Third Quarter 2014 Financial Results November 5, 2014 Growing Forward Through Strategic and Disciplined Investment and Increasing Returns
Real Estate Driving Segment Earnings 3rd Quarter 3rd Quarter ( in millions, except per share data) 2014 2013 Income Before Taxes 8.0 8.9 Net Income 5.2 11.8 Earnings Per Share 0.12 0.33 Segment Earnings: Real Estate 16.0…
Cibolo Canyons - Accelerating Value Realization Forestar received 46.5 million from Cibolo Cibolo Canyons Special Improvement District (CCSID) Canyons Special Improvement District Payments to Forestar (CCSID) on October 24, 2014 Future…
Strategy and Strategic Initiatives Focused on Maximizing Long-Term Shareholder Value 2014 Growing Forward Growing segment earnings through strategic and disciplined investments Focused on increasing returns Repositioning non-core,…
Real Estate Third Quarter 2014 Highlights Building Momentum By Accelerating Real Estate Sales and Building a Solid Multifamily Pipeline 6
Real Estate Accelerating Value Realization from Multifamily Segment Earnings Reconciliation Q3 2014 Highlights Q3 2013 vs. Q3 2014 ( in millions) Acquisition of partners 75% interest in Eleven venture 30 Gain of 7.6 million…
Real Estate Capitalizing on Well Located Communities, Low Inventories and Solid Job Growth Annual Lot Sales & Avg. Lot Margin Texas Lot Supply 4 Major Markets** 250,000 60 Vacant Developed Lots 50 2006 Peak Sales = 3,600 lots…
Building Solid Pipeline of Multifamily Development Opportunities (Proforma) Expected Forestar Proforma Project Cash Flows Cash Flows ( in millions) Total Expected FOR FOR % FOR Development Project Cash Cash Cash Project Market…
Capitalizing on Well Located Communities, Low Inventories and Forestars Ability to Deliver Forestar Real Estate Revenues (Excluding Timberland, Mitigation & Multifamily Revenues) 120 30 Accelerating Value Realization 100 Driving…
Other Natural Resources Third Quarter 2014 Highlights Building Momentum Through Sustainable Harvests and Delivering Economic Water Solutions 11
Other Natural Resources Segment Results Segment Earnings Reconciliation Q3 2013 vs. Q3 2014 Q3 2014 Highlights ( in millions) 2.0 0.2 million in earnings from groundwater reservation agreement 0.2 0.2 0.7 Segment…
Oil and Gas Third Quarter 2014 Highlights Building Momentum By Driving Leasing and Exploration to Increase Production and Reserves 13
Investments and Asset Sales Drive Higher EBITDAX Segment Earnings Reconciliation Q3 2013 vs. Q3 2014 ( in millions) 14.0 0.2 Q3 2014 Highlights 3.3 0.5 12.0 Working interest volume up 43% vs. Q3 2013 Segment Earnings 10.0…
2014 Bakken/Three Forks Wells Generating Strong Initial Production Rates and Improved Well Performance Bakken / Three Forks Play Area Fort Berthold Bakken Wells IP* CONTINENTAL Salers Federal 3-27H (BOEPD) in Q3 2014 FOR : 2.67% IP :…
Bakken / Three Forks Drilling Activity Investment and Value Realization Bakken/Three Forks Bakken/Three Forks Producing Wells** EUR and Oil Pricing Sensitivity * 140 50% 120 700 MBOE EUR 100 Producing Wells 40% 80 600 MBOE…
Accelerating Value Realization and Growing Net Asset Value Forestar Oil and Gas Revenues Working Interest Oil Production ( in millions) (MBO) 70 1,000 900 60 800 Total Production (Mboe) 50 Total Revenues 700 600 346…
Strategic Initiatives Update Building Momentum By Accelerating Value Realization, Optimizing Transparency and Growing Net Asset Value 19
Growing FORward Initiatives Growing Long-Term Shareholder Value Increasing Returns Delivering Value Through Execution of Strategic Initiatives 2016 Targets: Total Segment EBITDA of 200 million YTD Q3 2014 Results Total segment…
Third Quarter 2014 Financial Results For questions, please contact: Anna Torma SVP Corporate Affairs Forestar Group Inc. 6300 Bee Cave Road Building Two, Suite 500 Austin, TX 78746 512-433-5312 annatormaforestargroup.com 21
Third Quarter 2014 Financial Results Third Quarter 2014 Appendix - Segment KPIs - Earnings Reconciliations - Reconciliation of Non-GAAP Financial Measures 22
Real Estate Segment KPIs Q3 Q3 YTD Q3 YTD Q3 2014 2013 2014 2013 Residential Lot Sales Lots Sold 323 547 1,834 1,353 Average Price / Lot 73,700 56,500 54,400 55,300 Gross Profit / Lot 34,900 25,800 22,800 24,000 Commercial Tract…
Oil and Gas Segment KPIs Q3 Q3 YTD Q3 YTD Q3 2014 2013 2014 2013 Fee Leasing Activity Net Fee Acres Leased 744 7,530 3,865 8,355 Avg. Bonus / Acre 205 260 320 270 Total Oil and Gas Interests* Oil Produced (Barrels) 250,500…
Other Natural Resources Segment KPIs Q3 Q3 YTD Q3 YTD Q3 2014 2013 2014 2013 Fiber Sales Pulpwood Tons Sold 71,500 65,700 157,900 314,400 Average Pulpwood Price / Ton 11.18 8.85 11.00 9.12 Sawtimber Tons Sold 21,500 74,900 100,000…
Reconciliation of Non-GAAP Financial Measures (Unaudited) Forestars Segment EBITDA is a non-GAAP financial measure within the meaning of Regulation G of the Securities and Exchange Commission. Non-GAAP financial measures are not in…
Reconciliation of Non-GAAP Financial Measures (Unaudited) Forestars Oil and Gas Segment EBITDAX is a non-GAAP financial measure within the meaning of Regulation G of the Securities and Exchange Commission. Non-GAAP financial measures…
Third Quarter 2014 Financial Results For questions, please contact: Anna Torma SVP Corporate Affairs Forestar Group Inc. 6300 Bee Cave Road Building Two, Suite 500 Austin, TX 78746 512-433-5312 annatormaforestargroup.com 28
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