STRATUS PROPERTIES INC — Director's Dealing 2006

Dec 22, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STRATUS PROPERTIES INC (STRS)
CIK: 0000885508
Period of Report: 2006-12-21

Reporting Person: ARMSTRONG WILLIAM H III (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-21	Common Stock	M	32500	$7	Acquired	159442	Direct
2006-12-21	Common Stock	M	50000	$7.81	Acquired	209442	Direct
2006-12-21	Common Stock	M	60000	$8.69	Acquired	269442	Direct
2006-12-21	Common Stock	M	45455	$8.45	Acquired	314897	Direct
2006-12-21	Common Stock	F	98816	$31.95	Disposed	216081	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-21	Option (right to buy)	$7	M	32500	Disposed	2007-05-08	Common Stock (32500)	Direct
2006-12-21	Option (right to buy)	$7.81	M	50000	Disposed	2009-02-11	Common Stock (50000)	Direct
2006-12-21	Option (right to buy)	$8.69	M	60000	Disposed	2010-02-10	Common Stock (60000)	Direct
2006-12-21	Option (right to buy)	$8.45	M	45455	Disposed	2012-01-17	Common Stock (45455)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3250	Indirect

Footnotes

F1: 25% exercisable on the date indicated and 25% exercisable on each of the next three anniversaries thereof.

F2: 25% exercisable on the date indicated and 25% exercisable on each of the next three anniversaries thereof.

F3: 25% exercisable on the date indicated and 25% exercisable on each of the next three anniversaries thereof.

F4: 25% exercisable on the date indicated and 25% exercisable on each of the next three anniversaries thereof.

F5: Amount beneficially owned following the reported transactions includes 57,250 Common Stock Restricted Stock Units.

F6: Shares delivered and withheld in payment of the exercise price of options and resulting taxes.