(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
(d) | Exhibits | ||||||||||
99.1 | |||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101). |
Forestar Group Inc. | ||||||||||||||
Date: | November 5, 2020 | By: | /S/ JAMES D. ALLEN | |||||||||||
James D. Allen | ||||||||||||||
Executive Vice President and | ||||||||||||||
Chief Financial Officer |
September 30, | |||||||||||
2020 | 2019 | ||||||||||
(In millions, except share data) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 394.3 | $ | 382.8 | |||||||
Real estate | 1,309.7 | 1,028.9 | |||||||||
Investment in unconsolidated ventures | 3.6 | 7.3 | |||||||||
Income taxes receivable | 6.3 | 3.2 | |||||||||
Property and equipment, net | 1.1 | 2.4 | |||||||||
Deferred tax asset, net | — | 17.4 | |||||||||
Other assets | 24.9 | 13.7 | |||||||||
Total assets | $ | 1,739.9 | $ | 1,455.7 | |||||||
LIABILITIES | |||||||||||
Accounts payable | $ | 29.2 | $ | 16.8 | |||||||
Earnest money on sales contracts | 98.3 | 89.9 | |||||||||
Deferred tax liability, net | 5.7 | — | |||||||||
Accrued expenses and other liabilities | 93.8 | 79.6 | |||||||||
Debt | 641.1 | 460.5 | |||||||||
Total liabilities | 868.1 | 646.8 | |||||||||
EQUITY | |||||||||||
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 48,061,921 and 47,997,366 shares issued at September 30, 2020 and 2019, respectively | 48.1 | 48.0 | |||||||||
Additional paid-in capital | 603.9 | 602.2 | |||||||||
Retained earnings | 218.9 | 158.1 | |||||||||
Stockholders' equity | 870.9 | 808.3 | |||||||||
Noncontrolling interests | 0.9 | 0.6 | |||||||||
Total equity | 871.8 | 808.9 | |||||||||
Total liabilities and equity | $ | 1,739.9 | $ | 1,455.7 |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Revenues | $ | 347.6 | $ | 236.3 | $ | 931.8 | $ | 428.3 | |||||||||||||||
Cost of sales | 303.4 | 213.1 | 813.7 | 362.7 | |||||||||||||||||||
Selling, general and administrative expense | 12.9 | 9.1 | 45.7 | 28.9 | |||||||||||||||||||
Equity in earnings of unconsolidated ventures | — | — | (0.7) | (0.5) | |||||||||||||||||||
Gain on sale of assets | — | (0.6) | (0.1) | (3.0) | |||||||||||||||||||
Interest and other income | (0.7) | (1.3) | (4.9) | (5.5) | |||||||||||||||||||
Income before income taxes | 32.0 | 16.0 | 78.1 | 45.7 | |||||||||||||||||||
Income tax expense | 7.5 | 3.4 | 16.4 | 9.4 | |||||||||||||||||||
Net income | 24.5 | 12.6 | 61.7 | 36.3 | |||||||||||||||||||
Net income attributable to noncontrolling interests | 0.3 | (0.1) | 0.9 | 3.3 | |||||||||||||||||||
Net income attributable to Forestar Group Inc. | $ | 24.2 | $ | 12.7 | $ | 60.8 | $ | 33.0 | |||||||||||||||
Basic net income per common share attributable to Forestar Group Inc. | $ | 0.50 | $ | 0.30 | $ | 1.26 | $ | 0.79 | |||||||||||||||
Weighted average number of common shares | 48.1 | 42.0 | 48.0 | 42.0 | |||||||||||||||||||
Diluted net income per common share attributable to Forestar Group Inc. | $ | 0.50 | $ | 0.30 | $ | 1.26 | $ | 0.79 | |||||||||||||||
Adjusted weighted average number of common shares | 48.2 | 42.1 | 48.1 | 42.0 |
REVENUES | ||||||||||||||||||||||||||
Three Months Ended September 30, | Year Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Residential lot sales: | ||||||||||||||||||||||||||
Development projects | $ | 275.5 | $ | 89.1 | $ | 616.3 | $ | 218.8 | ||||||||||||||||||
Lot banking projects | 66.7 | 83.4 | 261.7 | 128.9 | ||||||||||||||||||||||
Decrease in contract liabilities | 0.2 | 7.6 | 2.3 | 4.0 | ||||||||||||||||||||||
342.4 | 180.1 | 880.3 | 351.7 | |||||||||||||||||||||||
Residential tract sales | 5.2 | 55.8 | 48.6 | 55.8 | ||||||||||||||||||||||
Commercial tract sales | — | — | 2.5 | 18.5 | ||||||||||||||||||||||
Other | — | 0.4 | 0.4 | 2.3 | ||||||||||||||||||||||
$ | 347.6 | $ | 236.3 | $ | 931.8 | $ | 428.3 |
RESIDENTIAL LOTS SOLD | ||||||||||||||||||||||||||
Three Months Ended September 30, | Year Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Development projects | 3,082 | 1,013 | 7,316 | 2,610 | ||||||||||||||||||||||
Lot banking projects | 895 | 895 | 3,057 | 1,522 | ||||||||||||||||||||||
3,977 | 1,908 | 10,373 | 4,132 | |||||||||||||||||||||||
Average sales price per lot (1) | $ | 86,000 | $ | 90,400 | $ | 84,600 | $ | 84,200 | ||||||||||||||||||
LOT POSITION | ||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Lots owned | 42,400 | (2) | 29,700 | (3) | ||||||||||||||||||||||
Lots controlled under land and lot purchase contracts | 18,100 | 8,600 | ||||||||||||||||||||||||
Total lots owned and controlled | 60,500 | 38,300 |
Cover |
Nov. 05, 2020 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Nov. 05, 2020 |
Entity Registrant Name | Forestar Group Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-33662 |
Entity Tax Identification Number | 26-1336998 |
Entity Address, Address Line One | 2221 E. Lamar Blvd. |
Entity Address, Address Line Two | Suite 790 |
Entity Address, City or Town | Arlington |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 76006 |
City Area Code | 817 |
Local Phone Number | 769-1860 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $1.00 per share |
Trading Symbol | FOR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001406587 |
Amendment Flag | false |
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