Stratus Properties is a small Austin, Texas-based real estate developer and landlord focused on residential and retail properties in Austin and select other Texas markets. Stratus operates through two segments: Real Estate Operations, which covers properties under development — including land entitlement, infrastructure build-out, and home and lot sales — and Leasing Operations, which covers stabilized retail and multi-family properties that generate recurring rental income. Key assets include the Holden Hills development in Barton Creek (a large luxury residential project), The Saint June and The Saint George luxury apartment communities, and Jones Crossing, an H-E-B-anchored retail center in College Station. Stratus makes money through property sales, rental income, and development and asset management fees earned through joint ventures with third-party equity partners. A core feature of Stratus's model is its long-held Austin land bank — much of its Barton Creek acreage carries a low historical cost basis — which Stratus monetizes by contributing land into 50/50 joint ventures, receiving upfront cash distributions while retaining a 50% interest and acting as general partner. Stratus has only 34 employees and outsources construction and property management to third parties. In March 2026, Stratus's Board approved a Plan of Liquidation — subject to stockholder approval — that would shift the company from an active developer to an orderly seller of all or substantially all of its assets, with net proceeds distributed to stockholders.