Exhibit 99.1
NEWS
RELEASE_____________________
FOR IMMEDIATE RELEASE
CONTACT: Chris L. Nines
(512) 433-5210
FORESTAR GROUP INC. REPORTS FULL YEAR
AND FOURTH QUARTER 2010 RESULTS
AUSTIN, TEXAS, February 1, 2011—Forestar Group Inc. (NYSE: FOR) today reported full year 2010 net income of $5.1 million, or $0.14 per diluted share, compared with full year 2009 net income of $59.1 million, or $1.64 per diluted share. Full year 2010 results include an after-tax gain of $0.51 per diluted share from the sale of almost 24,000 acres of timberland, compared with an after-tax gain of $1.82 per diluted share from the sale of about 95,000 acres of timberland in 2009.
The company reported fourth quarter 2010 net income of $2.4 million, or $0.07 per diluted share, compared with a net loss of ($7.4) million, or ($0.21) per basic share in fourth quarter 2009. Fourth quarter 2010 results include an after-tax gain of $0.24 per diluted share, from the sale of over 9,800 acres of timberland for approximately $16.2 million.
“During 2010 we continued to make good progress executing our strategy and strategic initiatives designed to enhance shareholder value,” said Jim DeCosmo, president and chief executive officer of Forestar.
Mr. DeCosmo noted that the company’s 2010 highlights included:
| | • | | Selling approximately 24,000 acres of timberland for $38.8 million |
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| | • | | Leasing over 16,900 net mineral acres to oil and gas companies for exploration and production activities |
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| | • | | Entitling two projects which include over 1,000 acres, representing over 2,500 residential lots and 75 commercial acres |
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| | • | | Repurchasing over one million shares of our common stock |
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| | • | | Acquiring multifamily project in Houston, Texas with tax deferred 1031 timberland sales proceeds and non-recourse borrowings |
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| | • | | Acquiring water resources company focused on providing sustainable ground water solutions to central Texas and the Interstate-35 growth corridor |
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| | • | | Opening of J.W. Marriott’s resort at Cibolo Canyons, entitling Forestar to receive revenues related to hotel occupancy and sales taxes through 2034 from the 1,002 room hotel and golf resort |
Forestar manages its operations through three business segments:
| | § | | Real estate, |
| |
| | § | | Mineral resources, and |
| |
| | § | | Fiber resources |
At year-end 2010, our real estate segment includes over 220,000 acres of land owned directly or through ventures located in nine states and twelve markets. Mineral resources include approximately 606,000 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 and about 17,800 acres of ground water leases in central Texas. Fiber resources include the sale of wood fiber and management of our recreational leases.
REAL ESTATE
| | | | | | | | | | | | | | | | | | | | | |
| | | 4th Qtr. | | 4th Qtr. | | 3rd Qtr. | | Full Year | | Full Year |
| Segment (Loss) Earnings | | 2010 | | 2009 | | 2010 | | 2010 | | 2009 |
| ($ in Millions) | | | ($5.5 | ) | | | ($2.5 | ) | | | ($1.9 | ) | | | ($4.6 | ) | | $ | 3.2 | |
Real estate segment results include undeveloped land sales of approximately $2.8 million and $20.1 million in fourth quarter and full year 2010, compared with $10.2 million and $46.6 million in fourth quarter and full year 2009.
Fourth quarter 2010 real estate segment results include the sale of 625 acres of commercial and residential land for approximately $20 million at our Summer Creek Ranch venture project located near Fort Worth, Texas. This sale generated earnings of $6.3 million and net cash flow of $10.1 million to Forestar.
Fourth quarter 2010 real estate segment results include non-cash impairment charges of approximately $10.4 million primarily associated with residential development projects located near Atlanta, Georgia and Fort Worth, Texas and a commercial real estate tract held in a venture near the Texas Gulf Coast. Full year 2010 real estate segment results include non-cash impairment charges of approximately $11.3 million compared with $10.6 million in 2009.
MINERAL RESOURCES
| | | | | | | | | | | | | | | | | | | | | |
| | | 4th Qtr. | | 4th Qtr. | | 3rd Qtr. | | Full Year | | Full Year |
| Segment Earnings | | 2010 | | 2009 | | 2010 | | 2010 | | 2009 |
| ($ in Millions) | | $ | 6.1 | | | $ | 3.3 | | | $ | 6.2 | | | $ | 22.8 | | | $ | 32.4 | |
Fourth quarter 2010 mineral resources segment earnings include almost $2 million in bonus payments associated with leasing almost 5,200 net mineral acres for $371 per acre. In addition, fourth quarter 2010 mineral resources segment earnings include over $1.1 million from the extension of an existing 3,200 acre mineral lease.
Full year 2010 mineral resources segment earnings include approximately $7.7 million in lease bonus payments compared with $21.3 million in 2009.
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FIBER RESOURCES
| | | | | | | | | | | | | | | | | | | | | |
| | | 4th Qtr. | | 4th Qtr. | | 3rd Qtr. | | Full Year | | Full Year |
| Segment Earnings | | 2010 | | 2009 | | 2010 | | 2010 | | 2009 |
| ($ in Millions) | | $ | 1.2 | | | $ | 1.4 | | | $ | 1.4 | | | $ | 5.0 | | | $ | 9.6 | |
During 2010 Forestar generated approximately $6.5 million in revenues from the sale of over 537,000 tons of fiber, the majority of which was sold to Temple-Inland Inc. at market prices. Sales of fiber in 2010 were impacted by the sale of over 140,000 acres of timberland associated with our strategic initiatives and retail land sales program since first quarter 2009, and postponing harvest plans on about 55,000 acres currently held for sale.
SUMMARY
“Market conditions for our businesses remain mixed. Nationally, demand for housing continues to be negatively impacted by low consumer confidence, high unemployment, reduced credit availability and concerns over the economy, even with mortgage rates near historic lows and improved housing affordability. Despite these challenging market conditions, we firmly believe that our real estate assets are well positioned in many of the healthier markets in Texas. In addition, although lower natural gas prices have reduced overall market demand for new mineral leases and capital available for drilling, we have benefitted from higher oil prices and their impact on leasing interest in oil rich formations in our basins, resulting in recent leasing activity in Louisiana. Going forward, our mineral resources business is well positioned and located in some of the most active oil and gas basins in the continental U.S.
“Enduring and progressing through one of the most severe economic downturns in recent history, we believe the execution of our strategy and near-term strategic initiatives have Forestar well positioned for the future. Forestar is a real estate and natural resources company with a vision for every acre. This vision supports our strategy which is committed to recognizing and responsibly delivering the greatest value from every acre and growing through strategic and disciplined investments. This vision, combined with our competitive portfolio of assets, a strong balance sheet, and an experienced management team, have Forestar poised to benefit from improving economic conditions and to maximize the value of every acre we invest in,” concluded Mr. DeCosmo.
The Company will host a conference call on February 2, 2011 at 10:00 am ET to discuss results of fourth quarter and full year 2010. 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 1-866-356-3095 at least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside North America should dial 1-617-597-5391. 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 14712043.
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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 220,000 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 16,000 acres, comprised of over 27,400 planned residential lots and almost 2,400 commercial acres. The mineral resources segment manages about 606,000 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 and about 17,800 acres of ground water leases in Central Texas. 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
| | | | | | | | | | | | | | | | | |
| | | Fourth Quarter | | | Full Year | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
| | | (In thousands, | | | (In thousands, | |
| | | except per share) | | | except per share) | |
| Revenues | | | | | | | | | | | | | | | | |
| Real estate | | $ | 14,333 | | | $ | 24,281 | | | $ | 68,269 | | | $ | 94,436 | |
| Mineral resources | | | 6,403 | | | | 4,489 | | | | 24,790 | | | | 36,256 | |
| Fiber resources | | | 2,116 | | | | 2,631 | | | | 8,301 | | | | 15,559 | |
| | | | | | | | | | | | | |
| Total revenues | | $ | 22,852 | | | $ | 31,401 | | | $ | 101,360 | | | $ | 146,251 | |
| | | | | | | | | | | | | |
| |
| Segment (loss) earnings | | | | | | | | | | | | | | | | |
| Real estate | | $ | (5,517 | ) | | $ | (2,459 | ) | | $ | (4,634 | ) | | $ | 3,182 | |
| Mineral resources | | | 6,143 | | | | 3,337 | | | | 22,783 | | | | 32,370 | |
| Fiber resources | | | 1,158 | | | | 1,343 | | | | 5,058 | | | | 9,622 | |
| | | | | | | | | | | | | |
| Total segment earnings | | | 1,784 | | | | 2,221 | | | | 23,207 | | | | 45,174 | |
| Items not allocated to segments | | | | | | | | | | | | | | | | |
| General and administrative (a) | | | (3,903 | ) | | | (4,649 | ) | | | (17,341 | ) | | | (22,399 | ) |
| Share-based compensation | | | (4,226 | ) | | | (4,281 | ) | | | (11,596 | ) | | | (11,998 | ) |
| Gain on sale of assets | | | 13,166 | | | | — | | | | 28,607 | | | | 104,047 | |
| Interest expense | | | (3,884 | ) | | | (4,806 | ) | | | (16,446 | ) | | | (20,459 | ) |
| Other non-operating income | | | 474 | | | | (7 | ) | | | 1,164 | | | | 375 | |
| | | | | | | | | | | | | |
| Income before taxes | | | 3,411 | | | | (11,522 | ) | | | 7,595 | | | | 94,740 | |
| Income tax (expense) benefit | | | (963 | ) | | | 4,128 | | | | (2,470 | ) | | | (35,633 | ) |
| | | | | | | | | | | | | |
| Net income attributable to Forestar Group Inc. | | $ | 2,448 | | | $ | (7,394 | ) | | $ | 5,125 | | | $ | 59,107 | |
| | | | | | | | | | | | | |
| |
| Net income per common share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.07 | | | $ | (0.21 | ) | | $ | 0.14 | | | $ | 1.65 | |
| Diluted | | $ | 0.07 | | | $ | (0.21 | ) | | $ | 0.14 | | | $ | 1.64 | |
| |
| Weighted average common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 35.2 | | | | 35.9 | | | | 35.8 | | | | 35.8 | |
| Diluted | | | 35.8 | | | | 35.9 | | | | 36.4 | | | | 36.1 | |
| | | | | | | | | |
| | | At Year-End |
| | | 2010 | | 2009 |
| Supplemental Financial Information: | | (In thousands) |
| Borrowings under credit facility | | | 125,000 | | | | 125,000 | |
| Other debt (b) | | | 96,589 | | | | 91,626 | |
| | | |
| Total debt | | $ | 221,589 | | | $ | 216,626 | |
| | | |
| | |
| (a) | | Full year 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) | | Consists principally of consolidated venture non-recourse debt. |
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FORESTAR GROUP INC.
REAL ESTATE SEGMENT
PERFORMANCE METRICS
| | | | | | | | | | | | | | | | | |
| | | Fourth Quarter | | | Full Year | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
REAL ESTATE | | | | | | | | | | | | | | | | |
Owned, Consolidated & Equity Method Ventures: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 187 | | | | 202 | | | | 804 | | | | 642 | |
| Revenue per Lot Sold | | $ | 49,100 | | | $ | 45,000 | | | $ | 49,500 | | | $ | 55,200 | |
| Commercial Acres Sold | | | 1.1 | | | | 0.3 | | | | 17.8 | | | | 5.9 | |
| Revenue per Commercial Acre Sold | | $ | 174,100 | | | $ | 87,000 | | | $ | 90,100 | | | $ | 263,800 | |
| Undeveloped Acres Sold | | | 1,100 | | | | 3,200 | | | | 5,800 | | | | 18,200 | |
| Revenue per Acre Sold | | $ | 2,600 | | | $ | 3,100 | | | $ | 3,500 | | | $ | 2,600 | |
Owned & Consolidated Ventures: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 86 | | | | 169 | | | | 442 | | | | 483 | |
| Revenue per Lot Sold | | $ | 59,200 | | | $ | 45,300 | | | $ | 55,100 | | | $ | 53,500 | |
| Commercial Acres Sold | | | 1.1 | | | | — | | | | 2.4 | | | | 1.8 | |
| Revenue per Commercial Acre Sold | | $ | 174,100 | | | | — | | | $ | 146,000 | | | $ | 433,400 | |
| Undeveloped Acres Sold | | | 1,100 | | | | 3,200 | | | | 5,800 | | | | 18,200 | |
| Revenue per Acre Sold | | $ | 2,600 | | | $ | 3,100 | | | $ | 3,500 | | | $ | 2,600 | |
Ventures Accounted For Using the Equity Method: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 101 | | | | 33 | | | | 362 | | | | 159 | |
| Revenue per Lot Sold | | $ | 40,500 | | | $ | 43,100 | | | $ | 42,600 | | | $ | 60,600 | |
| Commercial Acres Sold | | | — | | | | 0.3 | | | | 15.4 | | | | 4.1 | |
| Revenue per Commercial Acre Sold | | | — | | | $ | 87,000 | | | $ | 81,300 | | | $ | 188,100 | |
| Undeveloped Acres Sold | | | — | | | | — | | | | — | | | | 1 | |
| Revenue per Acre Sold | | | — | | | | — | | | | — | | | $ | 10,000 | |
FOURTH QUARTER 2010
REAL ESTATE PIPELINE
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | In | | | | | | Developed & | | |
| | | | | | | Entitlement | | | | | | Under | | Total |
| Real Estate | | Undeveloped | | Process | | Entitled | | Development | | Acres* |
Undeveloped Land
Owned | | | 167,478 | | | | | | | | | | | | | | | | 174,455 | |
| Ventures | | | 6,977 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Residential
Owned | | | | | | | 26,869 | | | | 7,889 | | | | 617 | | | | 40,539 | |
| Ventures | | | | | | | | | | | 4,532 | | | | 632 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Commercial
Owned | | | | | | | 2,801 | | | | 1,095 | | | | 539 | | | | 5,165 | |
| Ventures | | | | | | | | | | | 489 | | | | 241 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total Acres | | | 174,455 | | | | 29,670 | | | | 14,005 | | | | 2,029 | | | | 220,159 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Estimated Residential Lots | | | | | | | | | | | 23,881 | | | | 3,533 | | | | 27,414 | |
| | | | | | | | | | | | | | | | | | | | | |
| | |
| * | | 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
| | | | | | | | | | | | | | | | | |
| | | Fourth Quarter | | | Full Year | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
MINERAL RESOURCES | | | | | | | | | | | | | | | | |
Leasing Activity | | | | | | | | | | | | | | | | |
| Acres Leased | | | 5,200 | | | | 720 | | | | 16,900 | | | | 25,800 | |
| Average Bonus / Acre | | $ | 371 | | | $ | 662 | | | $ | 457 | | | $ | 827 | |
| Delay Rental Revenues | | $ | 84,000 | | | $ | 210,300 | | | $ | 2,167,600 | | | $ | 2,530,100 | |
Royalties1 | | | | | | | | | | | | | | | | |
| Natural Gas Production (MMcf) | | | 504.8 | | | | 525.4 | | | | 1,796.4 | | | | 1,493.7 | |
| Average Natural Gas Price ($ / Mcf) | | $ | 3.94 | | | $ | 3.18 | | | $ | 4.26 | | | $ | 4.10 | |
| Oil Production (Barrels) | | | 27,800 | | | | 28,000 | | | | 115,400 | | | | 107,200 | |
| Average Oil Price ($ / Barrel) | | $ | 74.84 | | | $ | 70.02 | | | $ | 73.09 | | | $ | 56.85 | |
| |
MMcfe Production2 | | | 671.8 | | | | 693.5 | | | | 2,489.1 | | | | 2,136.9 | |
| Average Price ($ / MMcfe) | | $ | 6.06 | | | $ | 5.24 | | | $ | 6.46 | | | $ | 5.72 | |
Well Activity3 | | | | | | | | | | | | | | | | |
| Net Acres Held By Production | | | 29,700 | | | | 26,900 | | | | 29,700 | | | | 26,900 | |
| Wells Drilled | | | 3 | | | | 12 | | | | 29 | | | | 30 | |
| Active Wells | | | 494 | | | | 472 | | | | 494 | | | | 472 | |
| | |
| 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 227 MMcf and 573 MMcf in fourth quarter and full year 2010, and 61 MMcf and 82 MMcf in fourth quarter and full year 2009. |
| |
| 2 | | MMcfe — Million Cubic Feet Equivalent (converting oil to natural gas at 6 Mcfe / Bbl) |
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| 3 | | Wells are owned and operated by third-party lessees / operators |
FOURTH QUARTER 2010
MINERAL RESOURCES PIPELINE1
Forestar’s mineral resources segment includes approximately 606,000 net mineral acres principally located in Texas, Louisiana, Alabama and Georgia.
| | | | | | | | | | | | | | | | | |
| | | Available | | | | | | Held by | | |
| State | | for Lease | | Leased2 | | Production2 | | Total |
| Texas | | | 157,000 | | | | 70,000 | | | | 25,000 | | | | 252,000 | |
| Louisiana | | | 120,000 | | | | 18,000 | | | | 5,000 | | | | 143,000 | |
| Georgia | | | 168,000 | | | | — | | | | — | | | | 168,000 | |
| Alabama | | | 40,000 | | | | — | | | | — | | | | 40,000 | |
| California | | | 1,000 | | | | — | | | | — | | | | 1,000 | |
| Colorado | | | 1,000 | | | | — | | | | — | | | | 1,000 | |
| Indiana | | | 1,000 | | | | — | | | | — | | | | 1,000 | |
| | | | | | | | | | | | | | | | | |
| Total | | | 488,000 | | | | 88,000 | | | | 30,000 | | | | 606,000 | |
| | | | | | | | | | | | | | | | | |
| | |
| 1 | | Includes ventures |
| |
| 2 | | Acres leased and held by production exclude 382 net mineral acres leased and 26 net mineral acres held by production in Colorado |
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FORESTAR GROUP INC.
FIBER RESOURCES SEGMENT
PERFORMANCE METRICS
| | | | | | | | | | | | | | | | | |
| | | Fourth Quarter | | | Full Year | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
FIBER RESOURCES | | | | | | | | | | | | | | | | |
Fiber Sales * | | | | | | | | | | | | | | | | |
| Pulpwood Tons Sold | | | 97,300 | | | | 143,300 | | | | 392,900 | | | | 810,100 | |
| Average Pulpwood Price / Ton | | $ | 8.77 | | | $ | 9.76 | | | $ | 9.93 | | | $ | 8.53 | |
| Sawtimber Tons Sold | | | 53,400 | | | | 40,900 | | | | 144,300 | | | | 331,300 | |
| Average Sawtimber Price / Ton | | $ | 15.75 | | | $ | 18.93 | | | $ | 17.94 | | | $ | 19.82 | |
| | | | | | | | | | | | | | | | | |
| Total Tons Sold | | | 150,700 | | | | 184,200 | | | | 537,200 | | | | 1,141,400 | |
| Average Price / Ton | | $ | 11.24 | | | $ | 11.80 | | | $ | 12.08 | | | $ | 11.81 | |
| | | | | | | | | | | | | | | | | |
Recreational Activity | | | | | | | | | | | | | | | | |
| Average Acres Leased | | | 201,800 | | | | 211,200 | | | | 208,100 | | | | 249,200 | |
| Average Lease Rate / Acre | | $ | 8.31 | | | $ | 8.36 | | | $ | 8.32 | | | $ | 8.25 | |
| | |
| * | | The majority of our fiber sales were to Temple-Inland Inc. at market prices. |
Note: Sales of fiber in fourth quarter and full year 2010 were impacted by the sale of over 140,000 acres of timberland associated with our strategic initiatives and retail land sales program since first quarter 2009, and postponing harvest plans on about 55,000 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 year-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 year-end 2010 follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Residential Lots(c) | | Commercial Acres(d) |
| | | | | | | | | Lots Sold | | | | | | Acres Sold | | |
| | | | | Interest | | Since | | Lots | | Since | | Acres |
| Project | | County | | Owned(b) | | Inception | | Remaining | | Inception | | Remaining |
Projects we own | | | | | | | | | | | | | | | | | | | | | | |
California | | | | | | | | | | | | | | | | | | | | | | |
| San Joaquin River | | Contra Costa/Sacramento | | | 100 | % | | | — | | | | — | | | | — | | | | 288 | |
| | | | | | | | | | | | | | | | | | | | | | | |
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 | % | | | 310 | | | | 339 | | | | — | | | | — | |
| Cibolo Canyons | | Bexar | | | 100 | % | | | 640 | | | | 775 | | | | 64 | | | | 157 | |
| Harbor Lakes | | Hood | | | 100 | % | | | 201 | | | | 248 | | | | 2 | | | | 12 | |
| Hunter’s Crossing | | Bastrop | | | 100 | % | | | 340 | | | | 150 | | | | 38 | | | | 71 | |
| La Conterra | | Williamson | | | 100 | % | | | 76 | | | | 424 | | | | — | | | | 58 | |
| Maxwell Creek | | Collin | | | 100 | % | | | 700 | | | | 299 | | | | 10 | | | | — | |
| Oak Creek Estates | | Comal | | | 100 | % | | | 69 | | | | 578 | | | | 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 | % | | | 1,318 | | | | 196 | | | | 66 | | | | — | |
| Other projects (9) | | Various | | | 100 | % | | | 1,554 | | | | 18 | | | | 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 | % | | | 458 | | | | 96 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | 6,719 | | | | 11,581 | | | | 593 | | | | 1,634 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Projects in entities we consolidate | | | | | | | | | | | | | | | | | | | | | | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| City Park | | Harris | | | 75 | % | | | 1,134 | | | | 177 | | | | 50 | | | | 115 | |
| Lantana | | Denton | | | 55 | %(e) | | | 593 | | | | 1,639 | | | | — | | | | — | |
| Light Farms | | Collin | | | 65 | % | | | — | | | | 2,868 | | | | — | | | | — | |
| Stoney Creek | | Dallas | | | 90 | % | | | 107 | | | | 647 | | | | — | | | | — | |
| Timber Creek | | Collin | | | 88 | % | | | — | | | | 614 | | | | — | | | | — | |
| Other projects (5) | | Various | | | Various | | | | 953 | | | | 254 | | | | 26 | | | | 25 | |
| | | | | | | | | |
| | | | | | | | | | 2,787 | | | | 6,199 | | | | 76 | | | | 140 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total owned and consolidated | | | | | | | | | 9,506 | | | | 17,780 | | | | 669 | | | | 1,774 | |
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 | % | | | 232 | | | | 967 | | | | — | | | | — | |
| Entrada | | Travis | | | 50 | % | | | — | | | | 821 | | | | — | | | | 3 | |
| Fannin Farms West | | Tarrant | | | 50 | % | | | 309 | | | | 72 | | | | — | | | | 15 | |
| Harper’s Preserve | | Montgomery | | | 50 | % | | | — | | | | 1,722 | | | | — | | | | 72 | |
| Lantana | | Denton | | | Various | (e) | | | 1,436 | | | | 116 | | | | 14 | | | | 76 | |
| Long Meadow Farms | | Fort Bend | | | 19 | % | | | 693 | | | | 1,390 | | | | 87 | | | | 133 | |
| Southern Trails | | Brazoria | | | 40 | % | | | 452 | | | | 575 | | | | — | | | | — | |
| Stonewall Estates | | Bexar | | | 25 | % | | | 261 | | | | 121 | | | | — | | | | — | |
| Summer Creek Ranch | | Tarrant | | | 50 | % | | | 796 | | | | 478 | | | | — | | | | 71 | |
| Summer Lakes | | Fort Bend | | | 50 | % | | | 345 | | | | 778 | | | | 56 | | | | — | |
| Village Park | | Collin | | | 50 | % | | | 356 | | | | 211 | | | | 3 | | | | 2 | |
| Waterford Park | | Fort Bend | | | 50 | % | | | — | | | | 210 | | | | — | | | | 90 | |
| Other projects (2) | | Various | | | Various | | | | 296 | | | | 228 | | | | — | | | | 15 | |
Florida | | | | | | | | | | | | | | | | | | | | | | |
| Other projects (3) | | Various | | | Various | | | | 519 | | | | 326 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total in ventures | | | | | | | | | 8,439 | | | | 9,634 | | | | 189 | | | | 590 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Combined Total | | | | | | | | | 17,945 | | | | 27,414 | | | | 858 | | | | 2,364 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | |
| (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. |
| |
| (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 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 18 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 significant commercial and income producing properties at year-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 |
| Broadstone Memorial | | Harris | | Houston | | | 100 | % | | Multifamily | | 401 unit luxury apartment |
| | |
| (a) | | Interest owned reflects our net equity interest in the project, whether owned directly or indirectly. |
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