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Subsequent Events (Notes)
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6 Months Ended |
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Jun. 30, 2014
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SUBSEQUENT EVENTS
On July 10, 2014 we announced a definitive agreement to acquire the homebuilding assets and operations of Atlanta-based Legendary Communities ("Legendary"). We expect to close this transaction in the third quarter of 2014 for approximately $130 million.
Legendary was founded in 2009 and builds homes primarily for first and second move-up buyers with base home prices ranging from approximately $120,000 to $550,000. Legendary closed approximately 500 homes and generated approximately $156 million of revenue in 2013. As of June 30, 2014, Legendary owned or controlled approximately 4,000 home sites, mostly through option contracts.
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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