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Forestar Provides Additional Information on Execution of Key Initiatives and Reports Full Year and Fourth Quarter 2015 Results

March 2, 20164:05 AM Business Wire

Significant progress executing key initiatives to reduce costs, exit non-core assets and focus on maximizing shareholder value

  • Actions taken to eliminate over $30 million in annual SG&A costs by year-end 2016
  • Sold Midtown Cedar Hill multifamily community for $43 million
  • Opportunistically exit multifamily assets
  • Executed agreement to sell Radisson hotel for $130 million
  • Sold Kansas/Nebraska oil and gas assets for $21 million
  • Retired $19 million of senior secured notes, to reduce annual interest expense by $1.6 million
  • Pursuing opportunistic exit of up to 89,000 acres of undeveloped land

AUSTIN, Texas–(BUSINESS WIRE)–Forestar Group Inc. (NYSE: FOR) today reported full year 2015 net loss of approximately ($213.0) million, or ($6.22) per share outstanding, compared with full year 2014 net income of approximately $16.6 million, or $0.38 per diluted share outstanding. Full year 2015 results include charges of approximately ($205.2) million, or ($5.99) per share outstanding, after tax, related to impairment of proved properties and unproved leasehold interests associated with non-core oil and gas assets, a deferred tax asset valuation allowance, and severance related charges. Full year 2014 results include non-cash charges and other special items of approximately ($24.5) million, or ($0.56) per share outstanding, after tax, principally related to impairment of unproved leasehold interests and proved properties in the oil and gas segment. To the extent the Company generates sufficient future taxable income, the Company may utilize historic losses as an offset against taxes payable.

Excluding special items, full year 2015 net loss was ($7.8) million, or ($0.23) per share outstanding, compared with net income of $41.1 million, or $0.94 per share outstanding in 2014.

   
Full Year
2015   2014
 
Net income (loss) per share – as reported ($6.22 ) $ 0.38
 
Special items per share:
Deferred tax asset valuation allowance 2.80 —
Oil and gas proved property impairments 2.03 0.23
Oil and gas unproved leasehold interest impairments 1.10 0.25
Severance related charges 0.06     0.08
Total special items per share (after-tax) $5.99 $ 0.56
 
Net income (loss) per share – excluding special items ($0.23 ) $ 0.94
 

Reducing Costs, Exiting Non-Core Assets, and Maximizing Shareholder Value

“We have made significant progress in executing our key initiatives to reduce costs, exit non-core assets and focus on maximizing shareholder value. To date, we have taken actions to eliminate over $30.0 million in annual expenses as compared with 2015 actuals. As we exit non-core assets and fully implement our initiatives, we expect further cost reductions to be implemented and are targeting an annual SG&A run rate over 50% lower than 2015 actuals,” said Phil Weber, Chief Executive Officer of Forestar.

“Key accomplishments include the execution of an agreement to sell the Radisson Hotel & Suites in Austin for $130.0 million and sale of the Kansas and Nebraska oil and gas assets for $21.0 million. In addition, we recently announced that Forestar is opportunistically exiting its portfolio of multifamily assets. Sale of the Midtown Cedar Hill multifamily community was completed in fourth quarter 2015 for approximately $42.9 million, generating $9.3 million in earnings and reducing debt by $24.2 million. Multifamily properties in Austin, Nashville and Charlotte are being marketed, as are two multifamily sites in Austin. We are also pursuing an exit of up to 89,000 acres of non-core timberland and undeveloped land. We are focused on executing our key initiatives and delivering value for shareholders,” continued Mr. Weber.

Weather-Related Delays Impact Lot Sales; Market Conditions Remain Favorable

“Weather-related delays and labor shortages primarily contributed to 2015 residential lot sales declining by 25%, excluding bulk sales, from 2014 levels. In Texas, Austin, Dallas and San Antonio finished 2015 with overall job growth well above the U.S. average of 1.9%, despite the drop in oil prices, reflecting the benefit of market diversification. Although new home sales in Houston are slowing, our 2015 Houston lot sales revenue was up over 6% and per lot margin was up 15% from year-ago levels primarily due to product mix and steady contributions from well-established communities. We ended the year with over 1,300 lots under option contract, supporting steady demand in our communities,” said Michael Quinley, President of Community Development.

2015 Significant Highlights (Includes Ventures)

Real Estate

  • Sold 1,472 developed residential lots; average gross profit of approximately $34,400 per lot
  • Sold 13,862 acres of undeveloped land for almost $2,300 per acre
  • Sold 63 commercial acres for approximately $248,300 per acre
  • Sold 1,062 residential tract acres for almost $10,600 per acre
  • Sold Midtown Cedar Hill, a stabilized multifamily community, for $42.9 million, generating segment earnings of $9.3 million and reducing debt by $24.2 million

Oil and Gas

  • Incurred non-cash impairment charges of $164.8 million associated with unproved leasehold interests and proved properties principally due to significant decline in oil prices and likelihood these non-core assets will be sold
  • Sold approximately 109,000 net leasehold mineral acres and 39 gross/7 net producing wells for $17.8 million, primarily in Nebraska, Texas and North Dakota

Other Natural Resources

  • Sold nearly 227,000 tons of fiber for $13.50 per ton

Fourth Quarter 2015 Financial Results

Forestar reported fourth quarter 2015 net loss of approximately ($6.2) million, or ($0.18) per share, compared with a fourth quarter 2014 net loss of approximately ($11.8) million, or ($0.34) per share outstanding. Fourth quarter 2015 results include non-cash impairment charges and changes in deferred tax asset valuation allowance of approximately ($21.5) million or ($0.63) per share outstanding, after tax, principally related to proved properties and unproved leasehold interest impairments in the oil and gas segment due to declining oil prices and likelihood these non-core assets will be sold. Fourth quarter 2014 results include non-cash impairments and other special items of approximately ($23.2) million, or ($0.66) per share outstanding, after tax, principally related to impairment of proved properties and unproved leasehold interests in the oil and gas segment.

Excluding special items, fourth quarter 2015 net income was $15.3 million or $0.45 per share outstanding, compared with fourth quarter 2014 net income of $11.4 million or $0.32 per share outstanding.

   
Fourth Quarter
2015   2014
 
Net income (loss) per share – as reported ($0.18 ) ($0.34 )
 
Special items per share:
Oil and gas proved property impairments 0.32 0.29
Oil and gas unproved leasehold interest impairments 0.39 0.28
Deferred tax asset valuation allowance (0.08 ) —
Severance and other costs   —     0.09  
Total special items per share (after-tax) $ 0.63 $ 0.66
 
Net income (loss) per share – excluding special items $ 0.45 $ 0.32
 

Fourth Quarter 2015 Significant Highlights (Includes Ventures)

Real Estate

  • Sold 363 developed residential lots; average gross profit of approximately $35,000 per lot
  • Sold 59 residential tract acres for $110,500 per acre
  • Sold 7 commercial acres for over $491,700 per acre
  • Sold 7,270 acres of undeveloped land for $2,200 per acre (includes 6,900 acre bulk sale for $14.9 million)

Oil and Gas

  • Incurred non-cash impairment charges of $37.6 million associated with unproved leasehold interests and proved properties primarily related to our Bakken/Three Forks assets principally due to significant decline in oil prices and likelihood these non-core assets will be sold
  • Sold approximately 81,600 net leasehold mineral acres and 10 gross/2 net producing wells in Nebraska and North Dakota for $4.7 million

Other Natural Resources

  • Sold over 63,800 tons of timber for $13.98 per ton

Fourth Quarter and Full Year 2015 Segment Financial Results (Includes Ventures)

Real Estate

($ in millions)     Q4 2015     Q4 2014     FY 2015     FY 2014
Segment Revenues $ 102.6 $ 60.0 $ 202.8 $ 213.1
Segment Earnings $ 37.9 $ 30.0 $ 67.7 $ 96.9
 

Full year 2015 real estate segment earnings were lower compared with full year 2014 principally due to gain on sale of assets of $26.0 million in 2014 compared with $1.6 million in 2015, lower undeveloped land sales and decreased residential lot sales activity. This activity was partially offset by higher commercial and residential tract sales which generated segment earnings of $8.8 million and sale of the Midtown Cedar Hill multifamily community which generated segment earnings of nearly $9.3 million. Fourth quarter 2015 real estate segment earnings were higher compared with fourth quarter 2014 principally due to sale of Midtown Cedar Hill and higher residential tract sales. Full year 2014 includes $10.5 million gain associated with the exchange of 10,000 acres of timberland, $7.6 million gain associated with acquisition of our partner’s interest in Eleven and $6.6 million gain associated with bonds proceeds received from Cibolo Canyons Special Improvement District.

Oil and Gas

($ in millions)     Q4 2015     Q4 2014     FY 2015     FY 2014
Segment Revenues $ 10.1 $ 18.2 $ 52.9 $ 84.3
Segment Loss ($38.4 ) ($39.0 ) ($184.4 ) ($22.7 )
 

Oil and gas segment loss increased in full year 2015 compared with full year 2014 principally due to non-cash impairment charges of $164.8 million related to unproved leasehold interests and proved properties driven by lower current and projected oil and gas prices and our plans not to drill or participate in new wells other than to preserve value and optionality for our ultimate sale of these non-core assets. In addition, segment loss was negatively impacted by lower realized oil and gas prices despite a 19% year over year increase in production volumes. Fourth quarter 2015 results include non-cash impairment charges of $37.6 million compared with $30.6 million in fourth quarter 2014 related to unproved leasehold interests and proved properties due to continued low oil prices and the likelihood these non-core assets will be sold. Excluding non-cash impairment charges, fourth quarter 2015 segment loss was lower compared with fourth quarter 2014 due to lower exploration and production costs, lower operating expenses, and higher production volumes, which partially offset decline in realized prices.

Other Natural Resources

($ in millions)     Q4 2015     Q4 2014     FY 2015     FY 2014
Segment Revenues $ 1.3 $ 2.1 $ 6.7 $ 9.4
Segment Earnings (Loss) ($0.1 ) $ 3.3 ($0.6 ) $ 5.5
 

Fourth quarter and full year 2015 other natural resources segment earnings declined compared with fourth quarter and full year 2014 principally due to lower fiber sales and due to a $2.7 million and $3.4 million gain in fourth quarter and full year 2014 associated with termination of a timber lease in connection with the sale of land from the Ironstob venture near Atlanta. Full year 2014 other natural resources segment results also includes $1.1 million of revenues generated from a groundwater reservation agreement and almost $0.2 million gain associated with the sale of water rights from a real estate community near Denver.

OUTLOOK

Fundamentals Stable in Forestar’s Community Development Markets

“New and existing home inventories in Texas remain below equilibrium levels, vacant developed lot supply remains low, and housing costs remain affordable relative to other markets. Our communities in the major markets of Texas are well located in areas of favorable job and population growth, which are the principal drivers of future housing demand. We expect 2016 residential lot sales volume to be in the range of 1,600 – 1,800 lots,” said Michael Quinley.

Executing Key Initiatives

“Forestar has made significant progress executing our key initiatives. We remain focused on selling non-core assets and further reducing both segment and general and administrative costs,” said Phil Weber.

Changes in Board of Directors

“In February 2016, two new Directors, Ashton Hudson and Richard Squires, were elected to the Board. Both will provide additional real estate expertise to the Board as we focus on executing our key initiatives. I would like to thank Kathleen Brown and Charles Matthews, both of whom retired from the Board, for their dedication and contributions to our Company. Going forward, Forestar is well positioned with an experienced Board and management team committed to maximizing value for all shareholders,” concluded Mr. Weber.

The Company will host a conference call on March 2, 2016 at 10:00 am ET to provide additional information on execution of key initiatives and discuss results of full year and fourth quarter 2015. The meeting may be accessed through webcast or by conference call. The webcast may be accessed through Forestar’s Internet site at www.forestargroup.com. To access the conference call, listeners calling from North America should dial 1-855-546-9555 at least 15 minutes prior to the start of the call. Those wishing to access the call from outside North America should dial 1-412-455-6094. The password is Forestar. Replays of the call will be available for two weeks following the completion of the live call and can be accessed at 1-855-859-2056 in North America and at 1-404-537-3406 outside North America. The password for the replay is 56791336.

About Forestar Group

Forestar is a residential and mixed-use real estate development company. We own directly or through ventures interests in 58 residential and mixed-use projects comprised of approximately 7,000 acres of real estate located in 11 states and 15 markets. We also own approximately 590,000 net acres of oil and gas fee minerals located in Texas, Louisiana, Georgia and Alabama. In addition, we own interests in various other assets that have been identified as non-core that the company will exit opportunistically over time. Our non-core assets include our investment in oil and gas working interests, about 89,000 acres of undeveloped land, and commercial and income producing properties which consist of one hotel, seven multifamily projects and two multifamily sites. Forestar operates in three business segments: real estate, oil and gas and other natural resources. Forestar’s address on the World Wide Web is www.forestargroup.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are typically identified by words or phrases such as “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” and other words and terms of similar meaning. These statements reflect management’s current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements, including but not limited to: general economic, market, or business conditions; market demand for our non-core assets; changes in commodity prices; opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including development costs; demand for new housing, including impacts from mortgage credit rates or availability; lengthy and uncertain entitlement processes; cyclicality of our businesses; accuracy of accounting assumptions; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this news release to reflect the occurrence of events after the date of this news release.

     
 
FORESTAR GROUP INC.
(UNAUDITED)

Business Segments

 
Fourth Quarter Full Year
2015   2014 2015   2014
(In thousands)
Revenues:

Real estate (a)

$ 102,634 $ 60,014 $ 202,830 $ 213,112
Oil and gas 10,104 18,224 52,939 84,300
Other natural resources   1,280     2,078     6,652     9,362  
Total revenues $ 114,018   $ 80,316   $ 262,421   $ 306,774  
Segment earnings (loss):
Real estate $ 37,931 $ 30,047 $ 67,678 $ 96,906
Oil and gas (b) (38,396 ) (39,017 ) (184,396 ) (22,686 )
Other natural resources   (97 )   3,279     (608 )   5,499  
Total segment earnings (loss) (562 ) (5,691 ) (117,326 ) 79,719
Items not allocated to segments:
General and administrative expense (5,262 ) (5,305 ) (24,802 ) (21,229 )
Share-based and long-term incentive compensation expense 1,252 1,106 (4,474 ) (3,417 )
Interest expense (8,215 ) (8,779 ) (34,066 ) (30,286 )
Other corporate non-operating income   123     62     256     453  
Income (loss) before taxes (12,664 ) (18,607 ) (180,412 ) 25,240
Income tax (expense) benefit   6,498     6,807     (32,635 )   (8,657 )
Net income (loss) attributable to Forestar Group Inc. $ (6,166 ) $ (11,800 ) $ (213,047 ) $ 16,583  
 
Net income (loss) per common share:
Diluted $ (0.18 ) $ (0.34 ) $ (6.22 ) $ 0.38
 
Weighted average common shares outstanding (in millions):
Diluted (d) 34.3 35.0 34.3 43.6
   
 
Year-End
Supplemental Financial Information: 2015   2014
(In thousands)
Cash and cash equivalents $ 96,442   $ 170,127
 
Senior secured notes 230,560 250,000
Convertible senior notes, net of discount 106,762 103,194
Tangible equity unit notes, net of discount 8,768 17,154
Other debt (c)   43,692   62,396
Total debt $ 389,782 $ 432,744
Net debt $ 293,340 $ 262,617
_____________________

(a)

 

Fourth quarter and full year 2015 real estate revenues include the sale of Midtown Cedar Hill, a 354-unit multifamily property we developed near Dallas, for $42.9 million.

(b)

Fourth quarter and full year 2015 oil and gas segment results include non-cash impairment charges of $37.6 million and $164.8 million related to unproved leasehold interests and proved properties, compared with non-cash impairment charges of $30.6 million and $32.6 million related to unproved leasehold interests and proved properties in fourth quarter and full year 2014.

(c)

Other debt at year-end 2015 consists principally of a $23.9 million senior secured note for one multifamily property and $15.4 million secured promissory note associated with our hotel property. Excludes approximately $134.7 million of unconsolidated venture debt and approximately $15.9 million of outstanding letters of credit.

(d)

Weighted average diluted shares outstanding for full year 2014 include 7.9 million shares associated with tangible equity units issued in 2013. The actual number of shares to be issued in December 2016 will be between 6.5 million – 7.9 million shares based on the market value of our stock. Weighted average diluted shares outstanding during fourth quarter 2014 and 2015 and full year 2015 exclude 7.9 million shares associated with tangible equity units, due to our net loss position in each of these periods.
     
 
FORESTAR GROUP INC.
REAL ESTATE SEGMENT
PERFORMANCE METRICS
 
Fourth Quarter Full Year
2015   2014 2015   2014
REAL ESTATE
Owned, Consolidated & Equity Method Ventures:
Residential Lots Sold 363 509 1,472 2,343
Revenue per Lot Sold $ 83,739 $ 71,773 $ 77,170 $ 58,138
Commercial Acres Sold 7 25 63 32
Revenue per Commercial Acre Sold $ 491,723 $ 227,456 $ 248,278 $ 258,617
Undeveloped Acres Sold 7,267 8,963 13,862 22,137
Revenue per Acre Sold $ 2,192 $ 2,100 $ 2,296 $ 2,189
Owned & Consolidated Ventures:
Residential Lots Sold 273 396 972 1,999
Revenue per Lot Sold $ 85,063 $ 69,944 $ 76,594 $ 55,597
Commercial Acres Sold 4 18 31 21
Revenue per Commercial Acre Sold $ 657,530 $ 88,456 $ 182,184 $ 89,681
Undeveloped Acres Sold 7,267 8,429 9,645 21,345
Revenue per Acre Sold $ 2,192 $ 2,079 $ 2,369 $ 2,181
Ventures Accounted For Using the Equity Method:
Residential Lots Sold 90 113 500 344
Revenue per Lot Sold $ 79,725 $ 78,182 $ 78,288 $ 72,906
Commercial Acres Sold 3 7 32 11
Revenue per Commercial Acre Sold $ 283,428 $ 589,782 $ 309,224 $ 589,574
Undeveloped Acres Sold — 534 4,217 792
Revenue per Acre Sold $ — $ 2,432 $ 2,129 $ 2,391
       
 
YEAR-END 2015
REAL ESTATE PIPELINE
 
Real Estate Entitled Acres

Developed &
Under
Development
Acres

Total Acres (a)
Residential
Owned 4,101 595
Ventures 1,014 167 5,877
Commercial
Owned 563 278
Ventures 208 102 1,151
Total Acres 5,886 1,142 7,028
 
Estimated Residential Lots (b) 10,565 2,439 13,004
_____________________

(a)

  Excludes acres associated with commercial and income producing properties.

(b)

Excludes 12 projects and nearly 4,000 planned future lots previously included with our projects in the development process due to the likelihood they will not be developed.
 
 

FORESTAR GROUP INC.
PROJECTS IN ENTITLEMENT

A summary of our real estate projects in the entitlement process (a) at year-end 2015 follows:

         

Project

County Market Project Acres (b)
California
Hidden Creek Estates Los Angeles Los Angeles 700
Terrace at Hidden Hills Los Angeles Los Angeles 30
Texas
Lake Houston Harris/Liberty Houston 3,700
Total 4,430
_____________________

(a)

  A project is deemed to be in the entitlement process when customary steps necessary for the preparation of an application for governmental land-use approvals, like conducting pre-application meetings or similar discussions with governmental officials, have commenced, or an application has been filed. Projects listed may have significant steps remaining, and there is no assurance that entitlements ultimately will be received.

(b)

Project acres are approximate and the actual number of acres entitled may vary.
 
 

UNDEVELOPED LAND

A summary of our undeveloped land at year-end 2015 follows:

      Acres
Timberland
Alabama 3,300
Georgia 45,900
Texas 14,300
Higher and Better Use Timberland (a)
Georgia 20,000
Entitled Undeveloped Land (b)
Georgia 5,100
Total 88,600
_____________________

(a)

  Higher and better use timberland represents eight projects previously in the entitlement process. We have discontinued entitlement efforts as we determined it is unlikely these projects will be developed.
(b) Entitled undeveloped land represents 12 projects and nearly 4,000 planned future lots previously included with our projects in the development process. We determined it is unlikely these projects will be developed.
 
 

FORESTAR GROUP INC.
REAL ESTATE PROJECTS

A summary of activity within our projects in the development process, which includes entitled, developed and under development real estate projects, at year-end 2015 follows:

               
Residential Lots/Units Commercial Acres
Project County

Interest
Owned (a)

Lots/Units
Sold
Since
Inception

   

Lots/Units
Remaining

Acres Sold
Since
Inception

   

Acres
Remaining

Projects with lots/units in inventory, under development or future planned development and projects with remaining commercial acres only
Texas

Austin

Arrowhead Ranch Hays 100 % — 381 — 11
The Colony Bastrop 100 % 459 1,425 22 31
Double Horn Creek Burnet 100 % 94 5 — —
Entrada (b) Travis 50 % — 821 — —
Hunter’s Crossing Bastrop 100 % 510 — 54 49
La Conterra Williamson 100 % 202 — 3 55
Westside at Buttercup Creek Williamson 100 % 1,496 1 66 —
2,761 2,633 145 146

Corpus Christi

Caracol Calhoun 75 % 12 62 — 14
Padre Island (b) Nueces 50 % — — — 15
Tortuga Dunes Nueces 75 % — 134 — 4
12 196 — 33

Dallas-Ft. Worth

Bar C Ranch Tarrant 100 % 372 733 — —
Keller Tarrant 100 % — — — 1
Lakes of Prosper Collin 100 % 157 130 4 —
Lantana Denton 100 % 1,249 515 14 —
Maxwell Creek Collin 100 % 943 58 10 —
Parkside Collin 100 % 19 181 — —
The Preserve at Pecan Creek Denton 100 % 598 184 — 7
River’s Edge Denton 100 % — 202 — —
Stoney Creek Dallas 100 % 255 453 — —
Summer Creek Ranch Tarrant 100 % 983 268 35 44
Timber Creek Collin 88 % — 601 — —
Village Park Collin 100 % 567 — 3 2
5,143 3,325 66 54

Houston

Barrington Kingwood Harris 100 % 176 4 — —
City Park Harris 75 % 1,311 157 52 113
Harper’s Preserve (b) Montgomery 50 % 513 1,215 30 49
Imperial Forest Harris 100 % — 428 — —
Long Meadow Farms (b) Fort Bend 38 % 1,551 253 190 115
Southern Trails (b) Brazoria 80 % 915 81 1 —
Spring Lakes Harris 100 % 348 — 25

 

4
Summer Lakes Fort Bend 100 % 722 347 56 —
Summer Park Fort Bend 100 % 102 97 32 64
Willow Creek Farms II Waller/Fort Bend 90 % 90 175 — —
5,728 2,757 386 345
 
 
Residential Lots/Units Commercial Acres
Project County

Interest
Owned (a)

Lots/Units
Sold
Since
Inception

Lots/Units
Remaining

Acres Sold
Since
Inception

Acres
Remaining

San Antonio

Cibolo Canyons Bexar 100 % 997 772 130 56
Oak Creek Estates Comal 100 % 273 281 13 —
Olympia Hills Bexar 100 % 740 14 10 —
Stonewall Estates (b) Bexar 50 % 371 19 — —
2,381 1,086 153 56
Total Texas 16,025 9,997 750 634
 
Colorado

Denver

Buffalo Highlands Weld 100 % — 164 — —
Johnstown Farms Weld 100 % 281 313 2 3
Pinery West Douglas 100 % 86 — 20 106
Stonebraker Weld 100 % — 603 — —
367 1,080 22 109
Georgia

Atlanta

Harris Place Paulding 100 % 22 5 — —
Montebello (b) (c) Forsyth 90 % — 220 — —
Seven Hills Paulding 100 % 851 231 26 113
West Oaks Cobb 100 % — 56 — —
873 512 26 113
North & South Carolina

Charlotte

Ansley Park Lancaster 100 % — 304 — —
Habersham York 100 % 28 159 — 7
Walden Mecklenburg 100 % — 387 — —
28 850 — 7

Raleigh

Beaver Creek (b) Wake 90 % — 193 — —
— 193 — —
28 1,043 — 7
Tennessee

Nashville

Beckwith Crossing Wilson 100 % — 99 — —
Morgan Farms Williamson 100 % 104 69 — —
Vickery Park Williamson 100 % — 87 — —
Weatherford Estates Williamson 100 % — 17 — —
104 272 — —
Wisconsin

Madison

Juniper Ridge/Hawks Woods (b) (c) Dane 90 % — 215 — —
Meadow Crossing II (b) (c) Dane 90 % — 172 — —
— 387 — —
 
 
Residential Lots/Units Commercial Acres
Project County

Interest
Owned (a)

Lots/Units
Sold
Since
Inception

Lots/Units
Remaining

Acres Sold
Since
Inception

Acres
Remaining

Arizona, California, Missouri, Utah

Tucson

Boulder Pass (b) (c) Pima 50 % — 88 — —
Dove Mountain Pima 100 % — 98 — —

Oakland

San Joaquin River

Contra Costa/Sacramento

100 % — — — 288

Kansas City

Somerbrook Clay 100 % 173 222 — —

Salt Lake City

Suncrest (b) (d) Salt Lake 90 % — 181 — —
173 589 — 288
Total 17,570 13,880 798 1,151

Contacts

Forestar Group Inc.
Anna E. Torma, 512-433-5312

Read full story here

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