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Investor Relations

Corporate Profile

Forestar Group Inc. is a residential lot development company with operations in 35 markets in 16 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 20,100 lots at 9/30/18, with 13,600 under contract with or subject to right of first offer to DHI
Expect to invest > $800M in land acquisition and development in FY19 Expect to access the debt and equity capital markets in FY19 & FY20 for 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
Sept. 30, 2019
Fiscal year-end
Sept. 30, 2020
Fiscal year-end
Sept. 30, 2021
Fiscal year-end
Delivered 1,279 lots and generated $109M of revenues in the TTM ended 9/30/18
Expect to deliver 4,000 lots and generate $300M to $350M of revenues with a mid-single digit pre-tax profit margin 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

Oct. 5, 2017 - Sept. 30, 2018
Delivered 1,279 lots and generated $109M of revenues in the TTM ended 9/30/18

Sept. 30, 2018 - Sept. 30, 2019
Expect to deliver 4,000 lots and generate $300M to $350M of revenues with a mid-single digit pre-tax profit margin in FY19

Sept. 30, 2019 - Sept. 30, 2020
Expect to deliver 10,000 lots and generate $700M to $800M of revenues with a high-single digit pre-tax profit margin in FY20

Sept. 30, 2020 - Sept. 30, 2021
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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