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Emory University

Friends Academy

Chief Investment Officer at Empire State Realty Trust

New York, New York, United States

Empire State Realty Trust

Chief Investment Officer

SCOTTSDALE, AZ, June 7, 2018 -- Taylor Morrison Home Corporation (NYSE: TMHC), a leading national homebuilder and developer, and AV Homes, Inc. (NASDAQ: AVHI), a developer and builder of residential communities in Florida, the Carolinas, Arizona and Texas, today announced that they have entered into a definitive agreement pursuant to which Taylor Morrison will acquire all of the outstanding shares of AV Homes common stock at $21.50 per share in a cash and stock transaction valued (including outstanding AV Homes debt) at approximately $963 million. The transaction has been unanimously approved by the Boards of Directors of both Taylor Morrison and AV Homes and will be submitted to the stockholders of AV Homes for approval. TPG Capital, the holder of approximately 40% of AV Homes common stock, has agreed to vote all of its shares of AV Homes common stock in favor of the transaction.The combined company is expected to generate approximately $5 billion in revenue in 2018, with a portfolio of approximately 54,000 owned and controlled lots and 350 active selling communities at time of close. In 2017, Taylor Morrison and AV Homes closed 8,032 homes and 2,491 homes, respectively.Source: Taylor MorrisonFrom February 2015 through October 2018, AV Homes common stock total return was 42%.

Aaron Ratner