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Forestar Group Inc. Reports Second Quarter 2012 Results

REAL ESTATE

  • Sold 427 finished residential lots, a 51% increase compared with second quarter 2011, including sale of 109 remaining residential lots for approximately $19,700 per lot from River Plantation, a residential community located near Tampa
  • 1,435 lots under option contracts
  • Forestar/RPG Land Company, a consolidated venture, sold approximately 800 acres from Light Farms project near Dallas, Texas for $56 million in total consideration, resulting in gain of $3.4 million
  • Generated $1.1 million in segment earnings from loan secured by the Discovery at Spring Trails mixed-use community in Houston acquired in second quarter 2011 for $21 million
  • Received $10.9 million in reimbursed costs from creation of two multifamily ventures in return for contribution of two multifamily sites and 20-25% retained ownership interest

Segment Financial Results:

($ in millions)     2Q 2012       2Q 2011       1Q 2012
 
Segment Revenues $26.6 $19.6 $17.9
 
Segment Earnings $7.7 $1.0 $11.5
 

Second quarter 2012 real estate segment earnings were higher compared with second quarter 2011 principally due to increased residential lot and commercial tract sales and a $3.4 million gain associated with the previously announced sale of 800 acres near Dallas from the Light Farms venture. In addition, second quarter real estate segment results include approximately $1.1 million in earnings associated with a $21 million acquisition in 2011 of a bank loan secured by Discovery at Spring Trails, a master-planned, mixed-use community located in Houston.

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