STRATUS PROPERTIES INC — Director's Dealing 2006

Aug 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STRATUS PROPERTIES INC (STRS)
CIK: 0000885508
Period of Report: 2006-08-23

Reporting Person: MADDEN MICHAEL D (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-23	Common Stock	M	2000	$5.5	Acquired	2000	Direct
2006-08-23	Common Stock	S	2000	$27	Disposed	0	Direct
2006-08-24	Common Stock	M	2000	$5.5	Acquired	2000	Direct
2006-08-24	Common Stock	S	2000	$27	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-08-23	Option (right to buy)	$5.5	M	2000	Disposed	2006-09-01	Common Stock (2000)	Direct
2006-08-24	Option (right to buy)	$5.5	M	2000	Disposed	2006-09-01	Common Stock (2000)	Direct

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.