Forestar Announces Timberland Sale for $75M

Pursuant to previously announced strategic initiatives, Forestar Group Inc. FOR today announced that it entered into a definitive agreement with Plum Creek Timber Company, Inc. to sell approximately 50,000 acres of timberland for approximately $75 million in a cash transaction. The timberlands are located in Georgia and Alabama and the sale is expected to close in third quarter 2011. Forestar will reserve mineral rights and will retain an option to acquire the mitigation rights to approximately 1,000 acres for use in mitigation banks.