EX-99.1 2 a13-11780_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

NEWS

RELEASE

 

FOR IMMEDIATE RELEASE

CONTACT:

Anna E. Torma

 

(512) 433-5312

 

FORESTAR GROUP INC. REPORTS

FIRST QUARTER 2013 RESULTS

 

Accelerating Value Realization through Higher Residential Lot Sales, Increased Oil Production and Capitalizing on Multifamily Opportunities

 

AUSTIN, TEXAS, May 8, 2013—Forestar Group Inc. (NYSE: FOR) today reported first quarter 2013 net income of approximately $4.0 million, or $0.11 per diluted share, compared with first quarter 2012 net income of approximately $2.8 million, or $0.08 per diluted share outstanding.

 

“During first quarter, increased residential lot sales activity continued to reflect positive momentum and signs of a sustainable housing recovery.  Residential real estate markets in Texas continue to benefit from low finished lot inventories combined with a significant increase in housing starts.  Multifamily market conditions also remain strong in our target markets, and during the quarter, we sold Promesa, a wholly-owned multifamily community we developed in Austin, for $41 million, generating earnings of $10.9 million.  In addition, oil and gas revenues continued to gain momentum, with increased oil production in the Bakken and Three Forks formations in North Dakota and the Lansing-Kansas City formation in Kansas and Nebraska, principally due to our acquisition of Credo Petroleum.  We are focused on executing and delivering our Triple in FOR strategic initiatives to accelerate value realization, optimize transparency and disclosure and grow net asset value through strategic and disciplined investments,” said Jim DeCosmo, president and chief executive officer of Forestar Group.

 

First Quarter 2013 Significant Highlights

 

·             Sold Promesa, a wholly-owned multifamily community we developed in Austin for $41 million, generating earnings of $10.9 million

 

·             Sold 446 developed residential lots, a 56% increase compared with first quarter 2012

 

·             Oil production up over 113% compared with first quarter 2012, principally due to the acquisition of Credo Petroleum

 


 

Segment Reporting Change

 

Forestar has realigned its reportable segments to better reflect the underlying market fundamentals and operating strategy of its core businesses.  With this change, we have aggregated our fiber and water resources operating results in other natural resources. The company manages its operations through three business segments:  real estate, oil and gas and other natural resources.

 

REAL ESTATE

 

First Quarter 2013 Significant Highlights

 

·             Sold Promesa, a wholly-owned multifamily community we developed in Austin for $41.0 million, generating earnings of $10.9 million

 

·             Sold 446 developed residential lots, a 56% increase compared with first quarter 2012 — Almost 1,800 lots under option contracts

 

·             Sold 919 acres of undeveloped land for over $2,900 per acre

 

·             Sold 3 commercial acres for over $382,000 per acre

 

Segment Financial Results:

 

($ in millions)

 

1Q 2013

 

1Q 2012

 

4Q 2012

 

Segment Revenues

 

$

78.7

 

$

17.9

 

$

48.4

 

Segment Earnings

 

$

19.4

 

$

11.6

 

$

21.7

 

 

First quarter 2013 real estate segment earnings were higher compared with first quarter 2012 principally due to higher residential lot sales.  Real estate segment earnings declined in first quarter 2013 compared with fourth quarter 2012 primarily due to lower undeveloped land sales.

 

OIL AND GAS

 

First Quarter 2013 Significant Highlights

 

·             Oil production up over 113% compared with first quarter 2012, principally due to the acquisition of Credo Petroleum

 

·             22 new productive oil and gas wells drilled; 965 producing wells at quarter-end, up from 534 wells in first quarter 2012, principally due to acquisition of Credo Petroleum

 

Segment Financial Results:

 

($ in millions)

 

1Q 2013

 

1Q 2012

 

4Q 2012

 

Segment Revenues

 

$

15.5

 

$

9.4

 

$

17.2

 

Segment Earnings

 

$

5.1

 

$

7.1

 

$

7.1

 

 

Oil and gas segment earnings decreased in first quarter 2013 compared with first quarter 2012 principally due to reduced oil volumes associated with our owned mineral interests, lower oil prices, decreased delay rental revenues and incremental personnel costs, which were partially offset by increased oil production attributable to the acquisition of Credo Petroleum.  Oil and gas segment earnings decreased in first quarter 2013 compared with fourth quarter 2012 primarily due to lower oil production, which was partially offset by higher oil prices.

 

2


 

OTHER NATURAL RESOURCES

 

First Quarter 2013 Significant Highlights

 

·             Sold over 191,000 tons of fiber for $15.65 per ton

 

·             Recreational leasing remains strong

 

Segment Financial Results:

 

($ in millions)

 

1Q 2013

 

1Q 2012

 

4Q 2012

 

Segment Revenues

 

$

3.3

 

$

0.7

 

$

3.0

 

Segment Earnings (Loss)

 

$

1.3

 

$

(0.9

)

$

0.8

 

 

First quarter 2013 other natural resources segment earnings were higher compared with first quarter 2012 principally due to over 162,000 tons of additional fiber sales and a 35% increase in average pricing per ton.  Other natural resources segment earnings increased in first quarter 2013 compared with fourth quarter 2012 primarily due to higher fiber sales.

 

OUTLOOK

 

“Housing markets continue to show solid signs of a sustainable recovery, with growing demand for residential lots and increased interest in residential and commercial tracts.  Our backlog remains strong and we are well positioned to accelerate real estate sales during this housing recovery.  Our multifamily team successfully developed, leased, and monetized our Promesa community in only 24 months, generating well above cost of capital returns for our business, reflections of the project quality, experience of our team and favorable multifamily market conditions. We continue to build a solid pipeline of multifamily development opportunities, with construction at our multifamily ventures in Austin and Denver on target to begin delivering units in 2013, and our sites in Dallas, Nashville and Charlotte should be under construction by year-end.  We will continue to evaluate and acquire additional multifamily sites to further increase our pipeline of quality multifamily development opportunities.

 

“We continue to generate positive momentum through our oil and gas initiatives to increase exploration activity, production and reserves.  During first quarter, we experienced a significant increase in North Dakota drilling activity, with approximately twelve Bakken or Three Forks wells (5% average working interest) reaching total depth during the quarter.  We anticipate drilling activity in the Bakken to accelerate in the second half of 2013.  In addition, exploration and drilling activity in Kansas and Nebraska also ramped up during first quarter, with 19 wells (59% average working interest) reaching total depth, ten of which have been economic.  Our exploration initiatives in Kansas and Nebraska are yielding favorable success rates and strong risk-adjusted returns, and we continue to lease additional acreage in this basin.  During first quarter 2013, Forestar acquired leasehold interests in over 28,000 net mineral acres in new and existing prospects in Nebraska and Kansas.

 

“We continue to increase our momentum toward delivering our Triple in FOR strategic initiatives, focused on accelerating value realization, increasing transparency and disclosure, growing our net asset value through strategic and disciplined investments.  We are off to a great start and we are well positioned for 2013,” concluded Mr. DeCosmo.

 

3


 

The Company will host a conference call on May 8, 2013 at 10:00 am ET to discuss results of first quarter 2013.  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 1-877-280-4958 at least 15 minutes prior to the start of the meeting.  Those wishing to access the call from outside North America should dial 1-857-244-7315.  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 95046996.

 

About Forestar Group

 

Forestar Group Inc. operates in three business segments: real estate, oil and gas and other natural resources. At the end of first quarter 2013, the real estate segment owns directly or through ventures almost 135,000 acres of real estate located in ten states and fourteen markets in the U.S.  The real estate segment has 14 real estate projects representing approximately 25,980 acres currently in the entitlement process, and 72 entitled, developed and under development projects in eight states and twelve markets encompassing almost 14,400 acres, comprised of almost 23,600 planned residential lots and almost 2,400 commercial acres. The oil and gas segment includes approximately 792,000 net acres of oil and gas mineral interests, with approximately 590,000 acres of fee ownership located principally in Texas, Louisiana, Alabama, and Georgia and almost 202,000 net acres of leasehold interests principally located in Nebraska, Kansas, Oklahoma, North Dakota and Texas.  These leasehold interests include almost 6,000 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 our ability to achieve synergies and value creation contemplated by the merger with Credo, and our ability to promptly and effectively integrate Credo’s businesses.  Other factors and uncertainties that might cause such differences include, but are 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 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.

 

4


FORESTAR GROUP INC.

(UNAUDITED)

 

Business Segments

 

 

 

First Quarter

 

 

 

2013

 

2012

 

 

 

(In thousands,
except per share)

 

Revenues

 

 

 

 

 

Real estate

 

$

78,689

 

$

17,922

 

Oil and gas

 

15,504

 

9,426

 

Other natural resources

 

3,278

 

744

 

Total revenues

 

$

97,471

 

$

28,092

 

 

 

 

 

 

 

Segment earnings

 

 

 

 

 

Real estate

 

$

19,446

 

$

11,577

 

Oil and gas

 

5,127

 

7,128

 

Other natural resources

 

1,252

 

(863

)

Total segment earnings

 

25,825

 

17,842

 

Items not allocated to segments:

 

 

 

 

 

General and administrative expense

 

(4,958

)

(4,362

)

Share-based compensation expense

 

(10,415

)

(5,231

)

Interest expense

 

(4,539

)

(3,891

)

Other corporate non-operating income

 

31

 

64

 

Income before taxes

 

5,944

 

4,422

 

Income tax expense

 

(1,993

)

(1,620

)

Net income attributable to Forestar Group Inc.

 

$

3,951

 

$

2,802

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

Basic

 

$

0.11

 

$

0.08

 

Diluted

 

$

0.11

 

$

0.08

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

35.3

 

34.9

 

Diluted

 

35.7

 

35.2

 

 

 

 

First Quarter

 

Supplemental Financial Information:

 

2013

 

2012

 

 

 

(In thousands)

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

86,653

 

$

6,801

 

 

 

 

 

 

 

Borrowings under credit facility

 

$

200,000

 

$

136,000

 

Convertible senior notes, net of discount (a)

 

97,593

 

—

 

Other debt (b)

 

31,027

 

91,865

 

Total debt

 

$

328,620

 

$

227,865

 

 

(a)         Represents $125 million convertible senior notes issued February 2013, net of unamortized discount

(b)         Consists principally of consolidated venture non-recourse debt.

 

5


 

FORESTAR GROUP INC.

REAL ESTATE SEGMENT

PERFORMANCE METRICS

 

 

 

First Quarter

 

REAL ESTATE

 

2013

 

2012

 

Owned, Consolidated & Equity Method Ventures:

 

 

 

 

 

Residential Lots Sold

 

446

 

285

 

Revenue per Lot Sold

 

$

51,900

 

$

53,000

 

Commercial Acres Sold

 

3

 

—

 

Revenue per Commercial Acre Sold

 

$

382,700

 

—

 

Undeveloped Acres Sold

 

919

 

455

 

Revenue per Acre Sold

 

$

2,900

 

$

2,400

 

Owned & Consolidated Ventures:

 

 

 

 

 

Residential Lots Sold

 

355

 

137

 

Revenue per Lot Sold

 

$

52,500

 

$

62,000

 

Commercial Acres Sold

 

3

 

—

 

Revenue per Commercial Acre Sold

 

$

382,700

 

—

 

Undeveloped Acres Sold

 

919

 

320

 

Revenue per Acre Sold

 

$

2,900

 

$

2,300

 

Ventures Accounted For Using the Equity Method:

 

 

 

 

 

Residential Lots Sold

 

91

 

148

 

Revenue per Lot Sold

 

$

49,600

 

$

44,600

 

Commercial Acres Sold

 

—

 

—

 

Revenue per Commercial Acre Sold

 

—

 

—

 

Undeveloped Acres Sold

 

—

 

135

 

Revenue per Acre Sold

 

—

 

$

2,600

 

 

FIRST QUARTER 2013

REAL ESTATE PIPELINE

 

Real Estate

 

Undeveloped

 

In
Entitlement
Process

 

Entitled

 

Developed &
Under
Development

 

Total
Acres*

 

 

 

 

 

 

 

 

 

 

 

 

 

Undeveloped Land

 

 

 

 

 

 

 

 

 

 

 

Owned

 

87,543

 

 

 

 

 

 

 

 

 

Ventures

 

6,901

 

 

 

 

 

 

 

94,444

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

 

 

Owned

 

 

 

23,272

 

9,005

 

821

 

 

 

Ventures

 

 

 

 

 

1,898

 

281

 

35,277

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

Owned

 

 

 

2,708

 

1,201

 

591

 

 

 

Ventures

 

 

 

 

 

387

 

190

 

5,077

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Acres

 

94,444

 

25,980

 

12,491

 

1,883

 

134,798

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Residential Lots

 

 

 

 

 

20,500

 

3,063

 

23,563

 

 

* In addition, Forestar owns a 58% interest in a venture which controls approximately 16,000 acres of undeveloped land in Georgia with minimal investment. Excludes acres associated with fully developed commercial and income producing properties.

 

6


 

FORESTAR GROUP INC.

OIL AND GAS SEGMENT

PERFORMANCE METRICS

 

 

 

First Quarter

 

 

 

2013

 

2012

 

Leasing Activity from Owned Mineral Interests

 

 

 

 

 

Acres Leased

 

310

 

805

 

Average Bonus / Acre

 

$

316

 

$

357

 

Delay Rentals Received

 

$

457,500

 

$

1,114,900

 

Oil & Gas Production

 

 

 

 

 

Royalty Interests(1)

 

 

 

 

 

Gross Wells

 

543

 

534

 

Oil Production (Barrels)

 

48,200

 

67,700

 

Average Oil Price ($ / Barrel)

 

$

85.93

 

$

98.10

 

Natural Gas Production (MMcf)

 

377.2

 

427.9

 

Average Natural Gas Price ($ / Mcf)

 

$

3.04

 

$

3.20

 

BOE Production(2)

 

111,100

 

139,000

 

Average Price ($ / BOE)

 

$

47.64

 

$

57.61

 

Working Interests

 

 

 

 

 

Gross Wells

 

431

 

9

 

Oil Production (Barrels)

 

99,600

 

1,500

 

Average Oil Price ($ / Barrel)

 

$

90.76

 

$

73.68

 

Natural Gas Production (MMcf)

 

216.7

 

24.3

 

Average Natural Gas Price ($ / Mcf)

 

$

3.67

 

$

3.75

 

BOE Production(2)

 

135,800

 

5,500

 

Average Price ($ / BOE)

 

$

72.47

 

$

36.32

 

Total Oil & Gas Interests

 

 

 

 

 

Gross Wells(3)

 

965

 

534

 

Oil Production (Barrels)

 

147,900

 

69,200

 

Average Oil Price ($ / Barrel)

 

$

89.19

 

$

97.57

 

Natural Gas Production (MMcf)

 

593.9

 

452.2

 

Average Natural Gas Price ($ / Mcf)

 

$

3.27

 

$

3.23

 

BOE Production(2)

 

246,800

 

144,600

 

Average Price ($ / BOE)

 

$

61.30

 

$

56.80

 

Well Activity

 

 

 

 

 

Mineral Interests Owned (3)

 

 

 

 

 

Net Acres Held By Production

 

29,000

 

31,700

 

Gross Wells Drilled

 

—

 

4

 

Productive Gross Wells

 

543

 

534

 

Mineral Interests Leased

 

 

 

 

 

Net Acres Held By Production(4)

 

30,000

 

—

 

Gross Wells Drilled

 

22

 

—

 

Productive Gross Wells(4)

 

422

 

—

 

Total Well Activity

 

 

 

 

 

Net Acres Held By Production

 

59,000

 

31,700

 

Gross Wells Drilled

 

22

 

4

 

Productive Gross Wells

 

965

 

534

 

 

(1) Includes our share of venture activity in which we own a 50% interest. Our share of natural gas production is 70 MMcf in first quarter 2013 and 90 MMcf in first quarter 2012

(2) BOE — Barrels of oil equivalent (converting natural gas to oil at 6 Mcfe / Bbl)

(3) Includes wells operated by third-party lessees/operators. Represent wells in which we own a royalty or working interest in a producing well

(4) Excludes 8,000 net acres and 1,181 wells in which we have an overriding royalty interest

 

7


 

FIRST QUARTER 2013

OIL AND GAS SEGMENT

MINERAL INTERESTS

 

MINERAL INTERESTS OWNED (1)

 

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

 

Held by
Production

 

Total (2)

 

Texas

 

213,000

 

12,000

 

27,000

 

252,000

 

Louisiana

 

117,000

 

25,000

 

2,000

 

144,000

 

Georgia

 

152,000

 

—

 

—

 

152,000

 

Alabama

 

40,000

 

—

 

—

 

40,000

 

California

 

1,000

 

—

 

—

 

1,000

 

Indiana

 

1,000

 

—

 

—

 

1,000

 

Total

 

524,000

 

37,000

 

29,000

 

590,000

 

 

(1) Represents net acres and includes ventures

(2) Excludes 477 net mineral acres located in Colorado, which includes 319 leased acres and 158 acres held by production

 

MINERAL INTERESTS LEASED (1)

 

Forestar’s oil and gas segment includes approximately 202,000 net mineral acres of leasehold interests principally located in Nebraska, Kansas, Oklahoma, North Dakota and Texas, predominantly as result of our September 28, 2012 acquisition of CREDO Petroleum.

 

State

 

Undeveloped

 

Held by
Production

 

Total (2)

 

Nebraska

 

107,000

 

2,000

 

109,000

 

Kansas

 

40,000

 

3,000

 

43,000

 

Oklahoma

 

—

 

17,000

 

17,000

 

North Dakota

 

3,000

 

3,000

 

6,000

 

Texas

 

6,000

 

2,000

 

8,000

 

Other

 

16,000

 

3,000

 

19,000

 

Total

 

172,000

 

30,000

 

202,000

 

 

(1) Represents net acres

(2) Excludes approximately 8,000 net acres of overriding royalty interests

 

8


 

FORESTAR GROUP INC.

OTHER NATURAL RESOURCES SEGMENT

PERFORMANCE METRICS

 

 

 

First Quarter

 

 

 

2013

 

2012

 

Fiber Sales *

 

 

 

 

 

Pulpwood Tons Sold

 

120,600

 

24,400

 

Average Pulpwood Price / Ton

 

$

11.70

 

$

10.18

 

Sawtimber Tons Sold

 

70,900

 

4,400

 

Average Sawtimber Price / Ton

 

$

22.36

 

$

19.48

 

 

 

 

 

 

 

Total Tons Sold

 

191,500

 

28,800

 

Average Price / Ton

 

$

15.65

 

$

11.59

 

 

 

 

 

 

 

Recreational Activity

 

 

 

 

 

Average Acres Leased

 

122,700

 

130,900

 

Average Lease Rate / Acre

 

$

9.15

 

$

8.80

 

 

*The majority of our fiber sales were to International Paper at market prices.

 

9


 

FORESTAR GROUP INC.

PROJECTS IN ENTITLEMENT

 

A summary of projects in the entitlement process (a) at first quarter-end 2013 follows:

 

 

 

 

 

Project

 

Project

 

County

 

Acres (b)

 

 

 

 

 

 

 

California

 

 

 

 

 

Hidden Creek Estates

 

Los Angeles

 

700

 

Terrace at Hidden Hills

 

Los Angeles

 

30

 

 

 

 

 

 

 

Georgia

 

 

 

 

 

Ball Ground

 

Cherokee

 

500

 

Crossing

 

Coweta

 

230

 

Fincher Road

 

Cherokee

 

3,890

 

Fox Hall

 

Coweta

 

960

 

Garland Mountain

 

Cherokee/Bartow

 

350

 

Martin’s Bridge

 

Banks

 

970

 

Mill Creek

 

Coweta

 

770

 

Serenity

 

Carroll

 

440

 

Wolf Creek

 

Carroll/Douglas

 

12,230

 

Yellow Creek

 

Cherokee

 

1,060

 

 

 

 

 

 

 

Texas

 

 

 

 

 

Lake Houston

 

Harris/Liberty

 

3,700

 

San Jacinto

 

Montgomery

 

150

 

Total

 

 

 

25,980

 

 

(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.

 

10


 

FORESTAR GROUP INC.

REAL ESTATE PROJECTS

 

A summary of our entitled,(a) developed & under development projects at first quarter-end 2013 follows:

 

 

 

 

 

 

 

Residential Lots (c)

 

Commercial Acres (d)

 

Project

 

County

 

Interest
Owned(b)

 

Lots Sold Since
Inception

 

Lots
Remaining

 

Acres Sold Since
Inception

 

Acres
Remaining (f)

 

California

 

 

 

 

 

 

 

 

 

 

 

 

 

San Joaquin River

 

Contra Costa/ Sacramento

 

100

%

—

 

—

 

—

 

288

 

Colorado

 

 

 

 

 

 

 

 

 

 

 

 

 

Buffalo Highlands

 

Weld

 

100

%

—

 

164

 

—

 

—

 

Johnstown Farms

 

Weld

 

100

%

170

 

443

 

2

 

7

 

Pinery West

 

Douglas

 

100

%

—

 

—

 

—

 

111

 

Stonebraker

 

Weld

 

100

%

—

 

603

 

—

 

—

 

Tennessee

 

 

 

 

 

 

 

 

 

 

 

 

 

Azalea Park

 

Williamson

 

100

%

—

 

173

 

—

 

—

 

Texas

 

 

 

 

 

 

 

 

 

 

 

 

 

Arrowhead Ranch

 

Hays

 

100

%

—

 

259

 

—

 

6

 

Bar C Ranch

 

Tarrant

 

100

%

292

 

907

 

—

 

—

 

Barrington Kingwood

 

Harris

 

100

%

61

 

119

 

—

 

—

 

Cibolo Canyons

 

Bexar

 

100

%

753

 

722

 

96

 

54

 

Harbor Lakes

 

Hood

 

100

%

205

 

244

 

2

 

19

 

Hunter’s Crossing

 

Bastrop

 

100

%

411

 

79

 

38

 

71

 

La Conterra

 

Williamson

 

100

%

127

 

373

 

—

 

58

 

Lakes of Prosper

 

Collin

 

100

%

5

 

280

 

—

 

—

 

Maxwell Creek

 

Collin

 

100

%

820

 

179

 

10

 

—

 

Oak Creek Estates

 

Comal

 

100

%

141

 

506

 

13

 

—

 

Stoney Creek

 

Dallas

 

90

%

149

 

605

 

—

 

—

 

Summer Creek Ranch

 

Tarrant

 

100

%

834

 

440

 

35

 

44

 

Summer Lakes

 

Fort Bend

 

100

%

484

 

646

 

56

 

—

 

Summer Park (g)

 

Fort Bend

 

100

%

—

 

210

 

28

 

62

 

The Colony

 

Bastrop

 

100

%

441

 

708

 

22

 

31

 

The Preserve at Pecan Creek

 

Denton

 

100

%

399

 

395

 

—

 

7

 

Village Park

 

Collin

 

100

%

516

 

244

 

3

 

2

 

Westside at Buttercup Creek

 

Williamson

 

100

%

1,428

 

68

 

66

 

—

 

Other projects (10)

 

Various

 

100

%

2,085

 

171

 

218

 

36

 

Georgia

 

 

 

 

 

 

 

 

 

 

 

 

 

Seven Hills

 

Paulding

 

100

%

666

 

420

 

26

 

113

 

Villages of Burt Creek

 

Dawson

 

100

%

—

 

1,715

 

—

 

57

 

Towne West

 

Bartow

 

100

%

—

 

2,674

 

—

 

121

 

Other projects (17)

 

Various

 

100

%

72

 

3,021

 

—

 

705

 

Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

Other projects (2)

 

Various

 

100

%

301

 

87

 

—

 

—

 

Missouri and Utah

 

 

 

 

 

 

 

 

 

 

 

 

 

Other projects (2)

 

Various

 

100

%

499

 

55

 

—

 

—

 

 

 

 

 

 

 

10,859

 

16,510

 

615

 

1,792

 

Projects in entities we consolidate

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas

 

 

 

 

 

 

 

 

 

 

 

 

 

City Park

 

Harris

 

75

%

1,218

 

93

 

50

 

115

 

Lantana

 

Denton

 

55

%(e)

774

 

1,276

 

—

 

12

 

Timber Creek

 

Collin

 

88

%

—

 

614

 

—

 

—

 

Willow Creek Farms II

 

Walter/Fort Bend

 

90

%

40

 

191

 

—

 

—

 

Other projects (2)

 

Various

 

Various

 

7

 

202

 

—

 

129

 

Georgia

 

 

 

 

 

 

 

 

 

 

 

 

 

The Georgian

 

Paulding

 

75

%

289

 

1,052

 

—

 

—

 

 

 

 

 

 

 

2,328

 

3,428

 

50

 

256

 

Total owned and consolidated

 

 

 

 

 

13,187

 

19,938

 

665

 

2,048

 

Projects in ventures that we account for using the equity method

 

 

 

 

 

 

 

 

 

 

 

 

 

Texas

 

 

 

 

 

 

 

 

 

 

 

 

 

Entrada

 

Travis

 

50

%

—

 

821

 

—

 

—

 

Fannin Farms West

 

Tarrant

 

50

%

324

 

24

 

—

 

12

 

Harper’s Preserve

 

Montgomery

 

50

%

244

 

1,481

 

—

 

72

 

Lantana

 

Denton

 

Various

(e)

1,163

 

62

 

16

 

42

 

Long Meadow Farms

 

Fort Bend

 

37

%

1,025

 

774

 

119

 

180

 

Southern Trails

 

Brazoria

 

80

%

603

 

380

 

—

 

—

 

Stonewall Estates

 

Bexar

 

50

%

305

 

83

 

—

 

—

 

Other projects (1)

 

Nueces

 

50

%

—

 

—

 

—

 

15

 

Total in ventures

 

 

 

 

 

3,664

 

3,625

 

135

 

321

 

Combined Total

 

 

 

 

 

16,851

 

23,563

 

800

 

2,369

 

 

(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 and/or accounted for using the equity method.

 

11


 

(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)

The Lantana project consists of a series of 22 partnerships in which our voting interests range from 25% to 55%. We account for two of these partnerships using the equity method and we consolidate the remaining partnerships.

(f)

Excludes acres associated with commercial and income producing properties.

(g)

Formerly Waterford Park

 

A summary of our significant commercial and income producing properties at first quarter-end 2013 follows:

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

Project

 

County

 

Market

 

Owned (a)

 

Type

 

Acres

 

Description

 

Radisson Hotel

 

Travis

 

Austin

 

100

%

Hotel

 

2

 

413 guest rooms and suites

 

Eleven

 

Travis

 

Austin

 

25

%

Multifamily

 

3

 

257 unit luxury apartment (b)

 

360°

 

Arapahoe

 

Denver

 

20

%

Multifamily

 

4

 

304 unit luxury apartment (b)

 

 

(a)           Interest owned reflects our total equity interest in the project, whether owned directly or indirectly.

(b)           Construction in progress

 

12