Published:
Forestar Group Inc. Reports Third Quarter 2009 Results
AUSTIN, Texas - (BUSINESS WIRE) - Forestar Group Inc. (NYSE: FOR) today reported third quarter 2009 net
income of $19.5 million, or $0.54 per diluted share, compared with third
quarter 2008 net income of $0.9 million, or $0.02 per diluted share.
Third quarter 2009 results include a gain of $0.45 per diluted share,
after-tax, from the sale of about 20,000 acres of HBU timberland for
approximately $39.5 million.
"We had a good quarter and continued to make significant progress
executing our strategy and near-term strategic initiatives, which we
believe will enhance shareholder value," said Jim DeCosmo, president and
chief executive officer of Forestar Group. "Third quarter highlights
include:
-
Selling 20,000 acres of HBU timberland in Georgia for approximately
$39.5 million
-
Receiving $20.3 million in reimbursements from special public
improvement districts
-
Leasing 10,795 net mineral acres for $15.8 million
-
Reducing investment in real estate development and lowering costs by
$58.8 million YTD 3rd Qtr. 2009
-
Reducing debt $13 million during 3rd Qtr. 2009, and $124 million since
1st Qtr. 2009
Forestar manages its operations through three business segments:
-
Real estate,
-
Mineral resources, and
-
Fiber resources
At the end of third quarter 2009, our real estate segment includes over
255,000 acres of land owned directly or through ventures located in nine
states and twelve markets. Mineral resources include about 622,000 net
acres of oil and gas mineral interests located principally in Texas,
Louisiana, Alabama and Georgia. Mineral resources also include a 45%
nonparticipating royalty interest in groundwater produced or withdrawn
for commercial purposes from approximately 1.38 million acres in Texas,
Louisiana, Georgia and Alabama. Fiber resources include the sale of wood
fiber and management of our recreational leases.
REAL ESTATE
|
Segment Earnings
|
|
3rd Qtr.
2009
|
|
3rd Qtr.
2008
|
|
2nd Qtr.
2009
|
|
($ in Millions)
|
|
$0.1
|
|
$1.7
|
|
$5.0
|
Third quarter 2009 real estate segment earnings were negatively impacted
by $4.7 million in impairment charges, principally associated with a
condominium project located in Austin, Texas and two joint venture
projects located in Tampa, Florida.
During third quarter 2009 we received approximately $20.3 million from a
special public improvement district as reimbursement for qualified
infrastructure costs. These reimbursements were accounted for as a
reduction in our investment basis.
Second quarter 2009 real estate segment earnings were negatively
impacted by a $4.1 million loss from equity in earnings of
unconsolidated ventures, principally due to an impairment charge related
to a venture investment in a project located near Atlanta, Georgia.
Sales Activity
|
|
|
3rd Qtr. 2009
|
|
3rd Qtr. 2008
|
|
|
|
Sales
|
|
Price
|
|
Sales
|
|
Price
|
|
Undeveloped Land*
|
|
5,313 acres
|
|
$2,100 / acre
|
|
1,774 acres
|
|
$4,800 / acre
|
|
Residential Lots*
|
|
168 lots
|
|
$52,700 / lot
|
|
149 lots
|
|
$62,200 / lot
|
|
Commercial Acres*
|
|
2 acres
|
|
$435,400 / acre
|
|
23 acres
|
|
$252,300 / acre
|
* Includes venture activity
During third quarter 2009, over 5,300 acres of undeveloped land were
sold at an average sales price of over $2,100 per acre, including a
single transaction of approximately 3,100 acres of rural undeveloped
land.
Residential sales activity for all wholly and partially-owned projects
during third quarter 2009 included the sale of 168 lots at an average
price of approximately $52,700 per lot. Third quarter 2009 average
residential lot prices were negatively impacted by a higher mix of
smaller residential lots principally associated with increased demand
for entry-level homes from the federal housing tax credit program for
first-time home buyers.
During third quarter 2009, approximately two acres of commercial land
were sold at an average sales price of $435,400 per acre in a real
estate venture located near Austin, Texas.
Real Estate Pipeline
At the end of third quarter 2009, our real estate segment includes over
255,000 acres of land owned directly or through ventures located in nine
states and twelve markets.
3rd Qtr. 2009 Real Estate Pipeline
|
Real Estate
|
|
Undeveloped
|
|
In
Entitlement
Process
|
|
Entitled
|
|
Developed &
Under
Development
|
|
Total Acres*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undeveloped Land
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
|
200,148
|
|
|
|
|
|
|
|
206,901
|
|
Ventures
|
|
6,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
|
|
|
26,928
|
|
7,929
|
|
675
|
|
42,557
|
|
Ventures
|
|
|
|
1,080
|
|
4,585
|
|
1,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
|
|
|
3,502
|
|
1,056
|
|
520
|
|
5,849
|
|
Ventures
|
|
|
|
|
|
517
|
|
254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Acres
|
|
206,901
|
|
31,510
|
|
14,087
|
|
2,809
|
|
255,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Residential Lots
|
|
|
|
25,676
|
|
3,957
|
|
29,633
|
* Total acres excludes Forestar's 58% ownership interest in the
Ironstob, LLC venture which controls approximately 16,000 acres of
undeveloped land
Entitlement Activity
Including ventures, Forestar has 21 real estate projects representing
over 31,500 acres in the entitlement process, and over 14,000 acres of
entitled land, representing over 25,600 residential lots and almost
1,600 commercial acres.
Development Activity
Forestar has over 2,800 acres developed and under development owned
directly or through ventures. During third quarter 2009 the company
invested $16.1 million in real estate development activity, compared
with $25.6 million in third quarter 2008. "Excluding our contributions
to the resort at Cibolo Canyons, third quarter 2009 investment in
development was down about 80% compared with third quarter 2008," added
Mr. DeCosmo.
|
Investment in Real Estate
Development
|
|
($ in millions)
|
|
3rd Qtr. 2009
|
|
3rd Qtr. 2008
|
|
Reduction
|
|
Investment in Development
|
|
$16.1
|
|
|
$25.6
|
|
|
|
|
Contribution to Resort at Cibolo Canyons
|
|
($12.2
|
)
|
|
($6.0
|
)
|
|
|
|
Net Investment in Development
|
|
$3.9
|
|
|
$19.6
|
|
|
(80
|
%)
|
MINERAL RESOURCES
|
Segment Earnings
|
|
3rd Qtr.
2009
|
|
3rd Qtr.
2008
|
|
2nd Qtr.
2009
|
|
($ in Millions)
|
|
$17.8
|
|
$8.2
|
|
$6.4
|
Third quarter 2009 mineral resources segment earnings include
approximately $15.8 million in lease bonus payments generated from
leasing 10,795 net mineral acres to oil and gas companies for $1,465 per
acre.
Mineral Activity*
Third Quarter 2009
|
|
|
Revenues
|
|
Activity
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
|
|
$2.6 million
|
|
Natural Gas Production (MMCF)
|
|
284.8
|
|
|
|
|
|
Average Price / MCF
|
|
$3.35
|
|
|
|
|
|
Oil Production (Barrels)
|
|
25,400
|
|
|
|
|
|
Average Price / Barrel
|
|
$63.46
|
|
|
|
|
|
|
|
|
|
Other Lease Revenues
|
|
$16.2 million
|
|
Acres Leased
|
|
10,795
|
|
|
|
|
|
Average Bonus / Acre
|
|
$1,465
|
|
|
|
|
|
|
|
|
|
Total Revenues
|
|
$18.8 million
|
|
|
|
|
* Includes our share of venture activity
Including ventures, our share of oil and gas production related to our
royalty interests was about 25,400 barrels of oil and approximately
284.8 MMCF of natural gas during third quarter 2009. In addition,
Forestar generated other lease revenues of $16.2 million principally
related to leasing 10,795 net mineral acres for $15.8 million and
receiving over $0.4 million in delay rental payments.
Forestar's mineral resources segment includes approximately 622,000 net
mineral acres located in Texas, Louisiana, Alabama and Georgia.
Third Quarter 2009
Mineral Ownership 1
|
State
|
|
Available
for Lease 2
|
|
Leased
|
|
Held by
Production
|
|
Total 3
|
|
Texas
|
|
116,000
|
|
109,000
|
|
19,000
|
|
244,000
|
|
Louisiana
|
|
104,000
|
|
10,000
|
|
7,000
|
|
121,000
|
|
Alabama
|
|
55,000
|
|
2,000
|
|
-
|
|
57,000
|
|
Georgia
|
|
200,000
|
|
-
|
|
-
|
|
200,000
|
|
|
|
475,000
|
|
121,000
|
|
26,000
|
|
622,000
|
1 Includes ventures
2 Includes approximately 6,500 net acres subject to lease
option.
3 Excludes approximately 249 net mineral acres located in
Colorado
FIBER RESOURCES
|
Segment Earnings
|
|
3rd Qtr.
2009
|
|
3rd Qtr.
2008
|
|
2nd Qtr.
2009
|
|
($ in Millions)
|
|
$2.1
|
|
$1.9
|
|
$3.3
|
Fiber Sales Activity
During third quarter 2009 Forestar generated approximately $3.1 million
in revenues from the sale of approximately 279,600 tons of fiber, the
majority of which was sold to Temple-Inland Inc. at market prices.
Comments
"During third quarter 2009 we continued to make significant progress in
executing our near-term strategic initiatives, despite difficult market
conditions. Since the announcement of our strategic initiatives, we have
sold over 95,000 acres of timberland for almost $160 million, and
reduced debt by $124 million or 35% since the end of first quarter 2009.
We firmly believe the execution of our strategic initiatives will
enhance shareholder value."
The Company will host a conference call on November 4, 2009 at 10:00 am
EDT to discuss results of third quarter 2009. The meeting may be
accessed through webcast or by conference call. The webcast may be
accessed through Forestar's Internet site at www.forestargroup.com.
To access the conference call, listeners calling from North America
should dial 1-800-573-4842 at least 15 minutes prior to the start of the
meeting. Those wishing to access the call from outside North America
should dial 1-617-224-4327. The password is Forestar. Replays of the
call will be available for two weeks following the completion of the
live call and can be accessed at 1-888-286-8010 in North America and at
1-617-801-6888 outside North America. The password for the replay is
83753032.
About Forestar Group
Forestar Group Inc. operates in three business segments: real estate,
mineral resources and fiber resources. The real estate segment owns
directly or through ventures over 255,000 acres of real estate located
in nine states and twelve markets in the U.S. The real estate segment
has 21 real estate projects representing over 31,500 acres currently in
the entitlement process, and 75 entitled, developed and under
development projects in seven states and eleven markets encompassing
over 16,000 acres, comprised of over 29,600 residential lots and over
2,300 commercial acres. The mineral resources segment manages about
622,000 net acres of oil and gas mineral interests. The fiber resources
segment include the sale of wood fiber and management of our
recreational leases. The company also has a 45% nonparticipating royalty
interest in groundwater produced or withdrawn for commercial purposes
from approximately 1.38 million acres in Texas, Louisiana, Georgia and
Alabama. Forestar's address on the World Wide Web is www.forestargroup.com.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of
the federal securities laws. These statements reflect management's
current views with respect to future events and are subject to risk and
uncertainties. We note that a variety of factors and uncertainties could
cause our actual results to differ significantly from the results
discussed in the forward-looking statements. Factors and uncertainties
that might cause such differences include, but are not limited to:
general economic, market, or business conditions; the opportunities (or
lack thereof) that may be presented to us and that we may pursue;
fluctuations in costs and expenses including development costs; demand
for new housing, including impacts from mortgage credit availability;
lengthy and uncertain entitlement processes; cyclicality of our
businesses; accuracy of accounting assumptions; competitive actions by
other companies; changes in laws or regulations; and other factors, many
of which are beyond our control. Except as required by law, we expressly
disclaim any obligation to publicly revise any forward-looking
statements contained in this news release to reflect the occurrence of
events after the date of this news release.
|
FORESTAR GROUP INC.
|
|
|
(UNAUDITED)
|
|
|
Business Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
First Nine Months
|
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
(In thousands,
|
|
(In thousands,
|
|
|
|
|
except per share)
|
|
except per share)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Real estate
|
|
$
|
22,921
|
|
$
|
20,930
|
|
$
|
70,155
|
|
$
|
73,491
|
|
|
Mineral resources
|
|
|
18,828
|
|
|
9,539
|
|
|
31,767
|
|
|
40,193
|
|
|
Fiber resources
|
|
|
3,558
|
|
|
3,474
|
|
|
12,928
|
|
|
9,079
|
|
|
Total revenues
|
|
$
|
45,307
|
|
$
|
33,943
|
|
$
|
114,850
|
|
$
|
122,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment earnings
|
|
|
|
|
|
|
|
|
|
|
Real estate
|
|
$
|
92
|
|
$
|
1,656
|
|
$
|
5,641
|
|
$
|
6,073
|
|
|
Mineral resources
|
|
|
17,850
|
|
|
8,182
|
|
|
29,033
|
|
|
37,934
|
|
|
Fiber resources
|
|
|
2,080
|
|
|
1,938
|
|
|
8,279
|
|
|
6,189
|
|
|
Total segment earnings
|
|
|
20,022
|
|
|
11,776
|
|
|
42,953
|
|
|
50,196
|
|
|
Items not allocated to segments
|
|
|
|
|
|
|
|
|
|
|
General and administrative (a)
|
|
|
(5,874
|
)
|
|
(4,454
|
)
|
|
(17,750
|
)
|
|
(14,808
|
)
|
|
Share-based compensation
|
|
|
(3,396
|
)
|
|
(1,130
|
)
|
|
(7,717
|
)
|
|
(4,658
|
)
|
|
Gain on sale of assets
|
|
|
24,833
|
|
|
-
|
|
|
104,047
|
|
|
-
|
|
|
Interest expense
|
|
|
(5,440
|
)
|
|
(5,079
|
)
|
|
(15,653
|
)
|
|
(15,747
|
)
|
|
Other non-operating income
|
|
|
287
|
|
|
79
|
|
|
382
|
|
|
233
|
|
|
Income before taxes
|
|
|
30,432
|
|
|
1,192
|
|
|
106,262
|
|
|
15,216
|
|
|
Income tax expense
|
|
|
(10,956
|
)
|
|
(320
|
)
|
|
(39,761
|
)
|
|
(4,986
|
)
|
|
Net income attributable to Forestar Group Inc.
|
|
$
|
19,476
|
|
$
|
872
|
|
$
|
66,501
|
|
$
|
10,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.54
|
|
$
|
0.02
|
|
$
|
1.85
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding
|
|
|
36.2
|
|
|
35.8
|
|
|
36.0
|
|
|
35.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
|
|
|
|
|
Supplemental Financial Information
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
|
43,542$
|
|
|
7,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,000
|
|
|
218,000
|
|
|
|
|
|
|
Borrowings under credit facility
|
|
|
|
|
|
|
|
|
|
|
Other debt (b)
|
|
|
99,966
|
|
|
96,586
|
|
|
|
|
|
|
Total debt
|
$
|
|
224,966$
|
|
|
314,586
|
|
|
|
|
|
(a) Third quarter 2009 general and administrative costs
include approximately $1.8 million impairment charge associated with our
interest in corporate aircraft contributed to us by Temple-Inland prior
to spin-off. First nine months 2009, general and administrative costs
also include approximately $3.2 million paid to outside advisors
regarding an evaluation by our Board of Directors of an unsolicited
shareholder proposal.
(b) Consists principally of consolidated venture non-recourse
debt.
Information about our real estate projects and our ventures for third
quarter-end 2009 follows:
|
|
Third Quarter
|
|
|
2009
|
|
2008
|
|
Owned & Consolidated Ventures:
|
|
|
|
|
Entitled, developed and under development projects
|
|
|
|
|
Number of projects
|
|
54
|
|
|
56
|
|
Residential lots remaining
|
|
20,467
|
|
|
20,623
|
|
Commercial acres remaining
|
|
1,702
|
|
|
1,589
|
|
Undeveloped land and land in entitlement process
|
|
|
|
|
Number of projects
|
|
19
|
|
|
24
|
|
Acres in entitlement process
|
|
30,430
|
|
|
32,680
|
|
Acres undeveloped (a)
|
|
201,384
|
|
|
311,597
|
|
Ventures accounted for using the equity method:
|
|
|
|
|
Ventures' lot sales (first nine months)
|
|
|
|
|
Lots sold
|
|
126
|
|
|
205
|
|
Revenue per lot sold
|
$
|
65,165
|
|
$
|
55,942
|
|
Ventures' entitled, developed, and under development projects
|
|
|
|
|
Number of projects
|
|
21
|
|
|
21
|
|
Residential lots remaining
|
|
9,166
|
|
|
9,346
|
|
Commercial acres sold (first nine months)
|
|
4
|
|
|
39
|
|
Revenue per acre sold
|
$
|
196,996
|
|
$
|
285,681
|
|
Commercial acres remaining
|
|
645
|
|
|
666
|
|
Ventures' undeveloped land and land in entitlement process
|
|
|
|
|
Number of projects
|
|
2
|
|
|
2
|
|
Acres in entitlement process
|
|
1,080
|
|
|
1,080
|
|
Acres sold (first nine months)
|
|
1
|
|
|
486
|
|
Revenue per acre sold
|
$
|
10,000
|
|
$
|
6,306
|
|
Acres undeveloped
|
|
5,517
|
|
|
5,641
|
(a) Includes 74,000 acres classified as assets held for sale.
A summary of projects in the entitlement process(a)
at third quarter-end 2009 follows:
|
Project
|
|
County
|
|
Project
Acres(b)
|
|
|
|
|
|
|
|
California
|
|
|
|
|
|
|
|
|
|
|
|
Hidden Creek Estates
|
|
Los Angeles
|
|
700
|
|
Terrace at Hidden Hills
|
|
Los Angeles
|
|
30
|
|
|
|
|
|
|
|
Georgia
|
|
|
|
|
|
|
|
|
|
|
|
Ball Ground
|
|
Cherokee
|
|
500
|
|
Burt Creek
|
|
Dawson
|
|
970
|
|
Crossing
|
|
Coweta
|
|
230
|
|
Dallas Highway
|
|
Haralson
|
|
1,060
|
|
Fincher Road
|
|
Cherokee
|
|
3,950
|
|
Fox Hall
|
|
Coweta
|
|
960
|
|
Garland Mountain
|
|
Cherokee/Bartow
|
|
350
|
|
Home Place
|
|
Coweta
|
|
1,510
|
|
Jackson Park
|
|
Jackson
|
|
700
|
|
Martin's Bridge
|
|
Banks
|
|
970
|
|
Mill Creek
|
|
Coweta
|
|
770
|
|
Serenity
|
|
Carroll
|
|
440
|
|
Waleska
|
|
Cherokee
|
|
150
|
|
Wolf Creek
|
|
Carroll/Douglas
|
|
12,230
|
|
Yellow Creek
|
|
Cherokee
|
|
1,060
|
|
|
|
|
|
|
|
Texas
|
|
|
|
|
|
|
|
|
|
|
|
Lake Houston
|
|
Harris/Liberty
|
|
3,700
|
|
San Jacinto
|
|
Montgomery
|
|
150
|
|
Entrada(c)
|
|
Travis
|
|
240
|
|
Woodlake Village(c)
|
|
Montgomery
|
|
840
|
|
|
|
|
|
|
|
Total
|
|
|
|
31,510
|
(a) A project is deemed to be in the entitlement process when
customary steps necessary for the preparation and submittal of an
application, like conducting pre-application meetings or similar
discussions with governmental officials, have commenced, or an
application has been filed. Projects listed may have significant steps
remaining, and there is no assurance that entitlements ultimately will
be received.
(b) Project acres, which are the total for the project
regardless of our ownership interest, are approximate. The actual number
of acres entitled may vary.
(c) We own a 50% interest in these projects.
A summary of activity within our entitled,(a)
developed and under development projects at third quarter-end 2009
follows:
|
|
|
|
|
|
|
Residential Lots (c)
|
|
Commercial Acres (d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project
|
|
County
|
|
Interest
Owned(b)
|
|
Lots Sold
Since
Inception
|
|
Lots
Remaining
|
|
Acres Sold
Since
Inception
|
|
Acres
Remaining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects we own
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Joaquin River
|
|
Contra
Costa/Sacramento
|
|
100%
|
|
-
|
|
-
|
|
-
|
|
288
|
|
Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo Highlands
|
|
Weld
|
|
100%
|
|
-
|
|
164
|
|
-
|
|
-
|
|
Johnstown Farms
|
|
Weld
|
|
100%
|
|
115
|
|
493
|
|
2
|
|
8
|
|
Pinery West
|
|
Douglas
|
|
100%
|
|
-
|
|
-
|
|
-
|
|
115
|
|
Stonebraker
|
|
Weld
|
|
100%
|
|
-
|
|
603
|
|
-
|
|
13
|
|
Westlake Highlands
|
|
Jefferson
|
|
100%
|
|
-
|
|
21
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arrowhead Ranch
|
|
Hays
|
|
100%
|
|
-
|
|
232
|
|
-
|
|
6
|
|
Caruth Lakes
|
|
Rockwall
|
|
100%
|
|
265
|
|
384
|
|
-
|
|
-
|
|
Cibolo Canyons
|
|
Bexar
|
|
100%
|
|
580
|
|
1,167
|
|
64
|
|
81
|
|
Harbor Lakes
|
|
Hood
|
|
100%
|
|
199
|
|
250
|
|
-
|
|
14
|
|
Harbor Mist
|
|
Calhoun
|
|
100%
|
|
-
|
|
200
|
|
-
|
|
-
|
|
Hunter's Crossing
|
|
Bastrop
|
|
100%
|
|
322
|
|
169
|
|
38
|
|
68
|
|
La Conterra
|
|
Williamson
|
|
100%
|
|
53
|
|
456
|
|
-
|
|
60
|
|
Maxwell Creek
|
|
Collin
|
|
100%
|
|
665
|
|
346
|
|
10
|
|
-
|
|
Oak Creek Estates
|
|
Comal
|
|
100%
|
|
25
|
|
623
|
|
13
|
|
-
|
|
The Colony
|
|
Bastrop
|
|
100%
|
|
409
|
|
2,240
|
|
22
|
|
49
|
|
The Gables at North Hill
|
|
Collin
|
|
100%
|
|
195
|
|
88
|
|
-
|
|
-
|
|
The Preserve at Pecan Creek
|
|
Denton
|
|
100%
|
|
231
|
|
587
|
|
-
|
|
9
|
|
The Ridge at Ribelin Ranch
|
|
Travis
|
|
100%
|
|
-
|
|
-
|
|
179
|
|
16
|
|
Westside at Buttercup Creek
|
|
Williamson
|
|
100%
|
|
1,288
|
|
233
|
|
66
|
|
-
|
|
Other projects (7)
|
|
Various
|
|
100%
|
|
1,548
|
|
20
|
|
197
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Towne West
|
|
Bartow
|
|
100%
|
|
-
|
|
2,674
|
|
-
|
|
121
|
|
Other projects (14)
|
|
Various
|
|
100%
|
|
-
|
|
3,054
|
|
-
|
|
705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri and Utah
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other projects (2)
|
|
Various
|
|
100%
|
|
429
|
|
335
|
|
-
|
|
-
|
|
|
|
|
|
|
|
6,324
|
|
14,339
|
|
591
|
|
1,576
|
|
Projects in entities we consolidate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Park
|
|
Harris
|
|
75%
|
|
1,099
|
|
212
|
|
50
|
|
105
|
|
Lantana
|
|
Denton
|
|
55%
|
(e)
|
468
|
|
1,828
|
|
-
|
|
-
|
|
Light Farms
|
|
Collin
|
|
65%
|
|
-
|
|
2,517
|
|
-
|
|
-
|
|
Stoney Creek
|
|
Dallas
|
|
90%
|
|
68
|
|
686
|
|
-
|
|
-
|
|
Timber Creek
|
|
Collin
|
|
88%
|
|
-
|
|
614
|
|
-
|
|
-
|
|
Other projects (5)
|
|
Various
|
|
Various
|
|
936
|
|
271
|
|
26
|
|
21
|
|
|
|
|
|
|
|
2,571
|
|
6,128
|
|
76
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total owned and consolidated
|
|
|
|
|
|
8,895
|
|
20,467
|
|
667
|
|
1,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projects in ventures that we account for using the equity method
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seven Hills
|
|
Paulding
|
|
50%
|
|
634
|
|
446
|
|
26
|
|
-
|
|
The Georgian
|
|
Paulding
|
|
38%
|
|
288
|
|
1,097
|
|
-
|
|
-
|
|
Other projects (5)
|
|
Various
|
|
Various
|
|
1,845
|
|
249
|
|
3
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bar C Ranch
|
|
Tarrant
|
|
50%
|
|
176
|
|
1,023
|
|
-
|
|
-
|
|
Fannin Farms West
|
|
Tarrant
|
|
50%
|
|
279
|
|
101
|
|
-
|
|
15
|
|
Lantana
|
|
Denton
|
|
Various
|
(e)
|
1,436
|
|
34
|
|
14
|
|
75
|
|
Long Meadow Farms
|
|
Fort Bend
|
|
19%
|
|
606
|
|
1,500
|
|
72
|
|
138
|
|
Southern Trails
|
|
Brazoria
|
|
40%
|
|
364
|
|
663
|
|
-
|
|
-
|
|
Stonewall Estates
|
|
Bexar
|
|
25%
|
|
212
|
|
169
|
|
-
|
|
-
|
|
Summer Creek Ranch
|
|
Tarrant
|
|
50%
|
|
796
|
|
1,772
|
|
-
|
|
363
|
|
Summer Lakes
|
|
Fort Bend
|
|
50%
|
|
325
|
|
798
|
|
56
|
|
-
|
|
Village Park
|
|
Collin
|
|
50%
|
|
339
|
|
221
|
|
3
|
|
2
|
|
Waterford Park
|
|
Fort Bend
|
|
50%
|
|
-
|
|
493
|
|
-
|
|
37
|
|
Other projects (2)
|
|
Various
|
|
Various
|
|
296
|
|
228
|
|
-
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other projects (3)
|
|
Various
|
|
Various
|
|
473
|
|
372
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total in ventures
|
|
|
|
|
|
8,069
|
|
9,166
|
|
174
|
|
645
|
|
Combined Total
|
|
|
|
|
|
16,964
|
|
29,633
|
|
841
|
|
2,347
|
(a) A project is deemed entitled when all major discretionary
land-use approvals have been received. Some projects may require
additional permits for development.
(b) Interest owned reflects our net equity interest in the
project, whether owned directly or indirectly. There are some projects
that have multiple ownership structures within them. Accordingly,
portions of these projects may appear as owned, consolidated and/or
accounted for using the equity method.
(c) Lots are for the total project, regardless of our
ownership interest. Lots remaining represent vacant developed lots, lots
under development and future planned lots.
(d) Commercial acres are for the total project, regardless of
our ownership interest and are net developable acres, which may be fewer
than the gross acres available in the project.
(e) The Lantana project consists of a series of 15
partnerships in which our voting interests range from 25% to 55%. We
account for three of these partnerships using the equity method and we
consolidate the remaining partnerships.
A summary of our commercial operating properties, commercial projects
and condominium projects at third quarter-end 2009 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
Project
|
|
County
|
|
Market
|
|
Owned (a)
|
|
Type
|
|
Description
|
|
Radisson Hotel
|
|
Travis
|
|
Austin
|
|
100%
|
|
Hotel
|
|
413 guest rooms and suites
|
|
Palisades West
|
|
Travis
|
|
Austin
|
|
25%
|
|
Office
|
|
375,000 square feet
|
|
Presidio at Judge's Hill
|
|
Travis
|
|
Austin
|
|
60%
|
|
Condominium
|
|
45 units
|
|
Las Brisas
|
|
Williamson
|
|
Austin
|
|
49%
|
|
Multi-Family
|
|
414 unit luxury apartment
|
|
Harbor Lakes Golf Club
|
|
Hood
|
|
Dallas/Fort Worth
|
|
100%
|
|
Golf Club
|
|
18-hole golf course and club
|
|
Gulf Coast Apartments
|
|
Various
|
|
Various
|
|
2%
|
|
Multi-Family
|
|
9 apartment communities
|
(a) Interest owned reflects our net equity interest in the
project, whether owned directly or indirectly.
Forestar Group Inc.
Chris L. Nines, 512-433-5210
Copyright © 2009, Business Wire, Inc., All rights reserved.
Copyright © 2009, NewsBlaze,
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