- Sold 285 finished residential lots, a 33% increase compared with first quarter 2011
- Almost 1,200 lots under option contracts
- Sold 455 acres of undeveloped land for nearly $2,400 per acre
- Sold seven acres of impervious cover development rights in Texas for over $1 million, resulting in over $900,000 in segment earnings; leaving about 90 acres available for sale
Segment Financial Results:
|($ in millions)||1Q 2012||1Q 2011||4Q 2011|
|Segment Earnings (Loss)||$||11.5||$||2.6||($25.0||)|
First quarter 2012 real estate segment earnings were higher compared with first quarter 2011 principally due to an $11.7 million gain associated with the sale of our 25% interest in Palisades West and higher residential lot sales. Fourth quarter 2011 real estate segment earnings include non-cash asset impairment charges of $44.5 million principally related to entering into agreements to acquire certain assets from the CL Realty and TEMCO ventures, which closed in first quarter 2012.