-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000906280-04-000365.txt : 20040903
<SEC-HEADER>0000906280-04-000365.hdr.sgml : 20040903
<ACCEPTANCE-DATETIME>20040903161226
ACCESSION NUMBER:		0000906280-04-000365
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040901
FILED AS OF DATE:		20040903
DATE AS OF CHANGE:		20040903

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:		1615 POYDRAS ST
		CITY:			NEW ORLEANS
		STATE:			LA
		ZIP:			70112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FM PROPERTIES INC
		DATE OF NAME CHANGE:	19930328

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LESLIE JAMES
		CENTRAL INDEX KEY:			0001144411

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19989
		FILM NUMBER:		041017090

	BUSINESS ADDRESS:	
		STREET 1:		16250 DALLAS PARKWAY
		STREET 2:		SUITE 102
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248
		BUSINESS PHONE:		972-250-0945

	MAIL ADDRESS:	
		STREET 1:		16250 DALLAS PARKWAY
		STREET 2:		SUITE 102
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>f4100092040903_160821637.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-09-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001144411</rptOwnerCik>
            <rptOwnerName>LESLIE JAMES</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>16250 DALLAS PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 102</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75248</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Options (right to buy)</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>13.0605</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-09-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>2500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-09-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-09-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Options with rights to &quot;Option Cancellation Gain&quot; Payments.</footnote>
        <footnote id="F2">25% exercisable on the date indicated and 25% exercisable on each of the next three anniversaries thereof.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Margaret  F. Murphy, on behalf of James C. Leslie, pursuant to a power of attorney</signatureName>
        <signatureDate>2004-09-03</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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