M/I Homes, a Columbus, Ohio-based home builder with operations in the Midwest, Mid-Atlantic region and Florida, said it will take an $82 million hit in the fourth quarter on land impairment charges.
The home builder took charges on the sale of 3,700 lots, approximately 22 percent of its total lots owned at the end of the quarter. The builder also sold all its lots in West Palm Beach, Fla., saying it will exit that market entirely.
“This sale represents a meaningful and important reduction in our land holdings,” said M/I Homes CEO and president Robert Schottenstein. “Our West Palm operation has been our smallest for more than 10 years, and we believe that disposing of our West Palm assets during these challenging times is the right decision for M/I Homes.”
M/I Homes has operations in Ohio, Illinois, Indiana, Florida, North Carolina, Virginia, Maryland and Washington, D.C.