We are subject to demand fluctuations in the housing industry. Any reduction in demand would adversely affect our business, results of operations, and financial condition.
Adverse changes in economic conditions in markets where we conduct our operations and where prospective purchasers of our homes live could reduce the demand for homes and, as a result, could adversely affect our business, results of operations, and financial condition.
Significant inflation, higher interest rates or deflation could adversely affect our business and financial results.
The risks associated with our land, lot and rental inventory could adversely affect our business or financial results.
If land is not available at reasonable prices, our sales and results of operations could decrease.
Our ability to execute on our business strategies is uncertain, and we may be unable to achieve our goals.
Negative publicity could adversely impact sales, which could cause our revenues or results of operations to decline.
A significant portion of our revenues and income from operations is generated from California.
The construction cycle for mid-rise, high-rise and multifamily building is generally longer than that of single family detached homes, which puts us at greater risk of construction delays and changing market conditions that could adversely affect our operating results in this part of our business.
Our condominium and rental multi-unit buildings are subject to fluctuations in delivery volume due to their extended construction time, levels of pre-sales and lease-up, and quick delivery of units once buildings are complete.
Increases in cancellations of existing agreements of sale could have an adverse effect on our business.
The home building industry is highly competitive, and, if other home builders are more successful or offer better value to our customers, our business could decline.
We rely on subcontractors to develop our land and construct our homes and on building supply companies to supply components for the construction of our homes. The failure of our subcontractors to properly construct our homes and adopt appropriate jobsite safety practices, or defects in the components we obtain from building supply companies could have an adverse effect on us.
We participate in certain joint ventures where we may be adversely impacted by the actions of the joint venture or its participants.
Government regulations and legal challenges may delay the start or completion of our communities, increase our expenses, or limit our home building activities, which could have a negative impact on our operations.
Product liability claims and litigation and warranty claims that arise in the ordinary course of business may be costly, which could adversely affect our business.
Our quarterly operating results may fluctuate due to the seasonal nature of our business.
Increases in taxes or government fees could increase our costs, and adverse changes in tax laws or their interpretation could reduce demand for our homes and negatively affect our operating results.
We are subject to extensive environmental regulations, which may cause us to incur additional operating expenses, subject us to longer construction cycle times, or result in material fines or harm to our reputation.
Failure by our employees or representatives to comply with laws and regulations may harm us.
Component shortages and increased costs of labor and supplies are beyond our control and can result in delays and increased costs to develop our communities.
If we are not able to obtain suitable financing, or if the interest rates on our debt are increased, or if our credit ratings are lowered, our business and results of operations may decline.
If home buyers are not able to obtain suitable financing, our results of operations may decline.
If our ability to resell mortgages to investors is impaired, our home buyers may be required to find alternative financing.
Public health issues such as a major epidemic or pandemic could adversely affect our business or financial results.
Adverse weather conditions, natural disasters, and other conditions could disrupt the development of our communities, which could harm our sales and results of operations.
Increased domestic or international instability could have an adverse effect on our operations.
We could be adversely impacted by the loss of key management personnel or if we fail to attract qualified personnel.
Information technology failures and data security breaches could harm our business.
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