We are one of the largest public homebuilders in the United States. We are
also a real estate developer, with a portfolio of lifestyle and master-planned
communities. We provide a diverse assortment of homes across a wide range of
price points in order to appeal to a broad spectrum of customers. Our primary
focus is on move-up buyers in traditionally high growth markets, where we design,
build and sell single-family detached and attached homes. We operate under the
Taylor Morrison and Darling Homes brand names. We also provide financial services
to customers through our wholly owned mortgage subsidiary, Taylor Morrison Home
Funding, LLC (“TMHF”) and title insurance and closing settlement
services through our title company, Inspired Title Services, LLC (“Inspired
Title”). Our business is organized into 15 operating divisions aggregated
into three reportable homebuilding segments, East, Central, and West, and our
Mortgage Operations segment, which includes the activities of TMHF and Inspired
Title.
Our long-term strategy is built on four pillars:
pursuing core locations;
building distinctive communities;
maintaining a cost-efficient culture; and
appropriately balancing price with pace in the sale of our homes.
We are committed to building authentic homes and engaging communities that
inspire, delight and enhance the lives of our customers. Delivering on this
commitment involves thoughtful design and analysis to accommodate the needs
of our customers and the surrounding community. The Taylor Morrison difference
begins with providing our customers with a home that is both conducive to their
lifestyle and that is built to last. We take pride in our quality construction,
superior design and customer service. Our dedication to customer service defines
our customer experience and acknowledges homeowners’ suggestions to build
style, quality and sustainability into every home we build. Our commitment to
quality prioritizes the long-term satisfaction of our homeowners. Our communities
are typically built in locations in close proximity to schools and shopping,
often have many amenities and public gathering areas, with a focus on delivering
superior lifestyles to customers and their families.
We focus on developing “lifestyle” communities in core locations,
which have many distinguishing attributes, including proximity to job centers,
strong school systems and a variety of local amenities in well-regarded submarkets.
We offer a range of award-winning and innovative designs, through our single-family
detached and attached product lines. We engineer our homes for energy-efficiency
and cost savings to reduce the impact on the environment. Although the majority
of the communities we build primarily attract move-up buyers, our portfolio
also includes quality entry-level, luxury and 55 or better products. We serve
all generational groups through our products and focus on the needs of homebuyers.
We strive to maintain product and price level differentiation through market
and customer research. We target a balance of regional market portfolios across
a variety of demographics. Our ability to build at multiple price points enables
us to respond to changing consumer preferences and address shifts in affordability.
We also use key indicators of market specific supply and demand characteristics
to determine an optimal matching of consumer groups and specific land position.
We generally operate as community developers. Community development includes
the acquisition and development of communities, which may include obtaining
significant planning and entitlement approvals and completing construction of
off-site and on-site utilities and infrastructure. In some communities we operate
solely as merchant builders, in which case, we acquire fully planned and entitled
lots and may construct on-site improvements but normally do not construct significant
off-site utility or infrastructure improvements.
We develop a wide range of communities, which may include golf courses as well
as amenity rich community centers. We also have investments in, and are participants
in, a number of joint ventures to develop land and master-planned communities.
We develop a number of home designs with features such as single-story, ranch
style living, split bedroom plans and first floor master bedroom suites to appeal
to varied design needs. We have integrated these designs and features in many
of our homes and communities. We engage unaffiliated architectural firms and
internal architectural resources to develop new designs and augment existing
plans in order to ensure that our homes reflect current and local consumer tastes.
We possess a strong library of single-family detached and attached floor plans
that can be utilized throughout our markets.
We create a complete concept for each community, beginning with an overall
community layout and then determine the size, style and price range of the homes,
the layout of the streets and positioning of the individual home sites. After
necessary governmental and other approvals have been obtained, we improve the
land by clearing and grading, installing roads, underground utility lines, staking
out individual home sites and, in certain communities, erecting distinctive
entrance structures and recreational amenities.
Each community has employees that perform superintendent, sales and customer
service functions, in conjunction with a local management team to manage the
general project.
The construction time for our homes varies from project to project depending
on geographic region, the time of year, the size and complexity of the homes,
the governmental approval processes, local labor availability, availability
of materials and supplies, and other factors. We typically complete the construction
of a typical home in approximately six months.
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