Kb Home Stock

KB Home (NYSE: KBH) is a homebuilding company based in the United States, founded in 1957 as Kaufman & Broad . It was the first company to be traded on the NYSE as a home builder and is a Fortune 500 company. Its headquarters are in Los Angeles, California.

In fiscal 2008, the company delivered 12,438 homes in the United States and had revenue of over $3 billion. This is down from close to 40,000 homes and more than $9 billion in revenue at the height of the real estate boom in 2005.

KB Home offers complete mortgage services through a joint venture with Bank of America.

History

KB Home was founded in Detroit in 1957.

The company has periodically acquired other homebuilders as the company expanded into new markets. This includes San Antonio-based Rayco Homes in 1996 and Upland, California-based Lewis Homes in 1999. It also maintained a division in France, which was sold in 2007.

As part of a promotion, in 1997 the company built a life-sized replica of The Simpsons cartoon home in Henderson, Nevada.

In 2001 KB Home was sued when homeowners in a subdivision in Arlington, Texas discovered that their homes were built on top of a practice bombing range from the 1940s and 50s which the military had cleared for development. That suit has since been settled. No bombs actually detonated, nor were any injuries reported. The Army Corps of Engineers engaged in remediating the site.

In 2003 KB Home became the first big homebuilder to adopt the NAHB's National Housing Quality certification program nationwide.

In 2006, the company began a partnership with Martha Stewart to build homes based on Martha Stewart's own homes at KB Home communities across the country. The company also has a a partnership with Disney to offer bedrooms decorated with Disney themes.

In November 2006, KB Home President, CEO and Chairman Bruce Karatz resigned after an internal accounting probe into his alleged Backdating of stock options grants. KB Home also announced the firing of its head of Human Resources, Gary A. Ray, and the resignation of its Chief Legal Officer, Richard B. Hirst. The company determined that Karatz and Ray had picked grant dates under the company's stock option plans (Backdating). According to the Wall Street Journal, Karatz was one of the most highly paid executives in 2005, earning almost $156 million, primarily from options.

Karatz was succeeded by Jeffrey T. Mezger, who is the current CEO.

The company was named "Most Admired Homebuilder" by Fortune Magazine in 2006, 2008 and 2009.

Building Philosophy

KB Home is different than most other homebuilders in that it employs a "Built to Order" homebuilding model, which means homes are pre-sold before construction starts. Buyers then get the opportunity to select the home site, home design, exterior design, room options and interior design from choices offered at a particular community.

The company offers a 10-year limited warranty on all its homes, and many KB Home divisions have been awarded the NHQ Certified Builder seal by the National Association of Home Builders (NAHB).

In 2009, KB Home introduced a new line of homes that it dubbed "The Open Series." These homes are designed to maximize affordability, flexibility and energy efficiency.

The company has also emphasized its sustainability and environmentally-friendly homebuilding principles. In 2007, it introduced an initiative that it called "My Home. My Earth." that was intended to reduce the environmental impact of its construction and business operations, increase the use of sustainable materials, and introduce more "green" features in its homes. All homes in new communities are ENERGY STAR qualified, which are up to 45% more energy efficient than homes built as recently as the 1990s.

The company's environmental efforts are documented through an annual Sustainability Report.

Divisions, partnerships and subsidiaries

• Divisions
  • West Coast—California;
  • Southwest—Arizona, Nevada
  • Central—Colorado and Texas;
  • Southeast—Florida, North Carolina, South Carolina, Washington D.C.
• KB Home Mortgage, together with Bank of America, a joint venture that provides mortgaging services

Notes

1. ^  ? Harris, Byron (March 1, 2005). "Home builder dispute intensifies". WFAA-TV . http://www.wfaa.com/s/dws/wfaa/bharris/stories/wfaa050228_am_arlhome.f33c02bb.html .  
2. ^ FOXNews.com - KB Home CEO Bruce Karatz Out Amidst Stock Options Review - Business Leaders
3. ^ KB Home CEO resigns after backdating probe - MarketWatch
4. ^ KB's Open Series Gains Momentum
5. ^ KB Home Sustainability Report

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