Business & Finance
Business and Finance
Business and Finance
Wed, March 16, 2011
Tue, March 15, 2011 Forestar Group Inc. Names Bruce Dickson Chief Real Estate Officer and Craig Knight Chief Investment Officer a" Real Estate
AUSTIN, Texas--([ BUSINESS WIRE ])--Forestar Group Inc. (NYSE: FOR) today announced that Bruce Dickson has joined the company as Chief Real Estate Officer and Craig Knight has been named Chief Investment Officer a" Real Estate. Mr. Dickson will be responsible for managing Forestara™s real estate segment. Mr. Knight will be focused on identifying and developing real estate acquisition and growth opportunities.
Mr. Dickson has over 25 years of real estate experience. Prior to joining Forestar, Mr. Dickson had been Southeast Regional President for Standard Pacific Homes and South Regional President for D.R. Horton, Inc. / Continental Homes. Prior to joining D.R. Horton, Bruce held a variety of positions within the homebuilding and financial services industries. Mr. Dickson received his B.S. degree in Accounting from Indiana University.
In making the announcement, Jim DeCosmo, president and chief executive officer of Forestar, said, aBruce brings a proven track record and the ability to create additional long-term value for our company. We are very pleased to have Bruce join our team and believe his outstanding qualifications, extensive market knowledge and leadership will assist in the execution of Forestara™s strategy to recognize and responsibly deliver the greatest value from every acre.
aCraig is an experienced and recognized leader in the real estate industry, and has been a valuable member of our senior management team. We greatly appreciate Craiga™s contribution to our company and his leadership over the last 15 years. In addition to working with Bruce to ensure a smooth transition, Craig will focus his efforts on growing our business through strategic and disciplined investments.a
About Forestar Group
Forestar Group Inc. operates in three business segments: real estate, mineral resources and fiber resources. The real estate segment owns directly or through ventures over 220,000 acres of real estate located in nine states and twelve markets in the U.S. The real estate segment has 18 real estate projects representing over 29,600 acres currently in the entitlement process, and 76 entitled, developed and under development projects in seven states and eleven markets encompassing over 16,000 acres, comprised of over 27,400 planned residential lots and almost 2,400 commercial acres. The mineral resources segment manages about 606,000 net acres of oil and gas mineral interests. The fiber resources segment includes the sale of wood fiber and management of our recreational leases. The company also has a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 17,800 acres of ground water leases in Central Texas. Forestara™s address on the World Wide Web is [ www.forestargroup.com ].
Forward-looking Statements
This release contains aforward-looking statementsa within the meaning of the federal securities laws. These statements reflect managementa™s current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements. Factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including development costs; demand for new housing, including impacts from mortgage credit availability; lengthy and uncertain entitlement processes; cyclicality of our businesses; accuracy of accounting assumptions; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this news release to reflect the occurrence of events after the date of this news release.
