Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'FOR | ' |
Entity Registrant Name | 'FORESTAR GROUP INC. | ' |
Entity Central Index Key | '0001406587 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 34,958,270 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $170,606 | $192,307 |
Real estate, net | 591,805 | 519,464 |
Oil and gas properties and equipment, net | 259,755 | 232,641 |
Investment in unconsolidated ventures | 53,709 | 41,147 |
Timber | 9,216 | 10,947 |
Receivables, net | 46,301 | 39,252 |
Prepaid expenses | 4,613 | 5,136 |
Income taxes receivable | 2,837 | 0 |
Property and equipment, net | 11,547 | 6,112 |
Deferred tax asset, net | 30,932 | 40,398 |
Goodwill and other intangible assets | 67,440 | 66,646 |
Other assets | 19,478 | 18,102 |
TOTAL ASSETS | 1,268,239 | 1,172,152 |
LIABILITIES AND EQUITY | ' | ' |
Accounts payable | 17,667 | 21,409 |
Accrued employee compensation and benefits | 6,852 | 5,814 |
Accrued property taxes | 7,044 | 3,822 |
Accrued interest | 8,695 | 2,343 |
Income taxes payable | 0 | 3,876 |
Earnest money deposits | 8,466 | 10,854 |
Other accrued expenses | 27,371 | 26,851 |
Other liabilities | 17,418 | 24,379 |
Debt | 429,295 | 357,407 |
TOTAL LIABILITIES | 522,808 | 456,755 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
Forestar Group Inc. shareholders’ equity: | ' | ' |
Preferred stock, par value $0.01 per share, 25,000,000 authorized shares, none issued | 0 | 0 |
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 36,946,603 issued at third quarter-end 2014 and year-end 2013 | 36,947 | 36,947 |
Additional paid-in capital | 558,165 | 556,676 |
Retained earnings | 178,801 | 150,418 |
Treasury stock, at cost, 1,988,333 shares at third quarter-end 2014 and 2,199,666 shares at year-end 2013 | -31,154 | -34,196 |
Total Forestar Group Inc. shareholders’ equity | 742,759 | 709,845 |
Noncontrolling interests | 2,672 | 5,552 |
TOTAL EQUITY | 745,431 | 715,397 |
TOTAL LIABILITIES AND EQUITY | $1,268,239 | $1,172,152 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 36,946,603 | 36,946,603 |
Treasury stock, common shares | 1,988,333 | 2,199,666 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUES | ' | ' | ' | ' |
Real estate sales and other | $23,067 | $37,001 | $122,738 | $84,877 |
Commercial and income producing properties | 9,378 | 13,355 | 30,360 | 85,387 |
Real estate | 32,445 | 50,356 | 153,098 | 170,264 |
Oil and gas | 24,145 | 22,095 | 66,076 | 53,430 |
Other natural resources | 2,250 | 2,656 | 7,284 | 8,963 |
Total revenues | 58,840 | 75,107 | 226,458 | 232,657 |
COSTS AND EXPENSES | ' | ' | ' | ' |
Cost of real estate sales and other | -10,662 | -18,603 | -60,145 | -43,112 |
Cost of commercial and income producing properties | -9,391 | -13,352 | -28,117 | -70,151 |
Cost of oil and gas producing activities | -18,470 | -10,090 | -48,016 | -26,762 |
Cost of other natural resources | -711 | -454 | -2,288 | -1,662 |
Other operating | -12,860 | -16,051 | -43,187 | -45,039 |
General and administrative | -5,140 | -5,945 | -17,141 | -22,245 |
Total expenses | -57,234 | -64,495 | -198,894 | -208,971 |
Gain on asset exchange and sales | 11,110 | 0 | 27,977 | 0 |
OPERATING INCOME | 12,716 | 10,612 | 55,541 | 23,686 |
Equity in earnings of unconsolidated ventures | 2,016 | 3,125 | 3,965 | 6,604 |
Interest expense | -8,634 | -5,231 | -21,507 | -14,892 |
Other non-operating income | 1,896 | 1,459 | 6,459 | 3,711 |
INCOME (LOSS) BEFORE TAXES | 7,994 | 9,965 | 44,458 | 19,109 |
Income tax (expense) benefit | -2,755 | 2,932 | -15,464 | 28 |
CONSOLIDATED NET INCOME | 5,239 | 12,897 | 28,994 | 19,137 |
Less: Net (income) attributable to noncontrolling interests | -12 | -1,067 | -611 | -2,815 |
NET INCOME ATTRIBUTABLE TO FORESTAR GROUP INC. | 5,227 | 11,830 | 28,383 | 16,322 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' |
Basic (in shares) | 35,498 | 35,410 | 35,437 | 35,341 |
Diluted (in shares) | 43,868 | 36,072 | 43,750 | 35,949 |
NET INCOME PER COMMON SHARE | ' | ' | ' | ' |
Basic (usd per share) | $0.12 | $0.33 | $0.66 | $0.46 |
Diluted (usd per share) | $0.12 | $0.33 | $0.65 | $0.45 |
TOTAL COMPREHENSIVE INCOME | $5,227 | $11,830 | $28,383 | $16,322 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Consolidated net income | $28,994 | $19,137 |
Adjustments: | ' | ' |
Depreciation, depletion and amortization | 29,109 | 21,698 |
Change in deferred income taxes | 10,649 | 3,535 |
Change in unrecognized tax benefits | 0 | -6,251 |
Equity in earnings of unconsolidated ventures | -3,965 | -6,604 |
Distributions of earnings of unconsolidated ventures | 2,817 | 869 |
Share-based compensation | 4,523 | 15,367 |
Real estate cost of sales | 59,251 | 71,324 |
Dry hole and leasehold abandonment costs | 11,541 | 2,206 |
Real estate development and acquisition expenditures, net | -82,864 | -65,762 |
Reimbursements from utility and improvement districts | 8,554 | 4,540 |
Other changes in real estate | 3,148 | 1,440 |
Changes in deferred income | 102 | -2,229 |
Gain on asset purchase, exchange and sales | -27,977 | 0 |
Other | 1,697 | 154 |
Changes in: | ' | ' |
Notes and accounts receivable | -6,300 | -544 |
Prepaid expenses and other | 4,232 | -373 |
Accounts payable and other accrued liabilities | -3,249 | -11,268 |
Income taxes | -3,876 | -2,156 |
Net cash provided by operating activities | 36,386 | 45,083 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Property, equipment, software, reforestation and other | -13,583 | -6,241 |
Oil and gas properties and equipment | -65,661 | -56,482 |
Acquisition of partner's interest in unconsolidated multifamily venture, net of cash | -5,016 | -819 |
Investment in unconsolidated ventures | -5,016 | -819 |
Proceeds from sales of oil and gas properties, net | 17,017 | 0 |
Proceeds from sales of other assets, net | 2,868 | 0 |
Return of investment in unconsolidated ventures | 1,601 | 1,271 |
Other | 0 | -45 |
Net cash used for investing activities | -82,929 | -62,316 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of convertible senior notes, net | 0 | 120,795 |
Proceeds from issuance of senior secured notes, net | 241,947 | 0 |
Payments of debt | -222,468 | -96,915 |
Additions to debt | 17,169 | 38,901 |
Deferred financing fees | -3,114 | -353 |
Distributions to noncontrolling interests, net | -1,070 | -1,561 |
Purchase of noncontrolling interests | -7,971 | 0 |
Exercise of stock options | 1,197 | 1,812 |
Payroll taxes on issuance of stock-based awards | -1,024 | -1,128 |
Excess income tax benefit from share-based compensation | 176 | 90 |
Net cash provided by financing activities | 24,842 | 61,641 |
Net increase (decrease) in cash and cash equivalents | -21,701 | 44,408 |
Cash and cash equivalents at beginning of period | 192,307 | 10,361 |
Cash and cash equivalents at end of period | 170,606 | 54,769 |
Multi Family Property [Member] | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of partner's interest in unconsolidated multifamily venture, net of cash | ($20,155) | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Our consolidated financial statements include the accounts of Forestar Group Inc., all subsidiaries, ventures and other entities in which we have a controlling interest. We account for our investment in other entities in which we have significant influence over operations and financial policies using the equity method. We eliminate all material intercompany accounts and transactions. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. In our consolidated balance sheets we have reclassified prior year's earnest money deposits that were included in other accrued expenses and other liabilities as a separate line item to conform to the current year presentation. | |
We prepare our unaudited interim financial statements in accordance with U.S. generally accepted accounting principles and Securities and Exchange Commission requirements for interim financial statements. As a result, they do not include all the information and disclosures required for complete financial statements. However, in our opinion, all adjustments considered necessary for a fair presentation have been included. Such adjustments consist only of normal recurring items unless otherwise noted. We make estimates and assumptions about future events. Actual results can, and probably will, differ from those we currently estimate including those principally related to allocating costs to real estate, measuring long-lived assets for impairment, oil and gas revenue accruals, capital expenditure and lease operating expense accruals associated with our oil and gas production activities, oil and gas reserves and depletion of our oil and gas properties. These interim operating results are not necessarily indicative of the results that may be expected for the entire year. For further information, please read the financial statements included in our 2013 Annual Report on Form 10-K. |
New_and_Pending_Accounting_Pro
New and Pending Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New and Pending Accounting Pronouncements | ' |
New and Pending Accounting Pronouncements | |
Accounting Standards Adopted in 2014 | |
In first nine months 2014, we adopted ASU 2013-04 — Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, ASU 2014-12 — Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period and ASU 2014-08 — Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Adoption did not materially affect our earnings, financial position or disclosures. | |
Pending Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for annual and interim periods beginning after December 15, 2016. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. |
Real_Estate
Real Estate | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate | ' | |||||||
Real Estate | ||||||||
Real estate consists of: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Entitled, developed and under development projects | $ | 342,553 | $ | 361,687 | ||||
Undeveloped land (includes land in entitlement) | 94,241 | 86,367 | ||||||
Commercial and income producing properties | ||||||||
Carrying value | 184,977 | 99,476 | ||||||
Less: accumulated depreciation | (29,966 | ) | (28,066 | ) | ||||
Net carrying value | 155,011 | 71,410 | ||||||
$ | 591,805 | $ | 519,464 | |||||
Included in entitled, developed and under development projects are the estimated costs of assets we expect to convey to utility and improvement districts of $66,198,000 at third quarter-end 2014 and $62,183,000 at year-end 2013, including $40,045,000 at third quarter-end 2014 and $41,795,000 at year-end 2013 related to our Cibolo Canyons project near San Antonio, Texas. These costs relate to water, sewer and other infrastructure assets we have submitted to utility or improvement districts for approval and reimbursement. We submitted for reimbursement to these districts $7,118,000 and $15,713,000 in first nine months 2014 and 2013. We collected reimbursements from these districts of $4,504,000 and $1,840,000 in first nine months 2014 and 2013. We expect to collect the remaining amounts billed when these districts achieve adequate tax basis or otherwise have funds available to support payment. | ||||||||
Also included in entitled, developed and under development projects is our investment in the resort development owned by third parties at our Cibolo Canyons project. We received $4,050,000 and $2,700,000 from the special improvement district in first nine months 2014 and 2013. At third quarter-end 2014, we have $24,067,000 invested in the resort development. | ||||||||
In third quarter 2014, we acquired full ownership in CJUF III, RH Holdings partnership (the Eleven venture), owner of a 257-unit multifamily project in Austin in which we previously held a 25 percent interest, for $21,500,000. The acquisition-date fair value was $55,275,000, including debt of $23,936,000. Our investment in the Eleven venture prior to acquiring our partner’s interest was $2,229,000. We accounted for this transaction as a business combination achieved in stages and as a result, we remeasured our equity method investment in the Eleven venture to its acquisition-date fair value of $9,839,000 and recognized the resulting gain of $7,610,000 in real estate segment earnings. The purchase price allocation related to the acquisition of our partner’s interest in the Eleven venture is preliminary as it is subject to final valuation adjustments. At third quarter-end 2014, we recorded additions to real estate commercial and income producing properties of $53,917,000 and other assets of $992,000 primarily consisting of in-place tenant leases of $865,000. In addition, we recorded a working capital deficit of $979,000 and debt of $23,936,000. In first nine months 2014, we also recorded a $10,476,000 gain associated with a non-monetary exchange of leasehold timber rights on approximately 10,300 acres for 5,400 acres of undeveloped land with a partner in a consolidated venture. | ||||||||
In first nine months 2014, the increase in commercial and income producing properties was principally due to $53,917,000 related to the Eleven multifamily project which is now wholly-owned after acquisition of our partner's interest in the Eleven venture, and $26,110,000 from acquisition of three multifamily development sites. At third quarter-end 2014, commercial and income producing properties principally represents our investment in a 413 guest room hotel in Austin with a carrying value of $29,002,000, our $53,917,000 investment in our 257-unit multifamily property in Austin and our investment in multifamily development sites located in Austin, Charlotte, Dallas and Nashville with a combined carrying value of $58,727,000. |
Oil_and_Gas_Properties
Oil and Gas Properties | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Extractive Industries [Abstract] | ' | |||||||
Oil and Gas Properties | ' | |||||||
Oil and Gas Properties and Equipment, net | ||||||||
Net capitalized costs, utilizing the successful efforts method of accounting, related to our oil and gas producing activities follows: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Unproved oil and gas properties | $ | 97,824 | $ | 100,320 | ||||
Proved oil and gas properties | 201,905 | 155,262 | ||||||
Total capitalized costs | 299,729 | 255,582 | ||||||
Less: accumulated depreciation, depletion and amortization | (39,974 | ) | (22,941 | ) | ||||
$ | 259,755 | $ | 232,641 | |||||
In first nine months 2014, we recorded gains of $9,041,000 principally related to the sale of 102 gross (7 net) producing oil and gas wells in Oklahoma for a gain of $4,758,000 and the sale of 571 net mineral acres leased from others in North Dakota for a gain of $4,283,000. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill and Other Intangible Assets | ' | |||||||
Goodwill and Other Intangible Assets | ||||||||
Carrying value of goodwill and other intangible assets follows: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Goodwill | $ | 64,493 | $ | 64,493 | ||||
Identified intangibles, net | 2,947 | 2,153 | ||||||
$ | 67,440 | $ | 66,646 | |||||
Goodwill of $60,619,000 represents the excess of the purchase price over the fair value of the tangible and intangible assets associated with acquisition of CREDO Petroleum Corporation (Credo) in 2012 and $3,874,000 associated with a water resources company acquired in 2010. | ||||||||
Identified intangibles include $1,681,000 in indefinite lived groundwater leases associated with a water resources company acquired in 2010, $865,000 related to in-place tenant leases with definite lives associated with the purchase of our partner's interest in the Eleven venture and $401,000 related to patents with definite lives associated with the Calliope Gas Recovery System, a process to increase natural gas production. |
Equity
Equity | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Equity | ' | |||||||||||
Equity | ||||||||||||
A reconciliation of changes in equity at third quarter-end 2014 follows: | ||||||||||||
Forestar | Noncontrolling | Total | ||||||||||
Group Inc. | Interests | |||||||||||
(In thousands) | ||||||||||||
Balance at year-end 2013 | $ | 709,845 | $ | 5,552 | $ | 715,397 | ||||||
Net income | 28,383 | 611 | 28,994 | |||||||||
Distributions to noncontrolling interests | — | (2,093 | ) | (2,093 | ) | |||||||
Contributions from noncontrolling interests | — | 533 | 533 | |||||||||
Dissolution of noncontrolling interests | — | 1,342 | 1,342 | |||||||||
Purchase of noncontrolling interests, net of deferred taxes of $1,723,000 | (2,975 | ) | (3,273 | ) | (6,248 | ) | ||||||
Other (primarily share-based compensation) | 7,506 | — | 7,506 | |||||||||
$ | 742,759 | $ | 2,672 | $ | 745,431 | |||||||
In first quarter 2014, we acquired our partner's noncontrolling interests in the Lantana partnerships for $7,971,000. Prior to acquisition of the noncontrolling interests, we were the primary beneficiary of all but one of the Lantana partnerships which were variable interest entities (VIEs) and consolidated in our financial statements. We adjusted the carrying amount of noncontrolling interests to reflect the change in our ownership interest in the partnerships. The difference between the consideration paid and the carrying amount of the noncontrolling interests acquired is recognized as an adjustment to additional paid in capital attributable to Forestar, net of deferred taxes. |
Investment_in_Unconsolidated_V
Investment in Unconsolidated Ventures | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Ventures | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Ventures | ||||||||||||||||||||||||||||||||||||||||||||||||
At third quarter-end 2014, we have ownership interests in 14 ventures that we account for using the equity method. | ||||||||||||||||||||||||||||||||||||||||||||||||
In third quarter 2014, we acquired full ownership in the Eleven venture for $21,500,000. The acquisition-date fair value was $55,275,000, including debt of $23,936,000. Our investment in the Eleven venture prior to acquiring our partner’s interest was $2,229,000. At third quarter-end 2014, we no longer have an equity method investment in the Eleven venture. | ||||||||||||||||||||||||||||||||||||||||||||||||
On July 15, 2014, we entered into the FMF Littleton LLC venture with AIGGRE Littleton Common Investor LLC (AIGGRE), to develop a 385-unit multifamily property in Littleton, Colorado. We own a 25 percent interest and AIGGRE owns remaining 75 percent interest. We contributed $4,900,000 of land and pre-development costs to the venture, net of $9,852,000 of reimbursements received from the venture for land and pre-development costs we previously incurred. The venture obtained a senior secured construction loan in the amount of $46,384,000 that bears interest at 30-day LIBOR plus 1.90% payable monthly, of which none was outstanding at third quarter-end 2014. We provided the lender a construction completion guaranty; a guaranty of repayment of 25 percent of the principal balance and unpaid accrued interest; and a nonrecourse carve-out guaranty. The principal guaranty will reduce from 25 percent of principal to ten percent upon achievement of certain conditions. At third quarter-end 2014, our investment in this venture is $5,465,000. | ||||||||||||||||||||||||||||||||||||||||||||||||
In first quarter 2014, we entered into the CREA FMF Nashville LLC venture with Massachusetts Mutual Life Insurance Co. to develop a 320-unit multifamily property in Nashville, Tennessee. We contributed $5,897,000 of land and pre-development costs to the venture, net of $7,191,000 of reimbursements received from the venture for pre-development costs we previously incurred. The venture obtained a senior secured construction loan in the amount of $51,950,000 that bears interest at 30-day LIBOR plus 2.50% per annum, of which $20,289,000 was outstanding at third quarter-end 2014. We provided the lender a construction completion guaranty; a guaranty of repayment of 25 percent of the principal balance and unpaid accrued interest; and a nonrecourse carve-out guaranty. The principal guaranty will reduce from 25 percent of principal to zero upon achievement of certain conditions. At third quarter-end 2014, our investment in this venture is $5,655,000. | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined summarized balance sheet information for our ventures accounted for using the equity method follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Venture Assets | Venture Borrowings(a) | Venture Equity | Our Investment | |||||||||||||||||||||||||||||||||||||||||||||
Third | Year-End | Third | Year-End | Third | Year-End | Third | Year-End | |||||||||||||||||||||||||||||||||||||||||
Quarter-End | Quarter-End | Quarter-End | Quarter-End | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
242, LLC (b) | $ | 26,139 | $ | 23,751 | $ | 2,934 | $ | 921 | $ | 19,286 | $ | 19,838 | $ | 8,819 | $ | 9,084 | ||||||||||||||||||||||||||||||||
CJUF III, RH Holdings | — | 36,320 | — | 18,492 | — | 15,415 | — | 3,235 | ||||||||||||||||||||||||||||||||||||||||
CL Ashton Woods (c) | 11,671 | 10,473 | — | — | 10,277 | 9,704 | 4,370 | 3,544 | ||||||||||||||||||||||||||||||||||||||||
CL Realty | 8,085 | 8,298 | — | — | 7,916 | 8,070 | 3,958 | 4,035 | ||||||||||||||||||||||||||||||||||||||||
CREA FMF Nashville (b) | 28,962 | — | 20,289 | — | 6,126 | — | 5,655 | — | ||||||||||||||||||||||||||||||||||||||||
FMF Littleton | 21,599 | — | — | — | 21,148 | — | 5,465 | — | ||||||||||||||||||||||||||||||||||||||||
FMF Peakview | 40,137 | 30,673 | 21,088 | 12,533 | 17,617 | 16,620 | 3,605 | 3,406 | ||||||||||||||||||||||||||||||||||||||||
HM Stonewall Estates (c) | 3,367 | 3,781 | 286 | 63 | 3,081 | 3,718 | 1,751 | 2,128 | ||||||||||||||||||||||||||||||||||||||||
LM Land Holdings (c) | 32,824 | 33,298 | 9,502 | 9,768 | 19,349 | 13,347 | 9,843 | 8,283 | ||||||||||||||||||||||||||||||||||||||||
PSW Communities | 12,604 | — | 7,377 | — | 4,270 | — | 3,795 | — | ||||||||||||||||||||||||||||||||||||||||
Temco | 12,756 | 13,320 | — | — | 12,518 | 13,160 | 6,259 | 6,580 | ||||||||||||||||||||||||||||||||||||||||
Other ventures (d) | 12,383 | 12,723 | 29,730 | 29,699 | (32,022 | ) | (31,357 | ) | 189 | 852 | ||||||||||||||||||||||||||||||||||||||
$ | 210,527 | $ | 172,637 | $ | 91,206 | $ | 71,476 | $ | 89,566 | $ | 68,515 | $ | 53,709 | $ | 41,147 | |||||||||||||||||||||||||||||||||
Combined summarized income statement information for our ventures accounted for using the equity method follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Venture Revenues | Venture Earnings (Loss) | Our Share of Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter | First Nine Months | Third Quarter | First Nine Months | Third Quarter | First Nine Months | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
242, LLC | $ | 88 | $ | 37 | $ | 1,563 | $ | 3,168 | $ | (32 | ) | $ | (20 | ) | $ | 448 | $ | 817 | $ | (15 | ) | $ | (10 | ) | $ | 236 | $ | 438 | ||||||||||||||||||||
CJUF III, RH Holdings | 1,098 | 4 | 2,168 | 7 | (305 | ) | (133 | ) | (956 | ) | (357 | ) | (305 | ) | (133 | ) | (956 | ) | (357 | ) | ||||||||||||||||||||||||||||
CL Ashton Woods (c) | 790 | 1,355 | 1,859 | 4,246 | 277 | 477 | 573 | 1,027 | 373 | 677 | 826 | 1,817 | ||||||||||||||||||||||||||||||||||||
CL Realty | 413 | 445 | 1,240 | 1,246 | 294 | 350 | 846 | 802 | 147 | 175 | 423 | 401 | ||||||||||||||||||||||||||||||||||||
CREA FMF Nashville | — | — | — | — | — | — | (25 | ) | — | — | — | (25 | ) | — | ||||||||||||||||||||||||||||||||||
FMF Peakview | 3 | 200 | 3 | 200 | (109 | ) | (98 | ) | (261 | ) | (137 | ) | (21 | ) | (19 | ) | (52 | ) | (27 | ) | ||||||||||||||||||||||||||||
HM Stonewall Estates (c) | 292 | 696 | 1,727 | 1,794 | 91 | 255 | 613 | 655 | 36 | 100 | 245 | 276 | ||||||||||||||||||||||||||||||||||||
LM Land Holdings (c) | 4,604 | 9,387 | 13,897 | 14,651 | 3,397 | 5,515 | 10,368 | 9,274 | 1,200 | 2,344 | 3,097 | 3,998 | ||||||||||||||||||||||||||||||||||||
PSW Communities | — | — | — | — | (11 | ) | — | (231 | ) | — | (9 | ) | — | (204 | ) | — | ||||||||||||||||||||||||||||||||
Temco | 79 | 162 | 793 | 437 | 42 | 42 | 158 | 48 | 21 | 21 | 79 | 24 | ||||||||||||||||||||||||||||||||||||
Other ventures | 1,329 | 21 | 1,378 | 5,171 | 691 | (120 | ) | 502 | (642 | ) | 589 | (30 | ) | 296 | 34 | |||||||||||||||||||||||||||||||||
$ | 8,696 | $ | 12,307 | $ | 24,628 | $ | 30,920 | $ | 4,335 | $ | 6,268 | $ | 12,035 | $ | 11,487 | $ | 2,016 | $ | 3,125 | $ | 3,965 | $ | 6,604 | |||||||||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Total includes current maturities of $61,936,000 at third quarter-end 2014, of which $40,697,000 is non-recourse to us, and $37,966,000 at year-end 2013, of which $37,822,000 is non-recourse to us. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,648,000 are reflected as a reduction to our investment in unconsolidated ventures at third quarter-end 2014. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | Includes unrecognized basis difference of $2,011,000 which is reflected as a reduction of our investment in unconsolidated ventures at third quarter-end 2014. The difference will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | Our investment in other ventures reflects our ownership interests, excluding venture losses that exceed our investment where we are not obligated to fund those losses. Please read Note 16—Variable Interest Entities for additional information. | |||||||||||||||||||||||||||||||||||||||||||||||
In first nine months 2014, we contributed cash of $5,016,000 to these ventures and received $4,418,000 in cash distributions, and in first nine months 2013, we contributed cash of $819,000 to these ventures and received $2,140,000 in cash distributions. Distributions include both return of investments and distribution of earnings. | ||||||||||||||||||||||||||||||||||||||||||||||||
From time to time, we provide performance bonds and letters of credit on behalf of certain ventures that could be drawn on due to failure to satisfy construction obligations as general contractor or for failure to timely deliver streets and utilities in accordance with local codes and ordinances. At third quarter-end 2014, we have no outstanding performance bonds or letters of credit. |
Receivables
Receivables | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables | ' | |||||||
Receivables | ||||||||
Receivables consist of: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Loan secured by real estate | $ | 4,236 | $ | 7,610 | ||||
Other loans secured by real estate, average interest rates of 4.40% at third quarter-end 2014 and 5.00% at year-end 2013 | 8,234 | 7,987 | ||||||
Oil and gas joint interest billing receivables | 11,220 | 3,896 | ||||||
Oil and gas revenue accruals | 18,753 | 8,137 | ||||||
Other receivables and accrued interest | 3,884 | 11,648 | ||||||
46,327 | 39,278 | |||||||
Allowance for bad debts | (26 | ) | (26 | ) | ||||
$ | 46,301 | $ | 39,252 | |||||
At third quarter-end 2014, we have $4,236,000 invested in a loan which was acquired from a financial institution in second quarter 2011 when it was non-performing and is secured by a lien on developed and undeveloped real estate located near Houston designated for single-family residential and commercial development. Interest accrues at nine percent the first three years escalating to ten percent in April 2015 and 12 percent in April 2016, with interest above 6.25 percent to be forgiven if the loan is prepaid by certain dates. In first nine months 2014, we received principal payments of $8,912,000 and interest payments of $530,000. At third quarter-end 2014, the outstanding principal balance was $6,787,000. | ||||||||
Estimated accretable yield follows: | ||||||||
Third | ||||||||
Quarter-End | ||||||||
2014 | ||||||||
(In thousands) | ||||||||
Beginning of period (year-end 2013) | $ | 8,908 | ||||||
Change in accretable yield due to change in timing of estimated cash flows | (347 | ) | ||||||
Interest income recognized (in first nine months 2014) | (6,068 | ) | ||||||
End of period | $ | 2,493 | ||||||
Other loans secured by real estate generally are secured by a deed of trust and due within three years. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Debt consists of: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Senior secured credit facility | ||||||||
Term loan facility — average interest rate of 4.17% at year-end 2013 | $ | — | $ | 200,000 | ||||
8.50% senior secured notes due 2022 | 250,000 | — | ||||||
3.75% convertible senior notes due 2020, net of discount | 102,368 | 99,890 | ||||||
6.00% tangible equity unit notes, net of discount | 19,192 | 25,619 | ||||||
Secured promissory notes — average interest rates of 3.15% at third quarter-end 2014 and 3.17% at year-end 2013 | 15,400 | 15,400 | ||||||
Other indebtedness — interest rates ranging from 2.19% to 5.50% at third quarter-end 2014 | 42,335 | 16,498 | ||||||
$ | 429,295 | $ | 357,407 | |||||
Our debt agreements contain financial covenants customary for such agreements including minimum levels of interest coverage and limitations on leverage. At third quarter-end 2014, we were in compliance with the financial covenants of these agreements. | ||||||||
In second quarter 2014, we amended our senior secured credit facility in order to consolidate previous amendments and to effect the following: | ||||||||
•increase the revolving loan commitment from $200,000,000 to $300,000,000; | ||||||||
•extend the maturity date to May 15, 2017 (with two one-year extension options); | ||||||||
•increase the minimum interest coverage ratio from 1.50x to 2.50x; | ||||||||
•eliminate the collateral value to loan commitment ratio covenant; and | ||||||||
•increase the maximum total leverage ratio from 40% to 50%. | ||||||||
We incurred fees of $3,068,000 related to this amendment. At third quarter-end 2014, our senior secured credit facility provides for a $300,000,000 revolving line of credit maturing May 15, 2017. The revolving line of credit may be prepaid at any time without penalty. The revolving line of credit includes a $100,000,000 sublimit for letters of credit, of which $10,118,000 is outstanding at third quarter-end 2014. Total borrowings under our senior secured credit facility (including the face amount of letters of credit) may not exceed a borrowing base formula. At third quarter-end 2014, we had $289,882,000 in net unused borrowing capacity under our senior secured credit facility. | ||||||||
Under the terms of our senior secured credit facility, at our option we can borrow at LIBOR plus 4.0 percent or at the alternate base rate plus 3.0 percent. The alternate base rate is the highest of (i) KeyBank National Association’s base rate, (ii) the federal funds effective rate plus 0.5 percent or (iii) 30 day LIBOR plus 1 percent. Borrowings under the senior secured credit facility are or may be secured by (a) mortgages on the timberland, high value timberland and portions of raw entitled land, as well as pledges of other rights including certain oil and gas operating properties, (b) assignments of current and future leases, rents and contracts, (c) a security interest in our primary operating account, (d) a pledge of the equity interests in current and future material operating subsidiaries and most of our majority-owned joint venture interests, or if such pledge is not permitted, a pledge of the right to distributions from such entities, and (e) a pledge of reimbursements, hotel occupancy and other revenues payable to us from special improvement district tax collections in connection with our Cibolo Canyons project. The senior secured credit facility provides for releases of real estate and other collateral provided that borrowing base compliance is maintained. | ||||||||
On May 12, 2014, we issued $250,000,000 aggregate principal of 8.5% Senior Secured Notes due 2022 (Notes). The Notes will mature on June 1, 2022 and interest on the Notes is payable semiannually at a rate of 8.5 percent per annum in arrears. We incurred debt issuance costs of approximately $8,053,000, including the underwriters discount of $6,250,000. Net proceeds from issuance of the Notes were used to repay our $200,000,000 senior secured term loan. We intend to use the remaining amount for general corporate purposes, which may include investments in strategic growth opportunities. | ||||||||
At third quarter-end 2014, secured promissory notes represent a $15,400,000 loan collateralized by a 413 guest room hotel located in Austin with a carrying value of $29,002,000. Other indebtedness principally represents $38,033,000 of senior secured construction loans for two multifamily properties, of which $23,936,000 is related to the third quarter 2014 acquisition of our partner's interest in the 257-unit multifamily project in Austin. The combined carrying value of these two multifamily properties is $82,715,000 at third quarter-end 2014. The remaining other indebtedness is collateralized by entitled, developed and under development projects with a carrying value of $19,239,000. | ||||||||
At third quarter-end 2014 and year-end 2013, we have $16,072,000 and $7,896,000 in unamortized deferred financing fees which are included in other assets. Amortization of deferred financing fees was $3,089,000 and $2,282,000 in first nine months 2014 and 2013 and is included in interest expense. |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value | ' | |||||||||||||||||
Fair Value | ||||||||||||||||||
Fair value is the exchange price that would be the amount received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, we use a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: | ||||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||
• | Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | |||||||||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||
Non-financial assets measured at fair value on a non-recurring basis principally include real estate assets, oil and gas properties, assets held for sale, goodwill and other intangible assets, which are measured for impairment. In third quarter 2014, we recognized non-cash asset impairment charges of $94,000 associated with a real estate project in Austin. We had no non-cash impairment charges in third quarter 2013. | ||||||||||||||||||
We elected not to use the fair value option for cash and cash equivalents, accounts receivable, other current assets, variable debt, accounts payable and other current liabilities. The carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. We determine the fair value of fixed rate financial instruments using quoted prices for similar instruments in active markets. | ||||||||||||||||||
Information about our fixed rate financial instruments not measured at fair value follows: | ||||||||||||||||||
Third Quarter-End 2014 | Year-End 2013 | |||||||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||||||
Amount | Value | Amount | Value | Technique | ||||||||||||||
(In thousands) | ||||||||||||||||||
Loan secured by real estate | $ | 4,236 | $ | 7,524 | $ | 7,610 | $ | 18,025 | Level 2 | |||||||||
Fixed rate debt (a) | (371,560 | ) | (381,619 | ) | (126,640 | ) | (118,634 | ) | Level 2 | |||||||||
_____________________ | ||||||||||||||||||
(a) | Third quarter-end 2014 includes our $250,000,000 of 8.50% senior secured notes due 2022, issued May 12, 2014. |
Capital_Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Capital Stock | ' |
Capital Stock | |
Pursuant to our stockholder rights plan, each share of common stock outstanding is coupled with one-quarter of a preferred stock purchase right (Right). Each Right entitles our stockholders to purchase, under certain conditions, one one-hundredth of a share of newly issued Series A Junior Participating Preferred Stock at an exercise price of $100. Rights will be exercisable only if someone acquires beneficial ownership of 20 percent or more of our common shares or commences a tender or exchange offer, upon consummation of which they would beneficially own 20 percent or more of our common shares. We will generally be entitled to redeem the Rights at $0.001 per Right at any time until the 10th business day following public announcement that a 20 percent position has been acquired. The Rights will expire on December 11, 2017. | |
Please read Note 17—Share-Based Compensation for information about additional shares of common stock that could be issued under terms of our share-based compensation plans. | |
At third quarter-end 2014, personnel of former affiliates held options to purchase 706,000 shares of our common stock. The options have a weighted average exercise price of $26.11 and a weighted average remaining contractual term of one year. At third quarter-end 2014, the options have an aggregate intrinsic value of $54,300. |
Net_Income_per_Share
Net Income per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Share | ' | |||||||||||||||
Net Income per Share | ||||||||||||||||
Basic and diluted earnings per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security. We have determined that our 6.00% tangible equity units (Units) are participating securities. Per share amounts are computed by dividing earnings available to common shareholders by the weighted average shares outstanding during each period. | ||||||||||||||||
The computations of basic and diluted earnings per share are as follows: | ||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Numerator: | ||||||||||||||||
Consolidated net income | $ | 5,239 | $ | 12,897 | $ | 28,994 | $ | 19,137 | ||||||||
Less: Net loss (income) attributable to noncontrolling interest | (12 | ) | (1,067 | ) | (611 | ) | (2,815 | ) | ||||||||
Earnings available for diluted earnings per share | $ | 5,227 | $ | 11,830 | $ | 28,383 | $ | 16,322 | ||||||||
Less: Undistributed net income allocated to participating securities | (947 | ) | — | (5,151 | ) | — | ||||||||||
Earnings available to common shareholders for basic earnings per share | $ | 4,280 | $ | 11,830 | $ | 23,232 | $ | 16,322 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding — basic | 35,498 | 35,410 | 35,437 | 35,341 | ||||||||||||
Weighted average common shares upon conversion of participating securities (a) | 7,857 | — | 7,857 | — | ||||||||||||
Dilutive effect of stock options, restricted stock and equity-settled awards | 513 | 662 | 456 | 608 | ||||||||||||
Total weighted average shares outstanding — diluted | 43,868 | 36,072 | 43,750 | 35,949 | ||||||||||||
Anti-dilutive awards excluded from diluted weighted average shares | 1,959 | 1,764 | 2,171 | 2,022 | ||||||||||||
_____________________ | ||||||||||||||||
(a) | Our earnings per share calculation reflects the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of our 6.00% tangible equity units, issued November 27, 2013. | |||||||||||||||
The actual number of shares we may issue upon settlement of the stock purchase contract will be between 6,547,800 shares (the minimum settlement rate) and 7,857,000 shares (the maximum settlement rate) based on the applicable market value, as defined in the purchase contract agreement associated with issuance of the Units. | ||||||||||||||||
We intend to settle the principal amount of our convertible senior notes (Convertible Notes) in cash upon conversion with only the amount in excess of par value of the Convertible Notes to be settled in shares of our common stock. Therefore, our calculation of diluted net income per share using the treasury stock method includes only the amount, if any, in excess of par value of the Convertible Notes. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the $24.49 conversion price of the Convertible Notes. The average price of our common stock in third quarter 2014 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Our effective tax rate was 35 percent in third quarter and first nine months 2014, which includes a one percent benefit for noncontrolling interests. Our effective tax rate was a 29 percent benefit in third quarter 2013 and less than a one percent benefit in first nine months 2013, which included a four percent benefit for noncontrolling interests. Our third quarter and first nine months 2013 effective tax rates include a benefit from recognition of $6,326,000 of previously unrecognized tax benefits upon lapse of the statute of limitations for a previously reserved tax position. Our effective tax rates in third quarter and first nine months 2013 would have been 33 percent excluding the impact of the foregoing tax benefits. | |
Our 2014 and 2013 effective tax rates also include the effect of state income taxes, nondeductible items and benefits of percentage depletion. | |
We have not provided a valuation allowance for our federal deferred tax asset because we believe it is likely it will be recoverable in future periods. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Litigation | |
We are involved in various legal proceedings that arise from time to time in the ordinary course of doing business and believe that adequate reserves have been established for any probable losses. We do not believe that the outcome of any of these proceedings should have a significant adverse effect on our financial position, long-term results of operations or cash flows. However, it is possible that charges related to these matters could be significant to our results or cash flows in any one accounting period. | |
Environmental | |
Environmental remediation liabilities arise from time to time in the ordinary course of doing business, and we believe we have established adequate reserves for any probable losses that we can reasonably estimate. We own 288 acres near Antioch, California, portions of which were sites of a former paper manufacturing operation that are in remediation. We have received certificates of completion on all but one 80 acre tract, a portion of which includes subsurface contamination. We estimate the remaining cost to complete remediation activities will be approximately $810,000, which is included in other accrued expenses. It is possible that remediation or monitoring activities could be required in addition to those included within our estimate, but we are unable to determine the scope, timing or extent of such activities. | |
We have asset retirement obligations related to the abandonment and site restoration requirements that result from the acquisition, construction and development of oil and gas properties. We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense related to the asset retirement obligation and depletion expense related to capitalized asset retirement cost is included in cost of oil and gas producing activities on our consolidated statements of income and comprehensive income. At third quarter-end 2014, our asset retirement obligation was $1,667,000, which is included in other liabilities. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
We manage our operations through three segments: real estate, oil and gas and other natural resources. Real estate secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities, and manages our undeveloped land, commercial and income producing properties, primarily a hotel and our multifamily investments. Oil and gas is an independent oil and gas exploration, development and production operation and manages our owned and leased mineral interests. Other natural resources manages our timber, recreational leases and water resource initiatives. | ||||||||||||||||
Total assets allocated by segment are as follows: | ||||||||||||||||
Third | Year-End | |||||||||||||||
Quarter-End | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Real estate | $ | 664,642 | $ | 582,802 | ||||||||||||
Oil and gas | 355,501 | 312,553 | ||||||||||||||
Other natural resources | 23,502 | 23,478 | ||||||||||||||
Assets not allocated to segments (a) | 224,594 | 253,319 | ||||||||||||||
$ | 1,268,239 | $ | 1,172,152 | |||||||||||||
_________________________ | ||||||||||||||||
(a) | Assets not allocated to segments at third quarter-end 2014 principally consist of cash and cash equivalents of $170,606,000 and a net deferred tax asset of $30,932,000. Assets not allocated to segments at year-end 2013 principally consist of cash and cash equivalents of $192,307,000 and a net deferred tax asset of $40,398,000. | |||||||||||||||
We evaluate performance based on segment earnings (loss) before unallocated items and income taxes. Segment earnings (loss) consist of operating income, equity in earnings (loss) of unconsolidated ventures, gain on sales of assets, interest income on loans secured by real estate and net (income) loss attributable to noncontrolling interests. Items not allocated to our business segments consist of general and administrative expense, share-based compensation, gain on sale of strategic timberland, interest expense and other corporate non-operating income and expense. The accounting policies of the segments are the same as those described in Note 1—Basis of Presentation. Our revenues are derived from U.S. operations and all of our assets are located in the U.S. In third quarter and first nine months 2014, no single customer accounted for more than ten percent of our total revenues. | ||||||||||||||||
Segment revenues and earnings are as follows: | ||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
Real estate | $ | 32,445 | $ | 50,356 | $ | 153,098 | $ | 170,264 | ||||||||
Oil and gas | 24,145 | 22,095 | 66,076 | 53,430 | ||||||||||||
Other natural resources | 2,250 | 2,656 | 7,284 | 8,963 | ||||||||||||
Total revenues | $ | 58,840 | $ | 75,107 | $ | 226,458 | $ | 232,657 | ||||||||
Segment earnings: | ||||||||||||||||
Real estate | $ | 15,987 | $ | 13,197 | $ | 66,859 | $ | 40,747 | ||||||||
Oil and gas | 6,002 | 8,499 | 16,331 | 17,869 | ||||||||||||
Other natural resources | 669 | 549 | 2,220 | 2,792 | ||||||||||||
Total segment earnings | 22,658 | 22,245 | 85,410 | 61,408 | ||||||||||||
Items not allocated to segments (a) | (14,676 | ) | (13,347 | ) | (41,563 | ) | (45,114 | ) | ||||||||
Income before taxes attributable to Forestar Group Inc. | $ | 7,982 | $ | 8,898 | $ | 43,847 | $ | 16,294 | ||||||||
_________________________ | ||||||||||||||||
(a) | Items not allocated to segments consist of: | |||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
General and administrative expense | $ | (5,190 | ) | $ | (4,648 | ) | $ | (15,924 | ) | $ | (14,935 | ) | ||||
Shared-based compensation expense | (991 | ) | (3,492 | ) | (4,523 | ) | (15,367 | ) | ||||||||
Interest expense | (8,634 | ) | (5,231 | ) | (21,507 | ) | (14,892 | ) | ||||||||
Other corporate non-operating income | 139 | 24 | 391 | 80 | ||||||||||||
$ | (14,676 | ) | $ | (13,347 | ) | $ | (41,563 | ) | $ | (45,114 | ) |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
We participate in real estate ventures for the purpose of acquiring and developing residential, multifamily and mixed-use communities in which we may or may not have a controlling financial interest. Generally accepted accounting principles require consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. We examine specific criteria and use judgment when determining whether we are the primary beneficiary and must consolidate a VIE. We perform this review initially at the time we enter into venture agreements and continuously reassess to see if we are the primary beneficiary of a VIE. | |
At third quarter-end 2014, we have four VIEs. We account for these VIEs using the equity method and we are not the primary beneficiary. Although we have certain rights regarding major decisions, we do not have the power to direct the activities that are most significant to the economic performance of these VIEs. At third quarter-end 2014, these VIEs have total assets of $53,747,000, substantially all of which represent developed and undeveloped real estate, and total liabilities of $75,575,000, which includes $31,060,000 of borrowings classified as current maturities. These amounts are included in the summarized balance sheet information for ventures accounted for using the equity method in Note 7—Investment in Unconsolidated Ventures. At third quarter-end 2014, our investment in these VIEs is $9,507,000 and is included in investment in unconsolidated ventures. In first nine months 2014, we contributed $4,378,000 to these VIEs. Our maximum exposure to loss related to one of these VIEs is estimated at $3,627,000, which exceeds our investment as we have a nominal general partner interest and could be held responsible for its liabilities. The maximum exposure to loss represents the maximum loss that we could be required to recognize assuming all the ventures’ assets (principally real estate) are worthless, without consideration of the probability of a loss or of any actions we may take to mitigate any such loss. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-Based Compensation | ' | |||||||||||||||
Share-Based Compensation | ||||||||||||||||
Share-based compensation expense consists of: | ||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Cash-settled awards | $ | (801 | ) | $ | 1,823 | $ | (1,996 | ) | $ | 7,498 | ||||||
Equity-settled awards | 1,307 | 899 | 4,897 | 3,565 | ||||||||||||
Restricted stock | 22 | 85 | 101 | 541 | ||||||||||||
Stock options | 463 | 685 | 1,521 | 3,763 | ||||||||||||
$ | 991 | $ | 3,492 | $ | 4,523 | $ | 15,367 | |||||||||
Share-based compensation expense is included in: | ||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
General and administrative expense | $ | (50 | ) | $ | 1,297 | $ | 1,217 | $ | 7,310 | |||||||
Other operating expense | 1,041 | 2,195 | 3,306 | 8,057 | ||||||||||||
$ | 991 | $ | 3,492 | $ | 4,523 | $ | 15,367 | |||||||||
In first nine months 2014, we granted 92,800 cash-settled awards and 467,200 equity-settled awards. Equity-settled awards granted to employees in the first nine months 2014 include restricted stock units (RSUs), market-leveraged stock units (MSUs) and performance stock units (PSUs). Cash-settled RSUs vest ratably over three years from the date of grant. Equity-settled RSUs, MSUs and PSUs vest after three years from the date of grant upon achievement of market conditions for MSUs and upon achievement of performance goals for PSUs. Equity-settled awards in the form of RSUs granted to our directors are fully vested at the time of grant and are issued upon retirement. There were no restricted stock awards or stock options granted in first nine months 2014. | ||||||||||||||||
The fair value of awards granted to retirement eligible employees and expensed at the date of grant was $760,000 and $590,000 in first nine months 2014 and 2013. Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $10,950,000 at third quarter-end 2014. | ||||||||||||||||
In first nine months 2014 and 2013, we issued 211,333 and 118,472 shares out of our treasury stock associated with vesting of stock-based awards or exercise of stock options, net of 54,272 and 59,172 shares withheld having a value of $1,024,000 and $1,128,000 for payroll taxes in connection with vesting of stock-based awards or exercise of stock options. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
Cibolo Canyons—San Antonio, Texas | |
On October 24, 2014, we received $46,500,000 from the Cibolo Canyons Special Improvement District (CCSID) under 2007 economic development agreements in connection with development of the JW Marriott Hill Country Resort & Spa at our Cibolo Canyons project near San Antonio. CCSID funded payment to us from its issuance of $48,900,000 Hotel Occupancy Tax (HOT) and Sales and Use Tax Revenue Bonds. These bonds are obligations solely of CCSID and are payable from HOT and sales and use taxes levied by CCSID. | |
The resort hotel owner, SA Real Estate, LLLP (SARE), previously had senior rights to certain payments from CCSID to be funded by HOT and sales and use taxes. To facilitate issuance of the bonds by CCSID, SARE assigned these rights to us so that we could subordinate the rights to the rights of bondholders. In return, we provided SARE a $10,000,000 surety bond securing the entire obligation. The surety bond will decrease as CCSID satisfies it payment obligation to SARE, which is scheduled to be retired in full by 2020. | |
In addition, we provided a $6,846,000 letter of credit to the bond trustee as security for certain debt service fund obligations in the event CCSID tax collections are not sufficient to support payment of the bonds in accordance with their terms. The letter of credit must be maintained until the earlier of redemption of the bonds or scheduled bond maturity in 2034. If the letter of credit is drawn upon in part or in full, we are not required to replenish the letter of credit. | |
At third quarter-end 2014, we had $24,067,000 invested in the resort development against which we expect to apply proceeds resulting in a recovery of our full investment in fourth quarter 2014. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Our consolidated financial statements include the accounts of Forestar Group Inc., all subsidiaries, ventures and other entities in which we have a controlling interest. We account for our investment in other entities in which we have significant influence over operations and financial policies using the equity method. We eliminate all material intercompany accounts and transactions. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. In our consolidated balance sheets we have reclassified prior year's earnest money deposits that were included in other accrued expenses and other liabilities as a separate line item to conform to the current year presentation. | |
We prepare our unaudited interim financial statements in accordance with U.S. generally accepted accounting principles and Securities and Exchange Commission requirements for interim financial statements. As a result, they do not include all the information and disclosures required for complete financial statements. However, in our opinion, all adjustments considered necessary for a fair presentation have been included. Such adjustments consist only of normal recurring items unless otherwise noted. We make estimates and assumptions about future events. Actual results can, and probably will, differ from those we currently estimate including those principally related to allocating costs to real estate, measuring long-lived assets for impairment, oil and gas revenue accruals, capital expenditure and lease operating expense accruals associated with our oil and gas production activities, oil and gas reserves and depletion of our oil and gas properties. These interim operating results are not necessarily indicative of the results that may be expected for the entire year. For further information, please read the financial statements included in our 2013 Annual Report on Form 10-K. | |
New and Pending Accounting Pronouncements | ' |
New and Pending Accounting Pronouncements | |
Accounting Standards Adopted in 2014 | |
In first nine months 2014, we adopted ASU 2013-04 — Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, ASU 2014-12 — Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period and ASU 2014-08 — Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Adoption did not materially affect our earnings, financial position or disclosures. | |
Pending Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for annual and interim periods beginning after December 15, 2016. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures. |
Real_Estate_Tables
Real Estate (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate | ' | |||||||
Real estate consists of: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Entitled, developed and under development projects | $ | 342,553 | $ | 361,687 | ||||
Undeveloped land (includes land in entitlement) | 94,241 | 86,367 | ||||||
Commercial and income producing properties | ||||||||
Carrying value | 184,977 | 99,476 | ||||||
Less: accumulated depreciation | (29,966 | ) | (28,066 | ) | ||||
Net carrying value | 155,011 | 71,410 | ||||||
$ | 591,805 | $ | 519,464 | |||||
Oil_and_Gas_Properties_Tables
Oil and Gas Properties (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Extractive Industries [Abstract] | ' | |||||||
Net Capitalized Costs Related to Oil and Gas Producing Activities | ' | |||||||
Net capitalized costs, utilizing the successful efforts method of accounting, related to our oil and gas producing activities follows: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Unproved oil and gas properties | $ | 97,824 | $ | 100,320 | ||||
Proved oil and gas properties | 201,905 | 155,262 | ||||||
Total capitalized costs | 299,729 | 255,582 | ||||||
Less: accumulated depreciation, depletion and amortization | (39,974 | ) | (22,941 | ) | ||||
$ | 259,755 | $ | 232,641 | |||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Carrying value of goodwill and other intangible assets | ' | |||||||
Carrying value of goodwill and other intangible assets follows: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Goodwill | $ | 64,493 | $ | 64,493 | ||||
Identified intangibles, net | 2,947 | 2,153 | ||||||
$ | 67,440 | $ | 66,646 | |||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Reconciliation of Changes in Equity | ' | |||||||||||
A reconciliation of changes in equity at third quarter-end 2014 follows: | ||||||||||||
Forestar | Noncontrolling | Total | ||||||||||
Group Inc. | Interests | |||||||||||
(In thousands) | ||||||||||||
Balance at year-end 2013 | $ | 709,845 | $ | 5,552 | $ | 715,397 | ||||||
Net income | 28,383 | 611 | 28,994 | |||||||||
Distributions to noncontrolling interests | — | (2,093 | ) | (2,093 | ) | |||||||
Contributions from noncontrolling interests | — | 533 | 533 | |||||||||
Dissolution of noncontrolling interests | — | 1,342 | 1,342 | |||||||||
Purchase of noncontrolling interests, net of deferred taxes of $1,723,000 | (2,975 | ) | (3,273 | ) | (6,248 | ) | ||||||
Other (primarily share-based compensation) | 7,506 | — | 7,506 | |||||||||
$ | 742,759 | $ | 2,672 | $ | 745,431 | |||||||
Investment_in_Unconsolidated_V1
Investment in Unconsolidated Ventures (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Summarized Balance Sheet Information | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Combined summarized balance sheet information for our ventures accounted for using the equity method follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Venture Assets | Venture Borrowings(a) | Venture Equity | Our Investment | |||||||||||||||||||||||||||||||||||||||||||||
Third | Year-End | Third | Year-End | Third | Year-End | Third | Year-End | |||||||||||||||||||||||||||||||||||||||||
Quarter-End | Quarter-End | Quarter-End | Quarter-End | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
242, LLC (b) | $ | 26,139 | $ | 23,751 | $ | 2,934 | $ | 921 | $ | 19,286 | $ | 19,838 | $ | 8,819 | $ | 9,084 | ||||||||||||||||||||||||||||||||
CJUF III, RH Holdings | — | 36,320 | — | 18,492 | — | 15,415 | — | 3,235 | ||||||||||||||||||||||||||||||||||||||||
CL Ashton Woods (c) | 11,671 | 10,473 | — | — | 10,277 | 9,704 | 4,370 | 3,544 | ||||||||||||||||||||||||||||||||||||||||
CL Realty | 8,085 | 8,298 | — | — | 7,916 | 8,070 | 3,958 | 4,035 | ||||||||||||||||||||||||||||||||||||||||
CREA FMF Nashville (b) | 28,962 | — | 20,289 | — | 6,126 | — | 5,655 | — | ||||||||||||||||||||||||||||||||||||||||
FMF Littleton | 21,599 | — | — | — | 21,148 | — | 5,465 | — | ||||||||||||||||||||||||||||||||||||||||
FMF Peakview | 40,137 | 30,673 | 21,088 | 12,533 | 17,617 | 16,620 | 3,605 | 3,406 | ||||||||||||||||||||||||||||||||||||||||
HM Stonewall Estates (c) | 3,367 | 3,781 | 286 | 63 | 3,081 | 3,718 | 1,751 | 2,128 | ||||||||||||||||||||||||||||||||||||||||
LM Land Holdings (c) | 32,824 | 33,298 | 9,502 | 9,768 | 19,349 | 13,347 | 9,843 | 8,283 | ||||||||||||||||||||||||||||||||||||||||
PSW Communities | 12,604 | — | 7,377 | — | 4,270 | — | 3,795 | — | ||||||||||||||||||||||||||||||||||||||||
Temco | 12,756 | 13,320 | — | — | 12,518 | 13,160 | 6,259 | 6,580 | ||||||||||||||||||||||||||||||||||||||||
Other ventures (d) | 12,383 | 12,723 | 29,730 | 29,699 | (32,022 | ) | (31,357 | ) | 189 | 852 | ||||||||||||||||||||||||||||||||||||||
$ | 210,527 | $ | 172,637 | $ | 91,206 | $ | 71,476 | $ | 89,566 | $ | 68,515 | $ | 53,709 | $ | 41,147 | |||||||||||||||||||||||||||||||||
Summarized Income Statement Information | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Combined summarized income statement information for our ventures accounted for using the equity method follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Venture Revenues | Venture Earnings (Loss) | Our Share of Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter | First Nine Months | Third Quarter | First Nine Months | Third Quarter | First Nine Months | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
242, LLC | $ | 88 | $ | 37 | $ | 1,563 | $ | 3,168 | $ | (32 | ) | $ | (20 | ) | $ | 448 | $ | 817 | $ | (15 | ) | $ | (10 | ) | $ | 236 | $ | 438 | ||||||||||||||||||||
CJUF III, RH Holdings | 1,098 | 4 | 2,168 | 7 | (305 | ) | (133 | ) | (956 | ) | (357 | ) | (305 | ) | (133 | ) | (956 | ) | (357 | ) | ||||||||||||||||||||||||||||
CL Ashton Woods (c) | 790 | 1,355 | 1,859 | 4,246 | 277 | 477 | 573 | 1,027 | 373 | 677 | 826 | 1,817 | ||||||||||||||||||||||||||||||||||||
CL Realty | 413 | 445 | 1,240 | 1,246 | 294 | 350 | 846 | 802 | 147 | 175 | 423 | 401 | ||||||||||||||||||||||||||||||||||||
CREA FMF Nashville | — | — | — | — | — | — | (25 | ) | — | — | — | (25 | ) | — | ||||||||||||||||||||||||||||||||||
FMF Peakview | 3 | 200 | 3 | 200 | (109 | ) | (98 | ) | (261 | ) | (137 | ) | (21 | ) | (19 | ) | (52 | ) | (27 | ) | ||||||||||||||||||||||||||||
HM Stonewall Estates (c) | 292 | 696 | 1,727 | 1,794 | 91 | 255 | 613 | 655 | 36 | 100 | 245 | 276 | ||||||||||||||||||||||||||||||||||||
LM Land Holdings (c) | 4,604 | 9,387 | 13,897 | 14,651 | 3,397 | 5,515 | 10,368 | 9,274 | 1,200 | 2,344 | 3,097 | 3,998 | ||||||||||||||||||||||||||||||||||||
PSW Communities | — | — | — | — | (11 | ) | — | (231 | ) | — | (9 | ) | — | (204 | ) | — | ||||||||||||||||||||||||||||||||
Temco | 79 | 162 | 793 | 437 | 42 | 42 | 158 | 48 | 21 | 21 | 79 | 24 | ||||||||||||||||||||||||||||||||||||
Other ventures | 1,329 | 21 | 1,378 | 5,171 | 691 | (120 | ) | 502 | (642 | ) | 589 | (30 | ) | 296 | 34 | |||||||||||||||||||||||||||||||||
$ | 8,696 | $ | 12,307 | $ | 24,628 | $ | 30,920 | $ | 4,335 | $ | 6,268 | $ | 12,035 | $ | 11,487 | $ | 2,016 | $ | 3,125 | $ | 3,965 | $ | 6,604 | |||||||||||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Total includes current maturities of $61,936,000 at third quarter-end 2014, of which $40,697,000 is non-recourse to us, and $37,966,000 at year-end 2013, of which $37,822,000 is non-recourse to us. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,648,000 are reflected as a reduction to our investment in unconsolidated ventures at third quarter-end 2014. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | Includes unrecognized basis difference of $2,011,000 which is reflected as a reduction of our investment in unconsolidated ventures at third quarter-end 2014. The difference will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | Our investment in other ventures reflects our ownership interests, excluding venture losses that exceed our investment where we are not obligated to fund those losses. Please read Note 16—Variable Interest Entities for additional information. |
Receivables_Tables
Receivables (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables | ' | |||||||
Receivables consist of: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Loan secured by real estate | $ | 4,236 | $ | 7,610 | ||||
Other loans secured by real estate, average interest rates of 4.40% at third quarter-end 2014 and 5.00% at year-end 2013 | 8,234 | 7,987 | ||||||
Oil and gas joint interest billing receivables | 11,220 | 3,896 | ||||||
Oil and gas revenue accruals | 18,753 | 8,137 | ||||||
Other receivables and accrued interest | 3,884 | 11,648 | ||||||
46,327 | 39,278 | |||||||
Allowance for bad debts | (26 | ) | (26 | ) | ||||
$ | 46,301 | $ | 39,252 | |||||
Estimated Accretable Yield | ' | |||||||
Estimated accretable yield follows: | ||||||||
Third | ||||||||
Quarter-End | ||||||||
2014 | ||||||||
(In thousands) | ||||||||
Beginning of period (year-end 2013) | $ | 8,908 | ||||||
Change in accretable yield due to change in timing of estimated cash flows | (347 | ) | ||||||
Interest income recognized (in first nine months 2014) | (6,068 | ) | ||||||
End of period | $ | 2,493 | ||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt consists of: | ||||||||
Third | Year-End | |||||||
Quarter-End | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Senior secured credit facility | ||||||||
Term loan facility — average interest rate of 4.17% at year-end 2013 | $ | — | $ | 200,000 | ||||
8.50% senior secured notes due 2022 | 250,000 | — | ||||||
3.75% convertible senior notes due 2020, net of discount | 102,368 | 99,890 | ||||||
6.00% tangible equity unit notes, net of discount | 19,192 | 25,619 | ||||||
Secured promissory notes — average interest rates of 3.15% at third quarter-end 2014 and 3.17% at year-end 2013 | 15,400 | 15,400 | ||||||
Other indebtedness — interest rates ranging from 2.19% to 5.50% at third quarter-end 2014 | 42,335 | 16,498 | ||||||
$ | 429,295 | $ | 357,407 | |||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value | ' | |||||||||||||||||
Information about our fixed rate financial instruments not measured at fair value follows: | ||||||||||||||||||
Third Quarter-End 2014 | Year-End 2013 | |||||||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||||||
Amount | Value | Amount | Value | Technique | ||||||||||||||
(In thousands) | ||||||||||||||||||
Loan secured by real estate | $ | 4,236 | $ | 7,524 | $ | 7,610 | $ | 18,025 | Level 2 | |||||||||
Fixed rate debt (a) | (371,560 | ) | (381,619 | ) | (126,640 | ) | (118,634 | ) | Level 2 | |||||||||
_____________________ | ||||||||||||||||||
(a) | Third quarter-end 2014 includes our $250,000,000 of 8.50% senior secured notes due 2022, issued May 12, 2014. |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding | ' | |||||||||||||||
The computations of basic and diluted earnings per share are as follows: | ||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Numerator: | ||||||||||||||||
Consolidated net income | $ | 5,239 | $ | 12,897 | $ | 28,994 | $ | 19,137 | ||||||||
Less: Net loss (income) attributable to noncontrolling interest | (12 | ) | (1,067 | ) | (611 | ) | (2,815 | ) | ||||||||
Earnings available for diluted earnings per share | $ | 5,227 | $ | 11,830 | $ | 28,383 | $ | 16,322 | ||||||||
Less: Undistributed net income allocated to participating securities | (947 | ) | — | (5,151 | ) | — | ||||||||||
Earnings available to common shareholders for basic earnings per share | $ | 4,280 | $ | 11,830 | $ | 23,232 | $ | 16,322 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding — basic | 35,498 | 35,410 | 35,437 | 35,341 | ||||||||||||
Weighted average common shares upon conversion of participating securities (a) | 7,857 | — | 7,857 | — | ||||||||||||
Dilutive effect of stock options, restricted stock and equity-settled awards | 513 | 662 | 456 | 608 | ||||||||||||
Total weighted average shares outstanding — diluted | 43,868 | 36,072 | 43,750 | 35,949 | ||||||||||||
Anti-dilutive awards excluded from diluted weighted average shares | 1,959 | 1,764 | 2,171 | 2,022 | ||||||||||||
_____________________ | ||||||||||||||||
(a) | Our earnings per share calculation reflects the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of our 6.00% tangible equity units, issued November 27, 2013. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Assets Allocated by Segment | ' | |||||||||||||||
Total assets allocated by segment are as follows: | ||||||||||||||||
Third | Year-End | |||||||||||||||
Quarter-End | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Real estate | $ | 664,642 | $ | 582,802 | ||||||||||||
Oil and gas | 355,501 | 312,553 | ||||||||||||||
Other natural resources | 23,502 | 23,478 | ||||||||||||||
Assets not allocated to segments (a) | 224,594 | 253,319 | ||||||||||||||
$ | 1,268,239 | $ | 1,172,152 | |||||||||||||
_________________________ | ||||||||||||||||
(a) | Assets not allocated to segments at third quarter-end 2014 principally consist of cash and cash equivalents of $170,606,000 and a net deferred tax asset of $30,932,000. Assets not allocated to segments at year-end 2013 principally consist of cash and cash equivalents of $192,307,000 and a net deferred tax asset of $40,398,000. | |||||||||||||||
Segment Revenues and Earnings | ' | |||||||||||||||
Segment revenues and earnings are as follows: | ||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Revenues: | ||||||||||||||||
Real estate | $ | 32,445 | $ | 50,356 | $ | 153,098 | $ | 170,264 | ||||||||
Oil and gas | 24,145 | 22,095 | 66,076 | 53,430 | ||||||||||||
Other natural resources | 2,250 | 2,656 | 7,284 | 8,963 | ||||||||||||
Total revenues | $ | 58,840 | $ | 75,107 | $ | 226,458 | $ | 232,657 | ||||||||
Segment earnings: | ||||||||||||||||
Real estate | $ | 15,987 | $ | 13,197 | $ | 66,859 | $ | 40,747 | ||||||||
Oil and gas | 6,002 | 8,499 | 16,331 | 17,869 | ||||||||||||
Other natural resources | 669 | 549 | 2,220 | 2,792 | ||||||||||||
Total segment earnings | 22,658 | 22,245 | 85,410 | 61,408 | ||||||||||||
Items not allocated to segments (a) | (14,676 | ) | (13,347 | ) | (41,563 | ) | (45,114 | ) | ||||||||
Income before taxes attributable to Forestar Group Inc. | $ | 7,982 | $ | 8,898 | $ | 43,847 | $ | 16,294 | ||||||||
_________________________ | ||||||||||||||||
(a) | Items not allocated to segments consist of: | |||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
General and administrative expense | $ | (5,190 | ) | $ | (4,648 | ) | $ | (15,924 | ) | $ | (14,935 | ) | ||||
Shared-based compensation expense | (991 | ) | (3,492 | ) | (4,523 | ) | (15,367 | ) | ||||||||
Interest expense | (8,634 | ) | (5,231 | ) | (21,507 | ) | (14,892 | ) | ||||||||
Other corporate non-operating income | 139 | 24 | 391 | 80 | ||||||||||||
$ | (14,676 | ) | $ | (13,347 | ) | $ | (41,563 | ) | $ | (45,114 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Components of Share-Based Compensation Expense (Income) | ' | |||||||||||||||
Share-based compensation expense consists of: | ||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Cash-settled awards | $ | (801 | ) | $ | 1,823 | $ | (1,996 | ) | $ | 7,498 | ||||||
Equity-settled awards | 1,307 | 899 | 4,897 | 3,565 | ||||||||||||
Restricted stock | 22 | 85 | 101 | 541 | ||||||||||||
Stock options | 463 | 685 | 1,521 | 3,763 | ||||||||||||
$ | 991 | $ | 3,492 | $ | 4,523 | $ | 15,367 | |||||||||
Share-Based Compensation Expense (Income) Included in Operating Expense | ' | |||||||||||||||
Share-based compensation expense is included in: | ||||||||||||||||
Third Quarter | First Nine Months | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
General and administrative expense | $ | (50 | ) | $ | 1,297 | $ | 1,217 | $ | 7,310 | |||||||
Other operating expense | 1,041 | 2,195 | 3,306 | 8,057 | ||||||||||||
$ | 991 | $ | 3,492 | $ | 4,523 | $ | 15,367 | |||||||||
Real_Estate_Real_Estate_Detail
Real Estate - Real Estate (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Entitled, developed and under development projects | $342,553 | $361,687 |
Undeveloped land (includes land in entitlement) | 94,241 | 86,367 |
Carrying value | 184,977 | 99,476 |
Less: accumulated depreciation | -29,966 | -28,066 |
Net carrying value | 155,011 | 71,410 |
Total Real Estate | $591,805 | $519,464 |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Exchange of Productive Assets [Member] | Utility and Improvement District [Member] | Utility and Improvement District [Member] | Cibolo Canyons Project [Member] | Cibolo Canyons Project [Member] | Consolidated Properties [Member] | Consolidated Properties [Member] | Multi Family Development Properties [Member] | San Antonio Texas [Member] | San Antonio Texas [Member] | Austin, Texas [Member] | Austin, Texas [Member] | Austin, Texas [Member] | ||||
acre | Cibolo Canyons Project [Member] | Cibolo Canyons Project [Member] | Multi Family Property [Member] | Multi Family Property [Member] | Hotel Property [Member] | |||||||||||
Property | Property | Unit | ||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of asset in developed and under development projects | ' | ' | ' | ' | $66,198 | $62,183 | ' | ' | ' | ' | ' | $40,045 | $41,795 | ' | ' | ' |
Costs relate to water, sewer and other infrastructure assets | 7,118 | 15,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursements from utility and improvement districts | -8,554 | -4,540 | ' | ' | ' | ' | ' | ' | 4,504 | 1,840 | ' | ' | ' | ' | ' | ' |
Collection related to reduction of investment in the mixed-use development | ' | ' | ' | ' | ' | ' | 4,050 | 2,700 | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in resort development | 591,805 | ' | 519,464 | ' | ' | ' | 24,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Units Of Multifamily Project | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 257 | 257 | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | ' |
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,500 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,275 | 55,275 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,936 | 23,936 | ' |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,229 | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,610 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 979 | 979 | ' |
Payments to Acquire and Develop Real Estate | 82,864 | 65,762 | ' | ' | ' | ' | ' | ' | ' | ' | 26,110 | ' | ' | ' | ' | ' |
Real Estate Investment Property, at Cost | 184,977 | ' | 99,476 | ' | ' | ' | ' | ' | ' | ' | 58,727 | ' | ' | 53,917 | 53,917 | 29,002 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 992 | 992 | ' |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 865 | 865 | ' |
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer | ' | ' | ' | $10,476 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land Subject to Ground Leases | ' | ' | ' | 10,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Land | ' | ' | ' | 5,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial and income producing properties, investment unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 413 |
Oil_and_Gas_Properties_Net_Cap
Oil and Gas Properties - Net Capitalized Costs Related to Oil and Gas Producing Activities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Extractive Industries [Abstract] | ' | ' |
Unproved oil and gas properties | $97,824 | $100,320 |
Proved oil and gas properties | 201,905 | 155,262 |
Total capitalized costs | 299,729 | 255,582 |
Less: accumulated depreciation, depletion and amortization | -39,974 | -22,941 |
Net capitalized costs | $259,755 | $232,641 |
Oil_and_Gas_Properties_Additio
Oil and Gas Properties Additional Details (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Well | |
acre | |
Gain (Loss) on Disposition of Proved Property | $9,041 |
Productive Oil Wells, Number of Wells, Gross | 102 |
Productive Oil Wells, Number of Wells, Net | 7 |
Gas and Oil Area, Undeveloped, Net | 571 |
OKLAHOMA | ' |
Gain (Loss) on Disposition of Proved Property | 4,758 |
NORTH DAKOTA | ' |
Gain (Loss) on Disposition of Proved Property | $4,283 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill | $64,493 | $64,493 |
Identified intangibles, net | 2,947 | 2,153 |
Goodwill and other intangible assets | $67,440 | $66,646 |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles Additional Information (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $64,493 | $64,493 |
Austin, Texas [Member] | Multi Family Property [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Net | 865 | ' |
Credo [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Goodwill | 60,619 | ' |
Credo [Member] | Patents [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Net | 401 | ' |
Water Resource Company [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Goodwill | 3,874 | ' |
Finite-Lived Intangible Assets, Net | $1,681 | ' |
Equity_Reconciliation_of_Chang
Equity - Reconciliation of Changes in Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | $715,397 | ' |
Consolidated net income | 5,239 | 12,897 | 28,994 | 19,137 |
Distributions to noncontrolling interests | ' | ' | -2,093 | ' |
Contributions from noncontrolling interests | ' | ' | 533 | ' |
Dissolution of noncontrolling interests | ' | ' | 1,342 | ' |
Purchase of noncontrolling interests, net of deferred taxes of $1,723,000 | ' | ' | -6,248 | ' |
Other (primarily share-based compensation) | ' | ' | 7,506 | ' |
Ending balance | 745,431 | ' | 745,431 | ' |
Forestar Group Inc. [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 709,845 | ' |
Consolidated net income | ' | ' | 28,383 | ' |
Distributions to noncontrolling interests | ' | ' | 0 | ' |
Contributions from noncontrolling interests | ' | ' | 0 | ' |
Dissolution of noncontrolling interests | ' | ' | 0 | ' |
Purchase of noncontrolling interests, net of deferred taxes of $1,723,000 | ' | ' | -2,975 | ' |
Other (primarily share-based compensation) | ' | ' | 7,506 | ' |
Ending balance | 742,759 | ' | 742,759 | ' |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 5,552 | ' |
Consolidated net income | ' | ' | 611 | ' |
Distributions to noncontrolling interests | ' | ' | -2,093 | ' |
Contributions from noncontrolling interests | ' | ' | 533 | ' |
Dissolution of noncontrolling interests | ' | ' | 1,342 | ' |
Purchase of noncontrolling interests, net of deferred taxes of $1,723,000 | ' | ' | -3,273 | ' |
Other (primarily share-based compensation) | ' | ' | 0 | ' |
Ending balance | $2,672 | ' | $2,672 | ' |
Equity_Equity_Parenthetical_De
Equity Equity Parenthetical (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Deferred tax asset, net | $30,932 | $40,398 |
Noncontrolling Interest [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Deferred tax asset, net | $1,723 | ' |
Equity_Equity_Additional_Detai
Equity Equity - Additional (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Abstract] | ' | ' | ' |
Payments to Acquire Additional Interest in Subsidiaries | $7,971 | $7,971 | $0 |
Investment_in_Unconsolidated_V2
Investment in Unconsolidated Ventures - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Multi Family Property [Member] | Multi Family Property [Member] | Multi Family Property [Member] | Multi Family Property [Member] | Cjuf Three Rh Holdings Lp [Member] | Cjuf Three Rh Holdings Lp [Member] | FMF Littleton [Member] | FMF Littleton [Member] | FMF Littleton [Member] | FMF Littleton [Member] | CREA FMF [Member] | CREA FMF [Member] | CREA FMF [Member] | CREA FMF [Member] | Construction Loans [Member] | Construction Loans [Member] | 30 day LIBOR rate [Domain] | 30 day LIBOR rate [Domain] | Equity Method Investments [Member] | Equity Method Investments [Member] | Non-recourse Debt [Member] | Non-recourse Debt [Member] | |||||
Austin, Texas [Member] | Austin, Texas [Member] | COLORADO | COLORADO | Nashville, Tennessee [Member] | Nashville, Tennessee [Member] | FMF Littleton [Member] | CREA FMF [Member] | Construction Loans [Member] | Construction Loans [Member] | Venture | Equity Method Investments [Member] | Equity Method Investments [Member] | ||||||||||||||
Property | Property | Unit | Unit | Unit | Unit | COLORADO | Nashville, Tennessee [Member] | FMF Littleton [Member] | ||||||||||||||||||
COLORADO | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of ventures under ownership interest using equity method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | $55,275,000 | $55,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | 23,936,000 | 23,936,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | ' | ' | ' | ' | ' | ' | 9,839,000 | 2,229,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,936,000 | 37,966,000 | 40,697,000 | 37,822,000 |
Investment in unconsolidated ventures | ' | 5,016,000 | 819,000 | ' | 20,155,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions of return on investments and earnings | ' | 4,418,000 | 2,140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Units Of Multifamily Project | ' | ' | ' | ' | ' | ' | 257 | 257 | ' | ' | ' | ' | 385 | 385 | ' | ' | 320 | 320 | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution of Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | 5,897,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursed Costs From Unconsolidated Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,852,000 | ' | ' | ' | ' | 7,191,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,384,000 | 51,950,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.90% | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage of Partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Additional Interest in Subsidiaries | 7,971,000 | 7,971,000 | 0 | ' | ' | ' | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,289,000 | ' | ' | ' | ' | ' | ' |
Investment in unconsolidated ventures | ' | 53,709,000 | ' | 41,147,000 | ' | ' | ' | ' | 0 | 3,235,000 | 5,465,000 | 0 | ' | ' | 5,655,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction Loan, Guaranty Of Repayment, Conditions Not Met, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Construction Loan, Guaranty Of Repayment, Conditions Met, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Performance bonds and letters of credit | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Unconsolidated_V3
Investment in Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | $210,527 | $172,637 |
Venture Borrowings | 91,206 | 71,476 |
Venture Equity | 89,566 | 68,515 |
Investment in venture | 53,709 | 41,147 |
Unrecognized basis difference on equity method investment | 1,648 | ' |
242, LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 26,139 | 23,751 |
Venture Borrowings | 2,934 | 921 |
Venture Equity | 19,286 | 19,838 |
Investment in venture | 8,819 | 9,084 |
Cjuf Three Rh Holdings Lp [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 0 | 36,320 |
Venture Borrowings | 0 | 18,492 |
Venture Equity | 0 | 15,415 |
Investment in venture | 0 | 3,235 |
CL Ashton Woods [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 11,671 | 10,473 |
Venture Borrowings | 0 | 0 |
Venture Equity | 10,277 | 9,704 |
Investment in venture | 4,370 | 3,544 |
CL Realty [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 8,085 | 8,298 |
Venture Borrowings | 0 | 0 |
Venture Equity | 7,916 | 8,070 |
Investment in venture | 3,958 | 4,035 |
CREA FMF [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 28,962 | 0 |
Venture Borrowings | 20,289 | 0 |
Venture Equity | 6,126 | 0 |
Investment in venture | 5,655 | 0 |
FMF Littleton [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 21,599 | 0 |
Venture Borrowings | 0 | 0 |
Venture Equity | 21,148 | 0 |
Investment in venture | 5,465 | 0 |
FMF Peakview [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 40,137 | 30,673 |
Venture Borrowings | 21,088 | 12,533 |
Venture Equity | 17,617 | 16,620 |
Investment in venture | 3,605 | 3,406 |
HM Stonewall Estates [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 3,367 | 3,781 |
Venture Borrowings | 286 | 63 |
Venture Equity | 3,081 | 3,718 |
Investment in venture | 1,751 | 2,128 |
LM Land Holdings [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 32,824 | 33,298 |
Venture Borrowings | 9,502 | 9,768 |
Venture Equity | 19,349 | 13,347 |
Investment in venture | 9,843 | 8,283 |
PSW Communities [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 12,604 | 0 |
Venture Borrowings | 7,377 | 0 |
Venture Equity | 4,270 | 0 |
Investment in venture | 3,795 | 0 |
Temco [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 12,756 | 13,320 |
Venture Borrowings | 0 | 0 |
Venture Equity | 12,518 | 13,160 |
Investment in venture | 6,259 | 6,580 |
Other ventures [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Venture Assets | 12,383 | 12,723 |
Venture Borrowings | 29,730 | 29,699 |
Venture Equity | -32,022 | -31,357 |
Investment in venture | $189 | $852 |
Investment_in_Unconsolidated_V4
Investment in Unconsolidated Ventures - Summarized Income Statement Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | $8,696 | $12,307 | $24,628 | $30,920 |
Earnings (loss) | 4,335 | 6,268 | 12,035 | 11,487 |
Equity in earnings of unconsolidated ventures | 2,016 | 3,125 | 3,965 | 6,604 |
242, LLC [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 88 | 37 | 1,563 | 3,168 |
Earnings (loss) | -32 | -20 | 448 | 817 |
Equity in earnings of unconsolidated ventures | -15 | -10 | 236 | 438 |
Cjuf Three Rh Holdings Lp [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 1,098 | 4 | 2,168 | 7 |
Earnings (loss) | -305 | -133 | -956 | -357 |
Equity in earnings of unconsolidated ventures | -305 | -133 | -956 | -357 |
CL Ashton Woods [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 790 | 1,355 | 1,859 | 4,246 |
Earnings (loss) | 277 | 477 | 573 | 1,027 |
Equity in earnings of unconsolidated ventures | 373 | 677 | 826 | 1,817 |
CL Realty [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 413 | 445 | 1,240 | 1,246 |
Earnings (loss) | 294 | 350 | 846 | 802 |
Equity in earnings of unconsolidated ventures | 147 | 175 | 423 | 401 |
CREA FMF [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Earnings (loss) | 0 | 0 | -25 | 0 |
Equity in earnings of unconsolidated ventures | 0 | 0 | -25 | 0 |
FMF Peakview [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 3 | 200 | 3 | 200 |
Earnings (loss) | -109 | -98 | -261 | -137 |
Equity in earnings of unconsolidated ventures | -21 | -19 | -52 | -27 |
HM Stonewall Estates [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 292 | 696 | 1,727 | 1,794 |
Earnings (loss) | 91 | 255 | 613 | 655 |
Equity in earnings of unconsolidated ventures | 36 | 100 | 245 | 276 |
LM Land Holdings [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 4,604 | 9,387 | 13,897 | 14,651 |
Earnings (loss) | 3,397 | 5,515 | 10,368 | 9,274 |
Equity in earnings of unconsolidated ventures | 1,200 | 2,344 | 3,097 | 3,998 |
PSW Communities [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Earnings (loss) | -11 | 0 | -231 | 0 |
Equity in earnings of unconsolidated ventures | -9 | 0 | -204 | 0 |
Temco [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 79 | 162 | 793 | 437 |
Earnings (loss) | 42 | 42 | 158 | 48 |
Equity in earnings of unconsolidated ventures | 21 | 21 | 79 | 24 |
Other ventures [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Revenues | 1,329 | 21 | 1,378 | 5,171 |
Earnings (loss) | 691 | -120 | 502 | -642 |
Equity in earnings of unconsolidated ventures | $589 | ($30) | $296 | $34 |
Investment_in_Unconsolidated_V5
Investment in Unconsolidated Ventures - Summarized Income Statement Information (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Unrecognized basis difference on equity method investment | $1,648 | ' |
Equity Method Investments [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Long-term Debt, Current Maturities | 61,936 | 37,966 |
Equity Method Investments [Member] | Non-recourse Debt [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Long-term Debt, Current Maturities | 40,697 | 37,822 |
CL Realty [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Unrecognized basis difference on equity method investment | $2,011 | ' |
Receivables_Receivables_Detail
Receivables - Receivables (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total | $46,327 | ' | $39,278 |
Oil and Gas Joint Interest Billing Receivables | 11,220 | ' | 3,896 |
Allowance for bad debts | -26 | ' | -26 |
Receivables, net | 46,301 | ' | 39,252 |
Loan secured by real estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total | 4,236 | ' | 7,610 |
Notes receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total | 8,234 | ' | 7,987 |
Average interest rate | 4.40% | 5.00% | ' |
Oil and gas revenue accrual receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total | 18,753 | ' | 8,137 |
Receivables and accrued interest [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total | $3,884 | ' | $11,648 |
Receivables_Additional_Informa
Receivables - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan secured by real estate | $46,327,000 | $39,278,000 |
Due period of notes receivable as secured by deed of trust | '3 years | ' |
Loans Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loan secured by real estate | 4,236,000 | 7,610,000 |
Interest accrue percentage till year three | 9.00% | ' |
Interest accrue percentage year four | 10.00% | ' |
Interest accrue percentage year five | 12.00% | ' |
Forgiven interest rate | 6.25% | ' |
Principal amount of loan received | 8,912,000 | ' |
Interest amount of loan received | 530,000 | ' |
Outstanding principal balance | $6,787,000 | ' |
Due period of notes receivable as secured by deed of trust | '3 years | ' |
Receivables_Estimated_Accretab
Receivables - Estimated Accretable Yield (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Receivables [Abstract] | ' |
Beginning of period | $8,908 |
Change in accretable yield due to change in timing of estimated cash flows | -347 |
Interest income recognized | -6,068 |
End of period | $2,493 |
Debt_Debt_Detail
Debt - Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Debt | $429,295 | $357,407 |
Senior Notes [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt | 250,000 | 0 |
Convertible Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt | 102,368 | 99,890 |
Secured Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt | 15,400 | 15,400 |
Other indebtedness [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt | 42,335 | 16,498 |
Senior secured credit facility [Member] | Term loan facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt | 0 | 200,000 |
Six Percent Tangible Equity Units [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt | $19,192 | $25,619 |
Debt_Debt_Parenthetical_Detail
Debt - Debt (Parenthetical) (Detail) | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 |
Senior Notes [Member] | Six Percent Tangible Equity Units [Member] | Six Percent Tangible Equity Units [Member] | Secured Debt [Member] | Secured Debt [Member] | Other indebtedness [Member] | Senior secured credit facility [Member] | Senior secured credit facility [Member] | Senior secured credit facility [Member] | Convertible Debt [Member] | |
Term loan facility [Member] | Term loan facility [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rate | ' | 6.00% | 6.00% | 3.15% | 3.17% | ' | 0.00% | 4.17% | 4.75% | ' |
Interest Rate Percentage | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% |
Variable and fixed interest rates ranging, minimum | ' | ' | ' | ' | ' | 2.19% | ' | ' | ' | ' |
Variable and fixed interest rates ranging, maximum | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt | $429,295,000 | ' | $357,407,000 |
Deferred Finance Costs, Net | 16,072,000 | ' | 7,896,000 |
Amortization of deferred financing fees | 3,089,000 | 2,282,000 | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Maximum borrowing capacity under term Loan facility | 300,000,000 | ' | 200,000,000 |
Maturity period of revolving line of credit | 15-May-17 | ' | ' |
Revolving Line Of Credit Facility Extension Option Term | 'two one-year extension options | ' | ' |
Sublimit for letters of credit outstanding | 10,118,000 | ' | ' |
Debt Instrument, Fee Amount | 3,068,000 | ' | ' |
Net unused borrowing capacity | 289,882,000 | ' | ' |
Percentage of spread on federal funds effective rate | 0.50% | ' | ' |
Austin, Texas [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Guest room hotel | 413 | ' | ' |
Carrying value of multifamily project to secure non recourse loan | 29,002,000 | ' | ' |
Austin, Texas [Member] | Multi Family Property [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 23,936,000 | ' | ' |
Number Of Units Of Multifamily Project | 257 | ' | ' |
Senior Notes [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Interest Rate Percentage | 8.50% | ' | ' |
Debt instrument, maturity date | 1-Jun-22 | ' | ' |
Payment of Financing and Stock Issuance Costs | 8,053,000 | ' | ' |
Debt | 250,000,000 | ' | 0 |
Convertible Debt [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt | 102,368,000 | ' | 99,890,000 |
Secured Debt [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt | 15,400,000 | ' | 15,400,000 |
Secured Debt [Member] | Austin, Texas [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt | 15,400,000 | ' | ' |
Other indebtedness [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt | 42,335,000 | ' | 16,498,000 |
Carrying value of property to secure borrowing | 19,239,000 | ' | ' |
Other indebtedness [Member] | Multi Family Property [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Carrying value of property to secure borrowing | 82,715,000 | ' | ' |
Amended Senior Secured Credit Facility [Domain] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
DebtCovenantMinimumInterestCoverageRatio | 250.00% | ' | ' |
DebtCovenantLeverageRatio | 50.00% | ' | ' |
Senior secured credit facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
DebtCovenantMinimumInterestCoverageRatio | 150.00% | ' | ' |
DebtCovenantLeverageRatio | 40.00% | ' | ' |
Senior secured credit facility [Member] | Term loan facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Repayments of Debt | 200,000,000 | ' | ' |
Debt | 0 | ' | 200,000,000 |
Letter of Credit [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Maximum borrowing capacity under term Loan facility | 100,000,000 | ' | ' |
Convertible Debt [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Interest Rate Percentage | 3.75% | ' | ' |
LIBOR [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ' | ' |
Base Rate [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Percentage Of Variable Spread On Base Rate | 3.00% | ' | ' |
30 day LIBOR rate [Domain] | Revolving Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ' | ' |
Underwriters Discount [Domain] | Senior Notes [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Payment of Financing and Stock Issuance Costs | 6,250,000 | ' | ' |
Construction Loans [Member] | Other indebtedness [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt | $38,033,000 | ' | ' |
Fair_Value_Information_About_O
Fair Value - Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reported Value Measurement [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Loan secured by real estate | $4,236 | $7,610 |
Fixed rate debt | -371,560 | -126,640 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Loan secured by real estate | 7,524 | 18,025 |
Fixed rate debt | ($381,619) | ($118,634) |
Fair_Value_Information_About_O1
Fair Value - Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Debt | $429,295 | $357,407 |
Senior Notes [Member] | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' |
Debt | $250,000 | $0 |
Interest Rate Percentage | 8.50% | ' |
Debt instrument, maturity year | 12-May-14 | ' |
Fair_Value_Fair_Value_Addition
Fair Value Fair Value - Additional Information (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' |
Asset Impairment Charges | $94,000 | $0 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Employees of former affliate [Member] | Employee Stock Option [Member] | ' |
Equity [Line Items] | ' |
Options to purchase shares of common stock | 706,000 |
Exercisable at end of period, Weighted Average Remaining Contractual Term | '1 year |
Weighted average exercise price | $26.11 |
Aggregate intrinsic value | $54 |
Preferred Stock [Member] | ' |
Equity [Line Items] | ' |
Stockholders to purchase, conditions | 'One one-hundredth of a share of newly issued Series A Junior Participating Preferred Stock |
Preferred stock purchase right | 'One-quarter of a preferred stock purchase right |
Preferred stock exercise price | $100 |
Minimum percentage of beneficial ownership to acquire exercisable rights | 20.00% |
Redemption price of rights | $0.00 |
Redemption time of rights | '10 days |
Expiry date of rights | 11-Dec-17 |
Net_Income_per_Share_Earnings_
Net Income per Share - Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings available to common shareholders: | ' | ' | ' | ' |
Consolidated net income | $5,239 | $12,897 | $28,994 | $19,137 |
Less: Net (income) attributable to noncontrolling interests | -12 | -1,067 | -611 | -2,815 |
NET INCOME ATTRIBUTABLE TO FORESTAR GROUP INC. | 5,227 | 11,830 | 28,383 | 16,322 |
Less: Undistributed net income allocated to participating securities | -947 | 0 | -5,151 | 0 |
Earnings available to common shareholders for basic earnings per share | $4,280 | $11,830 | $23,232 | $16,322 |
Weighted average common shares outstanding - basic | 35,498 | 35,410 | 35,437 | 35,341 |
Weighted average common shares upon conversion of participating securities | 7,857 | 0 | 7,857 | 0 |
Dilutive effect of stock options, restricted stock and equity-settled awards | 513 | 662 | 456 | 608 |
Weighted average common shares outstanding - diluted | 43,868 | 36,072 | 43,750 | 35,949 |
Anti-dilutive awards excluded from diluted weighted average shares | 1,959 | 1,764 | 2,171 | 2,022 |
Net_Income_per_Share_Additiona
Net Income per Share Additional Information (Details) (USD $) | Nov. 27, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Six Percent Tangible Equity Units [Member] | Convertible Debt [Member] | Minimum [Member] | Maximum [Member] | |
Six Percent Tangible Equity Units [Member] | Six Percent Tangible Equity Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Interest Rate Percentage | 6.00% | 3.75% | ' | ' |
Debt And Equity Instruments, shares to be Issued | ' | ' | 6,547,800 | 7,857,000 |
Conversion price of Convertible Notes | ' | $24.49 | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 35.00% | 29.00% | 35.00% | 1.00% |
Benefit for noncontrolling interests | ' | ' | 1.00% | 4.00% |
Unrecognized Tax Benefits from Lapse of Statute of Limitations | ' | $6,326 | ' | $6,326 |
Effective Income Tax Rate Reconciliation State Rate Change Due To Previously Unrecognized Tax Benefit | ' | 33.00% | ' | 33.00% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
acre | |
Environmental Remediation Obligations [Abstract] | ' |
Area for which certificate of completion received | 288 |
Portion of site for which certificate not received | 80 |
Cost to complete remediation activities | $810,000 |
Asset Retirement Obligation | $1,667,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Customer | Segment | |
Segment Reporting [Abstract] | ' | ' |
Number of business segments | ' | 3 |
Number of customer who contributed more than 10 percent of revenue | 0 | ' |
Maximum percentage of revenue from customer | 10.00% | ' |
Segment_Information_Assets_All
Segment Information - Assets Allocated by Segment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Total Assets | $1,268,239 | $1,172,152 | ' | ' | ||
Cash and cash equivalents | 170,606 | 192,307 | 54,769 | 10,361 | ||
Deferred tax asset, net | 30,932 | 40,398 | ' | ' | ||
Operating Segments [Member] | Real estate [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Total Assets | 664,642 | 582,802 | ' | ' | ||
Operating Segments [Member] | Oil And Gas [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Total Assets | 355,501 | 312,553 | ' | ' | ||
Operating Segments [Member] | Other natural resources [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Total Assets | 23,502 | 23,478 | ' | ' | ||
Items not allocated to segments [Member] | Assets not allocated to segments [Member] | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Total Assets | $224,594 | [1] | $253,319 | [1] | ' | ' |
[1] | Assets not allocated to segments at third quarter-end 2014 principally consist of cash and cash equivalents of $170,606,000 and a net deferred tax asset of $30,932,000. Assets not allocated to segments at year-end 2013 principally consist of cash and cash equivalents of $192,307,000 and a net deferred tax asset of $40,398,000. |
Segment_Information_Segment_Re
Segment Information - Segment Revenues and Earnings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $58,840 | $75,107 | $226,458 | $232,657 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | 7,982 | 8,898 | 43,847 | 16,294 |
Segment Earnings [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 58,840 | 75,107 | 226,458 | 232,657 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | 22,658 | 22,245 | 85,410 | 61,408 |
Segment Earnings [Member] | Real estate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 32,445 | 50,356 | 153,098 | 170,264 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | 15,987 | 13,197 | 66,859 | 40,747 |
Segment Earnings [Member] | Oil And Gas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 24,145 | 22,095 | 66,076 | 53,430 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | 6,002 | 8,499 | 16,331 | 17,869 |
Segment Earnings [Member] | Other natural resources [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 2,250 | 2,656 | 7,284 | 8,963 |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | 669 | 549 | 2,220 | 2,792 |
Items not allocated to segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -14,676 | -13,347 | -41,563 | -45,114 |
Items not allocated to segments [Member] | General and administrative expense [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -5,190 | -4,648 | -15,924 | -14,935 |
Items not allocated to segments [Member] | Share-based compensation expense [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -991 | -3,492 | -4,523 | -15,367 |
Items not allocated to segments [Member] | Interest expense [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | -8,634 | -5,231 | -21,507 | -14,892 |
Items not allocated to segments [Member] | Other corporate non-operating income [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information Income (Loss) From Continuing Operations Before Income Taxes Attributable To Parent | $139 | $24 | $391 | $80 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Entity | |
Variable Interest Entity [Line Items] | ' |
Number of primary beneficiary | 4 |
Total assets of developed and under developed real estate | $53,747 |
Contributed to VIE | 4,378 |
Total liabilities of developed and under developed real estate | 75,575 |
Investment in VIEs | 9,507 |
Maximum Exposure to loss related to VIEs | 3,627 |
Current Maturities of Borrowings [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Total liabilities of developed and under developed real estate | $31,060 |
Share_Based_Compensation_Compo
Share Based Compensation - Components of Share-Based Compensation Expense (Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation | $991 | $3,492 | $4,523 | $15,367 |
Cash Settled Awards [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation | -801 | 1,823 | -1,996 | 7,498 |
Equity-settled awards [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation | 1,307 | 899 | 4,897 | 3,565 |
Restricted Stock [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation | 22 | 85 | 101 | 541 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' |
Total share-based compensation | $463 | $685 | $1,521 | $3,763 |
Share_Based_Compensation_Share
Share Based Compensation - Share Based Compensation Expense (Income) Included in Operating Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation | $991 | $3,492 | $4,523 | $15,367 |
General and administrative expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation | -50 | 1,297 | 1,217 | 7,310 |
Other Operating Expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation | $1,041 | $2,195 | $3,306 | $8,057 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Cash Settled Restricted Stock Unit [Member] | Restricted Stock Units (RSUs) [Member] | Equity-settled awards [Member] | |||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Granted, Equivalent Units | ' | ' | 92,800 | ' | 467,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '3 years | ' |
Fair value of awards granted to retirement eligible employees and expensed at date of grant | $760,000 | $590,000 | ' | ' | ' |
Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options | 10,950,000 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 211,333 | 118,472 | ' | ' | ' |
Shares withheld for payroll taxes | 54,272 | 59,172 | ' | ' | ' |
Value of shares withheld for payroll taxes | $1,024,000 | $1,128,000 | ' | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 24, 2014 | Oct. 24, 2014 |
In Thousands, unless otherwise specified | Cibolo Canyons Project [Member] | Cibolo Canyons Project [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Cibolo Canyons Project [Member] | Cibolo Canyons Project [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Collection related to reduction of investment in the mixed-use development | ' | ' | $4,050 | $2,700 | $46,500 | ' |
Long-term Transition Bond | ' | ' | ' | ' | ' | 48,900 |
Letters of credit | ' | ' | ' | ' | ' | 10,000 |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | 6,846 |
Real estate, net | $591,805 | $519,464 | $24,067 | ' | ' | ' |