Profile: Meritage Homes Corp (MTH.N)
3 Dec 2013
Meritage Homes Corporation, incorporated in 1988, is a designer and builder of single-family attached and detached homes based on the number of home closings. The Company builds in the western and southern United States and offers a variety of homes that are designed to appeal to a range of homebuyers, including first-time, move-up, active adult and luxury. It has operations in three regions: West, Central and East, which consists of seven states, including Arizona, California, Nevada, Texas, Colorado, Florida, and North Carolina. These three regions are its principal business segments. In April 2011, it entered in to the Raleigh-Durham, North Carolina market. The Company’s homebuilding and marketing activities are conducted primarily under the Meritage Homes brand, except for Arizona and Texas where it also operate under the name Monterey Homes. At December 31, 2011, the Company was selling homes in 157 communities. During 2011, the Company closed 3,268 homes, purchased about 4,500 lots and started about 3,399 homes. Effective September 4, 2013, Meritage Homes Corp, acquired Phillips Builders Inc from Beazer Homes USA Inc.
The Company’s Simply Smart Series is a collection of homes that are designed to appeal to the renter and first-time buyer demographic that are marketed on the basis of monthly payments. The Simply Smart Series offers a base level of features while allowing buyers to customize their purchase with a reasonable range of options and upgrades. The Company also uses advertising and other promotional activities, including its Website at www.meritagehomes.com, social media outlets, magazine and newspaper advertisements, brochures, direct mailings and the placement of strategically located signs in the vicinities around its developments. It also participates in six mortgage and title business joint ventures. The Company acquires land through land purchase and option contracts. As of December 31, 2011, in addition to its approximately 13,887 owned lots, the Company also had approximately 2,835 committed lots under option or contract. The Company acts as the general contractor for its projects and hires subcontractors on a geographic basis. It enters into agreements with subcontractors and materials suppliers on an individual basis after receiving competitive bids. The Company also enters into longer-term contracts with subcontractors and suppliers.
Meritage Homes Corp
Suite 300, 17851 North 85th Stre
SCOTTSDALE AZ 85255