Real Estate

Our real estate segment conducts a wide array of project planning and management activities related to the acquisition, entitlement, development and sale of real estate, primarily for single-family residential and mixed-use communities. Additionally, we sell land for commercial uses to national retailers and local commercial developers.

Our real estate holdings span 10 states and 13 markets, encompassing about 372,000 acres. This includes approximately 303,000 acres located in a broad area around Atlanta, with the balance located primarily in Texas. We also actively invest in new projects in our strategic growth corridors - regions of accelerated growth across the southern half of the United States that possess key demographic and growth characteristics making them attractive for long-term real estate investment.

Our strategy for creating value in our real estate segment is to move acres up the value chain by moving land located in growth corridors, but not yet entitled, through the entitlement process and into development. Currently, we have 23 projects in the entitlement process, and 75 entitled, developed or under development projects in 8 states and 12 markets.

Our Strategy for Value Creation

As markets mature, undeveloped land is moved up the value chain through the entitlement process and into development.

Value Chain Acres Relative Capital Required
DevelopmentDevelop
Final use, return on cost discipline
17,000 High
User ValueEntitlement
Zoning, sewer, water & road access
31,000 Low to moderate
LandLocation
Growth corridors, not yet entitled
324,000 Book basis
Total Real Estate Acres 372,000