Forestar Group Inc. (NYSE: FOR) today announced that Phil Weber has joined the company as Executive Vice President - Real Estate. In this position, he will be responsible for identifying and developing business opportunities, including capitalizing on Forestar’s existing multifamily real estate projects and assets. Mr. Weber will be focused on maximizing long-term real estate values and generating additional recurring cash flow.
Mr. Weber has over 15 years of broad real estate experience. Prior to joining Forestar, Mr. Weber had been Senior Vice President - Multifamily for Fannie Mae since 2006. Mr. Weber has been with Fannie Mae since 1990, and has served in a number of senior positions including Senior Vice President of Corporate Development and Senior Vice President of Fannie Mae’s American Communities Fund.
Mr. Weber received his Juris Doctor from DePaul University after completing his studies at Southern Methodist University and a Bachelor of Arts degree from Texas Christian University.
In making the announcement, Jim DeCosmo, president and chief executive officer of Forestar said, “Phil brings a proven track record and the ability to create value in our company. We are very fortunate to have Phil join our team and believe his outstanding qualifications and market knowledge will assist in the execution of Forestar’s strategy to maximize and grow long-term shareholder value.”
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 260,000 acres of real estate located in nine states and twelve markets in the U.S. The real estate segment has 24 real estate projects representing 33,600 acres currently in the entitlement process, and 75 entitled, developed and under development projects in seven states and eleven markets encompassing over 16,000 acres, comprised of over 29,700 residential lots and over 2,300 commercial acres. The mineral resources segment manages about 622,000 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 The company also has a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.38 million acres in Texas, Louisiana, Georgia and Alabama. Forestar’s address on the World Wide Web is www.forestargroup.com.
Forward-looking Statements
This release contains “forward-looking statements” within the meaning of the federal securities laws. These statements reflect management’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.
Contacts:
Forestar Group Inc.
Chris L. Nines, 512-433-5210
