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Meritage to sell off land assets

Meritage

Company is also eyeing possible M&A deals amid sector consolidation

By Angela Gonzales | Phoenix Business Journal

As Meritage Homes Corp. makes a move to build more entry-level homes across the nation, the Scottsdale-based homebuilder won’t be needing $400 million to $500 million worth of land originally dedicated to luxury and active-adult homes nationwide.

But Meritage President and CEO Steve Hilton told analysts Wednesday in a first-quarter earnings call he plans to put the money from selling those assets into entry-level and first-time move-up markets where there is huge demand.

While he plans to sell the land at low margins to get it off Meritage’s (NYSE: MTH) books as quickly as possible, he said he won’t sell it wholesale discount.

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