AUSTIN, Texas, Feb 06, 2008 (BUSINESS WIRE) -- Forestar Real Estate Group Inc. (NYSE: FOR: 26.67, +3.27, +13.97%) today reported essentially break-even results in fourth quarter 2007. Net income for full year 2007 was $24.8 million, or $0.69 per proforma diluted share.
"The spin-off of Forestar Real Estate Group Inc. as an independent company from Temple-Inland Inc. was completed December 28, 2007," said Jim DeCosmo, president and chief executive officer of Forestar Real Estate Group. "Forestar is focused on maximizing long-term shareholder value through entitlement and development of real estate, realization of value from natural resources and accelerated growth through strategic and disciplined investment.
"Results for Forestar Real Estate Group are reported in two business segments: real estate and natural resources. Forestar real estate includes about 373,000 acres of land owned directly or through ventures located in ten states and thirteen markets. Forestar natural resources includes 622,000 net acres of oil and gas mineral interests. In addition, Forestar sells wood fiber from its land primarily located in Georgia.
"Our 2007 value creation activities include:
-- Entitling approximately 1,700 acres, representing over 900 residential lots, and moving nearly 4,300 acres into the entitlement process
-- Negotiating 58% ownership interest in Ironstob, LLC venture with the Jones Company which includes 17,000 acres of undeveloped land
-- Entering into an agreement with Marriott, TPC, and Miller Global for the development of a Marriott resort hotel, spa and two TPC golf facilities at our Cibolo Canyons mixed-use development near San Antonio, Texas
-- Acquiring nearly 3,700 acres, representing 5,500 estimated residential lots and 140 commercial acres
-- Leasing to oil and gas companies approximately 30,000 net mineral acres for exploration and production activities
No comments:
Post a Comment