X0201 42003-09-01 0000885508 STRATUS PROPERTIES INC STRS 0001144411 LESLIE JAMES 16250 DALLAS PARKWAY, SUITE 102 DALLAS TX 75248 1000Options (right to buy) 10.3752003-09-014A025000A2004-09-012013-09-01Common Stock25002500DOptions with rights to "Option Cancellation Gain" Payments25% exercisable on the date indicated and 25% exercisable on each of the next three anniversaries thereofMargaret F. Murphy with power of attorney for James C. Leslie2003-09-02