RECENT TRANSACTIONS

9 Months Ended

Sep. 30, 2014

RECENT TRANSACTIONS

RECENT TRANSACTIONS

NOTE 5        RECENT TRANSACTIONS

In May 2014, we purchased 1,343 acres of undeveloped land located 13 miles north of The Woodlands for $67.2 million. On October 31, 2014, we purchased an additional 653 adjacent acres from a different seller. We have preliminarily planned for 1,835 acres of residential and 161 acres of commercial development on the combined sites, and 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 our Master Planned Communities segment.