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Investor Relations

Corporate Profile

Forestar Group Inc. is a residential lot development company with operations in 50 markets in 20 states and is a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and develops it into finished residential lots for sale to homebuilders with a strategic focus on asset turns and efficiency.

Forestar Growth Timeline

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Own and control 37,400 lots at 6/30/19 with 24,100 under contract or subject to right of first offer to DHI
Delivered 2,224 lots and generated $192M of revenues in the 9 months ended 6/30/19
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Expect to opportunistically access the capital markets for additional long-term growth capital
Expect to own 3 to 4 year supply of land and lots at scale
Oct. 5,
2017
DHI acquisition of 75% of o/s shares of FOR
Strategic asset sale
Aug. 17,
2018
Obtained $380M 3-year unsecured revolving credit facility
Sept. 30,
2018
Fiscal year-end
April
2019
Issued $350M of senior unsecured notes due 2024
June 30,
2019
Quarter-end
Sept. 30,
2019
Fiscal year-end
Sept. 30,
2020
Fiscal year-end
Sept. 30,
2021
Fiscal year-end
Expect to deliver 4,000 lots and generate $320M to $350M of revenues with a pre-tax profit margin of ~10% for full year FY19
Expect to invest > $900M in land acquisition and development in FY19
Expect to deliver 10,000 lots and generate $700M to $800M of revenues with a mid- to high-single digit pre-tax profit margin in FY20
Expect > 20% revenue growth and a pre-tax profit margin of ~10% in FY21
Lot counts and dollar amounts are approximate
Expect significant quarterly variations in gross and pre-tax profit margins in FY19 and FY20

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