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Stratus Properties Inc – ‘10-Q’ for 9/30/18 – ‘R13’

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

‘R13’   —   Business Segments (Unaudited)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.10.0.1
Business Segments (Unaudited)
 9 Months Ended
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, including portions of Santal Phase II; the Circle C community, including The Saint Mary; the Lantana community, including Lantana Place; and one condominium unit at the W Austin Hotel & Residences); in Lakeway, Texas located in the greater Austin area (Lakeway); in College Station, Texas (Jones Crossing); and in Magnolia, Texas (Magnolia) and Kingwood, Texas (Kingwood Place), both located in the greater Houston area.

The Leasing Operations segment includes the office and retail space at the W Austin Hotel & Residences, a retail building in Barton Creek Village, Santal Phase I, the West Killeen Market in Killeen, Texas, and portions of the Santal Phase II, Lantana Place and Jones Crossing projects.

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, and 3TEN ACL Live, both at the W Austin Hotel & Residences. In addition to hosting concerts and private events, ACL Live 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.

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.

Revenues From Contracts with Customers. Stratus' revenues from contracts with customers for the third quarters and the first nine months of 2018 and 2017 follow (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Real Estate Operations:
 
 
 
 
 
 
 
Developed property sales
$
2,025

 
$
2,860

 
$
10,036

 
$
8,436

Undeveloped property sales
—

 
—

 
—

 
544

Commissions and other
75

 
63

 
237

 
128

 
2,100

 
2,923

 
10,273

 
9,108

Leasing Operations:
 
 
 
 
 
 
 
Rental revenue
2,813

 
1,923

 
7,148

 
6,015

 
2,813

 
1,923

 
7,148

 
6,015

Hotel:
 
 
 
 
 
 
 
Rooms, food and beverage
7,554

 
7,143

 
25,156

 
26,054

Other
618

 
595

 
1,931

 
1,763

 
8,172

 
7,738

 
27,087

 
27,817

Entertainment:
 
 
 
 
 
 
 
Event revenue
4,154

 
4,010

 
12,532

 
14,520

Other
684

 
628

 
1,958

 
1,855

 
4,838

 
4,638

 
14,490

 
16,375

 
 
 
 
 
 
 
 
Total Revenues from Contracts with Unaffiliated Customers
$
17,923

 
$
17,222

 
$
58,998

 
$
59,315



Financial Information by Business Segment. The following segment information was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).
 
Real Estate
Operationsa
 
Leasing Operations
 
Hotel
 
Entertainment
 
Eliminations and Otherb
 
Total
Three Months Ended September 30, 2018:
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers
$
2,100

 
$
2,813

 
$
8,172

 
$
4,838

 
$
—

 
$
17,923

Intersegment
8

 
227

 
72

 
21

 
(328
)
 
—

Cost of sales, excluding depreciation
2,279

 
1,235

 
6,639

 
4,154

 
(168
)
 
14,139

Depreciation
65

 
863

 
886

 
391

 
(34
)
 
2,171

General and administrative expenses
—

 
—

 
—

 
—

 
2,650

 
2,650

Operating (loss) income
$
(236
)
 
$
942

 
$
719

 
$
314

 
$
(2,776
)
 
$
(1,037
)
Capital expenditures and purchases and development of real estate properties
$
21,201

 
$
10,334

 
$
128

 
$
24

 
$
—

 
$
31,687

Total assets at September 30, 2018
183,857

 
157,706

 
102,069

 
36,377

 
8,047

 
488,056

 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate
Operationsa
 
Leasing Operations
 
Hotel
 
Entertainment
 
Eliminations and Otherb
 
Total
Three Months Ended September 30, 2017:
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers
$
2,923

 
$
1,923

 
$
7,738

 
$
4,638

 
$
—

 
$
17,222

Intersegment
115

 
222

 
57

 
17

 
(411
)
 
—

Cost of sales, excluding depreciation
2,204

 
1,100

 
6,678

 
3,799

 
(144
)
 
13,637

Depreciation
57

 
739

 
886

 
384

 
(35
)
 
2,031

General and administrative expenses
—

 
—

 
—

 
—

 
2,220

 
2,220

Gain on sales of assets
—

 
(24,306
)
c 
—

 
—

 
—

 
(24,306
)
Operating income (loss)
$
777

 
$
24,612

 
$
231

 
$
472

 
$
(2,452
)
 
$
23,640

Capital expenditures and purchases and development of real estate properties
$
3,222

 
$
9,066

 
$
15

 
$
182

 
$
—

 
$
12,485

Total assets at September 30, 2017
183,643

 
71,041

 
103,560

 
36,888

 
15,332

 
410,464


Nine Months Ended September 30, 2018:
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
  Unaffiliated customers
$
10,273

 
$
7,148

 
$
27,087

 
$
14,490

 
$
—

 
$
58,998

  Intersegment
24

 
703

 
194

 
79

 
(1,000
)
 
—

Cost of sales, excluding depreciation
9,405

d 
3,756

 
20,861

 
11,850

 
(520
)
 
45,352

Depreciation
190

 
2,234

 
2,675

 
1,171

 
(104
)
 
6,166

General and administrative expenses
—

 
—

 
—

 
—

 
8,646

 
8,646

Operating income (loss)
$
702

 
$
1,861

 
$
3,745

 
$
1,548

 
$
(9,022
)
 
$
(1,166
)
Capital expenditures and purchases and development of real estate properties
$
28,900

 
$
52,619

 
$
464

 
$
385

 
$
—

 
$
82,368

Nine Months Ended September 30, 2017:
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
  Unaffiliated customers
$
9,108

 
$
6,015

 
$
27,817

 
$
16,375

 
$
—

 
$
59,315

  Intersegment
136

 
653

 
230

 
142

 
(1,161
)
 
—

Cost of sales, excluding depreciation
8,048

 
3,773

 
21,323

 
12,756

 
(528
)
 
45,372

Depreciation
171

 
2,070

 
2,654

 
1,137

 
(104
)
 
5,928

General and administrative expenses
—

 
—

 
—

 
—

 
8,462

 
8,462

Profit participation
—

 
2,538

 
—

 
—

 
—

 
2,538

Gain on sales of assets
—

 
(25,421
)
c 
—

 
—

 
—

 
(25,421
)
Operating income (loss)
$
1,025

 
$
23,708

 
$
4,070

 
$
2,624

 
$
(8,991
)
 
$
22,436

Capital expenditures and purchases and development of real estate properties
$
11,196

 
$
13,845

 
$
273

 
$
245

 
$
—

 
$
25,559


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 $24.3 million associated with recognition of a portion of the deferred gain on the sale of The Oaks at Lakeway.
d.
Includes $0.4 million of reductions to cost of sales associated with collection of prior-years' assessments of properties in Barton Creek.

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
9/30/1710-Q
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