-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JWb3FPDVvWVwEuLh8gpJTD9E1fi6W5qvf7N7aFuKKdGABc0W1XAYpbLPV86RxcBG
 0oqZNovzC+ZeiPH9bbZ9Bw==

<SEC-DOCUMENT>0001246360-08-003336.txt : 20081231
<SEC-HEADER>0001246360-08-003336.hdr.sgml : 20081231
<ACCEPTANCE-DATETIME>20081231163634
ACCESSION NUMBER:		0001246360-08-003336
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081230
FILED AS OF DATE:		20081231
DATE AS OF CHANGE:		20081231

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ARMSTRONG WILLIAM H III
		CENTRAL INDEX KEY:			0001200799

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19989
		FILM NUMBER:		081279218

	MAIL ADDRESS:	
		STREET 1:		98 SAN JACINTO BLVD
		STREET 2:		STE 220
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRATUS PROPERTIES INC
		CENTRAL INDEX KEY:			0000885508
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				721211572
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		98 SAN JACINTO BLVD
		STREET 2:		SUITE 220
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701
		BUSINESS PHONE:		5124785788

	MAIL ADDRESS:	
		STREET 1:		98 SAN JACINTO BLVD
		STREET 2:		SUITE 220
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FM PROPERTIES INC
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-12-30</periodOfReport>

    <notSubjectToSection16>false</notSubjectToSection16>

    <issuer>
        <issuerCik>0000885508</issuerCik>
        <issuerName>STRATUS PROPERTIES INC</issuerName>
        <issuerTradingSymbol>STRS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001200799</rptOwnerCik>
            <rptOwnerName>ARMSTRONG WILLIAM H III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>98 SAN JACINTO BOULEVARD, STE 220</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>AUSTIN</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78701</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Chair of Board,President, CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3250</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>IRA for self</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2008-12-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2279</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>11.35</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>357573</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Amount beneficially owned following the reported transaction includes 58,000 Common Stock Restricted Stock Units.</footnote>
        <footnote id="F2">Shares withheld to cover the taxes due upon the vesting of Common Stock Restricted Stock Units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Kelly C. Simoneaux, on behalf of William H. Armstrong III pursuant to a power of attorney</signatureName>
        <signatureDate>2008-12-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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