Profile: M/I Homes Inc (MHO_pa.N)
27 Feb 2014
M/I Homes, Inc., incorporated on November 22, 1991, is a builder of single-family homes. The Company consists of two distinct operations and reporting segments: homebuilding and financial services. The Company's homebuilding operations, for reporting purposes, are divided into three reporting segments - the Midwest, Mid-Atlantic and Southern regions. The Company's financial services operations support the Company's homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations.
The Company designs , market, construct and sells single-family homes, attached townhomes, and condominiums to move-up, empty-nester and luxury buyers, with a particular focus on value-focused buyers. The Company is offering homes for sale in 131 communities within 11 markets located in nine states. The Company entered into the Austin, Texas market in October 2012. The Company's homes generally range from approximately 1,500 to 5,500 square feet.
The Company's financial services operations generate revenue primarily from originating and selling mortgages and collecting fees for title insurance and closing services. The Company offers mortgage banking services to its homebuyers through its 100%-owned subsidiary, M/I Financial Corp. (M/I Financial). The Company offers title services through subsidiaries that are either 100% or majority owned by the Company. As of December 31, 2012 , the Company had 965 homes in backlog.
Land Acquisition and Development
The Company evaluates land acquisition opportunities in the normal course of its homebuilding business. At December 31, 2012 , the Company had interests ranging from 33% to 50% in eight such Unconsolidated LLCs. As of December 31, 2012 , the Company had 2,725 developed lots and 629 lots under development in inventory. The Company also owned raw land expected to be developed into approximately 4,064 lots, which includes its interest in raw land held by Unconsolidated LLCs expected to be developed into 819 lots. As of December 31, 2012 , the Company had purchase agreements to acquire 2,621 developed lots and raw land to be developed into approximately 4,164 lots for a total of 6,785 lots.
The Company sells its homes to customers who generally finance their purchases through mortgages. M/I Financial provides the Company's customers with competitive financing and coordinates and expedites the loan origination transaction through the steps of loan application, loan approval, and closing and title services. M/I Financial provides financing services in all of the Company's housing markets. The Company also provides title services to purchasers of its homes through its 100%-owned subsidiaries, TransOhio Residential Title Agency Ltd. and M/I Title Agency Ltd., and the Company's majority-owned subsidiary, Washington Metro Residential Title Agency, LLC. Through these entities, the Company serves as a title insurance agent by providing title insurance policies, examination and closing services to purchasers of its homes in all of its housing markets except Raleigh, Charlotte, Chicago, Austin, Houston and San Antonio.
M/I Homes Inc
Suite 500, 3 Easton Oval
COLUMBUS OH 43219