Item 8.01. Other Events.

On November 29, 2012, Stratus Properties Inc. ("Stratus") entered into an Omnibus Modification and Extension Agreement (the "Omnibus Agreement") effective as of November 30, 2010, by and between Stratus and its wholly owned subsidiaries Stratus Properties Operating Co., L.P., Circle C Land, L.P., and Austin 290 Properties, Inc., as borrowers (the "Borrowers"), and Comerica Bank, as lender ("Comerica"). The Omnibus Agreement extended the maturity date of the $35 million revolving loan under Stratus' credit facility with Comerica from November 30, 2012 to December 31, 2012. In addition, because all indebtedness outstanding under the term loan had been paid in full by the Borrowers, the $10 million term loan was terminated. Accordingly, Comerica has no further obligation to advance funds under the term loan. All other terms and conditions remain unchanged. Currently, the aggregate principal balance outstanding under the revolving loan is $27 million. Stratus expects to have a new two-year credit facility in place by December 31, 2012.

---