Investor Relations

Corporate Profile

Forestar Group Inc. is a residential lot development company with operations in 41 markets in 17 states and is a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and develops it into finished residential lots for sale to homebuilders with a strategic focus on asset turns and efficiency.

Forestar Growth Timeline





Invested $476M in land acquisition and development in the TTM ended 9/30/18
Acquired 44 new projects representing 16,200 lots in the TTM ended 9/30/18
Own and control 31,400 lots at 3/31/19 with 21,700 under contract or subject to right of first offer to DHI
Delivered 1,066 lots and generated $104M of revenues in the 6 months ended 3/31/19
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Expect to opportunistically access the capital markets as necessary for additional long-term growth capital

Expect to opportunistically access the capital markets as necessary for additional long-term growth capital












Expect to own 3 to 4 year supply of land and lots
Oct. 5,
2017
DHI acquisition of 75% of o/s shares of FOR
Feb. 8,
2018
Strategic asset sale
Aug. 17,
2018
Obtained $380M 3-year unsecured revolving credit facility
Sept. 30,
2018
Fiscal year-end
March 31,
2019
Quarter-end
April
2019
Issued $350M of 8.0% senior notes due 2024
Sept. 30,
2019
Fiscal year-end
Sept. 30,
2020
Fiscal year-end
Sept. 30,
2021
Fiscal year-end
Expect to deliver 4,000 lots and generate $300M to $350M of revenues with a pre-tax profit margin of ~10% for full year FY19 (significant quarterly fluctuations)
Expect to invest > $800M in land acquisition and development in FY19
Expect to deliver 10,000 lots and generate $700M to $800M of revenues with a high-single digit pre-tax profit margin in FY20
Expect > 20% revenue growth and a pre-tax profit margin of approximately 10% in FY21
Lot counts and dollar amounts are approximate

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