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Forestar Group Inc. Reports Full Year And Fourth Quarter 2012 Results

REAL ESTATE

Fourth Quarter 2012 Significant Highlights
  • Sold 384 fully developed residential lots, up 24% from fourth quarter 2011, with average lot prices up 34% compared with fourth quarter 2011
  • Sold 40 commercial acres for approximately $208,300 per acre
  • Sold almost 7,400 acres of undeveloped land for $1,900 per acre
  • Venture completed sale of Las Brisas multifamily community near Austin, TX, generating almost $10 million in cash proceeds to Forestar
  • Purchased multifamily site in Charlotte, NC for approximately $5.6 million

Real Estate Segment Financial Results:

($ in millions)
    4Q 2012     4Q 2011     FY 2012     FY 2011
Segment Revenues $48.4 $46.4 $120.1 $106.2
Segment Earnings (Loss) $21.6 ($25.0 ) $53.6 ($25.7 )
 

Fourth quarter 2012 real estate segment earnings were higher compared with fourth quarter 2011 principally due to higher residential lot sales, $8.2 million in earnings associated with venture’s gain on sale of Las Brisas multifamily community, and increased commercial tract sales. In addition, fourth quarter and full year 2011 real estate segment results were negatively impacted by ($44.5) million and ($45.2) million in non-cash asset impairment charges, principally related to the acquisition of certain assets from CL Realty and TEMCO ventures.

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