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Forestar Group Inc. Reports First Quarter 2015 Results

AUSTIN, Texas--(BUSINESS WIRE)--May 6, 2015-- Forestar Group Inc. (NYSE: FOR) today reported a first quarter 2015 net loss of approximately ($8.2) million, or ($0.24) per share outstanding, compared with first quarter 2014 net income of approximately $8.3 million, or $0.19 per share outstanding.

"Our first quarter operating results were adversely impacted principally by timing of real estate sales activity and lower commodity prices. We sold less than 300 residential lots during first quarter along with minimal tract and undeveloped land sales. However, given our current backlog of lots under contract and low new home inventories in a majority of our active communities, we still expect to sell 1,800 - 1,900 lots in 2015. In addition, lower oil and gas prices more than offset an 85% increase in working interest oil production compared with first quarter 2014. We also incurred approximately $2.8 million of restructuring costs in first quarter 2015 associated with the execution of our initiatives to significantly reduce planned oil and gas operating costs and capital expenditures as compared with 2014. These restructuring costs were principally associated with the closure of our Fort Worth office and staff reductions. Going forward we are focused on improving profitability and creating value in our real estate segment by increasing lot and tract sales margins and on generating cash flow from our oil and gas assets by significantly lowering capital investments and operating costs," said Jim DeCosmo, president and chief executive officer of Forestar Group.

First Quarter 2015 Significant Highlights

  • Sold 289 developed residential lots; highest quarterly average lot price and profit per lot since becoming a public company
  • Increased working interest oil production over 85% compared with first quarter 2014

Forestar manages its operations through three business segments: real estate, oil and gas and other natural resources.

REAL ESTATE

First Quarter 2015 Significant Highlights (Includes Ventures)

  • Sold 289 developed residential lots for over $76,000 per lot and average gross profit of almost $37,600 per lot
  • Sold 33 commercial acres for $314,400 per acre
  • Sold 731 acres of undeveloped land for nearly $2,800 per acre

Segment Financial Results:

($ in millions)     Q1 2015     Q1 2014     Q4 2014
Segment Revenues $32.8 $65.5 $60.0
Segment Earnings $9.1 $23.6 $30.0
 

Real estate segment earnings decreased in first quarter 2015 compared with first quarter 2014 principally due to lower undeveloped land and residential lot sales. In first quarter 2015, average lot prices were over $76,000 per lot and average gross profit was almost $37,600 per lot, the highest average quarterly lot prices and margins reported, reflecting stable homebuilder demand in our markets. Real estate segment earnings decreased in first quarter 2015 compared with fourth quarter 2014 primarily due to lower undeveloped land sales, and $7.9 million in gains in fourth quarter 2014 primarily related to bond proceeds from the Cibolo Canyons Special Improvement District and sale of a land purchase contract.

OIL AND GAS

First Quarter 2015 Significant Highlights (Includes Ventures)

  • Increased working interest oil production by over 85% compared with first quarter 2014, principally due to capital investments in the Bakken/Three Forks
  • Generated gains of $1.2 million principally associated with the sale of leasehold interests in 290 net mineral acres in the Bakken/Three Forks for $2.0 million
  • Added 17 Bakken/Three Forks gross wells; 10 Bakken/Three Forks gross wells waiting on completion at quarter-end principally related to well commitments in 2014

Segment Financial Results:

($ in millions)     Q1 2015     Q1 2014     Q4 2014
Segment Revenues $13.2 $17.6 $18.2
Segment Earnings (Loss) ($2.9) $0.8 ($39.0)
 

Oil and gas segment earnings decreased in first quarter 2015 compared with first quarter 2014 principally due to lower oil prices and approximately $2.8 million in restructuring costs associated with termination of our Fort Worth office lease, retention bonus awards and severance costs associated with staff reductions, which were partially offset by $1.2 million in gains associated with sale of 290 net acres of leasehold interest in the Bakken/Three Forks. Oil and gas segment results improved in first quarter 2015 compared with fourth quarter 2014 principally due to $30.6 million in non-cash impairment charges in fourth quarter 2014 associated with proved properties and unproved leasehold interests primarily due to the significant decline in oil prices.

OTHER NATURAL RESOURCES

First Quarter 2015 Significant Highlights (Includes Ventures)

  • Sold nearly 47,600 tons of fiber for $14.07 per ton

Segment Financial Results:

($ in millions)     Q1 2015     Q1 2014     Q4 2014
Segment Revenues $1.8 $1.6 $2.1
Segment Earnings (Loss) ($0.4) ($0.5) $3.3
 

First quarter 2015 other natural resources segment results increased compared with first quarter 2014 principally due to $0.1 million in revenues generated from a previously announced groundwater reservation agreement. First quarter 2015 other natural resources segment earnings decreased compared with fourth quarter 2014 principally due to the benefit of a $2.7 million gain related to termination of a timber lease in connection with the sale of the remaining 2,000 acres from the Ironstob venture in fourth quarter 2014.

OUTLOOK

Maximizing Real Estate Value

“We are well positioned to capitalize on housing through residential lot and tract sales and to deliver the greatest value from every acre by increasing lot margins. We anticipate residential lot sales in 2015 to be in the range of 1,800 - 1,900 lots, with average lot margins up over 2014. Our multifamily team continues to capitalize on stable supply and demand in our target markets through the development of high-quality multifamily communities. Construction is continuing on over 1,700 units in five projects.

Focused on Generating Cash Flow from Oil and Gas

“We expect 2015 oil and gas production to remain essentially flat compared with 2014, despite a significant reduction in capital investments. We have restructured our oil and gas business to focus on generating cash flow by significantly lowering planned capital investments and segment operating expenses compared with 2014. Drilling and completion activity in the first quarter was primarily related to well commitments in 2014, with 17 gross Bakken/Three Forks wells (10% average working interest) generating initial production and 10 gross wells waiting on completion. Only seven new gross wells were approved in first quarter 2015 for $8.9 million of additional investment, all in the core of the Bakken/Three Forks and expected to meet disciplined return criteria. Given current commodity prices, we anticipate new well proposals to continue to decline compared with 2014.

Strategic Alternatives

“The Board of Directors and management team continue to evaluate strategic alternatives to enhance shareholder value, including a review of the oil and gas business. Going forward, Forestar is well positioned with an experienced team and a solid balance sheet, with a commitment to maximize value for all shareholders,” concluded Mr. DeCosmo.

The Company will host a conference call on May 6, 2015 at 10:00 am ET to discuss results of first 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 1-877-415-3185 at least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside North America should dial 1-857-244-7328. The password is Forestar. Replays of the call will be available for two weeks following the completion of the live call and can be accessed at 1-888-286-8010 in North America and at 1-617-801-6888 outside North America. The password for the replay is 69043071.

About Forestar Group

Forestar Group Inc. operates in three business segments: real estate, oil and gas and other natural resources. At first quarter-end 2015, the real estate segment owns directly or through ventures over 112,000 acres of real estate located in 11 states and 14 markets in the U.S. The real estate segment has 11 real estate projects representing approximately 24,400 acres currently in the entitlement process, and 74 entitled, developed and under development projects in ten states and 13 markets encompassing over 11,200 acres, comprised of over 18,500 planned residential lots and approximately 2,000 commercial acres. The oil and gas segment includes approximately 960,000 net acres of oil and gas mineral interests, with approximately 590,000 acres of fee ownership located principally in Texas, Louisiana, Georgia, and Alabama, and approximately 370,000 net acres of leasehold interests principally located in Nebraska, Kansas, Oklahoma, North Dakota and Texas. These leasehold interests include about 9,000 net mineral acres in the core of the prolific Bakken and Three Forks formations. The other natural resources segment includes sale of wood fiber and management of our recreational leases, and approximately 1.5 million acres of groundwater resources, including a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 20,000 acres of groundwater leases in central Texas. 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; 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

 
First Quarter
2015     2014
(In thousands)
Revenues:
Real estate $ 32,830 $ 65,480
Oil and gas 13,185 17,554
Other natural resources   1,790     1,571  
Total revenues $ 47,805   $ 84,605  
Segment earnings (loss):
Real estate $ 9,066 $ 23,575
Oil and gas (2,941 ) 807
Other natural resources   (391 )   (528 )
Total segment earnings 5,734 23,854
Items not allocated to segments:
General and administrative expense (6,020 ) (5,168 )
Share-based and long-term incentive compensation expense (a) (3,458 ) (313 )
Interest expense (8,821 ) (5,503 )
Other corporate non-operating income   48     122  
Income (loss) before taxes (12,517 ) 12,992
Income tax (expense) benefit   4,359     (4,658 )
Net income (loss) attributable to Forestar Group Inc. $ (8,158 ) $ 8,334  
 
Net income (loss) per common share:
Diluted $ (0.24 ) $ 0.19
 
Weighted average common shares outstanding (in millions):
Diluted (b) 34.2 43.9
 
 
First Quarter
Supplemental Financial Information: 2015 2014
(In thousands)
Cash and cash equivalents $ 126,262 $ 147,979
 
Borrowings under credit facility 200,000
Senior secured notes 250,000
Convertible senior notes, net of discount 104,020 100,716
Tangible equity unit notes, net of discount 15,092 23,201
Other debt (c)   65,301     21,495  
Total debt $ 434,413   $ 345,412  
Net debt $ 308,151   $ 197,433  
_____________________
(a)   Share-based and long-term incentive compensation expense increased principally as result of a two percent increase in our stock price since year-end 2014, compared with a 16 percent decrease in our stock price in first quarter 2014 since year-end 2013, which impacted the value of vested cash-settled awards.
(b) First quarter 2014 weighted average diluted shares outstanding includes 7.9 million associated with our tangible equity units issued during fourth quarter 2013.
(c) First quarter-end 2015 debt consists principally of $45.7 million of senior secured loans for two multifamily properties. Excludes approximately $123.5 million of unconsolidated venture debt and approximately $15.5 million of outstanding letters of credit.
 
   
FORESTAR GROUP INC.
REAL ESTATE SEGMENT
PERFORMANCE METRICS
 
First Quarter
2015     2014
REAL ESTATE
Owned, Consolidated & Equity Method Ventures:
Residential Lots Sold 289 974
Revenue per Lot Sold $ 76,233 $ 42,605
Commercial Acres Sold 33
Revenue per Commercial Acre Sold $ 314,438 $
Undeveloped Acres Sold 731 9,329
Revenue per Acre Sold $ 2,758 $ 2,113
Owned & Consolidated Ventures:
Residential Lots Sold 242 836
Revenue per Lot Sold $ 73,064 $ 40,161
Commercial Acres Sold 4
Revenue per Commercial Acre Sold $ 329,863 $
Undeveloped Acres Sold 731 9,329
Revenue per Acre Sold $ 2,758 $ 2,113
Ventures Accounted For Using the Equity Method:
Residential Lots Sold 47 138
Revenue per Lot Sold $ 92,551 $ 57,410
Commercial Acres Sold 29
Revenue per Commercial Acre Sold $ 312,237 $
Undeveloped Acres Sold
Revenue per Acre Sold $ $
 
                   
FIRST QUARTER 2015
REAL ESTATE PIPELINE
 
Real Estate Undeveloped

In
Entitlement
Process

Entitled

Developed &
Under
Development

Total Acres (a)
Undeveloped Land
Owned 71,910
Ventures 4,539 76,449
Residential
Owned 21,762 7,670 512
Ventures 847 199 30,990
Commercial
Owned 2,668 1,088 536
Ventures     237 117 4,646
Total Acres 76,449 24,430 9,842 1,364 112,085
 
Estimated Residential Lots 16,184 2,352 18,536
_____________________
(a)   Excludes acres associated with commercial and income producing properties.
 
   
FORESTAR GROUP INC.
OIL AND GAS SEGMENT
PERFORMANCE METRICS
 
First Quarter
2015     2014
Leasing Activity from Owned Mineral Interests
Acres Leased 800 1,741
Average Bonus / Acre $ 349 $ 343
Delay Rentals Received $ 70,000 $
Oil & Gas Production

Royalty Interests (a)

Gross Wells (at end of the period) 553 547
Oil Production (Barrels) (b) 35,500 32,700
Average Oil Price ($ / Barrel) $ 50.48 $ 85.38
Natural Gas Production (MMcf) 259.8 286.1
Average Natural Gas Price ($ / Mcf) $ 3.45 $ 3.69
BOE Production (c) 78,900 80,400
Average Price ($ / BOE) $ 34.13 $ 47.87

Working Interests

Gross Wells (at end of the period) 443 500
Oil Production (Barrels) (b) 258,100 139,300
Average Oil Price ($ / Barrel) $ 36.84 $ 87.60
Natural Gas Production (MMcf) 260.6 200.4
Average Natural Gas Price ($ / Mcf) $ 2.91 $ 5.34
BOE Production (c) 301,500 172,700
Average Price ($ / BOE) $ 34.05 $ 76.86

Total Oil & Gas Interests

Gross Wells (d) (at end of the period) 963 1,014
Oil Production (Barrels) (b) 293,600 172,000
Average Oil Price ($ / Barrel) $ 38.50 $ 87.18
Natural Gas Production (MMcf) 520.4 486.5
Average Natural Gas Price ($ / Mcf) $ 3.18 $ 4.37
BOE Production (c) 380,400 253,100
Average Price ($ / BOE) $ 34.07 $ 67.64
Average Daily Production

BOE per Day

Royalty Interests 877 893
Working Interests   3,350   1,919
Total 4,227 2,812

Working Interests BOE per Day

North Dakota 2,109 810
Kansas/Nebraska 672 539
Texas, Louisiana and Other   569   570
Total 3,350 1,919

_____________________

(a)   Includes our share of venture activity in which we own a 50% interest. Our share of natural gas production is 42 MMcf in first quarter 2015 and 53 MMcf in first quarter 2014.
(b) Oil production includes natural gas liquids (NGLs).
(c) BOE – Barrels of oil equivalent (converting natural gas to oil at 6 Mcfe / Bbl).
(d) Includes wells operated by third-party lessees/operators. Represent wells in which we own a royalty or working interest in a producing well. Excludes 33 working interest wells in first quarter 2015 and 2014 as we also own a royalty interest in these wells.
 
   
FORESTAR GROUP INC.
OIL AND GAS SEGMENT
 
First Quarter
2015     2014
Well Activity

Mineral Interests Owned (a)

Net Acres Held By Production 36,000 36,000
Gross Wells Drilled
Productive Gross Wells 553 547

Mineral Interests Leased

Net Acres Held By Production (b) 48,000 37,000
Gross Wells Drilled 19 21
Productive Gross Wells (c) 410 467

Total Well Activity

Net Acres Held By Production 84,000 73,000
Gross Wells Drilled 19 21
Productive Gross Wells 963 1,014
_____________________
(a)   Includes wells operated by third-party lessees/operators. Represent wells in which we own a royalty or working interest in a producing well.
(b) Excludes approximately 8,000 net acres in which we have an overriding royalty interest.
(c) Excludes approximately 1,200 wells in which we have an overriding royalty and 33 working interest wells as we also own a royalty interest in these wells.
 
 

FORESTAR GROUP INC.

OIL AND GAS SEGMENT

MINERAL INTERESTS

 

MINERAL INTERESTS OWNED (a)

Forestar’s oil and gas segment includes approximately 590,000 owned net mineral acres principally located in Texas, Louisiana, Georgia and Alabama.

State     Unleased     Leased (b)    

Held By
Production (c)

    Total (d)
(Net acres)
Texas 209,000 16,000 27,000 252,000
Louisiana 131,000 4,000 9,000 144,000
Georgia 152,000 152,000
Alabama 40,000 40,000
California 1,000 1,000
Indiana 1,000 1,000
534,000 20,000 36,000 590,000
_____________________
(a)   Includes ventures.
(b) Includes leases in primary lease term or for which a delayed rental payment has been received. In the ordinary course of business, leases covering a significant portion of leased owned net mineral acres may expire from time to time in a single reporting period.
(c) Acres being held are producing oil or gas in paying quantities.
(d) Texas, Louisiana, California and Indiana net acres are calculated as the gross number of surface acres multiplied by our percentage ownership of the mineral interest. Alabama and Georgia net acres are calculated as the gross number of surface acres multiplied by our estimated percentage ownership of the mineral interest based on county sampling.
 

MINERAL INTERESTS LEASED

Forestar’s oil and gas segment includes approximately 370,000 net mineral acres of leasehold interests principally located in Nebraska, Kansas, Oklahoma, Texas and North Dakota.

State     Undeveloped    

Held By
Production (a)

    Total
Nebraska 249,000 11,000 260,000
Kansas 16,000 8,000 24,000
Oklahoma 23,000 18,000 41,000
Texas 11,000 2,000 13,000
North Dakota 4,000 5,000 9,000
Other 19,000 4,000 23,000
322,000 48,000 370,000
_____________________
(a)   Excludes approximately 8,000 net acres of overriding royalty interests.
 
   
FORESTAR GROUP INC.
OTHER NATURAL RESOURCES SEGMENT
PERFORMANCE METRICS
 
First Quarter
2015     2014
Fiber Sales
Pulpwood tons sold 27,500 28,200
Average pulpwood price per ton $ 8.63 $ 9.66
Sawtimber tons sold 20,100 28,900
Average sawtimber price per ton $ 21.50 $ 21.71
 
Total tons sold 47,600 57,100
Average stumpage price per ton (a) $ 14.07 $ 15.77
 
Recreational Activity
Average recreational acres leased 109,700 115,200
Average price per leased acre $ 8.66 $ 9.24
_____________________
(a)   Average stumpage price per ton is based on gross revenues less cut and haul costs.
 
           
FORESTAR GROUP INC.
PROJECTS IN ENTITLEMENT
 

A summary of our real estate projects in the entitlement process (a) at first quarter-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
 
Georgia
Ball Ground Cherokee Atlanta 500
Crossing Coweta Atlanta 230
Fincher Road Cherokee Atlanta 3,890
Garland Mountain Cherokee/Bartow Atlanta 350
Martin’s Bridge Banks Atlanta 970
Mill Creek Coweta Atlanta 770
Wolf Creek Carroll/Douglas Atlanta 12,230
Yellow Creek Cherokee Atlanta 1,060
 
Texas
Lake Houston Harris/Liberty Houston 3,700
Total 24,430
_____________________
(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, which are the total for the project regardless of our ownership interest, are approximate. The actual number of acres entitled may vary.
 
               
FORESTAR GROUP INC.
REAL ESTATE PROJECTS
 

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

 
Residential Lots (c) Commercial Acres (d)
Project County

Interest
Owned (b)

Lots Sold
Since
Inception

   

Lots
Remaining

Acres
Sold
Since
Inception

   

Acres
Remaining (e)

Projects we own

California

San Joaquin River Contra Costa/Sacramento 100% 288

Colorado

Buffalo Highlands Weld 100% 164
Johnstown Farms Weld 100% 281 313 2 3
Pinery West Douglas 100% 45 41 20 106
Stonebraker Weld 100% 603

Georgia

Seven Hills Paulding 100% 806 277 26 113
The Villages at Burt Creek Dawson 100% 1,715 57
Other projects (17) Various 100% 207 2,765 705

North & South Carolina

Habersham York 100% 187
Walden Mecklenburg 100% 387

Tennessee

Beckwith Crossing Wilson 100% 99
Morgan Farms Williamson 100% 71 102
Weatherford Estates Williamson 100% 17

Texas

Arrowhead Ranch Hays 100% 381 11
Bar C Ranch Tarrant 100% 339 766
Barrington Kingwood Harris 100% 160 20
Cibolo Canyons Bexar 100% 921 848 130 56
Harbor Lakes Hood 100% 223 226 13 8
Hunter’s Crossing Bastrop 100% 510 41 62
Imperial Forest Harris 100% 428
La Conterra Williamson 100% 202 3 55
Lakes of Prosper Collin 100% 120 167 4
Lantana Denton 100% 1,168 613 11 1
Maxwell Creek Collin 100% 941 60 10
Oak Creek Estates Comal 100% 242 312 13
Parkside Collin 100% 200
River's Edge Denton 100% 202
Stoney Creek Dallas 100% 221 487
Summer Creek Ranch Tarrant 100% 982 269 35 44
Summer Lakes Fort Bend 100% 617 452 56
Summer Park Fort Bend 100% 69 130 28 68
The Colony Bastrop 100% 454 1,431 22 31
The Preserve at Pecan Creek Denton 100% 556 226 7
Village Park Collin 100% 567 3 2
Westside at Buttercup Creek Williamson 100% 1,496 1 66
Other projects (7) Various 100% 1,561 22 133 7
 
 
Residential Lots (c) Commercial Acres (d)
Project County  

Interest
Owned (b)

Lots Sold
Since
Inception

Lots
Remaining

Acres
Sold
Since
Inception

Acres
Remaining (e)

Other

Other projects (3) Various 100% 543 320
13,302 14,231 616 1,624
Projects in entities we consolidate

Texas

City Park Harris 75% 1,311 504 52 113
Timber Creek Collin 88% 601
Willow Creek Farms II Waller/Fort Bend 90% 90 160
Other projects (2) Various Various 10 198 18
1,411 1,463 52 131
Total owned and consolidated 14,713 15,694 668 1,755
 
Projects in ventures that we account for using the equity method

Texas

Entrada Travis 50% 821
Fannin Farms West Tarrant 50% 324 12
Harper’s Preserve Montgomery 50% 315 1,413 30 49
Lantana - Rayzor Ranch Denton 25% 1,163 30 28
Long Meadow Farms Fort Bend 38% 1,423 381 187 118
Southern Trails Brazoria 80% 810 186 1
Stonewall Estates Bexar 50% 349 41
Other projects (2) Various Various 15
Total in ventures 4,384 2,842 247 223
Combined total 19,097 18,536 915 1,978
_____________________
(a)   A project is deemed entitled when all major discretionary governmental land-use approvals have been received. Some projects may require additional permits and/or non-governmental authorizations for development.
(b) Interest owned reflects our net equity interest in the project, whether owned directly or indirectly. There are some projects that have multiple ownership structures within them. Accordingly, portions of these projects may appear as owned, consolidated or accounted for using the equity method.
(c) Lots are for the total project, regardless of our ownership interest. Lots remaining represent vacant developed lots, lots under development and future planned lots and are subject to change based on business plan revisions.
(d) Commercial acres are for the total project, regardless of our ownership interest, and are net developable acres, which may be fewer than the gross acres available in the project.
(e) Excludes acres associated with commercial and income producing properties.
 

A summary of our significant commercial and income producing properties at first quarter-end 2015 follows:

Project     Market     Interest

Owned (a)

    Type     Acres     Description
Radisson Hotel Austin 100% Hotel 2 413 guest rooms and suites
Eleven Austin 100% Multifamily 3 257-unit luxury apartment
Midtown (b) Dallas 100% Multifamily 13 354-unit luxury apartment
360° (b) Denver 20% Multifamily 4 304-unit luxury apartment
Acklen (b) Nashville 30% Multifamily 6 320-unit luxury apartment
HiLine (b) Denver 25% Multifamily 6 385-unit luxury apartment
Elan 99 (b) Houston 90% Multifamily 14 360-unit luxury apartment
_____________________
(a)   Interest owned reflects our total interest in the project, whether owned directly or indirectly.
(b) Construction in progress.
 

Source: Forestar Group Inc.

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