tph-10k_20151231.htm

 

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

¨

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

 

61-1763235

(State or other Jurisdiction of Incorporation)

 

(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

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

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

 

x

  

Accelerated filer

 

¨

 

 

 

 

Non-accelerated filer

 

o  (Do not check if a smaller reporting company)

 

Smaller reporting company

 

¨

 

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.

 

 

 

 

 

 

 


 

TRI Pointe Group, Inc.

ANNUAL REPORT ON FORM 10-K

FOR THE YEAR ENDED DECEMBER 31, 2015

 

Table of Contents

 

 

 

 

 

Page
Number

 

 

Part I

 

 

 

 

 

Item 1.

 

Business

 

6

Item 1A.

 

Risk Factors

 

22

Item 1B.

 

Unresolved Staff Comments

 

41

Item 2.

 

Properties

 

41

Item 3.

 

Legal Proceedings

 

41

Item 4.

 

Mine Safety Disclosures

 

41

 

 

 

 

 

Part II

 

 

 

 

 

Item 5.

 

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

41

Item 6.

 

Selected Financial Data

 

43

Item 7.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

45

Item 7A.

 

Quantitative and Qualitative Disclosures About Market Risk

 

64

Item 8.

 

Financial Statements and Supplementary Data

 

64

Item 9.

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

64

Item 9A.

 

Controls and Procedures

 

64

Item 9B.

 

Other Information

 

66

 

 

 

 

 

Part III

 

 

 

 

 

Item 10.

 

Directors, Executive Officers and Corporate Governance

 

67

Item 11.

 

Executive Compensation

 

67

Item 12.

 

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

67

Item 13.

 

Certain Relationships Related Party Transactions, and Director Independence

 

67

Item 14.

 

Principal Accountant Fees and Services

 

67

 

 

 

 

 

Part IV

 

 

 

 

 

Item 15.

 

Exhibits, Financial Statements and Financial Statement Schedules

 

68

 

 

Signatures

 

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:

 

·

use forward-looking terminology;

 

·

are based on various assumptions made by us; and

 

·

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:

 

·

the economy;

 

·

laws and regulations;

 

·

adverse litigation outcome and the adequacy of reserves;

 

·

changes in accounting principles;

 

·

projected benefit payments; and

 

·

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:

 

·

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;

 

·

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;

 

·

levels of competition;

 

·

the successful execution of our internal performance plans, including restructuring and cost reduction initiatives;

 

·

global economic conditions;

 

·

raw material prices;

 

·

oil and other energy prices;

 

- 2 -


 

 

·

the effect of weather, including the continuing drought in California;  

 

·

the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters;

 

·

transportation costs;

 

·

federal and state tax policies;

 

·

the effect of land use, environment and other governmental regulations;

 

·

legal proceedings;

 

·

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;

 

·

change in accounting principles;

 

·

risks related to unauthorized access to our computer systems, theft of our homebuyers’ confidential information or other forms of cyber-attack; and

 

·

other factors described in “Risk Factors.”

 

 

 

 

- 3 -


 

EXPLANATORY NOTE

As used in this annual report on Form 10-K, unless the context otherwise requires:

 

·

“Closing Date” refers to July 7, 2014;

 

·

“Exchange Act” refers to the Securities Exchange Act of 1934, as amended;

 

·

“GAAP” refers to U.S. generally accepted accounting principles;

 

·

“legacy TRI Pointe” refers to the operations of TRI Pointe before the Closing Date;

 

·

“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;

 

·

“SEC” refers to the United States Securities and Exchange Commission;

 

·

“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;

 

·

“TRI Pointe Homes” refers to TRI Pointe Homes, Inc., a Delaware corporation;

 

·

“TRI Pointe Group” refers to TRI Pointe Group, Inc., a Delaware corporation;

 

·

“Weyerhaeuser” refers to Weyerhaeuser Company, a Washington corporation and the former parent of WRECO; and

 

·

“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:

 

·

For periods prior to July 7, 2015: TRI Pointe Homes and its subsidiaries; and

 

·

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.

 

 

- 5 -


 

part i

 

Item 1.

Business

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:

 

·

Maracay Homes in Arizona;

 

·

Pardee Homes in California and Nevada;

 

·

Quadrant Homes in Washington;

 

·

Trendmaker Homes in Texas;

 

·

TRI Pointe Homes in California and Colorado; and

 

·

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.

 

- 6 -


 

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.

 

- 7 -


 

Utilize Prudent Leverage

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.

 

 

 

 

 

 

 

 

 

 

 

Lots

 

 

 

Lots

 

 

Lots

 

 

Owned or

 

 

 

Owned

 

 

Controlled

 

 

Controlled

 

Maracay Homes

 

 

1,566

 

 

 

245

 

 

 

1,811

 

Pardee Homes

 

 

16,314

 

 

 

365

 

 

 

16,679

 

Quadrant Homes

 

 

1,027

 

 

 

247

 

 

 

1,274

 

Trendmaker Homes

 

 

1,367

 

 

 

491

 

 

 

1,858

 

TRI Pointe Homes

 

 

2,504

 

 

 

1,124

 

 

 

3,628

 

Winchester Homes

 

 

1,955

 

 

 

397

 

 

 

2,352

 

Total

 

 

24,733

 

 

 

2,869

 

 

 

27,602

 

 

 

- 8 -


 

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

 

 

 

 

 

 

 

 

 

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, City

 

Delivery(1)

 

Lots(2)

 

 

2015

 

 

2015(3)

 

 

2015(4)(5)

 

 

2015

 

 

(in thousands)(6)

Phoenix, Arizona

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Town of Buckeye:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Verrado Tilden

 

2012

 

 

102

 

 

 

94

 

 

 

8

 

 

 

2

 

 

 

21

 

 

$239 - $304

Verrado Palisades

 

2015

 

 

63

 

 

 

16

 

 

 

47

 

 

 

 

 

 

16

 

 

$305 - $378

Verrado Victory

 

2015

 

 

98

 

 

 

17

 

 

 

81

 

 

 

4

 

 

 

17

 

 

$368 - $381

City of Chandler:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Artesian Ranch

 

2013

 

 

90

 

 

 

57

 

 

 

33

 

 

 

25

 

 

 

27

 

 

$342 - $398

Vaquero Ranch

 

2013

 

 

74

 

 

 

67

 

 

 

7

 

 

 

7

 

 

 

29

 

 

$298 - $373

Maracay at Layton Lakes

 

2015

 

 

47

 

 

 

11

 

 

 

36

 

 

 

21

 

 

 

11

 

 

$475 - $515

Sendera Place

 

2015

 

 

39

 

 

 

12

 

 

 

27

 

 

 

11

 

 

 

12

 

 

$260 - $307

Chandler Heights

 

2017

 

 

84

 

 

 

 

 

 

84

 

 

 

 

 

 

 

 

$467 - $500

Town of Gilbert:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arch Crossing at Bridges of Gilbert

 

2014

 

 

67

 

 

 

60

 

 

 

7

 

 

 

4

 

 

 

39

 

 

$283 - $341

Trestle Place at Bridges of Gilbert

 

2014

 

 

73

 

 

 

63

 

 

 

10

 

 

 

10

 

 

 

35

 

 

$344 - $424

Artisan at Morrison Ranch

 

2016

 

 

105

 

 

 

 

 

 

105

 

 

 

 

 

 

 

 

$285 - $333

Marquis at Morrison Ranch

 

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 -


 

Pardee Homes

 

 

 

 

 

 

 

 

 

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