Forestar Group Inc. Reports Second Quarter 2013 Results

Forestar Group Inc. (NYSE: FOR) today reported second quarter 2013 net income of approximately $0.5 million, or $0.02 per diluted share, compared with second quarter 2012 net income of approximately $0.8 million, or $0.02 per diluted share outstanding. Second quarter 2012 results include after-tax expenses of approximately ($1.6) million, or ($0.05) per diluted share, associated with the acquisition of Credo Petroleum Corporation.

“During second quarter, we remained on track executing our Triple in FOR strategic initiatives. In real estate, residential lot demand remains favorable with option contracts with homebuilders at the strongest level since the start of the housing recovery and higher average per lot pricing compared with second quarter 2012. We continue to focus on building a solid multifamily pipeline in our target markets, which continue to exhibit favorable multifamily market conditions. During the quarter, we began construction on a new multifamily community near Dallas and started pre-leasing at Eleven in Austin. Oil and gas operations continued to gain momentum, with accelerating oil production in the Bakken and Three Forks formations in North Dakota and Lansing-Kansas City formation in Kansas and Nebraska. We are focused on accelerating value realization and capitalizing on strategic and disciplined growth opportunities,” said Jim DeCosmo, president and chief executive officer of Forestar Group.

Second Quarter 2013 Significant Highlights
  • Sold 360 developed residential lots, with average pricing per lot up nearly 29% compared with second quarter 2012
  • Oil production up nearly 170% compared with second quarter 2012, principally due to the acquisition of Credo Petroleum
  • Acquired leasehold interests in over 17,000 net mineral acres, principally located in Nebraska and Kansas

Forestar manages its operations through three business segments: real estate, oil and gas and other natural resources.

REAL ESTATE

Second Quarter 2013 Significant Highlights
  • Sold 360 developed residential lots – Over 1,900 lots under option contracts with homebuilders
  • Residential lot margins up 66% compared with second quarter 2012
  • Sold 1,042 acres of undeveloped land for nearly $2,580 per acre
  • Sold 34 commercial acres for over $103,000 per acre
  • Began construction on Midtown Cedar Hill, 354-unit multifamily community near Dallas, Texas
  • Pre-leasing begins at Eleven, 257-unit multifamily community in Austin, Texas

Segment Financial Results:
($ in millions)     2Q 2013     2Q 2012     1Q 2013
Segment Revenues $41.2 $26.6 $78.7
Segment Earnings $8.1 $7.7 $19.4
 

Second quarter 2013 real estate segment earnings were higher compared with second quarter 2012 principally due to higher average prices for residential lots and commercial tracts sold which were somewhat offset by lower lot sales volumes and commercial acres sold. In addition, second quarter 2013 real estate segment earnings increased primarily due to the sale of the remaining 440 undeveloped residential acres from a project in Florida for $3.5 million, generating approximately $0.7 million in segment earnings. First quarter 2013 results include earnings of $10.9 million associated with the sale of Promesa, a wholly-owned multifamily community we developed in Austin. Real estate segment earnings declined in second quarter 2013 compared with first quarter 2013, excluding the earnings associated with the sale of Promesa, primarily due to lower residential lot sales.

Second quarter 2012 real estate segment earnings include a $3.4 million gain associated with the sale of 800 acres from the Light Farms venture near Dallas.

OIL AND GAS

Second Quarter 2013 Significant Highlights
  • Oil production up nearly 170% compared with second quarter 2012, principally due to the acquisition of Credo Petroleum
  • 18 new productive oil and gas wells drilled; 983 producing wells at quarter-end, up from 541 wells in second quarter 2012, principally due to acquisition of Credo Petroleum
  • Drilling and completion capital investment of nearly $11.7 million
  • Leased over 17,000 net mineral acres principally in Kansas and Nebraska

Segment Financial Results:
($ in millions)     2Q 2013     2Q 2012     1Q 2013
Segment Revenues $15.8 $7.1 $15.5
Segment Earnings $4.2 $5.0 $5.1
 

Oil and gas segment earnings decreased in second quarter 2013 compared with second quarter 2012 principally due to reduced oil volumes associated with royalties from our owned mineral interests, lower oil prices, decreased delay rental revenues and incremental personnel costs, which were partially offset by increased oil production attributable to the acquisition of Credo Petroleum. Oil and gas segment earnings decreased in second quarter 2013 compared with first quarter 2013 principally due to lower oil and gas prices and lower natural gas production, which was partially offset by higher oil production.

OTHER NATURAL RESOURCES

Second Quarter 2013 Significant Highlights
  • Sold nearly 185,000 tons of fiber for $14.85 per ton
  • Recreational leasing remains strong

Segment Financial Results:
($ in millions)     2Q 2013     2Q 2012     1Q 2013
Segment Revenues $3.0 $1.5 $3.3
Segment Earnings (Loss) $1.0 (0.5) $1.3
 

Second quarter 2013 other natural resources segment earnings were higher compared with second quarter 2012 principally due to over 79,000 tons of additional fiber sales and a 27% increase in average pricing per ton. Other natural resources segment earnings decreased in second quarter 2013 compared with first quarter 2013 principally due to lower fiber sales and pricing.

OUTLOOK

“Housing markets continue to show solid signs of recovery, with growing demand for residential lots and increased interest in residential and commercial tracts. Our backlog remains strong, and we are well positioned to accelerate real estate sales during this housing recovery. Our multifamily team continues to build a solid pipeline of multifamily development opportunities, with construction at our multifamily ventures in Austin and Denver on target to begin delivering units in 2013, and our sites in Dallas and Nashville should be under construction by year-end. We will continue to evaluate and acquire additional multifamily sites to further develop our pipeline.

“We continue to generate positive momentum through our oil and gas initiatives to increase exploration activity, production and reserves. During second quarter, we experienced a continued increase in North Dakota drilling activity, with approximately seven Bakken or Three Forks wells (5.2% average working interest) reaching total depth during the quarter. We anticipate drilling activity in the Bakken to accelerate in the second half of 2013 with a higher average working interest. In addition, exploration and drilling activity in Kansas and Nebraska also continued to accelerate during second quarter, with 17 wells reaching total depth, 11 of which have been economic, a level of success which exceeds our expectations. Given the success of our exploration activity in these basins, during second quarter 2013 we acquired leasehold interests in over 17,000 net mineral acres in new and existing prospects principally in Nebraska and Kansas.

“We continue to increase our momentum toward delivering our Triple in FOR strategic initiatives, focused on accelerating value realization, increasing transparency and disclosure, and growing our net asset value through strategic and disciplined investments. We are well positioned for 2013 and for continued momentum in 2014,” concluded Mr. DeCosmo.

The Company will host a conference call on August 7, 2013 at 10:00 am ET to discuss results of second quarter 2013. 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 1-866-515-2912 at least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside North America should dial 1-617-399-5126. The password is Forestar. Replays of the call will be available for two weeks following the completion of the live call and can be accessed at 1-888-286-8010 in North America and at 1-617-801-6888 outside North America. The password for the replay is 42167086.

About Forestar Group

Forestar Group Inc. operates in three business segments: real estate, oil and gas and other natural resources. At the end of second quarter 2013, the real estate segment owns directly or through ventures over 133,000 acres of real estate located in ten states and 14 markets in the U.S. The real estate segment has 14 real estate projects representing approximately 26,000 acres currently in the entitlement process, and 72 entitled, developed and under development projects in eight states and 12 markets encompassing almost 13,900 acres, comprised of almost 23,200 planned residential lots and approximately 2,300 commercial acres. The oil and gas segment includes approximately 808,000 net acres of oil and gas mineral interests, with approximately 590,000 acres of fee ownership located principally in Texas, Louisiana, Alabama, and Georgia and almost 218,000 net acres of leasehold interests principally located in Nebraska, Kansas, Oklahoma, North Dakota and Texas. These leasehold interests include about 7,000 net mineral acres in the core of the prolific Bakken and Three Forks formations. The other natural resources segment includes sale of wood fiber and management of our recreational leases, and approximately 1.5 million acres of groundwater resources, including a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 20,000 acres of groundwater leases in central Texas. 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 our ability to achieve synergies and value creation contemplated by the merger with Credo, and our ability to promptly and effectively integrate Credo’s businesses. Other factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; 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 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.
       
FORESTAR GROUP INC.
(UNAUDITED)
 

Business Segments
 
Second Quarter First Six Months
2013     2012 2013     2012
(In thousands)
Revenues:
Real estate $ 41,219 $ 26,647 $ 119,908 $ 44,569
Oil and gas 15,831 7,148 31,335 16,574
Other natural resources   3,029     1,517     6,307     2,261  
Total revenues $ 60,079   $ 35,312   $ 157,550   $ 63,404  
Segment earnings:
Real estate $ 8,104 $ 7,666 $ 27,550 $ 19,243
Oil and gas 4,243 5,005 9,370 12,133
Other natural resources   991     (458 )   2,243     (1,321 )
Total segment earnings 13,338 12,213 39,163 30,055
Items not allocated to segments:
General and administrative expense (5,329 ) (7,120 ) (10,287 ) (11,482 )
Share-based compensation expense (1,460 ) 67 (11,875 ) (5,164 )
Interest expense (5,122 ) (3,664 ) (9,661 ) (7,555 )
Other corporate non-operating income   25     47     56     111  
Income before taxes 1,452 1,543 7,396 5,965
Income tax expense   (911 )   (732 )   (2,904 )   (2,352 )
Net income attributable to Forestar Group Inc. $ 541   $ 811   $ 4,492   $ 3,613  
 
Net income per common share:
Basic $ 0.02 $ 0.02 $ 0.13 $ 0.10
Diluted $ 0.02 $ 0.02 $ 0.13 $ 0.10
 
Weighted average common shares outstanding (in millions):
Basic 35.4 35.2 35.3 35.2
Diluted 36.1 35.4 35.9 35.4
 
    Second Quarter
Supplemental Financial Information: 2013     2012
(In thousands)
Cash and cash equivalents $ 69,138     $ 45,474
 
Borrowings under credit facility 200,000 130,000
Convertible senior notes, net of discount 1 98,353

Other debt 2
  33,294   71,943
Total debt $ 331,647 $ 201,943

_____________________

1 Represents $125 million convertible senior notes issued February 2013, net of unamortized discount 2 Consists principally of consolidated venture non-recourse debt.

         
FORESTAR GROUP INC.
REAL ESTATE SEGMENT
PERFORMANCE METRICS
 
Second Quarter First Six Months
2013     2012 2013     2012
REAL ESTATE
Owned, Consolidated & Equity Method Ventures:
Residential Lots Sold 360 427 806 712
Revenue per Lot Sold $ 57,588 $ 44,694 $ 54,432 $ 48,003
Commercial Acres Sold 34 38 37 38
Revenue per Commercial Acre Sold $ 103,102 $ 47,040 $ 125,706 $ 47,040
Undeveloped Acres Sold 1,042 933 1,961 1,388
Revenue per Acre Sold $ 2,579 $ 2,765 $ 2,753 $ 2,640
Owned & Consolidated Ventures:
Residential Lots Sold 259 345 614 482
Revenue per Lot Sold $ 57,154 $ 42,725 $ 54,440 $ 48,210
Commercial Acres Sold 32 38 35 38
Revenue per Commercial Acre Sold $ 74,166 $ 47,040 $ 100,311 $ 47,040
Undeveloped Acres Sold 1,000 933 1,919 1,253
Revenue per Acre Sold $ 2,576 $ 2,765 $ 2,755 $ 2,645
Ventures Accounted For Using the Equity Method:
Residential Lots Sold 101 82 192 230
Revenue per Lot Sold

$
58,700 $ 52,979 $ 54,407 $ 47,568
Commercial Acres Sold 2 2
Revenue per Commercial Acre Sold $ 652,886 $ $ 652,886 $
Undeveloped Acres Sold 42 42 135
Revenue per Acre Sold

$
2,650 $ $ 2,650 $ 2,600
 
                   
SECOND QUARTER 2013
REAL ESTATE PIPELINE
 
Real Estate Undeveloped

InEntitlementProcess
Entitled

Developed &UnderDevelopment
Total Acres*
Undeveloped Land
Owned 86,468
Ventures 6,859 93,327
Residential
Owned 23,272 8,464 850
Ventures 1,948 285 34,819
Commercial
Owned 2,708 1,187 585
Ventures     371 182 5,033
Total Acres 93,327 25,980 11,970 1,902 133,179
 
Estimated Residential Lots 19,972 3,204 23,176

_____________________

* In addition, Forestar owns a 58% interest in a venture which controls approximately 16,000 acres of undeveloped land in Georgia with minimal investment. Excludes acres associated with fully developed commercial and income producing properties.

         
FORESTAR GROUP INC.
OIL AND GAS SEGMENT
PERFORMANCE METRICS
 
Second Quarter First Six Months
2013     2012 2013     2012
Leasing Activity from Owned Mineral Interests
Acres Leased 515 825 805
Average Bonus / Acre $ 343 $ 333 $ 357
Delay Rentals Received $ 6,000 $ 447,000 $ 464,000 $ 1,562,000
Oil & Gas Production

Royalty Interests1
Gross Wells 543 541 543 541
Oil Production (Barrels) 40,600 53,200 88,900 120,900
Average Oil Price ($ / Barrel) $ 83.60 $ 92.73 $ 83.56 $ 95.74
Natural Gas Production (MMcf) 322.2 402.5 699.4 830.4
Average Natural Gas Price ($ / Mcf) $ 3.24 $ 2.30 $ 3.11 $ 2.76
BOE Production2 94,400 120,300 205,400 259,300
Average Price ($ / BOE) $ 47.10 $ 48.70 $ 46.73 $ 53.48

Working Interests
Gross Wells 449 9 449 9
Oil Production (Barrels) 125,200 8,400 224,800 9,800
Average Oil Price ($ / Barrel) $ 86.18 $ 106.84 $ 88.73 $ 101.79
Natural Gas Production (MMcf) 183.1 17.9 399.7 42.3
Average Natural Gas Price ($ / Mcf) $ 3.25 $ 2.71 $ 3.53 $ 3.31
BOE Production2 155,700 11,300 291,500 16,900
Average Price ($ / BOE) $ 73.12 $ 82.93 $ 73.29 $ 67.61

Total Oil & Gas Interests
Gross Wells3 983 541 983 541
Oil Production (Barrels) 165,800 61,600 313,700 130,700
Average Oil Price ($ / Barrel) $ 85.55 $ 94.64 $ 87.26 $ 96.19
Natural Gas Production (MMcf) 505.3 420.4 1,099.1 872.7
Average Natural Gas Price ($ / Mcf) $ 3.25 $ 2.31 $ 3.26 $ 2.79
BOE Production2 250,100 131,600 496,900 276,200
Average Price ($ / BOE) $ 63.30 $ 51.65 $ 62.31 $ 54.34
Well Activity

Mineral Interests Owned3
Net Acres Held By Production 36,000 35,000 36,000 35,000
Gross Wells Drilled 7 11
Productive Gross Wells 543 541 543 541

Mineral Interests Leased
Net Acres Held By Production4 33,000 33,000
Gross Wells Drilled 18 39
Productive Gross Wells4 449 449

Total Well Activity
Net Acres Held By Production 69,000 35,000 69,000 35,000
Gross Wells Drilled 18 7 39 11
Productive Gross Wells 983 541 983 541

_____________________________________________
1   Includes our share of venture activity in which we own a 50% interest. Our share of natural gas production is 57.8 MMcf and 128.0 MMcf in second quarter and first six months 2013, and 82.1 MMcf and 172.2 MMcf in second quarter and first six months 2012.
2 BOE – Barrels of oil equivalent (converting natural gas to oil at 6 Mcfe / Bbl)
3 Includes wells operated by third-party lessees/operators. Represent wells in which we own a royalty or working interest in a producing well. Excludes nine working interest wells as we also own a royalty interest in these wells.
4 Excludes 8,000 net acres and 1,181 wells in which we have an overriding royalty interest
 

FORESTAR GROUP INC. OIL AND GAS SEGMENT MINERAL INTERESTS

MINERAL INTERESTS OWNED 1

Forestar’s oil and gas segment includes approximately 590,000 owned net mineral acres principally located in Texas, Louisiana, Georgia and Alabama.
State     Unleased     Leased     Held By

Production
    Total 2
(Net acres)
Texas 213,000 12,000 27,000 252,000
Louisiana 117,000 18,000 9,000 144,000
Georgia 152,000 152,000
Alabama 40,000 40,000
California 1,000 1,000
Indiana 1,000 1,000
524,000 30,000 36,000 590,000

_____________________________________________

1 Represents net acres and includes ventures 2 Excludes 477 net mineral acres located in Colorado

MINERAL INTERESTS LEASED

Forestar’s oil and gas segment includes approximately 218,000 net mineral acres of leasehold interests principally located in Nebraska, Kansas, Oklahoma, North Dakota and Texas, predominantly as result of our September 28, 2012 acquisition of Credo Petroleum.
State     Undeveloped    

Held By

Production 1
    Total
Nebraska 123,000 2,000 125,000
Kansas 34,000 5,000 39,000
Oklahoma 17,000 17,000
Alabama 10,000 10,000
Texas 9,000 2,000 11,000
North Dakota 4,000 3,000 7,000
Other 5,000 4,000 9,000
185,000 33,000 218,000

_____________________________________________

1 Excludes approximately 8,000 net acres of overriding royalty interests.

         
FORESTAR GROUP INC.
OTHER NATURAL RESOURCES SEGMENT
PERFORMANCE METRICS
 
Second Quarter First Six Months
Other Natural Resources 2013     2012 2013     2012
Fiber Sales*
Pulpwood tons sold 128,100 80,800 248,700 105,200
Average pulpwood price per ton $ 10.84 $ 9.24 $ 11.26 $ 9.46
Sawtimber tons sold 56,900 24,900 127,800 29,300
Average sawtimber price per ton $ 23.87 $ 19.46 $ 23.04 $ 19.47
 
Total tons sold 185,000 105,700 376,500 134,500
Average price per ton $ 14.85 $ 11.66 $ 15.26 $ 11.64
 
Recreational Activity
Average recreational acres leased 121,800 131,800 122,200 131,400
Average price per leased acre $ 9.29 $ 8.84 $ 9.29 $ 8.82

_____________________________________________

*The majority of our fiber sales were to International Paper at market prices.

FORESTAR GROUP INC. PROJECTS IN ENTITLEMENT

A summary of our real estate projects in the entitlement process (a) at second quarter-end 2013 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
 
Georgia
Ball Ground Cherokee Atlanta 500
Crossing Coweta Atlanta 230
Fincher Road Cherokee Atlanta 3,890
Fox Hall Coweta Atlanta 960
Garland Mountain Cherokee/Bartow Atlanta 350
Martin’s Bridge Banks Atlanta 970
Mill Creek Coweta Atlanta 770
Serenity Carroll Atlanta 440
Wolf Creek Carroll/Douglas Atlanta 12,230
Yellow Creek Cherokee Atlanta 1,060
 
Texas
Lake Houston Harris/Liberty Houston 3,700
San Jacinto Montgomery Houston 150
Total 25,980

_____________________________________________
(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.
 

FORESTAR GROUP INC. REAL ESTATE PROJECTS

A summary of activity within our projects in the development process, which includes entitled (a), developed and under development real estate projects, at second quarter-end 2013 follows:
            Residential Lots (c)     Commercial Acres (d)
Project County

InterestOwned (b)

Lots SoldSinceInception
   

LotsRemaining

AcresSoldSinceInception
   

AcresRemaining (f)
Projects we own
 

California
San Joaquin River Contra Costa/Sacramento 100% 288
 

Colorado
Buffalo Highlands Weld 100% 164
Johnstown Farms Weld 100% 170 436 2 7
Pinery West Douglas 100% 20 91
Stonebraker Weld 100% 603
 

Tennessee
Azalea Park Hays 100% 173
 

Texas
Arrowhead Ranch Hays 100% 387 6
Bar C Ranch Tarrant 100% 292 813
Barrington Kingwood Harris 100% 75 105
Cibolo Canyons Bexar 100% 766 709 96 54
Harbor Lakes Hood 100% 208 241 2 19
Hunter’s Crossing Bastrop 100% 423 67 38 71
La Conterra Williamson 100% 132 369 58
Lakes of Prosper Collin 100% 5 280
Maxwell Creek Collin 100% 839 160 10
Oak Creek Estates Comal 100% 142 505 13
Stoney Creek Dallas 100% 149 605
Summer Creek Ranch Tarrant 100% 842 432 35 44
Summer Lakes Fort Bend 100% 491 639 56
Summer Park Fort Bend 100% 198 28 62
The Colony Bastrop 100% 445 704 22 31
The Preserve at Pecan Creek Denton 100% 429 365 7
Village Park Collin 100% 536 220 3 2
Westside at Buttercup Creek Williamson 100% 1,435 61 66
Other projects (10) Various 100% 2,100 156 218 36
 

Georgia
Seven Hills Paulding 100% 682 408 26 113
The Villages at Burt Creek Dawson 100% 1,715 57
Towne West Bartow 100% 2,674 121
Other projects (17) Various 100% 76 3,017 705
 

Florida
Other projects (2) Various 100% 301
 

Missouri and Utah
Other projects (2) Various 100% 500 54
11,038 16,260 635 1,772
 
Projects in entities we consolidate

Texas
City Park Harris 75% 1,239 72 50 115
Lantana (e) Denton 55% 812 1,314 9 3
Timber Creek Collin 88% 614
Willow Creek Farms II Waller/Fort Bend 90% 62 169
Other projects (2) Various Various 7 200 129
 

Georgia
The Georgian Paulding 75% 289 1,052
2,409 3,421 59 247
Total owned and consolidated 13,447 19,681 694 2,019
 
Projects in ventures that we account for using the equity method

Texas
Entrada Travis 50% 821
Fannin Farms West Tarrant 50% 324 24 12
Harper’s Preserve Montgomery 50% 281 1,412 59
Lantana (e) Denton Various 1,163 62 16 42
Long Meadow Farms Fort Bend 37% 1,057 745 121 178
Southern Trails Brazoria 80% 629 362
Stonewall Estates Bexar 50% 317 69
Other projects (1) Nueces 50% 15
Total in ventures 3,771 3,495 137 306
Combined total 17,218 23,176 831 2,325

_____________________________________________
(a)   A project is deemed entitled when all major discretionary governmental land-use approvals have been received. Some projects may require additional permits and/or non-governmental authorizations for development.
(b) Interest owned reflects our net equity interest in the project, whether owned directly or indirectly. There are some projects that have multiple ownership structures within them. Accordingly, portions of these projects may appear as owned, consolidated or accounted for using the equity method.
(c) Lots are for the total project, regardless of our ownership interest. Lots remaining represent vacant developed lots, lots under development and future planned lots and are subject to change based on business plan revisions.
(d) Commercial acres are for the total project, regardless of our ownership interest, and are net developable acres, which may be fewer than the gross acres available in the project.
(e) The Lantana project consists of a series of 23 partnerships in which our voting interests range from 25 percent to 55 percent. We account for two of these partnerships using the equity method and we consolidate the remaining partnerships.
(f) Excludes acres associated with commercial and income producing properties.
 

A summary of our significant commercial and income producing properties at second quarter-end 2013 follows:
Project     County     Market    

InterestOwned (a)
    Type     Acres     Description
Radisson Hotel Travis Austin 100% Hotel 2 413 guest rooms and suites
Eleven (b) Travis Austin 25% Multifamily 3 257-unit luxury apartment
360° (b) Arapahoe Denver 20% Multifamily 4 304-unit luxury apartment
Midtown Cedar Hill (b) Dallas Dallas 100% Multifamily 13 354-unit luxury apartment

_____________________________________________

(a) Interest owned reflects our total interest in the project, whether owned directly or indirectly.(b) Construction in progress.

Copyright Business Wire 2010

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