Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Forestar Group Inc. | d69902e8vk.htm |
| EX-99.2 - EX-99.2 - Forestar Group Inc. | d69902exv99w2.htm |
Exhibit 99.1
| NEWS | ||
| RELEASE | ||
| FOR IMMEDIATE RELEASE | ||
CONTACT:
|
Chris L. Nines | |
| (512) 433-5210 | ||
FORESTAR GROUP INC. REPORTS
THIRD QUARTER 2009 RESULTS
THIRD QUARTER 2009 RESULTS
AUSTIN, TEXAS, November 4, 2009—Forestar Group Inc. (NYSE: FOR) today reported third quarter
2009 net income of $19.5 million, or $0.54 per diluted share, compared with third quarter 2008 net
income of $0.9 million, or $0.02 per diluted share. Third quarter 2009 results include a gain of
$0.45 per diluted share, after-tax, from the sale of about 20,000 acres of HBU timberland for
approximately $39.5 million.
“We had a good quarter and continued to make significant progress executing our strategy and
near-term strategic initiatives, which we believe will enhance shareholder value,” said Jim
DeCosmo, president and chief executive officer of Forestar Group. “Third quarter highlights
include:
| • | Selling 20,000 acres of HBU timberland in Georgia for approximately $39.5 million | ||
| • | Receiving $20.3 million in reimbursements from special public improvement districts | ||
| • | Leasing 10,795 net mineral acres for $15.8 million | ||
| • | Reducing investment in real estate development and lowering costs by $58.8 million YTD 3rd Qtr. 2009 | ||
| • | Reducing debt $13 million during 3rd Qtr. 2009, and $124 million since 1st Qtr. 2009 |
Forestar manages its operations through three business segments:
| § | Real estate, | ||
| § | Mineral resources, and | ||
| § | Fiber resources |
At the end of third quarter 2009, our real estate segment includes over 255,000 acres of land
owned directly or through ventures located in nine states and twelve markets. Mineral
resources include about 622,000 net acres of oil and gas mineral interests located principally
in Texas, Louisiana, Alabama and Georgia. Mineral resources also include a 45% nonparticipating
royalty interest in groundwater produced or withdrawn for commercial purposes from approximately
1.38 million acres in Texas, Louisiana, Georgia and Alabama. Fiber resources include the sale of
wood fiber and management of our recreational leases.
REAL ESTATE
| 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | ||||||||||
| Segment Earnings | 2009 | 2008 | 2009 | |||||||||
($ in Millions) |
$ | 0.1 | $ | 1.7 | $ | 5.0 | ||||||
Third quarter 2009 real estate segment earnings were negatively impacted by $4.7 million in
impairment charges, principally associated with a condominium project located in Austin, Texas and
two joint venture projects located in Tampa, Florida.
During third quarter 2009 we received approximately $20.3 million from a special public
improvement district as reimbursement for qualified infrastructure costs. These reimbursements
were accounted for as a reduction in our investment basis.
Second quarter 2009 real estate segment earnings were negatively impacted by a $4.1 million
loss from equity in earnings of unconsolidated ventures, principally due to an impairment charge
related to a venture investment in a project located near Atlanta, Georgia.
Sales Activity
| 3rd Qtr. 2009 | 3rd Qtr. 2008 | |||||||
| Sales | Price | Sales | Price | |||||
Undeveloped Land*
|
5,313 acres | $2,100 / acre | 1,774 acres | $4,800 / acre | ||||
Residential Lots*
|
168 lots | $52,700 / lot | 149 lots | $62,200 / lot | ||||
Commercial Acres*
|
2 acres | $435,400 / acre | 23 acres | $252,300 / acre | ||||
| * | Includes venture activity |
During third quarter 2009, over 5,300 acres of undeveloped land were sold at an average sales
price of over $2,100 per acre, including a single transaction of approximately 3,100 acres of rural
undeveloped land.
Residential sales activity for all wholly and partially-owned projects during third quarter
2009 included the sale of 168 lots at an average price of approximately $52,700 per lot. Third
quarter 2009 average residential lot prices were negatively impacted by a higher mix of smaller
residential lots principally associated with increased demand for entry-level homes from the
federal housing tax credit program for first-time home buyers.
During third quarter 2009, approximately two acres of commercial land were sold at an average
sales price of $435,400 per acre in a real estate venture located near Austin, Texas.
2
Real Estate Pipeline
At the end of third quarter 2009, our real estate segment includes over 255,000 acres of land
owned directly or through ventures located in nine states and twelve markets.
3rd Qtr. 2009 Real Estate Pipeline
| In | Developed & | |||||||||||||||||||
| Entitlement | Under | |||||||||||||||||||
| Real Estate | Undeveloped | Process | Entitled | Development | Total Acres* | |||||||||||||||
Undeveloped Land |
||||||||||||||||||||
Owned |
200,148 | 206,901 | ||||||||||||||||||
Ventures |
6,753 | |||||||||||||||||||
Residential |
||||||||||||||||||||
Owned |
26,928 | 7,929 | 675 | |||||||||||||||||
Ventures |
1,080 | 4,585 | 1,360 | 42,557 | ||||||||||||||||
Commercial |
||||||||||||||||||||
Owned |
3,502 | 1,056 | 520 | |||||||||||||||||
Ventures |
517 | 254 | 5,849 | |||||||||||||||||
Total Acres |
206,901 | 31,510 | 14,087 | 2,809 | 255,307 | |||||||||||||||
Estimated
Residential
Lots |
25,676 | 3,957 | 29,633 | |||||||||||||||||
| * | Total acres excludes Forestar’s 58% ownership interest in the Ironstob, LLC venture which controls approximately 16,000 acres of undeveloped land |
Entitlement Activity
Including ventures, Forestar has 21 real estate projects representing over 31,500 acres in the
entitlement process, and over 14,000 acres of entitled land, representing over 25,600 residential
lots and almost 1,600 commercial acres.
Development Activity
Forestar has over 2,800 acres developed and under development owned directly or through
ventures. During third quarter 2009 the company invested $16.1 million in real estate development
activity, compared with $25.6 million in third quarter 2008. “Excluding our contributions to the
resort at Cibolo Canyons, third quarter 2009 investment in development was down about 80% compared
with third quarter 2008,” added Mr. DeCosmo.
Investment in Real Estate Development
| ($ in millions) | 3rd Qtr. 2009 | 3rd Qtr. 2008 | Reduction | |||||||||
Investment in Development |
$ | 16.1 | $ | 25.6 | ||||||||
Contribution to Resort at Cibolo Canyons |
$ | (12.2 | ) | $ | (6.0 | ) | ||||||
Net Investment in Development |
$ | 3.9 | $ | 19.6 | (80 | %) | ||||||
3
MINERAL RESOURCES
| 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | ||||||||||
| Segment Earnings | 2009 | 2008 | 2009 | |||||||||
($ in Millions) |
$ | 17.8 | $ | 8.2 | $ | 6.4 | ||||||
Third quarter 2009 mineral resources segment earnings include approximately $15.8 million in
lease bonus payments generated from leasing 10,795 net mineral acres to oil and gas companies for
$1,465 per acre.
Mineral Activity*
Third Quarter 2009
Third Quarter 2009
| Revenues | Activity | |||||||
Royalties |
$2.6 million | Natural Gas Production (MMCF) | 284.8 | |||||
| Average Price / MCF | $ | 3.35 | ||||||
| Oil Production (Barrels) | 25,400 | |||||||
| Average Price / Barrel | $ | 63.46 | ||||||
Other Lease Revenues |
$16.2 million | Acres Leased | 10,795 | |||||
| Average Bonus / Acre | $ | 1,465 | ||||||
Total Revenues |
$18.8 million |
| * | Includes our share of venture activity |
Including ventures, our share of oil and gas production related to our royalty interests was
about 25,400 barrels of oil and approximately 284.8 MMCF of natural gas during third quarter 2009.
In addition, Forestar generated other lease revenues of $16.2 million principally related to
leasing 10,795 net mineral acres for $15.8 million and receiving over $0.4 million in delay rental
payments.
Forestar’s mineral resources segment includes approximately 622,000 net mineral acres located
in Texas, Louisiana, Alabama and Georgia.
Third Quarter 2009
Mineral Ownership 1
Mineral Ownership 1
| Available | Held by | |||||||||||||||
| State | for Lease 2 | Leased | Production | Total 3 | ||||||||||||
Texas |
116,000 | 109,000 | 19,000 | 244,000 | ||||||||||||
Louisiana |
104,000 | 10,000 | 7,000 | 121,000 | ||||||||||||
Alabama |
55,000 | 2,000 | — | 57,000 | ||||||||||||
Georgia |
200,000 | — | — | 200,000 | ||||||||||||
| 475,000 | 121,000 | 26,000 | 622,000 | |||||||||||||
| 1 | Includes ventures | |
| 2 | Includes approximately 6,500 net acres subject to lease option. | |
| 3 | Excludes approximately 249 net mineral acres located in Colorado |
4
FIBER RESOURCES
| 3rd Qtr. | 3rd Qtr. | 2nd Qtr. | ||||||||||
| Segment Earnings | 2009 | 2008 | 2009 | |||||||||
($ in Millions) |
$ | 2.1 | $ | 1.9 | $ | 3.3 | ||||||
Fiber Sales Activity
During third quarter 2009 Forestar generated approximately $3.1 million in revenues from the
sale of approximately 279,600 tons of fiber, the majority of which was sold to Temple-Inland Inc.
at market prices.
Comments
“During third quarter 2009 we continued to make significant progress in executing our
near-term strategic initiatives, despite difficult market conditions. Since the announcement of
our strategic initiatives, we have sold over 95,000 acres of timberland for almost $160 million,
and reduced debt by $124 million or 35% since the end of first quarter 2009. We firmly believe
the execution of our strategic initiatives will enhance shareholder value.”
The Company will host a conference call on November 4, 2009 at 10:00 am EDT to discuss results
of third quarter 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 1-800-573-4842 at
least 15 minutes prior to the start of the meeting. Those wishing to access the call from outside
North America should dial 1-617-224-4327. 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 83753032.
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 255,000 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 31,500 acres currently in the entitlement process, and 75
entitled, developed and under development projects in seven states and eleven markets encompassing
over 16,000 acres, comprised of over 29,600 residential lots and over 2,300 commercial acres. The
mineral resources segment manages about 622,000 net acres of oil and gas mineral interests. The
fiber resources segment include 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.
5
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 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.
6
FORESTAR GROUP INC.
(UNAUDITED)
(UNAUDITED)
Business Segments
| Third Quarter | First Nine Months | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (In thousands, | (In thousands, | |||||||||||||||
| except per share) | except per share) | |||||||||||||||
Revenues |
||||||||||||||||
Real estate |
$ | 22,921 | $ | 20,930 | $ | 70,155 | $ | 73,491 | ||||||||
Mineral resources |
18,828 | 9,539 | 31,767 | 40,193 | ||||||||||||
Fiber resources |
3,558 | 3,474 | 12,928 | 9,079 | ||||||||||||
Total revenues |
$ | 45,307 | $ | 33,943 | $ | 114,850 | $ | 122,763 | ||||||||
Segment earnings |
||||||||||||||||
Real estate |
$ | 92 | $ | 1,656 | $ | 5,641 | $ | 6,073 | ||||||||
Mineral resources |
17,850 | 8,182 | 29,033 | 37,934 | ||||||||||||
Fiber resources |
2,080 | 1,938 | 8,279 | 6,189 | ||||||||||||
Total segment earnings |
20,022 | 11,776 | 42,953 | 50,196 | ||||||||||||
Items not allocated to segments |
||||||||||||||||
General and administrative (a) |
(5,874 | ) | (4,454 | ) | (17,750 | ) | (14,808 | ) | ||||||||
Share-based compensation |
(3,396 | ) | (1,130 | ) | (7,717 | ) | (4,658 | ) | ||||||||
Gain on sale of assets |
24,833 | — | 104,047 | — | ||||||||||||
Interest expense |
(5,440 | ) | (5,079 | ) | (15,653 | ) | (15,747 | ) | ||||||||
Other non-operating income |
287 | 79 | 382 | 233 | ||||||||||||
Income before taxes |
30,432 | 1,192 | 106,262 | 15,216 | ||||||||||||
Income tax expense |
(10,956 | ) | (320 | ) | (39,761 | ) | (4,986 | ) | ||||||||
Net income attributable to Forestar Group Inc. |
$ | 19,476 | $ | 872 | $ | 66,501 | $ | 10,230 | ||||||||
Diluted earnings per share: |
||||||||||||||||
Net income |
$ | 0.54 | $ | 0.02 | $ | 1.85 | $ | 0.28 | ||||||||
Average diluted shares outstanding |
36.2 | 35.8 | 36.0 | 35.9 | ||||||||||||
Supplemental
Financial Information:
| Third Quarter | ||||||||
| 2009 | 2008 | |||||||
| (In thousands) | ||||||||
Cash and cash equivalents |
$ | 43,542 | $ | 7,254 | ||||
Borrowings under credit facility |
$ | 125,000 | $ | 218,000 | ||||
Other debt (b) |
99,966 | 96,586 | ||||||
Total debt |
$ | 224,966 | $ | 314,586 | ||||
| (a) | Third quarter 2009 general and administrative costs include approximately $1.8 million impairment charge associated with our interest in corporate aircraft contributed to us by Temple-Inland prior to spin-off. First nine months 2009, general and administrative costs also include approximately $3.2 million paid to outside advisors regarding an evaluation by our Board of Directors of an unsolicited shareholder proposal. | |
| (b) | Consists principally of consolidated venture non-recourse debt. |
7
Information about our real estate projects and our ventures for third quarter-end 2009 follows:
| Third Quarter | ||||||||
| 2009 | 2008 | |||||||
Owned & Consolidated Ventures: |
||||||||
Entitled, developed and under development projects |
||||||||
Number of projects |
54 | 56 | ||||||
Residential lots remaining |
20,467 | 20,623 | ||||||
Commercial acres remaining |
1,702 | 1,589 | ||||||
Undeveloped land and land in entitlement process |
||||||||
Number of projects |
19 | 24 | ||||||
Acres in entitlement process |
30,430 | 32,680 | ||||||
Acres undeveloped (a) |
201,384 | 311,597 | ||||||
Ventures accounted for using the equity method: |
||||||||
Ventures’ lot sales (first nine months) |
||||||||
Lots sold |
126 | 205 | ||||||
Revenue per lot sold |
$ | 65,165 | $ | 55,942 | ||||
Ventures’ entitled, developed, and under development projects |
||||||||
Number of projects |
21 | 21 | ||||||
Residential lots remaining |
9,166 | 9,346 | ||||||
Commercial acres sold (first nine months) |
4 | 39 | ||||||
Revenue per acre sold |
$ | 196,996 | $ | 285,681 | ||||
Commercial acres remaining |
645 | 666 | ||||||
Ventures’ undeveloped land and land in entitlement process |
||||||||
Number of projects |
2 | 2 | ||||||
Acres in entitlement process |
1,080 | 1,080 | ||||||
Acres sold (first nine months) |
1 | 486 | ||||||
Revenue per acre sold |
$ | 10,000 | $ | 6,306 | ||||
Acres undeveloped |
5,517 | 5,641 | ||||||
| (a) | Includes 74,000 acres classified as assets held for sale. |
8
A summary of projects in the entitlement process(a) at third quarter-end 2009 follows:
| Project | ||||||
| Project | County | Acres(b) | ||||
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 | 3,950 | ||||
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 | ||||
Texas |
||||||
Lake Houston |
Harris/Liberty | 3,700 | ||||
San Jacinto |
Montgomery | 150 | ||||
Entrada(c) |
Travis | 240 | ||||
Woodlake Village(c) |
Montgomery | 840 | ||||
Total |
31,510 | |||||
| (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. |
9
A summary of activity within our entitled,(a) developed and under development projects
at third quarter-end 2009 follows:
| Residential Lots (c) | Commercial Acres (d) | |||||||||||||||||||
| Lots Sold | Acres Sold | |||||||||||||||||||
| Interest | Since | Lots | Since | Acres | ||||||||||||||||
| Project | County | Owned (b) | Inception | Remaining | Inception | Remaining | ||||||||||||||
Projects we own |
||||||||||||||||||||
California |
||||||||||||||||||||
San Joaquin River |
Contra Costa/Sacramento | 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% | — | 21 | — | — | ||||||||||||||
Texas |
||||||||||||||||||||
Arrowhead Ranch |
Hays | 100% | — | 232 | — | 6 | ||||||||||||||
Caruth Lakes |
Rockwall | 100% | 265 | 384 | — | — | ||||||||||||||
Cibolo Canyons |
Bexar | 100% | 580 | 1,167 | 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% | 53 | 456 | — | 60 | ||||||||||||||
Maxwell Creek |
Collin | 100% | 665 | 346 | 10 | — | ||||||||||||||
Oak Creek Estates |
Comal | 100% | 25 | 623 | 13 | — | ||||||||||||||
The Colony |
Bastrop | 100% | 409 | 2,240 | 22 | 49 | ||||||||||||||
The Gables at North Hill |
Collin | 100% | 195 | 88 | — | — | ||||||||||||||
The Preserve at Pecan Creek |
Denton | 100% | 231 | 587 | — | 9 | ||||||||||||||
The Ridge at Ribelin Ranch |
Travis | 100% | — | — | 179 | 16 | ||||||||||||||
Westside at Buttercup Creek |
Williamson | 100% | 1,288 | 233 | 66 | — | ||||||||||||||
Other projects (7) |
Various | 100% | 1,548 | 20 | 197 | 23 | ||||||||||||||
Georgia |
||||||||||||||||||||
Towne West |
Bartow | 100% | — | 2,674 | — | 121 | ||||||||||||||
Other projects (14) |
Various | 100% | — | 3,054 | — | 705 | ||||||||||||||
Missouri and Utah |
||||||||||||||||||||
Other projects (2) |
Various | 100% | 429 | 335 | — | — | ||||||||||||||
| 6,324 | 14,339 | 591 | 1,576 | |||||||||||||||||
| Projects in entities we consolidate | ||||||||||||||||||||
Texas |
||||||||||||||||||||
City Park |
Harris | 75% | 1,099 | 212 | 50 | 105 | ||||||||||||||
Lantana |
Denton | 55% (e) | 468 | 1,828 | — | — | ||||||||||||||
Light Farms |
Collin | 65% | — | 2,517 | — | — | ||||||||||||||
Stoney Creek |
Dallas | 90% | 68 | 686 | — | — | ||||||||||||||
Timber Creek |
Collin | 88% | — | 614 | — | — | ||||||||||||||
Other projects (5) |
Various | Various | 936 | 271 | 26 | 21 | ||||||||||||||
| 2,571 | 6,128 | 76 | 126 | |||||||||||||||||
| Total owned and consolidated | 8,895 | 20,467 | 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 | 249 | 3 | — | ||||||||||||||
Texas |
||||||||||||||||||||
Bar C Ranch |
Tarrant | 50% | 176 | 1,023 | — | — | ||||||||||||||
Fannin Farms West |
Tarrant | 50% | 279 | 101 | — | 15 | ||||||||||||||
Lantana |
Denton | Various (e) | 1,436 | 34 | 14 | 75 | ||||||||||||||
Long Meadow Farms |
Fort Bend | 19% | 606 | 1,500 | 72 | 138 | ||||||||||||||
Southern Trails |
Brazoria | 40% | 364 | 663 | — | — | ||||||||||||||
Stonewall Estates |
Bexar | 25% | 212 | 169 | — | — | ||||||||||||||
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 | ||||||||||||||
Florida |
||||||||||||||||||||
Other projects (3) |
Various | Various | 473 | 372 | — | — | ||||||||||||||
Total in ventures |
8,069 | 9,166 | 174 | 645 | ||||||||||||||||
Combined Total |
16,964 | 29,633 | 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. |
10
| (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. | |
| (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 operating properties, commercial projects and condominium projects at
third quarter-end 2009 follows:
| Interest | ||||||||||||
| Project | County | Market | Owned (a) | Type | Description | |||||||
Radisson Hotel |
Travis | Austin | 100 | % | Hotel | 413 guest rooms and suites | ||||||
Palisades West |
Travis | Austin | 25 | % | Office | 375,000 square feet | ||||||
Presidio at Judge’s Hill |
Travis | Austin | 60 | % | Condominium | 45 units | ||||||
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. |
11