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 9 states and 12 markets, encompassing about 251,000 acres. This includes approximately 188,000 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 21 projects in the entitlement process, and 75 entitled, developed or under development projects in 7 states and 11 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 |
|---|---|---|
 DevelopFinal use, return on cost discipline |
16,000 | High |
 EntitlementZoning, sewer, water & road access |
31,000 | Low to moderate |
 LocationGrowth corridors, not yet entitled |
204,000 | Book basis |
| Total Real Estate Acres | 251,000 |
