EX-99.1 2 exh991forreleasefy16.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

forlogoye2015a01.jpg

NEWS RELEASE

FOR IMMEDIATE RELEASE
CONTACT:     Charles D. Jehl
(512) 433-5229


FORESTAR GROUP INC. PROVIDES ADDITIONAL INFORMATION ON EXECUTION OF KEY INITIATIVES AND REPORTS FULL YEAR AND FOURTH QUARTER 2016 RESULTS

2016 was a transformative year for Forestar with exceptional progress on its key initiatives.
2016 Transformation - Highlights
Core Community Development:
Sold 1,940 developed residential lots for approximately $68,200 per lot with average gross profit of approximately $23,400 per lot
Excluding 235 bulk lot sales from non-core projects, average price was $72,200 per lot with average gross profit of approximately $26,500 per lot
Over 2,100 lots currently under option contracts with builders at year-end 2016
Sold 298 commercial acres for approximately $44,600 per acre (principally non-core projects)
Sold 1,792 residential tract acres for approximately $8,700 per acre (principally non-core projects)
Cost Reductions:
Actions taken to eliminate nearly $60 million in annualized SG&A, once all non-core assets are sold
Reduced SG&A, including discontinued operations, by over 28% compared with 2015 actuals
Additional 34% reduction in work force in March 2017 compared to year-end 2016
Following the March 2017 reduction will have reduced headcount by over 70% compared with 2014 peak
Divest Non-Core Assets:
Executed non-core asset sales generating $481.9 million in pre-tax net proceeds:
Asset
Pre-Tax Net Proceeds
 
(In millions)
Timberland and Undeveloped Land (bulk and retail, ~73,000 acres sold)
$
138.0

Radisson Hotel & Suites
128.8

Multifamily properties (five sold)
118.7

Oil and Gas Working Interests
77.1

Non-Core Community Development Projects (five sold)
19.3

 
$
481.9

Strengthened Balance Sheet:
Reduced outstanding debt by $277.8 million in 2016 and by $323.3 million since third quarter-end 2015
Reduces annual interest expense by approximately $23 million going forward
Year-end 2016 debt to capital ratio of 16%

1



Consolidated cash of $265.8 million at year-end 2016 and $331.4 million as of February 28, 2017

Subsequent Event - First Quarter 2017

Sold non-core mineral assets for $85.6 million in first quarter 2017

AUSTIN, TEXAS, MARCH 1, 2017—Forestar Group Inc. (NYSE: FOR) today reported full year 2016 net income of approximately $58.6 million, or $1.38 per share outstanding, compared with full year 2015 net loss of approximately $(213.0) million, or $(6.22) per share outstanding. Full year 2016 earnings from continuing operations were approximately $75.5 million, or $1.78 per share outstanding, compared with full year 2015 net loss from continuing operations of approximately $(26.9) million, or $(0.79) per share outstanding.

Full year 2016 results include pre-tax net gains of approximately $153.1 million related to the sale of non-core assets, including discontinued operations, which was partially offset by non-cash impairment charges of $(56.5) million related to six non-core community development projects and two multifamily sites. Full year 2015 results include pre-tax charges of approximately $(264.1) million 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.

Significant progress: Sold Non-Core Assets, Strengthened Balance Sheet, Reduced Costs and Focused on Core Community Development Business
"2016 was a transformative year for Forestar. We made exceptional progress executing our key initiatives to divest non-core assets, reduce outstanding debt, reduce SG&A costs and focus on maximizing shareholder value from our core community development business. Key highlights included selling nearly $482 million in non-core assets, reducing outstanding debt by over $320 million since third quarter 2015, and reducing annual interest expense by approximately $23 million going forward. Forestar is actively selling or preparing to sell its nine remaining non-core assets in 2017, four of which are already under contract to be sold. Sales of these remaining non-core assets will generate additional cash and annual SG&A savings,” said Phil Weber, Chief Executive Officer of Forestar.
    
"In addition to executing these key initiatives, we have focused on maximizing shareholder value delivered from our core community development business. Builder demand for residential lots in our key communities remains steady. We sold 1,940 residential lots in 2016 and we began 2017 with approximately 2,100 residential lots under option contract with builders," continued Mr. Weber.


Fourth Quarter 2016 Financial Results
Forestar reported fourth quarter 2016 net income of approximately $43.7 million, or $1.03 per share, compared with a fourth quarter 2015 net loss of approximately $(6.2) million, or $(0.14) per share outstanding. Fourth quarter 2016 earnings from continuing operations were approximately $43.2 million, or $1.02 per share outstanding, compared with fourth quarter 2015 earnings from continuing operations of approximately $33.3 million, or $0.79 per share outstanding.

Fourth quarter 2016 results include pre-tax gains of $48.9 million related to the sale of over 58,300 acres of non-core bulk timberland and undeveloped land. Fourth quarter 2015 results include pre-tax non-cash impairment charges and changes in deferred tax asset valuation allowance of approximately ($34.8) million principally related to proved properties and unproved leasehold interest impairments related to discontinued operations.


Fourth Quarter 2016 Significant Highlights (Includes Ventures)

Sold 835 developed residential lots for approximately $67,600 per lot with average gross profit of approximately $21,500 per lot
Excluding 235 bulk lot sales from non-core projects, average price was approximately $78,900 per lot with average gross profit of approximately $29,300 per lot
Sold 1,539 residential tract acres for approximately $5,700 per acre (principally non-core projects)

2



Sold 178 commercial acres for approximately $7,400 per acre (non-core projects)
Sold 58,300 acres of non-core timberland and undeveloped land in three separate transactions for net proceeds of $103.2 million which generated combined gains of $48.9 million
Incurred a $3.9 million non-cash impairment charge of goodwill related to our water interests as a result of entering into an agreement to sell these assets


Fourth Quarter and Full Year 2016 Segment Financial Results (Includes Ventures)

Real Estate

($ in millions)
 
Q4 2016

 
Q4 2015

 
FY 2016

 
FY 2015

Segment Revenues
 

$62.5

 

$102.6

 

$190.3

 

$202.8

Segment Earnings
 

$12.9

 

$37.9

 

$121.4

 

$67.7


Full year 2016 real estate segment earnings were higher compared with full year 2015 due to gain on sale of assets of $117.9 million in 2016, principally due to a $95.3 million gain associated with the sale of the Radisson Hotel & Suites and $20.8 million in gains associated with the sale of five multifamily assets, compared with $1.6 million in 2015, which was partially offset by non-cash impairment charges of ($56.5) million in 2016. Fourth quarter 2016 real estate segment earnings and revenues were lower compared with fourth quarter 2015 principally due to sale of Midtown Cedar Hill and higher undeveloped retail land sales in 2015.

Mineral Resources

($ in millions)
 
Q4 2016

 
Q4 2015

 
FY 2016

 
FY 2015

Segment Revenues
 

$1.2

 

$1.5

 

$5.1

 

$9.1

Segment Earnings
 

$0.7

 

$1.0

 

$3.3

 

$4.2


In fourth quarter and full year 2016, mineral resources segment revenues and earnings decreased principally due to lower realized oil and gas prices and lower production volumes from our royalty interests.

Other

($ in millions)
 
Q4 2016

 
Q4 2015

 
FY 2016

 
FY 2015

Segment Revenues
 

$0.8

 

$1.3

 

$2.0

 

$6.7

Segment Loss
 

($3.7
)
 

($0.1
)
 

($4.6
)
 

($0.6
)

Fourth quarter and full year 2016 other segment loss increased compared with fourth quarter and full year 2015 principally due to the deferral of timber harvest activity in support of our key initiative to divest our non-core timberland and undeveloped land and a $3.9 million goodwill non-cash impairment charge related to our water interests in groundwater leases in central Texas as result of entering into an agreement to sell these assets.



OUTLOOK

Fundamentals Stable in Forestar's Community Development Markets

“Finished vacant home inventories in Forestar's target markets remain in the equilibrium range, vacant developed lot supply remains low, and housing costs remain affordable relative to other markets. Our communities in major markets are well located in areas of housing demand, and favorable job and population growth," said Phil Weber.


3



The Company will host a conference call on March 2, 2017 at 10:00 am ET to provide additional information on execution of key initiatives and discuss results of full year and fourth quarter 2016. 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 1-844-634-1445 at least 15 minutes prior to the start of the call. Those wishing to access the call from outside North America should dial 1-615-247-0254. The passcode 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 51065997.

About Forestar Group

Forestar is a residential and mixed-use real estate development company. At year-end 2016, we own directly or through ventures interests in 50 residential and mixed-use projects comprised of approximately 4,600 acres of real estate located in 10 states and 14 markets. In addition, we own interests in various other assets that have been identified as non-core that the company is divesting opportunistically over time. At year-end 2016, our remaining non-core assets principally include over 523,000 net acres of owned mineral assets principally located in Texas, Louisiana, Georgia and Alabama, 19,000 acres of timberland and undeveloped land (including mitigation banking), four multifamily assets and approximately 20,000 acres of groundwater leases in central Texas. On February 17, 2017, we sold our owned mineral assets for $85.6 million. Forestar operates in three business segments: real estate, mineral resources and other. 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.

4



FORESTAR GROUP INC.
(UNAUDITED)
Business Segments
 
Fourth Quarter
 
Full Year
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
Real estate (a)
$
62,497

 
$
102,634

 
$
190,273

 
$
202,830

Mineral resources
1,234

 
1,478

 
5,076

 
9,094

Other
766

 
1,280

 
1,965

 
6,652

Total revenues
$
64,497

 
$
105,392

 
$
197,314

 
$
218,576

Segment earnings (loss):
 
 
 
 
 
 
 
Real estate
$
12,889

 
$
37,931

 
$
121,420

 
$
67,678

Mineral resources
659

 
1,015

 
3,327

 
4,230

Other
(3,651
)
 
(97
)
 
(4,625
)
 
(608
)
Total segment earnings (loss)
9,897

 
38,849

 
120,122

 
71,300

Items not allocated to segments:
 
 
 
 
 
 
 
General and administrative expense 
(4,282
)
 
(5,262
)
 
(18,274
)
 
(24,802
)
Share-based and long-term incentive compensation expense
(1,445
)
 
1,252

 
(4,425
)
 
(4,474
)
Gain on sale of assets
48,891

 

 
48,891

 

Interest expense
(2,059
)
 
(8,215
)
 
(19,985
)
 
(34,066
)
Loss on extinguishment of debt, net

 

 
(35,864
)
 

Other corporate non-operating income
67

 
123

 
350

 
256

Income (loss) from continuing operations before taxes
51,069

 
26,747

 
90,815

 
8,214

Income tax (expense) benefit
(7,887
)
 
6,568

 
(15,302
)
 
(35,131
)
Net income (loss) from continuing operations attributable to Forestar Group Inc.
43,182

 
33,315

 
75,513

 
(26,917
)
Net income (loss) from discontinued operations, net of taxes (b)
563

 
(39,481
)
 
(16,865
)
 
(186,130
)
Net income (loss) attributable to Forestar Group Inc.
$
43,745

 
$
(6,166
)
 
$
58,648

 
$
(213,047
)
 
 
 
 
 
 
 
 
Net income (loss) per diluted share:
 
 
 
 
 
 
 
Continuing operations
$
1.02

 
$
0.79

 
$
1.78

 
$
(0.79
)
Discontinued operations
$
0.01

 
$
(0.93
)
 
$
(0.40
)
 
$
(5.43
)
Net income (loss) per diluted share
$
1.03

 
$
(0.14
)
 
$
1.38

 
$
(6.22
)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding (in millions):
 
 
 
 
 
 
 
Basic
35.5

 
34.3

 
34.5

 
34.3

Diluted
42.3

 
42.4

 
42.3

 
34.3


 
 
Year-End
Supplemental Financial Information:
 
2016
 
2015
 
 
(In thousands)
Cash and cash equivalents
 
$
265,798

 
$
96,442

 
 
 
 
 
Senior secured notes
 
5,200

 
224,647

Convertible senior notes, net of discount
 
104,673

 
104,719

Tangible equity unit notes, net of discount
 

 
8,666

Other debt (c)
 
485

 
43,483

Total debt (d)
 
110,358

 
381,515

Net cash (debt)
 
$
155,440

 
$
(285,073
)
_____________________

(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.

5



(b) 
Fourth quarter and full year 2015 discontinued operations results include non-cash impairment charges of $37.6 million and $164.8 million related to unproved leasehold interests and proved properties.
(c) 
Other debt at year-end 2015 consisted 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. 2016 debt excludes approximately $128.3 million of unconsolidated venture debt and approximately $14.9 million of outstanding letters of credit. In 2016, we sold Radisson Hotel & Suites and Eleven for $130.0 million and $60.2 million. The proceeds were used to pay off the related senior secured loans of $39.3 million.
(d) 
At year-end 2016 and 2015, $1,633,000 and $8,267,000 of unamortized deferred financing fees are deducted from our outstanding debt.


6



FORESTAR GROUP INC.
REAL ESTATE SEGMENT
PERFORMANCE METRICS
 
Fourth Quarter
 
Full Year
 
2016
 
2015
 
2016
 
2015
REAL ESTATE
 
 
 
 
 
 
 
Owned, Consolidated & Equity Method Ventures:
 
 
 
 
 
 
 
Residential Lots Sold
835

 
363

 
1,940

 
1,472

Revenue per Lot Sold
$
67,594

 
$
83,739

 
$
68,152

 
$
77,170

Commercial Acres Sold
178

 
7

 
298

 
63

Revenue per Commercial Acre Sold
$
7,442

 
$
491,723

 
$
44,623

 
$
248,278

Undeveloped Acres Sold
1,016

 
7,267

 
14,914

 
13,862

Revenue per Acre Sold
$
2,395

 
$
2,192

 
$
2,455

 
$
2,296

Owned & Consolidated Ventures:
 
 
 
 
 
 
 
Residential Lots Sold
687

 
273

 
1,662

 
972

Revenue per Lot Sold
$
65,832

 
$
85,063

 
$
66,694

 
$
76,594

Commercial Acres Sold
178

 
4

 
294

 
31

Revenue per Commercial Acre Sold
$
7,442

 
$
657,530

 
$
37,312

 
$
182,184

Undeveloped Acres Sold
540

 
7,267

 
14,438

 
9,645

Revenue per Acre Sold
$
3,123

 
$
2,192

 
$
2,485

 
$
2,369

Ventures Accounted For Using the Equity Method:
 
 
 
 
 
 
 
Residential Lots Sold
148

 
90

 
278

 
500

Revenue per Lot Sold
$
75,775

 
$
79,725

 
$
76,866

 
$
78,288

Commercial Acres Sold

 
3

 
4

 
32

Revenue per Commercial Acre Sold
$

 
$
283,428

 
$
527,152

 
$
309,224

Undeveloped Acres Sold
476

 

 
476

 
4,217

Revenue per Acre Sold
$
1,567

 
$

 
$
1,567

 
$
2,129



YEAR-END 2016
REAL ESTATE PIPELINE
Real Estate
 
 
Entitled Acres
 
Developed & Under Development Acres
 
Total Acres
Residential
 
 
 
 
 
 
 
Owned
 
 
2,603
 
466
 


Ventures
 
 
656
 
145
 
3,870

Commercial
 
 
 
 
 
 
 
Owned
 
 
335
 
165
 


Ventures
 
 
179
 
88
 
767

Total Acres
 
 
3,773
 
864
 
4,637




7



FORESTAR GROUP INC.
PROJECTS IN ENTITLEMENT

A summary of our real estate projects in the entitlement process (a) at year-end 2016 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

Total
 
 
 
 
730

 _____________________
(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.

UNDEVELOPED LAND

A summary of our non-core timberland and undeveloped land classified as held for sale at year-end 2016 follows:
 
 
Acres
Timberland
 
 
Georgia
 
11,100

Texas (a)
 
7,900

Total
 
19,000

_____________________
(a) 
Includes 3,700 acres in Houston that was previously in the entitlement process.







8



FORESTAR GROUP INC.
REAL ESTATE PROJECTS

 
A summary of activity within our projects in the development process, which includes entitled, developed and under development single-family and mixed-use projects, at year-end 2016 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, projects with remaining commercial acres only and projects sold out in 2016
Texas
 
 
 
 
 
 
 
 
 
 
 
 
Austin
 
 
 
 
 
 
 
 
 
 
 
 
Arrowhead Ranch
 
Hays
 
100
%
 
6

 
378

 

 
19

The Colony
 
Bastrop
 
100
%
 
566

 

 
27

 

Double Horn Creek
 
Burnet
 
100
%
 
167

 

 

 

Hunter's Crossing
 
Bastrop
 
100
%
 
510

 

 
54

 
51

La Conterra
 
Williamson
 
100
%
 
202

 

 
3

 

Westside at Buttercup Creek
 
Williamson
 
100
%
 
1,497

 

 
66

 

 
 
 
 
 
 
2,948

 
378

 
150

 
70

Corpus Christi
 
 
 
 
 
 
 
 
 
 
 
 
Caracol
 
Calhoun
 
75
%
 
65

 

 
14

 

Padre Island (b)
 
Nueces
 
50
%
 

 

 

 
15

Tortuga Dunes
 
Nueces
 
75
%
 
95

 

 
4

 

 
 
 
 
 
 
160

 

 
18

 
15

Dallas-Ft. Worth
 
 
 
 
 
 
 
 
 
 
 
 
Bar C Ranch
 
Tarrant
 
100
%
 
467

 
654

 

 

Keller
 
Tarrant
 
100
%
 

 

 
1

 

Lakes of Prosper
 
Collin
 
100
%
 
187

 
100

 
4

 

Lantana
 
Denton
 
100
%
 
3,670

 
432

 
44

 

Maxwell Creek
 
Collin
 
100
%
 
1,001

 

 
10

 

Parkside
 
Collin
 
100
%
 
138

 
62

 

 

The Preserve at Pecan Creek
 
Denton
 
100
%
 
631

 
151

 

 
7

River's Edge
 
Denton
 
100
%
 

 
202

 

 

Stoney Creek
 
Dallas
 
100
%
 
320

 
376

 

 

Summer Creek Ranch
 
Tarrant
 
100
%
 
983

 
245

 
35

 
44

Timber Creek
 
Collin
 
88
%
 
80

 
521

 

 

Village Park
 
Collin
 
100
%
 
567

 

 
3

 
2

 
 
 
 
 
 
8,044

 
2,743

 
97

 
53

Houston
 
 
 
 
 
 
 
 
 
 
 
 
Barrington Kingwood
 
Harris
 
100
%
 
176

 
4

 

 

City Park
 
Harris
 
75
%
 
1,468

 

 
58

 
104

Harper's Preserve (b)
 
Montgomery
 
50
%
 
588

 
1,094

 
30

 
49

Imperial Forest
 
Harris
 
100
%
 
84

 
347

 

 

Long Meadow Farms (b)
 
Fort Bend
 
38
%
 
1,648

 
149

 
194

 
99

Southern Trails (b)
 
Brazoria
 
80
%
 
954

 
41

 
1

 

Spring Lakes
 
Harris
 
100
%
 
348

 

 
25

 
4

Summer Lakes
 
Fort Bend
 
100
%
 
780

 
294

 
56

 

Summer Park
 
Fort Bend
 
100
%
 
125

 
74

 
34

 
67

Willow Creek Farms II
 
Waller / Fort Bend
 
90
%
 
154

 
111

 

 

 
 
 
 
 
 
6,325

 
2,114

 
398

 
323

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

9



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
%
 
1,142

 
649

 
97

 
58

Oak Creek Estates
 
Comal
 
100
%
 
326

 
227

 
13

 

Olympia Hills
 
Bexar
 
100
%
 
747

 
7

 
10

 

Stonewall Estates (b)
 
Bexar
 
50
%
 
378

 
8

 

 

 
 
 
 
 
 
2,593

 
891

 
120

 
58

Total Texas
 
 
 
 
 
20,070

 
6,126

 
783

 
519

Colorado
 
 
 
 
 
 
 
 
 
 
 
 
Denver
 
 
 
 
 
 
 
 
 
 
 
 
Buffalo Highlands
 
Weld
 
100
%
 

 
164

 

 

Cielo
 
Douglas
 
100
%
 

 
343

 

 

Johnstown Farms
 
Weld
 
100
%
 
281

 
317

 
2

 

Pinery West
 
Douglas
 
100
%
 
86

 

 
20

 
104

Stonebraker
 
Weld
 
100
%
 

 
603

 

 

 
 
 
 
 
 
367

 
1,427

 
22

 
104

Georgia
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta
 
 
 
 
 
 
 
 
 
 
 
 
Harris Place
 
Paulding
 
100
%
 
22

 
5

 

 

Montebello (b) 
 
Forsyth
 
90
%
 

 
224

 

 

Seven Hills
 
Paulding
 
100
%
 
912

 
341

 
26

 
113

West Oaks
 
Cobb
 
100
%
 
6

 
50

 

 

 
 
 
 
 
 
940

 
620

 
26

 
113

North & South Carolina
 
 
 
 
 
 
 
 
 
 
 
 
Charlotte
 
 
 
 
 
 
 
 
 
 
 
 
Ansley Park
 
Lancaster
 
100
%
 

 
307

 

 

Habersham
 
York
 
100
%
 
91

 
96

 

 
6

Moss Creek
 
Cabarrus
 
100
%
 

 
84

 

 

Walden
 
Mecklenburg
 
100
%
 

 
384

 

 

 
 
 
 
 
 
91

 
871

 

 
6

Raleigh
 
 
 
 
 
 
 
 
 
 
 
 
Beaver Creek (b)
 
Wake
 
90
%
 
31

 
162

 

 

 
 
 
 
 
 
31

 
162

 

 

 
 
 
 
 
 
122

 
1,033

 

 
6

Tennessee
 
 
 
 
 
 
 
 
 
 
 
 
Nashville
 
 
 
 
 
 
 
 
 
 
 
 
Beckwith Crossing
 
Wilson
 
100
%
 
32

 
67

 

 

Morgan Farms
 
Williamson
 
100
%
 
132

 
41

 

 

Scales Farmstead
 
Williamson
 
100
%
 
26

 
171

 

 

Weatherford Estates
 
Williamson
 
100
%
 
8

 
9

 

 

 
 
 
 
 
 
198

 
288

 

 

Wisconsin
 
 
 
 
 
 
 
 
 
 
 
 
Madison
 
 
 
 
 
 
 
 
 
 
 
 
Juniper Ridge/Hawks Woods (b) (d)
 
Dane
 
90
%
 
18

 
196

 

 

Meadow Crossing II (b) (c)
 
Dane
 
90
%
 
7

 
165

 

 

 
 
 
 
 
 
25

 
361

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

10



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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) (d)
 
Pima
 
50
%
 
29

 
59

 

 

Dove Mountain
 
Pima
 
100
%
 

 
98

 

 

Oakland
 
 
 
 
 
 
 
 
 
 
 
 
San Joaquin River
 
Contra Costa/Sacramento
 
100
%
 

 

 
264

 
25

Kansas City
 
 
 
 
 
 
 
 
 
 
 
 
Somerbrook
 
Clay
 
100
%
 
185

 

 

 

Salt Lake City
 
 
 
 
 
 
 
 
 
 
 
 
Suncrest (b) (c)
 
Salt Lake
 
90
%
 

 
171

 

 

 
 
 
 
 
 
214

 
328

 
264

 
25

Total
 
 
 
 
 
21,936

 
10,183

 
1,095

 
767

____________________
(a) 
Interest owned reflects our total interest in the project, whether owned directly or indirectly, which may be different than our economic interest in the project.
(b) 
Projects in ventures that we account for using equity method.
(c) 
Venture project that develops and sells homes.
(d)
Venture project that develops and sells lots and homes.
A summary of our non-core multifamily properties, excluding one multifamily site in Austin classified as held for sale, at year-end 2016 follows:
Project
 
Market
 
Interest
    Owned (a)
 
Type
 
Acres
 
Description
Elan 99
 
Houston
 
90
%
 
Multifamily
 
17

 
360-unit luxury apartment
Acklen
 
Nashville
 
30
%
 
Multifamily
 
4

 
320-unit luxury apartment
HiLine
 
Denver
 
25
%
 
Multifamily
 
18

 
385-unit luxury apartment
 _____________________
(a) 
Interest owned reflects our total interest in the project, whether owned directly or indirectly, which may be different than our economic interest in the project.





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