<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0205</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2012-05-24</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001548409</rptOwnerCik>
            <rptOwnerName>Lenehan William H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2784 UNION STREET</rptOwnerStreet1>
            <rptOwnerStreet2>APT. 1</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94123</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <ownerSignature>
        <signatureName>Kelly C. Simoneaux on behalf of William H. Lenehan IV pursuant to a power of attorney</signatureName>
        <signatureDate>2012-05-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
