RECENT TRANSACTIONS

6 Months Ended

Jun. 30, 2014

RECENT TRANSACTIONS

RECENT TRANSACTIONS

NOTE 4        RECENT TRANSACTIONS

In May 2014, we acquired 1,343 acres of undeveloped land located 13 miles north of The Woodlands for $67.3 million and entered into a contract to acquire from a different seller an additional 652 adjacent acres. The second purchase is expected to close in September 2014. We have preliminarily planned for 1,834 acres of residential and 161 acres of commercial development on the combined sites, and currently estimate that the residential acres will yield over 4,600 lots. The first lots are expected to be finished and sold in 2016.  This land acquisition will be developed by The Woodlands management team and is included in the Master Planned Communities segment.