STRATUS PROPERTIES INC — Director's Dealing 2006

Nov 15, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STRATUS PROPERTIES INC (STRS)
CIK: 0000885508
Period of Report: 2006-11-14

Reporting Person: GARRISON BRUCE G (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-14	Common Stock	M	2500	$8.55	Acquired	15000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-14	Option (right to buy)	$8.55	M	2500	Disposed	2012-09-01	Common Stock (2500)	Direct

Footnotes

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