive loss | — | — | — | (2,670 | ) | — | — | (2,670 | ) | — | (2,670 | ) | ||||||||||||||||||||||
Balance at March 31, 2017 | 9,243 | $ | 93 | $ | 184,889 | $ | (43,670 | ) | 1,117 | $ | (21,057 | ) | $ | 120,255 | $ | 75 | $ | 120,330 |
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 | 37 | 1 | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation | — | — | 139 | — | — | — | 139 | — | 139 | |||||||||||||||||||||||||
Tax benefit for stock-based awards | — | — | 132 | — | — | — | 132 | — | 132 | |||||||||||||||||||||||||
Tender of shares for stock-based awards | — | — | — | — | 12 | (290 | ) | (290 | ) | — | (290 | ) | ||||||||||||||||||||||
Total comprehensive loss | — | — | — | (1,683 | ) | — | — | (1,683 | ) | — | (1,683 | ) | ||||||||||||||||||||||
Balance at March 31, 2016 | 9,197 | $ | 92 | $ | 192,392 | $ | (36,827 | ) | 1,105 | $ | (20,760 | ) | $ | 134,897 | $ | 75 | $ | 134,972 |
1. | GENERAL |
2. | EARNINGS PER SHARE |
3. | DISPOSITIONS |
4. | FAIR VALUE MEASUREMENTS |
March 31, 2017 | December 31, 2016 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Liabilities: | |||||||||||||||
Debt | $ | 199,859 | $ | 201,553 | $ | 291,102 | $ | 293,620 | |||||||
Interest rate swap agreement | 341 | 341 | 427 | 427 |
5. | DEBT AND EQUITY |
March 31, 2017 | December 31, 2016 | |||||||
Goldman Sachs loan | $ | 146,550 | $ | 147,025 | ||||
Lakeway construction loan | — | 57,912 | ||||||
Comerica Bank credit facility | 13,000 | 46,547 | ||||||
Santal construction loan | 31,907 | 30,286 | ||||||
Barton Creek Village term loan | 3,442 | 5,555 | ||||||
Amarra Villas credit facility | 4,960 | 3,777 | ||||||
Total debta | $ | 199,859 | $ | 291,102 |
a. | Includes net reductions for unamortized debt issuance costs of $1.6 million at March 31, 2017, and $2.2 million at December 31, 2016. |
6. | INCOME TAXES |
7. | BUSINESS SEGMENTS |
Real Estate Operationsa | Leasing Operations | Hotel | Entertainment | Eliminations and Otherb | Total | ||||||||||||||||||
Three Months Ended March 31, 2017: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Unaffiliated customers | $ | 2,164 | $ | 2,281 | $ | 10,314 | $ | 5,905 | $ | — | $ | 20,664 | |||||||||||
Intersegment | 13 | 210 | 91 | 40 | (354 | ) | — | ||||||||||||||||
Cost of sales, excluding depreciation | 1,976 | 1,693 | 7,189 | 4,508 | (163 | ) | 15,203 | ||||||||||||||||
Depreciation | 57 | 763 | 979 | 376 | (34 | ) | 2,141 | ||||||||||||||||
General and administrative expenses | — | — | — | — | 3,396 | c | 3,396 | ||||||||||||||||
Profit participation | — | 2,538 | — | — | — | 2,538 | |||||||||||||||||
Gain on sales of assets | — | (1,115 | ) | — | — | — | (1,115 | ) | |||||||||||||||
Operating income (loss) | $ | 144 | $ | (1,388 | ) | $ | 2,237 | $ | 1,061 | $ | (3,553 | ) | $ | (1,499 | ) | ||||||||
Capital expendituresd | $ | 3,668 | $ | 2,031 | $ | 247 | $ | 23 | $ | — | $ | 5,969 | |||||||||||
Total assets at March 31, 2017 | 174,022 | 65,483 | 104,498 | 37,066 | 20,899 | 401,968 |
Three Months Ended March 31, 2016: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Unaffiliated customers | $ | 2,255 | $ | 2,053 | $ | 10,575 | $ | 4,143 | $ | — | $ | 19,026 | |||||||||||
Intersegment | 8 | 136 | 89 | 33 | (266 | ) | — | ||||||||||||||||
Cost of sales, excluding depreciation | 2,209 | 870 | 7,710 | 3,105 | (98 | ) | 13,796 | ||||||||||||||||
Depreciation | 60 | 476 | 846 | 335 | (35 | ) | 1,682 | ||||||||||||||||
General and administrative expenses | — | — | — | — | 3,075 | 3,075 | |||||||||||||||||
Operating (loss) income | $ | (6 | ) | $ | 843 | $ | 2,108 | $ | 736 | $ | (3,208 | ) | $ | 473 | |||||||||
Capital expendituresd | $ | 3,125 | $ | 13,757 | $ | 87 | $ | 24 | $ | — | $ | 16,993 | |||||||||||
Total assets at March 31, 2016 | 197,616 | 81,290 | 106,284 | 42,311 | 12,121 | 439,622 |
a. | Includes sales commissions and other revenues together with related expenses. |
b. | Includes consolidated general and administrative expenses and eliminations of intersegment amounts. |
c. | General and administrative costs were higher in first-quarter 2017, compared with first-quarter 2016, primarily reflecting charges totaling $0.3 million for professional fees and incentive compensation. |
d. | Also includes purchases and development of residential real estate held for sale. |
8. | NEW ACCOUNTING STANDARD |
9. | SUBSEQUENT EVENTS |
Acreage | ||||||||||||||||||||||||||
Under Development | Undeveloped | |||||||||||||||||||||||||
Developed Lots/Units | Multi- family | Commercial | Total | Single family | Multi-family | Commercial | Total | Total Acreage | ||||||||||||||||||
Austin: | ||||||||||||||||||||||||||
Barton Creek | 296 | 20 | — | 20 | 512 | 289 | 394 | 1,195 | 1,215 | |||||||||||||||||
Circle C | 7 | — | — | — | — | 36 | 216 | 252 | 252 | |||||||||||||||||
Lantana | — | — | — | — | — | — | 56 | 56 | 56 | |||||||||||||||||
W Austin Residences | 2 | — | — | — | — | — | — | — | — | |||||||||||||||||
Lakeway | — | — | — | — | 35 | — | — | 35 | 35 | |||||||||||||||||
Magnolia | — | — | — | — | — | — | 124 | 124 | 124 | |||||||||||||||||
West Killeen Market | — | — | 9 | 9 | — | — | — | — | 9 | |||||||||||||||||
San Antonio: | ||||||||||||||||||||||||||
Camino Real | — | — | — | — | — | — | 2 | 2 | 2 | |||||||||||||||||
Total | 305 | 20 | 9 | 29 | 547 | 325 | 792 | 1,664 | 1,693 |
Residential Lots/Units | ||||||||||||
Developed | Under Development | Potential Developmenta | Total | |||||||||
Barton Creek: | ||||||||||||
Amarra Drive: | ||||||||||||
Phase II Lots | 13 | — | — | 13 | ||||||||
Phase III Lots | 47 | — | — | 47 | ||||||||
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 | 7 | — | — | 7 | ||||||||
The St. Mary | — | — | 240 | 240 | ||||||||
Tract 102 multi-family | — | — | 56 | 56 | ||||||||
Lakeway | — | — | 100 | 100 | ||||||||
Flores Street | — | — | 6 | 6 | ||||||||
W Austin Residences: | ||||||||||||
Condominium units | 2 | — | — | 2 | ||||||||
Total Residential Lots/Units | 305 | 20 | 2,352 | 2,677 |
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 of Austin (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 or planning activities for some of these properties, they are not considered to be “under development” for disclosure in this table until construction activities have begun. |
Commercial Property | |||||||||||
Developed | Under Development | Potential Developmenta | Total | ||||||||
Barton Creek: | |||||||||||
Barton Creek Village | 22,366 | — | — | 22,366 | |||||||
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: | |||||||||||
Lantana Place | — | — | 325,000 | 325,000 | |||||||
Tract G07 | — | — | 160,000 | 160,000 | |||||||
W Austin Hotel & Residences: | |||||||||||
Office | 38,316 | — | — | 38,316 | |||||||
Retail | 18,327 | — | — | 18,327 | |||||||
Magnolia | — | — | 351,000 | 351,000 | |||||||
West Killeen Market | — | 44,000 | — | 44,000 | |||||||
Total Square Feet | 79,009 | 44,000 | 3,116,938 | 3,239,947 |
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 or planning activities for some of these properties, they are not considered to be “under development” for disclosure in this table until construction activities have begun. |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Operating income (loss): | ||||||||
Real estate operations | $ | 144 | $ | (6 | ) | |||
Leasing operations | (1,388 | ) | 843 | |||||
Hotel | 2,237 | 2,108 | ||||||
Entertainment | 1,061 | 736 | ||||||
Corporate, eliminations and other | (3,553 | ) | (3,208 | ) | ||||
Operating (loss) income | $ | (1,499 | ) | $ | 473 | |||
Interest expense, net | $ | (1,975 | ) | $ | (1,969 | ) | ||
Net loss attributable to common stockholders | $ | (2,670 | ) | $ | (1,683 | ) |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Revenues: | ||||||||
Developed property sales | $ | 2,133 | $ | 2,065 | ||||
Commissions and other | 44 | 198 | ||||||
Total revenues | 2,177 | 2,263 | ||||||
Cost of sales, including depreciation | 2,033 | 2,269 | ||||||
Operating income (loss) | $ | 144 | $ | (6 | ) | |||
Three Months Ended March 31, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Lots | Revenues | Average Cost Per Lot | Lots | Revenues | Average Cost Per Lot | ||||||||||||||||
Barton Creek | |||||||||||||||||||||
Amarra Drive: | |||||||||||||||||||||
Phase II Lots | — | $ | — | $ | — | 1 | $ | 550 | $ | 190 | |||||||||||
Phase III Lots | 1 | 665 | 281 | — | — | — | |||||||||||||||
Circle C | |||||||||||||||||||||
Meridian | 5 | 1,468 | 163 | 5 | 1,515 | 170 | |||||||||||||||
Total Residential | 6 | $ | 2,133 | 6 | $ | 2,065 | |||||||||||||||
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Rental revenue | $ | 2,491 | $ | 2,189 | ||||
Rental cost of sales, excluding depreciation | 1,693 | 870 | ||||||
Depreciation | 763 | 476 | ||||||
Profit participation | 2,538 | — | ||||||
Gain on sales of assets | (1,115 | ) | — | |||||
Operating (loss) income | $ | (1,388 | ) | $ | 843 |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Hotel revenue | $ | 10,405 | $ | 10,664 | ||||
Hotel cost of sales, excluding depreciation | 7,189 | 7,710 | ||||||
Depreciation | 979 | 846 | ||||||
Operating income | $ | 2,237 | $ | 2,108 |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Entertainment revenue | $ | 5,945 | $ | 4,176 | ||||
Entertainment cost of sales, excluding depreciation | 4,508 | 3,105 | ||||||
Depreciation | 376 | 335 | ||||||
Operating income | $ | 1,061 | $ | 736 |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
ACL Live | ||||||||
Events: | ||||||||
Events hosted | 57 | 51 | ||||||
Estimated attendance | 71,562 | 54,351 | ||||||
Ancillary net revenue per attendee | $ | 39.88 | $ | 56.53 | ||||
Ticketing: | ||||||||
Number of tickets sold | 44,478 | 33,576 | ||||||
Gross value of tickets sold (in thousands) | $ | 3,070 | $ | 1,376 | ||||
3TEN ACL Live | ||||||||
Events: | ||||||||
Events hosted | 60 | 7 | ||||||
Estimated attendance | 10,579 | 2,050 | ||||||
Ancillary net revenue per attendee | $ | 57.60 | $ | 71.97 | ||||
Ticketing: | ||||||||
Number of tickets sold | 4,413 | — | ||||||
Gross value of tickets sold (in thousands) | $ | 88 | $ | — |
• | $147.8 million under the Goldman Sachs loan. |
• | $13.0 million under the $52.5 million Comerica Bank credit facility, which is comprised of a $45.0 million revolving line of credit, $32.0 million of which was available at March 31, 2017, and a $7.5 million letters of credit tranche, against which $2.3 million was committed and $5.2 million was available at March 31, 2017. |
• | $32.0 million under the construction loan agreement to fund the development and construction of the first phase of a multi-family development in Section N of Barton Creek (the Santal construction loan). |
• | $3.5 million under the term loan agreement with PlainsCapital Bank secured by assets at Barton Creek Village (the Barton Creek Village term loan). |
• | $5.1 million 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 | $ | 136,039 | $ | 147,786 | |||||||||||||
Comerica Bank credit facility | 13,000 | a | — | — | — | — | — | 13,000 | |||||||||||||||||||
Santal construction loan | — | 32,034 | b | — | — | — | — | 32,034 | |||||||||||||||||||
Barton Creek Village term loan | 153 | 160 | 167 | 173 | 182 | 2,661 | 3,496 | ||||||||||||||||||||
Amarra Villas credit facility | — | — | 5,102 | — | — | — | 5,102 | ||||||||||||||||||||
Total | $ | 15,248 | $ | 34,409 | $ | 7,611 | $ | 2,650 | $ | 2,800 | $ | 138,700 | $ | 201,418 |
a. | Matures August 31, 2017. |
b. | Stratus has the option to extend the maturity date for two additional twelve-month periods, subject to certain debt service coverage conditions. |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-Q | 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 | 001-37716 | 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 | ||||||
4.3 | Board Representation of Standstill Agreement dated as of January 1, 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 | ||||||
10.1 | Construction Loan Agreement by and between Lantana Place, L.L.C., as borrower, and Southside Bank, as lender, dated April 28, 2017. | 8-K | 001-37716 | 5/3/2017 | ||||||
10.2 | Promissory Note by and between Lantana Place, L.L.C. and Southside Bank dated April 28, 2017. | 8-K | 001-37716 | 5/3/2017 | ||||||
10.3* | Form of Performance-Based Restricted Stock Unit Agreement under the Stratus Properties Inc. 2013 Stock Incentive Plan (adopted March 2016). | 10-K | 001-37716 | 3/16/2017 | ||||||
10.4* | Form of Notice of Grant of Restricted Stock Units under the Stratus Properties Inc. 2013 Stock Incentive Plan (adopted March 2016). | 10-K | 001-37716 | 3/16/2017 | ||||||
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 | ||||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Title | Filed with this Form 10-Q | Form | File No. | Date Filed | |||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | X | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | X | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | X | ||||||||
* Indicates management contract or compensatory plan or arrangement. |
1. | I have reviewed this quarterly report on Form 10-Q of Stratus Properties Inc.; |
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. |
1. | I have reviewed this quarterly report on Form 10-Q of Stratus Properties Inc.; |
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. |
Document and Entity Information Document - USD ($) $ in Millions |
3 Months Ended | ||
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Mar. 31, 2017 |
Apr. 28, 2017 |
Jun. 30, 2016 |
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Document and Entity Information [Abstract] | |||
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-Q | ||
Document Period End Date | Mar. 31, 2017 | ||
Document Fiscal Year Focus | 2017 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 8,126,502 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 89.3 |
General Information (Unaudited) |
3 Months Ended |
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Mar. 31, 2017 | |
General Information [Abstract] | |
General Information [Text Block] | GENERAL The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2016, included in Stratus Properties Inc.’s (Stratus) Annual Report on Form 10-K (Stratus 2016 Form 10-K) filed with the United States (U.S.) Securities and Exchange Commission. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments considered necessary for a fair statement of the results for the interim periods reported. With the exception of the accounting for the deferred gain on the sale of The Oaks at Lakeway, all such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2017, are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. |
Earnings Per Share (Unaudited) |
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Earnings Per Share [Abstract] | |||||||||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE Stratus’ basic and diluted net loss per share of common stock was calculated by dividing the net loss attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. The weighted-average shares exclude approximately 128 thousand shares of common stock for first-quarter 2017 and 125 thousand shares of common stock for first-quarter 2016 associated with restricted stock units that were anti-dilutive because of the net losses and outstanding stock options with exercise prices less than the average market price of Stratus' common stock. |
Dispositions (Notes) |
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Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISPOSITIONS 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 after repayment of the Lakeway construction loan (see Note 5). Stratus used a portion of these net cash proceeds to pay indebtedness outstanding under the Comerica Bank 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, which currently approximates $170,000 per month, will decline over time until leasing is complete and all leases are assigned to the purchaser, which is projected to occur by February 2019. The hotel tenant is expected to begin paying rent and commence construction of its building in May 2017. 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 the purchaser, the transaction does not qualify as a sale under U.S. generally accepted accounting principles. Accordingly, a deferred gain totaling $39.7 million was recorded and is being reduced by payments made under the master lease agreements, which totaled $0.3 million in first-quarter 2017. All or a portion of the deferred gain may be recognized in future periods when Stratus’ continuing involvement ends or substantially all of the risks and rewards of ownership have transferred to the buyer and any remaining obligation for Stratus' support under the master leases is less than the deferred gain. Upon the sale of The Oaks at Lakeway, HEB Grocery Company, L.P. (HEB) earned a profit participation of $2.5 million (of which $2.2 million was paid at closing), which is presented separately in the Consolidated Statements of Comprehensive Loss. On February 28, 2017, Stratus completed the sale of its 3,085-square-foot bank building and an adjacent 4.1 acre undeveloped tract of land in Barton Creek, for $3.1 million. Stratus recorded a $1.1 million gain on sales of assets in first-quarter 2017 and paid $2.1 million on the Barton Creek Village term loan (see Note 5). |
Fair Value Measurements (Unaudited) |
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [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 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The carrying value for certain Stratus financial instruments (i.e., cash and cash equivalents, restricted cash, accounts payable, accrued dividend 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):
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. Interest Rate Swap Agreement. The interest rate swap does not qualify for hedge accounting and changes in its fair value are recorded in the Consolidated Statements of Comprehensive Loss. Stratus 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 and Equity Transactions (Unaudited) |
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Capitalization, Long-term Debt and Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Transactions [Text Block] | DEBT AND EQUITY Debt. The components of Stratus' debt are as follows (in thousands):
In February 2017, Stratus repaid the Lakeway construction loan with proceeds from the sale of The Oaks at Lakeway and paid $2.1 million on the Barton Creek Village term loan (see Note 3). As of March 31, 2017, Stratus had $32.0 million available under its $45.0 million revolving loan under its Comerica Bank credit facility. On August 5, 2016, a Stratus subsidiary entered into a $9.9 million construction loan agreement with Southside Bank (the West Killeen Market loan) to fund the construction of the West Killeen Market project. No amounts had been drawn as of March 31, 2017. For a description of Stratus' loans, refer to Note 7 in the Stratus 2016 Form 10-K. Interest Expense and Capitalization. Interest expense (before capitalized interest) totaled $3.3 million for first-quarter 2017 and $3.7 million for first-quarter 2016. Stratus' capitalized interest costs totaled $1.4 million for first-quarter 2017 and $1.8 million for first-quarter 2016, primarily related to development activities at Barton Creek in 2017, and Barton Creek and The Oaks at Lakeway in 2016. Equity. Under Stratus' Comerica Bank 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 ($8.1 million) 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 sale of The Oaks at Lakeway. Comerica Bank’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 Bank 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. |
Income Taxes (Unaudited) |
3 Months Ended |
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Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | INCOME TAXES Stratus’ accounting policy for and other information regarding its income taxes is further described in Notes 1 and 8 in the Stratus 2016 Form 10-K. Stratus had deferred tax assets (net of deferred tax liabilities) totaling $27.1 million at March 31, 2017, and $17.2 million at December 31, 2016. The increase in deferred tax assets of $9.9 million in 2017 is primarily associated with the deferred gain on the sale of The Oaks at Lakeway. Stratus’ income tax benefit for first-quarter 2017 includes current income tax expense of $8.5 million offset by a deferred tax benefit of $9.8 million. 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 difference between Stratus' consolidated effective income tax rate for first-quarter 2017 and first-quarter 2016, and the U.S. Federal statutory income tax rate of 35 percent, was primarily attributable to the Texas state margin tax. |
Business Segments (Unaudited) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments [Text Block] | BUSINESS SEGMENTS Stratus currently has four operating segments: Real Estate Operations, Leasing Operations, Hotel and Entertainment. 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 located in the greater Austin area (Lakeway); and in Magnolia, Texas, located in the greater Houston area (Magnolia). The Leasing Operations segment includes the office and retail space at the W Austin Hotel & Residences, a retail building in Barton Creek Village, the Santal multi-family project and the West Killeen Market in Killeen, Texas. The Hotel segment includes the W Austin Hotel located at the W Austin Hotel & Residences in downtown Austin, Texas. 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 in the Stratus 2016 Form 10-K for further discussion). Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus' operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).
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New Accounting Standards (Unaudited) (Notes) |
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Mar. 31, 2017 | |
New Accounting Standards [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NEW ACCOUNTING STANDARD 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. Stratus adopted this ASU on January 1, 2017, on a modified retrospective basis and recorded a cumulative effect adjustment of $0.1 million to its opening accumulated deficit balance. |
Subsequent Events (Unaudited) (Notes) |
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Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On April 28, 2017, a Stratus subsidiary entered into a $26.3 million construction loan with Southside Bank (the Loan) to finance the initial phase of Lantana Place, a mixed-used development project with leasable space for retail and restaurant use, anchored by a Moviehouse Theater & Eatery and a 145-room hotel site. Interest on the Loan is variable at the one-month London Interbank Offered Rate plus 2.75 percent, subject to a minimum interest rate of 3.0 percent. Payments of interest only will be due and payable monthly beginning June 1, 2017, and regularly thereafter through November 1, 2020. The principal balance of the Loan outstanding after November 1, 2020, will be payable in equal monthly installments of principal and interest based on a 30-year amortization. The Loan must be repaid in full on or before April 28, 2023. The Loan can be prepaid without penalty. As of April 28, 2017, no amounts were outstanding under the Loan. The Loan is secured by the Lantana Place project and all subsequent improvements, including all leases and rents associated with the development. The Loan contains affirmative and negative covenants usual and customary for loan agreements of this nature, including, but not limited to, a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 at all times beginning on December 31, 2019. Stratus will guarantee the Loan until the development is able to maintain a debt service ratio of 1.50 to 1.00 for a period of six consecutive months. Stratus evaluated events after March 31, 2017, 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. |
Fair Value Measurements (Unaudited) (Tables) |
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Fair Value Measurements [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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Debt and Equity Transactions (Unaudited) Summary of Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Table [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | The components of Stratus' debt are as follows (in thousands):
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Business Segments (Unaudited) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information by Segment [Table Text Block] |
|
Earnings Per Share (Unaudited) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Sep. 30, 2016 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 128 | 125 | 124 |
Fair Value Measurements (Unaudited) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Carrying Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Debt | $ 199,859 | $ 291,102 |
Interest rate swap agreement | 341 | 427 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Debt | 201,553 | 293,620 |
Interest rate swap agreement | $ 341 | $ 427 |
Debt and Equity Transactions (Unaudited) Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 15, 2017 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Apr. 18, 2017 |
Dec. 31, 2016 |
|
Dividends Payable [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 1.00 | $ 1.00 | $ 0.00 | ||
Dividends Payable | $ 8,127 | $ 0 | |||
Subsequent Event [Member] | |||||
Dividends Payable [Line Items] | |||||
Dividends Payable | $ 8,100 |
Income Taxes (Unaudited) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Deferred tax assets | $ 27,141 | $ 17,223 | |
Deferred Income Tax Benefit Incl Adj for Cumulative Effect of Change in Acctg Std | 9,900 | ||
Current Income Tax Expense (Benefit) | 8,500 | ||
Deferred income tax expense (benefit) | $ (9,775) | $ (22) | |
Federal Statutory Income Tax Rate | 35.00% | 35.00% |
New Accounting Standards (Unaudited) (Details) $ in Millions |
Jan. 01, 2017
USD ($)
|
---|---|
New Accounting Standards [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0.1 |
Subsequent Events (Unaudited) Subsequent Event (Details) - Lantana Place [Member] - Construction Loans [Member] - Subsequent Event [Member] |
Apr. 28, 2017
USD ($)
|
---|---|
Subsequent Event [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,300,000.0000 |
Line of Credit Facility, Covenant Terms | The Loan contains affirmative and negative covenants usual and customary for loan agreements of this nature, including, but not limited to, a financial covenant to maintain a debt service coverage ratio of at least 1.35 to 1.00 at all times beginning on December 31, 2019. Stratus will guarantee the Loan until the development is able to maintain a debt service ratio of 1.50 to 1.00 for a period of six consecutive months |
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Long-term Line of Credit | $ 0 |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
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