STRATUS PROPERTIES INC — Director's Dealing 2006

Jan 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STRATUS PROPERTIES INC (STRS)
CIK: 0000885508
Period of Report: 2005-12-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-12-30	Common Stock	F	1654	$23.165	Disposed	84984	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3250	Indirect

Footnotes

F1: Amount beneficially owned following the reported transaction includes 32,659 Common Stock Restricted Stock Units.

F2: Shares withheld to cover the taxes due upon the vesting of Common Stock Restricted Stock Units.