UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
x |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2015
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-35796
TRI Pointe Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware |
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61-1763235 |
(State or other Jurisdiction of Incorporation) |
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(I.R.S. Employer Identification No.) |
19540 Jamboree Road, Suite 300
Irvine, California 92612
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (949) 438-1400
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
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New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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o (Do not check if a smaller reporting company) |
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Smaller reporting company |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ¨ No x
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant on June 30, 2015, based on the closing price of $15.30 as reported by the New York Stock Exchange, was $2,238,080,435.
161,910,115 shares of common stock were issued and outstanding as of February 19, 2016.
DOCUMENTS INCORPORATED BY REFERENCE:
Portions from the registrant’s Proxy Statement relating to its 2016 Annual Meeting of Stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14.
ANNUAL REPORT ON FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2015
Table of Contents
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Page |
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Part I |
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Item 1. |
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6 |
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Item 1A. |
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22 |
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Item 1B. |
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41 |
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Item 2. |
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41 |
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Item 3. |
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41 |
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Item 4. |
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41 |
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Part II |
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Item 5. |
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41 |
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Item 6. |
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43 |
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Item 7. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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45 |
Item 7A. |
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64 |
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Item 8. |
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64 |
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Item 9. |
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
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64 |
Item 9A. |
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64 |
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Item 9B. |
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66 |
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Part III |
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Item 10. |
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67 |
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Item 11. |
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67 |
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Item 12. |
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
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67 |
Item 13. |
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Certain Relationships Related Party Transactions, and Director Independence |
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67 |
Item 14. |
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67 |
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Part IV |
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Item 15. |
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Exhibits, Financial Statements and Financial Statement Schedules |
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68 |
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111 |
- 1 -
Cautionary Note Concerning Forward-Looking Statements
This annual report on Form 10-K contains certain statements relating to future events of our intentions, beliefs, expectations, predictions for the future and other matters that are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements:
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use forward-looking terminology; |
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are based on various assumptions made by us; and |
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may not be accurate because of risks and uncertainties surrounding the assumptions that are made. |
Factors listed in this section - as well as other factors not included - may cause actual results to differ significantly from the forward-looking statements included in this annual report on Form 10-K. There is no guarantee that any of the events anticipated by the forward-looking statements in this annual report on Form 10-K will occur, or if any of the events occurs, there is no guarantee what effect it will have on our operations, financial condition or share price.
We will not update the forward-looking statement contained in this annual report on Form 10-K, unless otherwise required by law.
Forward-Looking Statements
These forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “will,” “would,” or other words that convey the uncertainty of future events or outcomes, including, without limitation, our transaction with Weyerhaeuser Real Estate Company (WRECO). These forward-looking statements include, but are not limited to, statements regarding expected benefits of the WRECO transaction, integration plans and expected synergies therefrom, and our anticipated future financial and operating performance and results, including our estimates for growth.
Forward-looking statements are based on a number of factors, including the expected effects of:
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the economy; |
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laws and regulations; |
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adverse litigation outcome and the adequacy of reserves; |
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changes in accounting principles; |
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projected benefit payments; and |
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projected tax rates and credits. |
Risks, Uncertainties and Assumptions
The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:
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the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar; |
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market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; |
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levels of competition; |
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the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; |
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global economic conditions; |
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raw material prices; |
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oil and other energy prices; |
- 2 -
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the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters; |
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transportation costs; |
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federal and state tax policies; |
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the effect of land use, environment and other governmental regulations; |
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legal proceedings; |
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risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; |
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change in accounting principles; |
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risks related to unauthorized access to our computer systems, theft of our homebuyers’ confidential information or other forms of cyber-attack; and |
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other factors described in “Risk Factors.” |
- 3 -
As used in this annual report on Form 10-K, unless the context otherwise requires:
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“Closing Date” refers to July 7, 2014; |
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“Exchange Act” refers to the Securities Exchange Act of 1934, as amended; |
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“GAAP” refers to U.S. generally accepted accounting principles; |
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“legacy TRI Pointe” refers to the operations of TRI Pointe before the Closing Date; |
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“Merger” refers to the merger of a wholly-owned subsidiary of TRI Pointe with and into WRECO, with WRECO surviving the merger and becoming a wholly-owned subsidiary of TRI Pointe; |
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“SEC” refers to the United States Securities and Exchange Commission; |
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“Transaction Agreement” refers to the agreement dated as of November 3, 2013 by and among Weyerhaeuser, TRI Pointe, WRECO, and a wholly-owned subsidiary of TRI Pointe; |
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“TRI Pointe Homes” refers to TRI Pointe Homes, Inc., a Delaware corporation; |
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“TRI Pointe Group” refers to TRI Pointe Group, Inc., a Delaware corporation; |
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“Weyerhaeuser” refers to Weyerhaeuser Company, a Washington corporation and the former parent of WRECO; and |
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“WRECO” refers to Weyerhaeuser Real Estate Company, a Washington corporation, which following the Closing Date was renamed “TRI Pointe Holdings, Inc.” |
Additionally, references to “TRI Pointe”, “ the Company”, “we”, “us”, or “our” in this annual report on Form 10-K (including in the consolidated financial statements and condensed notes thereto in this report) have the following meanings, unless the context otherwise requires:
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For periods prior to July 7, 2015: TRI Pointe Homes and its subsidiaries; and |
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For periods from and after July 7, 2015: TRI Pointe Group and its subsidiaries. |
Formation of TRI Pointe Group
On July 7, 2015, TRI Pointe Homes reorganized its corporate structure (the “Reorganization”) whereby TRI Pointe Homes became a direct, wholly-owned subsidiary of TRI Pointe Group. As a result of the reorganization, each share of common stock, par value $0.01 per share, of TRI Pointe Homes (“Homes Common Stock”) was cancelled and converted automatically into the right to receive one validly issued, fully paid and non-assessable share of common stock, par value $0.01 per share, of TRI Pointe Group (“Group Common Stock”), each share having the same designations, rights, powers and preferences, and the qualifications, limitations and restrictions thereof as the shares of Homes Common Stock being so converted. TRI Pointe Group, as the successor issuer to TRI Pointe Homes (pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), began making filings under the Securities Act of 1933, as amended, and the Exchange Act on July 7, 2015.
In connection with the Reorganization, TRI Pointe Group (i) became a co-issuer of TRI Pointe Homes’ 4.375% Senior Notes due 2019 and TRI Pointe Homes' 5.875% Senior Notes due 2024; and (ii) replaced TRI Pointe Homes as the borrower under TRI Pointe Homes’ existing unsecured revolving credit facility.
The business, executive officers and directors of TRI Pointe Group, and the rights and limitations of the holders of Group Common Stock immediately following the Reorganization were identical to the business, executive officers and directors of TRI Pointe Homes, and the rights and limitations of holders of Homes Common Stock immediately prior to the Reorganization.
Merger with WRECO
On the Closing Date, TRI Pointe consummated the previously announced Merger with WRECO. In the Merger, TRI Pointe issued 129,700,000 shares of TRI Pointe common stock to the former holders of WRECO common shares, together with cash in lieu of any fractional shares. On the Closing Date, WRECO became a wholly-owned subsidiary of TRI Pointe. Immediately following the consummation of the Merger, the ownership of TRI Pointe common stock on a fully diluted basis was as follows: (i) the WRECO common shares held by former Weyerhaeuser shareholders were converted into the right to receive, in the aggregate, approximately 79.6% of the
- 4 -
then outstanding TRI Pointe common stock, (ii) the TRI Pointe common stock outstanding immediately prior to the consummation of the Merger represented approximately 19.4% of the then outstanding TRI Pointe common stock, and (iii) the outstanding equity awards of WRECO and TRI Pointe employees represented the remaining 1.0% of the then outstanding TRI Pointe common stock.
The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and related notes thereto contained elsewhere in this annual report on Form 10-K. The section entitled “Risk Factors” set forth in Part I, Item 1A of this annual report on Form 10-K discuss some of the important risk factors that may affect our business, results of operations and financial condition. Investors should carefully consider those risks, in addition to the information in this annual report on Form 10-K, before deciding to invest in, or maintain an investment in, our common stock.
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Our Company
TRI Pointe was founded in April 2009, towards the end of an unprecedented downturn in the national homebuilding industry. Since then, we have grown from a Southern California fee homebuilder into a regionally focused national homebuilder with a portfolio of the following six quality homebuilding brands operating in ten markets across eight states:
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Maracay Homes in Arizona; |
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Pardee Homes in California and Nevada; |
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Quadrant Homes in Washington; |
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Trendmaker Homes in Texas; |
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TRI Pointe Homes in California and Colorado; and |
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Winchester Homes in Maryland and Virginia. |
Our growth strategy is to capitalize on high demand in selected "core" markets with favorable population and employment growth as a result of proximity to job centers or primary transportation corridors. As of December 31, 2015, our operations consisted of 104 active selling communities and 27,602 lots owned or controlled. See “Lots Owned or Controlled” below. Our construction expertise across an extensive product offering allows us flexibility to pursue a wide array of land acquisition opportunities and appeal to a broad range of potential homebuyers, including entry-level, first time move-up and second-time move-up homes. As a result, we build across a variety of base sales price points, ranging from approximately $167,000 to $2.3 million, and home sizes, ranging from approximately 1,000 to 6,200 square feet. See “Description of Projects and Communities under Development” below. For the years ended December 31, 2015 and 2014, we delivered 4,057 and 3,100 homes and the average sales price of our new homes delivered was approximately $565,000 and $531,000, respectively.
Our founders firmly established our core values of quality, integrity and excellence. These are the driving forces behind our innovative designs and strong commitment to our homebuyers.
Our Competitive Strengths
We believe the following strengths provide us with a significant competitive advantage in implementing our business strategy:
Experienced and Proven Leadership
Douglas Bauer, our Chief Executive Officer, Thomas Mitchell, our President and Chief Operating Officer, and Michael Grubbs, our Chief Financial Officer, have worked together for over 25 years and have a successful track record of managing and growing a public homebuilding company. Spanning over a century, their combined real estate industry experience includes land acquisition, financing, entitlement, development, construction, marketing and sales of single-family detached and attached homes in communities in a variety of markets. In addition, each of the presidents of our homebuilding subsidiaries has substantial industry knowledge and local market expertise. The average homebuilding experience of these presidents exceeds 20 years. We believe that our management team's prior experience, extensive relationships and strong local reputation provide us with a competitive advantage in securing projects, obtaining entitlements, building quality homes and completing projects within budget and on schedule.
Focus on High Growth Core Markets
Our business is well-positioned to capitalize on the broader national housing market recovery. We are focused on the design, construction and sale of innovative single-family detached and attached homes in major metropolitan areas in California, Colorado, Houston and Austin, Phoenix and Tucson, Las Vegas, the Washington, D.C. metro area and the Puget Sound region of Washington State. These markets are generally characterized by high job growth and increasing populations, creating strong demand for new housing. We believe they represent attractive homebuilding markets with opportunities for long-term growth and that we have strong land positions strategically located within these markets. Moreover, our management team has deep local market knowledge of the homebuilding and development industries. We believe this experience and strong relationships with local market participants enable us to source, acquire, and entitle land efficiently.
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Strong Operational Discipline and Controls
Our management team pursues a hands-on approach. Our strict operating discipline, including financial accountability at the project management level, is a key part of our strategy to maximize returns while minimizing risk.
Acquire Attractive Land Positions While Reducing Risk
We believe that our reputation and extensive relationships with land sellers, master plan developers, financial institutions, brokers and other builders enable us to continue to acquire well-positioned land parcels in our target markets and provide us access to a greater number of acquisition opportunities. We believe our expertise in land development and planning enables us to create desirable communities that meet or exceed our target homebuyers' expectations, while operating at competitive costs.
Increase Market Position in Growth Markets
We believe that there are significant opportunities to expand profitably in our existing and target markets, and we continually review our selection of markets based on both aggregate demographic information and our own operating results. We use the results of these reviews to re-allocate our investments to those markets where we believe we can maximize our profitability and return on capital over the next several years. While our primary growth strategy has focused on increasing our market position in our existing markets, we may, on an opportunistic basis, explore expansion into other markets through organic growth or acquisition.
Provide Superior Design and Homeowner Experience and Service
We consider ourselves a "progressive" homebuilder driven by an exemplary homeowner experience, cutting-edge product development and exceptional execution. Our core operating philosophy is to provide a positive, memorable experience to our homeowners through active engagement in the building process, tailoring our product to the homeowners' lifestyle needs and enhancing communication, knowledge and satisfaction. We believe that the new generation of home buying families has different ideas about the kind of home buying experience it wants. As a result, our selling process focuses on the home's features, benefits, quality and design in addition to the traditional metrics of price and square footage. In addition, we devote significant resources to the research and design of our homes to better meet the needs of our homebuyers. Through our "LivingSmart" platform, we provide homes that we believe are earth-friendly, enhance homeowners' comfort, promote a healthier lifestyle and deliver tangible operating cost savings versus less efficient resale homes. Collectively, we believe these steps enhance the selling process, lead to a more satisfied homeowner and increase the number of homebuyers referred to our communities.
Offer a Diverse Range of Products
We are a builder with a wide variety of product lines that enable us to meet the specific needs of each of our core markets, which we believe provides us with a balanced portfolio and an opportunity to increase market share. We have demonstrated expertise in effectively building homes across product offerings from entry-level through first-time and second-time move-up housing. We spend extensive time studying and designing our products through the use of architects, consultants and homebuyer focus groups for all levels and price points in our target markets. We believe our diversified product strategy enables us to best serve a wide range of homebuyers, adapt quickly to changing market conditions and optimize performance and returns while strategically reducing portfolio risk. Within each of our core markets we determine the profile of homebuyers we hope to address and design neighborhoods and homes with the specific needs of those homebuyers in mind.
Focus on Efficient Cost Structure and Target Attractive Returns
Our experienced management team is vigilant in maintaining its focus on controlling costs. We competitively bid new projects and phases while maintaining strong relationships with our trade partners by managing production schedules closely and paying our vendors on time.
We combine decentralized management in those aspects of our business in which we believe detailed knowledge of local market conditions is critical (such as governmental processing, construction, land acquisition, land development and sales and marketing), with centralized management in those functions in which we believe central control is required (such as approval of land acquisitions, financial, treasury, human resources and legal matters). We have also made significant investments in systems and infrastructure to operate our business efficiently and to support the planned future growth of our company as a result of executing our expansion strategy.
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Our ongoing financial strategy includes redeployment of cash flows from continuing operations and debt to provide us with the financial flexibility to access capital on the best terms available. In that regard, we expect to employ prudent levels of leverage to finance the acquisition and development of our lots and construction of our homes. See "Our Financing Strategy" below.
Lots Owned or Controlled
As of December 31, 2015, we owned or controlled, pursuant to land option contracts or purchase contracts, an aggregate of 27,602 lots. We refer to lots that are under land option contracts as "controlled," see "Acquisition Process" below. Excluded from lots owned or controlled are those related to Note 8, Investments in Unconsolidated Entities, of the notes to our consolidated financial statements included elsewhere in this annual report on Form 10-K. The following table presents certain information with respect to our lots owned or controlled as of December 31, 2015.
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Lots |
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Lots |
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Lots |
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Owned or |
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Owned |
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Controlled |
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Controlled |
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Maracay Homes |
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1,566 |
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245 |
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1,811 |
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Pardee Homes |
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16,314 |
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365 |
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16,679 |
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Quadrant Homes |
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1,027 |
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247 |
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1,274 |
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Trendmaker Homes |
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1,367 |
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491 |
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1,858 |
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TRI Pointe Homes |
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2,504 |
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1,124 |
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3,628 |
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Winchester Homes |
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1,955 |
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397 |
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2,352 |
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Total |
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24,733 |
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2,869 |
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27,602 |
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Description of Projects and Communities under Development
Our lot inventory includes land that we are holding for future development. The development of these lots will be subject to a variety of marketing, regulatory and other factors and in some cases we may decide to sell the land prior to development. The following table presents project information relating to each of our markets as of December 31, 2015 and includes information on current projects under development where we are building and selling homes as of December 31, 2015.
Maracay Homes
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Cumulative |
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Homes Delivered |
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Homes |
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Lots |
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for the Twelve |
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Year of |
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Total |
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Delivered as of |
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Owned as of |
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Backlog as of |
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Months Ended |
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Sales Price |
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Number of |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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Delivery(1) |
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Lots(2) |
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2015 |
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2015(3) |
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2015(4)(5) |
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2015 |
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(in thousands)(6) |
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Phoenix, Arizona |
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Town of Buckeye: |
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Verrado Tilden |
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2012 |
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102 |
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94 |
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8 |
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2 |
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21 |
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$239 - $304 |
Verrado Palisades |
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2015 |
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63 |
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16 |
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47 |
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— |
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16 |
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$305 - $378 |
Verrado Victory |
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2015 |
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98 |
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17 |
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81 |
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4 |
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17 |
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$368 - $381 |
City of Chandler: |
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Artesian Ranch |
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2013 |
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90 |
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57 |
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33 |
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25 |
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27 |
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$342 - $398 |
Vaquero Ranch |
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2013 |
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74 |
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67 |
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7 |
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7 |
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29 |
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$298 - $373 |
Maracay at Layton Lakes |
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2015 |
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47 |
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11 |
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36 |
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21 |
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11 |
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$475 - $515 |
Sendera Place |
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2015 |
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39 |
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12 |
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27 |
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11 |
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12 |
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$260 - $307 |
Chandler Heights |
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2017 |
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84 |
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— |
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84 |
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— |
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— |
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$467 - $500 |
Town of Gilbert: |
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Arch Crossing at Bridges of Gilbert |
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2014 |
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67 |
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60 |
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7 |
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4 |
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39 |
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$283 - $341 |
Trestle Place at Bridges of Gilbert |
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2014 |
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73 |
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63 |
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10 |
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10 |
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35 |
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$344 - $424 |
Artisan at Morrison Ranch |
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2016 |
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105 |
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— |
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105 |
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— |
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— |
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$285 - $333 |
Marquis at Morrison Ranch |
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2016 |
|
|
66 |
|
|
|
— |
|
|
|
66 |
|
|
|
— |
|
|
|
— |
|
|
$355 - $439 |
City of Goodyear: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calderra at Palm Valley |
|
2013 |
|
|
81 |
|
|
|
80 |
|
|
|
1 |
|
|
|
1 |
|
|
|
24 |
|
|
$275 - $352 |
Los Vientos at Palm Valley |
|
2013 |
|
|
57 |
|
|
|
57 |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
Closed |
City of Mesa: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kinetic Point at Eastmark |
|
2013 |
|
|
80 |
|
|
|
60 |
|
|
|
20 |
|
|
|
13 |
|
|
|
31 |
|
|
$270 - $350 |
Lumiere Garden at Eastmark |
|
2013 |
|
|
85 |
|
|
|
60 |
|
|
|
25 |
|
|
|
10 |
|
|
|
25 |
|
|
$318 - $398 |
Aileron Square at Eastmark |
|
2016 |
|
|
58 |
|
|
|
— |
|
|
|
58 |
|
|
|
9 |
|
|
|
— |
|
|
$318 - $398 |
Curie Court at Eastmark |
|
2016 |
|
|
106 |
|
|
|
— |
|
|
|
106 |
|
|
|
9 |
|
|
|
— |
|
|
$270 - $350 |
Palladium Point |
|
2016 |
|
|
53 |
|
|
|
— |
|
|
|
53 |
|
|
|
— |
|
|
|
— |
|
|
$308 - $377 |
Town of Peoria: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Reserve at Plaza del Rio |
|
2013 |
|
|
162 |
|
|
|
87 |
|
|
|
75 |
|
|
|
15 |
|
|
|
37 |
|
|
$205 - $254 |
Maracay at Northlands |
|
2014 |
|
|
58 |
|
|
|
35 |
|
|
|
23 |
|
|
|
19 |
|
|
|
27 |
|
|
$318 - $399 |
Meadows - 5500's |
|
2016 |
|
|
80 |
|
|
|
— |
|
|
|
80 |
|
|
|
— |
|
|
|
— |
|
|
$355 - $437 |
Meadows - 6500's |
|
2016 |
|
|
56 |
|
|
|
— |
|
|
|
56 |
|
|
|
— |
|
|
|
— |
|
|
$417 - $535 |
Meadows - Oversized |
|
2016 |
|
|
37 |
|
|
|
— |
|
|
|
37 |
|
|
|
— |
|
|
|
— |
|
|
$417 - $535 |
Town of Queen Creek: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montelena |
|
2012 |
|
|
59 |
|
|
|
59 |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
Closed |
The Preserve at Hastings Farms |
|
2014 |
|
|
89 |
|
|
|
43 |
|
|
|
46 |
|
|
|
17 |
|
|
|
28 |
|
|
$285 - $369 |
Villagio |
|
2013 |
|
|
135 |
|
|
|
89 |
|
|
|
46 |
|
|
|
15 |
|
|
|
29 |
|
|
$282 - $341 |
Phoenix, Arizona Total |
|
|
|
|
2,104 |
|
|
|
967 |
|
|
|
1,137 |
|
|
|
192 |
|
|
|
420 |
|
|
|
Tucson, Arizona |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marana: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tortolita Vistas |
|
2014 |
|
|
49 |
|
|
|
24 |
|
|
|
25 |
|
|
|
5 |
|
|
|
15 |
|
|
$449 - $506 |
Oro Valley: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rancho del Cobre |
|
2014 |
|
|
68 |
|
|
|
43 |
|
|
|
25 |
|
|
|
4 |
|
|
|
30 |
|
|
$407 - $475 |
Desert Crest - Center Pointe Vistoso |
|
2016 |
|
|
103 |
|
|
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
— |
|
|
$239 - $289 |
The Cove - Center Pointe Vistoso |
|
2016 |
|
|
83 |
|
|
|
— |
|
|
|
83 |
|
|
|
— |
|
|
|
— |
|
|
$305 - $364 |
Summit (South) - Center Pointe Vistoso |
|
2016 |
|
|
87 |
|
|
|
— |
|
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
$352 - $389 |
The Pinnacle - Center Pointe Vistoso |
|
2016 |
|
|
70 |
|
|
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
— |
|
|
$398 - $439 |
Tucson: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deseo at Sabino Canyon |
|
2014 |
|
|
39 |
|
|
|
37 |
|
|
|
2 |
|
|
|
2 |
|
|
|
15 |
|
|
$419 - $505 |
Ranches at Santa Catalina |
|
2016 |
|
|
34 |
|
|
|
— |
|
|
|
34 |
|
|
|
— |
|
|
|
— |
|
|
$395 - $415 |
Tucson, Arizona Total |
|
|
|
|
533 |
|
|
|
104 |
|
|
|
429 |
|
|
|
11 |
|
|
|
60 |
|
|
|
Maracay Homes Total |
|
|
|
|
2,637 |
|
|
|
1,071 |
|
|
|
1,566 |
|
|
|
203 |
|
|
|
480 |
|
|
|
- 9 -
|
|
|
|
|
|
|
|
Cumulative |
|
|
|
|
|
|
|
|
|
|
Homes Delivered |
|
|
|
||
|
|
|
|
|
|
|
|
Homes |
|
|
Lots |
|
|
|
|
|
|
for the Twelve |
|
|
|
|||
|
|
Year of |
|
Total |
|
|
Delivered as of |
|
|
Owned as of |
|
|
Backlog as of |
|
|
Months Ended |
|
|
Sales Price |
|||||
|
|
First |
|
Number of |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
Range |
|||||
County, Project |
|
Delivery(1) |
|
Lots(2) |
|
|
2015 |
|
|
2015(3) |
|
|
2015(4)(5) |
|
|
2015 |
|
|
(in thousands)(6) |
|||||
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Diego County: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alta Del Mar Homes |
|
2013 |
|
|
117 |
|
|
|
80 |
|
|
|
37 |
|
|
|
26 |
|
|
|
42 |
|
|
$1,800 - $2,300 |
Sorrento Heights Prestige Collection |
|
2014 |
|
|
20 |
|
|
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
$890 - $950 |
Watermark |
|
2013 |
|
|
160 |
|
|
|
131 |
|
|
|
29 |
|
|
|
25 |
|
|
|
68 |
|
|
$1,200 - $1,310 |
Canterra |
|
2015 |
|
|
89 |
|
|
|
25 |
|
|
|
64 |
|
|
|
8 |
|
|
|
25 |
|
|
$758 - $912 |
Casabella |
|
2015 |
|
|
122 |
|
|
|
22 |
|
|
|
100 |
|
|
|
16 |
|
|
|
22 |
|
|
$920 - $1,000 |
Verana |
|
2015 |
|
|
78 |
|
|
|
38 |
|
|
|
40 |
|
|
|
20 |
|
|
|
38 |
|
|
$996 - $1,094 |
Pacific Highlands Ranch Future |
|
TBD |
|
|
963 |
|
|
|
— |
|
|
|
963 |
|
|
|
— |
|
|
|
— |
|
|
TBD |
Olive Hill Estate |
|
2015 |
|
|
37 |
|
|
|
— |
|
|
|
37 |
|
|
|
3 |
|
|
|
— |
|
|
$650 - $771 |
Castlerock |
|
TBD |
|
|
415 |
|
|
|
— |
|
|
|
415 |
|
|
|
— |
|
|
|
— |
|
|
$473 - $708 |
Meadowood |
|
TBD |
|
|
844 |
|
|
|
— |
|
|
|
844 |
|
|
|
— |
|
|
|
— |
|
|
$290 - $590 |
Sea View Terrace |
|
2014 |
|
|
40 |
|
|
|
40 |
|
|
|
— |
|
|
|
— |
|
|
|
39 |
|
|
$308 - $370 |
Parkview Condos |
|
2016 |
|
|
73 |
|
|
|
— |
|
|
|
73 |
|
|
|
— |
|
|
|
— |
|
|
$400 - $460 |
Ocean View Hills Future |
|
2017 |
|
|
1,020 |
|
|
|
— |
|
|
|
913 |
|
|
|
— |
|
|
|
— |
|
|
TBD |
South Otay Mesa |
|
TBD |
|
|
893 |
|
|
|
— |
|
|
|
893 |
|
|
|
— |
|
|
|
— |
|
|
$185 - $530 |
Los Angeles County: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LivingSmart at Fair Oaks Ranch |
|
2011 |
|
|
124 |
|
|
|
124 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
$483 - $509 |
Golden Valley |
|
2017 |
|
|
498 |
|
|
|
— |
|
|
|
498 |
|
|
|
— |
|
|
|
— |
|
|
$499 - $807 |
Skyline Ranch |
|
TBD |
|
|
1,260 |
|
|
|
— |
|
|
|
1,260 |
|
|
|
— |
|
|
|
— |
|
|
$510 - $640 |
Ventura County: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LivingSmart at Moorpark Highlands, Moorpark |
|
2013 |
|
|
133 |
|
|
|
133 |
|
|
|
— |
|
|
|
— |
|
|
|
49 |
|
|
$600 - $650 |
Riverside County: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hillside |
|
2012 |
|
|
182 |
|
|
|
182 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
$284 - $301 |
Meadow Ridge |
|
2013 |
|
|
132 |
|
|
|
108 |
|
|
|
24 |
|
|
|
14 |
|
|
|
52 |
|
|
$367 - $464 |
Amberleaf |
|
2014 |
|
|
131 |
|
|
|
86 |
|
|
|
45 |
|
|
|
19 |
|
|
|
65 |
|
|
$312 - $362 |
Meadow Glen |
|
2014 |
|
|
142 |
|
|
|
89 |
|
|
|
53 |
|
|
|
13 |
|
|
|
47 |
|
|
$345 - $408 |
Summerfield |
|
2015 |
|
|
85 |
|
|
|
52 |
|
|
|
33 |
|
|
|
15 |
|
|
|
52 |
|
|
$303 - $320 |
Canyon Hills Future |
|
TBD |
|
|
581 |
|
|
|
— |
|
|
|
581 |
|
|
|
— |
|
|
|
— |
|
|
TBD |
Senterra |
|
2016 |
|
|
82 |
|
|
|
— |
|
|
|
82 |
|
|
|
— |
|
|
|
— |
|
|
$360 - $460 |
LivingSmart Tournament Hills |
|
2010 |
|
|
235 |
|
|
|
235 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
$261 - $334 |
Lakeside |
|