Meritage Homes Corporation

Last updated
Meritage Homes
Company typePublic
NYSE:  MTH
S&P 600 component
Industry Home construction
Founded1985
FoundersSteve Hilton, William "Bill" Cleverly
Headquarters Scottsdale, Arizona,
U.S.
Key people
  • Steven J. Hilton [1] (Founder, Executive Chairman of the Board, Emeritus CEO)
  • Phillippe Lord [2] (CEO)
  • Larry W. Seay [3] (Former CFO and Executive VP)
US$423 million [4]  (2020)
Number of employees
1,570 [4]  (2020)
Subsidiaries
  • Monterey Homes
  • Meritage Active Adult
Website www.meritagehomes.com

Meritage Homes Corporation is a publicly traded American real estate development company that constructs a variety of single-family detached homes across the United States. It is the fifth largest home builder in the United States, based on 2023 home sales. [5] The company also develops active adult communities and luxury real estate in Arizona. [6] [7]

Contents

The company is headquartered in Scottsdale, Arizona. [6]

History

Meritage Homes was founded in 1985 as Monterey Homes in Scottsdale, Arizona, by Steve Hilton and William "Bill" Cleverly. [8]

In 1997, the company changed its name to Meritage Homes Corp, and began trading on the New York Stock Exchange under the symbol MTH. [8]

In 2011, the company unveiled its first net-zero energy homes, in Buckeye, Arizona. [9]

In July 2014, the company acquired Douglasville, Georgia-based Legendary Communities, the owner operator of almost 4,000 home sites, for nearly $130 million. [10]

In 2015, the company promoted its Sierra Crest development in Fontana, CA as California's first net-zero energy community. [11]

In April 2019, the company built its first all-electric, zero-net-energy townhome community, in Irvine California. [9] In December, the Wall Street Journal reported how large home builders like Meritage were targeting millennials by producing a larger number of less expensive, entry-level homes. [12]

Operations

Meritage is headquartered in Scottsdale, Arizona, and divides its operations into four regions: West, Central, East and South. [10] It develops homes for entry level and first move-up buyers, including "net zero" energy efficient homes that provide as much power as they consume. [13] The company trades on the NY Stock Exchange under the symbol MTH, and is also listed in the S&P SmallCap 600 Index.[ citation needed ]

Awards and recognition

In 2021, the company was listed as one of Forbes' best mid-sized companies, ranking #39 on the list. [14]

For several years they have been a Top 10 home builder according to Builder's Top 100 Home Builder rankings. In 2023, they were the 5th largest builder. [15]

Customer complaints

Multiple customers have reported issues with their single family homes. They have described blue tape, cracks, fissures and issues within newly built homes. [16] [17]

Related Research Articles

<span class="mw-page-title-main">Paradise Valley, Arizona</span> Town in Maricopa County, Arizona

Paradise Valley is a desert and mountain town in Arizona east of state capital Phoenix, of which it is a suburb. It is Arizona's wealthiest municipality. The town is known for its luxury golf courses, shopping, expensive real estate, and restaurant scene. According to the 2020 census, its population was 12,658. Despite its relatively small area and population compared to other municipalities in the Phoenix metropolitan area, Paradise Valley is home to eight full-service resorts, making it one of Arizona's premier tourist destinations.

<span class="mw-page-title-main">Scottsdale, Arizona</span> City in Arizona, United States

Scottsdale is a city in the eastern part of Maricopa County, Arizona, United States, and is part of the Phoenix metropolitan area. Named Scottsdale in 1894 after its founder Winfield Scott, a retired U.S. Army chaplain, the city was incorporated in 1951 with a population of 2,000. At the 2020 census, the population was 241,361, which had grown from 217,385 in 2010. Its slogan is "The West's Most Western Town". Over the past two decades, it has been one of the fastest growing cities in the United States.

<span class="mw-page-title-main">Scottsdale Fashion Square</span> Shopping mall in Scottsdale, Arizona

Scottsdale Fashion Square is an upscale luxury shopping mall located in the downtown area of Scottsdale, Arizona, United States. It is the largest shopping mall in the state, with approximately 2 million square feet (190,000 m2) of retail space, and is among the top 30 largest malls in the country. The mall features Macy's, Dick's Sporting Goods, Dillard's, Nordstrom and Neiman Marcus, in addition to a 14-screen Harkins Theatres.

Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.

<span class="mw-page-title-main">DoubleTree</span> American hotel chain managed by Hilton

DoubleTree by Hilton is an American hotel chain managed by Hilton Worldwide. DoubleTree has been the fastest growing Hilton brand by number of properties since 2007, and by number of rooms from 2007 to 2015. As of December 2019, it has 587 properties with 135,745 rooms in 47 countries and territories, including 122 that are managed with 35,122 rooms and 465 that are franchised with 100,623 rooms.

<span class="mw-page-title-main">KB Home</span> American Home Builder

KB Home is a homebuilding company based in the United States, founded in 1957 as Kaufman & Broad in Detroit, Michigan. It was the first company to be traded on the NYSE as a home builder. Its headquarters are in Los Angeles, California.

<span class="mw-page-title-main">PulteGroup</span> American home building company

PulteGroup, Inc. is an American residential home-construction company based in Atlanta, Georgia, United States. As of 2023, the company is the third-largest home-construction company in the United States based on the number of homes closed. In total, the company has built over 775,000 homes.

<span class="mw-page-title-main">Lennar</span> American home construction and real estate company

Lennar Corporation is a home construction company based in the Waterford District, an unincorporated area of Miami-Dade County, Florida. As of 2023, the company was the second-largest home construction company in the United States based on the number of homes sold. In 2023, the company was ranked 119th on the Fortune 500.

<span class="mw-page-title-main">D. R. Horton</span> U.S. homebuilding company

D.R. Horton, Inc. is an American home construction company incorporated in Delaware and headquartered in Arlington, Texas. Since 2002, the company has been the largest homebuilder by volume in the United States. The company ranked number 194 on the 2019 Fortune 500 list of the largest United States corporations by revenue. The company operates in 90 markets in 29 states.

Loews Hotels is an American luxury hospitality company that owns or operates 26 hotels in the United States and Canada. Loews' hotels and resorts are located in major North American city centers and resort destinations.

Beazer Homes USA, Inc. is a home construction company based in Atlanta, Georgia. In 2016, the company was the 11th largest home builder in the United States based on the number of homes closed. The company operates in 13 states.

<span class="mw-page-title-main">Discovery Land Company</span> Real estate developer

The Discovery Land Company is an American real estate development company and hospitality operator based in Scottsdale, Arizona. Founded in 1994 by Michael Meldman, the company mainly operates private residential communities and clubs in North America. In 2022, the company made public that they will follow an international expansion strategy. Discovery has 750+ employees (2023) and an annual turnover of $1 billion in sales (2015).

Taylor Morrison is one of the largest home building companies in the United States. Its corporate headquarters are in Scottsdale, Arizona. The company formed when Taylor Woodrow and Morrison Homes joined forces in July 2007. Taylor Morrison operates in Arizona, California, Colorado, Georgia, Florida, Illinois, North Carolina, South Carolina, Nevada, and Texas, building mid-to-upscale housing, as well as first-time and mid-market homes.

<span class="mw-page-title-main">LGI Homes</span>

LGI Homes is an American construction company that is known for building homes and housing developments in the southwestern and southeastern United States. The company was founded in 2003 and is based in The Woodlands, Texas. It went public on NASDAQ in 2013

Gerald “Jerry” Robert Meek is an American general contractor, entrepreneur, philanthropist and author.

<span class="mw-page-title-main">Lucid Motors</span> Electric vehicle company based in Newark, California, United States

Lucid Group, Inc. is an American manufacturer of luxury electric vehicles, headquartered in Newark, California. Lucid vehicles are designed in California and manufactured at Lucid's factory in Arizona. The company was founded in 2007. Since April 2019, Lucid has been majority-owned by Public Investment Fund, the sovereign wealth fund of Saudi Arabia.

Tricon Residential is a Canadian real estate company. The company invests in single-family rental and multi-family rental homes, and owns about 31,000 properties across the United States and Canada. As of February 2021, the company had about $8.2 billion of assets under management.

<span class="mw-page-title-main">DoubleTree by Hilton Hotel Portland</span> Hotel in Portland, Oregon, U.S.

DoubleTree by Hilton Hotel Portland is a hotel in Portland, Oregon's Lloyd District, in the United States. The hotel opened as the Sheraton-Portland Hotel in 1959, and in 1980 became the Red Lion Inn/Lloyd Center.

<span class="mw-page-title-main">Steven J. Hilton</span>

Steven Joseph Hilton is an American business executive and philanthropist. He is the co-founder, executive chairman, and former CEO of Meritage Homes Corporation.

References

  1. ↑ Anderson, Brent (September 17, 2020). "Steve Hilton announces upcoming retirement from 35-year career as Chief Executive Officer of Meritage Homes". Yahoo! Finance. Retrieved November 7, 2021.
  2. ↑ "Meritage Homes Corporation (MTH) CEO Phillippe Lord on Q1 2021 Results – Earnings Call Transcript". Seeking Alpha. May 1, 2021. Retrieved November 7, 2021.
  3. ↑ Bloomberg Staff (March 31, 2016). "Bloomberg Profile: Larry W Seay Former Exec VP/CFO, Meritage Homes Corp". Bloomberg. Retrieved November 7, 2021.
  4. 1 2 "Meritage Homes Annual Report – 2020". SEC. February 12, 2021. Retrieved November 7, 2021.
  5. ↑ "The Top 100 - 2023". builderonline.com. 2023.
  6. 1 2 "Meritage Homes Corp". Builder. Retrieved November 7, 2021.
  7. ↑ "$400K could get you into a new, luxury condo in Scottsdale's Artesia". AZ Central. January 24, 2017. Retrieved November 7, 2021.
  8. 1 2 "Meritage CEO Steve Hilton looks back at 35 years of homebuilding and the switch from luxury to entry-level". Phoenix Business Journal. July 31, 2020. Retrieved November 7, 2021.
  9. 1 2 "Say goodbye to gas-powered appliances? Homebuilders jump on the all-electric bandwagon". Orange County Register. April 23, 2019. Retrieved November 7, 2021.
  10. 1 2 "Meritage Homes puts regional HQ in Atlanta". Atlanta Business Journal. July 11, 2014. Retrieved November 7, 2021.
  11. ↑ "Fontana: Energy-efficient community called a first for state". Press-Enterprise. September 3, 2015. Retrieved November 7, 2021.
  12. ↑ "Home-Builder Rally Fueled by Low Interest Rates, Millennials". Wall Street Journal. December 24, 2019. Retrieved November 7, 2021.
  13. ↑ "Meritage, other builders sign on to EPA Energy Star program". Phoenix Business Journal. November 9, 2011. Retrieved November 7, 2021.
  14. ↑ "America's Best Mid-sized Companies 2021 List". Forbes. December 17, 2020. Retrieved November 7, 2021.
  15. ↑ "The Top 100 - 2023". builderonline.com. 2023.
  16. ↑ "'New home fixer-upper': Residents of new Maricopa development say homes are riddled with problems". 12news.com. 2023-05-24. Retrieved 2023-10-14.
  17. ↑ "N4T Investigators: More owners of newly built homes say they are dealing with various problems", News 4 Tucsan, 2022-01-04, retrieved 2023-10-14
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.