Market diversity for strategic growth.

As part of our strategic approach, Forestar maintains diversity in both our markets and our developments. This strategy enables market-driven responses to fluctuating housing trends over the long-term, creating sustainable value for shareholders, partners and employees.

Currently, we own directly or through joint ventures real estate in 9 states and 12 markets encompassing about 249,000 acres. This includes approximately 202,000 acres of undeveloped land with significant opportunities for future development projects. Approximately 187,000 acres are located in a broad area around Atlanta - one of the largest and fastest growing homebuilding markets in the nation - with the balance located primarily in Texas. We also have real estate in Florida, Colorado, California, Utah, Missouri, Alabama and Louisiana.