SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 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 (Last) (First) (Middle) 98 SAN JACINTO BOULEVARD, STE 220 (Street) AUSTIN TX 78701 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/11/2009	3. Issuer Name and Ticker or Trading Symbol STRATUS PROPERTIES INC [ STRS ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Senior Vice President	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

No securities are beneficially owned.

	Kelly C. Simoneaux, on behalf of Erin D. Pickens pursuant to a power of attorney	05/11/2009
	** Signature of Reporting Person	Date
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 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned does
hereby make, constitute, and appoint WILLIAM H. ARMSTRONG III,
MARGARET F. MURPHY, MONIQUE A. CENAC, KELLY C. SIMONEAUX and
DOUGLAS N. CURRAULT II, and each of them acting individually,
the true and lawful attorney of the undersigned with power to
act without the others and with full power of substitution and
resubstitution (i) to complete, execute, and file with the
United States Securities and Exchange Commission (the "SEC"),
The Nasdaq Stock Market, Inc. ("Nasdaq"), and any other stock
exchange or similar authority, for and on behalf of the
undersigned, in the capacity or capacities of the
undersigned as a person subject to Section 16 ("Section 16") of
the Securities Exchange Act of 1934, as amended, with respect to
the securities of Stratus Properties Inc. (the "Issuer"), Forms
3, 4, and 5, any amendment or amendments thereto, and any other
document in support thereof or supplemental thereto, in accordance
with Section 16 and the rules and regulations promulgated by the
SEC thereunder and (ii) to do and perform each and every act and
thing whatsoever that the attorney or attorneys may deem
necessary or advisable to carry out fully the intent of the
foregoing as the undersigned might or could do personally, hereby
ratifying and confirming all acts and things that the attorney
or attorneys may do or cause to be done by virtue of these
presents.  The undersigned hereby acknowledges that the attorneys,
in serving in such capacities at the request of the undersigned,
are not assuming, nor is the Issuer assuming, any of the
responsibilities of the undersigned to comply with Section 16.
This Power of Attorney shall remain in full force and effect
until the undersigned is no longer subject to Section 16 with
respect to the securities of the Issuer, unless earlier revoked
by the undersigned in a signed writing delivered to the attorneys.
        IN WITNESS WHEREOF, the undersigned has executed this Power
of Attorney as of this 29th day of April, 2009.

		/s/ Erin D. Pickens
 		   ERIN D. PICKENS