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 23, 1998
Stratus Properties Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-19989 72-1211572
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
98 San Jacinto Blvd., Suite 220
Austin, Texas 78701
(address of principal executive offices)
Registrant's telephone number, including area code: (512) 478- 5788
FM Properties Inc.
98 San Jacinto Blvd., Suite 220
Austin, Texas 78701
(Former name or former address, if changes since last report)
Item 5. Other Events.
The following news release was issued by Stratus Properties Inc.
on June 23, 1998:
AUSTIN, TEXAS, June 23, 1998 -- Stratus Properties Inc.
(NASDAQ:STRS) announced today that it would appeal a recent
decision of the Travis County District Court, which ruled that
legislation authorizing the creation of water quality protection
zones (WQPZs) is unconstitutional. The City of Austin filed the
action earlier this year against 14 WQPZs and their owners,
including the Barton Creek WQPZ owned by STRS. The WQPZ
legislation provides for development of defined areas outside of
municipalities if the development conforms to state-approved
water quality standards. The WQPZ legislation prohibits
adjoining municipalities, such as the City of Austin, from
enforcing inconsistent land use or development ordinances and
from annexing any portion of a WQPZ prior to certain events.
STRS is also pursuing separate legal action against the City
of Austin in Hays County District Court seeking to confirm the
validity of the Circle C WQPZ established by STRS and invalidate
the City's attempt to annex land within the Circle C WQPZ,
located southwest of the City. STRS believes that the
constitutionality of the WQPZ legislation will ultimately be
resolved by the Texas Supreme Court.
STRS will continue its development activities under
applicable laws pending resolution of this dispute.
Stratus Properties Inc. is engaged in the development and
marketing of real estate in the Austin, Dallas, Houston and San
Antonio, Texas areas.
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, thereunto duly
authorized.
Stratus Properties Inc.
By: /s/ C. Donald Whitmire
------------------------------
C. Donald Whitmire
Vice President & Controller-
Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: June 25, 1998
