Exhibit 99.1
| | | |
|
| FOR IMMEDIATE RELEASE |
CONTACT: | | Chris L. Nines |
| | | (512) 433-5210 |
FORESTAR GROUP INC. REPORTS
THIRD QUARTER 2010 RESULTS
AUSTIN, TEXAS, November 2, 2010—Forestar Group Inc. (NYSE: FOR) today reported third quarter 2010 net income of approximately $8.9 million, or $0.25 per diluted share, compared with third quarter 2009 net income of $19.5 million, or $0.54 per diluted share outstanding. Third quarter 2010 results include an after-tax gain of $0.28 per diluted share, from the sale of about 14,100 acres of timberland for approximately $22.6 million. Third quarter 2009 results include an after-tax gain of $0.45 per diluted share, from the sale of about 20,000 acres of timberland for approximately $39.5 million.
“We continued to make good progress executing our strategy and strategic initiatives, which were designed to enhance shareholder value,” said Jim DeCosmo, president and chief executive officer of Forestar. “Third quarter highlights include selling approximately 14,100 acres of timberland and repurchasing over one million shares of common stock. Despite challenging market conditions, we firmly believe that our real estate assets are well positioned in many of the healthier markets in Texas, and our mineral interests are located in some of the most active oil and gas basins in the U.S. The execution of our strategy and strategic initiatives, combined with our well located assets, positions our business to capitalize on improving economic conditions and positive long-term demographics and trends,” concluded Mr. DeCosmo.
Forestar manages its operations through three business segments:
| | • | | Real estate, |
| |
| | • | | Mineral resources, and |
| |
| | • | | Fiber resources |
At the end of third quarter 2010, our real estate segment includes almost 232,000 acres of land owned directly or through ventures located in nine states and twelve markets. Mineral resources include approximately 607,000 net acres of oil and gas mineral interests located principally in Texas, Louisiana, Alabama, and Georgia. Also included is a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama. Fiber resources include the sale of wood fiber and management of our recreational leases.
REAL ESTATE
| | | | | | | | | | | | | |
| | | 3rd Qtr. | | 3rd Qtr. | | 2nd Qtr. |
| Segment (Loss) Earnings | | 2010 | | 2009 | | 2010 |
| | | | | | | | | | | | | |
| ($ in Millions) | | | ($1.9 | ) | | $ | 0.1 | | | $ | 2.4 | |
Third quarter 2010 real estate segment results include $4.4 million in undeveloped land sales, compared with $11.3 million in third quarter 2009 and $8.2 million in second quarter 2010.
MINERAL RESOURCES
| | | | | | | | | | | | | |
| | | 3rd Qtr. | | 3rd Qtr. | | 2nd Qtr. |
| Segment Earnings | | 2010 | | 2009 | | 2010 |
| | | | | | | | | | | | | |
| ($ in Millions) | | $ | 6.2 | | | $ | 17.8 | | | $ | 4.3 | |
Third quarter 2010 mineral resources segment earnings include over $2.6 million in lease bonus payments associated with leasing almost 9,600 net mineral acres for $274 per acre, 9,400 of which were leased at $250 per acre in Louisiana, reflecting current market conditions in Beauregard and Vernon Parishes.
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 $1,465 per acre.
FIBER RESOURCES
| | | | | | | | | | | | | |
| | | 3rd Qtr. | | 3rd Qtr. | | 2nd Qtr. |
| Segment Earnings | | 2010 | | 2009 | | 2010 |
| | | | | | | | | | | | | |
| ($ in Millions) | | $ | 1.4 | | | $ | 2.1 | | | $ | 1.1 | |
During third quarter 2010 Forestar generated approximately $1.8 million from the sale of over 154,000 tons of fiber, the majority of which was sold to Temple-Inland Inc. at market prices. Sales of fiber in third quarter and first nine months 2010 were impacted by the sale of over 129,000 acres of timberland associated with our strategic initiatives and retail land sales program and postponing harvest plans on almost 59,000 acres currently held for sale.
SUMMARY
“Market conditions remain challenging. Nationally, demand for housing has been impacted by low consumer confidence, high unemployment, reduced credit availability and concerns over the economy, despite mortgage rates at historic lows and improved housing affordability. However, several Texas markets are reporting positive job growth, a fundamental driver of long-term housing demand. Forestar is well positioned to maximize and grow long-term shareholder value through the execution of our strategy, near-term strategic initiatives and improving market conditions,” concluded Mr. DeCosmo.
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The Company will host a conference call on November 3, 2010 at 9:00 am ET to discuss results of third quarter 2010. The meeting may be accessed through webcast or by conference call. The webcast may be accessed through Forestar’s Internet site atwww.forestargroup.com. To access the conference call, listeners calling from North America should dial 1-866-271-5140 at least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside North America should dial 1-617-213-8893. 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 29110985.
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 almost 232,000 acres of real estate located in nine states and twelve markets in the U.S. The real estate segment has 18 real estate projects representing over 29,600 acres currently in the entitlement process, and 76 entitled, developed and under development projects in seven states and eleven markets encompassing over 16,800 acres, comprised of almost 29,200 residential lots and over 2,600 commercial acres. The mineral resources segment manages about 607,000 net acres of oil and gas mineral interests. The fiber resources segment includes 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 1.4 million acres in Texas, Louisiana, Georgia and Alabama. Forestar’s address on the World Wide Web iswww.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. |
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FORESTAR GROUP INC.
(UNAUDITED)
Business Segments
| | | | | | | | | | | | | | | | | |
| | | Third Quarter | | | First Nine Months | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
| | | (In thousands, | | | (In thousands, | |
| | | except per share) | | | except per share) | |
| Revenues | | | | | | | | | | | | | | | | |
| Real estate | | $ | 15,139 | | | $ | 22,921 | | | $ | 53,936 | | | $ | 70,155 | |
| Mineral resources | | | 6,654 | | | | 18,828 | | | | 18,387 | | | | 31,767 | |
| Fiber resources | | | 2,220 | | | | 3,558 | | | | 6,185 | | | | 12,928 | |
| | | | | | | | | | | | | |
| Total revenues | | $ | 24,013 | | | $ | 45,307 | | | $ | 78,508 | | | $ | 114,850 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Segment (loss) earnings | | | | | | | | | | | | | | | | |
| Real estate | | $ | (1,883 | ) | | $ | 92 | | | $ | 883 | | | $ | 5,641 | |
| Mineral resources | | | 6,196 | | | | 17,850 | | | | 16,640 | | | | 29,033 | |
| Fiber resources | | | 1,372 | | | | 2,080 | | | | 3,900 | | | | 8,279 | |
| | | | | | | | | | | | | |
| Total segment earnings | | | 5,685 | | | | 20,022 | | | | 21,423 | | | | 42,953 | |
| | | | | | | | | | | | | | | | | |
| Items not allocated to segments | | | | | | | | | | | | | | | | |
| General and administrative (a) | | | (3,860 | ) | | | (5,874 | ) | | | (13,438 | ) | | | (17,750 | ) |
| Share-based compensation | | | (1,817 | ) | | | (3,396 | ) | | | (7,370 | ) | | | (7,717 | ) |
| Gain on sale of assets | | | 15,441 | | | | 24,833 | | | | 15,441 | | | | 104,047 | |
| Interest expense | | | (3,913 | ) | | | (5,440 | ) | | | (12,562 | ) | | | (15,653 | ) |
| Other non-operating income | | | 246 | | | | 287 | | | | 690 | | | | 382 | |
| | | | | | | | | | | | | |
| Income before taxes | | | 11,782 | | | | 30,432 | | | | 4,184 | | | | 106,262 | |
| Income tax expense | | | (2,860 | ) | | | (10,956 | ) | | | (1,507 | ) | | | (39,761 | ) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net income attributable to Forestar Group Inc. | | $ | 8,922 | | | $ | 19,476 | | | $ | 2,677 | | | $ | 66,501 | |
| | | | | | | | | | | | | |
| Net income per common share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.25 | | | $ | 0.54 | | | $ | 0.07 | | | $ | 1.86 | |
| Diluted | | $ | 0.25 | | | $ | 0.54 | | | $ | 0.07 | | | $ | 1.85 | |
| | | | | | | | | | | | | | | | | |
| Weighted average common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 35.9 | | | | 35.8 | | | | 36.0 | | | | 35.8 | |
| Diluted | | | 36.4 | | | | 36.2 | | | | 36.6 | | | | 36.0 | |
| | | | | | | | | |
| | | Third Quarter | |
| Supplemental Financial Information: | | 2010 | | | 2009 | |
| | | (In thousands) | |
| Cash and cash equivalents (b) | | $ | 4,483 | | | $ | 43,542 | |
| Borrowings under credit facility | | | 144,000 | | | | 125,000 | |
| Other debt (c) | | | 73,570 | | | | 99,970 | |
| | | | | | | |
| Total debt | | $ | 217,570 | | | $ | 224,970 | |
| | | | | | | |
| | |
| (a) | | First nine months 2009 general and administrative costs include approximately $3.2 million paid to outside advisors regarding an evaluation by our Board of Directors of an unsolicited shareholder proposal. |
| |
| (b) | | Third quarter 2010 cash and cash equivalents excludes over $22.0 million from the sale of about 14,100 acres of timberland. These proceeds are being held by a qualified 1031 intermediary for reinvestment in qualified real estate. |
| |
| (c) | | Consists principally of consolidated venture non-recourse debt. |
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FORESTAR GROUP INC.
REAL ESTATE SEGMENT
PERFORMANCE METRICS
| | | | | | | | | | | | | | | | | |
| | | Third Quarter | | First Nine Months |
| REAL ESTATE | | 2010 | | 2009 | | 2010 | | 2009 |
| | | | | | | | | | | | | | | | | |
Owned, Consolidated & Equity Method Ventures: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 187 | | | | 168 | | | | 617 | | | | 440 | |
| Revenue per Lot Sold | | $ | 48,800 | | | $ | 52,700 | | | $ | 49,600 | | | $ | 59,900 | |
| Commercial Acres Sold | | | 0.4 | | | | 1.5 | | | | 16.7 | | | | 5.6 | |
| Revenue per Commercial Acre Sold | | $ | 623,400 | | | $ | 435,400 | | | $ | 84,400 | | | $ | 274,200 | |
| Undeveloped Acres Sold | | | 1,150 | | | | 5,300 | | | | 4,700 | | | | 15,000 | |
| Revenue per Acre Sold | | $ | 3,800 | | | $ | 2,100 | | | $ | 3,700 | | | $ | 2,400 | |
Owned & Consolidated Ventures: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 105 | | | | 131 | | | | 356 | | | | 314 | |
| Revenue per Lot Sold | | $ | 52,300 | | | $ | 48,300 | | | $ | 54,100 | | | $ | 57,900 | |
| Commercial Acres Sold | | | — | | | | 1.5 | | | | 1.3 | | | | 1.8 | |
| Revenue per Commercial Acre Sold | | | — | | | $ | 435,400 | | | $ | 121,700 | | | $ | 433,400 | |
| Undeveloped Acres Sold | | | 1,150 | | | | 5,300 | | | | 4,700 | | | | 15,000 | |
| Revenue per Acre Sold | | $ | 3,800 | | | $ | 2,100 | | | $ | 3,700 | | | $ | 2,400 | |
Ventures Accounted For Using the Equity Method: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 82 | | | | 37 | | | | 261 | | | | 126 | |
| Revenue per Lot Sold | | $ | 44,200 | | | $ | 68,400 | | | $ | 43,400 | | | $ | 65,200 | |
| Commercial Acres Sold | | | 0.4 | | | | — | | | | 15.4 | | | | 3.8 | |
| Revenue per Commercial Acre Sold | | $ | 623,400 | | | | — | | | $ | 81,300 | | | $ | 197,000 | |
| Undeveloped Acres Sold | | | — | | | | 1 | | | | — | | | | 1 | |
| Revenue per Acre Sold | | | — | | | $ | 10,000 | | | | — | | | $ | 10,000 | |
THIRD QUARTER 2010
REAL ESTATE PIPELINE
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | In | | | | | | | Developed & Under | | | | |
| Real Estate | | Undeveloped | | | Entitlement Process | | | Entitled | | | Development | | | Total Acres* | |
Undeveloped Land | | | | | | | | | | | | | | | | | | | | |
| Owned | | | 178,490 | | | | | | | | | | | | | | | | 185,253 | |
| Ventures | | | 6,763 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Residential | | | | | | | | | | | | | | | | | | | | |
| Owned | | | | | | | 26,869 | | | | 7,949 | | | | 561 | | | | 41,115 | |
| Ventures | | | | | | | | | | | 5,154 | | | | 582 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | | | | | | | | | | | | | | | | |
| Owned | | | | | | | 2,801 | | | | 1,095 | | | | 540 | | | | 5,405 | |
| Ventures | | | | | | | | | | | 649 | | | | 320 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total Acres | | | 185,253 | | | | 29,670 | | | | 14,847 | | | | 2,003 | | | | 231,773 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| |
Estimated Residential Lots
| | | | | | | 25,942 | | | | 3,238 | | | | 29,180 | |
| | |
| * | | In addition, Forestar owns a 58% interest in a venture which controls approximately 16,000 acres of undeveloped land in Georgia. |
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FORESTAR GROUP INC.
MINERAL RESOURCES SEGMENT
PERFORMANCE METRICS
| | | | | | | | | | | | | | | | | |
| | | Third Quarter | | First Nine Months |
| MINERAL RESOURCES | | 2010 | | 2009 | | 2010 | | 2009 |
| | | | | | | | | | | | | | | | | |
Leasing Activity | | | | | | | | | | | | | | | | |
| Acres Leased | | | 9,600 | | | | 10,800 | | | | 11,700 | | | | 25,000 | |
| Average Bonus / Acre | | $ | 274 | | | $ | 1,465 | | | $ | 495 | | | $ | 831 | |
| Delay Rental Revenues | | $ | 890,000 | | | $ | 403,000 | | | $ | 2,080,000 | | | $ | 2,320,000 | |
| | | | | | | | | | | | | | | | | |
Royalties1 | | | | | | | | | | | | | | | | |
| Natural Gas Production (MMcf) | | | 436.6 | | | | 283.1 | | | | 1,291.6 | | | | 968.4 | |
| Average Natural Gas Price ($ / Mcf) | | $ | 4.11 | | | $ | 3.35 | | | $ | 4.38 | | | $ | 4.60 | |
| Oil Production (Barrels) | | | 27,700 | | | | 26,000 | | | | 87,600 | | | | 79,200 | |
| Average Oil Price ($ / Barrel) | | $ | 71.41 | | | $ | 62.78 | | | $ | 72.53 | | | $ | 52.20 | |
| | | | | | | | | | | | | | | | | |
MMcfe Production2 | | | 602.8 | | | | 438.9 | | | | 1,817.3 | | | | 1,443.4 | |
| Average Price ($ / MMcfe) | | $ | 6.26 | | | $ | 5.88 | | | $ | 6.61 | | | $ | 5.95 | |
| | | | | | | | | | | | | | | | | |
Well Activity3 | | | | | | | | | | | | | | | | |
| Net Acres Held By Production | | | 29,500 | | | | 26,600 | | | | 29,500 | | | | 26,600 | |
| Wells Drilled | | | 10 | | | | 1 | | | | 26 | | | | 18 | |
| Active Wells | | | 492 | | | | 467 | | | | 492 | | | | 467 | |
| | |
| 1 | | Includes our share of activity from a venture in which we own a 50% interest. Our share of venture natural gas production activity is 138 MMcf and 346 MMcf in third quarter and first nine months 2010, and 2 MMcf and 21 MMcf in third quarter and first nine months 2009. |
| |
| 2 | | MMcfe — Million Cubic Feet Equivalent (converting oil to natural gas at 6 Mcfe / Bbl) |
| |
| 3 | | Wells are owned and operated by third-party lessees / operators |
THIRD QUARTER 2010
MINERAL RESOURCES PIPELINE1
Forestar’s mineral resources segment includes approximately 607,000 net mineral acres principally located in Texas, Louisiana, Alabama and Georgia.
| | | | | | | | | | | | | | | | | |
| State | | Available for Lease | | Leased | | Held by Production | | Total2 |
| Texas | | | 155,000 | | | | 72,000 | | | | 24,000 | | | | 251,000 | |
| Louisiana | | | 125,000 | | | | 14,000 | | | | 5,000 | | | | 144,000 | |
| Georgia | | | 170,000 | | | | — | | | | — | | | | 170,000 | |
| Alabama | | | 38,000 | | | | 2,000 | | | | — | | | | 40,000 | |
| California | | | 1,000 | | | | — | | | | — | | | | 1,000 | |
| Indiana | | | 1,000 | | | | — | | | | — | | | | 1,000 | |
| | | | | | | | | | | | | | | | | |
| Total | | | 490,000 | | | | 88,000 | | | | 29,000 | | | | 607,000 | |
| | |
| 1 | | Includes ventures |
| |
| 2 | | Excludes 463 net mineral acres located in Colorado |
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FORESTAR GROUP INC.
FIBER RESOURCES SEGMENT
PERFORMANCE METRICS
| | | | | | | | | | | | | | | | | |
| | | Third Quarter | | First Nine Months |
| FIBER RESOURCES | | 2010 | | 2009 | | 2010 | | 2009 |
| | | | | | | | | | | | | | | | | |
Fiber Sales * | | | | | | | | | | | | | | | | |
| Pulpwood Tons Sold | | | 116,900 | | | | 216,200 | | | | 295,600 | | | | 666,800 | |
| Average Pulpwood Price / Ton | | $ | 9.41 | | | $ | 8.85 | | | $ | 10.31 | | | $ | 8.27 | |
| Sawtimber Tons Sold | | | 37,500 | | | | 63,400 | | | | 90,900 | | | | 290,300 | |
| Average Sawtimber Price / Ton | | $ | 17.79 | | | $ | 19.38 | | | $ | 19.23 | | | $ | 19.95 | |
| | | | | | | | | | | | | | | | | |
| Total Tons Sold | | | 154,400 | | | | 279,600 | | | | 386,500 | | | | 957,100 | |
| Average Price / Ton | | $ | 11.45 | | | $ | 11.24 | | | $ | 12.41 | | | $ | 11.81 | |
| | | | | | | | | | | | | | | | | |
Recreational Activity | | | | | | | | | | | | | | | | |
| Average Acres Leased | | | 205,900 | | | | 206,000 | | | | 209,900 | | | | 260,500 | |
| Average Lease Rate / Acre | | $ | 8.60 | | | $ | 8.09 | | | $ | 8.33 | | | $ | 8.27 | |
| | |
| * | | The majority of our fiber sales were to Temple-Inland Inc. at market prices. |
Note: Sales of fiber in third quarter and first nine months 2010 were impacted by the sale of over 129,000 acres of timberland associated with our strategic initiatives and retail land sales program and postponing harvest plans on almost 59,000 acres currently held for sale.
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FORESTAR GROUP INC.
PROJECTS IN ENTITLEMENT
A summary of projects in the entitlement process(a) at third quarter-end 2010 follows:
| | | | | | | |
| | | | | Project |
| Project | | County | | 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 | | | 3,890 | |
| Fox Hall | | Coweta | | | 960 | |
| Garland Mountain | | Cherokee/Bartow | | | 350 | |
| Home Place | | Coweta | | | 1,510 | |
| 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 | |
| | | | | | | |
| | | | | | | |
Total | | | | | 29,670 | |
| | | | | | | |
| | |
| (a) | | A project is deemed to be in the entitlement process when customary steps necessary for the preparation of an application for governmental land-use approvals, 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. |
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FORESTAR GROUP INC.
REAL ESTATE PROJECTS
A summary of our entitled,(a) developed & under development projects at third quarter-end 2010 follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Residential Lots(c) | | Commercial Acres(d) |
| | | | | | | | | Lots Sold | | | | | | | | |
| | | | | Interest | | Since | | | | | | Acres Sold | | |
| Project | | County | | Owned(b) | | Inception | | Lots Remaining | | Since Inception | | Acres Remaining |
Projects we own | | | | | | | | | | | | | | | | | | | | | | |
California | | | | | | | | | | | | | | | | | | | | | | |
| San Joaquin River | | Contra | | | 100 | % | | | — | | | | — | | | | — | | | | 288 | |
| | | Costa/Sacramento | | | | | | | | | | | | | | | | | | | | |
Colorado | | | | | | | | | | | | | | | | | | | | | | |
| Buffalo Highlands | | Weld | | | 100 | % | | | — | | | | 164 | | | | — | | | | — | |
| Johnstown Farms | | Weld | | | 100 | % | | | 115 | | | | 494 | | | | 2 | | | | 8 | |
| Pinery West | | Douglas | | | 100 | % | | | — | | | | — | | | | — | | | | 115 | |
| Stonebraker | | Weld | | | 100 | % | | | — | | | | 603 | | | | — | | | | 13 | |
| Westlake Highlands | | Jefferson | | | 100 | % | | | 21 | | | | — | | | | — | | | | — | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| Arrowhead Ranch | | Hays | | | 100 | % | | | — | | | | 259 | | | | — | | | | 6 | |
| Caruth Lakes | | Rockwall | | | 100 | % | | | 307 | | | | 342 | | | | — | | | | — | |
| Cibolo Canyons | | Bexar | | | 100 | % | | | 625 | | | | 790 | | | | 64 | | | | 157 | |
| Harbor Lakes | | Hood | | | 100 | % | | | 201 | | | | 248 | | | | 1 | | | | 13 | |
| Hunter’s Crossing | | Bastrop | | | 100 | % | | | 336 | | | | 155 | | | | 38 | | | | 71 | |
| La Conterra | | Williamson | | | 100 | % | | | 76 | | | | 424 | | | | — | | | | 58 | |
| Maxwell Creek | | Collin | | | 100 | % | | | 696 | | | | 315 | | | | 10 | | | | — | |
| Oak Creek Estates | | Comal | | | 100 | % | | | 68 | | | | 579 | | | | 13 | | | | — | |
| The Colony | | Bastrop | | | 100 | % | | | 412 | | | | 734 | | | | 22 | | | | 31 | |
| The Gables at North Hill | | Collin | | | 100 | % | | | 199 | | | | 84 | | | | — | | | | — | |
| The Preserve at Pecan Creek | | Denton | | | 100 | % | | | 306 | | | | 512 | | | | — | | | | 9 | |
| The Ridge at Ribelin Ranch | | Travis | | | 100 | % | | | — | | | | — | | | | 179 | | | | 16 | |
| Westside at Buttercup Creek | | Williamson | | | 100 | % | | | 1,313 | | | | 201 | | | | 66 | | | | — | |
| Other projects (8) | | Various | | | 100 | % | | | 1,554 | | | | 15 | | | | 197 | | | | 24 | |
Georgia | | | | | | | | | | | | | | | | | | | | | | |
| Towne West | | Bartow | | | 100 | % | | | — | | | | 2,674 | | | | — | | | | 121 | |
| Other projects (13) | | Various | | | 100 | % | | | — | | | | 2,934 | | | | — | | | | 705 | |
Missouri and Utah | | | | | | | | | | | | | | | | | | | | | | |
| Other projects (2) | | Various | | | 100 | % | | | 456 | | | | 98 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | 6,685 | | | | 11,625 | | | | 592 | | | | 1,635 | |
| Projects in entities we consolidate | | | | | | | | | | | | | | | | | | | | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| City Park | | Harris | | | 75 | % | | | 1,116 | | | | 195 | | | | 50 | | | | 115 | |
| Lantana | | Denton | | | 55 | %(e) | | | 571 | | | | 1,596 | | | | — | | | | — | |
| Light Farms | | Collin | | | 65 | % | | | — | | | | 2,868 | | | | — | | | | — | |
| Stoney Creek | | Dallas | | | 90 | % | | | 95 | | | | 659 | | | | — | | | | — | |
| Timber Creek | | Collin | | | 88 | % | | | — | | | | 614 | | | | — | | | | — | |
| Other projects (5) | | Various | | Various | | | 953 | | | | 254 | | | | 26 | | | | 25 | |
| | | | | | | | | | 2,735 | | | | 6,186 | | | | 76 | | | | 140 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total owned and consolidated | | | | | | | | | 9,420 | | | | 17,811 | | | | 668 | | | | 1,775 | |
| Projects in ventures that we account for using the equity method | | | | | | | | | | | | | | | | |
Georgia | | | | | | | | | | | | | | | | | | | | | | |
| Seven Hills | | Paulding | | | 50 | % | | | 636 | | | | 445 | | | | 26 | | | | 113 | |
| The Georgian | | Paulding | | | 38 | % | | | 288 | | | | 1,097 | | | | — | | | | — | |
| Other projects (4) | | Various | | Various | | | 1,820 | | | | 77 | | | | 3 | | | | — | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| Bar C Ranch | | Tarrant | | | 50 | % | | | 223 | | | | 976 | | | | — | | | | — | |
| Entrada | | Travis | | | 50 | % | | | — | | | | 821 | | | | — | | | | 3 | |
| Fannin Farms West | | Tarrant | | | 50 | % | | | 300 | | | | 81 | | | | — | | | | 15 | |
| Harper’s Preserve | | Montgomery | | | 50 | % | | | — | | | | 1,722 | | | | — | | | | 72 | |
| Lantana | | Denton | | Various (e) | | | 1,436 | | | | 176 | | | | 14 | | | | 76 | |
| Long Meadow Farms | | Fort Bend | | | 19 | % | | | 658 | | | | 1,425 | | | | 87 | | | | 133 | |
| Southern Trails | | Brazoria | | | 40 | % | | | 434 | | | | 593 | | | | — | | | | — | |
| Stonewall Estates | | Bexar | | | 25 | % | | | 254 | | | | 125 | | | | — | | | | — | |
| Summer Creek Ranch | | Tarrant | | | 50 | % | | | 796 | | | | 1,772 | | | | — | | | | 363 | |
| Summer Lakes | | Fort Bend | | | 50 | % | | | 332 | | | | 791 | | | | 56 | | | | — | |
| Village Park | | Collin | | | 50 | % | | | 356 | | | | 211 | | | | 3 | | | | 2 | |
| Waterford Park | | Fort Bend | | | 50 | % | | | — | | | | 493 | | | | — | | | | 37 | |
| Other projects (2) | | Various | | Various | | | 296 | | | | 228 | | | | — | | | | 15 | |
Florida | | | | | | | | | | | | | | | | | | | | | | |
| Other projects (3) | | Various | | Various | | | 509 | | | | 336 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total in ventures | | | | | | | | | 8,338 | | | | 11,369 | | | | 189 | | | | 829 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Combined Total | | | | | | | | | 17,758 | | | | 29,180 | | | | 857 | | | | 2,604 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | |
| (a) | | A project is deemed entitled when all major discretionary governmental land-use approvals have been received. Some projects may require additional permits and/or non-governmental authorizations for development. |
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| (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. |
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| (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 and are subject to change based on business plan revisions. |
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| (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. |
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| (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. |
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A summary of our significant commercial and income producing properties at third quarter-end 2010 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 |
| Las Brisas | | Williamson | | Austin | | | 59 | % | | Multifamily | | 414 unit luxury apartment |
| | |
| (a) | | Interest owned reflects our net equity interest in the project, whether owned directly or indirectly. |
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