AUSTIN, Texas--()--Forestar Group Inc. (NYSE: FOR) today reported full year 2009 net income of $59.1 million, or $1.64 per diluted share, compared with full year 2008 net income of $12.0 million, or $0.33 per diluted share. Full year 2009 results include the sale of about 95,000 acres of timberland for approximately $160 million. The company reported a fourth quarter 2009 net loss of ($7.4) million, or ($0.20) per diluted share, compared with net income of $1.7 million, or $0.05 per diluted share in fourth quarter 2008.
“Excluding our contributions to the resort at Cibolo Canyons, full year 2009 investment in development was down 78% compared with full year 2008”
“Our 2009 results reflect the execution of our strategic initiatives,” said Jim DeCosmo, president and chief executive officer of Forestar Group. “Principally due to the efforts of our team in executing our near-term strategic initiatives, we generated approximately $130 million in positive net cash flow during 2009 compared with the use of about ($70) million in 2008.”
Mr. DeCosmo noted that the company’s 2009 value creation activities included:
- Selling about 95,000 acres of timberland for approximately $160 million
- Reducing cash used for real estate development and lowering costs almost $68 million in 2009 compared with 2008
- Receiving $24.9 million in reimbursements from special public improvement districts
- Leasing over 25,800 net mineral acres to oil and gas companies for exploration and production activities
- Investing approximately $19 million in the resort and real estate development at our Cibolo Canyons mixed-use project located in San Antonio, Texas. Forestar will receive revenues related to hotel occupancy and sales taxes through 2034 from the 1,002 room J.W. Marriott hotel and golf resort (which opened January 22, 2010).
“As a result of 2009 value creation activities listed above, we have reduced total debt over $121 million or 35% since year-end 2008, significantly improving liquidity and financial flexibility, positioning Forestar for future growth opportunities. We remain committed to our strategy of maximizing long-term shareholder value,” added Mr. DeCosmo.
Forestar Group manages its operations through three business segments:
- Real estate,
- Mineral resources, and
- Fiber resources
At the end of 2009, our real estate segment includes over 251,000 acres of land owned directly or through ventures located in nine states and twelve markets. Mineral resources include about 620,000 net acres of oil and gas mineral interests located principally in Texas, Louisiana, Alabama, and Georgia. Also included in the segment is a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.38 million acres in Texas, Louisiana, Georgia and Alabama. Fiber resources includes the sale of wood fiber and management of our recreational leases.
REAL ESTATE
|
Quarterly Results |
Full Year Results |
|||||||||||||||
|
($ in Millions) |
4th Qtr. 2009 |
4th Qtr. 2008 |
3rd Qtr. 2009 |
2009 |
2008 |
|||||||||||
| Segment Earnings | ($2.5) | $3.0 | $0.1 | $3.2 | $9.1 | |||||||||||
Fourth quarter 2009 real estate segment earnings were negatively impacted by impairment charges of $2.7 million primarily associated with a condominium project located in Austin, Texas, and a $3.6 million charge for environmental remediation activities at our San Joaquin River project located near Antioch, California.
Full year 2009 real estate segment earnings were negatively impacted by impairment charges of $10.6 million, principally related to a condominium project located near Austin, TX, a venture investment in a project located near Atlanta, Georgia, and two joint venture projects located in Tampa, Florida. In addition, full year 2009 real estate segment earnings include a $3.6 million charge for environmental remediation activities as mentioned above.
|
Fourth Quarter 2009 |
||||||||||||
|
Q4 2009 |
Q4 2008 |
|||||||||||
| Sales | Price | Sales | Price | |||||||||
| Undeveloped Land* | 3,240 acres | $3,100 / acre | 2,436 acres | $4,600 / acre | ||||||||
| Residential Lots* | 202 lots | $45,000 / lot | 259 lots | $37,600 / lot | ||||||||
| Commercial Acres* | 0.3 acres | $87,000 / acre | 28 acres | $265,900 / acre | ||||||||
* Includes venture activity
Including venture activity, over 3,200 acres of undeveloped land were sold during fourth quarter 2009 at an average sales price of approximately $3,100 per acre.
Residential sales activity for all wholly and partially-owned projects during fourth quarter 2009 included the sale of 202 lots at an average price of approximately $45,000 per lot.
|
Full Year 2009 |
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|
Full Year 2009 |
Full Year 2008 |
|||||||||||
| Sales | Price | Sales | Price | |||||||||
| Undeveloped Land* | 18,200 acres | $2,600 / acre | 6,100 acres | $4,800 / acre | ||||||||
| Residential Lots* | 642 lots | $55,200 / lot | 1,060 lots | $48,500 / lot | ||||||||
| Commercial Acres* | 6 acres | $263,800 / acre | 120 acres | $232,400 / acre | ||||||||
* Includes venture activity
Including venture activity, about 18,200 acres of undeveloped land were sold during 2009 at an average sales price of approximately $2,600 per acre.
Residential sales activity for all wholly and partially-owned projects during 2009 included the sale of 642 residential lots at an average price of approximately $55,200 per lot.
Commercial activity for all wholly and partially-owned projects during 2009 included the sale of six acres at an average price of approximately $263,800 per acre.
Real Estate Pipeline
At year-end 2009, Forestar’s real estate segment includes over 251,000 acres of land owned directly or through ventures located in nine states and twelve markets.
|
YE 2009 Real Estate Pipeline |
||||||||||||||
| Real Estate | Undeveloped |
In |
Entitled |
Developed & |
Total |
|||||||||
| Undeveloped Land | ||||||||||||||
| Owned | 196,817 | 203,580 | ||||||||||||
| Ventures | 6,763 | |||||||||||||
| Residential | ||||||||||||||
| Owned | 26,868 | 7,790 | 636 | 41,706 | ||||||||||
| Ventures | 1,080 | 4,297 | 1,035 | |||||||||||
| Commercial | ||||||||||||||
| Owned | 3,502 | 1,056 | 520 | 5,849 | ||||||||||
| Ventures | - | 517 | 254 | |||||||||||
| Total Acres |
203,580 |
31,450 |
13,660 |
2,445 |
251,135 |
|||||||||
| Estimated Residential Lots | 25,416 | 3,731 | 29,147 | |||||||||||
* Total acres excludes Forestar’s 58% ownership interest in the Ironstob, LLC venture which controls approximately 16,000 acres of undeveloped land located in Georgia.
Entitlement Activity
Forestar has 21 real estate projects representing about 31,450 acres in the entitlement process, including ventures.
Including venture activity, Forestar has over 13,600 acres of entitled land, representing over 25,400 residential lots and over 1,500 commercial acres.
Development and Investment Activity
During 2009 the company invested approximately $33.8 million in real estate development activity, compared with about $99.2 million in 2008. “Excluding our contributions to the resort at Cibolo Canyons, full year 2009 investment in development was down 78% compared with full year 2008,” added Mr. DeCosmo.
|
Investment in Real Estate Development |
|||||||||
|
($ in millions) |
2009 |
2008 |
Reduction |
||||||
| Investment in Development | $33.8 | $99.2 | |||||||
| Contribution to Resort at Cibolo Canyons |
($16.2) |
($18.3) |
|||||||
| Net Investment in Development |
$17.6 |
$80.9 | (78%) | ||||||
“During 2009, our investment activity related primarily to our contractual commitments to the resort at Cibolo Canyons, and our remaining investment in development was located principally in the major markets of Texas, where we continue to generate sales activity,” said Mr. DeCosmo.
MINERAL RESOURCES
|
Quarterly Results |
Full Year Results |
||||||||||||||
|
Segment Earnings |
4th Qtr. 2009 |
4th Qtr. 2008 |
3rd Qtr. 2009 |
2009 |
2008 |
||||||||||
| ($ in Millions) | $3.3 | $6.1 | $17.8 | $32.4 | $44.1 | ||||||||||
Full year 2009 mineral resources segment earnings include $21.3 million in lease bonus payments associated with leasing over 25,800 net mineral acres. Full year 2008 mineral resources revenues include $24.9 million in bonus payments associated with leasing over 61,500 net mineral acres.
|
Mineral Activity |
|||||||||
|
Revenues |
Activity* |
||||||||
| Royalties | $3.5 million | Natural Gas Production (MMCF) | 586.5 | ||||||
| Average Price / MCF | $3.15 | ||||||||
| Oil Production (Barrels) | 30,800 | ||||||||
| Average Price / Barrel | $66.62 | ||||||||
| Other Lease Revenues |
$1.0 million |
Acres Leased | 720 | ||||||
| Bonus / Acre | $662 | ||||||||
| Total Revenues | $4.5 million | Active Wells | 472 | ||||||
* Includes venture activity
During fourth quarter 2009, including venture activity, over 700 net mineral acres were leased, and our share of oil and gas production related to our royalty interests was about 30,800 barrels of oil and approximately 586.5 MMCF of natural gas.
|
Mineral Activity |
|||||||||
|
Revenues |
Activity* |
||||||||
| Royalties | $11.9 million | Natural Gas Production (MMCF) | 1,575.8 | ||||||
| Average Price / MCF | $4.09 | ||||||||
| Oil Production (Barrels) | 107,200 | ||||||||
| Average Price / Barrel | $56.86 | ||||||||
| Other Lease Revenues |
$24.4 million |
Acres Leased | 25,800 | ||||||
| Bonus / Acre | $827 | ||||||||
| Total Revenues | $36.3 million | Active Wells (YE 2009) | 472 | ||||||
* Includes venture activity
For the year 2009, including venture activity, about 25,800 net mineral acres were leased, generating $21.3 million in bonus revenues. This leasing activity was located principally in East Texas and driven by activity associated with the Cotton Valley, James Lime, Haynesville and Deep Bossier natural gas formations. In addition, approximately $2.5 million in delay rental payments were received in 2009.
For the year 2009, our share of oil and gas production related to our royalty interests was approximately 107,200 barrels of oil and 1,575.8 MMCF of natural gas.
Minerals Activity
Forestar’s mineral resources segment includes approximately 620,000 net mineral acres principally located in Texas, Louisiana, Alabama, and Georgia.
|
YE 2009 Minerals Ownership1 |
||||||||||||
| State |
Available |
Leased |
Held by |
Total2 | ||||||||
| Texas | 130,000 | 103,000 | 20,000 | 253,000 | ||||||||
| Louisiana | 129,000 | 8,000 | 7,000 | 144,000 | ||||||||
| Alabama | 40,000 | 2,000 | - | 42,000 | ||||||||
| Georgia | 180,000 | - | - | 180,000 | ||||||||
| California | 1,000 | - | - | 1,000 | ||||||||
| 480,000 | 113,000 | 27,000 | 620,000 | |||||||||
1 Includes ventures
2 Excludes 481 net mineral acres located in Colorado
FIBER RESOURCES
|
Quarterly Results |
Full Year Results |
|||||||||||||
|
Segment Earnings |
4th Qtr. 2009 |
4th Qtr. 2008 |
3rd Qtr. 2009 |
2009 |
2008 |
|||||||||
| ($ in Millions) | $1.4 | $2.7 | $2.1 | $9.6 | $8.9 | |||||||||
Fiber Sales Activity
During fourth quarter 2009 Forestar generated almost $2.2 million in revenues from the sale of nearly 200 thousand tons of fiber. In 2009, Forestar generated about $13.5 million in revenues from the sale of over 1.1 million tons of fiber, the majority of which was sold to Temple-Inland Inc. at market prices.
2009 Summary
“Forestar has made significant progress executing our strategy and near-term strategic initiatives despite challenging economic conditions. During 2009 we sold approximately 113,000 acres of timberland for about $207 million, and reduced total debt by over 35%. In addition, we reduced investment in real estate development and lowered costs by almost $68 million in 2009 compared with 2008. We remain focused on investing in projects where market conditions support sales activity. Also, we continue to lower costs. Principally due to the efforts of our team in executing our near-term strategic initiatives, we generated approximately $130 million in positive net cash flow in 2009, compared with the use of about ($70) million in 2008. As a result, we have transformed the balance sheet, significantly improving liquidity and financial flexibility, positioning Forestar for the future,” concluded Mr. DeCosmo.
The Company will host a conference call on February 3, 2010 at 9:00 a.m. EST to discuss results of fourth quarter and full year 2009. 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 1-866-277-1181 at least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside North America should dial 1-617-597-5358. The password is Forestar. Replays of the call will be available for two weeks following 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 80932686.
About Forestar Group
Forestar Group Inc. operates in three business segments: real estate, mineral resources and fiber resources. The real estate segment owns directly or through ventures over 251,000 acres of real estate located in nine states and twelve markets in the U.S. The real estate segment has 21 real estate projects representing over 31,450 acres currently in the entitlement process, and 75 entitled, developed and under development projects in seven states and eleven markets encompassing over 16,100 acres, comprised of over 29,100 residential lots and over 2,300 commercial acres. The mineral resources segment manages about 620,000 net acres of oil and gas mineral interests. The fiber resources segment includes the sale of wood fiber and management of our recreational leases. The company also has a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.38 million acres in Texas, Louisiana, Georgia and Alabama. 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. 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. Factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; the availability of loans and fluctuations in the credit markets; the 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; changes in federal energy policies; demand for oil and gas; 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 release.
|
FORESTAR GROUP INC. (UNAUDITED)
Business Segments |
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|
|
|
Fourth Quarter |
|
|
Full Year |
||||||
|
|
2009 |
2008 |
|
2009 |
|
2008 |
|||||
|
(In thousands,
except per share) |
(In thousands,
except per share) |
||||||||||
|
Revenues |
|||||||||||
| Real estate | $ | 24,281 | $ | 25,368 | $ | 94,436 | $ | 98,859 | |||
| Mineral resources | 4,489 | 7,478 | 36,256 | 47,671 | |||||||
| Fiber resources | 2,631 | 4,113 | 15,559 | 13,192 | |||||||
| Total revenues | $ | 31,401 | $ | 36,959 | $ | 146,251 | $ | 159,722 | |||
|
|
|||||||||||
|
Segment earnings |
|||||||||||
| Real estate | $ | (2,459) | $ | 3,002 | $ | 3,182 | $ | 9,075 | |||
| Mineral resources | 3,337 | 6,142 | 32,370 | 44,076 | |||||||
| Fiber resources | 1,343 | 2,707 | 9,622 | 8,896 | |||||||
| Total segment earnings | 2,221 | 11,851 | 45,174 | 62,047 | |||||||
| Expenses not allocated to segments | |||||||||||
| General and administrative (a) | (4,649) | (4,510) | (22,399) | (19,318) | |||||||
| Share-based compensation | (4,281) | 142 | (11,998) | (4,516) | |||||||
| Gain on sales of assets | - | - | 104,047 | - | |||||||
| Interest expense | (4,806) | (5,536) | (20,459) | (21,283) | |||||||
| Other non-operating income | (7) | 46 | 375 | 279 | |||||||
| Income before taxes | (11,522) | 1,993 | 94,740 | 17,209 | |||||||
| Income tax expense | 4,128 | (249) | (35,633) | (5,235) | |||||||
| Net income(loss)attributable to Forestar Group Inc. | $ | (7,394) | $ | 1,744 | $ | 59,107 | $ | 11,974 | |||
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|
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|
Diluted earnings per share: |
|||||||||||
| Net income | $ | (0.20) | $ | 0.05 | $ | 1.64 | $ | 0.33 | |||
| Average diluted shares outstanding | 36.5 | 35.6 | 36.1 | 35.9 | |||||||
| (shares in millions) |
|
||||||||||
| Year End | ||||||
|
Supplemental Financial Information |
2009 | 2008 | ||||
| (In thousands) | ||||||
| Borrowings under credit facility | $ | 125,000 | $ | 234,900 | ||
| Other debt (b) | 91,626 | 102,502 | ||||
| Total Debt | $ | 216,626 | $ | 337,402 | ||
(a) 2009 general and administrative costs include approximately $3.2 million paid to outside advisors regarding an evaluation by our Board of Directors of an unsolicited shareholder proposal and $2.2 million impairment charge associated with our undivided interest in corporate aircraft contributed to us by Temple-Inland prior to spin-off.
(b) Consists principally of consolidated venture non-recourse debt.
Information about our real estate projects and our real estate ventures for year-end 2009 and 2008 follows:
|
Year End |
||||||
|
2009 |
2008 |
|||||
| Owned & consolidated ventures: | ||||||
| Entitled, developed and under development projects | ||||||
| Number of projects | 54 | 57 | ||||
| Residential lots remaining | 20,186 | 20,561 | ||||
| Commercial acres remaining | 1,702 | 1,624 | ||||
| Undeveloped land and land in the entitlement process | ||||||
| Number of projects | 19 | 23 | ||||
| Acres in entitlement process | 30,370 | 32,640 | ||||
| Acres undeveloped (a) | 198,063 | 309,232 | ||||
| Ventures accounted for using the equity method: | ||||||
| Ventures’ lot sales (for the year) | ||||||
| Lots sold | 159 | 248 | ||||
| Average price per lot sold | $ | 60,589 | $ | 57,750 | ||
| Ventures’ entitled, developed, and under development projects | ||||||
| Number of projects | 21 | 21 | ||||
| Residential lots remaining | 8,961 | 9,348 | ||||
| Commercial acres sold (for the year) | 4 | 65 | ||||
| Average price per acre sold | $ | 188,144 | $ | 280,609 | ||
| Commercial acres remaining | 645 | 648 | ||||
| Ventures’ undeveloped land and land in the entitlement process | ||||||
| Number of projects | 2 | 2 | ||||
| Acres in entitlement process | 1,080 | 1,080 | ||||
| Acres sold (for the year) | 1 | 486 | ||||
| Average price per acre sold | $ | 10,000 | $ | 6,306 | ||
| Acres undeveloped | 5,517 | 5,641 | ||||
(a) Includes 74,000 acres classified as held for sale.
A summary of our real estate projects in the entitlement process (a) at year-end 2009 follows:
|
Project Acres(b) |
||||||||
|
Project |
County |
|||||||
|
California |
||||||||
| Hidden Creek Estates | Los Angeles | 700 | ||||||
| Terrace at Hidden Hills | Los Angeles | 30 | ||||||
|
Georgia |
||||||||
| Ball Ground | Cherokee | 500 | ||||||
| Burt Creek | Dawson | 970 | ||||||
| Crossing | Coweta | 230 | ||||||
| Dallas Highway | Haralson | 1,060 | ||||||
| Fincher Road | Cherokee | 3,890 | ||||||
| Fox Hall | Coweta | 960 | ||||||
| Garland Mountain | Cherokee/Bartow | 350 | ||||||
| Home Place | Coweta | 1,510 | ||||||
| Jackson Park | Jackson | 700 | ||||||
| Martin’s Bridge | Banks | 970 | ||||||
| Mill Creek | Coweta | 770 | ||||||
| Serenity | Carroll | 440 | ||||||
| Waleska | Cherokee | 150 | ||||||
| Wolf Creek | Carroll/Douglas | 12,230 | ||||||
| Yellow Creek | Cherokee | 1,060 | ||||||
|
|
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|
Texas |
||||||||
| Lake Houston | Harris/Liberty | 3,700 | ||||||
| San Jacinto | Montgomery | 150 | ||||||
| Entrada(c) | Travis | 240 | ||||||
|
Woodlake Village(c) |
Montgomery | 840 | ||||||
|
Total |
31,450 | |||||||
(a) A project is deemed to be in the entitlement process when customary steps necessary for the preparation and submittal of an application, 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.
(c) We own a 50% interest in these projects.
A summary of activity within our entitled, (a) developed and under development projects at year-end 2009 follows:
|
Residential Lots (c) |
Commercial Acres (d) |
|||||||||||
|
Project |
County |
Interest |
Lots Sold |
Lots |
Acres Sold |
Acres |
||||||
| Projects we own | ||||||||||||
|
California |
||||||||||||
| San Joaquin River |
Contra |
100% | - | - | - | 288 | ||||||
|
Colorado |
||||||||||||
| Buffalo Highlands | Weld | 100% | - | 164 | - | - | ||||||
| Johnstown Farms | Weld | 100% | 115 | 493 | 2 | 8 | ||||||
| Pinery West | Douglas | 100% | - | - | - | 115 | ||||||
| Stonebraker | Weld | 100% | - | 603 | - | 13 | ||||||
| Westlake Highlands | Jefferson | 100% | 6 | 15 | - | - | ||||||
|
Texas |
||||||||||||
| Arrowhead Ranch | Hays | 100% | - | 232 | - | 6 | ||||||
| Caruth Lakes | Rockwall | 100% | 279 | 370 | - | - | ||||||
| Cibolo Canyons | Bexar | 100% | 590 | 1,157 | 64 | 81 | ||||||
| Harbor Lakes | Hood | 100% | 199 | 250 | - | 14 | ||||||
| Harbor Mist | Calhoun | 100% | - | 200 | - | - | ||||||
| Hunter’s Crossing | Bastrop | 100% | 322 | 169 | 38 | 68 | ||||||
| La Conterra | Williamson | 100% | 60 | 449 | - | 60 | ||||||
| Maxwell Creek | Collin | 100% | 672 | 339 | 10 | - | ||||||
| Oak Creek Estates | Comal | 100% | 67 | 581 | 13 | - | ||||||
| The Colony | Bastrop | 100% | 410 | 2,242 | 22 | 49 | ||||||
| The Gables at North Hill | Collin | 100% | 195 | 88 | - | - | ||||||
| The Preserve at Pecan Creek | Denton | 100% | 264 | 554 | - | 9 | ||||||
| The Ridge at Ribelin Ranch | Travis | 100% | - | - | 179 | 16 | ||||||
| Westside at Buttercup Creek | Williamson | 100% | 1,290 | 231 | 66 | - | ||||||
| Other projects (7) | Various | 100% | 1,550 | 19 | 197 | 23 | ||||||
|
Georgia |
||||||||||||
| Towne West | Bartow | 100% | - | 2,674 | - | 121 | ||||||
| Other projects (14) | Various | 100% | - | 2,934 | - | 705 | ||||||
|
Missouri and Utah |
||||||||||||
| Other projects (2) | Various | 100% | 443 | 321 | - | - | ||||||
| 6,462 | 14,085 | 591 | 1,576 | |||||||||
| Projects in entities we consolidate | ||||||||||||
|
|
||||||||||||
|
Texas |
||||||||||||
| City Park | Harris | 75% | 1,099 | 212 | 50 | 105 | ||||||
| Lantana | Denton | 55% (e) | 498 | 1,802 | - | - | ||||||
| Light Farms | Collin | 65% | - | 2,517 | - | - | ||||||
| Stoney Creek | Dallas | 90% | 69 | 685 | - | - | ||||||
| Timber Creek | Collin | 88% | - | 614 | - | - | ||||||
| Other projects (5) | Various | Various | 936 | 271 | 26 | 21 | ||||||
| 2,602 | 6,101 | 76 | 126 | |||||||||
| Total owned and consolidated | 9,064 | 20,186 | 667 | 1,702 | ||||||||
| Projects in ventures that we account for using the equity method | ||||||||||||
|
|
||||||||||||
|
Georgia |
||||||||||||
| Seven Hills | Paulding | 50% | 634 | 446 | 26 | - | ||||||
| The Georgian | Paulding | 38% | 288 | 1,097 | - | - | ||||||
| Other projects (5) | Various | Various | 1,845 | 77 | 3 | - | ||||||
|
Texas |
||||||||||||
| Bar C Ranch | Tarrant | 50% | 192 | 1,007 | - | - | ||||||
| Fannin Farms West | Tarrant | 50% | 279 | 101 | - | 15 | ||||||
| Lantana | Denton | Various (e) | 1,436 | 34 | 14 | 75 | ||||||
| Long Meadow Farms | Fort Bend | 19% | 607 | 1,499 | 72 | 138 | ||||||
| Southern Trails | Brazoria | 40% | 372 | 655 | - | - | ||||||
| Stonewall Estates | Bexar | 25% | 220 | 161 | - | - | ||||||
| Summer Creek Ranch | Tarrant | 50% | 796 | 1,772 | - | 363 | ||||||
| Summer Lakes | Fort Bend | 50% | 325 | 798 | 56 | - | ||||||
| Village Park | Collin | 50% | 339 | 221 | 3 | 2 | ||||||
| Waterford Park | Fort Bend | 50% | - | 493 | - | 37 | ||||||
| Other projects (2) | Various | Various | 296 | 228 | - | 15 | ||||||
|
|
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|
Florida |
||||||||||||
| Other projects (3) | Various | Various | 473 | 372 | - | - | ||||||
| Total in ventures | 8,102 | 8,961 | 174 | 645 | ||||||||
|
Combined Total |
17,166 | 29,147 | 841 | 2,347 | ||||||||
(a) A project is deemed entitled when all major discretionary land-use approvals have been received. Some projects may require additional permits 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 and/or accounted for using the equity method.
(c) Lots are for the total project, regardless of our ownership interest.
(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 15 partnerships in which our voting interests range from 25% to 55%. We account for three of these partnerships using the equity method and we consolidate the remaining partnerships.
A summary of our commercial and income producing properties at year-end 2009 follows:
|
Interest |
|||||||||||||||
| Project | County | Market | Type | Description | |||||||||||
| Radisson Hotel | Travis | Austin | 100% | Hotel | 413 guest rooms and suites | ||||||||||
| Palisades West | Travis | Austin | 25% | Office | 375,000 square feet | ||||||||||
| Las Brisas | Williamson | Austin | 49% | Multi-Family | 414 unit luxury apartment | ||||||||||
| Harbor Lakes Golf Club | Hood | Dallas/Fort Worth | 100% | Golf Club | 18-hole golf course and club | ||||||||||
| Gulf Coast Apartments | Various | Various | 2% | Multi-Family | 9 apartment communities | ||||||||||
| (a) Interest owned reflects our net equity interest in the project, whether owned directly or indirectly. | |||||||||||||||
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