News
Michael E. Dougherty Elected to Forestar Real Estate Group Board
AUSTIN, Texas-(Business Wire)-February 14, 2008 - Forestar Real Estate Group Inc. (NYSE: FOR) has announced the election of Michael E. Dougherty to the Company's Board of Directors.
Michael E. Dougherty, 67, is the Founder and Chairman of Dougherty Financial Group LLC, which was formed in 1977. In addition, he controls and operates several asset management, securities and commercial lending businesses, including Dougherty Management Company, Inc., Segall Bryant & Hamill, The Clifton Group Investment Management Company, Turnstone Group LLC, and Dougherty Funding LLC. Mr. Dougherty was the Chairman of the Public Securities Association in 1991 and 1992, and he previously served on the board of directors of Countrywide Financial Corporation and Definity Health Corporation. Mr. Dougherty is also a trustee of the University of St. Thomas in St. Paul, Minnesota, and a director of the University of Minnesota Physicians Group. Mr. Dougherty received his Bachelor of Arts Degree from the University of St. Thomas.
With the election of Michael Dougherty, Forestar Real Estate Group's Board consists of 11 members. The membership of all committees of the Board consists entirely of independent directors.
About Forestar Real Estate Group
Forestar Real Estate Group Inc. operates in two business segments: real estate and natural resources. The real estate segment owns directly or through ventures about 373,000 acres of real estate located in ten states and thirteen markets in the U.S. The real estate segment has 24 real estate projects representing over 28,000 acres currently in the entitlement process and over 75 active development projects in eight states and 12 markets encompassing approximately 16,000 acres, comprised of about 30,000 residential lots and approximately 1,900 commercial acres. The natural resources segment manages about 622,000 net acres of oil and gas mineral interests, sells wood fiber from its land primarily located in Georgia, and leases land for recreational uses. 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.
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