Stratus Properties, Inc. is engaged in the acquisition, development, management and sale of commercial and residential real estate properties. The Company conducts real estate operations on properties it owns, and, until February 27, 2002, through unconsolidated affiliates that it jointly owned with Olympus Real Estate Corporation. Stratus' principal real estate holdings are in southwest Austin, Texas. The Company's most significant holdings include 2,039 acres of undeveloped residential, multi-family and commercial property and 48 developed residential estate lots located within the Barton Creek community, as well as 436 acres of undeveloped residential, multi-family and commercial property within the Lantana project and 1,025 acres of undeveloped residential, commercial and multi-family property within the Circle C Ranch community.