Stratus Properties Delivers Presentation to Investors on Upcoming Annual Meeting

Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) has posted an investor presentation to its annual meeting website, www.yourstratus.com, in connection with its upcoming 2021 Annual Meeting of Shareholders (the “Annual Meeting”), which is scheduled to be held on June 4, 2021. The presentation is also available here on Stratus’ website.

The presentation outlines the reasons the Stratus Board of Directors has recommended that Stratus shareholders vote on the WHITE proxy card for both Jim Leslie and Neville Rhone, Jr. The Board believes the candidates nominated by Oasis Management Company Ltd (“Oasis”), an offshore activist hedge fund with a self-serving agenda, are less qualified than Messrs. Leslie and Rhone.

The presentation highlights the Company’s:

• Proven strategy of acquiring, entitling, developing and selling (or holding for cash flow) iconic properties in high-growth Texas markets;

• Successful execution of this strategy to generate returns for shareholders that are above the returns generated by Stratus’ peers;

• Commitment to considering new strategic initiatives for value creation, such as the previously announced evaluation of a conversion to a real estate investment trust (“REIT”) structure, which the Board believes may increase liquidity, improve access to capital, increase coverage by sell-side analysts, improve valuation and provide significant tax benefits and regular dividends to shareholders; and

• Nominees and their relevant real estate experience, including their local knowledge and relationships.

The presentation also outlines the Company’s extensive efforts to avoid a proxy contest with Oasis and suggests why Oasis may have interests that are different than those of Stratus’ other shareholders.

As the presentation shows, Stratus has a proven track record of successfully developing and operating commercial, hotel, entertainment, and multi- and single-family residential real estate properties with a focus on sustainable design and construction principles. For example, Block 21, which is home to the W Hotel & Residences and Austin City Limits Live, is the first mixed-use high rise tower in Austin to receive the USGBC LEED (Leadership in Energy & Environmental Design) silver certification, and the recently announced Holden Hills project was profiled in the Austin American-Statesman for its focus on sustainable luxury throughout its 475 home sites, including renewable energy and water conservation elements. The news article also includes supportive statements from an Austin environmental leader.

Stratus recommends its shareholders vote on the WHITE proxy card “FOR” both of Stratus’ highly qualified director nominees, Messrs. Leslie and Rhone, and “FOR” the shareholder proposal to appoint an additional shareholder-recommended director, Laurie Dotter, to the Board. The Company urges shareholders to discard any GOLD proxy cards they may receive.

Shareholders as of the record date April 8, 2021 are entitled to vote at the Annual Meeting. Shareholders with questions should contact the Company’s proxy solicitor, Innisfree M&A Incorporated, at (877) 456-3442 (toll-free) or (212) 750-5833.

About Stratus Properties Inc.

Stratus is a diversified real estate company engaged primarily in the acquisition, entitlement, development, management, and sale of commercial, and multi-family and single-family residential real estate properties, real estate leasing, and the operation of hotel and entertainment businesses located in the Austin, Texas area and other select, fast-growing markets in Texas.

Forward-Looking Statements

This press release contains forward-looking statements in which Stratus discusses factors it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical fact. The words “anticipates,” “may,” “can,” “could,” “plans,” “believes,” “potential,” “possible,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be” and any similar expressions are intended to identify those assertions as forward-looking state