Forestar Group eyes new investments after capital raise
Dec 2, 2013
Austin Business Journal
Forestar Group Inc. (NYSE: FOR) has netted $144.8 million from an underwritten public offering, and said it will use some of the proceeds for investments in "strategic growth initiatives."
Austin-based Forestar, which has three separate business units in real estate, oil and gas assets and natural resources, completed its offering of 6 million tangible equity units. Underwriters exercised their option during the offering to purchase additional units, the company said in a statement issued on Nov. 27
The company's real estate segment owns directly or through joint-ventures almost 132,000 acres of real estate in 10 states, while its oil and gas holdings include 809,000 net acres spread across Texas and seven other states