Forestar Group Inc. operates as a real estate and natural resources company. It operates in three segments: Real Estate, Mineral Resources, and Fiber Resources. The Real Estate segment secures entitlements and develops infrastructure, primarily for single-family residential and mixed-use communities. It also sells undeveloped land and commercial real estate; and operates income producing properties, including a hotel and a multifamily property. As of March 31, 2012, this segment, directly or through ventures, owned approximately 146,000 acres of real estate located in 9 states and 12 markets in the United States; and had 16 real estate projects representing approximately 27,600 acres currently in the entitlement process, as well as 73 entitled, developed, and under development projects in 7 states and 11 markets encompassing approximately 16,000 acres comprising approximately 27,000 residential lots and approximately 2,400 commercial acres. The Mineral Resources segment manages and leases its oil, natural gas, and water interests to third parties for the exploration and production of oil and natural gas principally in Texas, Louisiana, Georgia, and Alabama. As of March 31, 2012, it managed approximately 594,000 net acres of oil and gas mineral interests; and had approximately 1.6 million acres of water interests. The Fiber Resources segment sells wood fiber from portions of its land primarily in Georgia; and leases land for recreational uses. The company is headquartered in Austin, Texas.