885508--3/16/2006--STRATUS_PROPERTIES

related topics

{loan, real, estate}

{condition, economic, financial}

{cost, contract, operation}

{acquisition, growth, future}

{cost, regulation, environmental}

{operation, natural, condition}

We are vulnerable to concentration risks because our operations are currently almost exclusive to the Austin, Texas, market Two of our three office buildings are primarily leased by a single tenant. Aggressive attempts by certain parties to restrict growth in the area of our holdings have in the past had, and may in the future have, a negative effect on our development and sales activities. If we are unable to generate sufficient cash from operations, we may find it necessary to curtail our development activities. Our results of operations and financial condition are greatly affected by the performance of the real estate industry. Unfavorable changes in market and economic conditions could hurt occupancy or rental rates. Our operations are subject to an intensive regulatory approval process. Our operations are subject to governmental environmental regulation, which can change at any time and generally would result in an increase to our costs. The real estate business is very competitive and many of our competitors are larger and financially stronger than we are. Our operations are subject to natural risks The U.S. military intervention in Iraq, the terrorist attacks in the U.S. on September 11, 2001 and the potential for additional future terrorist acts have created economic, political and social uncertainties that could materially and adversely affect our business.

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885508--3/16/2006--STRATUS_PROPERTIES_INC