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 response 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 10 states and 13 markets encompassing about 372,000 acres. This includes approximately 324,000 acres of undeveloped land with significant opportunities for future development projects. Approximately 303,000 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, Tennessee, Alabama and Louisiana.