Meritage Homes Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)

VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)

3 Months Ended

Mar. 31, 2023

Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]

The table below presents a summary of our lots under option at March 31, 2023 (dollars in thousands):


	Projected Number of Lots	Purchase Price		Option/ Earnest Money Deposits–Cash
Purchase and option contracts recorded on balance sheet as Real estate not owned	—	$	—	$	—
Option contracts — non-refundable deposits, committed (1)	7,331	420,173		39,412
Purchase contracts — non-refundable deposits, committed (1)	5,881	192,681		15,311
Purchase and option contracts —refundable deposits, committed	1,910	47,370		1,515
Total committed	15,122	660,224		56,238
Purchase and option contracts — refundable deposits, uncommitted (2)	18,928	704,227		9,603
Total lots under contract or option	34,050	$	1,364,451	$	65,841
Total purchase and option contracts not recorded on balance sheet (3)	34,050	$	1,364,451	$	65,841	(4)

(1)Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.

(2)Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots.

(3)Except for our specific performance contracts recorded on the accompanying unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.

(4)Amount is reflected on the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of March 31, 2023.