Taylor Morrison Renews Stock Repurchase Program

Rhea-AI Summary

Taylor Morrison Home Corporation (NYSE: TMHC) announced the renewal of its stock repurchase program until December 31, 2021, authorizing the repurchase of up to $100 million of its Common Stock. This decision reflects the company's commitment to enhancing long-term shareholder value and taking advantage of current stock valuations. Since 2015, Taylor Morrison has repurchased approximately $635 million worth of shares, equating to over 25% of shares outstanding. Future repurchases will depend on market conditions, liquidity, and other financial considerations.

Positive

• Renewed stock repurchase program of $100 million enhances shareholder value.
• Since 2015, $635 million in shares repurchased, over 25% of shares outstanding, indicates strong financial strategy.

Negative

• None.

SCOTTSDALE, Ariz., Dec. 8, 2020 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) (the "Company") today announced that its Board of Directors has authorized a renewal of its stock repurchase program until December 31, 2021. The stock repurchase program permits the repurchase of up to $100 million of the Company's Common Stock. Repurchases of the Company's Common Stock under the program will occur from time to time in open market purchases, privately negotiated transactions or other transactions through December 31, 2021. 

"This renewal of our stock repurchase authorization demonstrates our commitment to creating long-term value for our shareholders through strategic capital allocation as we believe our stock's current valuation is compelling," said Chief Financial Officer Dave Cone. "While we will continue to prioritize further deleveraging of our balance sheet and reinvesting in our business to support future growth, opportunistic share repurchases are a key component of our capital deployment philosophy." Since 2015, the Company has repurchased approximately $635 million, or more than 25 percent, of shares outstanding.

Future repurchases under the stock repurchase program are subject to prevailing market conditions and other considerations, including the Company's liquidity, the terms of its debt instruments, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements.

About Taylor Morrison

Taylor Morrison Home Corporation (NYSE: TMHC) is a leading national homebuilder and developer that has been recognized as the 2016-2020 America's Most Trusted® Home Builder by Lifestory Research. Based in Scottsdale, Arizona, we operate under three well-established brands, Taylor Morrison, Darling Homes and William Lyon Signature. We serve a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and active adult buyers. In Texas, Darling Homes builds communities with a focus on individuality and custom detail while delivering on the Taylor Morrison standard of excellence. We also have an exclusive partnership with Christopher Todd Communities, a growing Phoenix-based developer of innovative, luxury rental communities to operate a "Build-to-Rent" homebuilding business.

For more information about Taylor Morrison, Darling Homes and William Lyon Signature, please visit www.taylormorrison.com or www.darlinghomes.com.

CONTACT: Investor Relations
Taylor Morrison Home Corporation
(480) 734-2060
investor@taylormorrison.com

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SOURCE Taylor Morrison

FAQ

What is the purpose of Taylor Morrison's stock repurchase program?

The stock repurchase program aims to enhance long-term shareholder value by allowing the company to buy back its own shares.

How much has Taylor Morrison authorized for its stock buyback?

Taylor Morrison has authorized a stock buyback of up to $100 million.

When does Taylor Morrison's stock repurchase program expire?

The program is set to expire on December 31, 2021.

What has been the total amount of shares repurchased by Taylor Morrison since 2015?

Since 2015, Taylor Morrison has repurchased approximately $635 million worth of shares.

What factors will affect future stock repurchases by Taylor Morrison?

Future repurchases will depend on prevailing market conditions, liquidity, and other financial considerations.