Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Forestar Group Inc. | d81966e8vk.htm |
| EX-99.2 - EX-99.2 - Forestar Group Inc. | d81966exv99w2.htm |
Exhibit 99.1
| NEWS RELEASE |
FOR IMMEDIATE RELEASE
CONTACT: Chris L. Nines
(512) 433-5210
CONTACT: Chris L. Nines
(512) 433-5210
FORESTAR GROUP INC. REPORTS
FIRST QUARTER 2011 RESULTS
FIRST QUARTER 2011 RESULTS
AUSTIN, TEXAS, May 4, 2011—Forestar Group Inc. (NYSE: FOR) today reported a first quarter
2011 net loss of approximately ($2.5) million, or ($0.07) per basic share, compared with a first
quarter 2010 net loss of ($3.0) million, or ($0.08) per basic share outstanding.
“Our first quarter results reflect current market conditions for our real estate and natural
resources,” said Jim DeCosmo, president and chief executive officer of Forestar Group.
“Residential markets remain challenging; however, inventories of finished lots and new home
inventories have declined to near historical lows, and the major markets of Texas have stabilized
and are improving, in many cases leading the nation in recovery. In addition, we are encouraged by
the level of leasing and drilling activity in our basins despite current natural gas inventories
and prices. We are committed to our strategy, recognizing and responsibly delivering the greatest
value from every acre and growing through strategic and disciplined investments.”
Mr. DeCosmo noted that the Company’s first quarter 2011 highlights included:
| • | Generating a seismic exploration agreement on over 31,000 net mineral acres | ||
| • | Leasing approximately 4,900 net mineral acres to oil and gas companies for exploration and production activities | ||
| • | Acquiring undeveloped land near our Cibolo Canyons development in San Antonio, Texas, securing substantial environmental and development credits | ||
| • | Closing 214 residential lot sales at an average price of $48,200 per lot | ||
| • | Selling over 2,600 acres of timberland for $6.1 million |
Forestar Group manages its operations through three business segments:
| • | Real estate, | ||
| • | Mineral resources, and | ||
| • | Fiber resources |
At the end of first quarter 2011, our real estate segment includes approximately 219,000 acres
of land owned directly or through ventures located in nine states and twelve markets. Mineral
resources include approximately 604,000 net acres of oil and gas mineral interests located
principally in Texas, Louisiana, Alabama, and Georgia. Also included is a 45%
nonparticipating
royalty interest in groundwater produced or withdrawn for commercial purposes from approximately
1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 17,800 acres of ground water
leases in central Texas. Fiber resources include the sale of wood fiber and management of our
recreational leases.
REAL ESTATE
| 1st Qtr. | 1st Qtr. | 4th Qtr. | ||||||||||
| ($ in Millions) | 2011 | 2010 | 2010 | |||||||||
Segment Earnings (Loss) |
$ | 2.6 | $ | 0.3 | ($5.5 | ) | ||||||
First quarter 2011 real estate segment earnings include $6.1 million in undeveloped land
sales, compared with $4.7 million in first quarter 2010 and $2.8 million in fourth quarter 2010.
First quarter 2011 real estate segment earnings include the sale of over 1,400 acres of undeveloped
land in East Texas for approximately $2,100 per acre.
Fourth quarter 2010 real estate segment earnings were negatively impacted by non-cash
impairment charges of $10.4 million primarily associated with residential development projects
located near Atlanta, Georgia and Fort Worth, Texas and a commercial real estate tract held in a
venture near the Texas Gulf Coast.
MINERAL RESOURCES
| 1st Qtr. | 1st Qtr. | 4th Qtr. | ||||||||||
| ($ in Millions) | 2011 | 2010 | 2010 | |||||||||
Segment Earnings |
$ | 5.6 | $ | 6.2 | $ | 6.1 | ||||||
First quarter 2011 mineral resources segment earnings include almost $1.7 million in
bonus revenues from leasing almost 4,900 net mineral acres for $343 per acre principally located in
Louisiana. In addition, first quarter 2011 results include almost $1.6 million related to a
seismic exploration agreement covering over 31,100 net mineral acres in Louisiana.
FIBER RESOURCES
| 1st Qtr. | 1st Qtr. | 4th Qtr. | ||||||||||
| ($ in Millions) | 2011 | 2010 | 2010 | |||||||||
Segment Earnings |
$ | 0.6 | $ | 1.4 | $ | 1.2 | ||||||
During first quarter 2011 Forestar generated almost $0.9 million in revenues from the
sale of over 81,000 tons of fiber, a majority of which was sold to Temple-Inland at market prices.
SUMMARY
“Since first quarter 2009 we have been focused on executing our strategy and implementing
near-term strategic initiatives to reduce debt, increase financial flexibility, and position our
business for growth. We have made investments in our management team, with individuals who bring a
proven track record of real estate and natural resources value creation to Forestar. The
combination of our value creation strategy, and a portfolio of competitive and well-located assets,
uniquely positions our company to benefit from improving market
2
conditions. In addition, our
increased financial flexibility and dynamic and experienced
management team have Forestar well positioned to take advantage of acquisition and investment
opportunities which have been created by the dislocation in real estate markets,” concluded Mr.
DeCosmo.
The Company will host a conference call on May 4, 2011 at 10:00 am EDT to discuss results of
first quarter 2011. 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 1-866-783-2140 at least 15
minutes prior to the start of the meeting. Those wishing to access the call from outside North
America should dial 1-857-350-1599. 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 83876744.
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 approximately 219,000
acres of real estate located in nine states and twelve markets in the U.S. The real estate segment
has 18 real estate projects representing over 29,600 acres currently in the entitlement process,
and 73 entitled, developed and under development projects in seven states and eleven markets
encompassing almost 15,800 acres, comprised of over 27,200 planned residential lots and over 2,300
commercial acres. The mineral resources segment manages about 604,000 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 1.4 million acres in
Texas, Louisiana, Georgia and Alabama and about 17,800 acres of ground water 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. 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.
3
FORESTAR GROUP INC.
(UNAUDITED)
(UNAUDITED)
Business Segments
| First Quarter | ||||||||
| 2011 | 2010 | |||||||
| (In thousands, | ||||||||
| Except per share) | ||||||||
Revenues |
||||||||
Real estate |
$ | 21,139 | $ | 17,248 | ||||
Mineral resources |
7,333 | 7,127 | ||||||
Fiber resources |
1,368 | 1,983 | ||||||
Total revenues |
$ | 29,840 | $ | 26,358 | ||||
Segment earnings |
||||||||
Real estate |
$ | 2,575 | $ | 312 | ||||
Mineral resources |
5,598 | 6,178 | ||||||
Fiber resources |
640 | 1,443 | ||||||
Total segment earnings |
8,813 | 7,933 | ||||||
Items not allocated to segments |
||||||||
General and administrative |
(3,916 | ) | (4,538 | ) | ||||
Share-based compensation |
(4,100 | ) | (3,534 | ) | ||||
Interest expense |
(4,009 | ) | (4,546 | ) | ||||
Other non-operating income |
27 | 198 | ||||||
Loss before taxes |
(3,185 | ) | (4,487 | ) | ||||
Income tax benefit |
712 | 1,515 | ||||||
Net loss attributable to Forestar Group Inc. |
$ | (2,473 | ) | $ | (2,972 | ) | ||
Earnings per share — Basic: |
||||||||
Net loss per common share |
$ | (0.07 | ) | $ | (0.08 | ) | ||
Average basic shares outstanding |
35.3 | 36.1 | ||||||
| First Quarter | First Quarter | |||||||
| Supplemental Financial Information | 2011 | 2010 | ||||||
| ($ In thousands) | ||||||||
Borrowings under credit facility |
$ | 136,000 | $ | 128,000 | ||||
Other debt (a) |
94,600 | 76,406 | ||||||
Total Debt |
$ | 230,600 | $ | 204,406 | ||||
| (a) | Consists principally of consolidated venture non-recourse debt. |
4
FORESTAR GROUP INC.
REAL ESTATE SEGMENT
PERFORMANCE METRICS
REAL ESTATE SEGMENT
PERFORMANCE METRICS
| First Quarter | ||||||||
| REAL ESTATE | 2011 | 2010 | ||||||
Owned, Consolidated & Equity Method Ventures: |
||||||||
Residential Lots Sold |
214 | 195 | ||||||
Revenue per Lot Sold |
$ | 48,200 | $ | 49,500 | ||||
Commercial Acres Sold |
20.0 | 1.6 | ||||||
Revenue per Commercial Acre Sold |
$ | 152,500 | $ | 172,800 | ||||
Undeveloped Acres Sold |
2,630 | 2,090 | ||||||
Revenue per Acre Sold |
$ | 2,300 | $ | 2,300 | ||||
Owned & Consolidated Ventures: |
||||||||
Residential Lots Sold |
145 | 102 | ||||||
Revenue per Lot Sold |
$ | 54,300 | $ | 57,400 | ||||
Commercial Acres Sold |
— | 1.3 | ||||||
Revenue per Commercial Acre Sold |
— | $ | 121,700 | |||||
Undeveloped Acres Sold |
2,630 | 2,090 | ||||||
Revenue per Acre Sold |
$ | 2,300 | $ | 2,300 | ||||
Ventures Accounted For Using the Equity Method: |
||||||||
Residential Lots Sold |
69 | 93 | ||||||
Revenue per Lot Sold |
$ | 35,500 | $ | 40,700 | ||||
Commercial Acres Sold |
20.0 | 0.3 | ||||||
Revenue per Commercial Acre Sold |
$ | 152,500 | $ | 372,700 | ||||
Undeveloped Acres Sold |
— | — | ||||||
Revenue per Acre Sold |
— | — | ||||||
FIRST QUARTER 2011
REAL ESTATE PIPELINE
REAL ESTATE PIPELINE
| In | Developed & | |||||||||||||||||||
| Entitlement | Under | |||||||||||||||||||
| Real Estate | Undeveloped | Process | Entitled | Development | Total Acres* | |||||||||||||||
Undeveloped Land |
||||||||||||||||||||
Owned |
166,141 | 173,118 | ||||||||||||||||||
Ventures |
6,977 | |||||||||||||||||||
Residential |
||||||||||||||||||||
Owned |
26,819 | 7,889 | 584 | 40,267 | ||||||||||||||||
Ventures |
4,354 | 621 | ||||||||||||||||||
Commercial |
||||||||||||||||||||
Owned |
2,801 | 1,095 | 539 | 5,145 | ||||||||||||||||
Ventures |
476 | 234 | ||||||||||||||||||
Total Acres |
173,118 | 29,620 | 13,814 | 1,978 | 218,530 | |||||||||||||||
Estimated
Residential
Lots |
23,737 | 3,480 | 27,217 | |||||||||||||||||
| * | In addition, Forestar owns a 58% interest in a venture which controls approximately 16,000 acres of undeveloped land in Georgia. |
5
FORESTAR GROUP INC.
MINERAL RESOURCES SEGMENT
PERFORMANCE METRICS
MINERAL RESOURCES SEGMENT
PERFORMANCE METRICS
| First Quarter | ||||||||
| MINERAL RESOURCES | 2011 | 2010 | ||||||
Leasing Activity |
||||||||
Acres Leased |
4,900 | 2,130 | ||||||
Average Bonus / Acre |
$ | 343 | $ | 1,495 | ||||
Delay Rental Revenues |
$ | 156,000 | $ | 432,000 | ||||
Royalties1 |
||||||||
Natural Gas Production (MMcf) |
466.8 | 346.5 | ||||||
Average Natural Gas Price ($ / Mcf) |
$ | 3.72 | $ | 4.34 | ||||
Oil Production (Barrels) |
32,000 | 29,400 | ||||||
Average Oil Price ($ / Barrel) |
$ | 82.49 | $ | 71.26 | ||||
MMcfe Production2 |
658.6 | 523.1 | ||||||
Average Price ($ / MMcfe) |
$ | 6.64 | $ | 6.89 | ||||
Well Activity3 |
||||||||
Net Acres Held By Production |
30,000 | 31,000 | ||||||
Wells Drilled |
2 | 2 | ||||||
Active Wells |
496 | 474 | ||||||
| 1 | Includes our share of activity from a venture in which we own a 50% interest. Our share of venture natural gas production activity is 158.6 MMcf in first quarter 2011, and 26.6 MMcf in first quarter 2010. | |
| 2 | MMcfe — Million Cubic Feet Equivalent (converting oil to natural gas at 6 Mcfe / Bbl) | |
| 3 | Wells are owned and operated by third-party lessees / operators |
FIRST QUARTER 2011
MINERAL RESOURCES PIPELINE1
MINERAL RESOURCES PIPELINE1
Forestar’s mineral resources segment includes approximately 604,000 net mineral acres
principally located in Texas, Louisiana, Alabama and Georgia.
| Available | Held by | |||||||||||||||
| State | for Lease | Leased2 | Production | Total3 | ||||||||||||
Texas |
156,000 | 71,000 | 25,000 | 252,000 | ||||||||||||
Louisiana |
118,000 | 21,000 | 5,000 | 144,000 | ||||||||||||
Georgia |
166,000 | — | — | 166,000 | ||||||||||||
Alabama |
40,000 | — | — | 40,000 | ||||||||||||
California |
1,000 | — | — | 1,000 | ||||||||||||
Indiana |
1,000 | — | — | 1,000 | ||||||||||||
Total |
482,000 | 92,000 | 30,000 | 604,000 | ||||||||||||
| 1 | Includes ventures | |
| 2 | Includes leases in primary lease term or for which a delay rental payment has been received. In the ordinary course of business, leases covering a significant portion of leased net mineral acres may expire from time to time in a single reporting period. | |
| 3 | Excludes 477 net mineral acres located in Colorado, including 382 acres leased and 26 acres held by production. |
6
FORESTAR GROUP INC.
FIBER RESOURCES SEGMENT
PERFORMANCE METRICS
FIBER RESOURCES SEGMENT
PERFORMANCE METRICS
| First Quarter | ||||||||
| FIBER RESOURCES | 2011 | 2010 | ||||||
Fiber Sales * |
||||||||
Pulpwood Tons Sold |
65,600 | 83,100 | ||||||
Average Pulpwood Price / Ton |
$ | 9.18 | $ | 10.92 | ||||
Sawtimber Tons Sold |
15,500 | 29,600 | ||||||
Average Sawtimber Price / Ton |
$ | 16.98 | $ | 20.14 | ||||
Total Tons Sold |
81,100 | 112,700 | ||||||
Average Price / Ton |
$ | 10.67 | $ | 13.34 | ||||
Recreational Activity |
||||||||
Average Acres Leased |
200,000 | 212,300 | ||||||
Average Lease Rate / Acre |
$ | 8.91 | $ | 8.17 | ||||
| * | The majority of our fiber sales were to Temple-Inland Inc. at market prices. |
Note: Sales of fiber in first quarter 2011 were impacted by the sale of approximately 30,000 acres
of timberland associated with our strategic initiatives and retail land sales program since first
quarter 2010 and delaying harvest plans on about 55,000 acres currently held for sale.
7
FORESTAR GROUP INC.
PROJECTS IN ENTITLEMENT
PROJECTS IN ENTITLEMENT
A summary of projects in the entitlement process(a) at first quarter-end 2011 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 | 3,890 | ||||||
|
Fox Hall
|
Coweta | 960 | ||||||
|
Garland Mountain
|
Cherokee/Bartow 350 | |||||||
|
Home Place
|
Coweta | 1,510 | ||||||
|
Martin's Bridge
|
Banks | 970 | ||||||
|
Mill Creek
|
Coweta | 770 | ||||||
|
Serenity
|
Carroll | 440 | ||||||
|
Waleska
|
Cherokee | 100 | ||||||
|
Wolf Creek
|
Carroll/Douglas | 12,230 | ||||||
|
Yellow Creek
|
Cherokee | 1,060 | ||||||
Texas |
||||||||
|
Lake Houston
|
Harris/Liberty | 3,700 | ||||||
|
San Jacinto
|
Montgomery | 150 | ||||||
|
Total
|
29,620 | |||||||
| (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. |
8
FORESTAR GROUP INC.
REAL ESTATE PROJECTS
REAL ESTATE PROJECTS
A summary of our entitled,(a) developed & under development projects at
first quarter-end 2011 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 | 100% | — | — | — | 288 | ||||||||||||||
| Costa/Sacramento | ||||||||||||||||||||
Colorado |
||||||||||||||||||||
Buffalo Highlands |
Weld | 100% | — | 164 | — | — | ||||||||||||||
Johnstown Farms |
Weld | 100% | 115 | 494 | 2 | 8 | ||||||||||||||
Pinery West |
Douglas | 100% | — | — | — | 115 | ||||||||||||||
Stonebraker |
Weld | 100% | — | 603 | — | 13 | ||||||||||||||
Texas |
||||||||||||||||||||
Arrowhead Ranch |
Hays | 100% | — | 259 | — | 6 | ||||||||||||||
Caruth Lakes |
Rockwall | 100% | 324 | 325 | — | — | ||||||||||||||
Cibolo Canyons |
Bexar | 100% | 666 | 749 | 64 | 157 | ||||||||||||||
Harbor Lakes |
Hood | 100% | 201 | 248 | 2 | 12 | ||||||||||||||
Hunter’s Crossing |
Bastrop | 100% | 347 | 143 | 38 | 71 | ||||||||||||||
La Conterra |
Williamson | 100% | 76 | 424 | — | 58 | ||||||||||||||
Maxwell Creek |
Collin | 100% | 710 | 289 | 10 | — | ||||||||||||||
Oak Creek Estates |
Comal | 100% | 79 | 568 | 13 | — | ||||||||||||||
The Colony |
Bastrop | 100% | 412 | 734 | 22 | 31 | ||||||||||||||
The Gables at North Hill |
Collin | 100% | 199 | 84 | — | — | ||||||||||||||
The Preserve at Pecan Creek |
Denton | 100% | 316 | 502 | — | 9 | ||||||||||||||
The Ridge at Ribelin Ranch |
Travis | 100% | — | — | 179 | 16 | ||||||||||||||
Westside at Buttercup Creek |
Williamson | 100% | 1,327 | 187 | 66 | — | ||||||||||||||
Other projects (9) |
Various | 100% | 1,555 | 17 | 197 | 24 | ||||||||||||||
Georgia |
||||||||||||||||||||
Towne West |
Bartow | 100% | — | 2,674 | — | 121 | ||||||||||||||
Other projects (13) |
Various | 100% | — | 2,934 | — | 705 | ||||||||||||||
Missouri and Utah |
||||||||||||||||||||
Other projects (2) |
Various | 100% | 460 | 94 | — | — | ||||||||||||||
| 6,787 | 11,492 | 593 | 1,634 | |||||||||||||||||
Projects in entities we consolidate |
||||||||||||||||||||
Texas |
||||||||||||||||||||
City Park |
Harris | 75% | 1,150 | 161 | 50 | 115 | ||||||||||||||
Lantana |
Denton | 55% (e) | 631 | 1,601 | — | — | ||||||||||||||
Light Farms |
Collin | 65% | — | 2,868 | — | — | ||||||||||||||
Stoney Creek |
Dallas | 90% | 109 | 645 | — | — | ||||||||||||||
Timber Creek |
Collin | 88% | — | 614 | — | — | ||||||||||||||
Other projects (4) |
Various | Various | 709 | 254 | 26 | 25 | ||||||||||||||
| 2,599 | 6,143 | 76 | 140 | |||||||||||||||||
| Total owned and consolidated | 9,386 | 17,635 | 669 | 1,774 | ||||||||||||||||
| Projects in ventures that we account for using the equity method | ||||||||||||||||||||
Georgia |
||||||||||||||||||||
Seven Hills |
Paulding | 50% | 636 | 445 | 26 | 113 | ||||||||||||||
The Georgian |
Paulding | 38% | 288 | 1,097 | — | — | ||||||||||||||
Other projects (3) |
Various | Various | 1,710 | 77 | 3 | — | ||||||||||||||
Texas |
||||||||||||||||||||
Bar C Ranch |
Tarrant | 50% | 251 | 948 | — | — | ||||||||||||||
Entrada |
Travis | 50% | — | 821 | — | 3 | ||||||||||||||
Fannin Farms West |
Tarrant | 50% | 318 | 63 | — | 15 | ||||||||||||||
Harper’s Preserve |
Montgomery | 50% | — | 1,722 | — | 72 | ||||||||||||||
Lantana |
Denton | Various (e) | 1,436 | 116 | 14 | 76 | ||||||||||||||
Long Meadow Farms |
Fort Bend | 19% | 711 | 1,372 | 107 | 113 | ||||||||||||||
Southern Trails |
Brazoria | 40% | 452 | 575 | — | — | ||||||||||||||
Stonewall Estates |
Bexar | 25% | 271 | 117 | — | — | ||||||||||||||
Summer Creek Ranch |
Tarrant | 50% | 796 | 478 | — | 71 | ||||||||||||||
Summer Lakes |
Fort Bend | 50% | 357 | 773 | 56 | — | ||||||||||||||
Village Park |
Collin | 50% | 356 | 215 | 3 | 2 | ||||||||||||||
Waterford Park |
Fort Bend | 50% | — | 210 | — | 90 | ||||||||||||||
Other projects (2) |
Various | Various | 297 | 227 | — | 15 | ||||||||||||||
Florida |
||||||||||||||||||||
Other projects (3) |
Various | Various | 519 | 326 | — | — | ||||||||||||||
Total in ventures |
8,398 | 9,582 | 209 | 570 | ||||||||||||||||
Combined Total |
17,784 | 27,217 | 878 | 2,344 | ||||||||||||||||
9
| (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 and/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 19 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 significant commercial and income producing properties at first quarter-end
2011 follows:
| Interest | ||||||||||||
| Project | County | Market | Owned(a) | Type | Description | |||||||
Broadstone Memorial
|
Harris | Houston | 100 | % | Multifamily | 401 unit luxury apartment | ||||||
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 | 59 | % | Multifamily | 414 unit luxury apartment | ||||||
| (a) | Interest owned reflects our net equity interest in the project, whether owned directly or indirectly. |
10