Sec Form 4 Filing - PICKENS ERIN D @ STRATUS PROPERTIES INC - 2021-03-11

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person PICKENS ERIN D 2. Issuer Name and Ticker or Trading Symbol STRATUS PROPERTIES INC [ STRS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Senior VP & CFO (Last) (First) (Middle) 212 LAVACA STREET, SUITE 300 3. Date of Earliest Transaction (MM/DD/YY) 03/11/2021 (Street) AUSTIN, TX78701 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/11/2021 A( 1 ) 4,498 A $ 0 46,719 D Common Stock ( 2 ) 03/15/2021 F( 3 ) 366 D $ 28.03 46,353 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other PICKENS ERIN D 212 LAVACA STREET SUITE 300 AUSTIN, TX78701 Senior VP & CFO Signatures Kelly C. Simoneaux, on behalf of Erin D. Pickens pursuant to a power of attorney 03/15/2021 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents the grant of stock-settled Common Stock Restricted Stock Units ("RSUs") in payment of participation interests in a development project pursuant to the terms of the Issuer's Profit Participation Incentive Plan. The RSUs vest in annual installments over a three-year period, provided that the recipient satisfies the applicable service conditions. For additional information, see Note 8 to the Issuer's financial statements included in its Form 10-K for the year ended December 31, 2020. ( 2 )Amount beneficially owned following the reported transactions includes 12,998 RSUs. ( 3 )Shares withheld to cover the taxes due upon the vesting of time-vested RSUs.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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