Forestar Group Inc. Files 2024 10-K

TL;DR

Forestar Group Inc. dropped its 2024 10-K. All the deets on their real estate biz for the year.

AI Summary

Forestar Group Inc. filed its 2024 10-K report for the fiscal year ending September 30, 2024. The company, primarily involved in real estate, reported its financial performance and business operations. Key financial data and disclosures for the fiscal year are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Forestar Group Inc.'s financial health, operational performance, and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — As a real estate company, Forestar Group Inc. is subject to market fluctuations, interest rate changes, and regulatory risks inherent in the industry.

Key Numbers

• 2024-09-30 — Fiscal Year End (The end date for the reporting period covered by the 10-K.)
• 2024-11-19 — Filing Date (The date the 10-K was officially filed with the SEC.)

Key Players & Entities

• Forestar Group Inc. (company) — Filer of the 10-K report
• 2024-09-30 (date) — Conformed period of report
• 2024-11-19 (date) — Filed as of date
• 2221 E. LAMAR BLVD. SUITE 790 ARLINGTON TX 76006 (address) — Company business and mailing address

FAQ

Key Financial Figures

• $1.00 — ich Registered Common Stock, par value $1.00 per share FOR New York Stock Exchange
• $96,600 — 068 lots with an average sales price of $96,600. At September 30, 2024, our lot positio
• $1.9 billion — remaining sales price of approximately $1.9 billion. We have expanded and diversified our
• $77.5 million — employee compensation and benefits was $77.5 million. In addition to our employees, we also

Filing Documents

• for-20240930.htm (10-K) — 1124KB
• a9302024ex191insidertradin.htm (EX-19.1) — 68KB
• a9302024ex211subsidiarylis.htm (EX-21.1) — 22KB
• a9302024ex231auditconsent.htm (EX-23.1) — 4KB
• a9302024exhibit311.htm (EX-31.1) — 10KB
• a9302024exhibit312.htm (EX-31.2) — 10KB
• a9302024exhibit321.htm (EX-32.1) — 3KB
• a9302024exhibit322.htm (EX-32.2) — 3KB
• for-20240930_g1.jpg (GRAPHIC) — 19KB
• for-20240930_g2.jpg (GRAPHIC) — 100KB
• 0001406587-24-000118.txt ( ) — 6131KB
• for-20240930.xsd (EX-101.SCH) — 30KB
• for-20240930_cal.xml (EX-101.CAL) — 54KB
• for-20240930_def.xml (EX-101.DEF) — 194KB
• for-20240930_lab.xml (EX-101.LAB) — 524KB
• for-20240930_pre.xml (EX-101.PRE) — 362KB
• for-20240930_htm.xml (XML) — 693KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. [Reserved] 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62 Item 9A.

Controls and Procedures

Controls and Procedures 62 Item 9B. Other Information 62 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 62 PART III Item 10. Directors, Executive Officers and Corporate Governance 63 Item 11.

Executive Compensation

Executive Compensation 63 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63 Item 13. Certain Relationships and Related Transactions, and Director Independence 63 Item 14. Principal Accountant Fees and Services 63 PART IV Item 15. Exhibits and Financial Statement Schedules 64 Item 16. 10-K Summary 66

SIGNATURES

SIGNATURES 67 2 Table of Contents PART I

Business

Item 1. Business. Overview Forestar Group Inc. is a national, well-capitalized residential lot development company focused primarily on making investments in land acquisition and development to sell finished single-family residential lots to homebuilders. Our common stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol "FOR." The terms "Forestar," the "Company," "we" and "our" used herein refer to Forestar Group Inc., a Delaware corporation, and its predecessors and subsidiaries. We conduct a wide range of project planning and management activities related to the entitlement, acquisition, community development and sale of residential lots. We generally secure entitlements while the land is under contract by creating plans that meet the needs of the markets where we operate, and we aim to have all entitlements secured before closing on the investment. Moving land through the entitlement and development process creates significant value. We primarily invest in entitled short-duration projects that can be developed in phases, enabling us to complete and sell lots at a pace that matches market demand, consistent with our focus on maximizing capital efficiency and returns. This strategy is a unique, lower-risk business model that we expect will produce more consistent returns than other public and private land developers. We also make short-term strategic investments in finished lots (lot banking) and undeveloped land (land banking) with the intent to sell these assets within a short time period to utilize available capital prior to its deployment into longer-term lot development projects. For the year ended September 30, 2024, we sold 15,068 lots with an average sales price of $96,600. At September 30, 2024, our lot position consisted of 95,100 residential lots, of which approximately 57,800 were owned and 37,300 were controlled through purchase contracts. Of our 57,800 owned lots, approximately 21,000 lots are under contract to be sold for