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STRATUS PROPERTIES INC Director's Dealing 2007

Sep 4, 2007

Director's Dealing

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Issuer: STRATUS PROPERTIES INC (STRS)
CIK: 0000885508
Period of Report: 2007-08-31

Reporting Person: LESLIE JAMES (N/A)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-31	Common Stock	M	2500	$9.63	Acquired	48000	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-31	Option (right to buy)	$9.63	M	2500	Disposed	2007-09-01	Common Stock (2500)	Direct
2007-09-01	Options (right to buy)	$32.85	A	2500	Acquired	2017-09-01	Common Stock (2500)	Direct

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.