Forestar Group Sold 800 Acres for $56M
Forestar Group Inc. (NYSE: FOR) today announced that Forestar/RPG Land Company LLC, a consolidated venture, sold approximately 800 acres near Dallas, Texas (Light Farms real estate project) for $56 million in total consideration. The property was sold to an affiliate of the Republic Property Group.
As a result of this transaction, Forestar received $25 million in cash proceeds, reduced consolidated debt by $31 million, and generated an estimated gain on sale of $3 million. In addition, the sale eliminates over $2 million in annual cash carrying costs.
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