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| related topics |
| {gas, price, oil} |
| {loan, real, estate} |
| {loss, insurance, financial} |
| {investment, property, distribution} |
| {cost, regulation, environmental} |
| {condition, economic, financial} |
| {competitive, industry, competition} |
| {debt, indebtedness, cash} |
| {control, financial, internal} |
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Our real estate development operations are currently concentrated in the major markets of Texas, and a significant portion of our undeveloped land holdings are concentrated in Georgia. As a result, our financial results are dependent on the economic growth and strength of those areas.
Our real estate development operations are highly dependent upon national, regional, and local homebuilders, as well as other strategic partners, who may have interests that differ from ours and may take actions that adversely affect us.
Our customers may be unwilling or unable to meet lot takedown commitments due to liquidity limitations or slowing market conditions.
Delays or failures by third parties to take expected actions could reduce our returns or cause us to incur losses on certain real estate development projects.
We are unable to control the approval or timing of reimbursements or other payments from the special public improvement district (SPID) in which our Cibolo Canyons project is located. Delays or failure by the SPID to approve infrastructure costs for reimbursement or to issue bonds could negatively impact the timing of our future cash flows.
Risks Related to our Mineral Resources Operations
We cannot control activities on oil or gas properties we do not operate.
Volatile oil and gas prices could adversely affect our cash flows and results of operations.
Our estimated proved reserves are based on many assumptions that may prove to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
Changes in environmental or other regulations for extraction of oil or gas could reduce our mineral resource revenues.
The standardized measure of future net cash flows from our proved reserves is not necessarily the same as the current market value of our estimated reserves. Any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
General Risks Related to our Operations
Both our real estate and mineral resources businesses are cyclical in nature.
The real estate and mineral resource industries are highly competitive and a number of entities with which we compete are larger and have greater resources, and competitive conditions may adversely affect our results of operations.
Our activities are subject to environmental regulations and liabilities that could have a negative effect on our operating results.
Significant reductions in cash flow from slowing real estate, mineral resources or fiber resources market conditions could lead to higher levels of indebtedness, limiting our financial and operating flexibility.
Debt within some of our ventures may not be renewed or may be difficult or more expensive to replace.
Our lenders may be unable or unwilling to fund their commitments under our senior credit facility.
The current turmoil in the credit markets could limit demand for our products, and affect the overall availability and cost of credit.
Full 10-K form ▸
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