Stratus Properties Inc. (Stratus) is engaged in the acquisition, development, management, operation and sale of commercial, hotel, entertainment, multi-family and single-family residential real estate properties located primarily in the Austin, Texas area. The Company generate revenues from sales of developed properties and through rental income from its commercial properties. Developed property sales can include an individual tract of land that has been developed and permitted for residential use or a developed lot with a home built on it. The Company also sells properties under development or undeveloped properties. The Company’s principal real estate holdings are in southwest Austin, Texas. As of December 31, 2010, the Company owns only one lot with homes that have been built on them (the Calera Court Courtyard homes).