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): July 16,
2008
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.
On July
16, 2008, Stratus Properties Inc. (“Stratus”) entered into a Third 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., Oly Stratus Barton Creek I Joint Venture,
all of which are wholly owned subsidiaries of Stratus and (2) Comerica Bank
(“Comerica”). The Agreement, which is effective May 30, 2008, extends
the maturity date from May 30, 2009, to May 30, 2010. In addition,
the interest rate applicable to amounts borrowed under the Loan Agreement was
modified to an annual rate of either the base rate minus 0.45% with a minimum
interest rate of 5% or the LIBOR rate plus 2% 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
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John E.
Baker
Senior
Vice President and
Chief
Financial Officer
(authorized
signatory and
Principal
Financial Officer)
Date: July
17, 2008
Stratus
Properties Inc.
Exhibit
Index
Exhibit
Number
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Third
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., Oly Stratus Barton Creek I Joint
Venture and Comerica Bank effective May 30, 2008.
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