UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 27,
2007
Stratus
Properties Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-19989
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72-1211572
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification Number)
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98
San Jacinto Blvd., Suite 220
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Austin,
Texas
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78701
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (512) 478-5788
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.01 Entry into a
Material Definitive Agreement.
Effective
May 30, 2007, Stratus Properties Inc. (“Stratus”) entered into a Second
Modification and Extension Agreement (“Agreement”) of the Loan Agreement by and
among (1) Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin
290 Properties, Inc., Calera Court, L.P., all of which are wholly owned
subsidiaries of Stratus and (2) Comerica Bank (“Comerica”). The
Agreement extends the maturity date from May 30, 2008, to May 30,
2009. In addition, the interest rate applicable to amounts borrowed
under the Loan Agreement is decreased to an annual rate of either the base rate
minus 1.10% with a minimum interest rate of 5.0% or the LIBOR rate plus 1.65%
with a minimum interest rate of 5%. The maximum amount available to
Stratus under the revolving credit facility remains $45 million. A
copy of the Agreement is attached hereto as Exhibit 10.1.
Item
9.01 Financial Statements and
Exhibits.
(d) Exhibits.
The
Exhibit included as part of this Current Report is listed in the attached
Exhibit Index.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Stratus
Properties Inc.
By: /s/
John E. Baker
----------------------------------------
John E.
Baker
Senior
Vice President and
Chief
Financial Officer
(authorized
signatory and
Principal
Financial Officer)
Date: February
8, 2008
Stratus
Properties Inc.
Exhibit
Index
Exhibit
Number
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Second
Modification and Extension Agreement by and between Stratus Properties
Inc., Stratus Properties Operating Co., L.P., Circle C Land, L.P., Austin
290 Properties, Inc., Calera Court, L.P., and Comerica Bank effective May
30, 2007.
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