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Stratus Properties Inc – ‘10-Q’ for 9/30/18 – ‘R16’

On:  Friday, 11/9/18, at 2:11pm ET   ·   For:  9/30/18   ·   Accession #:  885508-18-42   ·   File #:  1-37716

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  As Of               Filer                 Filing    For·On·As Docs:Size

11/09/18  Stratus Properties Inc            10-Q        9/30/18   50:5.9M

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    615K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     23K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     18K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     18K 
12: R1          Document and Entity Information Document            HTML     41K 
13: R2          Consolidated Balance Sheets (Unaudited)             HTML     89K 
14: R3          Consolidated Statements of Income (Unaudited)       HTML    113K 
15: R4          Consolidated Statements of Cash Flows (Unaudited)   HTML    107K 
16: R5          Consolidated Statements of Equity (Unaudited)       HTML     71K 
17: R6          General Information (Unaudited)                     HTML     19K 
18: R7          Earnings Per Share (Unaudited)                      HTML     66K 
19: R8          Related Party Transaction                           HTML     44K 
20: R9          Dispositions                                        HTML     27K 
21: R10         Fair Value Measurements (Unaudited)                 HTML     39K 
22: R11         Debt and Equity Transactions (Unaudited)            HTML     51K 
23: R12         Income Taxes (Unaudited)                            HTML     21K 
24: R13         Business Segments (Unaudited)                       HTML    248K 
25: R14         New Accounting Standards (Unaudited)                HTML     36K 
26: R15         Subsequent Events (Unaudited)                       HTML     20K 
27: R16         Profit Participation Incentive Plan (Unaudited)     HTML     23K 
28: R17         New Accounting Standards (Unaudited) (Policies)     HTML     20K 
29: R18         Earnings Per Share (Unaudited) Earnings per Share   HTML     67K 
                (Tables)                                                         
30: R19         Related Party Transaction (Tables)                  HTML     29K 
31: R20         Fair Value Measurements (Unaudited) (Tables)        HTML     35K 
32: R21         Debt and Equity Transactions (Unaudited) Summary    HTML     38K 
                of Debt (Tables)                                                 
33: R22         Business Segments (Unaudited) (Tables)              HTML    248K 
34: R23         New Accounting Standards (Unaudited) (Tables)       HTML     33K 
35: R24         Earnings Per Share (Unaudited) (Details)            HTML     50K 
36: R25         Related Party Transaction Saint Mary, L.P.          HTML     99K 
                (Details)                                                        
37: R26         Related Party Transaction Stratus Kingwood, L.P.    HTML     88K 
                (Details)                                                        
38: R27         Dispositions (Details)                              HTML     76K 
39: R28         Fair Value Measurements (Unaudited) (Details)       HTML     27K 
40: R29         Debt and Equity Transactions (Unaudited) (Details)  HTML    103K 
41: R30         Debt and Equity Transactions (Unaudited) Equity     HTML     21K 
                Transactions (Details)                                           
42: R31         Income Taxes (Unaudited) (Details)                  HTML     28K 
43: R32         Business Segments (Unaudited) Revenues from         HTML     63K 
                External Customers for Products and Services                     
                (Details)                                                        
44: R33         Business Segments (Unaudited) Segment Information   HTML    102K 
                (Details)                                                        
45: R34         New Accounting Standards (Unaudited) Restricted     HTML     31K 
                Cash (Details)                                                   
46: R35         Subsequent Events (Unaudited) Subsequent Event      HTML     35K 
                (Details)                                                        
47: R36         Profit Participation Incentive Plan (Unaudited)     HTML     20K 
                (Details)                                                        
49: XML         IDEA XML File -- Filing Summary                      XML     84K 
48: EXCEL       IDEA Workbook of Financial Reports                  XLSX     51K 
 6: EX-101.INS  XBRL Instance -- strs-20180930                       XML   1.80M 
 8: EX-101.CAL  XBRL Calculations -- strs-20180930_cal               XML    126K 
 9: EX-101.DEF  XBRL Definitions -- strs-20180930_def                XML    468K 
10: EX-101.LAB  XBRL Labels -- strs-20180930_lab                     XML   1.00M 
11: EX-101.PRE  XBRL Presentations -- strs-20180930_pre              XML    625K 
 7: EX-101.SCH  XBRL Schema -- strs-20180930                         XSD    105K 
50: ZIP         XBRL Zipped Folder -- 0000885508-18-000042-xbrl      Zip    152K

‘R16’   —   Profit Participation Incentive Plan (Unaudited)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.10.0.1
Profit Participation Incentive Plan (Unaudited)
 9 Months Ended
Profit Participation Plan [Abstract]  
Profit Participation Incentive Plan
PROFIT PARTICIPATION INCENTIVE PLAN
On July 11, 2018, the Stratus Compensation Committee of the Board (the Committee) unanimously adopted the Stratus Profit Participation Incentive Plan (the Plan), which provides participants with economic incentives tied to the success of the development projects designated by the Committee as approved projects under the Plan. Under the Plan, 25 percent of the profit for each approved project following a capital transaction (as defined in the Plan) will be set aside in a pool. The Committee will allocate participation interests in each pool to select executives, other employees and consultants determined to be instrumental in the success of the project. The profit is equal to the net proceeds to Stratus from a capital transaction after Stratus has received a return of its costs and expenses and any capital contributions and a preferred return of 10 percent per year on the approved project. Provided the applicable service conditions are met, each participant is eligible to earn a bonus equal to his or her allocated participation interest in the applicable profit pool. Bonuses under the Plan are payable in cash prior to March 15th of the year following the capital transaction, unless the participant is an executive officer, in which case annual cash payouts under the Plan are limited to no more than four times the executive officer’s base salary, and any amounts due under the Plan in excess of that amount will be converted to an equivalent number of stock-settled restricted stock units with a one-year vesting period.

If a capital transaction has not occurred prior to the third anniversary of the date an approved project is substantially complete (a valuation event), the Committee will obtain a third-party appraisal of the approved project as of the valuation event. Based on the appraised value, the Committee will determine if any profit would have been generated after applying the hurdles described above, and if so, the amount of any bonus that would have been attributable to each participant. Any such amount will convert into an equivalent number of stock-settled restricted stock units that will vest in annual installments over a three-year period, provided that the participant satisfies the applicable service conditions.

On August 2, 2018, the Committee designated seven existing development projects as approved projects under the Plan, and allocated participation interests in each pool to certain executives, employees and consultants. As of September 30, 2018, one of those approved projects was substantially complete.

Because of uncertainty in estimating future market conditions and development plans and costs for approved projects, the timing and amount of bonus awards under the Plan cannot currently be reliably determined. As such, no amounts have been recorded for bonus awards under the Plan as of September 30, 2018. Stratus will record estimates of such amounts for an approved project when they can be reliably determined, which is currently expected to be at the time a capital transaction is announced or when a valuation event occurs.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:11/9/188-K
For Period end:9/30/18
8/2/18
7/11/184,  8-K
 List all Filings 
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Filing Submission 0000885508-18-000042   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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