STRATUS PROPERTIES INC — Director's Dealing 2003

Apr 7, 2003

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(Print or Type Responses)

| 1. Name and Address of Reporting Person* Baker
John
E. | 2. Issuer Name and Ticker or Trading Symbol Stratus Properties Inc. (STRS) | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | | | | Director | 10% Owner | |
| | | | | | | | X | Officer (give title below) | Other (specify below) | |
| | | | | | | | Senior Vice President and Chief Financial
Officer | | | |
| (Last) (First) (Middle) 98 San Jacinto Boulevard, Suite 220 | 3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary) | | 4. Statement for Month/Day/Year 04/04/03 | | | | 7. Individual or Joint/Group Filing (Check Applicable Line) | | | |
| | | | 5. If Amendment, Date of Original (Month/Day/Year) | | | | X | Form filed by One Reporting Person | | |
| (Street) Austin
Texas
78701 | | | | | | | | Form filed by More than One Reporting Person | | |
| (City) (State) (Zip) | Table I ¾ Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | | | | | | | | | |
| 1. Title of Security (Instr. 3) | 2. Trans- action Date (Month/ Day/ Year) | 2A. Deemed Execution Date, if any (Month/ Day/ Year) | 3. Trans- action Code (Instr.8) | | 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | | | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Owner- ship Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Owner- ship (Instr. 4) |
| | | | Code | V | Amount | (A) or (D) | Price | | | |
| Common
Stock | 04/04/03 | | S | | 722 | D | $8.05 | 8,408 (1) | D | |

If the form is filed by more than one reporting person, see Instruction 4(b)(v).
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.	(Over) SEC 1474 (9-02)

4. Trans- action Code (Instr.8)		5. Number of Deriv- ative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exer- cisable and Expiration Date (Month/Day/ Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)	8. Price of Deriv- ative Secur- ity (Instr. 5)
Code	V	(A)	(D)	Date Exer- cisable	Expira- tion Date	Title	Amount or Number of Shares

Explanation of Responses:
1. Represents 8,408 Common Stock
Restricted Stock Units

| Intentional misstatements or omissions of facts constitute Federal Criminal Violations. | /s/
Margaret F. Murphy — **Signature of Reporting Person |
| --- | --- |
| See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | Margaret F. Murphy, on behalf of John E. Baker |

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, s ee Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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