Exhibit 99.1
NEWS
RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Chris L. Nines
(512) 433-5210
FORESTAR GROUP INC. REPORTS
FIRST QUARTER 2009 RESULTS
AUSTIN, TEXAS, May 6, 2009—Forestar Group Inc. (NYSE: FOR) today reported first quarter 2009 net loss of ($3.9) million, or ($0.11) per basic share, compared with first quarter 2008 net loss of ($0.2) million, or ($0.01) per basic share outstanding. First quarter 2009 results include approximately $3.2 million paid to outside advisors regarding an evaluation by our Board of Directors of an unsolicited shareholder proposal.
“Market conditions continue to be challenging for each of our segments,” said Jim DeCosmo, president and chief executive officer of Forestar Group. “Even with a significant slowdown in real estate sales, we are focused on positioning Forestar to generate positive cash flow by significantly reducing investment in real estate development and lowering costs.”
Forestar Group manages its operations through three business segments:
| | § | | Real estate, |
| |
| | § | | Mineral resources, and |
| |
| | § | | Fiber resources |
Our real estate segment includes over 363,000 acres of land owned directly or through ventures located in nine states and twelve markets. Mineral resources include about 622,000 net acres of oil and gas mineral interests located in Texas, Louisiana, Alabama and Georgia. Mineral resources also include a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.38 million acres in Texas, Louisiana, Georgia and Alabama. Fiber resources include the sale of wood fiber, primarily in Georgia, and manages our recreational leases.
REAL ESTATE
| | | | | | | | | | | | | |
| | | 1st Qtr. | | 1st Qtr. | | 4th Qtr. |
| Segment Earnings | | 2009 | | 2008 | | 2008 |
| ($ in Millions) | | $ | 0.5 | | | $ | 3.5 | | | $ | 3.0 | |
First quarter 2009 real estate segment earnings were negatively impacted by $1.2 million principally associated with an impairment charge and increased legal reserves.
Sales Activity
| | | | | | | | | | | | | | | | | |
| | | Q1 2009 | | Q1 2008 |
| | | Sales | | Price | | Sales | | Price |
| | | | | |
| Undeveloped Land* | | 2,192 acres | | $3,800 / acre | | 1,349 acres | | $4,600 / acre |
| Residential Lots* | | 107 lots | | $72,400 / lot | | 388 lots | | $46,200 / lot |
| Commercial Acres* | | 4 acres | | $215,600 / acre | | 22 acres | | $84,700 / acre |
| | |
| * | | Includes venture activity |
During first quarter 2009, 2,192 acres of undeveloped land were sold at an average sales price of approximately $3,800 per acre.
Residential sales activity for all wholly and partially-owned projects during first quarter 2009 included the sale of 107 lots at an average price of approximately $72,400 per lot. First quarter 2008 residential lot sales activity includes the sale of 192 high density lots for approximately $24,300 per lot at a mixed-used venture located near Houston, Texas.
Commercial activity for all wholly and partially-owned projects during first quarter 2009 included the sale of four acres at an average price of approximately $215,600 per acre.
“Although residential lot sales have declined, our average residential lot price has remained stable, driven by the quality and location of our residential and mixed-use real estate developments,” added Jim DeCosmo.
Real Estate Pipeline
Forestar’s real estate segment includes over 363,000 acres of land owned directly or through ventures located in nine states and twelve markets.
Q1 2009 Real Estate Pipeline
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | In | | | | | | Developed & | | |
| | | | | | | Entitlement | | | | | | Under | | Total |
| Real Estate | | Undeveloped | | Process | | Entitled | | Development | | Acres* |
Undeveloped Land | | | | | | | | | | | | | | | | | | | | |
| Owned | | | 305,857 | | | | | | | | | | | | | | | | 312,734 | |
| Ventures | | | 6,877 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Residential | | | | | | | | | | | | | | | | | | | | |
| Owned | | | | | | | 28,535 | | | | 7,932 | | | | 735 | | | | 44,119 | |
| Ventures | | | | | | | 1,080 | | | | 4,603 | | | | 1,234 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | | | | | | | | | | | | | | | | | |
| Owned | | | | | | | 3,985 | | | | 1,056 | | | | 520 | | | | 6,334 | |
| Ventures | | | | | | | | | | | 518 | | | | 255 | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total Acres | | | 312,734 | | | | 33,600 | | | | 14,109 | | | | 2,744 | | | | 363,187 | |
| | | | | | | | | | | | | | | | | | | | | |
| Estimated Residential Lots | | | | | | | | | | | 25,450 | | | | 4,315 | | | | 29,765 | |
| | |
| * | | Total acres excludes Forestar’s 58% ownership interest in the Ironstob, LLC venture which controls approximately 16,000 acres of undeveloped land |
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Entitlement Activity
Forestar has 24 real estate projects representing 33,600 acres in the entitlement process, including ventures. During first quarter 2009, we entitled one project located near Atlanta, Georgia which includes about 25 residential acres and 80 commercial acres. Including venture activity, Forestar has over 14,100 acres of entitled land, representing over 25,400 residential lots and almost 1,600 commercial acres.
Development Activity
Forestar has 2,700 acres developed and under development owned directly or through ventures.
Investment Activity
During first quarter 2009, Forestar did not acquire additional real estate. In addition, the company invested only $7.6 million in real estate development activity, compared with approximately $20.6 million in first quarter 2008. “Excluding our contributions to the resort at Cibolo Canyons, first quarter 2009 investment in development was down almost 70% compared with first quarter 2008,” added Mr. DeCosmo.
MINERAL RESOURCES
| | | | | | | | | | | | | |
| | | 1st Qtr. | | 1st Qtr. | | 4th Qtr. |
| Segment Earnings | | 2009 | | 2008 | | 2008 |
| ($ in Millions) | | $ | 4.8 | | | $ | 6.5 | | | $ | 6.1 | |
Mineral Activity
Forestar owns 622,000 net acres of oil and gas mineral interests in Texas, Louisiana, Alabama and Georgia.
Mineral Activity
First Quarter 2009
| | | | | | | | | | | |
| | | Revenues | | | Activity* | | | | |
| Royalties | | $ | 3.5 million | | Natural Gas Production (MMCF) | | | 394.7 | |
| | | | | | | Average Price / MCF | | $ | 6.16 | |
| | | | | | | Oil Production (Barrels) | | | 26,200 | |
| | | | | | | Average Price / Barrel | | $ | 47.24 | |
| | | | | | | | | | | |
| Other Lease Revenues | | $ | 2.4 million | | Acres Leased | | | 6,116 | |
| | | | | | | | | |
| | | | | | | Average Bonus / Acre | | $ | 347 | |
| | | | | | | | | | | |
| Total Revenues | | $ | 5.9 million | | | | | | |
| | |
| * | | Includes venture activity |
During first quarter 2009, our share of oil and gas production related to our royalty interests was about 26,200 barrels of oil and approximately 394.7 MMCF of natural gas. In addition, Forestar generated other lease revenues of $2.4 million principally related to the leasing of over 6,100 net mineral acres for $347 per acre.
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Minerals Activity
Forestar’s mineral resources segment includes approximately 622,000 net mineral acres located in Texas, Louisiana, Alabama and Georgia.
Q1 2009 Minerals Activity
| | | | | | | | | | | | | | | | | |
| | | Available | | | | | | Held by | | |
| State | | for Lease* | | Leased | | Production | | Total |
| Texas | | | 124,000 | | | | 101,000 | | | | 19,000 | | | | 244,000 | |
| Louisiana | | | 104,000 | | | | 10,000 | | | | 7,000 | | | | 121,000 | |
| Alabama | | | 48,000 | | | | 9,000 | | | | — | | | | 57,000 | |
| Georgia | | | 200,000 | | | | — | | | | — | | | | 200,000 | |
| | | | | | | | | | | | | | | | | |
| | | | 476,000 | | | | 120,000 | | | | 26,000 | | | | 622,000 | |
| | |
| * | | Includes approximately 11,200 net acres subject to lease option. |
FIBER RESOURCES
| | | | | | | | | | | | | |
| | | 1st Qtr. | | 1st Qtr. | | 4th Qtr. |
| Segment Earnings | | 2009 | | 2008 | | 2008 |
| ($ in Millions) | | $ | 2.9 | | | $ | 2.8 | | | $ | 2.7 | |
Fiber Sales Activity
During first quarter 2009 Forestar generated approximately $3.7 million in revenues from the sale of about 0.3 million tons of fiber, the majority of which was sold to Temple-Inland Inc. at market prices.
Strategic Initiatives Update
Forestar previously announced the following strategic initiatives to enhance shareholder value:
| | • | | Generate significant cash flow, principally from the sale of approximately 175,000 acres of HBU timberland |
| |
| | • | | Reduce debt by approximately $150 million, and |
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| | • | | Repurchase up to 20% of the company’s outstanding shares |
Debt reduction and share repurchases will be funded by proceeds from the asset sales described above.
“We announced a definitive agreement with Hancock Timber Resource Group May 4, 2009, to sell approximately 75,000 acres of timberland in Georgia and Alabama for $120 million in a cash transaction. We are confident in our ability to successfully execute our strategic initiatives and this initial sale represents a significant first step, despite difficult market conditions. The transaction is expected to close in second quarter 2009, and we intend to use proceeds from this sale to reduce debt. We firmly believe that our strategic initiatives will enhance shareholder value,” said Jim DeCosmo, president and chief executive officer.
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The Company will host a conference call on May 6, 2009 at 10:00 am EDT to discuss results of first quarter 2009. 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 1-866-730-5762 at least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside North America should dial 1-857-350-1586. 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 58752126.
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 363,000 acres of real estate located in nine states and twelve markets in the U.S. The real estate segment has 24 real estate projects representing 33,600 acres currently in the entitlement process, and 75 entitled, developed and under development projects in seven states and eleven markets encompassing almost 17,000 acres, comprised of almost 30,000 residential lots and over 2,300 commercial acres. The mineral resources segment manages about 622,000 net acres of oil and gas mineral interests. The fiber resources segment sells wood fiber from its land primarily located in Georgia, and leases land for recreational uses. The company also has a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.38 million acres in Texas, Louisiana, Georgia and Alabama. Forestar’s address on the World Wide Web 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
| | | | | | | | | |
| | | First Quarter |
| | | 2009 | | 2008 |
| | | (In thousands, |
| | | Except per share) |
| Revenues | | | | | | | | |
| Real estate | | $ | 18,787 | | | $ | 28,443 | |
| Mineral resources | | | 5,921 | | | | 6,268 | |
| Fiber resources | | | 4,369 | | | | 2,512 | |
| | | |
| Total revenues | | $ | 29,077 | | | $ | 37,223 | |
| | | | | | | | | |
| Segment earnings | | | | | | | | |
| Real estate | | $ | 542 | | | $ | 3,543 | |
| Mineral resources | | | 4,782 | | | | 6,505 | |
| Fiber resources | | | 2,909 | | | | 2,840 | |
| | | |
| Total segment earnings | | | 8,233 | | | | 12,888 | |
| Expenses not allocated to segments | | | | | | | | |
General and administrative(a) | | | (7,619 | ) | | | (5,006 | ) |
| Share-based compensation | | | (1,706 | ) | | | (2,681 | ) |
| Interest expense | | | (5,166 | ) | | | (5,666 | ) |
| Other non-operating income | | | 51 | | | | 82 | |
| | | |
| Income (loss) before taxes | | | (6,207 | ) | | | (383 | ) |
| Income tax benefit (expense) | | | 2,315 | | | | 145 | |
| | | |
| Net loss attributable to Forestar Group Inc. | | $ | (3,892 | ) | | $ | (238 | ) |
| | | |
| | | | | | | | | |
| Earnings per share – Basic: | | | | | | | | |
| Net (loss) income | | $ | (0.11 | ) | | $ | (0.01 | ) |
| | | |
| | | | | | | | | |
| Average basic shares outstanding | | | 35.7 | | | | 35.4 | |
| | | | | | | | | |
Supplemental Financial Information
| | | | | | | | | |
| | | First Quarter | | | First Quarter | |
| ($ In thousands) | | 2009 | | | 2008 | |
| Borrowings under credit facility | | $ | 244,700 | | | $ | 194,300 | |
| Other debt* | | | 104,483 | | | | 90,590 | |
| | | | | | | |
| Total Debt | | $ | 349,183 | | | $ | 284,890 | |
| | | | | | | |
| | |
| * | | Consists principally of consolidated venture non-recourse debt. |
| |
| (a) | | First quarter 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. |
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Information about our real estate projects and our ventures for first quarter-end 2009 follows:
| | | | | | | | | |
| | | First Quarter |
| | | 2009 | | 2008 |
Owned & Consolidated Ventures: | | | | | | | | |
| Entitled, developed and under development projects | | | | | | | | |
| Number of projects | | | 54 | | | | 54 | |
| Residential lots remaining | | | 20,467 | | | | 19,985 | |
| Commercial acres remaining | | | 1,704 | | | | 1,385 | |
| Undeveloped land and land in entitlement process | | | | | | | | |
| Number of projects | | | 22 | | | | 21 | |
| Acres in entitlement process | | | 32,520 | | | | 30,200 | |
| Acres undeveloped | | | 307,093 | | | | 320,749 | |
Ventures accounted for using the equity method: | | | | | | | | |
| Ventures’ lot sales (first three months) | | | | | | | | |
| Lots sold | | | 29 | | | | 64 | |
| Revenue per lot sold | | $ | 73,647 | | | $ | 59,242 | |
| Ventures’ entitled, developed, and under development projects | | | | | | | | |
| Number of projects | | | 21 | | | | 21 | |
| Residential lots remaining | | | 9,298 | | | | 9,319 | |
| Commercial acres sold (first three months) | | | 4 | | | | 22 | |
| Revenue per acre sold | | $ | 196,996 | | | $ | 85,000 | |
| Commercial acres remaining | | | 645 | | | | 697 | |
| Ventures’ undeveloped land and land in entitlement process | | | | | | | | |
| Number of projects | | | 2 | | | | 2 | |
| Acres in entitlement process | | | 1,080 | | | | 870 | |
| Acres sold (first three months) | | | — | | | | — | |
| Revenue per acre sold | | | — | | | | — | |
| Acres undeveloped | | | 5,641 | | | | 6,127 | |
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A summary of projects in the entitlement process(a) at first quarter-end 2009 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 | |
| Creekview | | Troup | | | 470 | |
| Crossing | | Coweta | | | 230 | |
| Dallas Highway | | Haralson | | | 1,060 | |
| Fincher Road | | Cherokee | | | 3,950 | |
| Fox Hall | | Coweta | | | 960 | |
| Garland Mountain | | Cherokee/Bartow | | | 350 | |
| Home Place | | Coweta | | | 1,510 | |
| Hutchinson Mill | | Troup | | | 880 | |
| Jackson Park | | Jackson | | | 700 | |
| Martin’s Bridge | | Banks | | | 970 | |
| Mill Creek | | Coweta | | | 770 | |
| Serenity | | Carroll | | | 440 | |
| Three Creeks | | Troup | | | 740 | |
| Waleska | | Cherokee | | | 150 | |
| Wolf Creek | | Carroll/Douglas | | | 12,230 | |
| Yellow Creek | | Cherokee | | | 1,060 | |
| | | | | | | |
Texas | | | | | | |
| Lake Houston | | Harris/Liberty | | | 3,700 | |
| San Jacinto | | Montgomery | | | 150 | |
Entrada(c) | | Travis | | | 240 | |
Woodlake Village(c) | | Montgomery | | | 840 | |
| | | | | | |
| | | | | | | |
Total | | | | | 33,600 | |
| | | | | | |
| | |
| (a) | | A project is deemed to be in the entitlement process when customary steps necessary for the preparation and submittal of an application, like conducting pre-application meetings or similar discussions with governmental officials, have commenced, or an application has been filed. Projects listed may have significant steps remaining, and there is no assurance that entitlements ultimately will be received. |
| |
| (b) | | Project acres, which are the total for the project regardless of our ownership interest, are approximate. The actual number of acres entitled may vary. |
| |
| (c) | | We own a 50% interest in these projects. |
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A summary of activity within our entitled,(a) developed and under development projects at first quarter-end 2009 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 | | | | 493 | | | | 2 | | | | 8 | |
| Pinery West | | Douglas | | | 100 | % | | | — | | | | — | | | | — | | | | 115 | |
| Stonebraker | | Weld | | | 100 | % | | | — | | | | 603 | | | | — | | | | 13 | |
| Westlake Highlands | | Jefferson | | | 100 | % | | | — | | | | 21 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| Arrowhead Ranch | | Hays | | | 100 | % | | | — | | | | 232 | | | | — | | | | 6 | |
| Caruth Lakes | | Rockwall | | | 100 | % | | | 245 | | | | 404 | | | | — | | | | — | |
| Cibolo Canyons | | Bexar | | | 100 | % | | | 554 | | | | 1,193 | | | | 64 | | | | 81 | |
| Harbor Lakes | | Hood | | | 100 | % | | | 199 | | | | 250 | | | | — | | | | 14 | |
| Harbor Mist | | Calhoun | | | 100 | % | | | — | | | | 200 | | | | — | | | | — | |
| Hunter’s Crossing | | Bastrop | | | 100 | % | | | 308 | | | | 183 | | | | 38 | | | | 68 | |
| La Conterra | | Williamson | | | 100 | % | | | 34 | | | | 475 | | | | — | | | | 60 | |
| Maxwell Creek | | Collin | | | 100 | % | | | 650 | | | | 361 | | | | 10 | | | | — | |
| Oak Creek Estates | | Comal | | | 100 | % | | | 9 | | | | 639 | | | | 13 | | | | — | |
| The Colony | | Bastrop | | | 100 | % | | | 409 | | | | 2,236 | | | | 22 | | | | 49 | |
| The Gables at North Hill | | Collin | | | 100 | % | | | 195 | | | | 88 | | | | — | | | | — | |
| The Preserve at Pecan Creek | | Denton | | | 100 | % | | | 209 | | | | 609 | | | | — | | | | 9 | |
| The Ridge at Ribelin Ranch | | Travis | | | 100 | % | | | — | | | | — | | | | 179 | | | | 16 | |
| Westside at Buttercup Creek | | Williamson | | | 100 | % | | | 1,281 | | | | 240 | | | | 66 | | | | — | |
| Other projects (7) | | Various | | | 100 | % | | | 1,544 | | | | 25 | | | | 197 | | | | 23 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Georgia | | | | | | | | | | | | | | | | | | | | | | |
| Towne West | | Bartow | | | 100 | % | | | — | | | | 2,674 | | | | — | | | | 121 | |
| Other projects (14) | | Various | | | 100 | % | | | — | | | | 2,836 | | | | — | | | | 705 | |
Missouri and Utah | | | | | | | | | | | | | | | | | | | | | | |
| Other projects (2) | | Various | | | 100 | % | | | 400 | | | | 364 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | 6,152 | | | | 14,290 | | | | 591 | | | | 1,576 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Projects in entities we consolidate | | | | | | | | | | | | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| City Park | | Harris | | | 75 | % | | | 1,099 | | | | 212 | | | | 50 | | | | 105 | |
| Lantana | | Denton | | | 55 | %(e) | | | 414 | | | | 1,867 | | | | — | | | | — | |
| Light Farms | | Collin | | | 65 | % | | | — | | | | 2,517 | | | | — | | | | — | |
| Stoney Creek | | Dallas | | | 90 | % | | | 59 | | | | 695 | | | | — | | | | — | |
| Timber Creek | | Collin | | | 88 | % | | | — | | | | 614 | | | | — | | | | — | |
| Other projects (5) | | Various | | Various | | | | 935 | | | | 272 | | | | 24 | | | | 23 | |
| | | | | | | | | |
| | | | | | | | | | 2,507 | | | | 6,177 | | | | 74 | | | | 128 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total owned and consolidated | | | | | | | | | 8,659 | | | | 20,467 | | | | 665 | | | | 1,704 | |
| Projects in ventures that we account for using the equity method | | | | | | | | | | | | |
Georgia | | | | | | | | | | | | | | | | | | | | | | |
| Seven Hills | | Paulding | | | 50 | % | | | 634 | | | | 446 | | | | 26 | | | | — | |
| The Georgian | | Paulding | | | 38 | % | | | 288 | | | | 1,097 | | | | — | | | | — | |
| Other projects (5) | | Various | | Various | | | | 1,845 | | | | 249 | | | | 3 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
Texas | | | | | | | | | | | | | | | | | | | | | | |
| Bar C Ranch | | Tarrant | | | 50 | % | | | 176 | | | | 1,023 | | | | — | | | | — | |
| Fannin Farms West | | Tarrant | | | 50 | % | | | 265 | | | | 115 | | | | — | | | | 15 | |
| Lantana | | Denton | | Various | (e) | | | 1,427 | | | | 43 | | | | 14 | | | | 75 | |
| Long Meadow Farms | | Fort Bend | | | 19 | % | | | 604 | | | | 1,502 | | | | 72 | | | | 138 | |
| Southern Trails | | Brazoria | | | 40 | % | | | 326 | | | | 736 | | | | — | | | | — | |
| Stonewall Estates | | Bexar | | | 25 | % | | | 180 | | | | 201 | | | | — | | | | — | |
| Summer Creek Ranch | | Tarrant | | | 50 | % | | | 796 | | | | 1,772 | | | | — | | | | 363 | |
| Summer Lakes | | Fort Bend | | | 50 | % | | | 325 | | | | 798 | | | | 56 | | | | — | |
| Village Park | | Collin | | | 50 | % | | | 339 | | | | 221 | | | | 3 | | | | 2 | |
| Waterford Park | | Fort Bend | | | 50 | % | | | — | | | | 493 | | | | — | | | | 37 | |
| Other projects (2) | | Various | | Various | | | | 294 | | | | 230 | | | | — | | | | 15 | |
Florida | | | | | | | | | | | | | | | | | | | | | | |
| Other projects (3) | | Various | | Various | | | | 473 | | | | 372 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total in ventures | | | | | | | | | 7,972 | | | | 9,298 | | | | 174 | | | | 645 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Combined Total | | | | | | | | | 16,631 | | | | 29,765 | | | | 839 | | | | 2,349 | |
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| (a) | | A project is deemed entitled when all major discretionary land-use approvals have been received. Some projects may require additional permits 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. |
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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. |
A summary of our commercial operating properties, commercial projects and condominium projects at first quarter-end 2009 follows:
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| | | | | | | 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 | | | 49 | % | | Multi-Family | | 414 unit luxury apartment |
| Gulf Coast Apartments | | Various | | Various | | | 2 | % | | Multi-Family | | 9 apartment communities |
| Harbor Lakes Golf Club | | Hood | | Dallas/Fort Worth | | | 100 | % | | Golf Club | | 18-hole golf course and club |
| Presidio at Judge’s Hill | | Travis | | Austin | | | 60 | % | | Condo | | 45 units |
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| (a) | | Interest owned reflects our net equity interest in the project, whether owned directly or indirectly. |
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