Stratus Properties Inc. (Stratus) is engaged in the acquisition, development, management, operation and sale of commercial, hotel, entertainment, multi-family and single-family residential real estate properties located primarily in the Austin, Texas area. The Company generates revenues from sales of developed properties and through rental income from its commercial properties. Developed property sales include condominium units at the Company's W Austin Hotel & Residences project, an individual tract of land that has been developed and permitted for residential use or a developed lot with a home already built on it. As of December 31, 2013, its properties consisted of the W Austin Hotel & Residences project, Barton Creek Village and Circle C Community, among others. The Company also sells properties under development, undeveloped properties or commercial properties. The Company has four operating segments: Real Estate Operations, Hotel, Entertainment and Commercial Leasing.