REAL ESTATE

  • 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 Revenues $ 17.9 $ 21.1 $ 46.4
 
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.

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