Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT: Chris L. Nines
(512) 433-5210
FORESTAR GROUP INC. REPORTS
SECOND QUARTER 2011 RESULTS
Second Quarter and Other Significant Highlights
| • | | Entered into definitive agreement to sell 50,000 acres of timberland for $75 million |
| • | | Sold 283 residential lots, a 32% increase compared with first quarter 2011 and a 20% increase compared with second quarter 2010 — Almost 1,500 residential lots under contract |
| • | | Entitled 1,068 acre mixed-use project located near Atlanta, Georgia |
| • | | Executed leases on 2,500 net mineral acres and exploration agreements on 28,500 net mineral acres in Louisiana and Texas |
| • | | Initiated construction of 289 unit multifamily residential development in Austin, Texas |
| • | | Acquired non-performing bank loan for $21 million, secured by a 900 acre master-planned, mixed-use community located in Houston, Texas |
AUSTIN, TEXAS, August 3, 2011—Forestar Group Inc. (NYSE: FOR) today reported a second quarter 2011 net loss of approximately ($3.9) million, or ($0.11) per basic share, compared with a second quarter 2010 net loss of ($3.3) million, or ($0.09) per basic share outstanding.
“During second quarter, amidst continued poor real estate market conditions, we made solid progress improving Forestar’s ability to capitalize on distressed real estate markets and to benefit when economic activity improves and housing markets recover,” said Jim DeCosmo, president and chief executive officer of Forestar Group. “Despite difficult real estate markets, our increased residential lot sales activity reflects relatively stable demand in our Texas markets where finished lot inventories continue to decline. In our mineral basins, drilling activity remains steady in East Texas, while we have generated increased leasing, seismic and exploration activity associated with our Louisiana mineral acres, principally driven by higher oil prices and increased activity in the area.”
Forestar manages its operations through three business segments: Real Estate, Mineral Resources and Fiber Resources.
REAL ESTATE
| • | | Sold 283 residential lots, a 32% increase compared with first quarter 2011 and a 20% increase compared with second quarter 2010 — Almost 1,500 residential lots under contract |
| • | | Sold four commercial acres at Cibolo Canyons for $740,000 ($185,000 per acre) |
| • | | Sold 780 acres of undeveloped land for $3,300 per acre |
| • | | Entitled 1,068 acre mixed-use project located near Atlanta, Georgia |
| • | | Received $1.6 million from Cibolo Canyons Special Improvement District |
| • | | Initiated construction of 289 unit multifamily residential development in Austin, Texas |
Segment Financial Results:
| | | | | | | | | | | | | |
| ($ in millions) | | 2Q 2011 | | 2Q 2010 | | 1Q 2011 |
| Segment Revenues | | $ | 19.6 | | | $ | 21.5 | | | $ | 21.1 | |
| | | | | | | | | | | | | |
| Segment Earnings | | $ | 1.0 | | | $ | 2.4 | | | $ | 2.6 | |
Second quarter 2011 real estate segment earnings were down compared with second quarter 2010 and first quarter 2011 principally due to lower undeveloped land sales.
MINERAL RESOURCES
| • | | Executed seismic and exploration agreement on 28,500 net mineral acres in Louisiana |
| • | | Leased over 2,500 net mineral acres in Louisiana and Texas |
| • | | Almost 67,000 net mineral acres put in play during 2011 |
| • | | Five new wells completed, with 501 active wells, up 19 compared with second quarter 2010 |
Segment Financial Results:
| | | | | | | | | | | | | |
| ($ in millions) | | 2Q 2011 | | 2Q 2010 | | 1Q 2011 |
| Segment Revenues | | $ | 4.6 | | | $ | 4.6 | | | $ | 7.3 | |
| | | | | | | | | | | | | |
| Segment Earnings | | $ | 3.1 | | | $ | 4.3 | | | $ | 5.6 | |
Mineral resources segment earnings declined in second quarter 2011 compared with second quarter 2010 principally due to increased costs associated with developing our water initiatives as a result of our acquisition of a water resources company in fourth quarter 2010. Excluding these incremental operating expenses associated with this acquisition, segment earnings would have declined only slightly in second quarter 2011 compared with second quarter 2010. Segment earnings declined in second quarter 2011 compared with first quarter 2011 primarily due to lower lease bonus revenues. First quarter 2011 results include almost $1.6 million in revenues related to a seismic exploration agreement for 31,100 net mineral acres in Louisiana.
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FIBER RESOURCES
| • | | Sold over 83,000 tons of fiber |
| • | | Recreational leasing activity remains strong, almost 98% of available land leased |
Segment Financial Results:
| | | | | | | | | | | | | |
| ($ in millions) | | 2Q 2011 | | 2Q 2010 | | 1Q 2011 |
| Segment Revenues | | $ | 1.3 | | | $ | 2.0 | | | $ | 1.4 | |
| | | | | | | | | | | | | |
| Segment Earnings | | $ | 0.7 | | | $ | 1.1 | | | $ | 0.6 | |
Second quarter 2011 fiber resources segment earnings declined compared with second quarter 2010 principally due to reduced harvest volumes associated with the sale of over 30,000 acres of timberland during 2010. Recreational leasing activity remained strong with higher average lease rates. Segment earnings increased slightly in second quarter 2011 compared with first quarter 2011 principally due to a gain from termination of a timber lease.
OUTLOOK
“We see improving fundamentals in our Texas markets, despite national housing starts bouncing along the bottom of a deep trough. In addition, we remain confident that underlying demand for single and multifamily housing will grow as markets recover from the downturn. Current oil and gas market conditions are anticipated to generate continued interest in our minerals which will create additional opportunities to deliver value through lease-bonus, increasing royalty income and working interest opportunities. Our team will continue to position Forestar’s water interests to provide comprehensive and sustainable solutions for the future water needs of central Texas, particularly the I-35 growth corridor.
We remain confident that through our dimensional land model, real estate and natural resources will provide significant opportunities as we focus on recognizing and responsibly delivering the greatest value from every acre. Through the successful implementation of our strategic initiatives, Forestar has been positioned to grow its businesses and maximize long-term value for shareholders,” concluded Mr. DeCosmo.
The Company will host a conference call on August 3, 2011 at 10:00 am ET to discuss results of second quarter 2011. 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 1-866-383-8003 at least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside North America should dial 1-617-597-5330. 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 32562501.
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About Forestar Group
Forestar Group Inc. operates in three business segments: real estate, mineral resources and fiber resources. At the end of the second quarter 2011, the real estate segment owns directly or through ventures over 217,000 acres of real estate located in nine states and twelve markets in the U.S. The real estate segment has 17 real estate projects representing over 28,600 acres currently in the entitlement process, and 74 entitled, developed and under development projects in seven states and eleven markets encompassing over 16,100 acres, comprised of 28,200 residential lots and over 2,300 commercial acres. The mineral resources segment manages about 603,000 net acres of oil and gas mineral interests located principally in Texas, Louisiana, Alabama, and Georgia. Also included in the mineral resources segment 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 groundwater leases in central Texas. The fiber resources segment includes the sale of wood fiber and management of our recreational leases. 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
| | | | | | | | | | | | | | | | | |
| | | Second Quarter | | | First Six Months | |
| | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
| | | (In thousands, | | | (In thousands, | |
| | | except per share) | | | except per share) | |
| Revenues | | | | | | | | | | | | | | | | |
| Real estate | | $ | 19,615 | | | $ | 21,549 | | | $ | 40,754 | | | $ | 38,797 | |
| Mineral resources | | | 4,580 | | | | 4,606 | | | | 11,913 | | | | 11,733 | |
| Fiber resources | | | 1,290 | | | | 1,982 | | | | 2,658 | | | | 3,965 | |
| | | | | | | | | | | | | |
| Total revenues | | $ | 25,485 | | | $ | 28,137 | | | $ | 55,325 | | | $ | 54,495 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Segment earnings | | | | | | | | | | | | | | | | |
| Real estate | | $ | 1,007 | | | $ | 2,454 | | | $ | 3,582 | | | $ | 2,766 | |
| Mineral resources | | | 3,102 | | | | 4,266 | | | | 8,700 | | | | 10,444 | |
| Fiber resources | | | 704 | | | | 1,085 | | | | 1,344 | | | | 2,528 | |
| | | | | | | | | | | | | |
| Total segment earnings | | | 4,813 | | | | 7,805 | | | | 13,626 | | | | 15,738 | |
| | | | | | | | | | | | | | | | | |
| Items not allocated to segments | | | | | | | | | | | | | | | | |
| General and administrative expense (a) | | | (7,081 | ) | | | (5,040 | ) | | | (10,997 | ) | | | (9,578 | ) |
| Share-based compensation expense | | | 148 | | | | (2,019 | ) | | | (3,952 | ) | | | (5,553 | ) |
| Interest expense | | | (4,653 | ) | | | (4,103 | ) | | | (8,662 | ) | | | (8,649 | ) |
| Other non-operating income | | | 24 | | | | 246 | | | | 51 | | | | 444 | |
| | | | | | | | | | | | | |
| Income (loss) income before taxes | | | (6,749 | ) | | | (3,111 | ) | | | (9,934 | ) | | | (7,598 | ) |
| Income tax benefit (expense) | | | 2,828 | | | | (162 | ) | | | 3,540 | | | | 1,353 | |
| | | | | | | | | | | | | |
| Net income (loss) attributable to Forestar Group Inc. | | $ | (3,921 | ) | | $ | (3,273 | ) | | $ | (6,394 | ) | | $ | (6,245 | ) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net (loss) income per common share: | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.11 | ) | | $ | (0.09 | ) | | $ | (0.18 | ) | | $ | (0.17 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 35.4 | | | | 36.2 | | | | 35.4 | | | | 36.1 | |
| | | | | | | | | |
| | | Second Quarter |
| Supplemental Financial Information: | | 2011 | | 2010 |
| | | (In thousands) |
| Borrowings under credit facility | | $ | 181,000 | | | $ | 128,000 | |
| Other debt (b) | | | 79,825 | | | | 74,196 | |
| | | |
| Total debt | | $ | 260,825 | | | $ | 202,196 | |
| | | |
| | |
| (a) | | Second quarter and first six months 2011 general and administrative expenses include $2.7 million paid to outside advisors related to private debt offerings which were withdrawn due to the deterioration in terms available to us in the capital markets. |
| |
| (b) | | Consists principally of consolidated venture non-recourse debt. |
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FORESTAR GROUP INC.
REAL ESTATE SEGMENT
PERFORMANCE METRICS
| | | | | | | | | | | | | | | | | |
| | | Second Quarter | | | First Six Months | |
| REAL ESTATE | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
Owned, Consolidated & Equity Method Ventures: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 283 | | | | 235 | | | | 497 | | | | 430 | |
| Revenue per Lot Sold | | $ | 52,400 | | | $ | 50,300 | | | $ | 50,600 | | | $ | 49,900 | |
| Commercial Acres Sold | | | 4.0 | | | | 14.6 | | | | 24.0 | | | | 16.2 | |
| Revenue per Commercial Acre Sold | | $ | 185,300 | | | $ | 58,800 | | | $ | 157,900 | | | $ | 70,200 | |
| Undeveloped Acres Sold | | | 780 | | | | 1,470 | | | | 3,410 | | | | 3,560 | |
| Revenue per Acre Sold | | $ | 3,300 | | | $ | 5,600 | | | $ | 2,500 | | | $ | 3,600 | |
Owned & Consolidated Ventures: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 158 | | | | 149 | | | | 303 | | | | 251 | |
| Revenue per Lot Sold | | $ | 59,200 | | | $ | 53,000 | | | $ | 56,900 | | | $ | 54,800 | |
| Commercial Acres Sold | | | 4.0 | | | | — | | | | 4.0 | | | | 1.3 | |
| Revenue per Commercial Acre Sold | | $ | 185,300 | | | | — | | | $ | 185,300 | | | $ | 121,700 | |
| Undeveloped Acres Sold | | | 760 | | | | 1,470 | | | | 3,390 | | | | 3,560 | |
| Revenue per Acre Sold | | $ | 3,300 | | | $ | 5,600 | | | $ | 2,500 | | | $ | 3,600 | |
Ventures Accounted For Using the Equity Method: | | | | | | | | | | | | | | | | |
| Residential Lots Sold | | | 125 | | | | 86 | | | | 194 | | | | 179 | |
| Revenue per Lot Sold | | $ | 43,900 | | | $ | 45,600 | | | $ | 40,900 | | | $ | 43,100 | |
| Commercial Acres Sold | | | — | | | | 14.6 | | | | 20.0 | | | | 14.9 | |
| Revenue per Commercial Acre Sold | | | — | | | $ | 58,800 | | | $ | 152,500 | | | $ | 65,700 | |
| Undeveloped Acres Sold | | | 20 | | | | — | | | | 20 | | | | — | |
| Revenue per Acre Sold | | $ | 3,000 | | | | — | | | $ | 3,000 | | | | — | |
SECOND QUARTER 2011
REAL ESTATE PIPELINE
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | In | | | | | | Developed & | | |
| | | | | | | Entitlement | | | | | | Under | | Total |
| Real Estate | | Undeveloped | | Process | | Entitled | | Development | | Acres* |
Undeveloped Land | | | | | | | | | | | | | | | | | | | | |
| Owned | | | 165,380 | | | | | | | | | | | | | | | | 172,338 | |
| Ventures | | | 6,958 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Residential | | | | | | | | | | | | | | | | | | | | |
| Owned | | | | | | | 25,849 | | | | 8,290 | | | | 563 | | | | 39,610 | |
| Ventures | | | | | | | | | | | 4,409 | | | | 499 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | | | | | | | | | | | | | | | | |
| Owned | | | | | | | 2,801 | | | | 1,120 | | | | 551 | | | | 5,150 | |
| Ventures | | | | | | | | | | | 454 | | | | 224 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total Acres | | | 172,338 | | | | 28,650 | | | | 14,273 | | | | 1,837 | | | | 217,098 | |
| | | | | | | | | | | | | | | | | | | | | |
| |
| |
Estimated Residential Lots | | | | | | | | | | | 25,098 | | | | 3,105 | | | | 28,203 | |
| | |
| * | | In addition, Forestar owns a 58% interest in a venture which controls approximately 16,000 acres of undeveloped land in Georgia with minimal investment. |
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FORESTAR GROUP INC.
MINERAL RESOURCES SEGMENT
PERFORMANCE METRICS
| | | | | | | | | | | | | | | | | |
| | | Second Quarter | | | First Six Months | |
| MINERAL RESOURCES | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
Leasing Activity | | | | | | | | | | | | | | | | |
| Acres Leased | | | 2,532 | | | | — | | | | 7,366 | | | | 2,130 | |
| Average Bonus / Acre | | $ | 187 | | | | — | | | $ | 289 | | | $ | 1,495 | |
| Delay Rental Revenues | | $ | 70,000 | | | $ | 762,000 | | | $ | 226,500 | | | $ | 1,194,000 | |
Royalties1 | | | | | | | | | | | | | | | | |
| Natural Gas Production (MMcf) | | | 373.5 | | | | 508.5 | | | | 840.3 | | | | 855.1 | |
| Average Natural Gas Price ($ / Mcf) | | $ | 3.92 | | | $ | 4.63 | | | $ | 3.81 | | | $ | 4.52 | |
| Oil Production (Barrels) | | | 27,900 | | | | 30,500 | | | | 59,900 | | | | 59,900 | |
| Average Oil Price ($ / Barrel) | | $ | 102.23 | | | $ | 74.78 | | | $ | 91.69 | | | $ | 73.05 | |
MMcfe Production2 | | | 540.9 | | | | 691.4 | | | | 1,200.0 | | | | 1,214.5 | |
| Average Price ($ / MMcfe) | | $ | 7.98 | | | $ | 6.70 | | | $ | 7.24 | | | $ | 6.78 | |
Well Activity3 | | | | | | | | | | | | | | | | |
| Net Acres Held By Production | | | 30,100 | | | | 29,500 | | | | 30,100 | | | | 29,500 | |
| Wells Drilled | | | 5 | | | | 8 | | | | 7 | | | | 10 | |
| Active Wells | | | 501 | | | | 482 | | | | 501 | | | | 482 | |
| | |
| 1 | | Includes our share of venture activity. Forestar’s share of venture natural gas production activity is 128 MMcf and 286 MMcf in second quarter and first six months 2011, and 181 MMcf and 208 MMcf in second quarter and first six months 2010. Forestar owns a 50% interest in this venture. |
| |
| 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 |
SECOND QUARTER 2011
MINERAL RESOURCES PIPELINE1
Forestar’s mineral resources segment includes approximately 603,000 net mineral acres principally located in Texas, Louisiana, Alabama and Georgia.
| | | | | | | | | | | | | | | | | |
| | | Available | | | | | | Held by | | |
| State | | for Lease | | Leased | | Production | | Total2 |
| Texas | | | 186,000 | | | | 41,000 | | | | 25,000 | | | | 252,000 | |
| Louisiana | | | 116,000 | | | | 23,000 | | | | 5,000 | | | | 144,000 | |
| Georgia | | | 165,000 | | | | — | | | | — | | | | 165,000 | |
| Alabama | | | 40,000 | | | | — | | | | — | | | | 40,000 | |
| California | | | 1,000 | | | | — | | | | — | | | | 1,000 | |
| Indiana | | | 1,000 | | | | — | | | | — | | | | 1,000 | |
| | | | | | | | | | | | | | | | | |
| Total | | | 509,000 | | | | 64,000 | | | | 30,000 | | | | 603,000 | |
| | |
| 1 | | Includes ventures |
| |
| 2 | | Excludes 477 net mineral acres located in Colorado |
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FORESTAR GROUP INC.
FIBER RESOURCES SEGMENT
PERFORMANCE METRICS
| | | | | | | | | | | | | | | | | |
| | | Second Quarter | | | First Six Months | |
| FIBER RESOURCES | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
Fiber Sales * | | | | | | | | | | | | | | | | |
| Pulpwood Tons Sold | | | 70,700 | | | | 95,600 | | | | 136,300 | | | | 178,700 | |
| Average Pulpwood Price / Ton | | $ | 9.22 | | | $ | 10.89 | | | $ | 9.20 | | | $ | 10.90 | |
| Sawtimber Tons Sold | | | 12,700 | | | | 23,800 | | | | 28,200 | | | | 53,400 | |
| Average Sawtimber Price / Ton | | $ | 15.69 | | | $ | 20.36 | | | $ | 16.40 | | | $ | 20.24 | |
| | | | | | | | | | | | | | | | | |
| Total Tons Sold | | | 83,400 | | | | 119,400 | | | | 164,500 | | | | 232,100 | |
| Average Price / Ton | | $ | 10.21 | | | $ | 12.78 | | | $ | 10.44 | | | $ | 13.05 | |
| | | | | | | | | | | | | | | | | |
Recreational Activity | | | | | | | | | | | | | | | | |
| Average Acres Leased | | | 197,400 | | | | 212,600 | | | | 198,800 | | | | 212,700 | |
| Average Lease Rate / Acre | | $ | 8.96 | | | $ | 8.16 | | | $ | 8.93 | | | $ | 8.16 | |
| | |
| * | | The majority of our fiber sales were to Temple-Inland Inc. at market prices. |
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FORESTAR GROUP INC.
PROJECTS IN ENTITLEMENT
A summary of projects in the entitlement process(a) at second quarter-end 2011 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 | |
| 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 | | | 100 | |
| Wolf Creek | | Carroll/Douglas | | | 12,230 | |
| Yellow Creek | | Cherokee | | | 1,060 | |
| | | | | | | |
Texas | | | | | | |
| Lake Houston | | Harris/Liberty | | | 3,700 | |
| San Jacinto | | Montgomery | | | 150 | |
| | | | | | |
| | | | | | | |
Total | | | | | 28,650 | |
| | | | | | |
| | |
| (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 second quarter-end 2011 follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Residential Lots(c) | | Commercial Acres(d) |
| | | | | | | | | Lots Sold | | | | | | Acres Sold | | |
| | | | | Interest | | Since | | Lots | | Since | | Acres |
| Project | | County | | Owned(b) | | Inception | | Remaining | | Inception | | Remaining(f) |
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 | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| Arrowhead Ranch | | Hays | | | 100 | % | | | — | | | | 259 | | | | — | | | | 6 | |
| Caruth Lakes | | Rockwall | | | 100 | % | | | 332 | | | | 317 | | | | — | | | | — | |
| Cibolo Canyons | | Bexar | | | 100 | % | | | 679 | | | | 736 | | | | 68 | | | | 153 | |
| Harbor Lakes | | Hood | | | 100 | % | | | 202 | | | | 247 | | | | 2 | | | | 12 | |
| Hunter’s Crossing | | Bastrop | | | 100 | % | | | 351 | | | | 139 | | | | 38 | | | | 71 | |
| La Conterra | | Williamson | | | 100 | % | | | 76 | | | | 424 | | | | — | | | | 58 | |
| Maxwell Creek | | Collin | | | 100 | % | | | 718 | | | | 281 | | | | 10 | | | | — | |
| Oak Creek Estates | | Comal | | | 100 | % | | | 89 | | | | 558 | | | | 13 | | | | — | |
| The Colony | | Bastrop | | | 100 | % | | | 413 | | | | 734 | | | | 22 | | | | 31 | |
| The Gables at North Hill | | Collin | | | 100 | % | | | 199 | | | | 84 | | | | — | | | | — | |
| The Preserve at Pecan Creek | | Denton | | | 100 | % | | | 316 | | | | 502 | | | | — | | | | 9 | |
| The Ridge at Ribelin Ranch | | Travis | | | 100 | % | | | — | | | | — | | | | 179 | | | | — | |
| Westside at Buttercup Creek | | Williamson | | | 100 | % | | | 1,367 | | | | 147 | | | | 66 | | | | — | |
| Other projects (9) | | Various | | | 100 | % | | | 1,555 | | | | 18 | | | | 197 | | | | 24 | |
Georgia | | | | | | | | | | | | | | | | | | | | | | |
| Villages of Burt Creek | | Dawson | | | 100 | % | | | — | | | | 1,715 | | | | — | | | | 57 | |
| Towne West | | Bartow | | | 100 | % | | | — | | | | 2,674 | | | | — | | | | 121 | |
| Other projects (13) | | Various | | | 100 | % | | | — | | | | 2,834 | | | | — | | | | 705 | |
Missouri and Utah | | | | | | | | | | | | | | | | | | | | | | |
| Other projects (2) | | Various | | | 100 | % | | | 464 | | | | 90 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | 6,876 | | | | 13,019 | | | | 597 | | | | 1,671 | |
| Projects in entities we consolidate | | | | | | | | | | | | | | | | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| City Park | | Harris | | | 75 | % | | | 1,166 | | | | 145 | | | | 50 | | | | 115 | |
| Lantana | | Denton | | | 55 | %(e) | | | 683 | | | | 1,586 | | | | — | | | | — | |
| Light Farms | | Collin | | | 65 | % | | | — | | | | 2,501 | | | | — | | | | — | |
| Stoney Creek | | Dallas | | | 90 | % | | | 109 | | | | 645 | | | | — | | | | — | |
| Timber Creek | | Collin | | | 88 | % | | | — | | | | 614 | | | | — | | | | — | |
| Other projects (3) | | Various | | Various | | | 710 | | | | 253 | | | | 26 | | | | 25 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,668 | | | | 5,744 | | | | 76 | | | | 140 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Total owned and consolidated | | | 9,544 | | | | 18,763 | | | | 673 | | | | 1,811 | |
| Projects in ventures that we account for using the equity method | | | | | | | | | | | | | | | | |
Georgia | | | | | | | | | | | | | | | | | | | | | | |
| Seven Hills | | Paulding | | | 50 | % | | | 640 | | | | 441 | | | | 26 | | | | 113 | |
| The Georgian | | Paulding | | | 38 | % | | | 289 | | | | 1,096 | | | | — | | | | — | |
| Other projects (4) | | Various | | Various | | | 1,710 | | | | 77 | | | | 3 | | | | — | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| Bar C Ranch | | Tarrant | | | 50 | % | | | 265 | | | | 934 | | | | — | | | | — | |
| Entrada | | Travis | | | 50 | % | | | — | | | | 821 | | | | — | | | | 3 | |
| Fannin Farms West | | Tarrant | | | 50 | % | | | 323 | | | | 58 | | | | — | | | | 15 | |
| Harper’s Preserve | | Montgomery | | | 50 | % | | | 13 | | | | 1,712 | | | | — | | | | 72 | |
| Lantana | | Denton | | Various(e) | | | 1,436 | | | | 96 | | | | 14 | | | | 44 | |
| Long Meadow Farms | | Fort Bend | | | 19 | % | | | 758 | | | | 1,325 | | | | 107 | | | | 113 | |
| Southern Trails | | Brazoria | | | 40 | % | | | 468 | | | | 559 | | | | — | | | | — | |
| Stonewall Estates | | Bexar | | | 25 | % | | | 280 | | | | 108 | | | | — | | | | — | |
| Summer Creek Ranch | | Tarrant | | | 50 | % | | | 796 | | | | 478 | | | | — | | | | 71 | |
| Summer Lakes | | Fort Bend | | | 50 | % | | | 373 | | | | 757 | | | | 56 | | | | — | |
| Village Park | | Collin | | | 50 | % | | | 356 | | | | 215 | | | | 3 | | | | 2 | |
| Waterford Park | | Fort Bend | | | 50 | % | | | — | | | | 210 | | | | — | | | | 90 | |
| Other projects (2) | | Various | | Various | | | 297 | | | | 227 | | | | — | | | | 15 | |
Florida | | | | | | | | | | | | | | | | | | | | | | |
| Other projects (3) | | Various | | Various | | | 519 | | | | 326 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total in ventures | | | | | | | | | 8,523 | | | | 9,440 | | | | 209 | | | | 538 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Combined Total | | | | | | | | | 18,067 | | | | 28,203 | | | | 882 | | | | 2,349 | |
| | | | | | | | | | | | | | | | | | | | | | | |
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| (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 20 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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| (f) | | Excludes acres associated with commercial and income producing properties. |
A summary of our significant commercial and income producing properties at second quarter-end 2011 follows:
| | | | | | | | | | | | | | | | | |
| | | | | | | Interest | | | | | | | | |
| Project | | County | | Market | | Owned(a) | | | Type | | Acres | | | Description |
| |
| Broadstone Memorial | | Harris | | Houston | | | 100 | % | | Multifamily | | | 9 | | | 401 unit luxury apartment |
| Radisson Hotel | | Travis | | Austin | | | 100 | % | | Hotel | | | 2 | | | 413 guest rooms and suites |
| Palisades West | | Travis | | Austin | | | 25 | % | | Office | | | 22 | | | 375,000 square feet |
| Las Brisas | | Williamson | | Austin | | | 59 | % | | Multifamily | | | 30 | | | 414 unit luxury apartment |
| The Ridge at Ribelin Ranch | | Travis | | Austin | | | 100 | % | | Multifamily | | | 16 | | | 289 unit luxury apartment |
| | | | | | | | | | | | | | | | | (construction in progress) |
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| (a) | | Interest owned reflects our net equity interest in the project, whether owned directly or indirectly. |
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